# EDGAR Filing Document

**Accession Number:** 0001424958
**File Stem:** 0001133228-26-000012
**Filing Date:** 2026-1
**Character Count:** 2764219
**Document Hash:** 90ee30ba1e16a82be092ef3ac117def3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-000012.hdr.sgml**: 20260102

**ACCESSION NUMBER**: 0001133228-26-000012

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 497

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260102

**DATE AS OF CHANGE**: 20260102

**EFFECTIVENESS DATE**: 20260102

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22201
- **FILM NUMBER:** 26500701

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### Direxion Daily QCOM Bull 2X ETF (Series ID: S000090369)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000257377 | Direxion Daily QCOM Bull 2X ETF | QCMU            |

### Direxion Daily QCOM Bear 1X ETF (Series ID: S000090370)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000257378 | Direxion Daily QCOM Bear 1X ETF | QCMD            |

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

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

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

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

### Direxion Daily CSCO Bull 2X ETF (Series ID: S000090378)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000257386 | Direxion Daily CSCO Bull 2X ETF | CSCL            |

### Direxion Daily CSCO Bear 1X ETF (Series ID: S000090379)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000257387 | Direxion Daily CSCO Bear 1X ETF | CSCS            |

### Direxion Daily LMT Bull 2X ETF (Series ID: S000090380)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000257388 | Direxion Daily LMT Bull 2X ETF | LMTL            |

### Direxion Daily LMT Bear 1X ETF (Series ID: S000090381)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000257389 | Direxion Daily LMT Bear 1X ETF | LMTS            |

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

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

### Direxion Daily F Bull 2X ETF (Series ID: S000092882)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000260932 | Direxion Daily F Bull 2X ETF | FRDU            |

### Direxion Daily F Bear 1X ETF (Series ID: S000092883)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000260933 | Direxion Daily F Bear 1X ETF | FRDD            |

### Direxion Daily SHOP Bull 2X ETF (Series ID: S000092901)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000260951 | Direxion Daily SHOP Bull 2X ETF | SHPU            |

### Direxion Daily SHOP Bear 1X ETF (Series ID: S000092902)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000260952 | Direxion Daily SHOP Bear 1X ETF | SHPD            |

### Direxion Daily Semiconductors Top 5 Bull 2X ETF (Series ID: S000092910)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000260960 | Direxion Daily Semiconductors Top 5 Bull 2X ETF | TSXU            |

### Direxion Daily Semiconductors Top 5 Bear 2X ETF (Series ID: S000092911)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000260961 | Direxion Daily Semiconductors Top 5 Bear 2X ETF | TSXD            |

### Direxion Daily Biotech Top 5 Bull 2X ETF (Series ID: S000092912)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000260962 | Direxion Daily Biotech Top 5 Bull 2X ETF | TBXU            |

### Direxion Daily Energy Top 5 Bull 2X ETF (Series ID: S000092921)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000260971 | Direxion Daily Energy Top 5 Bull 2X ETF | TEXU            |

### Direxion Daily Technology Top 5 Bull 2X ETF (Series ID: S000092934)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000260984 | Direxion Daily Technology Top 5 Bull 2X ETF | TTXU            |

### Direxion Daily Technology Top 5 Bear 2X ETF (Series ID: S000092935)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000260985 | Direxion Daily Technology Top 5 Bear 2X ETF | TTXD            |

?xml version='1.0' encoding='ASCII'? 2025-09-08B578315_DirexionAuspiceBroadCommodityStrategyETF_TF_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

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

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

(Exact name of registrant as specified in charter)

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

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

(Address of principal executive offices) (Zip code)

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

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

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

(Name and address of agent for service)

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

Registrant's telephone number, including area code

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

Date of reporting period: **<u>October 31, 2025</u>**

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

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

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Auspice Broad Commodity** **Strategy ETF**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | COM (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Auspice Broad Commodity Strategy ETF for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Auspice Broad Commodity Strategy ETF | $71 | 0.70% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Auspice Broad Commodity Strategy ETF seeks investment results, before fees and expenses, that track the Auspice Broad Commodity Index. The Auspice Broad Commodity Index is a rules-based long/flat broad commodity index that seeks to capture the majority of the commodity upside returns, while seeking to mitigate downside risk. The Index is made up of a diversified portfolio of 12 commodities futures contracts (Silver, Gold, Copper, Heating Oil, Natural Gas, Gasoline, Crude Oil, Wheat, Soybeans, Corn, Cotton, and Sugar) that based on price trends can individually be Long or Flat (in Cash).

Over the Annual Period, the index reflected a mixed but generally constructive backdrop for commodities as markets reacted to shifting growth expectations, supply changes, and geopolitical events. Energy contracts were influenced by production decisions from major exporters, inventory trends, and evolving demand for transportation fuels and petrochemicals. Precious and industrial metals responded to changing interest-rate expectations, currency moves, and manufacturing activity across major economies. Agricultural contracts were driven by planting and harvest outcomes, weather patterns, and export demand. The index's tactical methodology captured these cross-currents by emphasizing commodities exhibiting more persistent price trends.

For the Annual Period, the Auspice Broad Commodity Index returned 0.11% and had volatility of 8.69%. Given the calendar month investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of performance of the Fund. The Direxion Auspice Broad Commodity Strategy ETF returned 3.62%, while the model provided a return of 0.11%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5953img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(03/30/2017)** |
| **Direxion Auspice Broad Commodity Strategy ETF NAV**  | 3.62 | 10.77 | 5.63 |
| **S&P 500® Index**  | 21.45 | 17.64 | 15.09 |
| **Auspice Broad Commodity Index**  | 0.11 | 8.37 | 3.62 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $174954099 |
| **Number of Holdings** | 8 |
| **Net Advisory Fee** | $1111629 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Futures Contracts  | 60.8% |
|  Total (as % of net assets)  | 60.8% |

---

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

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Short-Term Investments and Other Assets  | 96.4% |
|  Futures Contracts  | 3.6% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Dreyfus Government Cash Management Institutional Shares  | 96.9% |
|  Silver December 2025 Futures  | 1.5% |
|  Gold December 2025 Futures  | 0.8% |
|  Copper December 2025 Futures  | 0.7% |
|  Gasoline RBOB November 2025 Futures  | 0.5% |
|  WTI Crude November 2025 Futures  | 0.1% |
|  NY Harbor ULSD May 2026 Futures  | 0.0% |
|  Soybean November 2026 Futures  | 0.0% |

---

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

Direxion Auspice Broad Commodity Strategy ETF PAGE 2 TSR-AR-25460E307

------

**HOUSEHOLDING**

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

Direxion Auspice Broad Commodity Strategy ETF PAGE 3 TSR-AR-25460E307

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion HCM Tactical Enhanced US ETF**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | HCMT (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion HCM Tactical Enhanced US ETF for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion HCM Tactical Enhanced US ETF | $126 | 1.15% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion HCM Tactical Enhanced US ETF is actively managed and seeks to provide enhanced returns across multiple market cycles that are broadly correlated to the U.S. equity markets. The Fund uses a proprietary quantitative investment model based on the HCM-BuyLine® developed by the Fund's subadviser, Howard Capital Management, Inc., to determine the Fund's allocation to U.S. equity securities and/or cash and cash equivalents (i.e., U.S. money market funds, U.S. government securities and/or similar securities). The Fund will invest in, or have exposure to, U.S. equity securities in order to achieve capital appreciation, or will invest in cash or cash equivalents in order to attempt to preserve capital during market downturns. When the Model indicates a change in market trends, the Fund may be invested in a combination of U.S. equities and cash or cash equivalents. When allocated to U.S. equities, the Fund will seek leveraged exposure of its net assets through investments in derivatives, such as swaps, in order to achieve enhanced returns.

When the Fund is allocated to U.S. equity securities, it will have approximately the following daily exposures: 80% to the securities of the S&P 500® Index, up to 80% exposure to all of the securities of the NASDAQ-100 Index, and up to 40% exposure to the securities of a specific sector or industry. The Fund will utilize leverage to achieve total exposure of up to 200% of the Fund's net assets to these allocations.

Over the Annual Period, the Direxion HCM Tactical Enhanced US ETF positioning reflected a dynamic approach to equity allocation that responded to changing market trends, momentum signals, and sector strength. The Fund's model allocated to equities when the trend indicators favored risk-on environments, and shifted toward cash or cash equivalents during periods of weakening breadth or momentum. Within its equity allocation, the Fund combined broad market exposure (via the S&P 500® and NASDAQ-100®) with a tactical sector or industry weighting intended to capture shorter-term leadership shifts. The use of leverage amplified the Fund's exposure during equity-upturn phases, while cash allocations helped mitigate downside exposure. Portfolio implementation included derivative instruments and swaps to achieve the target exposures. The Fund's flexible framework allowed management to adjust daily to signals from the model rather than being restricted to static benchmarks. Overall, the Fund's results during the Annual Period were driven by the subadviser's model interpretation of trend, sector rotation, and market-risk environment.

For the Annual Period, the S&P 500® Index returned 21.45%, while the Fund returned 19.49%.

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

------

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6041img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(06/22/2023)** |
| **Direxion HCM Tactical Enhanced US ETF NAV**  | 19.49 | 24.05 |
| **S&P 500® Index**  | 21.45 | 22.62 |
| **NASDAQ-100 Index**  | 30.95 | 27.38 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $602666083 |
| **Number of Holdings** | 509 |
| **Net Advisory Fee** | $4887550 |
| **Portfolio Turnover** | 36% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 103.4% |
|  Common Stocks  | 79.7% |
|  Total (as % of net assets)  | 183.1% |

---

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

---

| | |
|:---|:---|
| **Security Type** | **(%)** |
|  Common Stocks  | 79.7% |
|  Total Return Swap Contracts  | 16.2% |
|  Short-Term Investments and Other Assets  | 4.1% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(%)** |
|  Dreyfus Treasury Securities Cash Management Institutional Shares  | 15.6% |
|  Invesco QQQ Trust Series 1 total return swap  | 10.7% |
|  NVIDIA Corp.  | 6.7% |
|  Apple, Inc.  | 5.5% |
|  Technology Select Sector SPDR Fund total return swap  | 5.4% |
|  Microsoft Corp.  | 5.3% |
|  Amazon.com, Inc.  | 3.2% |
|  Dreyfus Government Cash Management Institutional Shares  | 2.8% |
|  Broadcom, Inc.  | 2.4% |
|  Alphabet, Inc. Class A  | 2.2% |

---

Direxion HCM Tactical Enhanced US ETF PAGE 2 TSR-AR-25461A726

------

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

**HOUSEHOLDING**

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

Direxion HCM Tactical Enhanced US ETF PAGE 3 TSR-AR-25461A726

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion NASDAQ-100® Equal Weighted** **Index Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | QQQE (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion NASDAQ-100® Equal Weighted Index Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion NASDAQ-100® Equal Weighted Index Shares | $38 | 0.35% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion NASDAQ-100 Equal Weighted Index Shares seeks investment results, before fees and expenses, that track the NASDAQ-100 Equal Weighted Index. The NASDAQ-100® Equal Weighted Index (NETR) includes 100 of the largest non-financial securities listed on NASDAQ®, but instead of being weighted by market capitalization, each of the constituents is initially set at 1.00%. The index is reviewed and adjusted annually in December, but replacements may be made any time throughout the year. The index is rebalanced quarterly in March, June, September and December.

During the Annual Period, the index reflected broad participation from large-cap growth companies, rather than a narrow focus on a handful of mega-cap leaders. Technology and communication services names tied to cloud computing, semiconductors, and digital platforms remained important drivers of returns. The equal-weight approach increased the influence of mid- and smaller mega-cap stocks, allowing more companies to contribute when leadership rotated beneath the largest market-cap tier. Volatility occasionally picked up as investors reassessed valuations and earnings expectations across higher-growth businesses. Overall, the index captured a diversified view of the same universe as the traditional NASDAQ-100, with more balanced stock-level representation.

For the Annual Period, the NASDAQ-100 Equal Weighted Index returned 17.52% and had volatility of 21.26%. Given the calendar month investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of performance of the Fund. The Direxion NASDAQ-100 Equal Weighted Index Shares returned 17.12%, while the model provided a return of 17.52%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6042img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion NASDAQ-100® Equal Weighted Index Shares** **NAV**  | 17.12 | 12.04 | 13.52 |
| **S&P 500® Index**  | 21.45 | 17.64 | 14.64 |
| **NASDAQ-100 Equal Weighted Index**  | 17.52 | 12.37 | 13.90 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1176644586 |
| **Number of Holdings** | 103 |
| **Net Advisory Fee** | $3760238 |
| **Portfolio Turnover** | 33% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Common Stocks  | 99.9% |
|  Total (as % of net assets)  | 99.9% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Information Technology  | 41.8% |
|  Consumer Discretionary  | 11.6% |
|  Industrials  | 11.0% |
|  Health Care  | 10.2% |
|  Communication Services  | 9.7% |
|  Consumer Staples  | 6.7% |
|  Utilities  | 4.3% |
|  Energy  | 2.0% |
|  Financials  | 1.0% |
|  Materials  | 0.9% |
|  Real Estate  | 0.8% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Advanced Micro Devices, Inc.  | 1.6% |
|  Micron Technology, Inc.  | 1.3% |
|  Intel Corp.  | 1.3% |
|  Marvell Technology, Inc.  | 1.2% |
|  Lam Research Corp.  | 1.2% |
|  Applied Materials, Inc.  | 1.2% |
|  Intuitive Surgical, Inc.  | 1.2% |
|  ARM Holdings PLC ADR  | 1.2% |
|  Datadog, Inc.  | 1.1% |
|  Warner Bros Discovery, Inc.  | 1.1% |

---

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

**HOUSEHOLDING**

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

Direxion NASDAQ-100® Equal Weighted Index Shares PAGE 2 TSR-AR-25459Y207

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily AAPL Bear 1X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | AAPD (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily AAPL Bear 1X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily AAPL Bear 1X Shares | $82 | 0.91% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily AAPL Bear 1X Shares seeks daily investment results, before fees and expenses, of -100% of the performance of the common shares of Apple Inc. Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services.

Over the Annual Period, Apple's stock reflected trends in global smartphone demand, device-upgrade cycles, and performance across its services ecosystem. Hardware results were influenced by product-refresh timing, supply-chain conditions, and regional consumer demand. Services revenue contributed steadily, supported by cloud, media, and payments offerings. Developments in artificial-intelligence functionality, chip design, and operating-system integrations helped shape market sentiment. Overall, the stock's movement captured investor expectations around product adoption, ecosystem engagement, and revenue diversification.

For the Annual Period, Apple Inc. returned 19.68% and had volatility of 32.36%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily AAPL Bear 1X Shares returned -19.74%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Apple Inc.'s volatility, provided a return of -25.20%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5959img003.jpg)

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

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**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(08/09/2022)** |
| **Direxion Daily AAPL Bear 1X Shares NAV**  | -19.74 | -15.16 |
| **S&P 500® Index**  | 21.45 | 18.57 |
| **Apple Inc.**  | 19.68 | 16.61 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $24085865 |
| **Number of Holdings** | 9 |
| **Net Advisory Fee** | $221193 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -100.0% |
|  Total (as % of net assets)  | -100.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily AAPL Bear 1X Shares PAGE 2 TSR-AR-25461A304

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| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily AAPL Bull 2X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | AAPU (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily AAPL Bull 2X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523. This report describes changes to the Fund that occurred during the reporting period.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily AAPL Bull 2X Shares | $94 | 0.86% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily AAPL Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the common shares of Apple Inc. Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services.

Over the Annual Period, Apple's stock reflected trends in global smartphone demand, device-upgrade cycles, and performance across its services ecosystem. Hardware results were influenced by product-refresh timing, supply-chain conditions, and regional consumer demand. Services revenue contributed steadily, supported by cloud, media, and payments offerings. Developments in artificial-intelligence functionality, chip design, and operating-system integrations helped shape market sentiment. Overall, the stock's movement captured investor expectations around product adoption, ecosystem engagement, and revenue diversification.

For the Annual Period, Apple Inc. returned 19.68% and had volatility of 32.36%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily AAPL Bull 2X Shares returned 17.77%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Apple Inc.'s volatility, provided a return of 30.43%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5958img003.jpg)

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

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**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(08/09/2022)** |
| **Direxion Daily AAPL Bull 2X Shares NAV**  | 17.77 | 18.89 |
| **S&P 500® Index**  | 21.45 | 18.57 |
| **Apple Inc.**  | 19.68 | 16.61 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $216406186 |
| **Number of Holdings** | 10 |
| **Net Advisory Fee** | $1226695 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 188.6% |
|  Common Stocks  | 11.4% |
|  Total (as % of net assets)  | 200.0% |

---

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

**MATERIAL CHANGES**

From November 1, 2023 through April 1, 2024, the Fund was named Direxion Daily AAPL Bull 1.5X Shares and sought daily investment results, before fees and expenses, of 150% of the performance of the common shares of Apple Inc. Effective April 2, 2024, the Fund was renamed Direxion Daily AAPL Bull 2X Shares and seeks daily investment results, before fees and expenses, of 200% of the performance of the common shares of Apple Inc.

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

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

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| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily AI and Big Data Bear 2X** **Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | AIBD (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily AI and Big Data Bear 2X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily AI and Big Data Bear 2X Shares | $64 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily AI and Big Data Bear 2X Shares seeks daily investment results, before fees and expenses, of -200% of the performance of the Solactive US AI & Big Data Index. The Solactive US AI & Big Data Index is designed by Solactive AG to represent the securities of companies from the United States that have business operations in the field of artificial intelligence ("AI") applications and big data.

During the Annual Period, the index reflected sustained interest in artificial intelligence and data-centric business models. Semiconductor and hardware providers benefited from demand for high-performance computing infrastructure and specialized AI accelerators. Software companies focused on analytics, machine learning platforms, and AI-enabled enterprise applications saw demand tied to digital-transformation initiatives. Data and cloud services providers were influenced by customer spending on storage, processing, and data-management solutions. While growth prospects remained strong, valuation sensitivity and the timing of AI-related revenue ramp-ups contributed to notable volatility within the index.

For the Annual Period, the Solactive US AI & Big Data Index returned 57.86% and had volatility of 21.93%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily AI and Big Data Bear 2X Shares returned -65.62%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Solactive US AI & Big Data Index's volatility, provided a return of -42.22%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily AI and Big Data Bear 2X Shares PAGE 1 TSR-AR-25461A692

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**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6063img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(05/15/2024)** |
| **Direxion Daily AI and Big Data Bear 2X Shares NAV**  | -65.62 | -58.89 |
| **S&P 500® Index**  | 21.45 | 21.41 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2728845 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -200.0% |
|  Total (as % of net assets)  | -200.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Semiconductors & Semiconductor Equipment  | 28.3% |
|  Software  | 26.8% |
|  Interactive Media & Services  | 11.5% |
|  Technology Hardware, Storage & Peripherals  | 10.7% |
|  IT Services  | 9.1% |
|  Broadline Retail  | 6.8% |
|  Communications Equipment  | 5.3% |
|  Life Sciences Tools & Services  | 1.3% |
|  Professional Services  | 0.2% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Broadcom, Inc.  | 8.1% |
|  Apple, Inc.  | 8.0% |
|  NVIDIA Corp.  | 7.3% |
|  Amazon.com, Inc.  | 6.8% |
|  Intel Corp.  | 6.6% |
|  Microsoft Corp.  | 6.3% |
|  Advanced Micro Devices, Inc.  | 6.0% |
|  Meta Platforms, Inc.  | 5.8% |
|  Alphabet, Inc.  | 5.7% |
|  Arista Networks, Inc.  | 5.3% |

---

Direxion Daily AI and Big Data Bear 2X Shares PAGE 2 TSR-AR-25461A692

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily AI and Big Data Bear 2X Shares PAGE 3 TSR-AR-25461A692

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| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily AI and Big Data Bull 2X** **Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | AIBU (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily AI and Big Data Bull 2X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily AI and Big Data Bull 2X Shares | $149 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily AI and Big Data Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the Solactive US AI & Big Data Index. The Solactive US AI & Big Data Index is designed by Solactive AG to represent the securities of companies from the United States that have business operations in the field of artificial intelligence ("AI") applications and big data.

During the Annual Period, the index reflected sustained interest in artificial intelligence and data-centric business models. Semiconductor and hardware providers benefited from demand for high-performance computing infrastructure and specialized AI accelerators. Software companies focused on analytics, machine learning platforms, and AI-enabled enterprise applications saw demand tied to digital-transformation initiatives. Data and cloud services providers were influenced by customer spending on storage, processing, and data-management solutions. While growth prospects remained strong, valuation sensitivity and the timing of AI-related revenue ramp-ups contributed to notable volatility within the index.

For the Annual Period, the Solactive US AI & Big Data Index returned 57.86% and had volatility of 21.93%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily AI and Big Data Bull 2X Shares returned 113.55%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Solactive US AI & Big Data Index's volatility, provided a return of 127.93%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily AI and Big Data Bull 2X Shares PAGE 1 TSR-AR-25461A718

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**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6062img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(05/15/2024)** |
| **Direxion Daily AI and Big Data Bull 2X Shares NAV**  | 113.55 | 89.78 |
| **S&P 500® Index**  | 21.45 | 21.41 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $48845013 |
| **Number of Holdings** | 38 |
| **Net Advisory Fee** | $117670 |
| **Portfolio Turnover** | 113% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 119.6% |
|  Common Stocks  | 80.4% |
|  Total (as % of net assets)  | 200.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Semiconductors & Semiconductor Equipment  | 28.3% |
|  Software  | 26.8% |
|  Interactive Media & Services  | 11.5% |
|  Technology Hardware, Storage & Peripherals  | 10.7% |
|  IT Services  | 9.1% |
|  Broadline Retail  | 6.8% |
|  Communications Equipment  | 5.3% |
|  Life Sciences Tools & Services  | 1.3% |
|  Professional Services  | 0.2% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Broadcom, Inc.  | 8.1% |
|  Apple, Inc.  | 8.0% |
|  NVIDIA Corp.  | 7.3% |
|  Amazon.com, Inc.  | 6.8% |
|  Intel Corp.  | 6.6% |
|  Microsoft Corp.  | 6.3% |
|  Advanced Micro Devices, Inc.  | 6.0% |
|  Meta Platforms, Inc.  | 5.8% |
|  Alphabet, Inc.  | 5.7% |
|  Arista Networks, Inc.  | 5.3% |

---

Direxion Daily AI and Big Data Bull 2X Shares PAGE 2 TSR-AR-25461A718

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily AI and Big Data Bull 2X Shares PAGE 3 TSR-AR-25461A718

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|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily AMD Bear 1X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | AMDD (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily AMD Bear 1X Shares for the period of February 12, 2025 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

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

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Percentage shown is annualized.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily AMD Bear 1X Shares seeks daily investment results, before fees and expenses, of -100% of the performance of the common shares of Advanced Micro Devices, Inc. (AMD). Advanced Micro Devices, Inc. is a global semiconductor company incorporated in 1969. The Company is focused on high-performance computing, graphics and visualization technologies.

Since the Fund's inception on February 12, 2025 through October 31, 2025 (the "Partial Period"), AMD's stock reflected demand for data-center processors, AI accelerators, and next-generation client computing hardware. Competitive dynamics in high-performance CPUs and GPUs influenced market sentiment as customers evaluated product roadmaps. Cloud and enterprise spending on AI-related workloads supported interest in the company's data-center offerings. Consumer-device trends contributed variability tied to PC refresh cycles and gaming activity. Overall, the stock captured the company's positioning within a rapidly evolving semiconductor landscape centered on AI and advanced computing.

For the Partial Period, AMD returned 130.53% and had volatility of 50.36%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily AMD Bear 1X Shares returned -66.16%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the AMD's volatility, provided a return of -67.65%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6044img003.jpg)

**TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(02/12/2025)** |
| **Direxion Daily AMD Bear 1X Shares NAV**  | -66.16 |
| **S&P 500® Index**  | 13.77 |
| **Advanced Micro Devices, Inc.**  | 130.53 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $24450856 |
| **Number of Holdings** | 8 |
| **Net Advisory Fee** | $25739 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -100.0% |
|  Total (as % of net assets)  | -100.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily AMD Bear 1X Shares PAGE 2 TSR-AR-25461A395

------

**HOUSEHOLDING**

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

Direxion Daily AMD Bear 1X Shares PAGE 3 TSR-AR-25461A395

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily AMD Bull 2X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | AMUU (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily AMD Bull 2X Shares for the period of February 12, 2025 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| Direxion Daily AMD Bull 2X Shares | $163 | 0.95% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Percentage shown is annualized.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily AMD Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the common shares of Advanced Micro Devices, Inc. (AMD). Advanced Micro Devices, Inc. is a global semiconductor company incorporated in 1969. The Company is focused on high-performance computing, graphics and visualization technologies.

Since the Fund's inception on February 12, 2025 through October 31, 2025 (the "Partial Period"), AMD's stock reflected demand for data-center processors, AI accelerators, and next-generation client computing hardware. Competitive dynamics in high-performance CPUs and GPUs influenced market sentiment as customers evaluated product roadmaps. Cloud and enterprise spending on AI-related workloads supported interest in the company's data-center offerings. Consumer-device trends contributed variability tied to PC refresh cycles and gaming activity. Overall, the stock captured the company's positioning within a rapidly evolving semiconductor landscape centered on AI and advanced computing.

For the Partial Period, AMD returned 130.53% and had volatility of 50.36%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily AMD Bull 2X Shares returned 278.93%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the AMD's volatility, provided a return of 306.57%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6045img003.jpg)

**TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(02/12/2025)** |
| **Direxion Daily AMD Bull 2X Shares NAV**  | 278.93 |
| **S&P 500® Index**  | 13.77 |
| **Advanced Micro Devices, Inc.**  | 130.53 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $63205881 |
| **Number of Holdings** | 11 |
| **Net Advisory Fee** | $104525 |
| **Portfolio Turnover** | 10% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 193.0% |
|  Common Stocks  | 7.0% |
|  Total (as % of net assets)  | 200.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

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

------

**HOUSEHOLDING**

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

Direxion Daily AMD Bull 2X Shares PAGE 3 TSR-AR-25461A411

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily AMZN Bear 1X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | AMZD (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily AMZN Bear 1X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily AMZN Bear 1X Shares | $82 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily AMZN Bear 1X Shares seeks daily investment results, before fees and expenses, of -100% of the performance of the common shares of Amazon.com, Inc. Amazon.com, Inc. engages in the retail sale of consumer products and subscriptions in North America and internationally. The company operates through three segments: North America, International, and Amazon Web Services.

During the Annual Period, Amazon's stock movement reflected results across its e-commerce, cloud-computing, and advertising operations. Retail performance was influenced by consumer-spending trends, fulfillment efficiency, and inventory management. Amazon Web Services contributed meaningfully, shaped by enterprise cloud adoption, artificial-intelligence workloads, and infrastructure-investment cycles. Digital advertising continued to support revenue diversity and margin expansion. Logistics, automation initiatives, and cost-structure improvements also influenced sentiment. Overall, the stock captured broad-based exposure to consumer demand, enterprise technology spending, and digital-advertising growth.

For the Annual Period, Amazon.com, Inc. returned 31.02% and had volatility of 35.16%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily AMZN Bear 1X Shares returned -27.95%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Amazon.com, Inc.'s volatility, provided a return of -32.58%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5962img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(09/07/2022)** |
| **Direxion Daily AMZN Bear 1X Shares NAV**  | -27.95 | -22.58 |
| **S&P 500® Index**  | 21.45 | 21.21 |
| **Amazon.com, Inc.**  | 31.02 | 23.34 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $10551784 |
| **Number of Holdings** | 6 |
| **Net Advisory Fee** | $30011 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -100.0% |
|  Total (as % of net assets)  | -100.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily AMZN Bear 1X Shares PAGE 2 TSR-AR-25461A502

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily AMZN Bull 2X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | AMZU (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily AMZN Bull 2X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523. This report describes changes to the Fund that occurred during the reporting period.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily AMZN Bull 2X Shares | $102 | 0.86% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily AMZN Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the common shares of Amazon.com, Inc. Amazon.com, Inc. engages in the retail sale of consumer products and subscriptions in North America and internationally. The company operates through three segments: North America, International, and Amazon Web Services.

During the Annual Period, Amazon's stock movement reflected results across its e-commerce, cloud-computing, and advertising operations. Retail performance was influenced by consumer-spending trends, fulfillment efficiency, and inventory management. Amazon Web Services contributed meaningfully, shaped by enterprise cloud adoption, artificial-intelligence workloads, and infrastructure-investment cycles. Digital advertising continued to support revenue diversity and margin expansion. Logistics, automation initiatives, and cost-structure improvements also influenced sentiment. Overall, the stock captured broad-based exposure to consumer demand, enterprise technology spending, and digital-advertising growth.

For the Annual Period, Amazon.com, Inc. returned 31.02% and had volatility of 35.16%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily AMZN Bull 2X Shares returned 36.21%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Amazon.com, Inc.'s volatility, provided a return of 51.97%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5961img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(09/07/2022)** |
| **Direxion Daily AMZN Bull 2X Shares NAV**  | 36.21 | 21.76 |
| **S&P 500® Index**  | 21.45 | 21.21 |
| **Amazon.com, Inc.**  | 31.02 | 23.34 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $351705770 |
| **Number of Holdings** | 7 |
| **Net Advisory Fee** | $1891324 |
| **Portfolio Turnover** | 56% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 187.0% |
|  Common Stocks  | 13.0% |
|  Total (as % of net assets)  | 200.0% |

---

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

**MATERIAL CHANGES**

From November 1, 2023 through April 1, 2024, the Fund was named Direxion Daily AMZN Bull 1.5X Shares and sought daily investment results, before fees and expenses, of 150% of the performance of the common shares of Amazon.com, Inc. Effective April 2, 2024, the Fund was renamed Direxion Daily AMZN Bull 2X Shares and seeks daily investment results, before fees and expenses, of 200% of the performance of the common shares of Amazon.com, Inc.

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily AVGO Bear 1X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | AVS (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily AVGO Bear 1X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily AVGO Bear 1X Shares | $64 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily AVGO Bear 1X Shares seeks daily investment results, before fees and expenses, of -100% of the performance of the common shares of Broadcom, Inc. Broadcom Inc. is an American multinational designer, developer, manufacturer, and global supplier of a wide range of semiconductor and infrastructure software products. Broadcom's product offerings serve the data center, networking, software, broadband, wireless, storage, and industrial markets.

Across the Annual Period, Broadcom's stock reflected trends in networking demand, data-center infrastructure, and artificial-intelligence accelerators. Semiconductor results were influenced by enterprise networking upgrades, wireless-device adoption, and cloud-infrastructure spending. The company's software segment contributed steady results tied to subscription contracts and mission-critical enterprise applications. AI-related custom chips and networking solutions continued to shape investor sentiment. Overall, the stock captured Broadcom's diversified exposure across semiconductors, infrastructure, and enterprise software.

For the Annual Period, Broadcom, Inc. returned 117.72% and had volatility of 35.02%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily AVGO Bear 1X Shares returned -64.94%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Broadcom, Inc.'s volatility, provided a return of -67.59%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5964img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(10/10/2024)** |
| **Direxion Daily AVGO Bear 1X Shares NAV**  | -64.94 | -59.54 |
| **S&P 500® Index**  | 21.45 | 18.48 |
| **Broadcom Inc.**  | 117.72 | 91.17 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $11628244 |
| **Number of Holdings** | 8 |
| **Net Advisory Fee** | $39208 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -100.0% |
|  Total (as % of net assets)  | -100.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily AVGO Bear 1X Shares PAGE 2 TSR-AR-25461A551

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily AVGO Bull 2X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | AVL (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily AVGO Bull 2X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily AVGO Bull 2X Shares | $185 | 0.89% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily AVGO Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the common shares of Broadcom, Inc. Broadcom Inc. is an American multinational designer, developer, manufacturer, and global supplier of a wide range of semiconductor and infrastructure software products. Broadcom's product offerings serve the data center, networking, software, broadband, wireless, storage, and industrial markets.

Across the Annual Period, Broadcom's stock reflected trends in networking demand, data-center infrastructure, and artificial-intelligence accelerators. Semiconductor results were influenced by enterprise networking upgrades, wireless-device adoption, and cloud-infrastructure spending. The company's software segment contributed steady results tied to subscription contracts and mission-critical enterprise applications. AI-related custom chips and networking solutions continued to shape investor sentiment. Overall, the stock captured Broadcom's diversified exposure across semiconductors, infrastructure, and enterprise software.

For the Annual Period, Broadcom, Inc. returned 117.72% and had volatility of 35.02%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily AVGO Bull 2X Shares returned 216.19%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Broadcom, Inc.'s volatility, provided a return of 252.09%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5963img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(10/10/2024)** |
| **Direxion Daily AVGO Bull 2X Shares NAV**  | 216.19 | 145.91 |
| **S&P 500® Index**  | 21.45 | 18.48 |
| **Broadcom Inc.**  | 117.72 | 91.17 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $122891376 |
| **Number of Holdings** | 10 |
| **Net Advisory Fee** | $559636 |
| **Portfolio Turnover** | 37% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 185.8% |
|  Common Stocks  | 14.2% |
|  Total (as % of net assets)  | 200.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily BA Bear 1X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | BOED (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily BA Bear 1X Shares for the period of April 23, 2025 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| Direxion Daily BA Bear 1X Shares | $45 | 0.95% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Percentage shown is annualized.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily BA Bear 1X Shares seeks daily investment results, before fees and expenses, of -100% of the performance of the common shares of The Boeing Company. The Boeing Company is an aerospace company, which engages in the manufacture of commercial jetliners and defense, space, and security systems. It operates through the following segments: Commercial Airplanes (BCA), Defense, Space and Security (BDS), Global Services (BGS), and Boeing Capital (BCC).

Since the Fund's inception on April 23, 2025 through October 31, 2025 (the "Partial Period"), Boeing's stock reflected developments across its commercial-aircraft programs, production schedules, and regulatory oversight. Order activity and fleet-planning decisions by airlines contributed to sentiment as carriers evaluated long-term capacity needs and aircraft mix. Progress toward stabilizing manufacturing operations, addressing quality and delivery milestones, and working through existing backlogs remained a key area of market focus. Defense and space businesses provided additional updates tied to contract execution and program funding. Overall, the stock captured the interplay between operational improvement efforts, industry demand, and regulatory and execution risks over a relatively short evaluation window.

For the Partial Period, The Boeing Company returned 23.69% and had volatility of 41.22%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily BA Bear 1X Shares returned -19.90%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and The Boeing Company's volatility, provided a return of -17.66%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6046img003.jpg)

**TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(04/23/2025)** |
| **Direxion Daily BA Bear 1X Shares NAV**  | -19.90 |
| **S&P 500® Index**  | 30.19 |
| **The Boeing Company**  | 23.69 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2460266 |
| **Number of Holdings** | 6 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -100.0% |
|  Total (as % of net assets)  | -100.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily BA Bear 1X Shares PAGE 2 TSR-AR-25461A320

------

**HOUSEHOLDING**

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

Direxion Daily BA Bear 1X Shares PAGE 3 TSR-AR-25461A320

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily BA Bull 2X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | BOEU (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily BA Bull 2X Shares for the period of April 23, 2025 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| Direxion Daily BA Bull 2X Shares | $59 | 0.95% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Percentage shown is annualized.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily BA Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the common shares of The Boeing Company. The Boeing Company is an aerospace company, which engages in the manufacture of commercial jetliners and defense, space, and security systems. It operates through the following segments: Commercial Airplanes (BCA), Defense, Space and Security (BDS), Global Services (BGS), and Boeing Capital (BCC).

Since the Fund's inception on April 23, 2025 through October 31, 2025 (the "Partial Period"), Boeing's stock reflected developments across its commercial-aircraft programs, production schedules, and regulatory oversight. Order activity and fleet-planning decisions by airlines contributed to sentiment as carriers evaluated long-term capacity needs and aircraft mix. Progress toward stabilizing manufacturing operations, addressing quality and delivery milestones, and working through existing backlogs remained a key area of market focus. Defense and space businesses provided additional updates tied to contract execution and program funding. Overall, the stock captured the interplay between operational improvement efforts, industry demand, and regulatory and execution risks over a relatively short evaluation window.

For the Partial Period, The Boeing Company returned 23.69% and had volatility of 41.22%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily BA Bull 2X Shares returned 37.91%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and The Boeing Company's volatility, provided a return of 30.54%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6047img003.jpg)

**TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(04/23/2025)** |
| **Direxion Daily BA Bull 2X Shares NAV**  | 37.91 |
| **S&P 500® Index**  | 30.19 |
| **The Boeing Company**  | 23.69 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $20561347 |
| **Number of Holdings** | 10 |
| **Net Advisory Fee** | $39761 |
| **Portfolio Turnover** | 35% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 183.5% |
|  Common Stocks  | 16.5% |
|  Total (as % of net assets)  | 200.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

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

------

**HOUSEHOLDING**

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

Direxion Daily BA Bull 2X Shares PAGE 3 TSR-AR-25461A338

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Biotech Top 5 Bull 2X ETF**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | TBXU (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Biotech Top 5 Bull 2X ETF for the period of October 1, 2025 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| Direxion Daily Biotech Top 5 Bull 2X ETF | $9 | 0.95% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Percentage shown is annualized.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Biotech Top 5 Bull 2X ETF seeks daily investment results, before fees and expenses, of 200% of the performance of the NYSE Biotechnology Top 5 Equal Weight Index. The NYSE Biotechnology Top 5 Equal Weight Index consists of the top five securities in the NYSE Biotechnology Index, which includes U.S.-listed companies in the biotechnology sub-industry as classified by the Global Industry Classification Standards.

Since the Fund's inception on October 1, 2025 through October 31, 2025 (the "Partial Period"), the index reflected the event-driven nature of large biotechnology companies, with performance shaped by product updates, regulatory developments, and major clinical-trial milestones. Investor attention remained on data readouts in oncology, immunology, and rare-disease pipelines, along with the commercial progress of recently launched therapies. Competitive dynamics and patent-cycle considerations contributed to stock-level differentiation. Market sentiment in the sector also responded to broader discussions around reimbursement, pricing, and innovation funding. Overall, the index captured the characteristics of a concentrated group of leading biotechnology companies during a short but active reporting period.

For the Partial Period, the NYSE Biotechnology Top 5 Equal Weight Index returned 7.68% and had volatility of 17.03%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Biotech Top 5 Bull 2X ETF returned 14.95%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the NYSE Biotechnology Top 5 Equal Weight Index's volatility, provided a return of 8.25%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily Biotech Top 5 Bull 2X ETF PAGE 1 TSR-AR-25461H101

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6547img003.jpg)

**TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(10/1/2025)** |
| **Direxion Daily Biotech Top 5 Bull 2X ETF NAV**  | 14.95 |
| **S&P 500® Index**  | 2.34 |
| **NYSE Biotechnology Top 5 Equal Weight Index**  | 7.68 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3592350 |
| **Number of Holdings** | 9 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 69% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 156.0% |
|  Common Stocks  | 44.0% |
|  Total (as % of net assets)  | 200.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Biotechnology  | 100.0% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Regeneron Pharmaceuticals, Inc.  | 21.7% |
|  Amgen, Inc.  | 20.2% |
|  Vertex Pharmaceuticals, Inc.  | 20.2% |
|  Gilead Sciences, Inc.  | 19.6% |
|  Alnylam Pharmaceuticals, Inc.  | 18.3% |

---

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

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

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily Biotech Top 5 Bull 2X ETF PAGE 2 TSR-AR-25461H101

------

**HOUSEHOLDING**

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

Direxion Daily Biotech Top 5 Bull 2X ETF PAGE 3 TSR-AR-25461H101

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily BRKB Bear 1X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | BRKD (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily BRKB Bear 1X Shares for the period of December 11, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| Direxion Daily BRKB Bear 1X Shares | $85 | 0.95% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Percentage shown is annualized.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily BRKB Bear 1X Shares seeks daily investment results, before fees and expenses, of -100% of the performance of the common shares of Berkshire Hathaway Inc. (Class B). Berkshire Hathaway Inc. is a holding company owning subsidiaries engaged in numerous diverse business activities. The most important of these are insurance businesses conducted on both a primary basis and a reinsurance basis, a freight rail transportation business and a group of utility and energy generation and distribution businesses. Berkshire also owns and operates numerous other businesses engaged in a variety of manufacturing, services, retailing and other activities.

Since the Fund's inception on December 11, 2024 through October 31, 2025 (the "Partial Period"), Berkshire Hathaway's stock reflected results across its core insurance operations, investment holdings, and industrial subsidiaries. Insurance underwriting trends, catastrophe experience, and float generation contributed to market attention. The performance of major public-equity positions influenced sentiment as broader market conditions evolved. Industrial, utility, and transportation businesses responded to shifts in economic activity, input costs, and regulatory developments. Overall, the stock captured diversified exposure to multiple sectors through the company's varied operating and investment portfolio.

For the Partial Period, Berkshire Hathaway Inc. (Class B) returned 3.25% and had volatility of 11.33%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily BRKB Bear 1X Shares returned -0.08%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Berkshire Hathaway Inc. (Class B)'s volatility, provided a return of -6.42%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6048img003.jpg)

**TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(12/11/2024)** |
| **Direxion Daily BRKB Bear 1X Shares NAV**  | -0.08 |
| **S&P 500® Index**  | 14.61 |
| **Berkshire Hathaway, Inc.**  | 3.25 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3029543 |
| **Number of Holdings** | 7 |
| **Net Advisory Fee** | $2325 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -100.0% |
|  Total (as % of net assets)  | -100.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily BRKB Bear 1X Shares PAGE 2 TSR-AR-25461A437

------

**HOUSEHOLDING**

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

Direxion Daily BRKB Bear 1X Shares PAGE 3 TSR-AR-25461A437

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily BRKB Bull 2X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | BRKU (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily BRKB Bull 2X Shares for the period of December 11, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| Direxion Daily BRKB Bull 2X Shares | $78 | 0.90% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Percentage shown is annualized.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily BRKB Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the common shares of Berkshire Hathaway Inc. (Class B). Berkshire Hathaway Inc. is a holding company owning subsidiaries engaged in numerous diverse business activities. The most important of these are insurance businesses conducted on both a primary basis and a reinsurance basis, a freight rail transportation business and a group of utility and energy generation and distribution businesses. Berkshire also owns and operates numerous other businesses engaged in a variety of manufacturing, services, retailing and other activities.

Since the Fund's inception on December 11, 2024 through October 31, 2025 (the "Partial Period"), Berkshire Hathaway's stock reflected results across its core insurance operations, investment holdings, and industrial subsidiaries. Insurance underwriting trends, catastrophe experience, and float generation contributed to market attention. The performance of major public-equity positions influenced sentiment as broader market conditions evolved. Industrial, utility, and transportation businesses responded to shifts in economic activity, input costs, and regulatory developments. Overall, the stock captured diversified exposure to multiple sectors through the company's varied operating and investment portfolio.

For the Partial Period, Berkshire Hathaway Inc. (Class B) returned 3.25% and had volatility of 11.33%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily BRKB Bull 2X Shares returned -6.26%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Berkshire Hathaway Inc. (Class B)'s volatility, provided a return of 3.69%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6049img003.jpg)

**TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(12/11/2024)** |
| **Direxion Daily BRKB Bull 2X Shares NAV**  | -6.26 |
| **S&P 500® Index**  | 14.61 |
| **Berkshire Hathaway, Inc.**  | 3.25 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $76191806 |
| **Number of Holdings** | 9 |
| **Net Advisory Fee** | $293327 |
| **Portfolio Turnover** | 7% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 184.9% |
|  Common Stocks  | 15.1% |
|  Total (as % of net assets)  | 200.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

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

------

**HOUSEHOLDING**

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

Direxion Daily BRKB Bull 2X Shares PAGE 3 TSR-AR-25461A452

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Crypto Industry Bear 1X** **Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | REKT (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Crypto Industry Bear 1X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily Crypto Industry Bear 1X Shares | $35 | 0.45% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Crypto Industry Bear 1X Shares seeks daily investment results, before fees and expenses, of -100% of the performance of the Solactive Distributed Ledger & Decentralized Payment Tech Index. The Solactive Distributed Ledger & Decentralized Payment Tech Index seeks to track the performance of US-listed securities that have business operations in the field of distributed ledger or decentralized payment technology, which includes the following business fields: blockchain technology, non-fungible tokens, decentralized finance, and digital asset mining hardware.

Over the Annual Period, the index reflected evolving sentiment toward blockchain technologies and digital payment innovation. Companies tied to cryptocurrency mining and infrastructure were influenced by changes in network activity, energy costs, and digital asset pricing trends. Payments and transaction technology providers responded to shifts in consumer digital payment adoption and regulatory discussions around stablecoins and digital financial architecture. Hardware and semiconductor names linked to distributed ledger computing saw periods of strength tied to enterprise investment in decentralized applications. Investor appetite for high-growth, higher-volatility technology businesses contributed to periodic swings in valuation. Overall, the index captured both the long-term potential and the near-term uncertainty surrounding blockchain-related industries.

For the Annual Period, the Solactive Distributed Ledger & Decentralized Payment Tech Index returned 59.10% and had volatility of 44.43%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Crypto Industry Bear 1X Shares returned -42.40%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Solactive Distributed Ledger & Decentralized Payment Technology Index's volatility, provided a return of -47.13%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5968img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(07/17/2024)** |
| **Direxion Daily Crypto Industry Bear 1X Shares NAV**  | -42.40 | -32.26 |
| **S&P 500® Index**  | 21.45 | 17.16 |
| **Solactive Distributed Ledger & Decentralized Payment Technology Index**  | 59.10 | 37.81 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1428718 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -100.0% |
|  Total (as % of net assets)  | -100.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Software  | 36.5% |
|  Financial Services  | 21.6% |
|  Capital Markets  | 17.8% |
|  Semiconductors & Semiconductor Equipment  | 7.0% |
|  Broadline Retail  | 5.9% |
|  IT Services  | 4.6% |
|  Banks  | 4.1% |
|  Hotels, Restaurants & Leisure  | 2.5% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  IREN Ltd. ADR  | 8.7% |
|  Robinhood Markets, Inc.  | 8.3% |
|  NVIDIA Corp.  | 7.0% |
|  MasterCard, Inc. Class A.  | 5.9% |
|  MercadoLibre, Inc.  | 5.9% |
|  Visa, Inc. Class A  | 5.8% |
|  Coinbase Global, Inc.  | 5.0% |
|  Applied Digital Corp.  | 4.6% |
|  Interactive Brokers Group, Inc.  | 4.2% |
|  Riot Platforms, Inc.  | 4.2% |

---

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

------

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

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

**HOUSEHOLDING**

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

Direxion Daily Crypto Industry Bear 1X Shares PAGE 3 TSR-AR-25461A585

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Crypto Industry Bull 2X** **Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | LMBO (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Crypto Industry Bull 2X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily Crypto Industry Bull 2X Shares | $142 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Crypto Industry Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the Solactive Distributed Ledger & Decentralized Payment Tech Index. The Solactive Distributed Ledger & Decentralized Payment Tech Index seeks to track the performance of US-listed securities that have business operations in the field of distributed ledger or decentralized payment technology, which includes the following business fields: blockchain technology, non-fungible tokens, decentralized finance, and digital asset mining hardware.

Over the Annual Period, the index reflected evolving sentiment toward blockchain technologies and digital payment innovation. Companies tied to cryptocurrency mining and infrastructure were influenced by changes in network activity, energy costs, and digital asset pricing trends. Payments and transaction technology providers responded to shifts in consumer digital payment adoption and regulatory discussions around stablecoins and digital financial architecture. Hardware and semiconductor names linked to distributed ledger computing saw periods of strength tied to enterprise investment in decentralized applications. Investor appetite for high-growth, higher-volatility technology businesses contributed to periodic swings in valuation. Overall, the index captured both the long-term potential and the near-term uncertainty surrounding blockchain-related industries.

For the Annual Period, the Solactive Distributed Ledger & Decentralized Payment Tech Index returned 59.10% and had volatility of 44.43%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Crypto Industry Bull 2X Shares returned 99.93%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Solactive Distributed Ledger & Decentralized Payment Technology Index's volatility, provided a return of 113.52%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily Crypto Industry Bull 2X Shares PAGE 1 TSR-AR-25461A593

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5967img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(07/17/2024)** |
| **Direxion Daily Crypto Industry Bull 2X Shares NAV**  | 99.93 | 51.66 |
| **S&P 500® Index**  | 21.45 | 17.16 |
| **Solactive Distributed Ledger & Decentralized Payment Technology Index**  | 59.10 | 37.81 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $8516080 |
| **Number of Holdings** | 32 |
| **Net Advisory Fee** | $12705 |
| **Portfolio Turnover** | 159% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 136.5% |
|  Common Stocks  | 63.5% |
|  Total (as % of net assets)  | 200.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Software  | 36.5% |
|  Financial Services  | 21.6% |
|  Capital Markets  | 17.8% |
|  Semiconductors & Semiconductor Equipment  | 7.0% |
|  Broadline Retail  | 5.9% |
|  IT Services  | 4.6% |
|  Banks  | 4.1% |
|  Hotels, Restaurants & Leisure  | 2.5% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  IREN Ltd. ADR  | 8.7% |
|  Robinhood Markets, Inc.  | 8.3% |
|  NVIDIA Corp.  | 7.0% |
|  MasterCard, Inc. Class A.  | 5.9% |
|  MercadoLibre, Inc.  | 5.9% |
|  Visa, Inc. Class A  | 5.8% |
|  Coinbase Global, Inc.  | 5.0% |
|  Applied Digital Corp.  | 4.6% |
|  Interactive Brokers Group, Inc.  | 4.2% |
|  Riot Platforms, Inc.  | 4.2% |

---

Direxion Daily Crypto Industry Bull 2X Shares PAGE 2 TSR-AR-25461A593

------

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily Crypto Industry Bull 2X Shares PAGE 3 TSR-AR-25461A593

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily CSCO Bear 1X ETF**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | CSCS (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily CSCO Bear 1X ETF for the period of June 25, 2025 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| Direxion Daily CSCO Bear 1X ETF | $32 | 0.95% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Percentage shown is annualized.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily CSCO Bear 1X Shares seeks daily investment results, before fees and expenses, of -100% of the performance of the common shares of Cisco Systems, Inc. Cisco Systems, Inc. is a technology company incorporated in 1984. Cisco Systems, Inc. designs and sells a broad range of technologies that help to power, secure, and draw insights from the Internet.

Since the Fund's inception on June 25, 2025 through October 31, 2025 (the "Partial Period"), Cisco's stock reflected enterprise spending trends on networking infrastructure, security solutions, and cloud-managed platforms. Demand for switching and routing equipment was influenced by customer modernization initiatives and IT-budget timing. Subscription and software offerings contributed to revenue stability as customers adopted cloud-delivered management tools. Competitive dynamics across networking and security markets shaped sentiment. Overall, the stock captured the company's transition toward software-subscription models and evolving enterprise network investment.

For the Partial Period, Cisco Systems, Inc. returned 7.69% and had volatility of 17.82%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily CSCO Bear 1X Shares returned -7.10%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Cisco Systems, Inc.'s volatility, provided a return of -9.03%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily CSCO Bear 1X ETF PAGE 1 TSR-AR-25461A262

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6050img003.jpg)

**TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(06/25/2025)** |
| **Direxion Daily CSCO Bear 1X ETF NAV**  | -7.10 |
| **S&P 500® Index**  | 12.72 |
| **Cisco Systems, Inc.**  | 7.69 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2301628 |
| **Number of Holdings** | 7 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -100.0% |
|  Total (as % of net assets)  | -100.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily CSCO Bear 1X ETF PAGE 2 TSR-AR-25461A262

------

**HOUSEHOLDING**

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

Direxion Daily CSCO Bear 1X ETF PAGE 3 TSR-AR-25461A262

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily CSCO Bull 2X ETF**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | CSCL (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily CSCO Bull 2X ETF for the period of June 25, 2025 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| Direxion Daily CSCO Bull 2X ETF | $36 | 0.95% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Percentage shown is annualized.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily CSCO Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the common shares of Cisco Systems, Inc. Cisco Systems, Inc. is a technology company incorporated in 1984. Cisco Systems, Inc. designs and sells a broad range of technologies that help to power, secure, and draw insights from the Internet.

Since the Fund's inception on June 25, 2025 through October 31, 2025 (the "Partial Period"), Cisco's stock reflected enterprise spending trends on networking infrastructure, security solutions, and cloud-managed platforms. Demand for switching and routing equipment was influenced by customer modernization initiatives and IT-budget timing. Subscription and software offerings contributed to revenue stability as customers adopted cloud-delivered management tools. Competitive dynamics across networking and security markets shaped sentiment. Overall, the stock captured the company's transition toward software-subscription models and evolving enterprise network investment.

For the Partial Period, Cisco Systems, Inc. returned 7.69% and had volatility of 17.82%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily CSCO Bull 2X Shares returned 12.56%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Cisco Systems, Inc.'s volatility, provided a return of 16.19%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily CSCO Bull 2X ETF PAGE 1 TSR-AR-25461A288

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6051img003.jpg)

**TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(06/25/2025)** |
| **Direxion Daily CSCO Bull 2X ETF NAV**  | 12.56 |
| **S&P 500® Index**  | 12.72 |
| **Cisco Systems, Inc.**  | 7.69 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4184983 |
| **Number of Holdings** | 9 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 49% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 181.3% |
|  Common Stocks  | 18.7% |
|  Total (as % of net assets)  | 200.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily CSCO Bull 2X ETF PAGE 2 TSR-AR-25461A288

------

**HOUSEHOLDING**

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

Direxion Daily CSCO Bull 2X ETF PAGE 3 TSR-AR-25461A288

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily CSI 300 China A Share Bull** **2X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | CHAU (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily CSI 300 China A Share Bull 2X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily CSI 300 China A Share Bull 2X Shares | $102 | 0.88% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily CSI 300 China A Share Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the CSI 300 Index. The CSI 300 Index is a modified free-float market capitalization weighted index comprised of the largest and most liquid stocks in the Chinese A-share market. Index constituent stocks must have been listed for more than three months (unless the stock's average daily A-share market capitalization since its initial listing ranks among the top 30 of all A-shares) and must not be experiencing obvious abnormal fluctuations or market manipulations.

During the Annual Period, the CSI 300 Index reflected the challenges and opportunities of China's domestic economic transition. Financials were influenced by loan-growth trends, asset-quality concerns, and efforts to stabilize the property sector. Consumer and service-oriented companies responded to changes in household confidence, income growth, and targeted policy measures designed to support domestic demand. Industrials and manufacturing-related firms were affected by export orders, capital-spending decisions, and evolving global supply-chain dynamics. Technology and healthcare companies saw sentiment fluctuate alongside regulatory developments and the pace of innovation-driven investment. Overall, the index captured a mixed environment in which policy support and reform efforts were balanced against structural headwinds.

For the Annual Period, the CSI 300 Index returned 22.35% and had volatility of 23.74%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily CSI 300 China A Share Bull 2X Shares returned 32.74%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the CSI 300 Index's volatility, provided a return of 40.09%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily CSI 300 China A Share Bull 2X Shares PAGE 1 TSR-AR-25490K869

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5970img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily CSI 300 China A Share Bull 2X Shares** **NAV**  | 32.74 | -7.01 | 0.61 |
| **S&P 500® Index**  | 21.45 | 17.64 | 14.64 |
| **CSI 300 Index**  | 22.35 | 0.74 | 3.68 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $136057471 |
| **Number of Holdings** | 9 |
| **Net Advisory Fee** | $1585146 |
| **Portfolio Turnover** | 76% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 175.6% |
|  Investment Companies  | 24.4% |
|  Total (as % of net assets)  | 200.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Financials  | 22.8% |
|  Information Technology  | 22.6% |
|  Industrials  | 17.0% |
|  Materials  | 8.8% |
|  Consumer Staples  | 8.5% |
|  Consumer Discretionary  | 6.9% |
|  Health Care  | 5.5% |
|  Utilities  | 3.0% |
|  Energy  | 2.5% |
|  Communication Services  | 1.8% |
|  Real Estate  | 0.6% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Contemporary Amperex Technology Co. Ltd.  | 4.2% |
|  Kweichow Moutai Co. Ltd.  | 3.6% |
|  Ping An Insurance Group Comapny of China Ltd.  | 2.5% |
|  China Merchants Bank Co. Ltd.  | 2.0% |
|  Zijin Mining Group Co. Ltd.  | 2.0% |
|  Zhongji Innolight Ltd.  | 1.7% |
|  Midea Group Co., Ltd.  | 1.5% |
|  Industrial & Commerical Bank of China Ltd.  | 1.4% |
|  Eoptolink Technology Inc. Ltd.  | 1.4% |
|  China Yangtze Power Co. Ltd.  | 1.4% |

---

Direxion Daily CSI 300 China A Share Bull 2X Shares PAGE 2 TSR-AR-25490K869

------

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily CSI 300 China A Share Bull 2X Shares PAGE 3 TSR-AR-25490K869

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily CSI China Internet Bull 2X** **Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | CWEB (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily CSI China Internet Bull 2X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily CSI China Internet Bull 2X Shares | $102 | 0.87% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily CSI China Internet Index Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the CSI Overseas China Internet Index. The CSI Overseas China Internet Index is provided by China Securities Index Co., LTD. The Index is designed to measure the performance of the investable universe of publicly traded China-based companies whose primary business or businesses are in the Internet and Internet-related sectors, as defined by the Index Provider, and are listed outside of mainland China, including in Hong Kong.

Over the Annual Period, the index reflected shifting sentiment toward China's internet and platform-economy companies. E-commerce and logistics platforms were influenced by trends in consumer spending, competitive intensity, and attempts to balance growth with profitability. Online advertising, gaming, and streaming businesses saw performance driven by user engagement, product cycles, and corporate marketing budgets. Cloud and data-infrastructure providers were affected by demand for digital transformation, artificial-intelligence workloads, and enterprise IT spending. As the regulatory backdrop continued to evolve, investors focused closely on earnings delivery, capital allocation, and the pace of new initiatives. Overall, the index captured both the enduring role of China's leading internet platforms and the heightened scrutiny under which they operate.

For the Annual Period, the CSI Overseas China Internet Index returned 27.31% and had volatility of 35.72%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily CSI China Internet Index Bull 2X Shares returned 35.53%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the CSI Overseas China Internet Index's volatility, provided a return of 44.81%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily CSI China Internet Bull 2X Shares PAGE 1 TSR-AR-25460G187

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5969img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/02/2016)** |
| **Direxion Daily CSI China Internet Bull 2X Shares NAV**  | 35.53 | -36.70 | -15.07 |
| **S&P 500® Index**  | 21.45 | 17.64 | 15.91 |
| **CSI Overseas China Internet Index**  | 27.31 | -8.81 | 2.20 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $334048764 |
| **Number of Holdings** | 9 |
| **Net Advisory Fee** | $2352386 |
| **Portfolio Turnover** | 81% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 146.3% |
|  Investment Companies  | 53.7% |
|  Total (as % of net assets)  | 200.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Broadline Retail  | 27.3% |
|  Interactive Media & Services  | 26.0% |
|  Entertainment  | 11.7% |
|  Hotels, Restaurants & Leisure  | 10.6% |
|  Consumer Staples Distribution & Retail  | 6.9% |
|  Professional Services  | 4.1% |
|  Ground Transportation  | 3.7% |
|  Real Estate Management & Development  | 3.1% |
|  Diversified Consumer Services  | 2.8% |
|  Consumer Finance  | 1.5% |
|  Other  | 2.3% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Alibaba Group Holding Ltd.  | 11.2% |
|  Tencent Holdings Ltd.  | 10.7% |
|  PDD Holdings, Inc.  | 8.1% |
|  JD.com  | 5.0% |
|  Meituan Class B  | 4.9% |
|  Baidu, Inc. Class A  | 4.8% |
|  JD Health International, Inc.  | 4.7% |
|  Tencent Music Entertainment Group ADR  | 4.2% |
|  Kanzhun Ltd. ADR  | 4.1% |
|  Kuaishou Technology  | 4.1% |

---

Direxion Daily CSI China Internet Bull 2X Shares PAGE 2 TSR-AR-25460G187

------

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily CSI China Internet Bull 2X Shares PAGE 3 TSR-AR-25460G187

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Energy Bear 2X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | ERY (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Energy Bear 2X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily Energy Bear 2X Shares | $90 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Energy Bear 2X Shares seeks daily investment results, before fees and expenses, of -200% of the performance of the Energy Select Sector Index. The Energy Select Sector Index is provided by S&P Dow Jones Indices and includes domestic companies from the energy sector which includes the following industries: oil, gas and consumable fuels; and energy equipment and services.

Over the Annual Period, the index reflected the cyclicality of global oil and gas markets. Exploration and production companies were driven by commodity-price movements, drilling activity, and changes in cost structures. Integrated energy firms and refiners responded to refining margins, product demand, and shifts in the energy mix. Oilfield services and equipment providers were sensitive to upstream capital-spending decisions and project pipelines. Broader themes, including debates over the pace of energy transition and carbon policy, influenced how investors assessed long-term prospects. Overall, the index captured the tension between near-term commodity cycles and the sector's evolving strategic landscape.

For the Annual Period, the Energy Select Sector Index returned 2.83% and had volatility of 24.70%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Energy Bear 2X Shares returned -9.94%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Energy Select Sector Index's volatility, provided a return of -20.72%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5974img003.jpg)

Direxion Daily Energy Bear 2X Shares PAGE 1 TSR-AR-25460G179

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily Energy Bear 2X Shares NAV**  | -9.94 | -49.81 | -32.07 |
| **S&P 500® Index**  | 21.45 | 17.64 | 14.64 |
| **Energy Select Sector Index**  | 2.83 | 30.25 | 6.96 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $18061807 |
| **Number of Holdings** | 7 |
| **Net Advisory Fee** | $140857 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -200.0% |
|  Total (as % of net assets)  | -200.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Oil, Gas & Consumable Fuels  | 91.1% |
|  Energy Equipment & Services  | 8.9% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Exxon Mobil Corp.  | 23.5% |
|  Chevron Corp.  | 18.7% |
|  ConocoPhillips  | 6.8% |
|  Williams Companies, Inc.  | 4.4% |
|  Marathon Petroleum Corp.  | 4.2% |
|  EOG Resources, Inc.  | 4.0% |
|  Phillips 66  | 3.9% |
|  Schlumberger Ltd. ADR  | 3.8% |
|  Valero Energy Corp.  | 3.8% |
|  Kinder Morgan, Inc.  | 3.7% |

---

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily Energy Bear 2X Shares PAGE 2 TSR-AR-25460G179

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Energy Bull 2X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | ERX (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Energy Bull 2X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily Energy Bull 2X Shares | $87 | 0.90% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Energy Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the Energy Select Sector Index. The Energy Select Sector Index is provided by S&P Dow Jones Indices and includes domestic companies from the energy sector which includes the following industries: oil, gas and consumable fuels; and energy equipment and services.

Over the Annual Period, the index reflected the cyclicality of global oil and gas markets. Exploration and production companies were driven by commodity-price movements, drilling activity, and changes in cost structures. Integrated energy firms and refiners responded to refining margins, product demand, and shifts in the energy mix. Oilfield services and equipment providers were sensitive to upstream capital-spending decisions and project pipelines. Broader themes, including debates over the pace of energy transition and carbon policy, influenced how investors assessed long-term prospects. Overall, the index captured the tension between near-term commodity cycles and the sector's evolving strategic landscape.

For the Annual Period, the Energy Select Sector Index returned 2.83% and had volatility of 24.70%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Energy Bull 2X Shares returned -6.79%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Energy Select Sector Index's volatility, provided a return of -0.58%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5975img003.jpg)

Direxion Daily Energy Bull 2X Shares PAGE 1 TSR-AR-25460G609

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily Energy Bull 2X Shares NAV**  | -6.79 | 49.09 | -15.23 |
| **S&P 500® Index**  | 21.45 | 17.64 | 14.64 |
| **Energy Select Sector Index**  | 2.83 | 30.25 | 6.96 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $218326569 |
| **Number of Holdings** | 29 |
| **Net Advisory Fee** | $1825877 |
| **Portfolio Turnover** | 8% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 126.2% |
|  Common Stocks  | 73.8% |
|  Total (as % of net assets)  | 200.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Oil, Gas & Consumable Fuels  | 91.1% |
|  Energy Equipment & Services  | 8.9% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Exxon Mobil Corp.  | 23.5% |
|  Chevron Corp.  | 18.7% |
|  ConocoPhillips  | 6.8% |
|  Williams Companies, Inc.  | 4.4% |
|  Marathon Petroleum Corp.  | 4.2% |
|  EOG Resources, Inc.  | 4.0% |
|  Phillips 66  | 3.9% |
|  Schlumberger Ltd. ADR  | 3.8% |
|  Valero Energy Corp.  | 3.8% |
|  Kinder Morgan, Inc.  | 3.7% |

---

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily Energy Bull 2X Shares PAGE 2 TSR-AR-25460G609

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Energy Top 5 Bull 2X ETF**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | TEXU (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Energy Top 5 Bull 2X ETF for the period of October 1, 2025 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| Direxion Daily Energy Top 5 Bull 2X ETF | $8 | 0.95% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Percentage shown is annualized.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Energy Top 5 Bull 2X ETF seeks daily investment results, before fees and expenses, of 200% of the performance of the S&P 500 Energy (Sector) Top 5 Equal Capped Index. The S&P 500 Energy (Sector) Top 5 Equal Capped Index consists of the top five securities in the S&P 500 Energy (Sector) Index, which includes U.S.-listed companies in the energy sector as classified by the Global Industry Classification Standards.

Since the Fund's inception on October 1, 2025 through October 31, 2025 (the "Partial Period"), the index reflected the near-term influence of oil and gas price movements, refining margins, and broader supply-and-demand expectations. Integrated energy companies reacted to changes in crude benchmarks and natural-gas dynamics, while refining-oriented companies were shaped by seasonal demand trends and product spreads. Capital-allocation updates, balance-sheet positioning, and long-term transition strategies also contributed to investor sentiment. Geopolitical developments and inventory data introduced additional volatility. Overall, the index captured concentrated exposure to the largest energy-sector constituents during a period marked by shifts in commodity markets.

For the Partial Period, the S&P 500 Energy (Sector) Top 5 Equal Capped Index (USD) returned -3.53% and had volatility of 11.86%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Energy Top 5 Bull 2X ETF returned -7.31%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the S&P 500 Energy (Sector) Top 5 Equal Capped Index (USD)'s volatility, provided a return of -6.65%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

Direxion Daily Energy Top 5 Bull 2X ETF PAGE 1 TSR-AR-25461H200

------

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6548img003.jpg)

**TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(10/01/2025)** |
| **Direxion Daily Energy Top 5 Bull 2X ETF NAV**  | -7.31 |
| **S&P 500® Index**  | 2.34 |
| **S&P 500 Energy (Sector) Top 5 Equal Capped Index (USD)**  | -3.53 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2317192 |
| **Number of Holdings** | 10 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 173% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 155.2% |
|  Common Stocks  | 44.8% |
|  Total (as % of net assets)  | 200.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Oil, Gas & Consumable Fuels  | 100.0% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Exxon Mobil Corp.  | 21.2% |
|  Chevron Corp.  | 20.7% |
|  Williams Companies, Inc.  | 20.4% |
|  ConocoPhillips  | 19.5% |
|  EOG Resources, Inc.  | 18.2% |

---

Direxion Daily Energy Top 5 Bull 2X ETF PAGE 2 TSR-AR-25461H200

------

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily Energy Top 5 Bull 2X ETF PAGE 3 TSR-AR-25461H200

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily F Bear 1X ETF**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | FRDD (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily F Bear 1X ETF for the period of July 23, 2025 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| Direxion Daily F Bear 1X ETF | $24 | 0.95% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Percentage shown is annualized.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily F Bear 1X Shares seeks daily investment results, before fees and expenses, of -100% of the performance of the common shares of Ford Motor Company. Ford Motor Company engages in the manufacture, distribution, and sale of automobiles. The company was founded in 1903 and is headquartered in Dearborn, Michigan.

Since the Fund's inception on July 23, 2025 through October 31, 2025 (the "Partial Period"), Ford's stock reflected demand trends across its truck, SUV, and electric-vehicle lineup. Production volumes and inventory levels influenced sentiment as the company balanced supply-chain considerations with consumer demand. Pricing, incentive activity, and mix contributed to variability in revenue expectations. Updates related to electric-vehicle strategy, commercial platforms, and hybrid offerings also shaped investor perception. Overall, the stock captured the company's execution across legacy and electrified product categories during a short but active time frame.

For the Partial Period, Ford Motor Company returned 17.34% and had volatility of 65.11%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily F Bear 1X Shares returned -17.15%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Ford Motor Company's volatility, provided a return of -17.40%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6561img003.jpg)

Direxion Daily F Bear 1X ETF PAGE 1 TSR-AR-25461A239

------

**TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(07/23/2025)** |
| **Direxion Daily F Bear 1X ETF NAV**  | -17.15 |
| **S&P 500® Index**  | 8.76 |
| **Ford Motor Company**  | 17.34 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2058481 |
| **Number of Holdings** | 8 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -100.0% |
|  Total (as % of net assets)  | -100.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily F Bear 1X ETF PAGE 2 TSR-AR-25461A239

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily F Bull 2X ETF**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | FRDU (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily F Bull 2X ETF for the period of July 23, 2025 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| Direxion Daily F Bull 2X ETF | $31 | 0.95% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Percentage shown is annualized.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily F Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the common shares of Ford Motor Company. Ford Motor Company engages in the manufacture, distribution, and sale of automobiles. The company was founded in 1903 and is headquartered in Dearborn, Michigan.

Since the Fund's inception on July 23, 2025 through October 31, 2025 (the "Partial Period"), Ford's stock reflected demand trends across its truck, SUV, and electric-vehicle lineup. Production volumes and inventory levels influenced sentiment as the company balanced supply-chain considerations with consumer demand. Pricing, incentive activity, and mix contributed to variability in revenue expectations. Updates related to electric-vehicle strategy, commercial platforms, and hybrid offerings also shaped investor perception. Overall, the stock captured the company's execution across legacy and electrified product categories during a short but active time frame.

For the Partial Period, Ford Motor Company returned 17.34% and had volatility of 65.11%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily F Bull 2X Shares returned 32.69%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Ford Motor Company's volatility, provided a return of 32.43%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6562img003.jpg)

Direxion Daily F Bull 2X ETF PAGE 1 TSR-AR-25461A247

------

**TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(07/23/2025)** |
| **Direxion Daily F Bull 2X ETF NAV**  | 32.69 |
| **S&P 500® Index**  | 8.76 |
| **Ford Motor Company**  | 17.34 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4119369 |
| **Number of Holdings** | 10 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 189.5% |
|  Common Stocks  | 10.5% |
|  Total (as % of net assets)  | 200.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily F Bull 2X ETF PAGE 2 TSR-AR-25461A247

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| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Gold Miners Index Bear 2X** **Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | DUST (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Gold Miners Index Bear 2X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily Gold Miners Index Bear 2X Shares | $54 | 0.87% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Gold Miners Bear 2X Shares seeks daily investment results, before fees and expenses, of -200% of the performance of the MarketVector Global Gold Miners (the "MarketVector Index"). The MarketVector Global Gold Miners Index is a rules-based, modified capitalization-weighted, float-adjusted index intended to give investors a means of tracking the overall performance of companies that are involved primarily in the gold and silver mining industry as defined by MarketVector IndexesTM GmbH.

Prior to September 18, 2025, the Fund sought daily investment results, before fees and expenses, of 200% of the performance of the NYSE Arca Gold Miners Index (the "NYSE Index"). The NYSE Index is a modified market capitalization weighted index comprised of publicly traded companies that operate globally in both developed and emerging markets, and the index provider defines as involved primarily in mining for gold and, to a lesser extent, in mining for silver. The Index will limit the weight of companies whose revenues are more significantly exposed to silver mining to less than 20% of the Index at each rebalance date. The Index may include small- and mid-capitalization companies and foreign issuers. Performance information prior to September 18, 2025 reflects the Fund's prior investment objective of -200% of the return of the NYSE Index.

From November 1, 2024 through September 18, 2025, gold-mining companies included in the NYSE Index were influenced by movements in gold prices, production volumes, and operating costs. Miners responded to changes in energy prices, ore-grade variability, and regional production conditions. Exploration activity and reserve-replacement trends contributed to stock-level dispersion. Currency movements and geopolitical considerations also affected profitability across global mining regions. Overall, the index reflected how fluctuations in the gold market and mining fundamentals shaped results for leading producers.

From September 19, 2025 through October 31, 2025, the MarketVector Index reflected conditions across a more globally diversified group of gold-mining companies. Market attention focused on gold-price trends, geopolitical risk, and regional permitting environments. Operational updates - including production guidance, cost structures, and project timelines - contributed to differences across producers. Currency fluctuations in key mining jurisdictions also influenced results. Overall, the MarketVector Index captured short-term movements in the global gold-mining industry during a compressed reporting window.

From November 1, 2024 through September 18, 2025, the NYSE Index returned 74.64% and had volatility of 34.65%. From September 19, 2025 through October 31, 2025, the MarketVector Index returned -0.41% and had volatility of 50.31%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Gold Miners Bear 2X Shares returned -76.85%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the volatility of the NYSE Index and MarketVector Index, for the applicable periods, provided a return of -76.08%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

Direxion Daily Gold Miners Index Bear 2X Shares PAGE 1 TSR-AR-25461A478

------

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5981img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily Gold Miners Index Bear 2X Shares NAV**  | -76.85 | -42.26 | -61.77 |
| **S&P 500® Index**  | 21.45 | 17.64 | 14.64 |
| **MarketVector Global Gold Miners Index**  | 86.22 | 14.58 | 18.84 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $118371962 |
| **Number of Holdings** | 7 |
| **Net Advisory Fee** | $844769 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -200.0% |
|  Total (as % of net assets)  | -200.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Metals & Mining  | 100.0% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Agnico Eagle Mines Ltd.  | 8.1% |
|  Newmont Corp.  | 6.9% |
|  Barrick Gold Corp.  | 5.3% |
|  Anglogold Ashanti PLC  | 5.0% |
|  Gold Fields Ltd.  | 5.0% |
|  Northern Star Resources Ltd.  | 4.9% |
|  Kinross Gold Corp.  | 4.8% |
|  Franco-Nevada Corp.  | 4.5% |
|  Wheaton Precious Metals Corp.  | 4.4% |
|  Pan American Silver Corp.  | 3.7% |

---

Direxion Daily Gold Miners Index Bear 2X Shares PAGE 2 TSR-AR-25461A478

------

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily Gold Miners Index Bear 2X Shares PAGE 3 TSR-AR-25461A478

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Gold Miners Index Bull 2X** **Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | NUGT (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Gold Miners Index Bull 2X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily Gold Miners Index Bull 2X Shares | $156 | 0.85% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Gold Miners Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the MarketVector Global Gold Miners (the "MarketVector Index"). The MarketVector Index is a rules-based, modified capitalization-weighted, float-adjusted index intended to give investors a means of tracking the overall performance of companies that are involved primarily in the gold and silver mining industry as defined by MarketVector IndexesTM GmbH.

Prior to September 18, 2025, the Fund sought daily investment results, before fees and expenses, of 200% of the performance of the NYSE Arca Gold Miners Index (the "NYSE Index"). The NYSE Index is a modified market capitalization weighted index comprised of publicly traded companies that operate globally in both developed and emerging markets, and the index provider defines as involved primarily in mining for gold and, to a lesser extent, in mining for silver. The NYSE Index will limit the weight of companies whose revenues are more significantly exposed to silver mining to less than 20% of the Index at each rebalance date. The NYSE Index may include small- and mid-capitalization companies and foreign issuers. Performance information prior to September 18, 2025 reflects the Fund's prior investment objective of 200% of the return of the NYSE Index.

From November 1, 2024 through September 18, 2025, gold-mining companies included in the NYSE Index were influenced by movements in gold prices, production volumes, and operating costs. Miners responded to changes in energy prices, ore-grade variability, and regional production conditions. Exploration activity and reserve-replacement trends contributed to stock-level dispersion. Currency movements and geopolitical considerations also affected profitability across global mining regions. Overall, the index reflected how fluctuations in the gold market and mining fundamentals shaped results for leading producers.

From September 19, 2025 through October 31, 2025, the MarketVector Index reflected conditions across a more globally diversified group of gold-mining companies. Market attention focused on gold-price trends, geopolitical risk, and regional permitting environments. Operational updates, including production guidance, cost structures, and project timelines, contributed to differences across producers. Currency fluctuations in key mining jurisdictions also influenced results. Overall, the MarketVector Index captured short-term movements in the global gold-mining industry during a compressed reporting window.

From November 1, 2024 through September 18, 2025, the NYSE Index returned 74.64% and had volatility of 34.65%. From September 19, 2025 through October 31, 2025, the MarketVector Index returned -0.41% and had volatility of 50.31%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Gold Miners Bull 2X Shares returned 166.73%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the volatility of the NYSE Index and MarketVector Index, for the applicable periods, provided a return of 174.55%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

Direxion Daily Gold Miners Index Bull 2X Shares PAGE 1 TSR-AR-25460G781

------

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5982img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily Gold Miners Index Bull 2X Shares NAV**  | 166.73 | 12.64 | 0.21 |
| **S&P 500® Index**  | 21.45 | 17.64 | 14.64 |
| **MarketVector Global Gold Miners Index**  | 86.22 | 14.58 | 18.84 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1078075572 |
| **Number of Holdings** | 10 |
| **Net Advisory Fee** | $4750051 |
| **Portfolio Turnover** | 74% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 139.0% |
|  Investment Companies  | 61.0% |
|  Total (as % of net assets)  | 200.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Metals & Mining  | 100.0% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Agnico Eagle Mines Ltd.  | 8.1% |
|  Newmont Corp.  | 6.9% |
|  Barrick Gold Corp.  | 5.3% |
|  Anglogold Ashanti PLC  | 5.0% |
|  Gold Fields Ltd.  | 5.0% |
|  Northern Star Resources Ltd.  | 4.9% |
|  Kinross Gold Corp.  | 4.8% |
|  Franco-Nevada Corp.  | 4.5% |
|  Wheaton Precious Metals Corp.  | 4.4% |
|  Pan American Silver Corp.  | 3.7% |

---

Direxion Daily Gold Miners Index Bull 2X Shares PAGE 2 TSR-AR-25460G781

------

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily Gold Miners Index Bull 2X Shares PAGE 3 TSR-AR-25460G781

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily GOOGL Bear 1X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | GGLS (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily GOOGL Bear 1X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily GOOGL Bear 1X Shares | $75 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily GOOGL Bear 1X Shares seeks daily investment results, before fees and expenses, of -100% of the performance of the Class A shares of Alphabet Inc. Alphabet Inc. provides online advertising services in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. The company offers performance and brand advertising services.

Over the Annual Period, Alphabet's stock reflected developments in digital-advertising demand, cloud-services adoption, and artificial-intelligence integration across its platforms. Search and YouTube advertising trends responded to marketing budgets and user engagement. Google Cloud experienced activity tied to enterprise workloads, AI-assisted tools, and competitive pricing. Hardware updates, subscription services, and ecosystem investments contributed to diversification efforts. Regulatory developments and competitive dynamics across digital platforms also influenced investor sentiment. Overall, the stock captured broad exposure to online advertising, cloud infrastructure, and AI-related innovation.

For the Annual Period, Alphabet Inc. Class A returned 64.33% and had volatility of 32.58%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily GOOGL Bear 1X Shares returned -42.27%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Alphabet Inc. Class A's volatility, provided a return of -45.56%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5984img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(09/07/2022)** |
| **Direxion Daily GOOGL Bear 1X Shares NAV**  | -42.27 | -28.73 |
| **S&P 500® Index**  | 21.45 | 21.21 |
| **Alphabet Inc.**  | 64.33 | 35.97 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $12286441 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $40815 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -100.0% |
|  Total (as % of net assets)  | -100.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily GOOGL Bear 1X Shares PAGE 2 TSR-AR-25461A601

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily GOOGL Bull 2X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | GGLL (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily GOOGL Bull 2X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523. This report describes changes to the Fund that occurred during the reporting period.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily GOOGL Bull 2X Shares | $138 | 0.86% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily GOOGL Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the Class A shares of Alphabet Inc. Alphabet Inc. provides online advertising services in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. The company offers performance and brand advertising services.

Over the Annual Period, Alphabet's stock reflected developments in digital-advertising demand, cloud-services adoption, and artificial-intelligence integration across its platforms. Search and YouTube advertising trends responded to marketing budgets and user engagement. Google Cloud experienced activity tied to enterprise workloads, AI-assisted tools, and competitive pricing. Hardware updates, subscription services, and ecosystem investments contributed to diversification efforts. Regulatory developments and competitive dynamics across digital platforms also influenced investor sentiment. Overall, the stock captured broad exposure to online advertising, cloud infrastructure, and AI-related innovation.

For the Annual Period, Alphabet Inc. Class A returned 64.33% and had volatility of 32.58%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily GOOGL Bull 2X Shares returned 119.99%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Alphabet Inc. Class A's volatility, provided a return of 145.26%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5983img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(09/07/2022)** |
| **Direxion Daily GOOGL Bull 2X Shares NAV**  | 119.99 | 50.38 |
| **S&P 500® Index**  | 21.45 | 21.21 |
| **Alphabet Inc.**  | 64.33 | 35.97 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $726549926 |
| **Number of Holdings** | 9 |
| **Net Advisory Fee** | $2195454 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 192.3% |
|  Common Stocks  | 7.7% |
|  Total (as % of net assets)  | 200.0% |

---

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

**MATERIAL CHANGES**

From November 1, 2023 through April 1, 2024, the Fund was named Direxion Daily GOOGL Bull 1.5X Shares and sought daily investment results, before fees and expenses, of 150% of the performance of the common shares of Alphabet Inc. Effective April 2, 2024, the Fund was renamed Direxion Daily GOOGL Bull 2X Shares and seeks daily investment results, before fees and expenses, of 200% of the performance of the common shares of Alphabet Inc.

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Junior Gold Miners Index** **Bear 2X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | JDST (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Junior Gold Miners Index Bear 2X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily Junior Gold Miners Index Bear 2X Shares | $52 | 0.87% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Junior Gold Miners Bear 2X Shares seeks daily investment results, before fees and expenses, of -200% of the performance of the MVIS Junior Gold Miners Index. The MVIS Global Junior Gold Miners Index tracks the performance of foreign and domestic micro-, small- and mid-capitalization companies that the index provider defines as those companies that generate, or demonstrate the potential to generate, at least 50% of their revenues from, or have at least 50% of their assets related to, gold mining and/or silver mining, hold real property or have mining projects that have the potential to produce at least 50% of the company's revenue from gold or silver mining when developed, or primarily invest in gold or silver.

Over the Annual Period, the index reflected the heightened sensitivity of junior mining equities to both precious-metal prices and access to capital. Exploration and development-stage companies were significantly influenced by financing conditions, drilling results, and progress toward production. Smaller producers reacted to operational performance, cost control, and updates to reserves and resources. Investor appetite for earlier-stage mining exposure contributed to pronounced swings in valuations, especially during periods of changing risk sentiment. Overall, the index exhibited more volatility than benchmarks focused on larger, established gold miners.

For the Annual Period, the MVIS Junior Gold Miners Index returned 86.92% and had volatility of 41.11%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Junior Gold Miners Bear 2X Shares returned -80.28%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the MVIS Junior Gold Miners Index's volatility, provided a return of -82.57%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily Junior Gold Miners Index Bear 2X Shares PAGE 1 TSR-AR-25461A577

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5988img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily Junior Gold Miners Index Bear 2X Shares** **NAV**  | -80.28 | -46.77 | -71.49 |
| **S&P 500® Index**  | 21.45 | 17.64 | 14.64 |
| **MVIS Junior Gold Miners Index**  | 86.92 | 14.32 | 18.40 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $48692074 |
| **Number of Holdings** | 6 |
| **Net Advisory Fee** | $449126 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -200.0% |
|  Total (as % of net assets)  | -200.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Metals & Mining  | 100.0% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Pan American Silver Corp.  | 6.4% |
|  Coeur Mining, Inc.  | 6.0% |
|  Equinox Gold Corp.  | 5.8% |
|  Alamos Gold, Inc.  | 5.7% |
|  Royal Gold, Inc.  | 5.4% |
|  Industrias Peñoles S.A.B. de C.V.  | 3.1% |
|  Evolution Mining Ltd.  | 2.9% |
|  Harmony Gold Mining Co. Ltd.  | 2.5% |
|  Hecla Mining Co.  | 2.5% |
|  Endeavour Mining PLC  | 2.4% |

---

Direxion Daily Junior Gold Miners Index Bear 2X Shares PAGE 2 TSR-AR-25461A577

------

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily Junior Gold Miners Index Bear 2X Shares PAGE 3 TSR-AR-25461A577

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Junior Gold Miners Index** **Bull 2X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | JNUG (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Junior Gold Miners Index Bull 2X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily Junior Gold Miners Index Bull 2X Shares | $157 | 0.84% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Junior Gold Miners Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the MVIS Junior Gold Miners Index. The MVIS Global Junior Gold Miners Index tracks the performance of foreign and domestic micro-, small- and mid-capitalization companies that the index provider defines as those companies that generate, or demonstrate the potential to generate, at least 50% of their revenues from, or have at least 50% of their assets related to, gold mining and/or silver mining, hold real property or have mining projects that have the potential to produce at least 50% of the company's revenue from gold or silver mining when developed, or primarily invest in gold or silver.

Over the Annual Period, the index reflected the heightened sensitivity of junior mining equities to both precious-metal prices and access to capital. Exploration and development-stage companies were significantly influenced by financing conditions, drilling results, and progress toward production. Smaller producers reacted to operational performance, cost control, and updates to reserves and resources. Investor appetite for earlier-stage mining exposure contributed to pronounced swings in valuations, especially during periods of changing risk sentiment. Overall, the index exhibited more volatility than benchmarks focused on larger, established gold miners.

For the Annual Period, the MVIS Junior Gold Miners Index returned 86.92% and had volatility of 41.11%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Junior Gold Miners Bull 2X Shares returned 174.31%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the MVIS Junior Gold Miners Index's volatility, provided a return of 192.72%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily Junior Gold Miners Index Bull 2X Shares PAGE 1 TSR-AR-25460G831

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5989img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily Junior Gold Miners Index Bull 2X Shares** **NAV**  | 174.31 | 4.91 | -15.34 |
| **S&P 500® Index**  | 21.45 | 17.64 | 14.64 |
| **MVIS Junior Gold Miners Index**  | 86.92 | 14.32 | 18.40 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $476341048 |
| **Number of Holdings** | 7 |
| **Net Advisory Fee** | $2532388 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 156.1% |
|  Investment Companies  | 43.9% |
|  Total (as % of net assets)  | 200.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Metals & Mining  | 100.0% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Pan American Silver Corp.  | 6.4% |
|  Coeur Mining, Inc.  | 6.0% |
|  Equinox Gold Corp.  | 5.8% |
|  Alamos Gold, Inc.  | 5.7% |
|  Royal Gold, Inc.  | 5.4% |
|  Industrias Peñoles S.A.B. de C.V.  | 3.1% |
|  Evolution Mining Ltd.  | 2.9% |
|  Harmony Gold Mining Co. Ltd.  | 2.5% |
|  Hecla Mining Co.  | 2.5% |
|  Endeavour Mining PLC  | 2.4% |

---

Direxion Daily Junior Gold Miners Index Bull 2X Shares PAGE 2 TSR-AR-25460G831

------

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily Junior Gold Miners Index Bull 2X Shares PAGE 3 TSR-AR-25460G831

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily LLY Bear 1X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | ELIS (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily LLY Bear 1X Shares for the period of March 26, 2025 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| Direxion Daily LLY Bear 1X Shares | $55 | 0.95% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Percentage shown is annualized.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily LLY Bear 1X Shares seeks daily investment results, before fees and expenses, of -100% of the performance of the common shares of Eli Lilly and Company. Eli Lilly and Company is a global pharmaceutical company dedicated to discovering, developing, manufacturing, and marketing innovative medicines in various therapeutic areas, including neuroscience, endocrinology, oncology, cardiovascular diseases, and immunology. Its portfolio encompasses a wide range of prescription drugs, biologics, and animal health products.

Since the Fund's inception on March 26, 2025 through October 31, 2025 (the "Partial Period"), Eli Lilly's stock reflected demand trends for key diabetes and obesity therapies, along with updates across its clinical pipeline. Regulatory decisions, product-launch progress, and supply-capacity expansion contributed to investor focus. Research developments in metabolic diseases and oncology influenced sentiment due to their long-term commercial potential. Pricing, reimbursement dynamics, and competition also shaped market perception. Overall, the stock captured progress across major therapeutic categories and expectations related to the company's innovation pipeline.

For the Partial Period, Eli Lilly and Company returned 1.23% and had volatility of 26.30%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily LLY Bear 1X Shares returned -9.35%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Eli Lilly and Company's volatility, provided a return of -15.77%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6052img003.jpg)

**TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(03/26/2025)** |
| **Direxion Daily LLY Bear 1X Shares NAV**  | -9.35 |
| **S&P 500® Index**  | 19.28 |
| **Eli Lilly and Company**  | 1.23 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3905663 |
| **Number of Holdings** | 8 |
| **Net Advisory Fee** | $3816 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -100.0% |
|  Total (as % of net assets)  | -100.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily LLY Bear 1X Shares PAGE 2 TSR-AR-25461A296

------

**HOUSEHOLDING**

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

Direxion Daily LLY Bear 1X Shares PAGE 3 TSR-AR-25461A296

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily LLY Bull 2X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | ELIL (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily LLY Bull 2X Shares for the period of March 26, 2025 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| Direxion Daily LLY Bull 2X Shares | $53 | 0.95% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Percentage shown is annualized.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily LLY Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the common shares of Eli Lilly and Company. Eli Lilly and Company is a global pharmaceutical company dedicated to discovering, developing, manufacturing, and marketing innovative medicines in various therapeutic areas, including neuroscience, endocrinology, oncology, cardiovascular diseases, and immunology. Its portfolio encompasses a wide range of prescription drugs, biologics, and animal health products.

Since the Fund's inception on March 26, 2025 through October 31, 2025 (the "Partial Period"), Eli Lilly's stock reflected demand trends for key diabetes and obesity therapies, along with updates across its clinical pipeline. Regulatory decisions, product-launch progress, and supply-capacity expansion contributed to investor focus. Research developments in metabolic diseases and oncology influenced sentiment due to their long-term commercial potential. Pricing, reimbursement dynamics, and competition also shaped market perception. Overall, the stock captured progress across major therapeutic categories and expectations related to the company's innovation pipeline.

For the Partial Period, Eli Lilly and Company returned 1.23% and had volatility of 26.30%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily LLY Bull 2X Shares returned -15.33%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Eli Lilly and Company's volatility, provided a return of -3.64%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6053img003.jpg)

**TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(03/26/2025)** |
| **Direxion Daily LLY Bull 2X Shares NAV**  | -15.33 |
| **S&P 500® Index**  | 19.28 |
| **Eli Lilly and Company**  | 1.23 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $17269951 |
| **Number of Holdings** | 9 |
| **Net Advisory Fee** | $45534 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 182.4% |
|  Common Stocks  | 17.6% |
|  Total (as % of net assets)  | 200.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

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

------

**HOUSEHOLDING**

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

Direxion Daily LLY Bull 2X Shares PAGE 3 TSR-AR-25461A312

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily LMT Bear 1X ETF**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | LMTS (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily LMT Bear 1X ETF for the period of August 6, 2025 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

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

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Percentage shown is annualized.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily LMT Bear 1X Shares seeks daily investment results, before fees and expenses, of -100% of the performance of the common shares of Lockheed Martin Corporation. Lockheed Martin Corporation is an international security and aerospace company who primarily serves agencies of the U.S. Government. Lockheed Martin Corporation is global security and aerospace company principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.

Since the Fund's inception on August 6, 2025 through October 31, 2025 (the "Partial Period"), Lockheed Martin's stock reflected developments across major defense programs, contract awards, and production schedules. Activity in aircraft platforms, missile systems, and space technologies contributed to updates on backlog and program execution. Budgetary developments and defense-spending priorities influenced sentiment around long-term visibility. Supply-chain stability and manufacturing readiness also played roles in stock-level movements. Overall, the stock captured the steady demand profile of defense procurement and execution progress on key programs.

For the Partial Period, Lockheed Martin Corporation returned 14.86% and had volatility of 20.90%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily LMT Bear 1X Shares returned -12.68%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Lockheed Martin Corporation's volatility, provided a return of -15.93%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily LMT Bear 1X ETF PAGE 1 TSR-AR-25461H879

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6071img003.jpg)

**TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(08/06/2025)** |
| **Direxion Daily LMT Bear 1X ETF NAV**  | -12.68 |
| **S&P 500® Index**  | 8.91 |
| **Lockheed Martin Corporation**  | 14.86 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2173364 |
| **Number of Holdings** | 7 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -100.0% |
|  Total (as % of net assets)  | -100.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily LMT Bear 1X ETF PAGE 2 TSR-AR-25461H879

------

**HOUSEHOLDING**

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

Direxion Daily LMT Bear 1X ETF PAGE 3 TSR-AR-25461H879

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily LMT Bull 2X ETF**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | LMTL (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily LMT Bull 2X ETF for the period of August 6, 2025 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| Direxion Daily LMT Bull 2X ETF | $26 | 0.95% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Percentage shown is annualized.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily LMT Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the common shares of Lockheed Martin Corporation. Lockheed Martin Corporation is an international security and aerospace company who primarily serves agencies of the U.S. Government. Lockheed Martin Corporation is global security and aerospace company principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services.

Since the Fund's inception on August 6, 2025 through October 31, 2025 (the "Partial Period"), Lockheed Martin's stock reflected developments across major defense programs, contract awards, and production schedules. Activity in aircraft platforms, missile systems, and space technologies contributed to updates on backlog and program execution. Budgetary developments and defense-spending priorities influenced sentiment around long-term visibility. Supply-chain stability and manufacturing readiness also played roles in stock-level movements. Overall, the stock captured the steady demand profile of defense procurement and execution progress on key programs.

For the Partial Period, Lockheed Martin Corporation returned 14.86% and had volatility of 20.90%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily LMT Bull 2X Shares returned 29.58%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Lockheed Martin Corporation's volatility, provided a return of 38.62%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily LMT Bull 2X ETF PAGE 1 TSR-AR-25461H887

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6072img003.jpg)

**TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(08/06/2025)** |
| **Direxion Daily LMT Bull 2X ETF NAV**  | 29.58 |
| **S&P 500® Index**  | 8.91 |
| **Lockheed Martin Corporation**  | 14.86 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4844227 |
| **Number of Holdings** | 9 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 138% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 200.0% |
|  Common Stocks  | 0.0% |
|  Total (as % of net assets)  | 200.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily LMT Bull 2X ETF PAGE 2 TSR-AR-25461H887

------

**HOUSEHOLDING**

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

Direxion Daily LMT Bull 2X ETF PAGE 3 TSR-AR-25461H887

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Magnificent 7 Bear 1X** **Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | QQQD (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Magnificent 7 Bear 1X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523. This report describes changes to the Fund that occurred during the reporting period.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily Magnificent 7 Bear 1X Shares | $38 | 0.45% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Magnificent 7 Bear 1X Shares seeks daily investment results, before fees and expenses, of -100% of the performance of the Indxx Magnificent 7 Index. The Indxx Magnificent 7 Index (IFOTQ) is provided by Indxx and is designed to track the performance of seven of the leading NASDAQ listed companies, as identified by Indxx. The Magnificent 7 is comprised of the following companies: Apple, Alphabet, Microsoft, Amazon, Nvidia, Tesla, and Meta.

Over the Annual Period, the index reflected the concentrated performance of a small group of mega-cap growth companies that remained central to market narratives. The constituents were heavily exposed to secular themes in artificial intelligence, digital transformation, and cloud-based services. Quarterly earnings reports and guidance updates frequently drove large moves, both for individual stocks and for the group as a whole. Regulatory developments, competitive dynamics, and changes in expectations for capital spending also shaped investor sentiment. Overall, the index captured a highly visible segment of the United States equity market where a limited number of companies exert substantial index-level influence.

For the Annual Period, the Indxx Magnificent 7 Index returned 52.52% and had volatility of 22.40%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Magnificent 7 Bear 1X Shares returned -31.97%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Indxx Magnificent 7 Index's volatility, provided a return of -37.74%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5991img003.jpg)

**TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(03/07/2024)** |
| **Direxion Daily Magnificent 7 Bear 1X Shares NAV**  | -31.97 | -30.07 |
| **S&P 500® Index**  | 21.45 | 20.91 |
| **Indxx Magnificent 7 Index**  | 45.52 | 44.38 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $15473536 |
| **Number of Holdings** | 6 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -100.0% |
|  Total (as % of net assets)  | -100.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Interactive Media & Services  | 27.0% |
|  Semiconductors & Semiconductor Equipment  | 15.2% |
|  Broadline Retail  | 14.8% |
|  Technology Hardware, Storage & Peripherals  | 14.6% |
|  Automobiles  | 14.5% |
|  Software  | 13.9% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Alphabet, Inc.  | 15.4% |
|  NVIDIA Corp.  | 15.2% |
|  Amazon.com, Inc.  | 14.8% |
|  Apple, Inc.  | 14.6% |
|  Tesla, Inc.  | 14.5% |
|  Microsoft Corp.  | 13.9% |
|  Meta Platforms, Inc.  | 11.7% |

---

**MATERIAL CHANGES**

On August 1, 2024, the name of the index that the Fund tracks was renamed from the Indxx Front of the Q Index to Indxx Magnificent 7 Index. Effective September 13, 2024, the Fund was renamed from Direxion Daily Concentrated Qs Bear 1X Shares to Direxion Daily Magnificent 7 Bear 1X Shares.

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

------

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

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

**HOUSEHOLDING**

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

Direxion Daily Magnificent 7 Bear 1X Shares PAGE 3 TSR-AR-25461A668

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Magnificent 7 Bull 2X** **Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | QQQU (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Magnificent 7 Bull 2X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523. This report describes changes to the Fund that occurred during the reporting period.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily Magnificent 7 Bull 2X Shares | $133 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Magnificent 7 Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the Indxx Magnificent 7 Index. The Indxx Magnificent 7 Index is provided by Indxx and is designed to track the performance of seven of the leading NASDAQ listed companies, as identified by Indxx. The Magnificent 7 is comprised of the following companies: Apple, Alphabet, Microsoft, Amazon, Nvidia, Tesla, and Meta.

Over the Annual Period, the index reflected the concentrated performance of a small group of mega-cap growth companies that remained central to market narratives. The constituents were heavily exposed to secular themes in artificial intelligence, digital transformation, and cloud-based services. Quarterly earnings reports and guidance updates frequently drove large moves, both for individual stocks and for the group as a whole. Regulatory developments, competitive dynamics, and changes in expectations for capital spending also shaped investor sentiment. Overall, the index captured a highly visible segment of the United States equity market where a limited number of companies exert substantial index-level influence.

For the Annual Period, the Indxx Magnificent 7 Index returned 45.52% and had volatility of 22.40%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Magnificent 7 Bull 2X Shares returned 80.94%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Indxx Magnificent 7 Index's volatility, provided a return of 94.23%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily Magnificent 7 Bull 2X Shares PAGE 1 TSR-AR-25461A650

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5990img003.jpg)

**TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(03/07/2024)** |
| **Direxion Daily Magnificent 7 Bull 2X Shares NAV**  | 80.94 | 79.46 |
| **S&P 500® Index**  | 21.45 | 20.91 |
| **Indxx Magnificent 7 Index**  | 45.52 | 44.38 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $118223684 |
| **Number of Holdings** | 13 |
| **Net Advisory Fee** | $608377 |
| **Portfolio Turnover** | 233% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 123.9% |
|  Common Stocks  | 76.1% |
|  Total (as % of net assets)  | 200.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Interactive Media & Services  | 27.0% |
|  Semiconductors & Semiconductor Equipment  | 15.2% |
|  Broadline Retail  | 14.8% |
|  Technology Hardware, Storage & Peripherals  | 14.6% |
|  Automobiles  | 14.5% |
|  Software  | 13.9% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Alphabet, Inc.  | 15.4% |
|  NVIDIA Corp.  | 15.2% |
|  Amazon.com, Inc.  | 14.8% |
|  Apple, Inc.  | 14.6% |
|  Tesla, Inc.  | 14.5% |
|  Microsoft Corp.  | 13.9% |
|  Meta Platforms, Inc.  | 11.7% |

---

**MATERIAL CHANGES**

On August 1, 2024, the name of the index that the Fund tracks was renamed from the Indxx Front of the Q Index to Indxx Magnificent 7 Index. Effective September 13, 2024, the Fund was renamed from Direxion Daily Concentrated Qs Bull 2X Shares to Direxion Daily Magnificent 7 Bull 2X Shares.

Direxion Daily Magnificent 7 Bull 2X Shares PAGE 2 TSR-AR-25461A650

------

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily Magnificent 7 Bull 2X Shares PAGE 3 TSR-AR-25461A650

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily META Bear 1X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | METD (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily META Bear 1X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily META Bear 1X Shares | $86 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily META Bear 1X Shares seeks daily investment results, before fees and expenses, of -100% of the performance of the common shares of Meta Platforms, Inc. Meta Platforms, Inc. develops products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, wearables, and in-home devices worldwide.

Throughout the Annual Period, Meta's stock reflected trends in digital advertising demand, user engagement, and monetization across its family of applications. Advertising results were shaped by marketing budgets, pricing dynamics, and the adoption of AI-enhanced ad-delivery tools. Platform engagement continued to influence content distribution and creator ecosystems. Investments in infrastructure, AI compute capacity, and long-term product development contributed to variability in sentiment. Virtual- and augmented-reality initiatives added incremental research and development considerations. Overall, the stock captured the intersection of digital advertising performance, user behavior, and strategic technology investment.

For the Annual Period, Meta Platforms, Inc. returned 14.23% and had volatility of 61.97%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily META Bear 1X Shares returned -18.50%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Meta Platforms Inc.'s volatility, provided a return of -24.50%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5993img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(06/05/2024)** |
| **Direxion Daily META Bear 1X Shares NAV**  | -18.50 | -23.89 |
| **S&P 500® Index**  | 21.45 | 21.56 |
| **Meta Platforms Corporation**  | 14.23 | 24.35 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $8117818 |
| **Number of Holdings** | 8 |
| **Net Advisory Fee** | $39810 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -100.0% |
|  Total (as % of net assets)  | -100.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily META Bear 1X Shares PAGE 2 TSR-AR-25461A106

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily META Bull 2X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | METU (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily META Bull 2X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily META Bull 2X Shares | $90 | 0.89% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily META Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the common shares of Meta Platforms, Inc. Meta Platforms, Inc. develops products that enable people to connect and share with friends and family through mobile devices, personal computers, virtual reality headsets, wearables, and in-home devices worldwide.

Throughout the Annual Period, Meta's stock reflected trends in digital advertising demand, user engagement, and monetization across its family of applications. Advertising results were shaped by marketing budgets, pricing dynamics, and the adoption of AI-enhanced ad-delivery tools. Platform engagement continued to influence content distribution and creator ecosystems. Investments in infrastructure, AI compute capacity, and long-term product development contributed to variability in sentiment. Virtual- and augmented-reality initiatives added incremental research and development considerations. Overall, the stock captured the intersection of digital advertising performance, user behavior, and strategic technology investment.

For the Annual Period, Meta Platforms, Inc. returned 14.23% and had volatility of 61.97%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily META Bull 2X Shares returned 1.43%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Meta Platforms Inc.'s volatility, provided a return of 13.87%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5992img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(06/05/2024)** |
| **Direxion Daily META Bull 2X Shares NAV**  | 1.43 | 22.15 |
| **S&P 500® Index**  | 21.45 | 21.56 |
| **Meta Platforms Corporation**  | 14.23 | 24.35 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $728696762 |
| **Number of Holdings** | 10 |
| **Net Advisory Fee** | $813373 |
| **Portfolio Turnover** | 62% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 186.5% |
|  Common Stocks  | 13.5% |
|  Total (as % of net assets)  | 200.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily MSCI Brazil Bull 2X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | BRZU (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily MSCI Brazil Bull 2X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily MSCI Brazil Bull 2X Shares | $103 | 0.91% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily MSCI Brazil Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the MSCI Brazil 25/50 Index. The MSCI Brazil 25/50 Index is designed to measure the performance of the large- and mid-capitalization segments of the Brazilian equity market, covering approximately 85% of the free float-adjusted market capitalization of Brazilian issuers.

During the Annual Period, the index reflected the interaction between Brazil's domestic policy environment, commodity markets, and broader emerging-markets sentiment. Banks and financial institutions were influenced by local interest-rate moves, credit growth, and changing perceptions of household and corporate balance sheets. Energy and materials companies responded to fluctuations in global demand and prices for oil, metals, and agricultural products. Consumer-oriented names were affected by labor-market conditions, real wage trends, and inflation. Periods of optimism around reform and fiscal discipline were occasionally offset by renewed concerns about policy direction. Overall, the index captured Brazil's cyclical sensitivity alongside its role as a major commodity producer.

For the Annual Period, the MSCI Brazil 25/50 Index returned 20.25% and had volatility of 24.84%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily MSCI Brazil Bull 2X Shares returned 26.41%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the MSCI Brazil 25/50 Index's volatility, provided a return of 34.16%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5995img003.jpg)

Direxion Daily MSCI Brazil Bull 2X Shares PAGE 1 TSR-AR-25460G708

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily MSCI Brazil Bull 2X Shares NAV**  | 26.41 | 8.43 | -16.40 |
| **S&P 500® Index**  | 21.45 | 17.64 | 14.64 |
| **MSCI Brazil 25/50 Index**  | 20.25 | 11.82 | 9.09 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $122705286 |
| **Number of Holdings** | 7 |
| **Net Advisory Fee** | $914027 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 150.7% |
|  Investment Companies  | 49.3% |
|  Total (as % of net assets)  | 200.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Financials  | 39.6% |
|  Materials  | 13.5% |
|  Utilities  | 12.8% |
|  Energy  | 12.0% |
|  Industrials  | 9.5% |
|  Consumer Staples  | 5.5% |
|  Communication Services  | 2.3% |
|  Consumer Discretionary  | 2.0% |
|  Health Care  | 1.6% |
|  Information Technology  | 1.2% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Nu Holdings Ltd. Class A  | 12.5% |
|  Vale S.A.  | 9.9% |
|  Itaú Unibanco Holding S.A.  | 8.9% |
|  Petróleo Brasileiro S.A.  | 5.7% |
|  Petróleo Brasileiro S.A. - Petrobras  | 5.0% |
|  Banco Bradesco S.A.  | 3.9% |
|  WEG S.A.  | 3.2% |
|  Centrais Elétricas Brasileiras S.A.  | 3.1% |
|  B3 S.A. - Brasil, Bolsa, Balcão  | 3.0% |
|  Companhia de Saneamento Básico do Estado de São Paulo  | 2.9% |

---

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

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

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily MSCI Brazil Bull 2X Shares PAGE 2 TSR-AR-25460G708

------

**HOUSEHOLDING**

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

Direxion Daily MSCI Brazil Bull 2X Shares PAGE 3 TSR-AR-25460G708

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily MSCI India Bull 2X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | INDL (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily MSCI India Bull 2X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily MSCI India Bull 2X Shares | $86 | 0.90% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily MSCI India Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the MSCI India Index. The MSCI India Index is designed to measure the performance of the large- and mid-capitalization segments of the Indian equity market, covering approximately 85% of companies in the Indian equity universe.

Over the Annual Period, the index reflected India's strong structural growth story alongside shorter-term market dynamics. Financials benefited from credit expansion, evolving lending standards, and improvements in asset quality. Information technology services companies were influenced by global enterprise IT spending, digital-transformation priorities, and currency movements. Domestic consumption and infrastructure investment supported industrials and consumer-facing businesses. Policy initiatives, macroeconomic stability, and the trajectory of foreign and domestic investment flows helped shape valuations. Overall, the MSCI India Index captured the balance between India's long-term growth drivers and periodic bouts of volatility.

For the Annual Period, the MSCI India Index returned -1.18% and had volatility of 14.44%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily MSCI India Bull 2X Shares returned -9.89%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the MSCI India Index's volatility, provided a return of -3.64%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5999img003.jpg)

Direxion Daily MSCI India Bull 2X Shares PAGE 1 TSR-AR-25490K331

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily MSCI India Bull 2X Shares NAV**  | -9.89 | 15.29 | 0.81 |
| **S&P 500® Index**  | 21.45 | 17.64 | 14.64 |
| **MSCI India Index**  | -1.18 | 13.82 | 9.39 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $69115690 |
| **Number of Holdings** | 8 |
| **Net Advisory Fee** | $588104 |
| **Portfolio Turnover** | 61% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 154.6% |
|  Investment Companies  | 45.4% |
|  Total (as % of net assets)  | 200.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Financials  | 29.4% |
|  Consumer Discretionary  | 12.7% |
|  Industrials  | 9.3% |
|  Information Technology  | 9.2% |
|  Energy  | 9.1% |
|  Materials  | 8.1% |
|  Consumer Staples  | 6.3% |
|  Health Care  | 5.6% |
|  Utilities  | 3.7% |
|  Communication Services  | 4.9% |
|  Real Estate  | 1.7% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  HDFC Bank Ltd.  | 8.2% |
|  Reliance Industries Ltd.  | 6.6% |
|  ICICI Bank Ltd.  | 5.2% |
|  Bharti Airtel Ltd.  | 3.9% |
|  Infosys Ltd.  | 3.6% |
|  Mahindra & Mahindra  | 2.4% |
|  Bajaj Finserv Ltd.  | 2.1% |
|  Axis Bank Ltd.  | 2.1% |
|  Tata Consultancy Services  | 2.0% |
|  Larsen & Toubro Ltd.  | 2.0% |

---

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily MSCI India Bull 2X Shares PAGE 2 TSR-AR-25490K331

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily MSFT Bear 1X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | MSFD (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily MSFT Bear 1X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily MSFT Bear 1X Shares | $85 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily MSFT Bear 1X Shares seeks daily investment results, before fees and expenses, of -100% of the performance of the common shares of Microsoft Corporation. Microsoft Corporation develops, licenses, and supports software, services, devices, and solutions worldwide.

Throughout the Annual Period, Microsoft's stock reflected demand for cloud computing, enterprise productivity tools, and artificial-intelligence services. Azure results were shaped by infrastructure growth, AI-related workloads, and enterprise-IT spending. Productivity and collaboration platforms responded to seat growth, subscription trends, and cross-suite adoption. The gaming and devices segments contributed incremental variability tied to product cycles and content updates. Market attention remained focused on AI integration across the company's software portfolio. Overall, the stock captured ongoing enterprise-technology spending and adoption of cloud-based solutions.

For the Annual Period, Microsoft Corporation returned 27.43% and had volatility of 23.99%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily MSFT Bear 1X Shares returned -21.80%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Microsoft Corporation's volatility, provided a return of -26.52%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6005img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(09/07/2022)** |
| **Direxion Daily MSFT Bear 1X Shares NAV**  | -21.80 | -20.47 |
| **S&P 500® Index**  | 21.45 | 21.21 |
| **Microsoft Corporation**  | 27.43 | 25.60 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $8920069 |
| **Number of Holdings** | 6 |
| **Net Advisory Fee** | $50076 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -100.0% |
|  Total (as % of net assets)  | -100.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily MSFT Bear 1X Shares PAGE 2 TSR-AR-25461A403

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily MSFT Bull 2X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | MSFU (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily MSFT Bull 2X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523. This report describes changes to the Fund that occurred during the reporting period.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily MSFT Bull 2X Shares | $103 | 0.86% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily MSFT Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the common shares of Microsoft Corporation. Microsoft Corporation develops, licenses, and supports software, services, devices, and solutions worldwide.

Throughout the Annual Period, Microsoft's stock reflected demand for cloud computing, enterprise productivity tools, and artificial-intelligence services. Azure results were shaped by infrastructure growth, AI-related workloads, and enterprise-IT spending. Productivity and collaboration platforms responded to seat growth, subscription trends, and cross-suite adoption. The gaming and devices segments contributed incremental variability tied to product cycles and content updates. Market attention remained focused on AI integration across the company's software portfolio. Overall, the stock captured ongoing enterprise-technology spending and adoption of cloud-based solutions.

For the Annual Period, Microsoft Corporation returned 27.43% and had volatility of 23.99%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily MSFT Bull 2X Shares returned 40.37%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Microsoft Corporation's volatility, provided a return of 55.82%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6004img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(09/07/2022)** |
| **Direxion Daily MSFT Bull 2X Shares NAV**  | 40.37 | 30.18 |
| **S&P 500® Index**  | 21.45 | 21.21 |
| **Microsoft Corporation**  | 27.43 | 25.60 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $263913218 |
| **Number of Holdings** | 9 |
| **Net Advisory Fee** | $1141347 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 188.6% |
|  Common Stocks  | 11.4% |
|  Total (as % of net assets)  | 200.0% |

---

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

**MATERIAL CHANGES**

From November 1, 2023 through April 1, 2024, the Fund was named Direxion Daily MSFT Bull 1.5X Shares and sought daily investment results, before fees and expenses, of 150% of the performance of the common shares of Microsoft Corporation. Effective April 2, 2024, the Fund was renamed Direxion Daily MSFT Bull 2X Shares and seeks daily investment results, before fees and expenses, of 200% of the performance of the common shares of Microsoft Corporation.

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily MU Bear 1X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | MUD (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily MU Bear 1X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily MU Bear 1X Shares | $63 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily MU Bear 1X Shares seeks daily investment results, before fees and expenses, of -100% of the performance of the common shares of Micron Technology, Inc. Micron Technology, Inc. is a semiconductor company that produces computer memory and computer data storage, including dynamic random-access memory, flash memory, and USB flash drives.

Over the Annual Period, Micron's stock reflected memory-pricing dynamics, supply-demand balance across end markets, and activity tied to artificial-intelligence and high-performance computing workloads. DRAM and NAND results were shaped by cost efficiencies, inventory positioning, and capital-expenditure cycles. Data-center demand for high-bandwidth memory influenced expectations for long-term growth. Mobile, PC, and automotive segments contributed additional variability depending on device-production cycles. Overall, the stock captured the cyclical and innovation-driven nature of the memory-semiconductor market.

For the Annual Period, Micron Technology, Inc. returned 124.56% and had volatility of 39.12%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily MU Bear 1X Shares returned -67.09%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Micron Technology, Inc.'s volatility, provided a return of -69.43%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6007img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(10/10/2024)** |
| **Direxion Daily MU Bear 1X Shares NAV**  | -67.09 | -64.49 |
| **S&P 500® Index**  | 21.45 | 18.48 |
| **Micron Technology, Inc.**  | 124.56 | 110.38 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $30222207 |
| **Number of Holdings** | 9 |
| **Net Advisory Fee** | $14353 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -100.0% |
|  Total (as % of net assets)  | -100.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily MU Bear 1X Shares PAGE 2 TSR-AR-25461A510

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily MU Bull 2X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | MUU (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily MU Bull 2X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily MU Bull 2X Shares | $188 | 0.92% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily MU Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the common shares of Micron Technology, Inc. Micron Technology, Inc. is a semiconductor company that produces computer memory and computer data storage, including dynamic random-access memory, flash memory, and USB flash drives.

Over the Annual Period, Micron's stock reflected memory-pricing dynamics, supply-demand balance across end markets, and activity tied to artificial-intelligence and high-performance computing workloads. DRAM and NAND results were shaped by cost efficiencies, inventory positioning, and capital-expenditure cycles. Data-center demand for high-bandwidth memory influenced expectations for long-term growth. Mobile, PC, and automotive segments contributed additional variability depending on device-production cycles. Overall, the stock captured the cyclical and innovation-driven nature of the memory-semiconductor market.

For the Annual Period, Micron Technology, Inc. returned 124.56% and had volatility of 39.12%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily MU Bull 2X Shares returned 208.62%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Micron Technology, Inc.'s volatility, provided a return of 245.55%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6006img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(10/10/2024)** |
| **Direxion Daily MU Bull 2X Shares NAV**  | 208.62 | 173.56 |
| **S&P 500® Index**  | 21.45 | 18.48 |
| **Micron Technology, Inc.**  | 124.56 | 110.38 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $268300615 |
| **Number of Holdings** | 11 |
| **Net Advisory Fee** | $313964 |
| **Portfolio Turnover** | 33% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 179.1% |
|  Common Stocks  | 20.9% |
|  Total (as % of net assets)  | 200.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily NFLX Bear 1X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | NFXS (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily NFLX Bear 1X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily NFLX Bear 1X Shares | $79 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily NFLX Bear 1X Shares seeks daily investment results, before fees and expenses, of -100% of the performance of the common shares of Netflix, Inc. Netflix, Inc. provides entertainment services. It offers TV series, documentaries, feature films, and mobile games across various genres and languages. The company provides members the ability to receive streaming content through a host of internet-connected devices, including TVs, digital video players, television set-top boxes, and mobile devices. It also provides DVDs-by-mail membership services in the United States.

Over the Annual Period, Netflix's stock reflected subscriber trends, content-performance metrics, and the impact of its ongoing advertising-supported tier. Viewer engagement and the release schedule of new original content influenced revenue and user retention. International growth continued to shape the company's strategic direction, with localized productions and regional pricing playing key roles. Competitive dynamics from other streaming providers influenced market expectations. Overall, the stock captured how distribution strategy, content investment, and global subscription trends shaped the company's operating environment.

For the Annual Period, Netflix, Inc. returned 47.99% and had volatility of 58.07%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily NFLX Bear 1X Shares returned -34.35%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Netflix Inc.'s volatility, provided a return of -39.36%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6008img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(10/03/2024)** |
| **Direxion Daily NFLX Bear 1X Shares NAV**  | -34.35 | -36.60 |
| **S&P 500® Index**  | 21.45 | 19.73 |
| **Netflix, Inc.**  | 47.99 | 78.67 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $6612505 |
| **Number of Holdings** | 8 |
| **Net Advisory Fee** | $63963 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -100.0% |
|  Total (as % of net assets)  | -100.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily NFLX Bear 1X Shares PAGE 2 TSR-AR-25461A205

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily NFLX Bull 2X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | NFXL (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily NFLX Bull 2X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily NFLX Bull 2X Shares | $128 | 0.93% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily NFLX Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the common shares of Netflix, Inc. Netflix, Inc. provides entertainment services. It offers TV series, documentaries, feature films, and mobile games across various genres and languages. The company provides members the ability to receive streaming content through a host of internet-connected devices, including TVs, digital video players, television set-top boxes, and mobile devices. It also provides DVDs-by-mail membership services in the United States.

Over the Annual Period, Netflix's stock reflected subscriber trends, content-performance metrics, and the impact of its ongoing advertising-supported tier. Viewer engagement and the release schedule of new original content influenced revenue and user retention. International growth continued to shape the company's strategic direction, with localized productions and regional pricing playing key roles. Competitive dynamics from other streaming providers influenced market expectations. Overall, the stock captured how distribution strategy, content investment, and global subscription trends shaped the company's operating environment.

For the Annual Period, Netflix, Inc. returned 47.99% and had volatility of 58.07%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily NFLX Bull 2X Shares returned 75.68%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Netflix Inc.'s volatility, provided a return of 96.26%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6009img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(10/03/2024)** |
| **Direxion Daily NFLX Bull 2X Shares NAV**  | 75.68 | 84.82 |
| **S&P 500® Index**  | 21.45 | 19.73 |
| **Netflix, Inc.**  | 47.99 | 78.67 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $124610306 |
| **Number of Holdings** | 10 |
| **Net Advisory Fee** | $356454 |
| **Portfolio Turnover** | 40% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 187.0% |
|  Common Stocks  | 13.0% |
|  Total (as % of net assets)  | 200.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily NVDA Bear 1X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | NVDD (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily NVDA Bear 1X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily NVDA Bear 1X Shares | $74 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily NVDA Bear 1X Shares seeks daily investment results, before fees and expenses, of -100% of the performance of the common shares of NVIDIA Corporation. NVIDIA Corporation operates as a visual computing company worldwide. It operates in two segments, graphics and compute & networking.

Over the Annual Period, NVIDIA's stock reflected strong demand for data-center GPUs, AI accelerators, and high-performance-computing infrastructure. Cloud-service-provider procurement and large-scale AI-training deployments remained significant drivers. Gaming and professional-graphics segments contributed additional variability tied to product-cycle transitions. Supply-chain conditions, capacity expansions, and competitive developments influenced sentiment. Software platforms and ecosystem partnerships supported broader adoption of accelerated-computing solutions. Overall, the stock captured the company's central role in AI-driven compute demand.

For the Annual Period, NVIDIA Corporation returned 52.52% and had volatility of 49.64%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily NVDA Bear 1X Shares returned -44.02%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the NVIDIA Corporation's volatility, provided a return of -48.65%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6012img003.jpg)

Direxion Daily NVDA Bear 1X Shares PAGE 1 TSR-AR-25461A197

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(09/13/2023)** |
| **Direxion Daily NVDA Bear 1X Shares NAV**  | -44.02 | -58.24 |
| **S&P 500® Index**  | 21.45 | 23.84 |
| **NVIDIA Corporation**  | 52.52 | 102.60 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $39416588 |
| **Number of Holdings** | 9 |
| **Net Advisory Fee** | $212108 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -100.0% |
|  Total (as % of net assets)  | -100.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily NVDA Bear 1X Shares PAGE 2 TSR-AR-25461A197

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily NVDA Bull 2X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | NVDU (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily NVDA Bull 2X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523. This report describes changes to the Fund that occurred during the reporting period.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily NVDA Bull 2X Shares | $111 | 0.85% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily NVDA Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the common shares of NVIDIA Corporation. NVIDIA Corporation operates as a visual computing company worldwide. It operates in two segments, graphics and compute & networking.

Over the Annual Period, NVIDIA's stock reflected strong demand for data-center GPUs, AI accelerators, and high-performance-computing infrastructure. Cloud-service-provider procurement and large-scale AI-training deployments remained significant drivers. Gaming and professional-graphics segments contributed additional variability tied to product-cycle transitions. Supply-chain conditions, capacity expansions, and competitive developments influenced sentiment. Software platforms and ecosystem partnerships supported broader adoption of accelerated-computing solutions. Overall, the stock captured the company's central role in AI-driven compute demand.

For the Annual Period, NVIDIA Corporation returned 52.52% and had volatility of 49.64%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily NVDA Bull 2X Shares returned 61.42%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the NVIDIA Corporation's volatility, provided a return of 81.25%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6011img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(09/13/2023)** |
| **Direxion Daily NVDA Bull 2X Shares NAV**  | 61.42 | 152.16 |
| **S&P 500® Index**  | 21.45 | 23.84 |
| **NVIDIA Corporation**  | 52.52 | 102.60 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $714503800 |
| **Number of Holdings** | 11 |
| **Net Advisory Fee** | $4699730 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 186.7% |
|  Common Stocks  | 13.3% |
|  Total (as % of net assets)  | 200.0% |

---

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

**MATERIAL CHANGES**

From November 1, 2023 through April 1, 2024, the Fund was named Direxion Daily NVDA Bull 1.5X Shares and sought daily investment results, before fees and expenses, of 150% of the performance of the common shares of NVIDIA Corporation. Effective April 2, 2024, the Fund was renamed Direxion Daily NVDA Bull 2X Shares and seeks daily investment results, before fees and expenses, of 200% of the performance of the common shares of NVIDIA Corporation.

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily NYSE FANG+ Bull 2X** **Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | FNGG (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily NYSE FANG+ Bull 2X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily NYSE FANG+ Bull 2X Shares | $134 | 0.94% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily NYSE FANG+ Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the NYSE FANG+ Index. The NYSE FANG+ Index is an equal-dollar weighted Index designed to track the performance of 10 highly-traded growth stocks of technology and tech-enabled companies. The Index is comprised of the securities of U.S.-listed companies that ICE Data Indices, LLC (the "Index Provider") has identified as FANG+ companies, which are comprised of the six FAANMG companies and four non-FAANMG companies. The Index Provider defines the FAANMG as Meta Platforms Inc. (META), Apple Inc. (AAPL), Amazon.com Inc. (AMZN), Netflix Inc. (NFLX), Microsoft Corp. (MSFT), and Alphabet Inc. Class A (GOOGL). The Index is reconstituted quarterly.

During the Annual Period, the index reflected the performance of a concentrated set of large growth companies that remained central to equity-market leadership. Many constituents were tied to themes such as cloud computing, digital advertising, e-commerce, streaming media, and artificial intelligence. Earnings results, user growth, and monetization trends drove substantial stock-level moves. The equal-weighting approach reduced the dominance of any single name but still left the index highly sensitive to sentiment toward this group of leading growth franchises. Overall, the index captured a key segment of the market where valuation, innovation, and competitive positioning were closely scrutinized.

For the Annual Period, the NYSE FANG+ Index returned 46.07% and had volatility of 28.63%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily NYSE FANG+ Bull 2X Shares returned 84.18%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the NYSE FANG+ Index's volatility, provided a return of 96.88%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily NYSE FANG+ Bull 2X Shares PAGE 1 TSR-AR-25460G161

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6010img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(09/30/2021)** |
| **Direxion Daily NYSE FANG+ Bull 2X Shares NAV**  | 84.18 | 3.17 |
| **S&P 500® Index**  | 21.45 | 13.32 |
| **NYSE FANG+ Index**  | 46.07 | 24.23 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $139670815 |
| **Number of Holdings** | 18 |
| **Net Advisory Fee** | $826119 |
| **Portfolio Turnover** | 63% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 157.0% |
|  Common Stocks  | 43.0% |
|  Total (as % of net assets)  | 200.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Software  | 30.4% |
|  Semiconductors & Semiconductor Equipment  | 21.5% |
|  Interactive Media & Services  | 18.7% |
|  Technology Hardware, Storage & Peripherals  | 10.7% |
|  Broadline Retail  | 10.0% |
|  Entertainment  | 8.7% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  CrowdStrike Holdings, Inc.  | 11.6% |
|  NVIDIA Corp.  | 11.3% |
|  Apple, Inc.  | 10.8% |
|  Alphabet, Inc.  | 10.7% |
|  Broadcom, Inc.  | 10.2% |
|  Amazon.com, Inc.  | 10.0% |
|  Microsoft Corp.  | 9.7% |
|  ServiceNow, Inc.  | 9.2% |
|  Netflix, Inc.  | 8.7% |
|  Meta Platforms, Inc.  | 7.9% |

---

Direxion Daily NYSE FANG+ Bull 2X Shares PAGE 2 TSR-AR-25460G161

------

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily NYSE FANG+ Bull 2X Shares PAGE 3 TSR-AR-25460G161

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily PANW Bear 1X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | PALD (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily PANW Bear 1X Shares for the period of March 26, 2025 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| Direxion Daily PANW Bear 1X Shares | $52 | 0.95% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Percentage shown is annualized.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily PANW Bear 1X Shares seeks daily investment results, before fees and expenses, of -100% of the performance of the common shares of Palo Alto Networks, Inc. Palo Alto Networks, Inc. is a global cybersecurity provider incorporated in 2005. Palo Alto Networks, Inc. empowers enterprises, organizations, service providers, and government entities to protect themselves against sophisticated cyber threats.

Since the Fund's inception on March 26, 2025 through October 31, 2025 (the "Partial Period"), the stock reflected enterprise demand for security modernization, cloud-security adoption, and subscription-based platform growth. Organizations continued to transition to consolidated security architectures, influencing product-mix considerations. The company's investments in AI-assisted threat detection and security automation contributed to sentiment. Competitive dynamics in firewalls, cloud security, and endpoint protection played a role in stock-level movements. Overall, the stock captured evolving enterprise-security priorities and the company's execution across its platform portfolio.

For the Partial Period, Palo Alto Networks, Inc. returned 15.95% and had volatility of 17.64%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily PANW Bear 1X Shares returned -17.16%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Palo Alto Networks, Inc.'s volatility, provided a return of -22.66%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6054img003.jpg)

**TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(03/26/2025)** |
| **Direxion Daily PANW Bear 1X Shares NAV**  | -17.16 |
| **S&P 500® Index**  | 19.28 |
| **Palo Alto Networks, Inc.**  | 15.95 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3051785 |
| **Number of Holdings** | 8 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -100.0% |
|  Total (as % of net assets)  | -100.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily PANW Bear 1X Shares PAGE 2 TSR-AR-25461A361

------

**HOUSEHOLDING**

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

Direxion Daily PANW Bear 1X Shares PAGE 3 TSR-AR-25461A361

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily PANW Bull 2X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | PALU (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily PANW Bull 2X Shares for the period of March 26, 2025 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| Direxion Daily PANW Bull 2X Shares | $62 | 0.95% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Percentage shown is annualized.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily PANW Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the common shares of Palo Alto Networks, Inc. Palo Alto Networks, Inc. is a global cybersecurity provider incorporated in 2005. Palo Alto Networks, Inc. empowers enterprises, organizations, service providers, and government entities to protect themselves against sophisticated cyber threats.

Since the Fund's inception on March 26, 2025 through October 31, 2025 (the "Partial Period"), the stock reflected enterprise demand for security modernization, cloud-security adoption, and subscription-based platform growth. Organizations continued to transition to consolidated security architectures, influencing product-mix considerations. The company's investments in AI-assisted threat detection and security automation contributed to sentiment. Competitive dynamics in firewalls, cloud security, and endpoint protection played a role in stock-level movements. Overall, the stock captured evolving enterprise-security priorities and the company's execution across its platform portfolio.

For the Partial Period, Palo Alto Networks, Inc. returned 15.95% and had volatility of 17.64%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily PANW Bull 2X Shares returned 15.79%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Palo Alto Networks, Inc.'s volatility, provided a return of 30.69%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6055img003.jpg)

**TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(03/26/2025)** |
| **Direxion Daily PANW Bull 2X Shares NAV**  | 15.79 |
| **S&P 500® Index**  | 19.28 |
| **Palo Alto Networks, Inc.**  | 15.95 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $12172124 |
| **Number of Holdings** | 9 |
| **Net Advisory Fee** | $23965 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 192.0% |
|  Common Stocks  | 8.0% |
|  Total (as % of net assets)  | 200.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

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

------

**HOUSEHOLDING**

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

Direxion Daily PANW Bull 2X Shares PAGE 3 TSR-AR-25461A379

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily PLTR Bear 1X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | PLTD (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily PLTR Bear 1X Shares for the period of December 11, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| Direxion Daily PLTR Bear 1X Shares | $50 | 0.90% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Percentage shown is annualized.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily PLTR Bear 1X Shares seeks daily investment results, before fees and expenses, of -100% of the performance of the common shares of Palantir Technologies Inc. Palantir Technologies Inc. specializes in software platforms for big data analytics. It started by building software platforms for the intelligence community to assist in counterterrorism investigations and operations in the United States, the United Kingdom, and internationally, and expanded to work with commercial enterprises.

Since the Fund's inception on December 11, 2024 through October 31, 2025 (the "Partial Period"), Palantir's stock reflected adoption trends for its AI-enabled platforms across government and enterprise clients. Contract activity and renewals contributed to visibility into long-term revenue streams. The company's work in defense, intelligence, and public-sector analytics remained central to market perception. Growth in commercial deployments, including manufacturing, healthcare, and logistics applications, influenced sentiment. Overall, the stock's movement captured investor expectations around platform adoption, contract expansion, and the integration of AI capabilities into customer operations.

For the Partial Period, Palantir Technologies Inc. returned 182.79% and had volatility of 38.07%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily PLTR Bear 1X Shares returned -74.97%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Palantir Technologies Inc.'s volatility, provided a return of -76.30%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6056img003.jpg)

**TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(12/11/2024)** |
| **Direxion Daily PLTR Bear 1X Shares NAV**  | -74.97 |
| **S&P 500® Index**  | 14.61 |
| **Palantir Technologies, Inc.**  | 182.79 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $38323231 |
| **Number of Holdings** | 8 |
| **Net Advisory Fee** | $300885 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -100.0% |
|  Total (as % of net assets)  | -100.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily PLTR Bear 1X Shares PAGE 2 TSR-AR-25461A429

------

**HOUSEHOLDING**

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

Direxion Daily PLTR Bear 1X Shares PAGE 3 TSR-AR-25461A429

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily PLTR Bull 2X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | PLTU (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily PLTR Bull 2X Shares for the period of December 11, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| Direxion Daily PLTR Bull 2X Shares | $224 | 0.86% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Percentage shown is annualized.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily PLTR Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the common shares of Palantir Technologies Inc. Palantir Technologies Inc. specializes in software platforms for big data analytics. It started by building software platforms for the intelligence community to assist in counterterrorism investigations and operations in the United States, the United Kingdom, and internationally, and expanded to work with commercial enterprises.

Since the Fund's inception on December 11, 2024 through October 31, 2025 (the "Partial Period"), Palantir's stock reflected adoption trends for its AI-enabled platforms across government and enterprise clients. Contract activity and renewals contributed to visibility into long-term revenue streams. The company's work in defense, intelligence, and public-sector analytics remained central to market perception. Growth in commercial deployments, including manufacturing, healthcare, and logistics applications, influenced sentiment. Overall, the stock's movement captured investor expectations around platform adoption, contract expansion, and the integration of AI capabilities into customer operations.

For the Partial Period, Palantir Technologies Inc. returned 182.79% and had volatility of 38.07%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily PLTR Bull 2X Shares returned 385.01%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Palantir Technologies Inc.'s volatility, provided a return of 410.97%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily PLTR Bull 2X Shares PAGE 1 TSR-AR-25461A445

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6057img003.jpg)

**TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(12/11/2024)** |
| **Direxion Daily PLTR Bull 2X Shares NAV**  | 385.01 |
| **S&P 500® Index**  | 14.61 |
| **Palantir Technologies, Inc.**  | 182.79 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $577926824 |
| **Number of Holdings** | 10 |
| **Net Advisory Fee** | $2179980 |
| **Portfolio Turnover** | 11% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 187.4% |
|  Common Stocks  | 12.6% |
|  Total (as % of net assets)  | 200.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily PLTR Bull 2X Shares PAGE 2 TSR-AR-25461A445

------

**HOUSEHOLDING**

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

Direxion Daily PLTR Bull 2X Shares PAGE 3 TSR-AR-25461A445

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily QCOM Bear 1X ETF**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | QCMD (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily QCOM Bear 1X ETF for the period of June 25, 2025 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| Direxion Daily QCOM Bear 1X ETF | $31 | 0.95% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Percentage shown is annualized.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily QCOM Bear 1X Shares seeks daily investment results, before fees and expenses, of -100% of the performance of the common shares of QUALCOMM Incorporated. QUALCOMM Incorporated is a global leader in the development and commercialization of wireless technologies incorporated in 1985. QUALCOMM Incorporated is involved in the development and commercialization of foundational technologies for the wireless industry, including 3G (third generation), 4G (fourth generation) and 5G (fifth generation) wireless connectivity, and high-performance and low-power computing including on-device artificial intelligence.

Since the Fund's inception on June 25, 2025 through October 31, 2025 (the "Partial Period"), Qualcomm's stock reflected trends in global smartphone demand, premium-tier device adoption, and expansion into automotive and connected-device markets. Licensing activity contributed to visibility tied to intellectual-property arrangements with handset manufacturers. Demand for connectivity chips and integrated platforms was influenced by device cycles and regional market conditions. Growth initiatives in automotive compute and IoT solutions added incremental updates. Overall, the stock captured the company's diversified exposure across mobile devices, connectivity technologies, and adjacent semiconductor markets.

For the Partial Period, QUALCOMM Incorporated returned 16.18% and had volatility of 56.84%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily QCOM Bear 1X Shares returned -15.74%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the QUALCOMM Incorporated's volatility, provided a return of -17.76%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily QCOM Bear 1X ETF PAGE 1 TSR-AR-25461A254

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6058img003.jpg)

**TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(06/25/2025)** |
| **Direxion Daily QCOM Bear 1X ETF NAV**  | -15.74 |
| **S&P 500® Index**  | 12.72 |
| **QUALCOMM Incorporated**  | 16.18 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2610171 |
| **Number of Holdings** | 8 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -100.0% |
|  Total (as % of net assets)  | -100.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily QCOM Bear 1X ETF PAGE 2 TSR-AR-25461A254

------

**HOUSEHOLDING**

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

Direxion Daily QCOM Bear 1X ETF PAGE 3 TSR-AR-25461A254

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily QCOM Bull 2X ETF**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | QCMU (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily QCOM Bull 2X ETF for the period of June 25, 2025 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| Direxion Daily QCOM Bull 2X ETF | $38 | 0.95% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Percentage shown is annualized.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily QCOM Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the common shares of QUALCOMM Incorporated. QUALCOMM Incorporated is a global leader in the development and commercialization of wireless technologies incorporated in 1985. QUALCOMM Incorporated is involved in the development and commercialization of foundational technologies for the wireless industry, including 3G (third generation), 4G (fourth generation) and 5G (fifth generation) wireless connectivity, and high-performance and low-power computing including on-device artificial intelligence.

Since the Fund's inception on June 25, 2025 through October 31, 2025 (the "Partial Period"), Qualcomm's stock reflected trends in global smartphone demand, premium-tier device adoption, and expansion into automotive and connected-device markets. Licensing activity contributed to visibility tied to intellectual-property arrangements with handset manufacturers. Demand for connectivity chips and integrated platforms was influenced by device cycles and regional market conditions. Growth initiatives in automotive compute and IoT solutions added incremental updates. Overall, the stock captured the company's diversified exposure across mobile devices, connectivity technologies, and adjacent semiconductor markets.

For the Partial Period, QUALCOMM Incorporated returned 16.18% and had volatility of 56.84%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily QCOM Bull 2X Shares returned 25.86%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the QUALCOMM Incorporated's volatility, provided a return of 30.68%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily QCOM Bull 2X ETF PAGE 1 TSR-AR-25461A270

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6059img003.jpg)

**TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(06/25/2025)** |
| **Direxion Daily QCOM Bull 2X ETF NAV**  | 25.86 |
| **S&P 500® Index**  | 12.72 |
| **QUALCOMM Incorporated**  | 16.18 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $7025674 |
| **Number of Holdings** | 9 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 179.4% |
|  Common Stocks  | 20.6% |
|  Total (as % of net assets)  | 200.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily QCOM Bull 2X ETF PAGE 2 TSR-AR-25461A270

------

**HOUSEHOLDING**

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

Direxion Daily QCOM Bull 2X ETF PAGE 3 TSR-AR-25461A270

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Robotics, Artificial** **Intelligence & Automation Index Bull 2X** **Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | UBOT (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | $106 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the Indxx Global Robotics and Artificial Intelligence Thematic Index. The Indxx Global Robotics and Artificial Intelligence Thematic Index is designed to provide exposure to exchange-listed companies in developed markets that are expected to benefit from the adoption and utilization of robotics and/or artificial intelligence, including companies involved in developing industrial robots and production systems, automated inventory management, unmanned vehicles, voice/image/text recognition, and medical robots or robotic instruments, as defined by the index provider, Indxx.

During the Annual Period, the index reflected strong interest in automation and artificial-intelligence themes as companies sought to enhance productivity and manage labor and cost pressures. Industrial and factory automation providers were influenced by capital-expenditure trends and project backlogs. Semiconductor and hardware makers benefited from demand for computing power, sensors, and connectivity used in robotics and AI systems. Software firms offering machine learning, analytics, and AI-enabled applications responded to corporate digital-transformation agendas. While the longer-term theme remained compelling, valuations and sentiment experienced swings tied to earnings delivery and expectations for the pace of adoption.

For the Annual Period, the Indxx Global Robotics and Artificial Intelligence Thematic Index returned 18.88% and had volatility of 27.31%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares returned 24.07%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Indxx Global Robotics and Artificial Intelligence Thematic Index's volatility, provided a return of 32.51%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares PAGE 1 TSR-AR-25460G823

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6016img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(04/19/2018)** |
| **Direxion Daily Robotics, Artificial Intelligence &** **Automation Index Bull 2X Shares NAV**  | 24.07 | 0.64 | -4.68 |
| **S&P 500® Index**  | 21.45 | 17.64 | 14.95 |
| **Indxx Global Robotics and Artificial Intelligence** **Thematic Index**  | 18.88 | 7.18 | 6.85 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $35926102 |
| **Number of Holdings** | 8 |
| **Net Advisory Fee** | $205994 |
| **Portfolio Turnover** | 13% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 154.4% |
|  Investment Companies  | 45.6% |
|  Total (as % of net assets)  | 200.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Machinery  | 33.0% |
|  Software  | 15.8% |
|  Electronic Equipment, Instruments & Components  | 13.0% |
|  Semiconductors & Semiconductor Equipment  | 11.8% |
|  Health Care Equipment & Supplies  | 8.9% |
|  Electrical Equipment  | 8.7% |
|  Aerospace & Defense  | 3.6% |
|  Automobile Components  | 2.2% |
|  Consumer Finance  | 1.6% |
|  Life Sciences Tools & Services  | 0.8% |
|  Other  | 0.6% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  NVIDIA Corp.  | 11.8% |
|  ABB Ltd.  | 8.7% |
|  FANUC Corp.  | 7.1% |
|  Intuitive Surgical, Inc.  | 6.4% |
|  Keyence Corp.  | 5.8% |
|  Daifuku Co. Ltd.  | 4.2% |
|  Pegasystems, Inc.  | 3.8% |
|  AeroVironment, Inc.  | 3.6% |
|  Dynatrace, Inc.  | 3.4% |
|  SMC Corp.  | 3.3% |

---

Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares PAGE 2 TSR-AR-25460G823

------

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares PAGE 3 TSR-AR-25460G823

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily S&P 500® Bear 1X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | SPDN (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily S&P 500® Bear 1X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily S&P 500® Bear 1X Shares | $42 | 0.45% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily S&P 500® Bear 1X Shares seeks daily investment results, before fees and expenses, of -100% of the performance of the S&P 500® Index. The S&P 500® Index is designed to be comprised of stocks that are the 500 leading, large-cap U.S. listed issuers. The securities are selected on the basis of market capitalization, financial viability of the company, sector representation, public float, liquidity and price of a company's shares outstanding. The Index is a float-adjusted, market capitalization-weighted index.

Over the Annual Period, the index reflected a combination of resilient corporate earnings, moderating inflation, and evolving expectations for monetary policy. Companies tied to artificial intelligence, cloud computing, and digital platforms continued to influence sector leadership within information technology and communication services. Consumer-related industries were shaped by employment conditions, wage growth, and discretionary spending trends. Industrials and materials responded to capital expenditure cycles, supply-chain realignment, and manufacturing data. Defensive sectors saw more muted contributions as investor focus remained oriented toward growth and higher-beta segments. Overall, the S&P 500® captured both secular innovation trends and broader macroeconomic shifts shaping the large-cap United States equity landscape.

For the Annual Period, the S&P 500® Index returned 21.45% and had volatility of 18.78%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily S&P 500® Bear 1X Shares returned -13.42%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the S&P 500® Index's volatility, provided a return of -20.51%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6017img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(06/08/2016)** |
| **Direxion Daily S&P 500® Bear 1X Shares NAV**  | -13.42 | -12.52 | -12.59 |
| **S&P 500® Index**  | 21.45 | 17.64 | 15.28 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $134079082 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $433715 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -100.0% |
|  Total (as % of net assets)  | -100.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Information Technology  | 36.1% |
|  Financials  | 12.9% |
|  Consumer Discretionary  | 10.5% |
|  Communication Services  | 10.1% |
|  Health Care  | 9.0% |
|  Industrials  | 8.1% |
|  Consumer Staples  | 4.7% |
|  Energy  | 2.8% |
|  Utilities  | 2.3% |
|  Real Estate  | 1.8% |
|  Materials  | 1.7% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  NVIDIA Corp.  | 8.5% |
|  Apple, Inc.  | 6.9% |
|  Microsoft Corp.  | 6.6% |
|  Amazon.com, Inc.  | 4.1% |
|  Broadcom, Inc.  | 3.0% |
|  Alphabet, Inc.  | 2.8% |
|  Meta Platforms, Inc.  | 2.4% |
|  Alphabet, Inc. Class C  | 2.3% |
|  Tesla, Inc.  | 2.2% |
|  Berkshire Hathaway, Inc. Class B  | 1.5% |

---

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

------

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

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

**HOUSEHOLDING**

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

Direxion Daily S&P 500® Bear 1X Shares PAGE 3 TSR-AR-25460E869

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily S&P 500® Bull 2X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | SPUU (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily S&P 500® Bull 2X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily S&P 500® Bull 2X Shares | $70 | 0.60% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily S&P 500® Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the S&P 500® Index. The S&P 500® Index is designed to be comprised of stocks that are the 500 leading, large-cap U.S. listed issuers. The securities are selected on the basis of market capitalization, financial viability of the company, sector representation, public float, liquidity and price of a company's shares outstanding. The Index is a float-adjusted, market capitalization-weighted index.

Over the Annual Period, the index reflected a combination of resilient corporate earnings, moderating inflation, and evolving expectations for monetary policy. Companies tied to artificial intelligence, cloud computing, and digital platforms continued to influence sector leadership within information technology and communication services. Consumer-related industries were shaped by employment conditions, wage growth, and discretionary spending trends. Industrials and materials responded to capital expenditure cycles, supply-chain realignment, and manufacturing data. Defensive sectors saw more muted contributions as investor focus remained oriented toward growth and higher-beta segments. Overall, the S&P 500® captured both secular innovation trends and broader macroeconomic shifts shaping the large-cap United States equity landscape.

For the Annual Period, the S&P 500® Index returned 21.45% and had volatility of 18.78%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily S&P 500® Bull 2X Shares returned 34.38%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the S&P 500® Index's volatility, provided a return of 42.47%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily S&P 500® Bull 2X Shares PAGE 1 TSR-AR-25459Y165

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6020img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily S&P 500® Bull 2X Shares NAV**  | 34.38 | 28.63 | 22.89 |
| **S&P 500® Index**  | 21.45 | 17.64 | 14.64 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $202855799 |
| **Number of Holdings** | 509 |
| **Net Advisory Fee** | $741015 |
| **Portfolio Turnover** | 37% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 105.7% |
|  Common Stocks  | 94.3% |
|  Total (as % of net assets)  | 200.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Information Technology  | 36.1% |
|  Financials  | 12.9% |
|  Consumer Discretionary  | 10.5% |
|  Communication Services  | 10.1% |
|  Health Care  | 9.0% |
|  Industrials  | 8.1% |
|  Consumer Staples  | 4.7% |
|  Energy  | 2.8% |
|  Utilities  | 2.3% |
|  Real Estate  | 1.8% |
|  Materials  | 1.7% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  NVIDIA Corp.  | 8.5% |
|  Apple, Inc.  | 6.9% |
|  Microsoft Corp.  | 6.6% |
|  Amazon.com, Inc.  | 4.1% |
|  Broadcom, Inc.  | 3.0% |
|  Alphabet, Inc.  | 2.8% |
|  Meta Platforms, Inc.  | 2.4% |
|  Alphabet, Inc. Class C  | 2.3% |
|  Tesla, Inc.  | 2.2% |
|  Berkshire Hathaway, Inc. Class B  | 1.5% |

---

Direxion Daily S&P 500® Bull 2X Shares PAGE 2 TSR-AR-25459Y165

------

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily S&P 500® Bull 2X Shares PAGE 3 TSR-AR-25459Y165

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily S&P Oil & Gas Exp. & Prod.** **Bear 2X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | DRIP (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares | $87 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares seeks daily investment results, before fees and expenses, of -200% of the performance of the S&P Oil & Gas Exploration & Production Select Industry Index. The S&P Oil & Gas Exploration & Production Select Industry Index is provided by S&P Dow Jones Indices, LLC and includes domestic companies from the oil and gas exploration and production sub-industry. The Index is a modified equal-weighted index that is designed to measure the performance of a sub-industry or group of sub-industries determined based on the Global Industry Classification Standards (GICS).

Over the Annual Period, the index reflected the upstream sector's sensitivity to commodity prices, drilling activity, and capital-spending decisions. Exploration and production companies were affected by changes in crude oil and natural gas benchmarks, well productivity, and cost structures. Balance-sheet discipline, hedging strategies, and shareholder-return policies also played important roles in how investors assessed individual companies. Shifts in global supply-demand balances, including actions by major producer groups and changes in inventory levels, influenced revenue visibility and sentiment. Overall, the index captured the cyclical and operational dynamics of the United States exploration and production industry.

For the Annual Period, the S&P Oil & Gas Exploration & Production Select Industry Index returned -0.22% and had volatility of 33.58%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares returned -17.82%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the S&P Oil & Gas Exploration & Production Select Industry Index's volatility, provided a return of -27.62%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares PAGE 1 TSR-AR-25460G328

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6026img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X** **Shares NAV**  | -17.82 | -57.18 | -43.12 |
| **S&P 500® Index**  | 21.45 | 17.64 | 14.64 |
| **S&P Oil & Gas Exploration & Production Select** **Industry Index**  | -0.22 | 28.98 | 0.53 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $48712396 |
| **Number of Holdings** | 8 |
| **Net Advisory Fee** | $341190 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -200.0% |
|  Total (as % of net assets)  | -200.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Oil, Gas & Consumable Fuels  | 100.0% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  CNX Resources Corp.  | 3.1% |
|  Murphy Oil Corp.  | 2.9% |
|  Marathon Oil Corp.  | 2.9% |
|  Expand Energy Corp.  | 2.9% |
|  Valero Energy Corp.  | 2.9% |
|  EQT Corp.  | 2.8% |
|  ConocoPhillips  | 2.8% |
|  Diamondback Energy, Inc.  | 2.8% |
|  Range Resources Corp.  | 2.8% |
|  Exxon Mobil Corp.  | 2.8% |

---

Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares PAGE 2 TSR-AR-25460G328

------

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares PAGE 3 TSR-AR-25460G328

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily S&P Oil & Gas Exp. & Prod.** **Bull 2X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | GUSH (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares | $84 | 0.92% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the S&P Oil & Gas Exploration & Production Select Industry Index. The S&P Oil & Gas Exploration & Production Select Industry Index is provided by S&P Dow Jones Indices, LLC and includes domestic companies from the oil and gas exploration and production sub-industry. The Index is a modified equal-weighted index that is designed to measure the performance of a sub-industry or group of sub-industries determined based on the Global Industry Classification Standards (GICS).

Over the Annual Period, the index reflected the upstream sector's sensitivity to commodity prices, drilling activity, and capital-spending decisions. Exploration and production companies were affected by changes in crude oil and natural gas benchmarks, well productivity, and cost structures. Balance-sheet discipline, hedging strategies, and shareholder-return policies also played important roles in how investors assessed individual companies. Shifts in global supply-demand balances, including actions by major producer groups and changes in inventory levels, influenced revenue visibility and sentiment. Overall, the index captured the cyclical and operational dynamics of the United States exploration and production industry.

For the Annual Period, the S&P Oil & Gas Exploration & Production Select Industry Index returned -0.22% and had volatility of 33.58%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares returned -16.82%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the S&P Oil & Gas Exploration & Production Select Industry Index's volatility, provided a return of -11.20%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares PAGE 1 TSR-AR-25460G500

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6025img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X** **Shares NAV**  | -16.82 | 37.74 | -42.83 |
| **S&P 500® Index**  | 21.45 | 17.64 | 14.64 |
| **S&P Oil & Gas Exploration & Production Select** **Industry Index**  | -0.22 | 28.98 | 0.53 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $221422977 |
| **Number of Holdings** | 61 |
| **Net Advisory Fee** | $2035711 |
| **Portfolio Turnover** | 60% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 125.3% |
|  Common Stocks  | 74.7% |
|  Total (as % of net assets)  | 200.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Oil, Gas & Consumable Fuels  | 100.0% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  CNX Resources Corp.  | 3.1% |
|  Murphy Oil Corp.  | 2.9% |
|  Marathon Oil Corp.  | 2.9% |
|  Expand Energy Corp.  | 2.9% |
|  Valero Energy Corp.  | 2.9% |
|  EQT Corp.  | 2.8% |
|  ConocoPhillips  | 2.8% |
|  Diamondback Energy, Inc.  | 2.8% |
|  Range Resources Corp.  | 2.8% |
|  Exxon Mobil Corp.  | 2.8% |

---

Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares PAGE 2 TSR-AR-25460G500

------

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares PAGE 3 TSR-AR-25460G500

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Semiconductors Top 5 Bear** **2X ETF**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | TSXD (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Semiconductors Top 5 Bear 2X ETF for the period of October 1, 2025 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| Direxion Daily Semiconductors Top 5 Bear 2X ETF | $7 | 0.95% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Percentage shown is annualized.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Semiconductors Top 5 Bear 2X ETF seeks daily investment results, before fees and expenses, of -200% of the performance of the NYSE Semiconductor Top 5 Equal Weight Index. The NYSE Semiconductor Top 5 Equal Weight Index consists of the top five securities in the NYSE Semiconductor Index, which includes U.S.-listed companies in the semiconductor industry.

Since the Fund's inception on October 1, 2025 through October 31, 2025 (the "Partial Period"), the index captured short-term movements among the largest semiconductor companies, which were influenced by data-center demand, AI-related chip production, and developments in fabrication capacity. Chip designers responded to product announcements, architecture updates, and procurement trends from cloud-service providers. Semiconductor manufacturers and equipment suppliers were sensitive to wafer-fab utilization, capital-expenditure plans, and regional manufacturing initiatives. Supply-chain visibility and competitive positioning contributed to stock-level differentiation. Overall, the index reflected the fast-moving nature of the semiconductor industry over a brief but active timeframe.

For the Partial Period, the NYSE Semiconductor Top 5 Equal Weight Index returned 18.81% and had volatility of 27.44%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Semiconductors Top 5 Bear 2X ETF returned -31.92%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the NYSE Semiconductor Top 5 Equal Weight Index's volatility, provided a return of -29.74%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily Semiconductors Top 5 Bear 2X ETF PAGE 1 TSR-AR-25461H705

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6549img003.jpg)

**TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(10/01/2025)** |
| **Direxion Daily Semiconductors Top 5 Bear 2X ETF NAV**  | -31.92 |
| **S&P 500® Index**  | 2.34 |
| **NYSE Semiconductor Top 5 Equal Weight Index**  | 18.81 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1702112 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -200.0% |
|  Total (as % of net assets)  | -200.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Semiconductors & Semiconductor Equipment  | 100.0% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Advanced Micro Devices, Inc.  | 25.8% |
|  ASML Holding NV ADR  | 20.9% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 18.6% |
|  NVIDIA Corp.  | 18.2% |
|  Broadcom, Inc.  | 16.5% |

---

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

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

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily Semiconductors Top 5 Bear 2X ETF PAGE 2 TSR-AR-25461H705

------

**HOUSEHOLDING**

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

Direxion Daily Semiconductors Top 5 Bear 2X ETF PAGE 3 TSR-AR-25461H705

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Semiconductors Top 5 Bull** **2X ETF**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | TSXU (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Semiconductors Top 5 Bull 2X ETF for the period of October 1, 2025 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| Direxion Daily Semiconductors Top 5 Bull 2X ETF | $10 | 0.95% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Percentage shown is annualized.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Semiconductors Top 5 Bull 2X ETF seeks daily investment results, before fees and expenses, of 200% of the performance of the NYSE Semiconductor Top 5 Equal Weight Index. The NYSE Semiconductor Top 5 Equal Weight Index consists of the top five securities in the NYSE Semiconductor Index, which includes U.S.-listed companies in the semiconductor industry.

Since the Fund's inception on October 1, 2025 through October 31, 2025 (the "Partial Period"), the index captured short-term movements among the largest semiconductor companies, which were influenced by data-center demand, AI-related chip production, and developments in fabrication capacity. Chip designers responded to product announcements, architecture updates, and procurement trends from cloud-service providers. Semiconductor manufacturers and equipment suppliers were sensitive to wafer-fab utilization, capital-expenditure plans, and regional manufacturing initiatives. Supply-chain visibility and competitive positioning contributed to stock-level differentiation. Overall, the index reflected the fast-moving nature of the semiconductor industry over a brief but active timeframe.

For the Partial Period, the NYSE Semiconductor Top 5 Equal Weight Index returned 18.81% and had volatility of 27.44%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Semiconductors Top 5 Bull 2X ETF returned 38.24%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the NYSE Semiconductor Top 5 Equal Weight Index's volatility, provided a return of 33.67%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily Semiconductors Top 5 Bull 2X ETF PAGE 1 TSR-AR-25461H309

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6550img003.jpg)

**TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(10/01/2025)** |
| **Direxion Daily Semiconductors Top 5 Bull 2X ETF NAV**  | 38.24 |
| **S&P 500® Index**  | 2.34 |
| **NYSE Semiconductor Top 5 Equal Weight Index**  | 18.81 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $6048004 |
| **Number of Holdings** | 11 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 81% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 167.7% |
|  Common Stocks  | 32.3% |
|  Total (as % of net assets)  | 200.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Semiconductors & Semiconductor Equipment  | 100.0% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Advanced Micro Devices, Inc.  | 25.8% |
|  ASML Holding NV ADR  | 20.9% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 18.6% |
|  NVIDIA Corp.  | 18.2% |
|  Broadcom, Inc.  | 16.5% |

---

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

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

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily Semiconductors Top 5 Bull 2X ETF PAGE 2 TSR-AR-25461H309

------

**HOUSEHOLDING**

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

Direxion Daily Semiconductors Top 5 Bull 2X ETF PAGE 3 TSR-AR-25461H309

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily SHOP Bear 1X ETF**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | SHPD (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily SHOP Bear 1X ETF for the period of August 6, 2025 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| Direxion Daily SHOP Bear 1X ETF | $19 | 0.95% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Percentage shown is annualized.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily SHOP Bear 1X Shares seeks daily investment results, before fees and expenses, of -100% of the performance of the common shares of Shopify Inc. Shopify Inc. engages in the cloud-based commerce platform designed for small and medium-sized businesses. It focuses on merchant and subscription solutions. The company was founded in 2004 and is headquartered in Ottawa, Canada.

Since the Fund's inception on August 6, 2025 through October 31, 2025 (the "Partial Period"), Shopify's stock reflected trends in merchant-platform adoption, transaction activity, and spending on commerce-related software tools. Payment-volume trends influenced expectations across key revenue streams. Fulfillment capabilities, partner integrations, and logistics investments contributed to sentiment about long-term platform growth. International expansion and merchant-services adoption added incremental updates. Overall, the stock captured evolving digital-commerce activity and merchant engagement within a compressed time window.

For the Partial Period, Shopify Inc. returned 36.90% and had volatility of 34.82%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily SHOP Bear 1X Shares returned -31.85%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Shopify Inc.'s volatility, provided a return of -35.97%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily SHOP Bear 1X ETF PAGE 1 TSR-AR-25461A213

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6073img003.jpg)

**TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(08/06/2025)** |
| **Direxion Daily SHOP Bear 1X ETF NAV**  | -31.85 |
| **S&P 500® Index**  | 8.91 |
| **Shopify Inc.**  | 36.90 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2967972 |
| **Number of Holdings** | 8 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -100.0% |
|  Total (as % of net assets)  | -100.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily SHOP Bear 1X ETF PAGE 2 TSR-AR-25461A213

------

**HOUSEHOLDING**

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

Direxion Daily SHOP Bear 1X ETF PAGE 3 TSR-AR-25461A213

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily SHOP Bull 2X ETF**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | SHPU (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily SHOP Bull 2X ETF for the period of August 6, 2025 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| Direxion Daily SHOP Bull 2X ETF | $31 | 0.95% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Percentage shown is annualized.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily SHOP Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the common shares of Shopify Inc. Shopify Inc. engages in the cloud-based commerce platform designed for small and medium-sized businesses. It focuses on merchant and subscription solutions. The company was founded in 2004 and is headquartered in Ottawa, Canada.

Since the Fund's inception on August 6, 2025 through October 31, 2025 (the "Partial Period"), Shopify's stock reflected trends in merchant-platform adoption, transaction activity, and spending on commerce-related software tools. Payment-volume trends influenced expectations across key revenue streams. Fulfillment capabilities, partner integrations, and logistics investments contributed to sentiment about long-term platform growth. International expansion and merchant-services adoption added incremental updates. Overall, the stock captured evolving digital-commerce activity and merchant engagement within a compressed time window.

For the Partial Period, Shopify Inc. returned 36.90% and had volatility of 34.82%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily SHOP Bull 2X Shares returned 69.91%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Shopify Inc.'s volatility, provided a return of 87.47%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily SHOP Bull 2X ETF PAGE 1 TSR-AR-25461A221

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6074img003.jpg)

**TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(08/06/2025)** |
| **Direxion Daily SHOP Bull 2X ETF NAV**  | 69.91 |
| **S&P 500® Index**  | 8.91 |
| **Shopify Inc.**  | 36.90 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $8466899 |
| **Number of Holdings** | 10 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 181% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 200.0% |
|  Common Stocks  | 0.0% |
|  Total (as % of net assets)  | 200.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily SHOP Bull 2X ETF PAGE 2 TSR-AR-25461A221

------

**HOUSEHOLDING**

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

Direxion Daily SHOP Bull 2X ETF PAGE 3 TSR-AR-25461A221

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Technology Top 5 Bear 2X** **ETF**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | TTXD (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Technology Top 5 Bear 2X ETF for the period of October 1, 2025 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| Direxion Daily Technology Top 5 Bear 2X ETF | $8 | 0.95% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Percentage shown is annualized.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Technology Top 5 Bear 2X ETF seeks daily investment results, before fees and expenses, of -200% of the performance of the S&P 500 Information Technology (Sector) Top 5 Equal Capped Index. The S&P 500 Information Technology (Sector) Top 5 Equal Capped Index consists of the top five securities in the S&P 500 Information Technology (Sector) Index, which includes U.S.-listed companies in the information technology sector as classified by the Global Industry Classification Standards.

Since the Fund's inception on October 1, 2025 through October 31, 2025 (the "Partial Period"), the index reflected the performance of the largest United States technology companies as they responded to product-cycle developments, earnings updates, and shifts in enterprise and consumer technology spending. Cloud-service providers and software platforms were influenced by subscription trends and infrastructure investment, while semiconductor-oriented firms responded to demand for artificial-intelligence hardware. Device and ecosystem companies experienced movements tied to launch activity and user-engagement metrics. Regulatory developments and competitive positioning contributed to sentiment during the period. Overall, the index captured concentrated exposure to dominant technology companies over a short evaluation window.

For the Partial Period, the S&P 500 Information Technology (Sector) Top 5 Equal Capped Index returned 4.23% and had volatility of 21.73%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Technology Top 5 Bear 2X ETF returned -8.57%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the S&P 500 Information Technology (Sector) Top 5 Equal Capped Index (USD)'s volatility, provided a return of -7.86%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily Technology Top 5 Bear 2X ETF PAGE 1 TSR-AR-25461H804

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6551img003.jpg)

**TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(10/01/2025)** |
| **Direxion Daily Technology Top 5 Bear 2X ETF NAV**  | -8.57 |
| **S&P 500® Index**  | 2.34 |
| **S&P 500 Information Technology (Sector) Top 5 Equal Capped Index (USD)**  | 4.23 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2285680 |
| **Number of Holdings** | 6 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -200.0% |
|  Total (as % of net assets)  | -200.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Semiconductors & Semiconductor Equipment  | 41.4% |
|  Software  | 35.5% |
|  Technology Hardware, Storage & Peripherals  | 23.1% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Apple, Inc.  | 23.1% |
|  NVIDIA Corp.  | 22.1% |
|  Microsoft Corp.  | 20.0% |
|  Broadcom, Inc.  | 19.3% |
|  Oracle Corp.  | 15.5% |

---

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

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

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily Technology Top 5 Bear 2X ETF PAGE 2 TSR-AR-25461H804

------

**HOUSEHOLDING**

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

Direxion Daily Technology Top 5 Bear 2X ETF PAGE 3 TSR-AR-25461H804

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Technology Top 5 Bull 2X** **ETF**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | TTXU (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Technology Top 5 Bull 2X ETF for the period of October 1, 2025 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| Direxion Daily Technology Top 5 Bull 2X ETF | $8 | 0.95% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Percentage shown is annualized.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Technology Top 5 Bull 2X ETF seeks daily investment results, before fees and expenses, of 200% of the performance of the S&P 500 Information Technology (Sector) Top 5 Equal Capped Index. The S&P 500 Information Technology (Sector) Top 5 Equal Capped Index consists of the top five securities in the S&P 500 Information Technology (Sector) Index, which includes U.S.-listed companies in the information technology sector as classified by the Global Industry Classification Standards.

Since the Fund's inception on October 1, 2025 through October 31, 2025 (the "Partial Period"), the index reflected the performance of the largest United States technology companies as they responded to product-cycle developments, earnings updates, and shifts in enterprise and consumer technology spending. Cloud-service providers and software platforms were influenced by subscription trends and infrastructure investment, while semiconductor-oriented firms responded to demand for artificial-intelligence hardware. Device and ecosystem companies experienced movements tied to launch activity and user-engagement metrics. Regulatory developments and competitive positioning contributed to sentiment during the period. Overall, the index captured concentrated exposure to dominant technology companies over a short evaluation window.

For the Partial Period, the S&P 500 Information Technology (Sector) Top 5 Equal Capped Index returned 4.23% and had volatility of 21.73%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Technology Top 5 Bull 2X ETF returned 7.50%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the S&P 500 Information Technology (Sector) Top 5 Equal Capped Index (USD)'s volatility, provided a return of 6.22%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily Technology Top 5 Bull 2X ETF PAGE 1 TSR-AR-25461H408

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6552img003.jpg)

**TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(10/01/2025)** |
| **Direxion Daily Technology Top 5 Bull 2X ETF NAV**  | 7.50 |
| **S&P 500® Index**  | 2.34 |
| **S&P 500 Information Technology (Sector) Top 5 Equal Capped Index (USD)**  | 4.23 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4703097 |
| **Number of Holdings** | 11 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 109% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 154.5% |
|  Common Stocks  | 45.5% |
|  Total (as % of net assets)  | 200.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Semiconductors & Semiconductor Equipment  | 41.4% |
|  Software  | 35.5% |
|  Technology Hardware, Storage & Peripherals  | 23.1% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Apple, Inc.  | 23.1% |
|  NVIDIA Corp.  | 22.1% |
|  Microsoft Corp.  | 20.0% |
|  Broadcom, Inc.  | 19.3% |
|  Oracle Corp.  | 15.5% |

---

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

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

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily Technology Top 5 Bull 2X ETF PAGE 2 TSR-AR-25461H408

------

**HOUSEHOLDING**

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

Direxion Daily Technology Top 5 Bull 2X ETF PAGE 3 TSR-AR-25461H408

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily TSLA Bear 1X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | TSLS (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily TSLA Bear 1X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily TSLA Bear 1X Shares | $60 | 0.88% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily TSLA Bear 1X Shares seeks daily investment results, before fees and expenses, of -100% of the performance of the common shares of Tesla, Inc. Tesla, Inc. designs, manufactures and sells electric vehicles and electric vehicle powertrain components.

Across the Annual Period, Tesla's stock reflected changes in electric-vehicle demand, production volumes, and pricing strategies across major markets. Margin conditions were influenced by input costs, manufacturing efficiencies, and competitive dynamics within the EV industry. Updates related to autonomous-driving software, battery technology, and new model introductions contributed to volatility. Energy-storage deployments and grid-scale projects offered an additional source of activity. Overall, the stock's behavior captured evolving expectations around growth, innovation milestones, and competitive positioning in the global EV market.

For the Annual Period, Tesla, Inc. returned 82.73% and had volatility of 67.43%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily TSLA Bear 1X Shares returned -62.63%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Tesla, Inc.'s volatility, provided a return of -65.51%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6036img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(08/09/2022)** |
| **Direxion Daily TSLA Bear 1X Shares NAV**  | -62.63 | -35.92 |
| **S&P 500® Index**  | 21.45 | 18.57 |
| **Tesla, Inc.**  | 82.73 | 15.03 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $78512042 |
| **Number of Holdings** | 9 |
| **Net Advisory Fee** | $507281 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -100.0% |
|  Total (as % of net assets)  | -100.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily TSLA Bear 1X Shares PAGE 2 TSR-AR-25460G260

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily TSLA Bull 2X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | TSLL (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily TSLA Bull 2X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523. This report describes changes to the Fund that occurred during the reporting period.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily TSLA Bull 2X Shares | $105 | 0.73% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily TSLA Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the common shares of Tesla, Inc. Tesla, Inc. designs, manufactures and sells electric vehicles and electric vehicle powertrain components.

Across the Annual Period, Tesla's stock reflected changes in electric-vehicle demand, production volumes, and pricing strategies across major markets. Margin conditions were influenced by input costs, manufacturing efficiencies, and competitive dynamics within the EV industry. Updates related to autonomous-driving software, battery technology, and new model introductions contributed to volatility. Energy-storage deployments and grid-scale projects offered an additional source of activity. Overall, the stock's behavior captured evolving expectations around growth, innovation milestones, and competitive positioning in the global EV market.

For the Annual Period, Tesla, Inc. returned 82.73% and had volatility of 67.43%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily TSLA Bull 2X Shares returned 87.68%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Tesla, Inc.'s volatility, provided a return of 112.75%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6035img003.jpg)

Direxion Daily TSLA Bull 2X Shares PAGE 1 TSR-AR-25460G286

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(08/09/2022)** |
| **Direxion Daily TSLA Bull 2X Shares NAV**  | 87.68 | -1.15 |
| **S&P 500® Index**  | 21.45 | 18.57 |
| **Tesla, Inc.**  | 82.73 | 15.03 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $7652810457 |
| **Number of Holdings** | 12 |
| **Net Advisory Fee** | $33953971 |
| **Portfolio Turnover** | 101% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 181.2% |
|  Common Stocks  | 18.8% |
|  Total (as % of net assets)  | 200.0% |

---

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

**MATERIAL CHANGES**

From November 1, 2023 through April 1, 2024, the Fund was named Direxion Daily TSLA Bull 1.5X Shares and sought daily investment results, before fees and expenses, of 150% of the performance of the common shares of Tesla, Inc. Effective April 2, 2024, the Fund was renamed Direxion Daily TSLA Bull 2X Shares and seeks daily investment results, before fees and expenses, of 200% of the performance of the common shares of Tesla, Inc.

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily TSLA Bull 2X Shares PAGE 2 TSR-AR-25460G286

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily TSM Bear 1X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | TSMZ (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily TSM Bear 1X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily TSM Bear 1X Shares | $74 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily TSM Bear 1X Shares seeks daily investment results, before fees and expenses, of -100% of the performance of the common shares of Taiwan Semiconductor Manufacturing Co. Ltd. Taiwan Semiconductor Manufacturing Co. Ltd. is a Taiwan-based company and is the largest dedicated foundry in the semiconductor industry. As a foundry, Taiwan Semiconductor Manufacturing Co. Ltd, manufactures semiconductors using manufacturing processes that are based on proprietary integrated circuit designs provided by its customers. Taiwan Semiconductor Manufacturing Co. Ltd. produced 28 percent of the world semiconductor excluding memory output value in 2023.

During the Annual Period, Taiwan Semiconductor Manufacturing Co. Ltd.'s stock reflected demand for advanced process nodes, artificial-intelligence chips, and high-performance computing semiconductors. Capacity utilization at leading-edge technologies contributed to investor focus, along with expansion of fabrication facilities and geographic diversification. Partnerships with major chip designers shaped expectations for long-term volume growth. Production costs, capital-expenditure plans, and supply-chain developments influenced sentiment. Overall, the stock captured the company's central role in global semiconductor manufacturing and advanced-node technology leadership.

For the Annual Period, Taiwan Semiconductor Manufacturing Co. Ltd. returned 57.67% and had volatility of 19.93%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily TSM Bear 1X Shares returned -43.52%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Taiwan Semiconductor Manufacturing Co. Ltd.'s volatility, provided a return of -47.46%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6037img003.jpg)

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

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(10/03/2024)** |
| **Direxion Daily TSM Bear 1X Shares NAV**  | -43.52 | -45.87 |
| **S&P 500® Index**  | 21.45 | 19.73 |
| **Taiwan Semiconductor Manufacturing Co Ltd**  | 57.67 | 64.28 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3110271 |
| **Number of Holdings** | 7 |
| **Net Advisory Fee** | $10590 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -100.0% |
|  Total (as % of net assets)  | -100.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily TSM Bear 1X Shares PAGE 2 TSR-AR-25461A536

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily TSM Bull 2X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | TSMX (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily TSM Bull 2X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily TSM Bull 2X Shares | $127 | 0.88% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily TSM Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the common shares of Taiwan Semiconductor Manufacturing Co. Ltd. Taiwan Semiconductor Manufacturing Co. Ltd. is a Taiwan-based company and is the largest dedicated foundry in the semiconductor industry. As a foundry, Taiwan Semiconductor Manufacturing Co. Ltd. manufactures semiconductors using manufacturing processes that are based on proprietary integrated circuit designs provided by its customers. Taiwan Semiconductor Manufacturing Co. Ltd. produced 28 percent of the world semiconductor excluding memory output value in 2023.

During the Annual Period, Taiwan Semiconductor Manufacturing Co. Ltd.'s stock reflected demand for advanced process nodes, artificial-intelligence chips, and high-performance computing semiconductors. Capacity utilization at leading-edge technologies contributed to investor focus, along with expansion of fabrication facilities and geographic diversification. Partnerships with major chip designers shaped expectations for long-term volume growth. Production costs, capital-expenditure plans, and supply-chain developments influenced sentiment. Overall, the stock captured the company's central role in global semiconductor manufacturing and advanced-node technology leadership.

For the Annual Period, Taiwan Semiconductor Manufacturing Co. Ltd. returned 57.67% and had volatility of 19.93%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily TSM Bull 2X Shares returned 89.29%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Taiwan Semiconductor Manufacturing Co. Ltd.'s volatility, provided a return of 114.13%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6038img003.jpg)

Direxion Daily TSM Bull 2X Shares PAGE 1 TSR-AR-25461A544

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(10/03/2024)** |
| **Direxion Daily TSM Bull 2X Shares NAV**  | 89.29 | 104.79 |
| **S&P 500® Index**  | 21.45 | 19.73 |
| **Taiwan Semiconductor Manufacturing Co Ltd**  | 57.67 | 64.28 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $250242359 |
| **Number of Holdings** | 9 |
| **Net Advisory Fee** | $837434 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 187.9% |
|  Common Stocks  | 12.1% |
|  Total (as % of net assets)  | 200.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily TSM Bull 2X Shares PAGE 2 TSR-AR-25461A544

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Uranium Industry Bull 2X** **Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | URAA (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Uranium Industry Bull 2X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily Uranium Industry Bull 2X Shares | $153 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Uranium Industry Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the Solactive United States Uranium and Nuclear Energy ETF Select Index. The Solactive United States Uranium and Nuclear Energy ETF Select Index is designed by Solactive AG to track the performance of U.S.-listed exchange-traded funds with a focus on uranium and nuclear energy.

Over the Annual Period, the index reflected renewed interest in nuclear energy as a potential source of low-carbon baseload power. Uranium miners and developers were influenced by long-term contracting activity, spot and term uranium prices, and project-development progress. Companies tied to nuclear-technology equipment and services responded to policy discussions, plant-life extensions, and new-build prospects in various markets. Investor sentiment toward the broader clean-energy complex and perceptions of nuclear energy's role within it also played a role in valuation trends. Overall, the index captured the cyclical and policy-driven forces shaping the uranium and nuclear-energy industries.

For the Annual Period, the Solactive United States Uranium and Nuclear Energy ETF Select Index returned 67.90% and had volatility of 58.54%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Uranium Industry Bull 2X Shares returned 123.05%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Solactive United States Uranium and Nuclear Energy ETF Select Index's volatility, provided a return of 138.33%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily Uranium Industry Bull 2X Shares PAGE 1 TSR-AR-25461A643

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6039img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(06/26/2024)** |
| **Direxion Daily Uranium Industry Bull 2X Shares NAV**  | 123.05 | 77.71 |
| **S&P 500® Index**  | 21.45 | 19.53 |
| **Solactive United States Uranium and Nuclear Energy ETF Select Index**  | 67.90 | 50.01 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $53048612 |
| **Number of Holdings** | 12 |
| **Net Advisory Fee** | $80315 |
| **Portfolio Turnover** | 25% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 153.5% |
|  Investment Companies  | 46.5% |
|  Total (as % of net assets)  | 200.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Nuclear Energy  | 100.0% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Global X Uranium ETF  | 52.0% |
|  VanEck Uranium and Nuclear ETF  | 28.7% |
|  Sprott Uranium Miners ETF  | 19.3% |

---

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

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

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily Uranium Industry Bull 2X Shares PAGE 2 TSR-AR-25461A643

------

**HOUSEHOLDING**

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

Direxion Daily Uranium Industry Bull 2X Shares PAGE 3 TSR-AR-25461A643

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily XOM Bear 1X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | XOMZ (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily XOM Bear 1X Shares for the period of April 23, 2025 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| Direxion Daily XOM Bear 1X Shares | $49 | 0.95% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Percentage shown is annualized.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily XOM Bear 1X Shares seeks daily investment results, before fees and expenses, of -100% of the performance of the common shares of Exxon Mobil Corporation. Exxon Mobil Corporation is an American multinational oil and gas company, and it is vertically integrated across the entire oil and gas industry, and within it is also a chemicals division which produces plastic, synthetic rubber, and other chemical products.

Since the Fund's inception on April 23, 2025 through October 31, 2025 (the "Partial Period"), Exxon Mobil's stock reflected movements in crude-oil and natural-gas benchmarks, along with refining and petrochemical market conditions. Upstream performance was shaped by production trends, project execution, and regional supply dynamics, while downstream operations responded to shifts in product demand, crack spreads, and seasonal consumption patterns. Cost structures, capital-allocation updates, and long-term resource-development initiatives contributed to investor focus. Petrochemical operations introduced additional variability tied to feedstock availability and global industrial activity. Overall, the stock captured the sector's sensitivity to commodity prices, operational discipline, and broader energy-market developments during the period.

For the Partial Period, Exxon Mobil Corporation returned 5.60% and had volatility of 16.31%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily XOM Bear 1X Shares returned -5.31%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Exxon Mobil Corporation's volatility, provided a return of -9.67%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

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

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6060img003.jpg)

**TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(04/23/2025)** |
| **Direxion Daily XOM Bear 1X Shares NAV**  | -5.31 |
| **S&P 500® Index**  | 30.19 |
| **Exxon Mobil Corporation**  | 5.60 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2330568 |
| **Number of Holdings** | 7 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -100.0% |
|  Total (as % of net assets)  | -100.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily XOM Bear 1X Shares PAGE 2 TSR-AR-25461A346

------

**HOUSEHOLDING**

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

Direxion Daily XOM Bear 1X Shares PAGE 3 TSR-AR-25461A346

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily XOM Bull 2X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | XOMX (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily XOM Bull 2X Shares for the period of April 23, 2025 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| Direxion Daily XOM Bull 2X Shares | $52 | 0.95% |

---

\* Amount shown reflects the expenses of the Fund from inception date through October 31, 2025. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Percentage shown is annualized.

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily XOM Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the common shares of Exxon Mobil Corporation. Exxon Mobil Corporation is an American multinational oil and gas company, and it is vertically integrated across the entire oil and gas industry, and within it is also a chemicals division which produces plastic, synthetic rubber, and other chemical products.

Since the Fund's inception on April 23, 2025 through October 31, 2025 (the "Partial Period"), Exxon Mobil's stock reflected movements in crude-oil and natural-gas benchmarks, along with refining and petrochemical market conditions. Upstream performance was shaped by production trends, project execution, and regional supply dynamics, while downstream operations responded to shifts in product demand, crack spreads, and seasonal consumption patterns. Cost structures, capital-allocation updates, and long-term resource-development initiatives contributed to investor focus. Petrochemical operations introduced additional variability tied to feedstock availability and global industrial activity. Overall, the stock captured the sector's sensitivity to commodity prices, operational discipline, and broader energy-market developments during the period.

For the Partial Period, Exxon Mobil Corporation returned 5.60% and had volatility of 16.31%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the stock alone should not generate expectations of annual performance of the Fund. The Direxion Daily XOM Bull 2X Shares returned 7.07%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Exxon Mobil Corporation's volatility, provided a return of 15.30%. Factors that may materially impact Fund performance include the volatility of the stock, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the stock and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily XOM Bull 2X Shares PAGE 1 TSR-AR-25461A353

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6061img003.jpg)

**TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(04/23/2025)** |
| **Direxion Daily XOM Bull 2X Shares NAV**  | 7.07 |
| **S&P 500® Index**  | 30.19 |
| **Exxon Mobil Corporation**  | 5.60 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3305687 |
| **Number of Holdings** | 9 |
| **Net Advisory Fee** | $0 |
| **Portfolio Turnover** | 97% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 185.0% |
|  Common Stocks  | 15.0% |
|  Total (as % of net assets)  | 200.0% |

---

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

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

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

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily XOM Bull 2X Shares PAGE 2 TSR-AR-25461A353

------

**HOUSEHOLDING**

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

Direxion Daily XOM Bull 2X Shares PAGE 3 TSR-AR-25461A353

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily 20+ Year Treasury Bear 3X** **Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | TMV (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily 20+ Year Treasury Bear 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily 20+ Year Treasury Bear 3X Shares | $89 | 0.88% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily 20+ Year Treasury Bear 3X Shares seeks daily investment results, before fees and expenses, of -300% of the performance of the ICE U.S. Treasury 20+ Year Bond Index. The ICE U.S. Treasury 20+ Year Bond Index is a market value weighted index that includes publicly issued U.S. Treasury securities that have a remaining maturity of greater than 20 years. Eligible securities must be fixed rate, denominated in U.S. dollars, and have $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve. Securities excluded from the Index are inflation-linked securities, Treasury bills, cash management bills, any government agency debt issued with or without a government guarantee and zero-coupon issues that have been stripped from coupon-paying bonds.

Over the Annual Period, long-term Treasury yields reflected shifting market expectations for inflation, growth, and the long-run path of Federal Reserve policy. Periods of rising yields were driven by concerns about persistent inflation pressures, elevated Treasury issuance, and an increase in the term premium demanded by investors. Conversely, softer economic data, moderating inflation readings, and heightened risk aversion supported demand for long-duration government bonds at other points in the year. Volatility across the long end of the curve remained elevated as markets reassessed the equilibrium level of real rates and long-horizon fiscal conditions. Overall, the index captured how macroeconomic developments, monetary-policy uncertainty, and supply dynamics influenced long-term Treasury yields throughout the Annual Period.

For the Annual Period, the ICE U.S. Treasury 20+ Year Bond Index returned 2.05% and had volatility of 13.13%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily 20+ Year Treasury Bear 3X Shares returned 1.32%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the ICE U.S. Treasury 20+ Year Bond Index's volatility, provided a return of -15.00%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily 20+ Year Treasury Bear 3X Shares PAGE 1 TSR-AR-25460G849

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5957img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily 20+ Year Treasury Bear 3X Shares NAV**  | 1.32 | 22.00 | -5.64 |
| **S&P 500® Index**  | 21.45 | 17.64 | 14.64 |
| **ICE U.S. Treasury 20+ Year Bond Index**  | 2.05 | -7.86 | -0.31 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $168033840 |
| **Number of Holdings** | 9 |
| **Net Advisory Fee** | $1375172 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -300.0% |
|  Total (as % of net assets)  | -300.0% |

---

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

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  4.750% 2055-05-15  | 4.5% |
|  4.750% 2055-08-15  | 4.4% |
|  4.625% 2054-05-15  | 4.4% |
|  4.625% 2055-02-15  | 4.3% |
|  4.500% 2054-11-15  | 4.3% |
|  4.750% 2053-11-15  | 4.3% |
|  4.250% 2054-08-15  | 4.1% |
|  4.250% 2054-02-15  | 4.1% |
|  4.250% 2053-08-15  | 3.6% |
|  4.000% 2052-11-15  | 3.2% |

---

Direxion Daily 20+ Year Treasury Bear 3X Shares PAGE 2 TSR-AR-25460G849

------

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

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse leveraged (-3X) investment results, understand the** **risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is** **not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their** **portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report** **provides annual performance information, the Fund should not be expected to provide -300% of the return of the** **Index's cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily 20+ Year Treasury Bear 3X Shares PAGE 3 TSR-AR-25460G849

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily 20+ Year Treasury Bull 3X** **Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | TMF (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily 20+ Year Treasury Bull 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily 20+ Year Treasury Bull 3X Shares | $72 | 0.76% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily 20+ Year Treasury Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the performance of the ICE U.S. Treasury 20+ Year Bond Index. The ICE U.S. Treasury 20+ Year Bond Index is a market value weighted index that includes publicly issued U.S. Treasury securities that have a remaining maturity of greater than 20 years. Eligible securities must be fixed rate, denominated in U.S. dollars, and have $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve. Securities excluded from the Index are inflation-linked securities, Treasury bills, cash management bills, any government agency debt issued with or without a government guarantee and zero-coupon issues that have been stripped from coupon-paying bonds.

Over the Annual Period, long-term Treasury yields reflected shifting market expectations for inflation, growth, and the long-run path of Federal Reserve policy. Periods of rising yields were driven by concerns about persistent inflation pressures, elevated Treasury issuance, and an increase in the term premium demanded by investors. Conversely, softer economic data, moderating inflation readings, and heightened risk aversion supported demand for long-duration government bonds at other points in the year. Volatility across the long end of the curve remained elevated as markets reassessed the equilibrium level of real rates and long-horizon fiscal conditions. Overall, the index captured how macroeconomic developments, monetary-policy uncertainty, and supply dynamics influenced long-term Treasury yields throughout the Annual Period.

For the Annual Period, the ICE U.S. Treasury 20+ Year Bond Index returned 2.05% and had volatility of 13.13%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily 20+ Year Treasury Bull 3X Shares returned -10.28%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the ICE U.S. Treasury 20+ Year Bond Index's volatility, provided a return of 0.94%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily 20+ Year Treasury Bull 3X Shares PAGE 1 TSR-AR-25460G138

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5956img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily 20+ Year Treasury Bull 3X Shares NAV**  | -10.28 | -33.46 | -13.06 |
| **S&P 500® Index**  | 21.45 | 17.64 | 14.64 |
| **ICE U.S. Treasury 20+ Year Bond Index**  | 2.05 | -7.86 | -0.31 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4514481990 |
| **Number of Holdings** | 14 |
| **Net Advisory Fee** | $32837937 |
| **Portfolio Turnover** | 142% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 228.1% |
|  Investment Companies  | 71.9% |
|  Total (as % of net assets)  | 300.0% |

---

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

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  4.750% 2055-05-15  | 4.5% |
|  4.750% 2055-08-15  | 4.4% |
|  4.625% 2054-05-15  | 4.4% |
|  4.625% 2055-02-15  | 4.3% |
|  4.500% 2054-11-15  | 4.3% |
|  4.750% 2053-11-15  | 4.3% |
|  4.250% 2054-08-15  | 4.1% |
|  4.250% 2054-02-15  | 4.1% |
|  4.250% 2053-08-15  | 3.6% |
|  4.000% 2052-11-15  | 3.2% |

---

Direxion Daily 20+ Year Treasury Bull 3X Shares PAGE 2 TSR-AR-25460G138

------

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

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily 20+ Year Treasury Bull 3X Shares PAGE 3 TSR-AR-25460G138

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily 7-10 Year Treasury Bear 3X** **Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | TYO (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily 7-10 Year Treasury Bear 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily 7-10 Year Treasury Bear 3X Shares | $93 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily 7-10 Year Treasury Bear 3X Shares seeks daily investment results, before fees and expenses, of -300% of the performance of the ICE U.S. Treasury 7-10 Year Bond Index. The ICE U.S. Treasury 7-10 Year Bond Index is a market value weighted index that includes publicly issued U.S. Treasury securities that have a remaining maturity of greater than seven years and less than or equal to ten years. Eligible securities must be fixed rate, denominated in U.S. dollars, and have $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve. Securities excluded from the Index are zero-coupon STRIPS, inflation linked securities, floating rate notes, cash management and Treasury bills, and any government agency debt issued with or without a government guarantee.

Over the Annual Period, intermediate-term Treasury yields were influenced by shifting expectations for Federal Reserve policy, inflation trends, and labor-market conditions. Periods of rising yields reflected market assessments of persistent inflation pressures and uncertainty around the timing of potential rate cuts, while softer economic data and easing inflation supported yield declines at other points in the year. Investor demand for high-quality duration exposure fluctuated as risk sentiment moved between risk-on and risk-off environments. Auction results, term-premium dynamics, and Treasury supply activity also contributed to movements within the maturity segment. Overall, the index captured how macroeconomic developments and monetary-policy adjustments shaped intermediate-term U.S. Treasury yields over the Annual Period.

For the Annual Period, the ICE U.S. Treasury 7-10 Year Bond Index returned 6.55% and had volatility of 6.07%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily 7-10 Year Treasury Bear 3X Shares returned -3.66%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the ICE U.S. Treasury 7-10 Year Bond Index's volatility, provided a return of -19.09%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily 7-10 Year Treasury Bear 3X Shares PAGE 1 TSR-AR-25459W557

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5954img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily 7-10 Year Treasury Bear 3X Shares NAV**  | -3.66 | 12.56 | -0.99 |
| **S&P 500® Index**  | 21.45 | 17.64 | 14.64 |
| **ICE U.S. Treasury 7-10 Year Bond Index**  | 6.55 | -1.74 | 1.27 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $9789656 |
| **Number of Holdings** | 6 |
| **Net Advisory Fee** | $75143 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -300.0% |
|  Total (as % of net assets)  | -300.0% |

---

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

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  4.625% 2035-02-15  | 8.3% |
|  4.375% 2034-05-15  | 8.3% |
|  4.250% 2034-11-15  | 8.2% |
|  4.250% 2035-05-15  | 8.2% |
|  4.250% 2035-08-15  | 8.1% |
|  4.500% 2033-11-15  | 7.9% |
|  4.000% 2034-02-15  | 7.9% |
|  3.875% 2034-08-15  | 7.9% |
|  3.875% 2033-08-15  | 7.1% |
|  4.125% 2032-11-15  | 6.7% |

---

Direxion Daily 7-10 Year Treasury Bear 3X Shares PAGE 2 TSR-AR-25459W557

------

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

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse leveraged (-3X) investment results, understand the** **risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is** **not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their** **portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report** **provides annual performance information, the Fund should not be expected to provide -300% of the return of the** **Index's cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily 7-10 Year Treasury Bear 3X Shares PAGE 3 TSR-AR-25459W557

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily 7-10 Year Treasury Bull 3X** **Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | TYD (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily 7-10 Year Treasury Bull 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily 7-10 Year Treasury Bull 3X Shares | $98 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily 7-10 Year Treasury Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the performance of the ICE U.S. Treasury 7-10 Year Bond Index. The ICE U.S. Treasury 7-10 Year Bond Index is a market value weighted index that includes publicly issued U.S. Treasury securities that have a remaining maturity of greater than seven years and less than or equal to ten years. Eligible securities must be fixed rate, denominated in U.S. dollars, and have $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve. Securities excluded from the Index are zero-coupon STRIPS, inflation linked securities, floating rate notes, cash management and Treasury bills, and any government agency debt issued with or without a government guarantee.

Over the Annual Period, intermediate-term Treasury yields were influenced by shifting expectations for Federal Reserve policy, inflation trends, and labor-market conditions. Periods of rising yields reflected market assessments of persistent inflation pressures and uncertainty around the timing of potential rate cuts, while softer economic data and easing inflation supported yield declines at other points in the year. Investor demand for high-quality duration exposure fluctuated as risk sentiment moved between risk-on and risk-off environments. Auction results, term-premium dynamics, and Treasury supply activity also contributed to movements within the maturity segment. Overall, the index captured how macroeconomic developments and monetary-policy adjustments shaped intermediate-term U.S. Treasury yields over the Annual Period.

For the Annual Period, the ICE U.S. Treasury 7-10 Year Bond Index returned 6.55% and had volatility of 6.07%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily 7-10 Year Treasury Bull 3X Shares returned 6.58%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the ICE U.S. Treasury 7-10 Year Bond Index's volatility, provided a return of 19.59%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily 7-10 Year Treasury Bull 3X Shares PAGE 1 TSR-AR-25459W565

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5955img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily 7-10 Year Treasury Bull 3X Shares NAV**  | 6.58 | -13.85 | -3.03 |
| **S&P 500® Index**  | 21.45 | 17.64 | 14.64 |
| **ICE U.S. Treasury 7-10 Year Bond Index**  | 6.55 | -1.74 | 1.27 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $50702133 |
| **Number of Holdings** | 8 |
| **Net Advisory Fee** | $413120 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 228.6% |
|  Investment Companies  | 71.4% |
|  Total (as % of net assets)  | 300.0% |

---

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

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  4.625% 2035-02-15  | 8.3% |
|  4.375% 2034-05-15  | 8.3% |
|  4.250% 2034-11-15  | 8.2% |
|  4.250% 2035-05-15  | 8.2% |
|  4.250% 2035-08-15  | 8.1% |
|  4.500% 2033-11-15  | 7.9% |
|  4.000% 2034-02-15  | 7.9% |
|  3.875% 2034-08-15  | 7.9% |
|  3.875% 2033-08-15  | 7.1% |
|  4.125% 2032-11-15  | 6.7% |

---

Direxion Daily 7-10 Year Treasury Bull 3X Shares PAGE 2 TSR-AR-25459W565

------

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

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily 7-10 Year Treasury Bull 3X Shares PAGE 3 TSR-AR-25459W565

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Aerospace & Defense Bull** **3X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | DFEN (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Aerospace & Defense Bull 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily Aerospace & Defense Bull 3X Shares | $168 | 0.92% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Aerospace & Defense Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the performance of the Dow Jones U.S. Select Aerospace & Defense Index. The Dow Jones U.S. Select Aerospace & Defense Index is provided by S&P Dow Jones Indices LLC. The Index attempts to measure the performance of the aerospace and defense industry of the U.S. equity market and is float-adjusted and market capitalization-weighted. Aerospace companies include manufacturers, assemblers and distributors of aircraft and aircraft parts. Defense companies include producers of components and equipment for the defense industry, such as military aircraft, radar equipment and weapons.

During the Annual Period, aerospace and defense companies were influenced by commercial-aircraft production trends, fleet-replacement cycles, and global defense spending priorities. Commercial manufacturers responded to order activity, backlog visibility, and progress toward stabilizing production systems. Defense contractors saw conditions shaped by multi-year procurement programs, geopolitical developments, and funding levels across air, land, and missile platforms. Supply-chain capacity, labor availability, and regulatory milestones contributed to variability across companies. Overall, the index reflected a mix of long-cycle defense demand and improvements in commercial-aircraft activity.

For the Annual Period, the Dow Jones U.S. Select Aerospace & Defense Index returned 51.35% and had volatility of 22.22%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Aerospace & Defense Bull 3X Shares returned 165.58%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Dow Jones U.S. Select Aerospace & Defense Index's volatility, provided a return of 198.51%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily Aerospace & Defense Bull 3X Shares PAGE 1 TSR-AR-25460E661

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5960img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(05/03/2017)** |
| **Direxion Daily Aerospace & Defense Bull 3X Shares** **NAV**  | 165.58 | 58.02 | 16.38 |
| **S&P 500® Index**  | 21.45 | 17.64 | 15.08 |
| **Dow Jones U.S. Select Aerospace & Defense Index**  | 51.35 | 24.96 | 14.60 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $394993086 |
| **Number of Holdings** | 50 |
| **Net Advisory Fee** | $1804362 |
| **Portfolio Turnover** | 90% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 232.6% |
|  Common Stocks  | 67.4% |
|  Total (as % of net assets)  | 300.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Aerospace & Defense  | 99.9% |
|  Leisure Products  | 0.1% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  GE Aerospace  | 21.4% |
|  RTX Corp.  | 15.6% |
|  Boeing Co.  | 7.2% |
|  Howmet Aerospace, Inc.  | 4.6% |
|  General Dynamics Corp.  | 4.4% |
|  Lockheed Martin Corp.  | 4.4% |
|  L3Harris Technologies, Inc.  | 4.3% |
|  TransDigm Group, Inc.  | 4.2% |
|  Northrop Grumman Corp.  | 4.2% |
|  Axon Enterprise, Inc.  | 4.1% |

---

Direxion Daily Aerospace & Defense Bull 3X Shares PAGE 2 TSR-AR-25460E661

------

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

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily Aerospace & Defense Bull 3X Shares PAGE 3 TSR-AR-25460E661

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Consumer Discretionary Bull** **3X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | WANT (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Consumer Discretionary Bull 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily Consumer Discretionary Bull 3X Shares | $113 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Consumer Discretionary Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the performance of the Consumer Discretionary Select Sector Index. The Consumer Discretionary Select Sector Index is provided by S&P Dow Jones Indices and includes domestic companies from the consumer discretionary sector which includes the following industries: specialty retail; broadline retail; hotels, restaurants and leisure; textiles, apparel and luxury goods; household durables; automobiles; automobile components; distributors; leisure products; and diversified consumer services.

Over the Annual Period, discretionary companies were influenced by labor-market conditions, real wage growth, and consumer sentiment. Retailers responded to promotional intensity, inventory cycles, and shifts in online vs. in-store spending. Automakers and parts suppliers saw results tied to vehicle affordability, supply-chain normalization, and product-cycle updates. Travel, leisure, and entertainment companies were shaped by service demand and pricing trends. Overall, the index reflected the sensitivity of discretionary spending to macroeconomic conditions and household purchasing power.

For the Annual Period, the Consumer Discretionary Select Sector Index returned 22.90% and had volatility of 24.67%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Consumer Discretionary Bull 3X Shares returned 38.05%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Consumer Discretionary Select Sector Index's volatility, provided a return of 55.32%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily Consumer Discretionary Bull 3X Shares PAGE 1 TSR-AR-25459Y801

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5966img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/29/2018)** |
| **Direxion Daily Consumer Discretionary Bull 3X Shares** **NAV**  | 38.05 | 8.14 | 11.77 |
| **S&P 500® Index**  | 21.45 | 17.64 | 15.96 |
| **Consumer Discretionary Select Sector Index**  | 22.90 | 11.90 | 13.46 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $23533737 |
| **Number of Holdings** | 56 |
| **Net Advisory Fee** | $177754 |
| **Portfolio Turnover** | 63% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 224.5% |
|  Common Stocks  | 75.5% |
|  Total (as % of net assets)  | 300.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Hotels, Restaurants & Leisure  | 23.3% |
|  Broadline Retail  | 24.6% |
|  Specialty Retail  | 19.7% |
|  Automobiles  | 24.0% |
|  Household Durables  | 3.6% |
|  Textiles, Apparel & Luxury Goods  | 3.4% |
|  Distributors  | 0.8% |
|  Automobile Components  | 0.4% |
|  Leisure Products  | 0.2% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Amazon.com, Inc.  | 23.7% |
|  Tesla, Inc.  | 21.2% |
|  The Home Depot, Inc.  | 6.3% |
|  McDonald's Corp.  | 4.3% |
|  Booking Holdings, Inc.  | 3.9% |
|  TJX Companies, Inc.  | 3.7% |
|  Lowe's Companies, Inc.  | 3.1% |
|  DoorDash, Inc.  | 2.2% |
|  Starbucks Corp.  | 2.2% |
|  O'Reilly Automotive, Inc.  | 1.9% |

---

Direxion Daily Consumer Discretionary Bull 3X Shares PAGE 2 TSR-AR-25459Y801

------

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

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily Consumer Discretionary Bull 3X Shares PAGE 3 TSR-AR-25459Y801

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Dow Jones Internet Bear 3X** **Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | WEBS (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Dow Jones Internet Bear 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily Dow Jones Internet Bear 3X Shares | $65 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Dow Jones Internet Bear 3X Shares seeks daily investment results, before fees and expenses, of -300% of the performance of the Dow Jones Internet Composite Index. The Dow Jones Internet Composite Index is provided by S&P Dow Jones Indices LLC and includes companies (which are defined as internet companies) that generate at least 50% of their annual sales/revenue from the internet as determined by the Index Provider.

Across the Annual Period, internet companies were influenced by digital-advertising demand, e-commerce trends, and shifts in cloud-based software adoption. Online retailers reacted to consumer-spending patterns, logistics efficiency, and promotional activity. Platforms driven by advertising and subscription models responded to engagement levels and marketing-budget allocations. Cloud-based service providers experienced continued enterprise adoption, shaped by application modernization and AI-enabled tools. Overall, the index reflected the evolving business models and demand drivers of companies centered on internet-based activity.

For the Annual Period, the Dow Jones Internet Composite Index returned 29.96% and had volatility of 25.09%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Dow Jones Internet Bear 3X Shares returned -63.35%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Dow Jones Internet Composite Index's volatility, provided a return of -69.14%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5972img003.jpg)

Direxion Daily Dow Jones Internet Bear 3X Shares PAGE 1 TSR-AR-25461A486

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/07/2019)** |
| **Direxion Daily Dow Jones Internet Bear 3X Shares NAV**  | -63.35 | -46.21 | -55.37 |
| **S&P 500® Index**  | 21.45 | 17.64 | 16.07 |
| **Dow Jones Internet Composite Index**  | 29.96 | 9.27 | 13.99 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $10403183 |
| **Number of Holdings** | 6 |
| **Net Advisory Fee** | $73756 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -300.0% |
|  Total (as % of net assets)  | -300.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Interactive Media & Services  | 20.3% |
|  Software  | 14.0% |
|  Hotels, Restaurants & Leisure  | 12.0% |
|  Broadline Retail  | 12.0% |
|  Entertainment  | 11.7% |
|  Communications Equipment  | 11.7% |
|  IT Services  | 10.2% |
|  Financial Services  | 2.5% |
|  Health Care Technology  | 1.7% |
|  Specialty Retail  | 1.6% |
|  Other  | 2.3% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Amazon.com, Inc.  | 10.6% |
|  Netflix, Inc.  | 8.9% |
|  Meta Platforms, Inc.  | 8.6% |
|  Alphabet, Inc. Class A  | 6.5% |
|  Cisco Systems, Inc.  | 5.4% |
|  Alphabet, Inc. Class C  | 5.2% |
|  Salesforce, Inc.  | 4.8% |
|  Arista Networks, Inc.  | 4.7% |
|  Booking Holdings, Inc.  | 4.2% |
|  DoorDash, Inc.  | 3.6% |

---

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

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse leveraged (-3X) investment results, understand the** **risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is** **not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their** **portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report** **provides annual performance information, the Fund should not be expected to provide -300% of the return of the** **Index's cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily Dow Jones Internet Bear 3X Shares PAGE 2 TSR-AR-25461A486

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Dow Jones Internet Bull 3X** **Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | WEBL (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Dow Jones Internet Bull 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily Dow Jones Internet Bull 3X Shares | $122 | 0.93% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Dow Jones Internet Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the performance of the Dow Jones Internet Composite Index. The Dow Jones Internet Composite Index is provided by S&P Dow Jones Indices LLC and includes companies (which are defined as internet companies) that generate at least 50% of their annual sales/revenue from the internet as determined by the Index Provider.

Across the Annual Period, internet companies were influenced by digital-advertising demand, e-commerce trends, and shifts in cloud-based software adoption. Online retailers reacted to consumer-spending patterns, logistics efficiency, and promotional activity. Platforms driven by advertising and subscription models responded to engagement levels and marketing-budget allocations. Cloud-based service providers experienced continued enterprise adoption, shaped by application modernization and AI-enabled tools. Overall, the index reflected the evolving business models and demand drivers of companies centered on internet-based activity.

For the Annual Period, the Dow Jones Internet Composite Index returned 29.96% and had volatility of 25.09%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Dow Jones Internet Bull 3X Shares returned 62.15%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Dow Jones Internet Composite Index's volatility, provided a return of 82.14%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5971img003.jpg)

Direxion Daily Dow Jones Internet Bull 3X Shares PAGE 1 TSR-AR-25460E364

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/07/2019)** |
| **Direxion Daily Dow Jones Internet Bull 3X Shares NAV**  | 62.15 | -5.29 | 5.62 |
| **S&P 500® Index**  | 21.45 | 17.64 | 16.07 |
| **Dow Jones Internet Composite Index**  | 29.96 | 9.27 | 13.99 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $145385754 |
| **Number of Holdings** | 47 |
| **Net Advisory Fee** | $1143897 |
| **Portfolio Turnover** | 60% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 230.7% |
|  Common Stocks  | 69.3% |
|  Total (as % of net assets)  | 300.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Interactive Media & Services  | 20.3% |
|  Software  | 14.0% |
|  Hotels, Restaurants & Leisure  | 12.0% |
|  Broadline Retail  | 12.0% |
|  Entertainment  | 11.7% |
|  Communications Equipment  | 11.7% |
|  IT Services  | 10.2% |
|  Financial Services  | 2.5% |
|  Health Care Technology  | 1.7% |
|  Specialty Retail  | 1.6% |
|  Other  | 2.3% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Amazon.com, Inc.  | 10.6% |
|  Netflix, Inc.  | 8.9% |
|  Meta Platforms, Inc.  | 8.6% |
|  Alphabet, Inc. Class A  | 6.5% |
|  Cisco Systems, Inc.  | 5.4% |
|  Alphabet, Inc. Class C  | 5.2% |
|  Salesforce, Inc.  | 4.8% |
|  Arista Networks, Inc.  | 4.7% |
|  Booking Holdings, Inc.  | 4.2% |
|  DoorDash, Inc.  | 3.6% |

---

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

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily Dow Jones Internet Bull 3X Shares PAGE 2 TSR-AR-25460E364

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Financial Bear 3X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | FAZ (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Financial Bear 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily Financial Bear 3X Shares | $75 | 0.92% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Financial Bear 3X Shares seeks daily investment results, before fees and expenses, of -300% of the performance of the Financial Select Sector Index. The Financial Select Sector Index is provided by S&P Dow Jones Indices and includes securities of companies from the following industries: Banks; Thrifts & Mortgage Finance; Diversified Financial Services; Consumer Finance; Capital Markets; Insurance; and Mortgage Real Estate Investment Trusts (REITs).

Over the Annual Period, financial companies were influenced by interest-rate dynamics, lending trends, and credit conditions. Large banks responded to deposit flows, net-interest margins, and loan demand, while capital-market firms were affected by trading activity, underwriting volumes, and asset-management trends. Insurers were influenced by claim activity, investment income, and pricing conditions. Consumer-finance companies reacted to household balance-sheet strength and shifts in credit quality. Overall, the index captured the interplay of monetary policy, economic activity, and risk appetite across the financial sector.

For the Annual Period, the Financial Select Sector Index returned 14.25% and had volatility of 20.25%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Financial Bear 3X Shares returned -37.34%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Financial Select Sector Index's volatility, provided a return of -52.00%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5977img003.jpg)

Direxion Daily Financial Bear 3X Shares PAGE 1 TSR-AR-25460E216

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily Financial Bear 3X Shares NAV**  | -37.34 | -46.90 | -44.00 |
| **Financial Select Sector Index**  | 14.25 | 19.21 | 12.60 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $131524721 |
| **Number of Holdings** | 8 |
| **Net Advisory Fee** | $795022 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -300.0% |
|  Total (as % of net assets)  | -300.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Financial Services  | 29.2% |
|  Banks  | 27.0% |
|  Capital Markets  | 25.8% |
|  Insurance  | 13.1% |
|  Consumer Finance  | 4.9% |

---

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

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse leveraged (-3X) investment results, understand the** **risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is** **not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their** **portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report** **provides annual performance information, the Fund should not be expected to provide -300% of the return of the** **Index's cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily Financial Bear 3X Shares PAGE 2 TSR-AR-25460E216

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Financial Bull 3X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | FAS (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Financial Bull 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily Financial Bull 3X Shares | $93 | 0.86% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Financial Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the performance of the Financial Select Sector Index. The Financial Select Sector Index is provided by S&P Dow Jones Indices and includes securities of companies from the following industries: Banks; Thrifts & Mortgage Finance; Diversified Financial Services; Consumer Finance; Capital Markets; Insurance; and Mortgage Real Estate Investment Trusts (REITs).

Over the Annual Period, financial companies were influenced by interest-rate dynamics, lending trends, and credit conditions. Large banks responded to deposit flows, net-interest margins, and loan demand, while capital-market firms were affected by trading activity, underwriting volumes, and asset-management trends. Insurers were influenced by claim activity, investment income, and pricing conditions. Consumer-finance companies reacted to household balance-sheet strength and shifts in credit quality. Overall, the index captured the interplay of monetary policy, economic activity, and risk appetite across the financial sector.

For the Annual Period, the Financial Select Sector Index returned 14.25% and had volatility of 20.25%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Financial Bull 3X Shares returned 17.19%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Financial Select Sector Index's volatility, provided a return of 39.35%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5976img003.jpg)

Direxion Daily Financial Bull 3X Shares PAGE 1 TSR-AR-25459Y694

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily Financial Bull 3X Shares NAV**  | 17.19 | 38.36 | 19.22 |
| **Financial Select Sector Index**  | 14.25 | 19.21 | 12.60 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2475081889 |
| **Number of Holdings** | 87 |
| **Net Advisory Fee** | $18316358 |
| **Portfolio Turnover** | 66% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 223.5% |
|  Common Stocks  | 76.5% |
|  Total (as % of net assets)  | 300.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Financial Services  | 29.2% |
|  Banks  | 27.0% |
|  Capital Markets  | 25.8% |
|  Insurance  | 13.1% |
|  Consumer Finance  | 4.9% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Berkshire Hathaway Class B  | 11.7% |
|  JPMorgan Chase & Co.  | 11.4% |
|  Visa, Inc. Class A  | 7.7% |
|  MasterCard, Inc. Class A  | 6.1% |
|  Bank of America Corp.  | 4.9% |
|  Wells Fargo & Co.  | 3.7% |
|  Goldman Sachs Group, Inc.  | 3.2% |
|  Morgan Stanley  | 2.7% |
|  American Express Co.  | 2.6% |
|  Citigroup, Inc.  | 2.5% |

---

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

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily Financial Bull 3X Shares PAGE 2 TSR-AR-25459Y694

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily FTSE China Bear 3X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | YANG (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily FTSE China Bear 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily FTSE China Bear 3X Shares | $62 | 0.94% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily FTSE China Bear 3X Shares seeks daily investment results, before fees and expenses, of -300% of the performance of the FTSE China 50 Index. The FTSE China 50 Index consists of the 50 largest and most liquid public Chinese companies currently trading on the Hong Kong Stock Exchange as determined by FTSE/Russell.

Over the Annual Period, the index reflected a mixed outlook for large-cap Chinese equities amid shifting expectations for economic stimulus, continued property-sector uncertainty, and evolving global demand conditions. Financials and property-linked names remained sensitive to credit conditions and stability efforts aimed at supporting the housing market. Large internet and platform companies experienced periods of improved sentiment tied to regulatory stabilization and visibility around earnings. Export-oriented industries benefited intermittently from global technology and manufacturing cycles. Currency movements and geopolitical developments added additional layers of volatility. Overall, the index captured the balance between cyclical opportunities and structural challenges facing China's largest offshore-listed corporations.

For the Annual Period, the FTSE China 50 Index returned 30.44% and had volatility of 29.09%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily FTSE China Bear 3X Shares returned -67.12%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the FTSE China 50 Index's volatility, provided a return of -72.33%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5978img003.jpg)

Direxion Daily FTSE China Bear 3X Shares PAGE 1 TSR-AR-25461A460

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily FTSE China Bear 3X Shares NAV**  | -67.12 | -42.52 | -39.86 |
| **S&P 500® Index**  | 21.45 | 17.64 | 14.64 |
| **FTSE China 50 Index**  | 30.44 | 1.06 | 3.67 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $234366744 |
| **Number of Holdings** | 7 |
| **Net Advisory Fee** | $1737575 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -300.0% |
|  Total (as % of net assets)  | -300.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Consumer Discretionary  | 31.2% |
|  Financials  | 30.6% |
|  Communication Services  | 18.5% |
|  Energy  | 4.3% |
|  Information Technology  | 7.1% |
|  Materials  | 2.7% |
|  Health Care  | 2.0% |
|  Industrials  | 1.4% |
|  Consumer Staples  | 1.0% |
|  Real Estate  | 0.9% |
|  Utilities  | 0.3% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Alibaba Group Holding Ltd.  | 10.1% |
|  Tencent Holdings Ltd.  | 9.0% |
|  Xiaomi Corp.  | 6.9% |
|  China Construction Bank Corp. Class H  | 6.8% |
|  Meituan Class B  | 5.0% |
|  Industrial & Commercial Bank of China Ltd.  | 4.6% |
|  NetEase, Inc.  | 3.9% |
|  BYD  | 3.8% |
|  Ping An Insurance Group Comapny of China Ltd.  | 3.8% |
|  Trip.com Group Ltd.  | 3.5% |

---

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

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse leveraged (-3X) investment results, understand the** **risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is** **not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their** **portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report** **provides annual performance information, the Fund should not be expected to provide -300% of the return of the** **Index's cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily FTSE China Bear 3X Shares PAGE 2 TSR-AR-25461A460

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily FTSE China Bull 3X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | YINN (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily FTSE China Bull 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily FTSE China Bull 3X Shares | $115 | 0.93% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily FTSE China Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the performance of the FTSE China 50 Index. The FTSE China 50 Index consists of the 50 largest and most liquid public Chinese companies currently trading on the Hong Kong Stock Exchange as determined by FTSE/Russell.

Over the Annual Period, the index reflected a mixed outlook for large-cap Chinese equities amid shifting expectations for economic stimulus, continued property-sector uncertainty, and evolving global demand conditions. Financials and property-linked names remained sensitive to credit conditions and stability efforts aimed at supporting the housing market. Large internet and platform companies experienced periods of improved sentiment tied to regulatory stabilization and visibility around earnings. Export-oriented industries benefited intermittently from global technology and manufacturing cycles. Currency movements and geopolitical developments added additional layers of volatility. Overall, the index captured the balance between cyclical opportunities and structural challenges facing China's largest offshore-listed corporations.

For the Annual Period, the FTSE China 50 Index returned 30.44% and had volatility of 29.09%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily FTSE China Bull 3X Shares returned 46.60%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the FTSE China 50 Index's volatility, provided a return of 67.86%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5980img003.jpg)

Direxion Daily FTSE China Bull 3X Shares PAGE 1 TSR-AR-25460G195

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily FTSE China Bull 3X Shares NAV**  | 46.60 | -31.28 | -18.90 |
| **S&P 500® Index**  | 21.45 | 17.64 | 14.64 |
| **FTSE China 50 Index**  | 30.44 | 1.06 | 3.67 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $939125738 |
| **Number of Holdings** | 13 |
| **Net Advisory Fee** | $10429513 |
| **Portfolio Turnover** | 147% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 245.9% |
|  Investment Companies  | 54.1% |
|  Total (as % of net assets)  | 300.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Consumer Discretionary  | 31.2% |
|  Financials  | 30.6% |
|  Communication Services  | 18.5% |
|  Energy  | 4.3% |
|  Information Technology  | 7.1% |
|  Materials  | 2.7% |
|  Health Care  | 2.0% |
|  Industrials  | 1.4% |
|  Consumer Staples  | 1.0% |
|  Real Estate  | 0.9% |
|  Utilities  | 0.3% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Alibaba Group Holding Ltd.  | 10.1% |
|  Tencent Holdings Ltd.  | 9.0% |
|  Xiaomi Corp.  | 6.9% |
|  China Construction Bank Corp. Class H  | 6.8% |
|  Meituan Class B  | 5.0% |
|  Industrial & Commercial Bank of China Ltd.  | 4.6% |
|  NetEase, Inc.  | 3.9% |
|  BYD  | 3.8% |
|  Ping An Insurance Group Comapny of China Ltd.  | 3.8% |
|  Trip.com Group Ltd.  | 3.5% |

---

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

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily FTSE China Bull 3X Shares PAGE 2 TSR-AR-25460G195

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily FTSE Europe Bull 3X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | EURL (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily FTSE Europe Bull 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily FTSE Europe Bull 3X Shares | $121 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily FTSE Europe Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the performance of the FTSE Developed Europe All Cap Index. The FTSE Developed Europe All Cap Index is a market capitalization weighted index that is designed to measure the equity market performance of large-, mid- and small-cap companies in developed markets in Europe.

Over the Annual Period, European equities responded to shifting growth expectations, evolving inflation trends, and changing views of European Central Bank policy. Financials and industrials were influenced by credit conditions, manufacturing activity, and cross-border trade flows. Consumer-oriented companies were affected by real income trends, energy prices, and changing household sentiment. Healthcare and staples exhibited steadier contributions, reflecting their defensive characteristics. Geopolitical developments and currency movements introduced periodic volatility. Overall, the index captured the interplay of cyclical recovery, policy signals, and structural economic dynamics across developed Europe.

For the Annual Period, the FTSE Developed Europe All Cap Index returned 23.75% and had volatility of 17.17%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily FTSE Europe Bull 3X Shares returned 54.49%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the FTSE Developed Europe All Cap Index's volatility, provided a return of 72.88%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5979img003.jpg)

Direxion Daily FTSE Europe Bull 3X Shares PAGE 1 TSR-AR-25459Y280

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily FTSE Europe Bull 3X Shares NAV**  | 54.49 | 22.77 | 4.27 |
| **FTSE Developed Europe All Cap Index**  | 23.75 | 13.62 | 7.70 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $32998680 |
| **Number of Holdings** | 9 |
| **Net Advisory Fee** | $254471 |
| **Portfolio Turnover** | 41% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 251.5% |
|  Investment Companies  | 48.5% |
|  Total (as % of net assets)  | 300.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  United Kingdom  | 22.4% |
|  France  | 14.3% |
|  Switzerland  | 14.1% |
|  Germany  | 13.8% |
|  Netherlands  | 8.7% |
|  Sweden  | 5.5% |
|  Spain  | 5.3% |
|  Italy  | 5.1% |
|  Denmark  | 2.9% |
|  Belgium  | 1.5% |
|  Other  | 6.4% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  ASML Holding N.V.  | 2.9% |
|  SAP SE  | 1.9% |
|  AstraZeneca PLC  | 1.7% |
|  HSBC Holdings PLC  | 1.7% |
|  Nestle SA  | 1.7% |
|  Novartis AG  | 1.6% |
|  Roche Holding AG  | 1.6% |
|  Shell PLC  | 1.5% |
|  Siemens AG  | 1.5% |
|  LVMH Moet Hennessy Louis Vuitton SE  | 1.3% |

---

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

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily FTSE Europe Bull 3X Shares PAGE 2 TSR-AR-25459Y280

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Healthcare Bull 3X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | CURE (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Healthcare Bull 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily Healthcare Bull 3X Shares | $83 | 0.91% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Healthcare Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the performance of the Health Care Select Sector Index. The Health Care Select Sector Index is provided by S&P Dow Jones Indices LLC and includes domestic companies from the healthcare sector, which includes the following industries: pharmaceuticals; healthcare equipment and supplies; healthcare providers and services; biotechnology; life sciences tools and services; and healthcare technology.

Over the Annual Period, health-care companies saw mixed conditions across industries. Medical-devices and equipment firms benefited from procedure-volume recovery and innovation cycles. Managed-care organizations responded to reimbursement changes, medical-cost trends, and regulatory developments. Pharmaceutical and biotech companies experienced stock-level dispersion tied to clinical-trial results, product pipelines, and patent cycles. Life-sciences tools and services companies were influenced by research budgets and spending in biotech and academia. Overall, the index reflected the defensive characteristics of healthcare combined with the idiosyncratic opportunities and risks inherent in innovation-driven industries.

For the Annual Period, the Health Care Select Sector Index returned -0.03% and had volatility of 17.10%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Healthcare Bull 3X Shares returned -18.60%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Health Care Select Sector Index's volatility, provided a return of -8.50%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5986img003.jpg)

Direxion Daily Healthcare Bull 3X Shares PAGE 1 TSR-AR-25459Y876

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily Healthcare Bull 3X Shares NAV**  | -18.60 | 11.49 | 11.58 |
| **S&P 500® Index**  | 21.45 | 17.64 | 14.64 |
| **Health Care Select Sector Index**  | -0.03 | 9.07 | 9.21 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $183297236 |
| **Number of Holdings** | 67 |
| **Net Advisory Fee** | $1189173 |
| **Portfolio Turnover** | 1% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 231.2% |
|  Common Stocks  | 68.8% |
|  Total (as % of net assets)  | 300.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Pharmaceuticals  | 31.8% |
|  Health Care Equipment & Supplies  | 22.2% |
|  Health Care Providers & Services  | 18.3% |
|  Biotechnology  | 17.6% |
|  Life Sciences Tools & Services  | 10.1% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Eli Lilly & Co.  | 13.1% |
|  Johnson & Johnson  | 8.7% |
|  AbbVie, Inc.  | 7.4% |
|  UnitedHealth Group, Inc.  | 5.9% |
|  Abbott Laboratories  | 4.1% |
|  Merck & Co., Inc.  | 4.1% |
|  Thermo Fisher Scientific, Inc.  | 4.1% |
|  Intuitive Surgical, Inc.  | 3.7% |
|  Amgen, Inc.  | 3.1% |
|  Boston Scientific Corp.  | 2.9% |

---

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

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily Healthcare Bull 3X Shares PAGE 2 TSR-AR-25459Y876

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Homebuilders & Supplies** **Bull 3X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | NAIL (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Homebuilders & Supplies Bull 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily Homebuilders & Supplies Bull 3X Shares | $67 | 0.92% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Homebuilders and Supplies Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the performance of the Dow Jones U.S. Select Home Construction Index. The Dow Jones U.S. Select Home Construction Index measures U.S companies in the home construction sector that provide a wide range of products and services related to homebuilding, including home construction and producers, sellers and suppliers of building materials, furnishings and fixtures and also home improvement retailers.

During the Annual Period, home-construction companies were influenced by mortgage-rate movements, household formation trends, and the supply-demand balance in the housing market. Builders responded to shifts in affordability, order trends, and backlog levels. Building-products manufacturers and suppliers were affected by renovation activity, commodity-input costs, and channel inventories. Home-improvement retailers saw performance tied to consumer spending on repair, maintenance, and discretionary projects. Overall, the index reflected the combined impact of interest rates, labor availability, and housing-market fundamentals.

For the Annual Period, the Dow Jones U.S. Select Home Construction Index returned -12.40% and had volatility of 29.18%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Homebuilders and Supplies Bull 3X Shares returned -53.80%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Dow Jones U.S. Select Home Construction Index's volatility, provided a return of -47.69%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily Homebuilders & Supplies Bull 3X Shares PAGE 1 TSR-AR-25490K596

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5985img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily Homebuilders & Supplies Bull 3X** **Shares NAV**  | -53.80 | 8.67 | 7.74 |
| **S&P 500® Index**  | 21.45 | 17.64 | 14.64 |
| **Dow Jones U.S. Select Home Construction Index**  | -12.40 | 15.53 | 15.19 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $605466377 |
| **Number of Holdings** | 54 |
| **Net Advisory Fee** | $2826242 |
| **Portfolio Turnover** | 63% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 228.9% |
|  Common Stocks  | 71.1% |
|  Total (as % of net assets)  | 300.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Household Durables  | 66.6% |
|  Building Products  | 16.7% |
|  Specialty Retail  | 10.5% |
|  Chemicals  | 4.9% |
|  Construction Materials  | 1.3% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  D.R. Horton, Inc.  | 14.8% |
|  Lennar Corp. Class A  | 10.1% |
|  PulteGroup, Inc.  | 8.5% |
|  NVR, Inc.  | 7.4% |
|  The Sherwin Williams Co.  | 4.9% |
|  Toll Brothers, Inc.  | 4.8% |
|  The Home Depot, Inc.  | 4.6% |
|  Lowe's Companies, Inc.  | 4.5% |
|  TopBuild Corp.  | 4.2% |
|  Lennox International, Inc.  | 3.0% |

---

Direxion Daily Homebuilders & Supplies Bull 3X Shares PAGE 2 TSR-AR-25490K596

------

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

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily Homebuilders & Supplies Bull 3X Shares PAGE 3 TSR-AR-25490K596

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Industrials Bull 3X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | DUSL (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Industrials Bull 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily Industrials Bull 3X Shares | $109 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Industrial Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the performance of the Industrial Select Sector Index. The Industrials Select Sector Index is provided by S&P Dow Jones Indices and includes domestic companies from the industrials sector which includes the following industries: aerospace and defense; industrial conglomerates; marine; transportation infrastructure; machinery; road and rail; air freight and logistics; commercial services and supplies; professional services; electrical equipment; construction and engineering; trading companies and distributors; airlines; and building products.

Over the Annual Period, industrial companies responded to shifts in manufacturing activity, capital-expenditure cycles, and supply-chain realignment. Aerospace and defense companies experienced steady demand supported by global security and aircraft backlogs. Transportation firms were influenced by freight trends, fuel costs, and logistics bottlenecks. Machinery and equipment manufacturers reacted to corporate investment priorities and international trade dynamics. Overall, the index reflected the cyclical nature of the United States industrial economy and the longer-term impacts of reshoring and infrastructure spending.

For the Annual Period, the Industrial Select Sector Index returned 17.71% and had volatility of 19.26%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Industrial Bull 3X Shares returned 30.04%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Industrial Select Sector Index's volatility, provided a return of 46.13%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5987img003.jpg)

Direxion Daily Industrials Bull 3X Shares PAGE 1 TSR-AR-25460E737

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(05/03/2017)** |
| **Direxion Daily Industrials Bull 3X Shares NAV**  | 30.04 | 34.97 | 15.64 |
| **S&P 500® Index**  | 21.45 | 17.64 | 15.08 |
| **Industrial Select Sector Index**  | 17.71 | 17.27 | 12.53 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $37867743 |
| **Number of Holdings** | 87 |
| **Net Advisory Fee** | $273155 |
| **Portfolio Turnover** | 44% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 232.5% |
|  Common Stocks  | 67.5% |
|  Total (as % of net assets)  | 300.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Aerospace & Defense  | 27.0% |
|  Machinery  | 19.2% |
|  Electrical Equipment  | 10.8% |
|  Ground Transportation  | 10.6% |
|  Professional Services  | 6.1% |
|  Building Products  | 6.0% |
|  Commercial Services & Supplies  | 5.4% |
|  Industrial Conglomerates  | 4.6% |
|  Air Freight & Logistics  | 3.4% |
|  Trading Companies & Distributors  | 3.1% |
|  Other  | 3.8% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  GE Aerospace  | 6.9% |
|  Caterpillar, Inc.  | 5.7% |
|  RTX Corp.  | 5.0% |
|  Uber Technologies, Inc.  | 4.2% |
|  GE Vernova, Inc  | 3.4% |
|  Boeing Co.  | 3.2% |
|  Eaton Corporation PLC ADR  | 3.1% |
|  Union Pacific Corp.  | 2.8% |
|  Honeywell International, Inc.  | 2.7% |
|  Deere & Co.  | 2.5% |

---

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

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily Industrials Bull 3X Shares PAGE 2 TSR-AR-25460E737

------

**HOUSEHOLDING**

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

Direxion Daily Industrials Bull 3X Shares PAGE 3 TSR-AR-25460E737

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Mid Cap Bull 3X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | MIDU (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Mid Cap Bull 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily Mid Cap Bull 3X Shares | $92 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Mid Cap Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the performance of the S&P Mid Cap 400® Index. The S&P MidCap 400® Index is a float-adjusted market capitalization weighted index that measures the performance of 400 mid-sized companies in the United States.

Throughout the Annual Period, the index reflected the balance between cyclical economic exposure and the operational resilience often seen in mid-sized companies. Industrials, materials, and consumer discretionary companies were influenced by capital-spending trends, manufacturing activity, and household income dynamics. Financials responded to lending conditions, net-interest-margin trends, and credit quality. Technology and communication services names contributed as innovation spending extended into areas such as enterprise software, data services, and niche hardware applications. Valuation sensitivity and shifting expectations around interest-rate policy introduced intermittent volatility. Overall, the index captured the diverse and economically responsive nature of the United States mid-cap market.

For the Annual Period, the S&P Mid Cap 400® Index returned 6.38% and had volatility of 21.28%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Mid Cap Bull 3X Shares returned -6.44%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the S&P Mid Cap 400® Index's volatility, provided a return of 5.30%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5994img003.jpg)

Direxion Daily Mid Cap Bull 3X Shares PAGE 1 TSR-AR-25459W730

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily Mid Cap Bull 3X Shares NAV**  | -6.44 | 17.39 | 8.88 |
| **S&P Mid Cap 400® Index**  | 6.38 | 13.02 | 10.17 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $71198886 |
| **Number of Holdings** | 407 |
| **Net Advisory Fee** | $629003 |
| **Portfolio Turnover** | 48% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 224.5% |
|  Common Stocks  | 75.5% |
|  Total (as % of net assets)  | 300.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Industrials  | 24.3% |
|  Financials  | 16.0% |
|  Information Technology  | 14.4% |
|  Consumer Discretionary  | 11.8% |
|  Health Care  | 8.9% |
|  Real Estate  | 6.5% |
|  Materials  | 4.8% |
|  Consumer Staples  | 4.5% |
|  Energy  | 3.9% |
|  Utilities  | 3.5% |
|  Communication Services  | 1.4% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Comfort Systems USA, Inc.  | 1.1% |
|  Pure Storage, Inc.  | 1.0% |
|  Ciena Corp.  | 0.9% |
|  Flex Ltd. ADR  | 0.8% |
|  Curtiss-Wright Corp.  | 0.7% |
|  Twilio, Inc.  | 0.7% |
|  Coherent Corp.  | 0.7% |
|  United Therapeutics Corp.  | 0.6% |
|  Guidewire Software, Inc.  | 0.6% |
|  BWX Technologies, Inc.  | 0.6% |

---

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

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily Mid Cap Bull 3X Shares PAGE 2 TSR-AR-25459W730

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily MSCI Emerging Markets** **Bear 3X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | EDZ (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily MSCI Emerging Markets Bear 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily MSCI Emerging Markets Bear 3X Shares | $70 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily MSCI Emerging Markets Bear 3X Shares seeks daily investment results, before fees and expenses, of -300% of the performance of the MSCI Emerging Markets Index. The MSCI Emerging Market IndexSM is a free float-adjusted market capitalization weighted index that is designed to represent the performance of large- and mid-capitalization securities across emerging markets countries.

During the Annual Period, emerging markets equities reflected a mix of improving global risk sentiment and persistent country-specific divergences. Asian markets tied to the semiconductor and technology supply chain benefited from strong demand for artificial intelligence components and advanced manufacturing inputs. Latin America saw intermittent strength due to elevated real yields and stabilization in inflation. Commodity-linked markets were influenced by fluctuations in global demand and currency movements. Political risk, reform momentum, and macro policy shifts contributed to wide dispersion across countries. Overall, the index captured both the opportunities and uncertainties shaping emerging-market performance.

For the Annual Period, the MSCI Emerging Markets Index returned 27.91% and had volatility of 18.08%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily MSCI Emerging Markets Bear 3X Shares returned -53.44%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the MSCI Emerging Markets Index's volatility, provided a return of -60.58%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily MSCI Emerging Markets Bear 3X Shares PAGE 1 TSR-AR-25461H861

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5997img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily MSCI Emerging Markets Bear 3X Shares** **NAV**  | -53.44 | -25.16 | -32.21 |
| **MSCI Emerging Markets Index**  | 27.91 | 7.46 | 7.69 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $13774091 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $59560 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -300.0% |
|  Total (as % of net assets)  | -300.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  China  | 26.4% |
|  Taiwan, Province Of China  | 20.4% |
|  India  | 15.2% |
|  Korea, Republic of  | 12.9% |
|  Brazil  | 4.1% |
|  Saudi Arabia  | 3.2% |
|  South Africa  | 2.9% |
|  Mexico  | 1.9% |
|  United Arab Emirates  | 1.4% |
|  Malaysia  | 1.1% |
|  Other  | 10.5% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 11.9% |
|  Tencent Holdings Ltd.  | 5.1% |
|  Alibaba Group Holding Ltd.  | 3.6% |
|  Samsung Electronics Co. Ltd.  | 3.5% |
|  SK Hynix, Inc.  | 2.1% |
|  HDFC Bank  | 1.2% |
|  Hon Hai Precision Industry Co., Ltd.  | 1.0% |
|  Reliance Industries Ltd.  | 1.0% |
|  PDD Holdings, Inc. ADR  | 0.9% |
|  Xiaomi Corp.  | 0.9% |

---

Direxion Daily MSCI Emerging Markets Bear 3X Shares PAGE 2 TSR-AR-25461H861

------

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

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse leveraged (-3X) investment results, understand the** **risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is** **not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their** **portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report** **provides annual performance information, the Fund should not be expected to provide -300% of the return of the** **Index's cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily MSCI Emerging Markets Bear 3X Shares PAGE 3 TSR-AR-25461H861

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily MSCI Emerging Markets** **Bull 3X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | EDC (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily MSCI Emerging Markets Bull 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily MSCI Emerging Markets Bull 3X Shares | $127 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily MSCI Emerging Markets Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the performance of the MSCI Emerging Markets Index. The MSCI Emerging Market IndexSM is a free float-adjusted market capitalization weighted index that is designed to represent the performance of large- and mid-capitalization securities across emerging markets countries.

During the Annual Period, emerging markets equities reflected a mix of improving global risk sentiment and persistent country-specific divergences. Asian markets tied to the semiconductor and technology supply chain benefited from strong demand for artificial intelligence components and advanced manufacturing inputs. Latin America saw intermittent strength due to elevated real yields and stabilization in inflation. Commodity-linked markets were influenced by fluctuations in global demand and currency movements. Political risk, reform momentum, and macro policy shifts contributed to wide dispersion across countries. Overall, the index captured both the opportunities and uncertainties shaping emerging-market performance.

For the Annual Period, the MSCI Emerging Markets Index returned 27.91% and had volatility of 18.08%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily MSCI Emerging Markets Bull 3X Shares returned 67.62%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the MSCI Emerging Markets Index's volatility, provided a return of 89.16%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily MSCI Emerging Markets Bull 3X Shares PAGE 1 TSR-AR-25490K281

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5996img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily MSCI Emerging Markets Bull 3X Shares** **NAV**  | 67.62 | 0.43 | 0.98 |
| **MSCI Emerging Markets Index**  | 27.91 | 7.46 | 7.69 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $118210099 |
| **Number of Holdings** | 8 |
| **Net Advisory Fee** | $587400 |
| **Portfolio Turnover** | 347% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 292.8% |
|  Investment Companies  | 7.2% |
|  Total (as % of net assets)  | 300.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  China  | 26.4% |
|  Taiwan, Province Of China  | 20.4% |
|  India  | 15.2% |
|  Korea, Republic of  | 12.9% |
|  Brazil  | 4.1% |
|  Saudi Arabia  | 3.2% |
|  South Africa  | 2.9% |
|  Mexico  | 1.9% |
|  United Arab Emirates  | 1.4% |
|  Malaysia  | 1.1% |
|  Other  | 10.5% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 11.9% |
|  Tencent Holdings Ltd.  | 5.1% |
|  Alibaba Group Holding Ltd.  | 3.6% |
|  Samsung Electronics Co. Ltd.  | 3.5% |
|  SK Hynix, Inc.  | 2.1% |
|  HDFC Bank  | 1.2% |
|  Hon Hai Precision Industry Co., Ltd.  | 1.0% |
|  Reliance Industries Ltd.  | 1.0% |
|  PDD Holdings, Inc. ADR  | 0.9% |
|  Xiaomi Corp.  | 0.9% |

---

Direxion Daily MSCI Emerging Markets Bull 3X Shares PAGE 2 TSR-AR-25490K281

------

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

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily MSCI Emerging Markets Bull 3X Shares PAGE 3 TSR-AR-25490K281

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily MSCI Mexico Bull 3X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | MEXX (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily MSCI Mexico Bull 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily MSCI Mexico Bull 3X Shares | $136 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily MSCI Mexico Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the performance of the MSCI Mexico IMI 25/50 Index. The MSCI Mexico IMI 25/50 Index is designed to measure the performance of the large-, mid- and small-capitalization segments of the Mexican equity market, covering approximately 99% of the free float-adjusted market capitalization of companies whose stocks are traded primarily on the Mexican Stock Exchange, the Bolsa Mexicano de Valores.

Over the Annual Period, Mexican equities reflected the country's close linkage to United States economic activity, evolving domestic monetary-policy expectations, and currency movements. Financials and credit-sensitive companies were influenced by lending conditions, real wage trends, and consumer balance sheets. Industrial and manufacturing firms benefited from nearshoring activity and investment in cross-border supply chains. Consumer-discretionary companies saw performance tied to labor-market strength and real-income dynamics. Periodic volatility emerged amid global risk shifts, but the structural tailwinds from North American integration continued to provide support.

For the Annual Period, the MSCI Mexico IMI 25/50 Index returned 35.94% and had volatility of 23.48%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily MSCI Mexico Bull 3X Shares returned 87.18%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the MSCI Mexico IMI 25/50 Index's volatility, provided a return of 1107.80%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6000img003.jpg)

Direxion Daily MSCI Mexico Bull 3X Shares PAGE 1 TSR-AR-25460E281

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(05/03/2017)** |
| **Direxion Daily MSCI Mexico Bull 3X Shares NAV**  | 87.18 | 30.01 | -9.80 |
| **S&P 500® Index**  | 21.45 | 17.64 | 15.08 |
| **MSCI Mexico IMI 25/50 Index**  | 35.94 | 18.42 | 6.12 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $19806851 |
| **Number of Holdings** | 10 |
| **Net Advisory Fee** | $159489 |
| **Portfolio Turnover** | 75% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 255.7% |
|  Investment Companies  | 44.3% |
|  Total (as % of net assets)  | 300.0% |

---

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Consumer Staples  | 27.0% |
|  Materials  | 23.2% |
|  Financials  | 18.1% |
|  Industrials  | 12.1% |
|  Communication Services  | 11.3% |
|  Real Estate  | 7.0% |
|  Consumer Discretionary  | 0.9% |
|  Health Care  | 0.4% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Grupo Mexico Class B  | 11.9% |
|  Grupo Finance Banorte  | 10.6% |
|  América Móvil S.A.B. de C.V.  | 9.0% |
|  Wal-Mart de México S.A.B. de C.V.  | 7.5% |
|  Fomento Economico Mexicano  | 7.0% |
|  CEMEX S.A.B. de C.V.  | 4.9% |
|  Industrias Peñoles, S.A.B. de C.V.  | 4.2% |
|  Grupo Aeroportuario del Pacífico S.A.B. de C.V.  | 3.5% |
|  Grupo Aeroportuario del Sureste S.A.B. de C.V.  | 2.7% |
|  Arca Continental  | 2.5% |

---

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

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily MSCI Mexico Bull 3X Shares PAGE 2 TSR-AR-25460E281

------

**HOUSEHOLDING**

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

Direxion Daily MSCI Mexico Bull 3X Shares PAGE 3 TSR-AR-25460E281

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily MSCI South Korea Bull 3X** **Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | KORU (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily MSCI South Korea Bull 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily MSCI South Korea Bull 3X Shares | $205 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily MSCI South Korea Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the performance of the MSCI Korea 25/50 Index. The MSCI Korea 25/50 Index is designed to measure the performance of the large- and mid-cap segments of the South Korean equity market, covering approximately 85% of the free float-adjusted market capitalization of South Korean issuers.

During the Annual Period, the index reflected the cyclical and structural forces shaping Korea's technology-driven economy. Semiconductor and electronics manufacturers benefited from demand for artificial-intelligence infrastructure, advanced memory, and high-performance computing. Export-oriented industrials experienced swings tied to global manufacturing trends and currency dynamics. Domestic consumer and financial companies were influenced by spending patterns, employment, and credit conditions. Geopolitical considerations and shifts in global risk appetite contributed to periodic volatility. Overall, the index captured Korea's strategic role in global technology production and its sensitivity to external demand cycles.

For the Annual Period, the MSCI Korea 25/50 Index returned 66.01% and had volatility of 26.44%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily MSCI South Korea Bull 3X Shares returned 231.64%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the MSCI Korea 25/50 Index's volatility, provided a return of 272.36%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily MSCI South Korea Bull 3X Shares PAGE 1 TSR-AR-25461A387

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6003img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily MSCI South Korea Bull 3X Shares NAV**  | 231.64 | 3.08 | -3.15 |
| **S&P 500® Index**  | 21.45 | 17.64 | 14.64 |
| **MSCI Korea 25/50 Index**  | 66.01 | 10.90 | 8.44 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $240602000 |
| **Number of Holdings** | 8 |
| **Net Advisory Fee** | $836522 |
| **Portfolio Turnover** | 81% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 249.1% |
|  Investment Companies  | 50.9% |
|  Total (as % of net assets)  | 300.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Information Technology  | 45.2% |
|  Industrials  | 20.6% |
|  Financials  | 11.0% |
|  Consumer Discretionary  | 7.1% |
|  Health Care  | 5.0% |
|  Communication Services  | 4.7% |
|  Materials  | 2.7% |
|  Consumer Staples  | 1.6% |
|  Energy  | 1.4% |
|  Utilities  | 0.7% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Samsung Electronics Co. Ltd.  | 24.5% |
|  SK Hynix, Inc.  | 16.9% |
|  KB Financial Group  | 2.5% |
|  Doosan Enerbility Co., Ltd.  | 2.3% |
|  Hyundai Motor Co.  | 2.2% |
|  Naver Corp.  | 2.2% |
|  Hanwha Aerospace Co. Ltd.  | 1.9% |
|  Shinhan Financial Group Co. Ltd.  | 1.8% |
|  Kia Corp.  | 1.6% |
|  Celltrion, Inc.  | 1.6% |

---

Direxion Daily MSCI South Korea Bull 3X Shares PAGE 2 TSR-AR-25461A387

------

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

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily MSCI South Korea Bull 3X Shares PAGE 3 TSR-AR-25461A387

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Pharmaceutical & Medical** **Bull 3X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | PILL (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Pharmaceutical & Medical Bull 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily Pharmaceutical & Medical Bull 3X Shares | $95 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Pharmaceutical & Medical Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the performance of the S&P Pharmaceuticals Select Industry Index. The S&P Pharmaceuticals Select Industry Index is a modified equal-weighted index that is designed to measure performance of the stocks, defined as pharmaceutical and medical stocks, comprising the S&P Total Market Index that are classified in the Global Industry Classification Standard (GICS) pharmaceuticals sub-industry.

During the Annual Period, pharmaceutical and medical companies were influenced by prescription-usage trends, product-launch activity, and competition within major therapeutic categories. Larger manufacturers responded to updates around clinical data, regulatory decisions, and lifecycle management for established brands. Specialty and generic-drug companies reacted to pricing dynamics, supply conditions, and competitive intensity. Medical-product companies were shaped by procedure volumes, innovation in treatment delivery, and distribution trends. Overall, the index reflected the sector's combination of defensive cash flows and research-driven event exposure.

For the Annual Period, the S&P Pharmaceuticals Select Industry Index returned 8.97% and had volatility of 21.74%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Pharmaceutical & Medical Bull 3X Shares returned 0.01%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the S&P Pharmaceuticals Select Industry Index's volatility, provided a return of 12.25%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily Pharmaceutical & Medical Bull 3X Shares PAGE 1 TSR-AR-25460E646

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6013img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/15/2017)** |
| **Direxion Daily Pharmaceutical & Medical Bull 3X** **Shares NAV**  | 0.01 | -10.08 | -11.58 |
| **S&P 500® Index**  | 21.45 | 17.64 | 14.92 |
| **S&P Pharmaceuticals Select Industry Index**  | 8.97 | 3.53 | 3.40 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $11965156 |
| **Number of Holdings** | 57 |
| **Net Advisory Fee** | $63857 |
| **Portfolio Turnover** | 88% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 230.5% |
|  Common Stocks  | 69.5% |
|  Total (as % of net assets)  | 300.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Pharmaceuticals  | 100.0% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Tarsus Pharmaceuticals, Inc.  | 3.1% |
|  Crinetics Pharmaceuticals, Inc.  | 3.1% |
|  Elanco Animal Health, Inc.  | 3.0% |
|  Supernus Pharmaceuticals, Inc.  | 3.0% |
|  Ligand Pharmaceuticals, Inc.  | 2.9% |
|  Eli Lilly & Co.  | 2.8% |
|  Axsome Therapeutics, Inc.  | 2.7% |
|  Jazz Pharmaceuticals PLC ADR  | 2.7% |
|  Johnson & Johnson  | 2.7% |
|  Royalty Pharma PLC ADR  | 2.6% |

---

Direxion Daily Pharmaceutical & Medical Bull 3X Shares PAGE 2 TSR-AR-25460E646

------

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

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily Pharmaceutical & Medical Bull 3X Shares PAGE 3 TSR-AR-25460E646

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Real Estate Bear 3X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | DRV (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Real Estate Bear 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily Real Estate Bear 3X Shares | $97 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Real Estate Bear 3X Shares seeks daily investment results, before fees and expenses, of -300% of the performance of the Real Estate Select Sector Index. The Real Estate Select Sector Index (IXRETR) is provided by S&P Dow Jones Indices and includes securities of companies from the following industries: real estate management and development and real estate investment trusts ("REITs"), excluding mortgage REITs.

During the Annual Period, real estate equities were influenced by interest-rate expectations, property-market fundamentals, and capital-access conditions. Industrial and logistics REITs benefited from demand tied to e-commerce and supply-chain infrastructure. Residential REITs responded to rental-market dynamics, occupancy trends, and household formation. Office and retail REITs continued to face varying pressures from tenant demand, utilization patterns, and leasing activity. Changes in financing costs and credit availability contributed to valuation swings. Overall, the index reflected the sector's sensitivity to economic conditions and interest rates across diverse property types.

For the Annual Period, the Real Estate Select Sector Index returned -2.04% and had volatility of 18.07%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Real Estate Bear 3X Shares returned 4.85%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Real Estate Select Sector Index's volatility, provided a return of -12.26%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6001img003.jpg)

Direxion Daily Real Estate Bear 3X Shares PAGE 1 TSR-AR-25460G419

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily Real Estate Bear 3X Shares NAV**  | 4.85 | -28.30 | -30.01 |
| **S&P 500® Index**  | 21.45 | 17.64 | 14.64 |
| **Real Estate Select Sector Index**  | -2.04 | 7.38 | 6.55 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $43773236 |
| **Number of Holdings** | 5 |
| **Net Advisory Fee** | $385304 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -300.0% |
|  Total (as % of net assets)  | -300.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Specialized REITs  | 40.4% |
|  Health Care REITs  | 15.9% |
|  Retail REITs  | 12.7% |
|  Residential REITs  | 11.8% |
|  Industrial REITs  | 9.6% |
|  Real Estate Management & Development  | 7.4% |
|  Hotel & Resort REITs  | 1.1% |
|  Office REITs  | 1.1% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Welltower, Inc.  | 10.1% |
|  Prologis, Inc.  | 9.6% |
|  American Tower Corp.  | 7.0% |
|  Equinix, Inc.  | 6.9% |
|  Simon Property Group, Inc.  | 4.8% |
|  Digital Realty Trust, Inc.  | 4.6% |
|  Realty Income Corp.  | 4.5% |
|  Public Storage  | 4.4% |
|  CBRE Group, Inc. Class A  | 4.3% |
|  Crown Castle, Inc.  | 4.1% |

---

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

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse leveraged (-3X) investment results, understand the** **risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is** **not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their** **portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report** **provides annual performance information, the Fund should not be expected to provide -300% of the return of the** **Index's cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily Real Estate Bear 3X Shares PAGE 2 TSR-AR-25460G419

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Real Estate Bull 3X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | DRN (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Real Estate Bull 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily Real Estate Bull 3X Shares | $83 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Real Estate Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the performance of the Real Estate Select Sector Index. The Real Estate Select Sector Index (IXRETR) is provided by S&P Dow Jones Indices and includes securities of companies from the following industries: real estate management and development and real estate investment trusts ("REITs"), excluding mortgage REITs.

During the Annual Period, real estate equities were influenced by interest-rate expectations, property-market fundamentals, and capital-access conditions. Industrial and logistics REITs benefited from demand tied to e-commerce and supply-chain infrastructure. Residential REITs responded to rental-market dynamics, occupancy trends, and household formation. Office and retail REITs continued to face varying pressures from tenant demand, utilization patterns, and leasing activity. Changes in financing costs and credit availability contributed to valuation swings. Overall, the index reflected the sector's sensitivity to economic conditions and interest rates across diverse property types.

For the Annual Period, the Real Estate Select Sector Index returned -2.04% and had volatility of 18.06%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Real Estate Bull 3X Shares returned -24.37%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Real Estate Select Sector Index's volatility, provided a return of -14.75%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6002img003.jpg)

Direxion Daily Real Estate Bull 3X Shares PAGE 1 TSR-AR-25459W755

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily Real Estate Bull 3X Shares NAV**  | -24.37 | 2.46 | -4.94 |
| **S&P 500® Index**  | 21.45 | 17.64 | 14.64 |
| **Real Estate Select Sector Index**  | -2.04 | 7.38 | 6.55 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $55083406 |
| **Number of Holdings** | 36 |
| **Net Advisory Fee** | $523678 |
| **Portfolio Turnover** | 15% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 225.6% |
|  Common Stocks  | 74.4% |
|  Total (as % of net assets)  | 300.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Specialized REITs  | 40.4% |
|  Health Care REITs  | 15.9% |
|  Retail REITs  | 12.7% |
|  Residential REITs  | 11.8% |
|  Industrial REITs  | 9.6% |
|  Real Estate Management & Development  | 7.4% |
|  Hotel & Resort REITs  | 1.1% |
|  Office REITs  | 1.1% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Welltower, Inc.  | 10.1% |
|  Prologis, Inc.  | 9.6% |
|  American Tower Corp.  | 7.0% |
|  Equinix, Inc.  | 6.9% |
|  Simon Property Group, Inc.  | 4.8% |
|  Digital Realty Trust, Inc.  | 4.6% |
|  Realty Income Corp.  | 4.5% |
|  Public Storage  | 4.4% |
|  CBRE Group, Inc. Class A  | 4.3% |
|  Crown Castle, Inc.  | 4.1% |

---

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

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily Real Estate Bull 3X Shares PAGE 2 TSR-AR-25459W755

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Regional Banks Bull 3X** **Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | DPST (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Regional Banks Bull 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily Regional Banks Bull 3X Shares | $78 | 0.88% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Regional Banks Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the performance of the S&P Regional Banks Select Industry Index. The S&P Regional Banks Select Industry Index is a modified equal-weighted index that is designed to measure performance of the stocks comprising the S&P Total Market Index that are classified in the Global Industry Classification Standard (GICS) regional banks sub-industry.

Over the Annual Period, regional banks were influenced by deposit trends, funding costs, and loan demand across local markets. Net-interest margins were shaped by short-term interest-rate conditions and competitive pressures for deposits. Credit performance reflected developments in commercial real estate, consumer lending, and business activity. Regulatory updates and capital considerations contributed to investor focus. Overall, the index captured how regional institutions navigated rate volatility, credit quality, and balance-sheet positioning.

For the Annual Period, the S&P Regional Banks Select Industry Index returned 4.85% and had volatility of 31.37%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Regional Banks Bull 3X Shares returned -23.85%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the S&P Regional Banks Select Industry Index's volatility, provided a return of -14.10%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6014img003.jpg)

Direxion Daily Regional Banks Bull 3X Shares PAGE 1 TSR-AR-25460G153

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily Regional Banks Bull 3X Shares NAV**  | -23.85 | -7.56 | -18.32 |
| **S&P 500® Index**  | 21.45 | 17.64 | 14.64 |
| **S&P Regional Banks Select Industry Index**  | 4.85 | 11.23 | 6.38 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $802884760 |
| **Number of Holdings** | 158 |
| **Net Advisory Fee** | $5253915 |
| **Portfolio Turnover** | 152% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 230.2% |
|  Common Stocks  | 69.8% |
|  Total (as % of net assets)  | 300.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Banks  | 100.0% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Columbia Banking System, Inc.  | 2.2% |
|  Valley National Bancorp  | 2.2% |
|  Cadence Bank.  | 2.2% |
|  Truist Financial Corp.  | 2.1% |
|  Citizens Financial Group, Inc.  | 2.1% |
|  Prosperity Bancshares, Inc.  | 2.1% |
|  F.N.B. Corp.  | 2.1% |
|  First Horizon National Corp.  | 2.0% |
|  East West Bancorp, Inc.  | 2.0% |
|  M&T Bank Corp.  | 2.0% |

---

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

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily Regional Banks Bull 3X Shares PAGE 2 TSR-AR-25460G153

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Retail Bull 3X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | RETL (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Retail Bull 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily Retail Bull 3X Shares | $92 | 0.93% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Retail Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the performance of the S&P Retail Select Industry Index. The S&P Retail Select Industry Index is a modified equal-weighted index that is designed to measure performance of the stocks comprising the S&P Total Market Index that are classified in the Global Industry Classification Standard (GICS) retail sub-industry.

Throughout the Annual Period, retail companies were influenced by household-spending trends, inventory management, and promotional intensity. Brick-and-mortar retailers responded to shifts in store traffic, merchandising strategies, and cost structures. E-commerce and omni-channel retailers were shaped by fulfillment efficiency, delivery economics, and digital engagement. Category-specific conditions, including discretionary spending and apparel demand, added variability across the group. Overall, the index reflected the sector's continued transition toward integrated digital and physical retail models.

For the Annual Period, the S&P Retail Select Industry Index returned 9.79% and had volatility of 24.80%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Retail Bull 3X Shares returned -1.61%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the S&P Retail Select Industry Index's volatility, provided a return of 10.31%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6015img003.jpg)

Direxion Daily Retail Bull 3X Shares PAGE 1 TSR-AR-25460G815

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily Retail Bull 3X Shares NAV**  | -1.61 | -0.10 | -4.72 |
| **S&P 500® Index**  | 21.45 | 17.64 | 14.64 |
| **S&P Retail Select Industry Index**  | 9.79 | 12.07 | 7.53 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $29122725 |
| **Number of Holdings** | 84 |
| **Net Advisory Fee** | $290514 |
| **Portfolio Turnover** | 71% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 223.4% |
|  Common Stocks  | 76.6% |
|  Total (as % of net assets)  | 300.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Specialty Retail  | 66.5% |
|  Consumer Staples Distribution & Retail  | 21.0% |
|  Broadline Retail  | 12.5% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  The RealReal, Inc.  | 2.0% |
|  Victoria's Secret & Co.  | 2.0% |
|  The ODP Corp.  | 1.8% |
|  Macy's, Inc.  | 1.7% |
|  National Vision Holdings, Inc.  | 1.7% |
|  Signet Jewelers Ltd. ADR  | 1.6% |
|  Five Below, Inc.  | 1.6% |
|  Etsy, Inc.  | 1.6% |
|  Best Buy Co., Inc.  | 1.6% |
|  Ross Stores, Inc.  | 1.5% |

---

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

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily Retail Bull 3X Shares PAGE 2 TSR-AR-25460G815

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily S&P 500® Bear 3X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | SPXS (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily S&P 500® Bear 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily S&P 500® Bear 3X Shares | $71 | 0.92% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily S&P 500® Bear 3X Shares seeks daily investment results, before fees and expenses, of -300% of the performance of the S&P 500® Index. The S&P 500® Index is designed to be comprised of stocks that are the 500 leading, large-cap U.S. listed issuers. The securities are selected on the basis of market capitalization, financial viability of the company, sector representation, public float, liquidity and price of a company's shares outstanding. The Index is a float-adjusted, market capitalization-weighted index.

Over the Annual Period, the index reflected a combination of resilient corporate earnings, moderating inflation, and evolving expectations for monetary policy. Companies tied to artificial intelligence, cloud computing, and digital platforms continued to influence sector leadership within information technology and communication services. Consumer-related industries were shaped by employment conditions, wage growth, and discretionary spending trends. Industrials and materials responded to capital expenditure cycles, supply-chain realignment, and manufacturing data. Defensive sectors saw more muted contributions as investor focus remained oriented toward growth and higher-beta segments. Overall, the S&P 500® captured both secular innovation trends and broader macroeconomic shifts shaping the large-cap United States equity landscape.

For the Annual Period, the S&P 500® Index returned 21.45% and had volatility of 18.78%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily S&P 500® Bear 3X Shares returned -46.43%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the S&P 500® Index's volatility, provided a return of -55.17%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

Direxion Daily S&P 500® Bear 3X Shares PAGE 1 TSR-AR-25460E190

------

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6018img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily S&P 500® Bear 3X Shares NAV**  | -46.43 | -41.95 | -41.23 |
| **S&P 500® Index**  | 21.45 | 17.64 | 14.64 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $445213030 |
| **Number of Holdings** | 11 |
| **Net Advisory Fee** | $3096012 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -300.0% |
|  Total (as % of net assets)  | -300.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Information Technology  | 36.1% |
|  Financials  | 12.9% |
|  Consumer Discretionary  | 10.5% |
|  Communication Services  | 10.1% |
|  Health Care  | 9.0% |
|  Industrials  | 8.1% |
|  Consumer Staples  | 4.7% |
|  Energy  | 2.8% |
|  Utilities  | 2.3% |
|  Real Estate  | 1.8% |
|  Materials  | 1.7% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  NVIDIA Corp.  | 8.5% |
|  Apple, Inc.  | 6.9% |
|  Microsoft Corp.  | 6.6% |
|  Amazon.com, Inc.  | 4.1% |
|  Broadcom, Inc.  | 3.0% |
|  Alphabet, Inc.  | 2.8% |
|  Meta Platforms, Inc.  | 2.4% |
|  Alphabet, Inc. Class C  | 2.3% |
|  Tesla, Inc.  | 2.2% |
|  Berkshire Hathaway, Inc. Class B  | 1.5% |

---

Direxion Daily S&P 500® Bear 3X Shares PAGE 2 TSR-AR-25460E190

------

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

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse leveraged (-3X) investment results, understand the** **risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is** **not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their** **portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report** **provides annual performance information, the Fund should not be expected to provide -300% of the return of the** **Index's cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily S&P 500® Bear 3X Shares PAGE 3 TSR-AR-25460E190

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily S&P 500® Bull 3X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | SPXL (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily S&P 500® Bull 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily S&P 500® Bull 3X Shares | $99 | 0.81% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily S&P 500® Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the performance of the S&P 500® Index. The S&P 500® Index is designed to be comprised of stocks that are the 500 leading, large-cap U.S. listed issuers. The securities are selected on the basis of market capitalization, financial viability of the company, sector representation, public float, liquidity and price of a company's shares outstanding. The Index is a float-adjusted, market capitalization-weighted index.

Over the Annual Period, the index reflected a combination of resilient corporate earnings, moderating inflation, and evolving expectations for monetary policy. Companies tied to artificial intelligence, cloud computing, and digital platforms continued to influence sector leadership within information technology and communication services. Consumer-related industries were shaped by employment conditions, wage growth, and discretionary spending trends. Industrials and materials responded to capital expenditure cycles, supply-chain realignment, and manufacturing data. Defensive sectors saw more muted contributions as investor focus remained oriented toward growth and higher-beta segments. Overall, the S&P 500® captured both secular innovation trends and broader macroeconomic shifts shaping the large-cap United States equity landscape.

For the Annual Period, the S&P 500® Index returned 21.45% and had volatility of 18.78%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily S&P 500® Bull 3X Shares returned 43.75%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the S&P 500® Index's volatility, provided a return of 61.45%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

Direxion Daily S&P 500® Bull 3X Shares PAGE 1 TSR-AR-25459W862

------

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6019img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily S&P 500® Bull 3X Shares NAV**  | 43.75 | 37.01 | 27.36 |
| **S&P 500® Index**  | 21.45 | 17.64 | 14.64 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $6076194773 |
| **Number of Holdings** | 514 |
| **Net Advisory Fee** | $32596776 |
| **Portfolio Turnover** | 71% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 228.6% |
|  Common Stocks  | 71.4% |
|  Total (as % of net assets)  | 300.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Information Technology  | 36.1% |
|  Financials  | 12.9% |
|  Consumer Discretionary  | 10.5% |
|  Communication Services  | 10.1% |
|  Health Care  | 9.0% |
|  Industrials  | 8.1% |
|  Consumer Staples  | 4.7% |
|  Energy  | 2.8% |
|  Utilities  | 2.3% |
|  Real Estate  | 1.8% |
|  Materials  | 1.7% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  NVIDIA Corp.  | 8.5% |
|  Apple, Inc.  | 6.9% |
|  Microsoft Corp.  | 6.6% |
|  Amazon.com, Inc.  | 4.1% |
|  Broadcom, Inc.  | 3.0% |
|  Alphabet, Inc.  | 2.8% |
|  Meta Platforms, Inc.  | 2.4% |
|  Alphabet, Inc. Class C  | 2.3% |
|  Tesla, Inc.  | 2.2% |
|  Berkshire Hathaway, Inc. Class B  | 1.5% |

---

Direxion Daily S&P 500® Bull 3X Shares PAGE 2 TSR-AR-25459W862

------

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

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily S&P 500® Bull 3X Shares PAGE 3 TSR-AR-25459W862

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily S&P 500® High Beta Bear** **3X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | HIBS (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily S&P 500® High Beta Bear 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily S&P 500® High Beta Bear 3X Shares | $61 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily S&P 500 High Beta Bear 3X Shares seeks daily investment results, before fees and expenses, of -300% of the performance of the S&P 500 High Beta Index. The S&P 500® High Beta Index is provided by S&P Dow Jones Indices (the "Index Provider"). The Index Provider selects 100 securities from the S&P 500® Index that have the highest sensitivity to market movements, or "beta" over the past 12 months as determined by the Index Provider based on the securities' daily price changes. Securities with the highest beta are generally the most volatile securities of the S&P 500® Index. The Index is reviewed and rebalanced quarterly.

During the Annual Period, high-beta stocks were shaped by changes in risk appetite, economic data, and interest-rate expectations. Growth-oriented sectors such as information technology and consumer discretionary contributed meaningfully to volatility within the index. Periods of market strength often coincided with stronger performance among high-beta names, while risk-off environments had an outsized impact. Variability across industries reflected differences in earnings momentum, valuation sensitivity, and macroeconomic exposure. Overall, the index captured the higher-volatility segment of the large-cap equity market.

For the Annual Period, the S&P 500 High Beta Index returned 34.11% and had volatility of 30.27%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily S&P 500 High Beta Bear 3X Shares returned -72.63%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the S&P 500 High Beta Index's volatility, provided a return of -76.87%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

Direxion Daily S&P 500® High Beta Bear 3X Shares PAGE 1 TSR-AR-25460E224

------

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6021img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/07/2019)** |
| **Direxion Daily S&P 500® High Beta Bear 3X Shares** **NAV**  | -72.63 | -63.88 | -67.29 |
| **S&P 500® Index**  | 21.45 | 17.64 | 16.07 |
| **S&P 500 High Beta Index**  | 34.11 | 23.56 | 19.40 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $30220436 |
| **Number of Holdings** | 8 |
| **Net Advisory Fee** | $188480 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -300.0% |
|  Total (as % of net assets)  | -300.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Information Technology  | 44.6% |
|  Financials  | 14.9% |
|  Consumer Discretionary  | 11.5% |
|  Industrials  | 10.6% |
|  Materials  | 4.7% |
|  Health Care  | 4.2% |
|  Utilities  | 3.3% |
|  Communication Services  | 2.8% |
|  Energy  | 2.6% |
|  Consumer Staples  | 0.8% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Micron Technology, Inc.  | 2.5% |
|  Intel Corp.  | 2.0% |
|  Tesla, Inc.  | 2.0% |
|  Western Digital Corp.  | 1.9% |
|  Teradyne, Inc.  | 1.8% |
|  Lam Research Corp.  | 1.8% |
|  Advanced Micro Devices, Inc.  | 1.7% |
|  Monolithic Power Systems, Inc.  | 1.7% |
|  Warner Bros Discovery, Inc.  | 1.6% |
|  Coinbase Global, Inc.  | 1.5% |

---

Direxion Daily S&P 500® High Beta Bear 3X Shares PAGE 2 TSR-AR-25460E224

------

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

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse leveraged (-3X) investment results, understand the** **risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is** **not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their** **portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report** **provides annual performance information, the Fund should not be expected to provide -300% of the return of the** **Index's cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily S&P 500® High Beta Bear 3X Shares PAGE 3 TSR-AR-25460E224

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily S&P 500® High Beta Bull 3X** **Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | HIBL (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily S&P 500® High Beta Bull 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily S&P 500® High Beta Bull 3X Shares | $125 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily S&P 500 High Beta Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the performance of the S&P 500 High Beta Index. The S&P 500® High Beta Index is provided by S&P Dow Jones Indices (the "Index Provider"). The Index Provider selects 100 securities from the S&P 500® Index that have the highest sensitivity to market movements, or "beta" over the past 12 months as determined by the Index Provider based on the securities' daily price changes. Securities with the highest beta are generally the most volatile securities of the S&P 500® Index. The Index is reviewed and rebalanced quarterly.

During the Annual Period, high-beta stocks were shaped by changes in risk appetite, economic data, and interest-rate expectations. Growth-oriented sectors such as information technology and consumer discretionary contributed meaningfully to volatility within the index. Periods of market strength often coincided with stronger performance among high-beta names, while risk-off environments had an outsized impact. Variability across industries reflected differences in earnings momentum, valuation sensitivity, and macroeconomic exposure. Overall, the index captured the higher-volatility segment of the large-cap equity market.

For the Annual Period, the S&P 500 High Beta Index returned 34.11% and had volatility of 30.27%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily S&P 500 High Beta Bull 3X Shares returned 64.05%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the S&P 500 High Beta Index's volatility, provided a return of 83.77%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Direxion Daily S&P 500® High Beta Bull 3X Shares PAGE 1 TSR-AR-25460G856

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6022img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(11/07/2019)** |
| **Direxion Daily S&P 500® High Beta Bull 3X Shares** **NAV**  | 64.05 | 36.21 | 11.48 |
| **S&P 500® Index**  | 21.45 | 17.64 | 16.07 |
| **S&P 500 High Beta Index**  | 34.11 | 23.56 | 19.40 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $60529916 |
| **Number of Holdings** | 106 |
| **Net Advisory Fee** | $357895 |
| **Portfolio Turnover** | 165% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 241.8% |
|  Common Stocks  | 58.2% |
|  Total (as % of net assets)  | 300.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Information Technology  | 44.6% |
|  Financials  | 14.9% |
|  Consumer Discretionary  | 11.5% |
|  Industrials  | 10.6% |
|  Materials  | 4.7% |
|  Health Care  | 4.2% |
|  Utilities  | 3.3% |
|  Communication Services  | 2.8% |
|  Energy  | 2.6% |
|  Consumer Staples  | 0.8% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Micron Technology, Inc.  | 2.5% |
|  Intel Corp.  | 2.0% |
|  Tesla, Inc.  | 2.0% |
|  Western Digital Corp.  | 1.9% |
|  Teradyne, Inc.  | 1.8% |
|  Lam Research Corp.  | 1.8% |
|  Advanced Micro Devices, Inc.  | 1.7% |
|  Monolithic Power Systems, Inc.  | 1.7% |
|  Warner Bros Discovery, Inc.  | 1.6% |
|  Coinbase Global, Inc.  | 1.5% |

---

Direxion Daily S&P 500® High Beta Bull 3X Shares PAGE 2 TSR-AR-25460G856

------

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

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily S&P 500® High Beta Bull 3X Shares PAGE 3 TSR-AR-25460G856

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily S&P Biotech Bear 3X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | LABD (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily S&P Biotech Bear 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily S&P Biotech Bear 3X Shares | $70 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Direxion Daily S&P Biotech Bear 3X Shares seeks daily investment results, before fees and expenses, of -300% of the performance of the S&P Biotechnology Select Industry Index. The S&P Biotechnology Select Industry Index is provided by S&P Dow Jones Indices LLC and includes domestic companies from the biotechnology industry. The Index is a modified equal-weighted index that is designed to measure the performance of the biotechnology sub-industry based on the Global Industry Classification Standards (GICS).

Over the Annual Period, biotechnology companies experienced significant stock-level dispersion driven by clinical-trial progress, regulatory approvals, and partnership activity. Early-stage firms were influenced by access to capital and advancement of research pipelines. Commercial-stage companies reacted to product sales, competition, and pricing developments. Broader investor sentiment toward higher-risk, innovation-driven industries contributed to periodic volatility. Overall, the index reflected the sector's inherently binary outcomes driven by scientific milestones and regulatory events.

For the Annual Period, the S&P Biotechnology Select Industry Index returned 16.53% and had volatility of 28.29%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily S&P Biotech Bear 3X Shares returned -52.92%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the S&P Biotechnology Select Industry Index's volatility, provided a return of -60.60%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6024img003.jpg)

Direxion Daily S&P Biotech Bear 3X Shares PAGE 1 TSR-AR-25461H853

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily S&P Biotech Bear 3X Shares NAV**  | -52.92 | -43.57 | -54.39 |
| **S&P 500® Index**  | 21.45 | 17.64 | 14.64 |
| **S&P Biotechnology Select Industry Index**  | 16.53 | 0.29 | 5.59 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $75803451 |
| **Number of Holdings** | 10 |
| **Net Advisory Fee** | $456020 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -300.0% |
|  Total (as % of net assets)  | -300.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Biotechnology  | 100.0% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Avidity Biosciences, Inc.  | 2.4% |
|  Revolution Medicines, Inc.  | 2.1% |
|  Insmed, Inc.  | 2.1% |
|  Crispr Therapeutics AG ADR  | 2.0% |
|  BridgeBio Pharma, Inc.  | 1.9% |
|  Exact Sciences Corp.  | 1.9% |
|  Regeneron Pharmaceuticals, Inc.  | 1.9% |
|  Natera, Inc.  | 1.9% |
|  Roivant Sciences Ltd. ADR  | 1.9% |
|  Ionis Pharmaceuticals, Inc.  | 1.9% |

---

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

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse leveraged (-3X) investment results, understand the** **risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is** **not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their** **portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report** **provides annual performance information, the Fund should not be expected to provide -300% of the return of the** **Index's cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily S&P Biotech Bear 3X Shares PAGE 2 TSR-AR-25461H853

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily S&P Biotech Bull 3X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | LABU (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily S&P Biotech Bull 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily S&P Biotech Bull 3X Shares | $97 | 0.92% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily S&P Biotech Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the performance of the S&P Biotechnology Select Industry Index. The S&P Biotechnology Select Industry Index is provided by S&P Dow Jones Indices LLC and includes domestic companies from the biotechnology industry. The Index is a modified equal-weighted index that is designed to measure the performance of the biotechnology sub-industry based on the Global Industry Classification Standards (GICS).

Over the Annual Period, biotechnology companies experienced significant stock-level dispersion driven by clinical-trial progress, regulatory approvals, and partnership activity. Early-stage firms were influenced by access to capital and advancement of research pipelines. Commercial-stage companies reacted to product sales, competition, and pricing developments. Broader investor sentiment toward higher-risk, innovation-driven industries contributed to periodic volatility. Overall, the index reflected the sector's inherently binary outcomes driven by scientific milestones and regulatory events.

For the Annual Period, the S&P Biotechnology Select Industry Index returned 16.53% and had volatility of 28.29%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily S&P Biotech Bull 3X Shares returned 10.53%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the S&P Biotechnology Select Industry Index's volatility, provided a return of 24.35%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6023img003.jpg)

Direxion Daily S&P Biotech Bull 3X Shares PAGE 1 TSR-AR-25460G120

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily S&P Biotech Bull 3X Shares NAV**  | 10.53 | -34.11 | -21.65 |
| **S&P 500® Index**  | 21.45 | 17.64 | 14.64 |
| **S&P Biotechnology Select Industry Index**  | 16.53 | 0.29 | 5.59 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $803982405 |
| **Number of Holdings** | 142 |
| **Net Advisory Fee** | $5261855 |
| **Portfolio Turnover** | 107% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 233.1% |
|  Common Stocks  | 66.9% |
|  Total (as % of net assets)  | 300.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Biotechnology  | 100.0% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Avidity Biosciences, Inc.  | 2.4% |
|  Revolution Medicines, Inc.  | 2.1% |
|  Insmed, Inc.  | 2.1% |
|  Crispr Therapeutics AG ADR  | 2.0% |
|  BridgeBio Pharma, Inc.  | 1.9% |
|  Exact Sciences Corp.  | 1.9% |
|  Regeneron Pharmaceuticals, Inc.  | 1.9% |
|  Natera, Inc.  | 1.9% |
|  Roivant Sciences Ltd. ADR  | 1.9% |
|  Ionis Pharmaceuticals, Inc.  | 1.9% |

---

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

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily S&P Biotech Bull 3X Shares PAGE 2 TSR-AR-25460G120

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Semiconductor Bear 3X** **Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | SOXS (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Semiconductor Bear 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily Semiconductor Bear 3X Shares | $50 | 0.87% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Semiconductor Bear 3X Shares seeks daily investment results, before fees and expenses, of -300% of the performance of the NYSE Semiconductor Index. NYSE Semiconductor Index is a rules-based, modified float-adjusted market capitalization-weighted index that tracks the performance of the thirty largest U.S. listed semiconductor companies.

Across the Annual Period, semiconductor companies were influenced by demand for data-center processors, AI accelerators, communication chips, and consumer-device components. Chip designers responded to technological advances, product launches, and procurement cycles among cloud-service providers. Semiconductor manufacturers and equipment suppliers were shaped by fab-utilization levels, capital-expenditure trends, and regional manufacturing initiatives. Inventory adjustments in certain end markets introduced periods of volatility. Overall, the index reflected both structural growth drivers and cyclical elements within the semiconductor industry.

For the Annual Period, the NYSE Semiconductor Index returned 42.03% and had volatility of 39.20%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Semiconductor Bear 3X Shares returned -85.04%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the NYSE Semiconductor Index's volatility, provided a return of -87.52%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6028img003.jpg)

Direxion Daily Semiconductor Bear 3X Shares PAGE 1 TSR-AR-25460G112

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily Semiconductor Bear 3X Shares NAV**  | -85.04 | -74.87 | -74.15 |
| **S&P 500® Index**  | 21.45 | 17.64 | 14.64 |
| **NYSE Semiconductor Index**  | 42.03 | 26.41 | 27.05 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $1224712972 |
| **Number of Holdings** | 12 |
| **Net Advisory Fee** | $6982528 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -300.0% |
|  Total (as % of net assets)  | -300.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Semiconductors & Semiconductor Equipment  | 100.0% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Advanced Micro Devices, Inc.  | 9.9% |
|  Broadcom, Inc.  | 7.8% |
|  NVIDIA Corp.  | 7.3% |
|  Micron Technology, Inc.  | 5.9% |
|  Qualcomm, Inc.  | 5.3% |
|  Intel Corp.  | 5.0% |
|  Lam Research Corp.  | 4.9% |
|  Marvell Technology, Inc.  | 4.7% |
|  Applied Materials, Inc.  | 4.6% |
|  KLA-Tencor Corp.  | 4.4% |

---

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

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse leveraged (-3X) investment results, understand the** **risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is** **not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their** **portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report** **provides annual performance information, the Fund should not be expected to provide -300% of the return of the** **Index's cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily Semiconductor Bear 3X Shares PAGE 2 TSR-AR-25460G112

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Semiconductor Bull 3X** **Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | SOXL (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Semiconductor Bull 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily Semiconductor Bull 3X Shares | $93 | 0.71% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Semiconductor Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the performance of the NYSE Semiconductor Index. NYSE Semiconductor Index is a rules-based, modified float-adjusted market capitalization-weighted index that tracks the performance of the thirty largest U.S. listed semiconductor companies.

Across the Annual Period, semiconductor companies were influenced by demand for data-center processors, AI accelerators, communication chips, and consumer-device components. Chip designers responded to technological advances, product launches, and procurement cycles among cloud-service providers. Semiconductor manufacturers and equipment suppliers were shaped by fab-utilization levels, capital-expenditure trends, and regional manufacturing initiatives. Inventory adjustments in certain end markets introduced periods of volatility. Overall, the index reflected both structural growth drivers and cyclical elements within the semiconductor industry.

For the Annual Period, the NYSE Semiconductor Index returned 42.03% and had volatility of 39.20%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Semiconductor Bull 3X Shares returned 61.13%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the NYSE Semiconductor Index's volatility, provided a return of 81.75%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6027img003.jpg)

Direxion Daily Semiconductor Bull 3X Shares PAGE 1 TSR-AR-25459W458

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily Semiconductor Bull 3X Shares NAV**  | 61.13 | 24.33 | 40.14 |
| **S&P 500® Index**  | 21.45 | 17.64 | 14.64 |
| **NYSE Semiconductor Index**  | 42.03 | 26.41 | 27.05 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $13667007269 |
| **Number of Holdings** | 43 |
| **Net Advisory Fee** | $64419411 |
| **Portfolio Turnover** | 250% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 231.1% |
|  Common Stocks  | 68.9% |
|  Total (as % of net assets)  | 300.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Semiconductors & Semiconductor Equipment  | 100.0% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Advanced Micro Devices, Inc.  | 9.9% |
|  Broadcom, Inc.  | 7.8% |
|  NVIDIA Corp.  | 7.3% |
|  Micron Technology, Inc.  | 5.9% |
|  Qualcomm, Inc.  | 5.3% |
|  Intel Corp.  | 5.0% |
|  Lam Research Corp.  | 4.9% |
|  Marvell Technology, Inc.  | 4.7% |
|  Applied Materials, Inc.  | 4.6% |
|  KLA-Tencor Corp.  | 4.4% |

---

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

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

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

Direxion Daily Semiconductor Bull 3X Shares PAGE 2 TSR-AR-25459W458

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Small Cap Bear 3X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | TZA (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Small Cap Bear 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily Small Cap Bear 3X Shares | $70 | 0.90% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Small Cap Bear 3X Shares seeks daily investment results, before fees and expenses, of -300% of the performance of the Russell 2000® Index. The Russell 2000® Index measures the performance of approximately 2,000 small-capitalization companies in the Russell 3000® Index, based on a combination of their market capitalization.

Over the Annual Period, the Russell 2000® reflected the sensitivity of small-cap companies to interest rates, financing conditions, and changing expectations for domestic economic growth. Industrials and select energy companies benefited from cyclical momentum, while regional banks and healthcare innovators experienced uneven performance tied to credit conditions and regulatory developments. More speculative or unprofitable technology companies faced persistent valuation pressure as investors weighed the cost of capital and sustainability of business models. Changes in monetary-policy expectations drove periodic rallies and reversals across the small-cap landscape. Overall, the index captured the rate sensitivity, economic exposure, and diverse fundamentals that define United States small-cap equities.

For the Annual Period, the Russell 2000® Index returned 14.41% and had volatility of 23.65%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Small Cap Bear 3X Shares returned -43.51%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Russell 2000® Index's volatility, provided a return of -52.49%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6030img003.jpg)

Direxion Daily Small Cap Bear 3X Shares PAGE 1 TSR-AR-25460E232

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily Small Cap Bear 3X Shares NAV**  | -43.51 | -41.42 | -41.12 |
| **Russell 2000® Index**  | 14.41 | 11.50 | 9.36 |

---

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

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $328148084 |
| **Number of Holdings** | 11 |
| **Net Advisory Fee** | $2173911 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -300.0% |
|  Total (as % of net assets)  | -300.0% |

---

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

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Industrials  | 18.2% |
|  Health Care  | 17.0% |
|  Financials  | 16.9% |
|  Information Technology  | 16.4% |
|  Consumer Discretionary  | 9.0% |
|  Real Estate  | 5.5% |
|  Energy  | 5.0% |
|  Materials  | 4.0% |
|  Utilities  | 3.4% |
|  Communication Services  | 2.8% |
|  Consumer Staples  | 1.8% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Bloom Energy Corp. Class A  | 1.0% |
|  Credo Technology Group Holding Shares  | 1.0% |
|  IonQ, Inc.  | 0.6% |
|  Fabrinet  | 0.6% |
|  Kratos Defense & Security Solutions, Inc.  | 0.5% |
|  Nextracker, Inc. Class A  | 0.5% |
|  Oklo, Inc.  | 0.5% |
|  Rigetti Computing, Inc.  | 0.5% |
|  AeroVironment, Inc.  | 0.4% |
|  D-Wave Quantum, Inc.  | 0.4% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse leveraged (-3X) investment results, understand the** **risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is** **not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their** **portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report** **provides annual performance information, the Fund should not be expected to provide -300% of the return of the** **Index's cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Small Cap Bear 3X Shares PAGE 2 TSR-AR-25460E232

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Small Cap Bull 3X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | TNA (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Small Cap Bull 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily Small Cap Bull 3X Shares | $94 | 0.88% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Small Cap Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the performance of the Russell 2000® Index. The Russell 2000® Index measures the performance of approximately 2,000 small-capitalization companies in the Russell 3000® Index, based on a combination of their market capitalization.

Over the Annual Period, the Russell 2000® reflected the sensitivity of small-cap companies to interest rates, financing conditions, and changing expectations for domestic economic growth. Industrials and select energy companies benefited from cyclical momentum, while regional banks and healthcare innovators experienced uneven performance tied to credit conditions and regulatory developments. More speculative or unprofitable technology companies faced persistent valuation pressure as investors weighed the cost of capital and sustainability of business models. Changes in monetary-policy expectations drove periodic rallies and reversals across the small-cap landscape. Overall, the index captured the rate sensitivity, economic exposure, and diverse fundamentals that define United States small-cap equities.

For the Annual Period, the Russell 2000® Index returned 14.41% and had volatility of 23.65%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Small Cap Bull 3X Shares returned 13.36%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Russell 2000® Index's volatility, provided a return of 26.93%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6029img003.jpg)

Direxion Daily Small Cap Bull 3X Shares PAGE 1 TSR-AR-25459W847

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily Small Cap Bull 3X Shares NAV**  | 13.36 | 8.64 | 3.59 |
| **Russell 2000® Index**  | 14.41 | 11.50 | 9.36 |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $2043593419 |
| **Number of Holdings** | 11 |
| **Net Advisory Fee** | $15372242 |
| **Portfolio Turnover** | 188% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 228.6% |
|  Investment Companies  | 71.4% |
|  Total (as % of net assets)  | 300.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Industrials  | 18.2% |
|  Health Care  | 17.0% |
|  Financials  | 16.9% |
|  Information Technology  | 16.4% |
|  Consumer Discretionary  | 9.0% |
|  Real Estate  | 5.5% |
|  Energy  | 5.0% |
|  Materials  | 4.0% |
|  Utilities  | 3.4% |
|  Communication Services  | 2.8% |
|  Consumer Staples  | 1.8% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Bloom Energy Corp. Class A  | 1.0% |
|  Credo Technology Group Holding Shares  | 1.0% |
|  IonQ, Inc.  | 0.6% |
|  Fabrinet  | 0.6% |
|  Kratos Defense & Security Solutions, Inc.  | 0.5% |
|  Nextracker, Inc. Class A  | 0.5% |
|  Oklo, Inc.  | 0.5% |
|  Rigetti Computing, Inc.  | 0.5% |
|  AeroVironment, Inc.  | 0.4% |
|  D-Wave Quantum, Inc.  | 0.4% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Small Cap Bull 3X Shares PAGE 2 TSR-AR-25459W847

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Technology Bear 3X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | TECS (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Technology Bear 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily Technology Bear 3X Shares | $60 | 0.92% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Technology Bear 3X Shares seeks daily investment results, before fees and expenses, of -300% of the performance of the Technology Select Sector Index. The Technology Select Sector Index is provided by S&P Dow Jones Indices and includes domestic companies from the technology sector which includes the following industries: computers and peripherals; software; diversified telecommunications services; communications equipment; semiconductors and semi-conductor equipment; internet software and services; IT services; electronic equipment, instruments and components; wireless telecommunication services; and office electronics.

Over the Annual Period, technology companies continued to benefit from secular demand tied to artificial intelligence, cloud computing, and digital transformation. Semiconductor manufacturers responded to strong interest in advanced memory, logic, and AI accelerators. Software firms were influenced by enterprise spending patterns, subscription growth, and platform adoption. Hardware and communications equipment makers experienced varied conditions depending on investment cycles and infrastructure buildouts. Valuation sensitivity and monetary-policy expectations created periodic volatility. Overall, the index reflected the innovation-driven leadership of the United States technology sector.

For the Annual Period, the Technology Select Sector Index returned 36.17% and had volatility of 27.11%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Technology Bear 3X Shares returned -70.61%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Technology Select Sector Index's volatility, provided a return of -75.30%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6032img003.jpg)

Direxion Daily Technology Bear 3X Shares PAGE 1 TSR-AR-25461A494

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily Technology Bear 3X Shares NAV**  | -70.61 | -58.74 | -59.52 |
| **S&P 500® Index**  | 21.45 | 17.64 | 14.64 |
| **Technology Select Sector Index**  | 36.17 | 23.19 | 22.87 |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $93651814 |
| **Number of Holdings** | 12 |
| **Net Advisory Fee** | $641582 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | -300.0% |
|  Total (as % of net assets)  | -300.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Semiconductors & Semiconductor Equipment  | 38.2% |
|  Software  | 34.1% |
|  Technology Hardware, Storage & Peripherals  | 14.6% |
|  IT Services  | 4.7% |
|  Communications Equipment  | 4.6% |
|  Electronic Equipment, Instruments & Components  | 3.8% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  NVIDIA Corp.  | 15.1% |
|  Apple, Inc.  | 12.3% |
|  Microsoft Corp.  | 11.8% |
|  Broadcom, Inc.  | 5.3% |
|  Palantir Technologies, Inc.  | 3.9% |
|  Advanced Micro Devices, Inc.  | 3.6% |
|  Oracle Corp.  | 3.2% |
|  Cisco Systems, Inc.  | 2.5% |
|  International Business Machines Corp.  | 2.5% |
|  Micron Technology, Inc.  | 2.1% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily inverse leveraged (-3X) investment results, understand the** **risks associated with the use of leverage and shorting and are willing to monitor their portfolios frequently. The Fund is** **not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their** **portfolios. There is no guarantee that the Fund will achieve its stated investment objective. Although this report** **provides annual performance information, the Fund should not be expected to provide -300% of the return of the** **Index's cumulative return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Technology Bear 3X Shares PAGE 2 TSR-AR-25461A494

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Technology Bull 3X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | TECL (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Technology Bull 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily Technology Bull 3X Shares | $117 | 0.83% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Technology Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the performance of the Technology Select Sector Index. The Technology Select Sector Index is provided by S&P Dow Jones Indices and includes domestic companies from the technology sector which includes the following industries: computers and peripherals; software; diversified telecommunications services; communications equipment; semiconductors and semi-conductor equipment; internet software and services; IT services; electronic equipment, instruments and components; wireless telecommunication services; and office electronics.

Over the Annual Period, technology companies continued to benefit from secular demand tied to artificial intelligence, cloud computing, and digital transformation. Semiconductor manufacturers responded to strong interest in advanced memory, logic, and AI accelerators. Software firms were influenced by enterprise spending patterns, subscription growth, and platform adoption. Hardware and communications equipment makers experienced varied conditions depending on investment cycles and infrastructure buildouts. Valuation sensitivity and monetary-policy expectations created periodic volatility. Overall, the index reflected the innovation-driven leadership of the United States technology sector.

For the Annual Period, the Technology Select Sector Index returned 36.17% and had volatility of 27.11%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Technology Bull 3X Shares returned 81.00%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Technology Select Sector Index's volatility, provided a return of 103.41%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6031img003.jpg)

Direxion Daily Technology Bull 3X Shares PAGE 1 TSR-AR-25459W102

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Direxion Daily Technology Bull 3X Shares NAV**  | 81.00 | 42.60 | 44.43 |
| **S&P 500® Index**  | 21.45 | 17.64 | 14.64 |
| **Technology Select Sector Index**  | 36.17 | 23.19 | 22.87 |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $4774267060 |
| **Number of Holdings** | 80 |
| **Net Advisory Fee** | $22373327 |
| **Portfolio Turnover** | 94% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 228.9% |
|  Common Stocks  | 71.1% |
|  Total (as % of net assets)  | 300.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Semiconductors & Semiconductor Equipment  | 38.2% |
|  Software  | 34.1% |
|  Technology Hardware, Storage & Peripherals  | 14.6% |
|  IT Services  | 4.7% |
|  Communications Equipment  | 4.6% |
|  Electronic Equipment, Instruments & Components  | 3.8% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  NVIDIA Corp.  | 15.1% |
|  Apple, Inc.  | 12.3% |
|  Microsoft Corp.  | 11.8% |
|  Broadcom, Inc.  | 5.3% |
|  Palantir Technologies, Inc.  | 3.9% |
|  Advanced Micro Devices, Inc.  | 3.6% |
|  Oracle Corp.  | 3.2% |
|  Cisco Systems, Inc.  | 2.5% |
|  International Business Machines Corp.  | 2.5% |
|  Micron Technology, Inc.  | 2.1% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Technology Bull 3X Shares PAGE 2 TSR-AR-25459W102

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Transportation Bull 3X** **Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | TPOR (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Transportation Bull 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily Transportation Bull 3X Shares | $89 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Transportation Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the performance of the S&P Transportation Select Industry FMC Capped Index. The S&P Transportation Select Industry FMC Capped Index is provided by S&P Dow Jones Indices and is designed to measure stocks in the S&P Total Market Index that are included in the GICS transportation sub-industry.

Over the Annual Period, transportation companies experienced varied conditions across passenger travel and freight markets. Airlines responded to capacity trends, travel demand, and fuel-price movements. Railroads and trucking carriers were influenced by freight volumes, pricing dynamics, and industrial-production patterns. Logistics and parcel-delivery companies were shaped by e-commerce activity and network-efficiency initiatives. Labor conditions, fuel costs, and supply-chain developments contributed further variability. Overall, the index reflected shifts in demand and cost structures across the transportation ecosystem.

For the Annual Period, the S&P Transportation Select Industry FMC Capped Index returned 5.94% and had volatility of 25.52%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Transportation Bull 3X Shares returned -13.01%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the S&P Transportation Select Industry FMC Capped Index's volatility, provided a return of -1.86%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6033img003.jpg)

Direxion Daily Transportation Bull 3X Shares PAGE 1 TSR-AR-25460E679

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(05/03/2017)** |
| **Direxion Daily Transportation Bull 3X Shares NAV**  | -13.01 | 10.13 | 3.20 |
| **S&P 500® Index**  | 21.45 | 17.64 | 15.08 |
| **S&P Transportation Select Industry FMC Capped** **Index**  | 5.94 | 10.17 | 9.11 |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $14051318 |
| **Number of Holdings** | 51 |
| **Net Advisory Fee** | $106763 |
| **Portfolio Turnover** | 85% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 235.0% |
|  Common Stocks  | 65.0% |
|  Total (as % of net assets)  | 300.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Ground Transportation  | 64.0% |
|  Air Freight & Logistics  | 19.5% |
|  Passenger Airlines  | 15.0% |
|  Marine Transportation  | 1.5% |

---

---

| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  Uber Technologies, Inc.  | 22.3% |
|  Union Pacific Corp.  | 15.5% |
|  United Parcel Service, Inc. Class B  | 7.7% |
|  FedEx Corp.  | 4.9% |
|  CSX Corp.  | 4.9% |
|  Norfolk Southern Corp.  | 4.5% |
|  Delta Air Lines, Inc.  | 4.1% |
|  Old Dominion Freight Line, Inc.  | 4.1% |
|  United Continental Holdings, Inc.  | 3.8% |
|  C.H. Robinson Worldwide, Inc.  | 2.8% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

Direxion Daily Transportation Bull 3X Shares PAGE 2 TSR-AR-25460E679

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Transportation Bull 3X Shares PAGE 3 TSR-AR-25460E679

------

---

| | | |
|:---|:---|:---|
| ![image](img134502_202409201524414.jpg) | **Direxion Daily Utilities Bull 3X Shares**  | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | UTSL (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img134501_n20250410200283.jpg) |
| ![image](img134502_202409201524414.jpg) | Annual Shareholder Report \| October 31, 2025  | ![image](img134501_n20250410200283.jpg) |

---

This annual shareholder report contains important information about the Direxion Daily Utilities Bull 3X Shares for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://connect.rightprospectus.com/Direxion. You can also request this information by contacting us at 866-476-7523.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Direxion Daily Utilities Bull 3X Shares | $106 | 0.95% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

The Direxion Daily Utilities Bull 3X Shares seeks daily investment results, before fees and expenses, of 300% of the performance of the Utilities Select Sector Index. The Utilities Select Sector Index is provided by S&P Dow Jones Indices and includes domestic companies from the utilities sector which includes the following industries: electric utilities; multi-utilities; water utilities; independent power producers and energy trades; and gas utilities.

Over the Annual Period, utilities companies were influenced by interest-rate expectations, regulatory environments, and capital-spending plans tied to grid modernization and renewable-energy transition. Electric utilities responded to changes in power demand, fuel costs, and progress on infrastructure upgrades. Independent power producers were shaped by wholesale pricing trends and generation mix. Water and gas utilities experienced steadier conditions but remained sensitive to rate-case outcomes. Overall, the index reflected the defensive nature of utilities while also incorporating long-term structural investment themes in the United States energy system.

For the Annual Period, the Utilities Select Sector Index returned 14.72% and had volatility of 16.64%. Given the daily investment objective of the Fund, and the path dependency of returns for longer periods, the return of the index alone should not generate expectations of annual performance of the Fund. The Direxion Daily Utilities Bull 3X Shares returned 23.67%, while the model, which incorporates the impact of the daily rebalancing resulting in compounding and the Utilities Select Sector Index's volatility, provided a return of 38.88%. Factors that may materially impact Fund performance include the volatility of the Fund's Index, compounding, return of the securities and derivatives held by the Fund, financing rates paid or earned, the types of derivative instruments used by the Fund and the correlation of such derivatives to the Fund's index and other miscellaneous factors.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6040img003.jpg)

Direxion Daily Utilities Bull 3X Shares PAGE 1 TSR-AR-25460E711

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**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception**<br>**(05/03/2017)** |
| **Direxion Daily Utilities Bull 3X Shares NAV**  | 23.67 | 13.75 | 9.94 |
| **S&P 500® Index**  | 21.45 | 17.64 | 15.08 |
| **Utilities Select Sector Index**  | 14.72 | 10.81 | 10.22 |

---

Visit https://connect.rightprospectus.com/Direxion for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. Annual returns are required to be shown and should not be interpreted as suggesting that the Fund should or should not be held for long periods of time. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of October 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $34722183 |
| **Number of Holdings** | 40 |
| **Net Advisory Fee** | $289430 |
| **Portfolio Turnover** | 48% |

---

**WHAT DID THE FUND INVEST IN?** (as of October 31, 2025)

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| | |
|:---|:---|
| **Market Exposure** | **(%)** |
|  Total Return Swap Contracts  | 222.1% |
|  Common Stocks  | 77.9% |
|  Total (as % of net assets)  | 300.0% |

---

"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any short-term investments.

---

| | |
|:---|:---|
| **Index Composition** | **(%)** |
|  Electric Utilities  | 65.9% |
|  Multi-Utilities  | 25.2% |
|  Independent Power and Renewable Electricity Producers  | 5.1% |
|  Gas Utilities  | 2.0% |
|  Water Utilities  | 1.8% |

---

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| | |
|:---|:---|
| **Top 10 Constituents of Index** | **(%)** |
|  NextEra Energy, Inc.  | 12.3% |
|  Constellation Energy Corp.  | 8.6% |
|  Southern Co.  | 7.6% |
|  Duke Energy Corp.  | 7.1% |
|  American Electric Power Co., Inc.  | 4.7% |
|  Sempra Energy  | 4.4% |
|  Vistra Corp.  | 4.4% |
|  Dominion Energy, Inc.  | 3.7% |
|  Xcel Energy, Inc.  | 3.5% |
|  Exelon Corp.  | 3.4% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://connect.rightprospectus.com/Direxion.

**The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who** **understand the potential consequences of seeking daily leveraged (3X) investment results, understand the risks** **associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to** **be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios.** **There is no guarantee that the Fund will achieve its stated investment objective. Although this report provides annual** **performance information, the Fund should not be expected to provide 300% of the return of the Index's cumulative** **return for periods longer or shorter than a trading day.**

The Fund is distributed by ALPS Distributors, Inc.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact Direxion at 866-476-7523, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Direxion or your financial intermediary.

Direxion Daily Utilities Bull 3X Shares PAGE 2 TSR-AR-25460E711

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

A copy of the registrant's Code of Ethics is filed herewith.

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Kathleen M. Berkery is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "Other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant. The table presents aggregate fees billed to the registrant and reflected in the financial statements of the report to shareholders.

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2025 | FYE 10/31/2024 |
| (a) Audit Fees | $2098446 | $1769064 |
| (b) Audit-Related Fees | $0 | $0 |
| (c) Tax Fees | $757743 | $631446 |
| (d) All Other Fees | $0 | $0 |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Ernst & Young LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2025 | FYE 10/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

<u>Non-Audit Related Fees</u> <u>FYE 10/31/2025</u> <u>FYE 10/31/2024</u> <br> Registrant None None <br> <u>Registrant's Investment Adviser</u> <u> None </u> <u> None </u>

(h) Because no non-audit services were rendered, the audit committee of the board of trustees did not consider whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence, and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) Not applicable.

(j) Not applicable.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

(a) The registrant is a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934 (the "Exchange Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The registrant's audit committee members are David L. Driscoll, Kathleen M. Berkery, Carlyle Peake, Mary Jo Collins and Bradley Kurtzman.

(b) Not applicable

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included as part of the report to shareholders filed under Item 7(a) of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Financial Statements are filed herewith.

![](direxioncover19599.jpg)

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**Table of Contents** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedules of Investments](#tsoi) | &nbsp;&nbsp; [1](#tsoi) |
| [Statements of Assets and Liabilities](#tsal) | &nbsp;&nbsp; [23](#tsal) |
| [Statements of Operations](#tsop) | &nbsp;&nbsp; [24](#tsop) |
| [Statements of Changes in Net Assets](#tscna) | &nbsp;&nbsp; [25](#tscna) |
| [Financial Highlights](#tfihi) | &nbsp;&nbsp; [26](#tfihi) |
| [Notes to the Financial Statements](#tnotes) | &nbsp;&nbsp; [27](#tnotes) |
| [Report of Independent Registered Public Accounting Firm](#treport) | &nbsp;&nbsp; [40](#treport) |
| [Additional Information (Unaudited)](#taddinf) | &nbsp;&nbsp; [41](#taddinf) |
| [Form N-CSR Items (Unaudited)](#tform) | &nbsp;&nbsp; [42](#tform) |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Auspice Broad Commodity Strategy ETF (Consolidated)** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 96.9%**<br>|  |
|  | **Money Market Funds — 96.9%**<br>|  |
| 169503427 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $169503427  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $169,503,427)** | $169503427  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $169,503,427) — 96.9%**  | $169503427  |
|  | Other Assets in Excess of Liabilities — 3.1%<sup>(b)</sup> | 5450672  |
|  | **TOTAL NET ASSETS — 100.0%** | $174954099 |

---

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 October 31, 2025.

<sup>(b)</sup> $6,134,017 of cash is pledged as collateral for futures contracts. 

**Long Futures Contracts** 

**October 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Expiration** <br>**Date** | **Number of** <br>**Contracts** | **Notional** <br>**Amount** | **Variation Margin** <br>**Receivable/(Payable), net** | **Unrealized** <br>**Appreciation**  |
| Copper | 12/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 80  | $10178000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(30000) | $1153825  |
| Gasoline RBOB | 11/28/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 168  | 13412045  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57859  | 835506  |
| Gold | 12/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 46  | 18383900  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (89240) | 1336588  |
| NY Harbor ULSD | 5/29/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 103  | 9559595  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11680) | 84836  |
| Silver | 12/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 52  | 12521600  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (118560) | 2544955  |
| Soybean | 11/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 614  | 33954200  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | (2303)  |
| WTI Crude | 11/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 137  | 8354260  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56170 | 370756  |
|  |  |  | $106363600  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(135451) | $6324163 |

---

The accompanying notes are an integral part of these financial statements.

1<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION HCM TACTICAL ENHANCED US ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 79.7%** | **COMMON STOCKS — 79.7%** |
|  | **Accommodation — 0.3%**<br>|  |
| 3535 | Airbnb, Inc. Class A<sup>(a)</sup> | $447319  |
| 1936 | Hilton Worldwide Holdings, Inc. | 497475  |
| 5259 | Host Hotels & Resorts, Inc. | 84249  |
| 2543 | Las Vegas Sands Corp. | 150927  |
| 1855 | Marriott International, Inc. Class C | 483376  |
| 1683 | MGM Resorts International<sup>(a)</sup> | 53906  |
| 694 | Wynn Resorts Ltd. | 82579  |
|  |  | 1799831  |
|  | **Administrative and Support Services — 2.1%**<br>|  |
| 705 | Allegion PLC ADR (Ireland) | 116868  |
| 18972 | Amcor PLC ADR (United Kingdom) | 149879  |
| 775 | Ameriprise Financial, Inc. | 350897  |
| 3330 | Automatic Data Processing, Inc. | 866799  |
| 264 | Booking Holdings, Inc. | 1340523  |
| 967 | Broadridge Financial Solutions, Inc. | 213127  |
| 581 | Corpay, Inc.<sup>(a)</sup> | 151263  |
| 1022 | Equifax, Inc. | 215744  |
| 305 | FactSet Research System, Inc. | 81374  |
| 623 | Gartner, Inc.<sup>(a)</sup> | 154716  |
| 2432 | Iron Mountain, Inc. | 250375  |
| 1297 | Live Nation Entertainment, Inc.<sup>(a)(b)</sup> | 193941  |
| 1980 | Match Group, Inc. | 64033  |
| 1270 | Moody's Corp. | 609981  |
| 2542 | Paramount Skydance Corp.<sup>(b)</sup> | 39121  |
| 2317 | Rollins, Inc. | 133482  |
| 2077 | Royal Caribbean Cruises Ltd. ADR (Liberia) | 595746  |
| 17164 | Uber Technologies, Inc.<sup>(a)</sup> | 1656326  |
| 13981 | Visa, Inc. Class A<sup>(b)</sup> | 4763886  |
| 3052 | Waste Management, Inc. | 609698  |
|  |  | 12557779  |
|  | **Air Transportation — 0.1%**<br>|  |
| 5337 | Delta Air Lines, Inc. | 306237  |
| 4324 | Southwest Airlines Co. | 131017  |
| 2664 | United Continental Holdings, Inc.<sup>(a)</sup> | 250523  |
|  |  | 687777  |
|  | **Ambulatory Health Care Services — 0.1%**<br>|  |
| 292 | DaVita, Inc.<sup>(a)</sup> | 34754  |
| 684 | Labcorp Holdings, Inc. | 173708  |
| 448 | Molina Healthcare, Inc.<sup>(a)</sup> | 68571  |
| 915 | Quest Diagnostics, Inc. | 160994  |
| 9594 | Viatris, Inc. | 99394  |
|  |  | 537421  |
|  | **Amusement, Gambling, and Recreation Industries — 0.3%**<br>|  |
| 14799 | The Walt Disney Co. | 1666663  |

---

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION HCM TACTICAL ENHANCED US ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
|  | **Apparel Manufacturing — 0.1%**<br>|  |
| 2817 | Cintas Corp. | $516271  |
| 1222 | Deckers Outdoor Corp.<sup>(a)</sup> | 99593  |
| 321 | Ralph Lauren Corp. | 102611  |
|  |  | 718475  |
|  | **Beverage and Tobacco Product Manufacturing — 0.9%**<br>|  |
| 13827 | Altria Group, Inc. | 779566  |
| 1176 | Constellation Brands, Inc. Class A | 154503  |
| 11183 | Keurig Dr Pepper, Inc. | 303730  |
| 1393 | Molson Coors Brewing Co. Class B | 60902  |
| 5863 | Monster Beverage Corp.<sup>(a)</sup> | 391825  |
| 11269 | PepsiCo, Inc. | 1646288  |
| 12812 | Philip Morris International, Inc. | 1849156  |
|  |  | 5185970  |
|  | **Broadcasting and Content Providers — 0.3%**<br>|  |
| 763 | Charter Communications, Inc.<sup>(a)(b)</sup> | 178420  |
| 30315 | Comcast Corp. Class A | 843818  |
| 1730 | FOX Corp. Class A | 111844  |
| 1094 | FOX Corp. Class B | 63900  |
| 569 | TKO Group Holdings, Inc. | 107200  |
| 20377 | Warner Bros Discovery, Inc.<sup>(a)</sup> | 457464  |
|  |  | 1762646  |
|  | **Building Material and Garden Equipment and Supplies Dealers — 0.8%**<br>|  |
| 4609 | Lowe's Companies, Inc. | 1097541  |
| 432 | Snap-on, Inc. | 144958  |
| 8188 | The Home Depot, Inc. | 3108083  |
| 4363 | Tractor Supply Co. | 236082  |
|  |  | 4586664  |
|  | **Chemical Manufacturing — 4.3%**<br>|  |
| 14540 | AbbVie, Inc. | 3170302  |
| 1834 | Air Products & Chemicals, Inc. | 444910  |
| 972 | Albemarle Corp. | 95480  |
| 4432 | Amgen, Inc. | 1322642  |
| 1207 | Biogen, Inc.<sup>(a)</sup> | 186204  |
| 1290 | Bio-Techne Corp. | 80715  |
| 16754 | Bristol-Myers Squibb Co. | 771857  |
| 1332 | CF Industries Holdings, Inc. | 110942  |
| 2005 | Church & Dwight Co., Inc. | 175818  |
| 1009 | Clorox Co. | 113472  |
| 6656 | Colgate-Palmolive Co. | 512845  |
| 3444 | DuPont de Nemours, Inc. | 281203  |
| 945 | Eastman Chemical Co. | 56246  |
| 2099 | Ecolab, Inc. | 538184  |
| 6540 | Eli Lilly & Co. | 5643104  |
| 10211 | Gilead Sciences, Inc. | 1223176  |

---

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION HCM TACTICAL ENHANCED US ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
|  | **Chemical Manufacturing — (Continued)**<br>|  |
| 1349 | Incyte Corp.<sup>(a)</sup> | $126105  |
| 4711 | IntercontinentalExchange, Inc. | 689172  |
| 2105 | International Flavors & Fragrances, Inc. | 132552  |
| 15796 | Kenvue, Inc. | 226989  |
| 2726 | Kimberly-Clark Corp. | 326329  |
| 3860 | Linde PLC ADR (Ireland) | 1614638  |
| 2113 | LyondellBasell Industries N.V. Class A ADR (Netherlands) | 98085  |
| 20562 | Merck & Co., Inc. | 1767921  |
| 2612 | Mosaic Co. | 71699  |
| 46798 | Pfizer, Inc. | 1153571  |
| 1858 | PPG Industries, Inc. | 181619  |
| 19281 | Procter & Gamble Co. | 2899284  |
| 836 | Regeneron Pharmaceuticals, Inc. | 544905  |
| 2106 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 896250  |
| 3650 | Zoetis, Inc. | 525928  |
|  |  | 25982147  |
|  | **Clothing, Clothing Accessories, Shoe, and Jewelry Retailers — 0.3%**<br>|  |
| 895 | Lululemon Athletica, Inc.<sup>(a)</sup> | 152633  |
| 2690 | Ross Stores, Inc. | 427495  |
| 9187 | TJX Companies, Inc. | 1287466  |
|  |  | 1867594  |
|  | **Computer and Electronic Product Manufacturing — 24.5%**<br>|  |
| 13355 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 3420483  |
| 2340 | Agilent Technologies, Inc. | 342482  |
| 47880 | Alphabet, Inc. | 13463377  |
| 38438 | Alphabet, Inc. Class C | 10832597  |
| 1901 | AMETEK, Inc. | 384211  |
| 10048 | Amphenol Corp. Class A | 1400088  |
| 4085 | Analog Devices, Inc. | 956421  |
| 122151 | Apple, Inc. | 33025966  |
| 8484 | Arista Networks, Inc.<sup>(a)</sup> | 1337842  |
| 38715 | Broadcom, Inc. | 14310225  |
| 32596 | Cisco Systems, Inc. | 2383094  |
| 5242 | Danaher Corp. | 1129022  |
| 2497 | Dell Technologies, Inc. | 404539  |
| 880 | First Solar, Inc.<sup>(a)</sup> | 234907  |
| 5362 | Fortinet, Inc.<sup>(a)</sup> | 463438  |
| 2780 | Fortive Corp. | 139945  |
| 3758 | GE HealthCare Technologies, Inc. | 281662  |
| 1832 | Hologic, Inc.<sup>(a)</sup> | 135403  |
| 7728 | HP, Inc. | 213834  |
| 36026 | Intel Corp.<sup>(a)</sup> | 1440680  |
| 7665 | International Business Machines Corp. | 2356298  |
| 881 | Jabil Circuit, Inc. | 194604  |

---

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION HCM TACTICAL ENHANCED US ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
|  | **Computer and Electronic Product Manufacturing — (Continued)**<br>|  |
| 1415 | Keysight Technologies, Inc.<sup>(a)</sup> | $258888  |
| 1535 | L3Harris Technologies, Inc. | 443768  |
| 10419 | Lam Research Corp. | 1640576  |
| 4442 | Microchip Technology, Inc. | 277270  |
| 9215 | Micron Technology, Inc. | 2062041  |
| 397 | Monolithic Power Systems, Inc. | 398985  |
| 1370 | Motorola Solutions, Inc. | 557193  |
| 1649 | NetApp, Inc. | 194219  |
| 1110 | Northrop Grumman Corp. | 647629  |
| 200836 | NVIDIA Corp. | 40667282  |
| 2073 | NXP Semiconductors NV ADR (Netherlands) | 433506  |
| 3362 | ON Semiconductor Corp.<sup>(a)</sup> | 168369  |
| 3230 | Otis Worldwide Corp. | 299615  |
| 5501 | Palto Alto Networks, Inc.<sup>(a)(b)</sup> | 1211540  |
| 8876 | Qualcomm, Inc. | 1605668  |
| 959 | Revvity, Inc. | 89753  |
| 883 | Roper Technologies, Inc. | 393950  |
| 11019 | RTX Corp. | 1966891  |
| 1753 | Seagate Technology Holdings PLC ADR (Ireland) | 448558  |
| 1222 | Skyworks Solutions, Inc. | 94974  |
| 4131 | Super Micro Computer, Inc.<sup>(a)</sup> | 214647  |
| 389 | Teledyne Technologies, Inc.<sup>(a)</sup> | 204933  |
| 1309 | Teradyne, Inc. | 237924  |
| 7485 | Texas Instruments, Inc.<sup>(b)</sup> | 1208528  |
| 3109 | Thermo Fisher Scientific, Inc. | 1764016  |
| 1957 | Trimble, Inc.<sup>(a)</sup> | 156071  |
| 2040 | Veralto Corp. | 201307  |
| 491 | Waters Corp.<sup>(a)</sup> | 171654  |
| 2859 | Western Digital Corp. | 429450  |
| 422 | Zebra Technologies Corp. Class A<sup>(a)</sup> | 113623  |
|  |  | 147413946  |
|  | **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services — 0.0%<sup>(†)</sup>** <br>|  |
| 4475 | Fiserv, Inc.<sup>(a)</sup> | 298438  |
|  | **Construction of Buildings — 0.2%**<br>|  |
| 2285 | D.R. Horton, Inc. | 340648  |
| 1874 | Lennar Corp. Class A | 231945  |
| 24 | NVR, Inc.<sup>(a)</sup> | 173060  |
| 1628 | PulteGroup, Inc. | 195148  |
|  |  | 940801  |
|  | **Couriers and Messengers — 0.2%**<br>|  |
| 1788 | FedEx Corp. | 453830  |
| 6062 | United Parcel Service, Inc. Class B | 584498  |
|  |  | 1038328  |

---

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION HCM TACTICAL ENHANCED US ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
|  | **Credit Intermediation and Related Activities — 4.2%**<br>|  |
| 4467 | American Express Co. | $1611381  |
| 56090 | Bank of America Corp. | 2998011  |
| 5802 | Bank of New York Mellon Corp. | 626210  |
| 5260 | Capital One Financial Corp. | 1157147  |
| 15152 | Citigroup, Inc. | 1533837  |
| 3553 | Citizens Financial Group, Inc. | 180741  |
| 1862 | Coinbase Global, Inc.<sup>(a)</sup> | 640118  |
| 4302 | Fidelity National Information Services, Inc. | 268961  |
| 5451 | Fifth Third Bancorp | 226871  |
| 1995 | Global Payments, Inc. | 155131  |
| 12932 | Huntington Bancshares, Inc. | 199670  |
| 22632 | JPMorgan Chase & Co. | 7041268  |
| 7669 | KeyCorp | 134898  |
| 1286 | M&T Bank Corp. | 236457  |
| 6797 | MasterCard, Inc. Class A | 3751876  |
| 1575 | Northern Trust Corp. | 202655  |
| 3241 | PNC Financial Services Group, Inc. | 591645  |
| 7347 | Regions Financial Corp. | 177797  |
| 2337 | State Street Corp. | 270298  |
| 3064 | Synchrony Financial | 227900  |
| 10613 | Truist Financial Corp. | 473658  |
| 12809 | U.S. Bancorp | 597924  |
| 26368 | Wells Fargo & Co. | 2293225  |
|  |  | 25597679  |
|  | **Electrical Equipment, Appliance, and Component Manufacturing — 0.3%**<br>|  |
| 938 | A.O. Smith Corp. | 61899  |
| 646 | Axon Enterprise, Inc.<sup>(a)</sup> | 473021  |
| 4629 | Emerson Electric Co. | 646069  |
| 484 | Generac Holdings, Inc.<sup>(a)</sup> | 81322  |
| 920 | Rockwell Automation, Inc. | 338891  |
|  |  | 1601202  |
|  | **Fabricated Metal Product Manufacturing — 0.1%**<br>|  |
| 2244 | Ball Corp. | 105468  |
| 1890 | Nucor Corp. | 283595  |
| 1349 | Pentair PLC ADR (Ireland) | 143466  |
| 1275 | Stanley Black & Decker, Inc. | 86343  |
|  |  | 618872  |
|  | **Food and Beverage Retailers — 0.1%**<br>|  |
| 5008 | Kroger Co. | 318659  |
|  | **Food Manufacturing — 0.7%**<br>|  |
| 3952 | Archer-Daniels-Midland Co. | 239214  |
| 31880 | Coca-Cola Co. | 2196532  |
| 4401 | General Mills, Inc.<sup>(b)</sup> | 205131  |

---

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION HCM TACTICAL ENHANCED US ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
|  | **Food Manufacturing — (Continued)**<br>|  |
| 2400 | Hormel Foods Corp. | $51816  |
| 2213 | Kellanova | 183812  |
| 1149 | Lamb Weston Holdings, Inc. | 70928  |
| 2080 | McCormick & Co, Inc. | 133453  |
| 10650 | Mondelez International, Inc. | 611949  |
| 1623 | The Campbell's Company<sup>(b)</sup> | 48901  |
| 1220 | The Hershey Co. | 206948  |
| 875 | The J.M. Smucker Co. | 90606  |
| 7012 | The Kraft Heinz Co. | 173407  |
| 2354 | Tyson Foods, Inc. Class A | 121019  |
|  |  | 4333716  |
|  | **Food Services and Drinking Places — 0.7%**<br>|  |
| 11039 | Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 349826  |
| 966 | Darden Restaurants, Inc. | 174025  |
| 3048 | DoorDash, Inc.<sup>(a)</sup> | 775320  |
| 5869 | McDonald's Corp. | 1751486  |
| 9357 | Starbucks Corp. | 756700  |
| 2287 | Yum! Brands, Inc. | 316086  |
|  |  | 4123443  |
|  | **Funds, Trusts, and Other Financial Vehicles — 0.1%**<br>|  |
| 1346 | Garmin Ltd. ADR (Switzerland) | 287963  |
| 1810 | T. Rowe Price Group, Inc. | 185580  |
|  |  | 473543  |
|  | **Furniture, Home Furnishings, Electronics, and Appliance Retailers — 0.0%<sup>(†)</sup>** <br>|  |
| 1622 | Best Buy Co., Inc. | 133231  |
|  | **Gasoline Stations and Fuel Dealers — 0.4%**<br>|  |
| 15840 | Chevron Corp. | 2498285  |
|  | **General Merchandise Retailers — 4.6%**<br>|  |
| 79880 | Amazon.com, Inc.<sup>(a)</sup> | 19508294  |
| 3652 | Costco Wholesale Corp. | 3328615  |
| 1812 | Dollar General Corp. | 178772  |
| 1601 | Dollar Tree, Inc.<sup>(a)</sup> | 158691  |
| 3761 | eBay, Inc. | 305807  |
| 3741 | Target Corp. | 346866  |
| 36129 | Walmart, Inc. | 3655532  |
| 1016 | Williams-Sonoma, Inc.<sup>(b)</sup> | 197449  |
|  |  | 27680026  |
|  | **Health and Personal Care Retailers — 0.2%**<br>|  |
| 10443 | CVS Health Corp. | 816121  |
| 373 | Ulta Beauty, Inc.<sup>(a)</sup> | 193915  |
|  |  | 1010036  |

---

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION HCM TACTICAL ENHANCED US ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
|  | **Hospitals — 0.1%**<br>|  |
| 1347 | HCA Healthcare, Inc. | $619189  |
| 467 | Universal Health Services, Inc. Class B | 101344  |
|  |  | 720533  |
|  | **Insurance Carriers and Related Activities — 3.1%**<br>|  |
| 3958 | Aflac, Inc. | 424258  |
| 2163 | Allstate Corp. | 414258  |
| 4557 | American International Group, Inc. | 359821  |
| 3060 | Arch Capital Group Ltd. ADR | 264109  |
| 2106 | Arthur J. Gallagher & Co. | 525426  |
| 418 | Assurant, Inc. | 88499  |
| 15093 | Berkshire Hathaway, Inc. Class B<sup>(a)</sup> | 7207511  |
| 2413 | Brown & Brown, Inc. | 192413  |
| 3840 | Centene Corp.<sup>(a)</sup> | 135821  |
| 3053 | Chubb Limited ADR (Switzerland) | 845498  |
| 2195 | Cigna Corp. | 536480  |
| 1287 | Cincinnati Financial Corp. | 198957  |
| 1854 | Elevance Health, Inc. | 588089  |
| 207 | Erie Indemnity Co. Class A<sup>(b)</sup> | 60576  |
| 349 | Everest Re Group Ltd. ADR | 109767  |
| 666 | Globe Life, Inc. | 87586  |
| 993 | Humana, Inc. | 276243  |
| 1398 | Loews Corp. | 139185  |
| 4042 | Marsh & McLennan Companies, Inc. | 720082  |
| 4594 | MetLife, Inc. | 366693  |
| 1672 | Principal Financial Group, Inc. | 140515  |
| 4828 | Progressive Corp. | 994568  |
| 2900 | Prudential Financial, Inc. | 301600  |
| 2318 | The Hartford Insurance Group, Inc. | 287849  |
| 1854 | Travelers Companies, Inc. | 498021  |
| 7456 | UnitedHealth Group, Inc. | 2546671  |
| 2467 | W.R. Berkley Corp. | 175996  |
| 801 | Willis Towers Watson PLC ADR (Ireland) | 250793  |
|  |  | 18737285  |
|  | **Leather and Allied Product Manufacturing — 0.1%**<br>|  |
| 9780 | NIKE, Inc. Class B | 631690  |
| 1716 | Tapestry, Inc. | 188451  |
|  |  | 820141  |
|  | **Machinery Manufacturing — 1.9%**<br>|  |
| 6605 | Applied Materials, Inc. | 1539625  |
| 8116 | Baker Hughes Co. | 392896  |
| 6584 | Carrier Global Corp. | 391682  |
| 3857 | Caterpillar, Inc. | 2226492  |
| 1136 | Cummins, Inc. | 497204  |
| 2071 | Deere & Co. | 956036  |

---

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION HCM TACTICAL ENHANCED US ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
|  | **Machinery Manufacturing — (Continued)**<br>|  |
| 8729 | GE Aerospace | $2696824  |
| 619 | IDEX Corp. | 106134  |
| 2980 | Ingersoll Rand, Inc. | 227463  |
| 168 | Mettler-Toledo International, Inc.<sup>(a)</sup> | 237937  |
| 444 | Nordson Corp. | 102986  |
| 1054 | Parker Hannifin Corp. | 814563  |
| 1833 | Trane Technologies PLC ADR (Ireland) | 822375  |
| 2003 | Xylem, Inc. | 302153  |
|  |  | 11314370  |
|  | **Management of Companies and Enterprises — 0.5%**<br>|  |
| 14327 | Abbott Laboratories | 1771104  |
| 1776 | Aon PLC ADR (United Kingdom) | 605048  |
| 1154 | Bunge Global SA ADR (Switzerland) | 109168  |
| 3720 | Norwegian Cruise Line Holdings Ltd. ADR<sup>(a)</sup> | 83402  |
| 4300 | Smurfit WestRock PLC ADR (Ireland) | 158756  |
|  |  | 2727478  |
|  | **Merchant Wholesalers, Durable Goods — 0.8%**<br>|  |
| 905 | Builders FirstSource, Inc.<sup>(a)</sup> | 105134  |
| 7325 | Copart, Inc.<sup>(a)</sup> | 315048  |
| 9445 | Fastenal Co. | 388662  |
| 1147 | Genuine Parts Co. | 146025  |
| 846 | Henry Schein, Inc.<sup>(a)</sup> | 53467  |
| 439 | Hubbell, Inc. | 206330  |
| 326 | Huntington Ingalls Industries, Inc. | 104979  |
| 5390 | Johnson Controls International PLC ADR (Ireland) | 616562  |
| 1088 | KLA-Tencor Corp. | 1315109  |
| 260 | Lennox International, Inc. | 131300  |
| 2113 | LKQ Corp. | 67532  |
| 432 | Mohawk Industries, Inc.<sup>(a)</sup> | 49092  |
| 267 | Pool Corp. | 71305  |
| 2433 | TE Connectivity PLC ADR (Ireland) | 600975  |
| 365 | W.W. Grainger, Inc. | 357335  |
|  |  | 4528855  |
|  | **Merchant Wholesalers, Nondurable Goods — 0.6%**<br>|  |
| 1448 | Brown Forman Corp. Class B | 39429  |
| 1966 | Cardinal Health, Inc. | 375054  |
| 1599 | Cencora, Inc. | 540158  |
| 3941 | ConAgra Brands, Inc. | 67746  |
| 254 | Domino's Pizza, Inc. | 101209  |
| 2179 | Illinois Tool Works, Inc. | 531502  |
| 1027 | McKesson Corp. | 833246  |
| 3927 | Sysco Corp. | 291698  |
| 1908 | The Sherwin Williams Co. | 658145  |
|  |  | 3438187  |

---

The accompanying notes are an integral part of these financial statements.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION HCM TACTICAL ENHANCED US ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
|  | **Mining (except Oil and Gas) — 0.3%**<br>|  |
| 11818 | Freeport-McMoRan Copper & Gold, Inc. | $492810  |
| 498 | Martin Marietta Materials, Inc. | 305324  |
| 9038 | Newmont Corp. | 731807  |
| 1090 | Vulcan Materials Co. | 315555  |
|  |  | 1845496  |
|  | **Miscellaneous Manufacturing — 2.0%**<br>|  |
| 4386 | 3M Co. | 730269  |
| 556 | Align Technology, Inc.<sup>(a)</sup> | 76661  |
| 4230 | Baxter International, Inc. | 78128  |
| 2362 | Becton, Dickinson & Co. | 422113  |
| 12196 | Boston Scientific Corp.<sup>(a)</sup> | 1228381  |
| 3227 | DexCom, Inc.<sup>(a)</sup> | 187876  |
| 1130 | Dover Corp. | 205050  |
| 4835 | Edwards Lifesciences Corp.<sup>(a)</sup> | 398646  |
| 1928 | Estee Lauder Companies, Inc. Class A | 186418  |
| 1098 | Hasbro, Inc. | 83788  |
| 579 | Insulet Corp.<sup>(a)</sup> | 181233  |
| 2953 | Intuitive Surgical, Inc.<sup>(a)</sup> | 1577729  |
| 19823 | Johnson & Johnson | 3743970  |
| 10548 | Medtronic PLC ADR (Ireland) | 956704  |
| 1206 | ResMed, Inc. | 297737  |
| 1214 | Solventum Corp.<sup>(a)</sup> | 83815  |
| 809 | Steris PLC ADR (Ireland) | 190681  |
| 2833 | Stryker Corp. | 1009228  |
| 1464 | Textron, Inc. | 118306  |
| 1645 | The Cooper Companys, Inc.<sup>(a)</sup> | 115002  |
| 1634 | Zimmer Biomet Holdings, Inc. | 164315  |
|  |  | 12036050  |
|  | **Motion Picture and Sound Recording Industries — 0.6%**<br>|  |
| 3500 | Netflix, Inc.<sup>(a)</sup> | 3916010  |
|  | **Motor Vehicle and Parts Dealers — 0.2%**<br>|  |
| 136 | AutoZone, Inc.<sup>(a)</sup> | 499723  |
| 6982 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 659380  |
|  |  | 1159103  |
|  | **National Security and International Affairs — 0.0%<sup>(†)</sup>** <br>|  |
| 1059 | Leidos Holdings, Inc. | 201708  |
|  | **Nonmetallic Mineral Product Manufacturing — 0.1%**<br>|  |
| 6414 | Corning, Inc. | 571359  |
|  | **Oil and Gas Extraction — 1.0%**<br>|  |
| 2947 | APA Corp.<sup>(b)</sup> | 66749  |
| 6283 | Coterra Energy, Inc. | 148656  |
| 5222 | Devon Energy Corp. | 169663  |

---

The accompanying notes are an integral part of these financial statements.

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION HCM TACTICAL ENHANCED US ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
|  | **Oil and Gas Extraction — (Continued)**<br>|  |
| 1544 | Diamondback Energy, Inc. | $221085  |
| 7023 | Dominion Energy, Inc.<sup>(b)</sup> | 412180  |
| 4493 | EOG Resources, Inc. | 475539  |
| 5134 | EQT Corp. | 275080  |
| 1961 | Expand Energy Corp. | 202591  |
| 35090 | Exxon Mobil Corp. | 4012892  |
| 5910 | Occidental Petroleum Corp. | 243492  |
|  |  | 6227927  |
|  | **Paper Manufacturing — 0.0%<sup>(†)</sup>** <br>|  |
| 735 | Packaging Corp of America | 143884  |
|  | **Performing Arts, Spectator Sports, and Related Industries — 0.1%**<br>|  |
| 1854 | Electronic Arts, Inc. | 370911  |
|  | **Petroleum and Coal Products Manufacturing — 0.4%**<br>|  |
| 10278 | ConocoPhillips | 913303  |
| 2503 | Marathon Petroleum Corp. | 487860  |
| 3323 | Phillips 66 | 452393  |
| 2556 | Valero Energy Corp. | 433395  |
|  |  | 2286951  |
|  | **Pipeline Transportation — 0.1%**<br>|  |
| 1772 | Targa Resources Corp. | 272959  |
| 10050 | Williams Companies, Inc. | 581593  |
|  |  | 854552  |
|  | **Plastics and Rubber Products Manufacturing — 0.0%<sup>(†)</sup>** <br>|  |
| 642 | Avery Dennison Corp. | 112279  |
| 592 | West Pharmaceutical Services, Inc. | 166986  |
|  |  | 279265  |
|  | **Primary Metal Manufacturing — 0.1%**<br>|  |
| 3314 | Howmet Aerospace, Inc. | 682518  |
| 1140 | Steel Dynamics, Inc. | 178752  |
|  |  | 861270  |
|  | **Professional, Scientific, and Technical Services — 4.8%**<br>|  |
| 5124 | Accenture PLC Class A ADR (Ireland) | 1281512  |
| 2232 | AppLovin Corp.<sup>(a)</sup> | 1422521  |
| 1081 | CDW Corp. | 172279  |
| 407 | Charles River Laboratories International, Inc.<sup>(a)</sup> | 73289  |
| 4015 | Cognizant Technology Solutions Corp. Class A | 292613  |
| 3204 | Eaton Corporation PLC ADR (Ireland) | 1222518  |
| 460 | EPAM Systems, Inc.<sup>(a)</sup> | 75228  |
| 1750 | Extra Space Storage, Inc. | 233695  |
| 475 | F5 Networks, Inc.<sup>(a)</sup> | 120199  |
| 1141 | GoDaddy, Inc.<sup>(a)</sup> | 151901  |

---

The accompanying notes are an integral part of these financial statements.

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION HCM TACTICAL ENHANCED US ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
|  | **Professional, Scientific, and Technical Services — (Continued)**<br>|  |
| 658 | IDEXX Laboratories, Inc.<sup>(a)</sup> | $414218  |
| 4347 | International Paper Co. | 167968  |
| 3016 | Interpublic Group of Companies, Inc. | 77391  |
| 1398 | IQVIA Holdings, Inc.<sup>(a)</sup> | 302611  |
| 600 | Jack Henry & Associates, Inc. | 89364  |
| 987 | Jacobs Solutions, Inc. | 153784  |
| 17851 | Meta Platforms, Inc. | 11573696  |
| 2854 | Moderna, Inc.<sup>(a)(b)</sup> | 77515  |
| 1598 | Omnicom Group, Inc.<sup>(b)</sup> | 119882  |
| 13643 | Oracle Corp. | 3582788  |
| 18722 | Palantir Technologies, Inc.<sup>(a)</sup> | 3753199  |
| 2668 | Paychex, Inc. | 312236  |
| 415 | Paycom Software, Inc. | 77642  |
| 989 | PTC, Inc.<sup>(a)</sup> | 196356  |
| 1715 | ServiceNow, Inc.<sup>(a)</sup> | 1576565  |
| 1305 | Solstice Advanced Materials, Inc.<sup>(a)</sup> | 58816  |
| 1425 | Take-Two Interactive Software, Inc.<sup>(a)</sup> | 365327  |
| 3669 | The Trade Desk, Inc.<sup>(a)</sup> | 184477  |
| 692 | VeriSign, Inc. | 165942  |
| 1152 | Verisk Analytics, Inc. Class A | 252012  |
| 1779 | Workday, Inc.<sup>(a)</sup> | 426818  |
|  |  | 28974362  |
|  | **Publishing Industries — 6.9%**<br>|  |
| 3495 | Adobe, Inc.<sup>(a)</sup> | 1189383  |
| 1181 | Akamai Technologies, Inc.<sup>(a)</sup> | 88693  |
| 1763 | Autodesk, Inc.<sup>(a)</sup> | 531262  |
| 4521 | Block, Inc.<sup>(a)</sup> | 343325  |
| 2246 | Cadence Design Systems, Inc.<sup>(a)</sup> | 760698  |
| 2051 | CrowdStrike Holdings, Inc.<sup>(a)</sup> | 1113714  |
| 2659 | Datadog, Inc.<sup>(a)</sup> | 432912  |
| 1315 | Dayforce, Inc.<sup>(a)</sup> | 90393  |
| 195 | Fair Isaac Corp.<sup>(a)</sup> | 323608  |
| 4609 | Gen Digital, Inc. | 121493  |
| 10799 | Hewlett Packard Enterprise Co. | 263712  |
| 2298 | Intuit, Inc. | 1534030  |
| 61182 | Microsoft Corp. | 31680651  |
| 3099 | News Corp. Class A | 82124  |
| 915 | News Corp. Class B | 27880  |
| 7871 | Salesforce, Inc. | 2049687  |
| 1518 | Synopsys, Inc.<sup>(a)</sup> | 688899  |
| 359 | Tyler Technologies, Inc.<sup>(a)</sup> | 170977  |
|  |  | 41493441  |

---

The accompanying notes are an integral part of these financial statements.

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION HCM TACTICAL ENHANCED US ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
|  | **Rail Transportation — 0.3%**<br>|  |
| 15343 | CSX Corp. | $552655  |
| 4883 | Union Pacific Corp. | 1076067  |
|  |  | 1628722  |
|  | **Real Estate — 1.2%**<br>|  |
| 1281 | Alexandria Real Estate Equities, Inc. | 74580  |
| 3854 | American Tower Corp. | 689789  |
| 1172 | AvalonBay Communities, Inc. | 203834  |
| 1213 | BXP, Inc. | 86353  |
| 876 | Camden Property Trust | 87145  |
| 2414 | CBRE Group, Inc. Class A<sup>(a)</sup> | 367966  |
| 3586 | Crown Castle, Inc. | 323529  |
| 2638 | Digital Realty Trust, Inc. | 449542  |
| 2864 | Equity Residential | 170236  |
| 531 | Essex Property Trust, Inc. | 133690  |
| 646 | Federal Realty Investment Trust | 62139  |
| 5718 | Healthpeak Properties, Inc. | 102638  |
| 4638 | Invitation Homes, Inc. | 130560  |
| 5576 | Kimco Realty Corp. | 115200  |
| 967 | Mid-America Apartment Communities, Inc. | 123998  |
| 7637 | Prologis, Inc. | 947675  |
| 1300 | Public Storage | 362128  |
| 7525 | Realty Income Corp. | 436300  |
| 1344 | Regency Centers Corp. | 92669  |
| 2685 | Simon Property Group, Inc. | 471916  |
| 2483 | UDR, Inc. | 83652  |
| 3742 | Ventas, Inc. | 276122  |
| 8777 | VICI Properties, Inc. | 263222  |
| 5508 | Welltower, Inc. | 997168  |
| 5938 | Weyerhaeuser Co. | 136574  |
|  |  | 7188625  |
|  | **Rental and Leasing Services — 0.1%**<br>|  |
| 530 | United Rentals, Inc. | 461725  |
|  | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 2.1%**<br>|  |
| 3788 | Apollo Global Management, Inc. | 470886  |
| 1187 | Blackrock, Inc. | 1285296  |
| 859 | Cboe Global Markets, Inc. | 211005  |
| 14045 | Charles Schwab Corp. | 1327533  |
| 2968 | CME Group, Inc. | 787974  |
| 5831 | Dow, Inc. | 139069  |
| 2522 | Franklin Resources, Inc. | 57023  |
| 2493 | Goldman Sachs Group, Inc. | 1967899  |
| 3666 | Interactive Brokers Group, Inc. Class A | 257940  |
| 3672 | Invesco Ltd. ADR | 87026  |

---

The accompanying notes are an integral part of these financial statements.

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION HCM TACTICAL ENHANCED US ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
|  | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities — (Continued)**<br>|  |
| 5647 | KKR & Co., Inc. | $668210  |
| 9987 | Morgan Stanley | 1637868  |
| 637 | MSCI, Inc. Class A | 374906  |
| 3733 | NASDAQ OMX Group, Inc. | 319134  |
| 1458 | Raymond James Financial, Inc. | 231341  |
| 6369 | Robinhood Markets, Inc.<sup>(a)</sup> | 934842  |
| 2572 | S&P Global, Inc. | 1253104  |
| 6071 | The Blackstone Group, Inc. | 890252  |
|  |  | 12901308  |
|  | **Specialty Trade Contractors — 0.1%**<br>|  |
| 371 | EMCOR Group, Inc. | 250714  |
| 1227 | Quanta Services, Inc. | 551083  |
|  |  | 801797  |
|  | **Support Activities for Agriculture and Forestry — 0.1%**<br>|  |
| 5591 | Corteva, Inc. | 343511  |
|  | **Support Activities for Mining — 0.1%**<br>|  |
| 7015 | Halliburton Co. | 188282  |
| 12282 | SLB Ltd. ADR | 442889  |
|  |  | 631171  |
|  | **Support Activities for Transportation — 0.2%**<br>|  |
| 976 | C.H. Robinson Worldwide, Inc. | 150294  |
| 976 | Expedia, Inc. | 214720  |
| 1119 | Expeditors International of Washington, Inc. | 136406  |
| 630 | J.B. Hunt Transport Services, Inc. | 106382  |
| 1848 | Norfolk Southern Corp. | 523686  |
|  |  | 1131488  |
|  | **Telecommunications — 0.8%**<br>|  |
| 58854 | AT&T, Inc. | 1456636  |
| 804 | Equinix, Inc. | 680192  |
| 7865 | PayPal Holdings, Inc.<sup>(a)</sup> | 544809  |
| 882 | SBA Communications Corp. | 168885  |
| 3978 | T-Mobile US, Inc. | 835579  |
| 34705 | Verizon Communications, Inc. | 1379177  |
|  |  | 5065278  |
|  | **Transportation Equipment Manufacturing — 2.8%**<br>|  |
| 1794 | Aptiv PLC ADR<sup>(a)</sup> | 145493  |
| 6225 | Boeing Co.<sup>(a)</sup> | 1251350  |
| 32177 | Ford Motor Co. | 422484  |
| 2076 | General Dynamics Corp. | 716012  |
| 7835 | General Motors Co. | 541320  |
| 5222 | Honeywell International, Inc. | 1051345  |
| 1693 | Lockheed Martin Corp. | 832753  |

---

The accompanying notes are an integral part of these financial statements.

14<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION HCM TACTICAL ENHANCED US ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
|  | **Transportation Equipment Manufacturing — (Continued)**<br>|  |
| 4323 | Paccar, Inc. | $425383  |
| 23101 | Tesla, Inc.<sup>(a)</sup> | 10546993  |
| 466 | TransDigm Group, Inc. | 609766  |
| 1406 | Wabtec Corp. | 287443  |
|  |  | 16830342  |
|  | **Truck Transportation — 0.0%<sup>(†)</sup>** <br>|  |
| 1518 | Old Dominion Freight Line, Inc. | 213158  |
|  | **Utilities — 2.2%**<br>|  |
| 5857 | AES Corp. | 81237  |
| 2111 | Alliant Energy Corp. | 141057  |
| 2230 | Ameren Corp. | 227505  |
| 4402 | American Electric Power Co., Inc. | 529385  |
| 1608 | American Water Works Co., Inc. | 206515  |
| 1321 | Atmos Energy Corp.<sup>(b)</sup> | 226842  |
| 5375 | CenterPoint Energy, Inc. | 205540  |
| 2465 | CMS Energy Corp. | 181301  |
| 2971 | Consolidated Edison, Inc. | 289405  |
| 2571 | Constellation Energy Corp. | 969267  |
| 1711 | DTE Energy Co. | 231909  |
| 6398 | Duke Energy Corp. | 795271  |
| 3168 | Edison International | 175444  |
| 3675 | Entergy Corp. | 353131  |
| 1895 | Evergy, Inc.<sup>(b)</sup> | 145555  |
| 3056 | Eversource Energy | 225563  |
| 8311 | Exelon Corp. | 383303  |
| 4279 | FirstEnergy Corp. | 196107  |
| 2244 | GE Vernova, Inc. | 1313054  |
| 16096 | Kinder Morgan, Inc. | 421554  |
| 16950 | NextEra Energy, Inc. | 1379730  |
| 3875 | NiSource, Inc. | 163176  |
| 1595 | NRG Energy, Inc. | 274117  |
| 5180 | ONEOK, Inc. | 347060  |
| 18093 | PG&E Corp. | 288764  |
| 986 | Pinnacle West Capital Corp.<sup>(b)</sup> | 87281  |
| 6089 | PPL Corp.<sup>(b)</sup> | 222370  |
| 4108 | Public Service Enterprise Group, Inc. | 330941  |
| 5372 | Sempra Energy | 493902  |
| 9054 | Southern Co. | 851438  |
| 158 | Texas Pacific Land Corp. | 149054  |
| 2621 | Vistra Corp. | 493534  |
| 2647 | WEC Energy Group, Inc. | 295749  |
| 4871 | Xcel Energy, Inc. | 395379  |
|  |  | 13071440  |

---

The accompanying notes are an integral part of these financial statements.

15<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION HCM TACTICAL ENHANCED US ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
|  | **Waste Management and Remediation Services — 0.1%**<br>|  |
| 1673 | Republic Services, Inc. | $348386  |
|  | **Water Transportation — 0.0%<sup>(†)</sup>** <br>|  |
| 8934 | Carnival Corp. ADR (Panama)<sup>(a)</sup> | 257567  |
|  | **Web Search Portals, Libraries, Archives, and Other Information Services — 0.0%<sup>(†)</sup>** <br>|  |
| 3491 | CoStar Group, Inc.<sup>(a)</sup> | 240216  |
|  | **Wood Product Manufacturing — 0.0%<sup>(†)</sup>** <br>|  |
| 1725 | Masco Corp. | 111711  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $356,442,767)** | $480168755  |
|  | **SHORT TERM INVESTMENTS — 19.9%**<br>|  |
|  | **Money Market Funds — 19.9%**<br>|  |
| 16593016 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(c)(d)</sup> | $16593016  |
| 94200691 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(c)</sup> | 94200691  |
| 9240000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(c)</sup> | 9240000  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $120,033,707)** | $120033707  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $476,476,474) — 99.6%<sup>(e)</sup>** | $600202462  |
|  | Other Assets in Excess of Liabilities — 0.4% | 2463621  |
|  | **TOTAL NET ASSETS — 100.0%** | $602666083 |

---

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

---

| | |
|:---|:---|
| <sup>(†)</sup><br>| Less than 0.05%. |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at October 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 $148,664,540.

ADR - American Depository Receipt

The accompanying notes are an integral part of these financial statements.

16<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION HCM TACTICAL ENHANCED US ETF** 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments to be** <br>**Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of Invesco QQQ Trust Series 1 | SOFR + 0.6500% | Goldman Sachs | 12/10/2025 | 694500 | $368205590 | $62256043  |
|  Total return of Technology Select Sector SPDR Fund | SOFR + 0.6000% | Goldman Sachs | 12/10/2025 | 496000 | 114141586 | 32796525  |
|  Total return of Invesco QQQ Trust Series 1 | SOFR + 0.6500% | Barclays | 12/22/2025 | 73500 | 43621437 | 2411126  |
|  |  |  |  |  | $525968613 | $97463694 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

17<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION NASDAQ-100<sup>®</sup> EQUAL WEIGHTED INDEX SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 99.9%**<br>|  |
|  | **Accommodation — 1.9%**<br>|  |
| 90017 | Airbnb, Inc. Class A<sup>(a)</sup> | $11390751  |
| 42585 | Marriott International, Inc. Class C | 11096799  |
|  |  | 22487550  |
|  | **Administrative and Support Services — 2.8%**<br>|  |
| 39159 | Automatic Data Processing, Inc. | 10193088  |
| 2105 | Booking Holdings, Inc. | 10688643  |
| 88337 | Pinduoduo, Inc. ADR (China)<sup>(a)</sup> | 11914011  |
|  |  | 32795742  |
|  | **Apparel Manufacturing — 0.9%**<br>|  |
| 57142 | Cintas Corp. | 10472414  |
|  | **Beverage and Tobacco Product Manufacturing — 3.9%**<br>|  |
| 127145 | Coca-Cola Europacific Partners ADR (United Kingdom) | 11294290  |
| 421837 | Keurig Dr Pepper, Inc. | 11457093  |
| 178330 | Monster Beverage Corp.<sup>(a)</sup> | 11917794  |
| 80666 | PepsiCo, Inc. | 11784496  |
|  |  | 46453673  |
|  | **Broadcasting and Content Providers — 2.8%**<br>|  |
| 43558 | Charter Communications, Inc.<sup>(a)(b)</sup> | 10185603  |
| 362017 | Comcast Corp. Class A | 10076743  |
| 591628 | Warner Bros Discovery, Inc.<sup>(a)</sup> | 13282049  |
|  |  | 33544395  |
|  | **Chemical Manufacturing — 7.1%**<br>|  |
| 40063 | Amgen, Inc. | 11956001  |
| 149922 | AstraZeneca PLC ADR (United Kingdom) | 12353573  |
| 80250 | Biogen, Inc.<sup>(a)</sup> | 12380167  |
| 100236 | Gilead Sciences, Inc. | 12007270  |
| 23879 | Linde PLC ADR (Ireland) | 9988586  |
| 19321 | Regeneron Pharmaceuticals, Inc. | 12593428  |
| 29843 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 12700286  |
|  |  | 83979311  |
|  | **Clothing, Clothing Accessories, Shoe, and JewelryRetailers — 2.0%**<br>|  |
| 67426 | Lululemon Athletica, Inc.<sup>(a)</sup> | 11498830  |
| 78231 | Ross Stores, Inc. | 12432471  |
|  |  | 23931301  |
|  | **Computer and Electronic Product Manufacturing — 21.3%**<br>|  |
| 72667 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 18611472  |
| 22448 | Alphabet, Inc. | 6312153  |
| 22399 | Alphabet, Inc. Class C | 6312486  |
| 46615 | Analog Devices, Inc. | 10913970  |
| 46589 | Apple, Inc. | 12596268  |
| 33157 | Broadcom, Inc. | 12255822  |

---

The accompanying notes are an integral part of these financial statements.

18<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION NASDAQ-100<sup>®</sup> EQUAL WEIGHTED INDEX SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Computer and Electronic Product Manufacturing — (Continued)** <br>|  |
| 167663 | Cisco Systems, Inc. | $12257842  |
| 135800 | Fortinet, Inc.<sup>(a)</sup> | 11737194  |
| 152665 | GE HealthCare Technologies, Inc. | 11442242  |
| 347603 | GlobalFoundries, Inc. ADR<sup>(a)(b)</sup> | 12374667  |
| 386617 | Intel Corp.<sup>(a)</sup> | 15460814  |
| 90109 | Lam Research Corp. | 14188563  |
| 175533 | Microchip Technology, Inc. | 10956770  |
| 70274 | Micron Technology, Inc.  | 15725213  |
| 64738 | NVIDIA Corp. | 13108798  |
| 51043 | NXP Semiconductors NV ADR (Netherlands) | 10674112  |
| 223934 | ON Semiconductor Corp.<sup>(a)</sup> | 11214615  |
| 54934 | Palto Alto Networks, Inc.<sup>(a)</sup> | 12098664  |
| 68544 | Qualcomm, Inc. | 12399609  |
| 22661 | Roper Technologies, Inc. | 10110205  |
| 63758 | Texas Instruments, Inc. | 10294367  |
|  |  | 251045846  |
|  | **Data Processing, Hosting and Related Services — 1.1%**<br>|  |
| 74598 | Shopify, Inc. (Canada)<sup>(a)</sup> | 12969608  |
|  | **Electrical Equipment, Appliance, and Component Manufacturing — 0.9%**<br>|  |
| 14767 | Axon Enterprise, Inc.<sup>(a)</sup> | 10812840  |
|  | **Food Manufacturing — 1.8%**<br>|  |
| 179510 | Mondelez International, Inc. | 10314645  |
| 432862 | The Kraft Heinz Co. | 10704677  |
|  |  | 21019322  |
|  | **Food Services and Drinking Places — 1.9%**<br>|  |
| 43109 | DoorDash, Inc.<sup>(a)</sup> | 10965636  |
| 135246 | Starbucks Corp. | 10937344  |
|  |  | 21902980  |
|  | **General Merchandise Retailers — 2.9%**<br>|  |
| 49401 | Amazon.com, Inc.<sup>(a)</sup> | 12064712  |
| 12023 | Costco Wholesale Corp. | 10958363  |
| 4656 | MercadoLibre, Inc.<sup>(a)</sup> | 10835723  |
|  |  | 33858798  |
|  | **Machinery Manufacturing — 3.3%**<br>|  |
| 60162 | Applied Materials, Inc. | 14023762  |
| 12270 | ASML Holding NV ADR (Netherlands) | 12996752  |
| 241574 | Baker Hughes Co. | 11694598  |
|  |  | 38715112  |
|  | **Management of Companies and Enterprises — 1.2%**<br>|  |
| 80020 | ARM Holdings PLC ADR (United Kingdom)<sup>(a)</sup> | 13588996  |

---

The accompanying notes are an integral part of these financial statements.

19<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION NASDAQ-100<sup>®</sup> EQUAL WEIGHTED INDEX SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Merchant Wholesalers, Durable Goods — 2.9%**<br>|  |
| 249418 | Copart, Inc.<sup>(a)</sup> | $10727468  |
| 240349 | Fastenal Co. | 9890362  |
| 10950 | KLA-Tencor Corp. | 13235703  |
|  |  | 33853533  |
|  | **Miscellaneous Manufacturing — 2.0%**<br>|  |
| 169549 | DexCom, Inc.<sup>(a)</sup> | 9871143  |
| 26066 | Intuitive Surgical, Inc.<sup>(a)</sup> | 13926542  |
|  |  | 23797685  |
|  | **Motion Picture and Sound Recording Industries — 0.9%**<br>|  |
| 9322 | Netflix, Inc.<sup>(a)</sup> | 10430013  |
|  | **Motor Vehicle and Parts Dealers — 0.9%**<br>|  |
| 110039 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 10392083  |
|  | **Oil and Gas Extraction — 1.0%**<br>|  |
| 81879 | Diamondback Energy, Inc. | 11724254  |
|  | **Performing Arts, Spectator Sports, and Related Industries — 1.1%**<br>|  |
| 66075 | Electronic Arts, Inc. | 13218965  |
|  | **Professional, Scientific, and Technical Services — 14.0%**<br>|  |
| 17599 | AppLovin Corp.<sup>(a)</sup> | 11216371  |
| 67653 | Atlassian Corp.<sup>(a)</sup> | 11461771  |
| 70930 | CDW Corp.  | 11304114  |
| 170844 | Cognizant Technology Solutions Corp. Class A | 12451111  |
| 17426 | IDEXX Laboratories, Inc.<sup>(a)</sup> | 10969841  |
| 154000 | Marvell Technology, Inc. | 14435960  |
| 14688 | Meta Platforms, Inc. | 9522965  |
| 62709 | Palantir Technologies, Inc.<sup>(a)</sup> | 12571273  |
| 87967 | Paychex, Inc. | 10294778  |
| 13657 | Solstice Advanced Materials, Inc.<sup>(a)</sup> | 615521  |
| 45589 | Take-Two Interactive Software, Inc.<sup>(a)</sup> | 11687652  |
| 257160 | The Trade Desk, Inc.<sup>(a)</sup> | 12930005  |
| 46973 | Verisk Analytics, Inc. Class A | 10275813  |
| 48949 | Workday, Inc.<sup>(a)</sup> | 11743844  |
| 38868 | Zscaler, Inc.<sup>(a)</sup> | 12870750  |
|  |  | 164351769  |
|  | **Publishing Industries — 9.4%**<br>|  |
| 31251 | Adobe, Inc.<sup>(a)</sup> | 10635028  |
| 35446 | Autodesk, Inc.<sup>(a)</sup> | 10681298  |
| 30632 | Cadence Design Systems, Inc.<sup>(a)</sup> | 10374752  |
| 22762 | CrowdStrike Holdings, Inc.<sup>(a)</sup> | 12359993  |
| 82384 | Datadog, Inc.<sup>(a)</sup> | 13412939  |
| 16629 | Intuit, Inc. | 11100689  |
| 22086 | Microsoft Corp. | 11436352  |

---

The accompanying notes are an integral part of these financial statements.

20<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION NASDAQ-100<sup>®</sup> EQUAL WEIGHTED INDEX SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Publishing Industries — (Continued)** <br>|  |
| 33176 | Strategy, Inc.<sup>(a)(b)</sup> | $8941264  |
| 23076 | Synopsys, Inc.<sup>(a)</sup> | 10472350  |
| 70376 | Thomson Reuters Corp. (Canada)<sup>(b)</sup> | 10771750  |
|  |  | 110186415  |
|  | **Rail Transportation — 1.1%**<br>|  |
| 346754 | CSX Corp. | 12490079  |
|  | **Telecommunications — 1.8%**<br>|  |
| 167636 | PayPal Holdings, Inc.<sup>(a)</sup> | 11612146  |
| 48011 | T-Mobile US, Inc.  | 10084710  |
|  |  | 21696856  |
|  | **Transportation Equipment Manufacturing — 2.9%**<br>|  |
| 54618 | Honeywell International, Inc.  | 10996242  |
| 114980 | Paccar, Inc. | 11314032  |
| 26847 | Tesla, Inc.<sup>(a)</sup> | 12257266  |
|  |  | 34567540  |
|  | **Truck Transportation — 1.0%**<br>|  |
| 81199 | Old Dominion Freight Line, Inc. | 11401964  |
|  | **Utilities — 4.3%**<br>|  |
| 106818 | American Electric Power Co., Inc.  | 12845933  |
| 34567 | Constellation Energy Corp. | 13031759  |
| 263445 | Exelon Corp.  | 12150083  |
| 158595 | Xcel Energy, Inc. | 12873156  |
|  |  | 50900931  |
|  | &nbsp;&nbsp;&nbsp; **Web Search Portals, Libraries, Archives, and Other Information** <br>**Services — 0.8%**<br>|  |
| 131296 | CoStar Group, Inc.<sup>(a)</sup> | 9034478  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $1,134,980,636)** | $1175624453  |
|  | **SHORT TERM INVESTMENTS — 0.9%**<br>|  |
|  | **Money Market Funds — 0.9%**<br>|  |
| 10169544 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(c)(d)</sup> | $10169544  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $10,169,544)** | $10169544  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $1,145,150,180) — 100.8%** | $1185793997  |
|  | Liabilities in Excess of Other Assets — (0.8)% | (9149411)  |
|  | **TOTAL NET ASSETS — 100.0%** | $1176644586 |

---

The accompanying notes are an integral part of these financial statements.

21<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION NASDAQ-100<sup>®</sup> EQUAL WEIGHTED INDEX SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at October 31, 2025.

<sup>(d)</sup> All or a portion of this security represents an investment of securities lending collateral.

ADR - American Depository Receipt

The accompanying notes are an integral part of these financial statements.

22<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Direxion** <br>**Auspice Broad** <br>**Commodity** <br>**Strategy ETF** <br>(Consolidated) | **Direxion** <br>**HCM Tactical** <br>**Enhanced US** <br>**ETF** | **Direxion** <br>**NASDAQ-100<sup>®</sup>** <br>**Equal Weighted** <br>**Index Shares**  |
| **ASSETS:**<br>|  |  |  |
|  Investments, at fair value (including securities loaned\*) (Note 2) | $169503427 | $600202462 | $1185793997  |
| Receivable for Fund shares sold |  |  | 2010  |
| Deposit at broker for futures contracts | 6134017 |  | —  |
| Dividend and interest receivable | 580726 | 602614 | 201015  |
| Unrealized appreciation on swap contracts |  | 97463694 | —  |
| Prepaid expenses and other assets |  | 5788 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 176218170 | 698274558 | 1185997022  |
| **LIABILITIES:**<br>|  |  |  |
| Collateral for securities loaned (Note 2) |  | 71258 | 8772537  |
| Payable for Fund shares redeemed |  |  | 20106  |
| Due to Adviser, net (Note 6) | 74597 | 289411 | 327133  |
| Due to broker for swap contracts |  | 95150000 | —  |
| Due to broker for futures contracts | 1001489 |  | —  |
| Variation margin payable, net | 135451 |  | —  |
| Accrued operating services fees (Note 6) | 52534 |  | 232660  |
| Accrued expenses and other liabilities |  | 97806 | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 1264071 | 95608475 | 9352436  |
| **NET ASSETS** | $174954099 | $602666083 | $1176644586  |
| **Net Assets Consist of:**<br>|  |  |  |
| Capital stock | $168632394 | $451449268 | $1220223934  |
| Total distributable earnings | 6321705 | 151216815 | (43579348)  |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $174954099 | $602666083 | $1176644586  |
| **CALCULATION OF NET ASSET VALUE PER SHARE:** | **CALCULATION OF NET ASSET VALUE PER SHARE:** |  |  |
| Net assets | $174954099 | $602666083 | $1176644586  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 6000001 | 15050001 | 11350002  |
|  Net assets value, redemption price and offering price per share | $29.16 | $40.04 | $103.67  |
| Cost of Investments | $169503427 | $476476474 | $1145150180  |
| \*Value of securities loaned | $— | $6777727 | $35053816 |

---

The accompanying notes are an integral part of these financial statements.

23<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Operations** 

**For the Year Ended October 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Direxion** <br>**Auspice Broad** <br>**Commodity** <br>**Strategy ETF** <br>(Consolidated) | **Direxion** <br>**HCM Tactical** <br>**Enhanced US** <br>**ETF** | **Direxion** <br>**NASDAQ-100<sup>®</sup>** <br>**Equal Weighted** <br>**Index Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |
| Dividend income  | $— | $4777903 | $12310141  |
| Less: Foreign Withholding Tax |  | (1113) | (58356)  |
| Interest income | 9301799 | 3993379 | 57275  |
| Securities lending income |  | 4249 | 76765  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 9301799 | 8774418 | 12385825  |
| **EXPENSES:**<br>|  |  |  |
| Investment advisory fees (Note 6) | 1111629 | 4842350 | 3760238  |
| Operating services fees (Note 6) | 444753 |  | 626717  |
| Management service fees (Note 6) |  | 224330 | —  |
| Professional fees |  | 37543 | —  |
| Reports to shareholders |  | 34711 | —  |
| Fund servicing fees |  | 73159 | —  |
| Exchange listing fees |  | 7249 | —  |
| Trustees' fees and expenses |  | 9593 | —  |
| Pricing fees |  | 4001 | —  |
| Insurance fees |  | 6358 | —  |
| Interest expense |  | 788784 | —  |
| Other |  | 18798 | —  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1556382 | 6046876 | 4386955  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) |  | 53619 | —  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) |  | (8419) | —  |
| &nbsp;&nbsp;&nbsp; Net Expenses | 1556382 | 6092076 | 4386955  |
| **Net investment income** | 7745417 | 2682342 | 7998870  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities |  | (6008393) | (33603351)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions |  | 7534758 | 142330701  |
| &nbsp;&nbsp;&nbsp; Swap contracts |  | (44406942) | —  |
| &nbsp;&nbsp;&nbsp; Futures contracts | (5354269) |  | —  |
| Net realized gain (loss) | (5354269) | (42880577) | 108727350  |
| Change in net unrealized appreciation on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities |  | 62821584 | 64712516  |
| &nbsp;&nbsp;&nbsp; Swap contracts |  | 81893994 | —  |
| &nbsp;&nbsp;&nbsp; Futures contracts | 2802691 |  | —  |
| Change in net unrealized appreciation | 2802691 | 144715578 | 64712516  |
| **Net realized and unrealized gain (loss)** | (2551578) | 101835001 | 173439866  |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $5193839 | $104517343 | $181438736 |

---

The accompanying notes are an integral part of these financial statements.

24<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Direxion Auspice Broad** <br>**Commodity Strategy ETF** <br>(Consolidated) | **Direxion Auspice Broad** <br>**Commodity Strategy ETF** <br>(Consolidated) | **Direxion HCM** <br>**Tactical Enhanced** <br>**US ETF** | **Direxion HCM** <br>**Tactical Enhanced** <br>**US ETF** | **Direxion NASDAQ-100<sup>®</sup>** <br>**Equal Weighted** <br>**Index Shares**  | **Direxion NASDAQ-100<sup>®</sup>** <br>**Equal Weighted** <br>**Index Shares**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024**  | **2025** | **2024** | **2025**  | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $7745417 | $11629435 | $2682342 | $2656600 | $7998870 | $10284711  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (5354269) | (9712531) | (42880577) | 24964254 | 108727350 | 108655866  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation | 2802691 | 6426668 | 144715578 | 76474104 | 64712516 | 96035188  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 5193839 | 8343572 | 104517343 | 104094958 | 181438736 | 214975765  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (6543941) | (10293949) | (11640657) | (2714750) | (7885778) | (10435457)  |
| &nbsp;&nbsp;&nbsp; Return of capital | (577294) | (205247) | (206355) |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (7121235) | (10499196) | (11847012) | (2714750) | (7885778) | (10435457)  |
| **CAPITAL SHARE TRANSACTIONS:** | **CAPITAL SHARE TRANSACTIONS:** | **CAPITAL SHARE TRANSACTIONS:** | **CAPITAL SHARE TRANSACTIONS:** | **CAPITAL SHARE TRANSACTIONS:** | **CAPITAL SHARE TRANSACTIONS:** | **CAPITAL SHARE TRANSACTIONS:** |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 27205591 | 42088268 | 151225043 | 590724152 | 788064129 | 1402328534  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (122186474) | (58271678) | (29867224) | (459395497) | (1063159297) | (1120157718)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 27158 | 15863 | 15214 | 137462 | 4394 | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | (94953725) | (16167547) | 121373033 | 131466117 | (275090774) | 282170816  |
| **Total increase (decrease) in net assets** | (96881121) | (18323171) | 214043364 | 232846325 | (101537816) | 486711124  |
| **NET ASSETS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 271835220 | 290158391 | 388622719 | 155776394 | 1278182402 | 791471278  |
| &nbsp;&nbsp;&nbsp; End of year | $174954099 | $271835220 | $602666083 | $388622719 | $1176644586 | $1278182402  |
| **CHANGES IN SHARES OUTSTANDING** | **CHANGES IN SHARES OUTSTANDING** | **CHANGES IN SHARES OUTSTANDING** | **CHANGES IN SHARES OUTSTANDING** | **CHANGES IN SHARES OUTSTANDING** | **CHANGES IN SHARES OUTSTANDING** | **CHANGES IN SHARES OUTSTANDING** |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year | 9350001 | 9950001 | 11300001 | 6700001 | 14350002 | 11100002  |
| &nbsp;&nbsp;&nbsp; Shares sold | 950000 | 1450000 | 4650000 | 18350000 | 8350000 | 16200000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (4300000) | (2050000) | (900000) | (13750000) | (11350000) | (12950000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year** | 6000001 | 9350001 | 15050001 | 11300001 | 11350002 | 14350002 |

---

The accompanying notes are an integral part of these financial statements.

25<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Financial Highlights** 

**October 31, 2025** 

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | | **Ratios to Average Net Assets<sup>5</sup>**  | **Ratios to Average Net Assets<sup>5</sup>**  | **Ratios to Average Net Assets<sup>5</sup>**  | **Ratios to Average Net Assets<sup>5</sup>**  | **Ratios to Average Net Assets<sup>5</sup>**  | **Ratios to Average Net Assets<sup>5</sup>**  | |
|  | <br>**Net Asset** <br>**Value,** <br>**Beginning** <br>**of** <br>**Year/**<br>**Period** | <br>**Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>1</sup> | <br>**Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain (Loss)** <br>**on** <br>**Investments<sup>3</sup>** | <br>**Net** <br>**Increase** <br>(Decrease) <br>**in Net Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | <br>**Dividends** <br>**from Net** <br>**Investment** <br>**Income** | <br>**Distributions** <br>**from** <br>**Realized** <br>**Capital Gains** | <br>**Distributions** <br>**from** <br>**Return of** <br>**Capital** | <br>**Total** <br>**Distributions** | <br>**Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Year/**<br>**Period** | <br>**Total** <br>**Return<sup>4</sup>** | <br>**Net** <br>**Assets,** <br>**End of** <br>**Year/**<br>**Period** <br>**(000's omitted)** | **Net** <br>**Expenses** | **Total** <br>**Expenses** | **Net** <br>**Investment** <br>**Income (Loss)** <br>**after** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment** | **Net** <br>**Expenses<sup>2</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income (Loss)** <br>**after** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment<sup>2</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>7</sup>**  |
| **Direxion Auspice Broad Commodity Strategy ETF (Consolidated)**  | **Direxion Auspice Broad Commodity Strategy ETF (Consolidated)**  | **Direxion Auspice Broad Commodity Strategy ETF (Consolidated)**  | **Direxion Auspice Broad Commodity Strategy ETF (Consolidated)**  | **Direxion Auspice Broad Commodity Strategy ETF (Consolidated)**  | **Direxion Auspice Broad Commodity Strategy ETF (Consolidated)**  | **Direxion Auspice Broad Commodity Strategy ETF (Consolidated)**  | **Direxion Auspice Broad Commodity Strategy ETF (Consolidated)**  | **Direxion Auspice Broad Commodity Strategy ETF (Consolidated)**  | **Direxion Auspice Broad Commodity Strategy ETF (Consolidated)**  | **Direxion Auspice Broad Commodity Strategy ETF (Consolidated)**  | **Direxion Auspice Broad Commodity Strategy ETF (Consolidated)**  | **Direxion Auspice Broad Commodity Strategy ETF (Consolidated)**  | **Direxion Auspice Broad Commodity Strategy ETF (Consolidated)**  | **Direxion Auspice Broad Commodity Strategy ETF (Consolidated)**  | **Direxion Auspice Broad Commodity Strategy ETF (Consolidated)**  | **Direxion Auspice Broad Commodity Strategy ETF (Consolidated)**  | **Direxion Auspice Broad Commodity Strategy ETF (Consolidated)**  | **Direxion Auspice Broad Commodity Strategy ETF (Consolidated)**  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | &nbsp;&nbsp; $29.07 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $1.02 | &nbsp;&nbsp; $(0.85) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(0.08) | &nbsp;&nbsp;&nbsp; $(0.93) | $29.16 | 3.62% | $174954 | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 3.48% | &nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 3.48% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 29.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp; (0.20) | 1.04 | &nbsp;&nbsp; (1.11) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; (1.13) | 29.07 | 3.71% | 271835 | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 4.33% | &nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 4.33% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 29.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp; (0.15) | 1.00 | &nbsp;&nbsp; (1.68) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; (1.72) | 29.16 | 3.33% | 290158 | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 3.84% | &nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 3.84% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 32.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | 1.86 | &nbsp;&nbsp; (4.68) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4.68) | 29.88 | 6.21% | 297288 | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 23.13 | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;9.77 | 9.57 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 32.70 | 41.37% | 253431 | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; (0.67)% | &nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; (0.67)% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion HCM Tactical Enhanced US ETF**  | **Direxion HCM Tactical Enhanced US ETF**  | **Direxion HCM Tactical Enhanced US ETF**  | **Direxion HCM Tactical Enhanced US ETF**  | **Direxion HCM Tactical Enhanced US ETF**  | **Direxion HCM Tactical Enhanced US ETF**  | **Direxion HCM Tactical Enhanced US ETF**  | **Direxion HCM Tactical Enhanced US ETF**  | **Direxion HCM Tactical Enhanced US ETF**  | **Direxion HCM Tactical Enhanced US ETF**  | **Direxion HCM Tactical Enhanced US ETF**  | **Direxion HCM Tactical Enhanced US ETF**  | **Direxion HCM Tactical Enhanced US ETF**  | **Direxion HCM Tactical Enhanced US ETF**  | **Direxion HCM Tactical Enhanced US ETF**  | **Direxion HCM Tactical Enhanced US ETF**  | **Direxion HCM Tactical Enhanced US ETF**  | **Direxion HCM Tactical Enhanced US ETF**  | **Direxion HCM Tactical Enhanced US ETF**  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 34.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;6.42 | 6.62 | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp; (0.75) | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; (0.97) | 40.04 | 19.49% | 602666 | &nbsp;&nbsp; 1.32%<sup>6</sup> | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp;&nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp; 1.15%<sup>6</sup> | &nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp; 36%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 23.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;11.14 | 11.42 | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.28) | 34.39 | 49.31% | 388623 | &nbsp;&nbsp; 1.32%<sup>6</sup> | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 1.15%<sup>6</sup> | &nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp; 191%  |
| &nbsp;&nbsp;&nbsp; For the Period June 22, 2023<sup>8</sup> through October 31, 2023 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp; (1.80) | &nbsp;&nbsp; (1.69) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.06) | 23.25 | -6.77% | 155776 | &nbsp;&nbsp; 1.20%<sup>6</sup> | &nbsp;&nbsp; 2.05% | &nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 1.15%<sup>6</sup> | &nbsp;&nbsp;&nbsp; 2.00% | &nbsp;&nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp; 24%  |
| **Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares**  | **Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares**  | **Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares**  | **Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares**  | **Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares**  | **Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares**  | **Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares**  | **Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares**  | **Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares**  | **Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares**  | **Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares**  | **Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares**  | **Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares**  | **Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares**  | **Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares**  | **Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares**  | **Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares**  | **Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares**  | **Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares**  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 89.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;14.59 | 15.19 | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.59) | 103.67 | 17.12% | 1176645 | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.64% | &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.64% | &nbsp;&nbsp;&nbsp; 33%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 71.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;17.79 | 18.55 | &nbsp;&nbsp; (0.78) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.78) | 89.07 | 26.04% | 1278182 | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 34%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 63.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;7.45 | 8.08 | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.68) | 71.30 | 12.66% | 791471 | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 30%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 87.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp; (20.59) | &nbsp;&nbsp; (20.06) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp;&nbsp; (2.87) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3.37) | 63.90 | -23.78% | 699676 | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp; 34%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 63.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;24.33 | 24.72 | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.42) | 87.33 | 39.30% | 432264 | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp; 30% |

---

<sup>1</sup> Net investment income (loss) per share represents net investment income divided by the daily average shares of beneficial interest outstanding throughout each period.

<sup>2</sup> Excludes interest expense and extraordinary expenses which comprise of tax and litigation expenses.

<sup>3</sup> Due to the timing of sales and redemptions of capital shares, the net realized and unrealized gain (loss) per share will not equal the Fund's changes in net realized and unrealized gain (loss) on investments, in-kind redemptions, futures and swaps for the period.

<sup>4</sup> Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period. Total return calculated for a period of less than one year is not annualized. 

<sup>5</sup> For periods less than a year, these ratios are annualized.

<sup>6</sup> Net expenses include effects of any reimbursement/waiver or recoupment.

<sup>7</sup> Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares. Portfolio turnover rate does not include effects of turnover of the swap and future contracts portfolio. 

Short-term securities with maturities less than or equal to 365 days are also excluded from portfolio turnover calculation.

<sup>8</sup> Commencement of operations.

The accompanying notes are an integral part of these financial statements.

26<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025** 

1. ORGANIZATION

The Direxion Shares ETF Trust (the "Trust") is a Delaware statutory trust formed on April 23, 2008 and is registered with the Securities and Exchange Commission ("SEC") as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust is a registered investment company that has 118 separate series (each, a "Fund" and together the "Funds"). Three of these Funds are included in this report:

---

| |
|:---|
| Direxion Auspice Broad Commodity Strategy ETF (Consolidated) |
| Direxion HCM Tactical Enhanced US ETF |
| Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares |

---

The Trust has evaluated the structure, objective and activities of the Funds and determined that they meet the characteristics of an investment company. As such, these financial statements have applied the guidance as set forth in the Accounting Standards Codifications ("ASC") 946, "Financial Services-Investment Companies".

Rafferty Asset Management, LLC ("Rafferty" or "Adviser") serves as investment adviser to the Funds. Rafferty has registered as a commodity pool operator ("CPO") and the Direxion Auspice Broad Commodity Strategy ETF (Consolidated) and Direxion HCM Tactical Enhanced US ETF are considered commodity pools under the Commodity Exchange Act (the "CEA"). Accordingly, Rafferty is subject to registration and regulation as a CPO under the CEA and must comply with various regulatory requirements under the CEA and the rules and regulations of the Commodity Futures Trading Commission and the National Futures Association, including investor protection requirements, antifraud provisions, disclosure requirements and reporting and recordkeeping requirements.

The Funds seek investment results, before fees and expenses, that track the performance of the underlying index as listed below:

---

| | |
|:---|:---|
| **Funds** | **Index or Benchmark**  |
| Direxion Auspice Broad Commodity Strategy ETF (Consolidated) | Auspice Broad Commodity Index  |
| Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares | NASDAQ-100<sup>®</sup> Equal Weighted Index |

---

The Direxion Auspice Broad Commodity Strategy ETF (Consolidated) primarily invests in commodity and financial futures contracts directly and/or indirectly through its wholly-owned subsidiary, Direxion BCS Fund Ltd. ("BCS Fund"), in order to track the returns of the Auspice Broad Commodity Index within the limitation of the U.S. federal tax requirements applicable to regulated investment companies.

The Direxion HCM Tactical Enhanced US ETF is actively managed and seeks to provide enhanced returns across multiple market cycles that are broadly correlated to the U.S. equity markets. The Fund uses a proprietary quantitative investment model based on the HCM-BuyLine<sup>®</sup> developed by the Fund's subadvisor, Howard Capital Management, Inc. ("Subadviser"), to determine if the Fund's assets are allocated to U.S. equity securities or to cash and cash equivalents (i.e., money market funds, U.S. government securities and/or similar securities). The Fund will invest in or have exposure to, U.S. equity securities in order to achieve capital appreciation, or will invest in cash or cash equivalents in order to attempt to preserve capital during market downturns. When allocated to U.S. equities, the Fund will seek leveraged exposure of its net assets through investments in derivatives, such as swaps, in order to achieve enhanced returns.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with U.S. generally accepted accounting principles ("GAAP").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Investment Valuation – The Net Asset Value ("NAV") per share of each Fund is determined daily, as of the close of regular trading on the NYSE Arca (normally at 4:00 p.m. Eastern time ("Valuation Time"), each day the NYSE is open for business. A security listed or traded on an exchange, domestic or foreign, is valued at its last sales price on the principal exchange on which it is traded prior to the time when assets are valued. If no sale is reported at that time, the mean of the last bid and asked prices is used. Securities primarily traded on the NASDAQ<sup>®</sup> Global Market

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

("NASDAQ") for which market quotations are readily available are valued using the NASDAQ<sup>®</sup> Official Closing Price ("NOCP") provided by NASDAQ each business day. Over-the-counter ("OTC") securities held by a Fund are valued at the last sales price or, if no sales price is reported, the mean of the last bid and asked price is used. The portfolio securities of a Fund that are listed on national exchanges are valued at the last sales price of such securities or; if no sales price is reported, the mean of the last bid and asked price is used. Swap contracts are valued using the closing price of the underlying reference entity or the closing value of the underlying reference index. The Funds valued their investments in money market funds based on their daily net asset values. If the settlement price established by the exchange reflects trading after the Valuation Time, then the last sales price prior to Valuation Time will be used. Securities and swap contracts are fair valued as determined by Rafferty under the supervision of the Board of Trustees (the "Board") in the following scenarios: a) reliable market quotations are not readily available; b) the Funds' pricing service does not provide a valuation for such securities; c) the Funds' pricing service provides a valuation that in the judgment of Rafferty does not represent fair value; or d) the Fund or Rafferty believes the market price is stale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Swap Contracts – The Direxion HCM Tactical Enhanced US ETF ("HCM") may enter into equity swap contacts. Standard equity swap contracts are between two parties that agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross amount to be exchanged is calculated with respect to a "notional amount" (i.e. the return on or increase in value of a particular dollar amount invested in a "basket" of securities representing a particular index or industry sector). HCM enters into master netting agreements with counterparties to mitigate counterparty credit risk in derivative contracts. HCM does not offset fair value amounts for derivative contracts and related cash collateral on the Statements of Assets and Liabilities arising from derivative contracts executed with the same counterparties under such master netting agreements. HCM's obligations are accrued daily and offset by any amounts owed to HCM.

In a "long" equity swap agreement, the counterparty will generally agree to pay HCM the amount, if any, by which the notional amount of the swap contract would have increased in value if the Fund had been invested in the particular securities, plus dividends that would have been received on those securities. HCM will agree to pay the counterparty a floating rate of interest on the notional amount of the swap contract plus the amount, if any, by which the notional amount would have decreased in value had it been invested in such securities plus, in certain instances, commissions or trading spreads on the notional amounts. Thus, the return on the swap contract should be the gain or loss on the notional amount plus dividends on the securities less the interest and commission paid by HCM on the notional amount. Payments may be made at the conclusion of the contract or periodically during its term. In certain instances, market factors such as the interest rate environment and the demand to borrow the securities underlying the swap agreement can cause a scenario in which the counterparty will pay HCM interest. These swap contracts do not include the delivery of securities by HCM to the counterparty. The net amount of the excess, if any, of the HCM's obligations owed over its entitlement with respect to each swap is accrued on a daily basis and an amount of cash or liquid assets having an aggregate net asset value at least equal to such accrued excess is maintained in a segregated account by HCM's custodian. Until a swap contract is settled in cash, the gain or loss on the notional amount plus dividends on the securities less the interest paid by HCM on the notional amount are recorded as "unrealized appreciation or depreciation on swaps" and when cash is exchanged, the gain or loss is recorded as "realized gains or losses on swaps".

HCM may enter into swap contracts that provide the opposite return of the underlying benchmark or security ("short" the index or security). The operations are similar to that of the swaps disclosed above except that the counterparty pays interest to HCM on the notional amount outstanding and the dividends on the underlying securities reduce the return of the swap. However, in certain instances, market factors such as the interest rate environment and the demand to borrow the securities underlying the swap agreement can cause a scenario in which HCM will pay the counterparty interest. These amounts are netted with any unrealized appreciation or depreciation to determine the value of the swap. HCM will typically enter into equity swap agreements to obtain leverage in order to meet its investment objectives.

Accounting Standards Update No. 2013-01, "Disclosures about Offsetting Assets and Liabilities" ("ASU 2013-01"), requires entities to disclose (i) gross and net information about both instruments and transactions eligible for offset in the financial statements, and (ii) instruments and transactions subject to an agreement similar to a master netting agreement. ASU 2013-01 is limited in scope to recognized derivative instruments accounted for under ASC 815, "Derivatives and Hedging", to the extent they are offset in the financial statements or subject to an enforceable master netting arrangement of similar agreement.

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives, including swap contracts, and typically contains, among other things, collateral posting terms, netting and rights of set-off provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and receivables to create a single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

Collateral requirements generally differ by type of derivative. Collateral terms are contract specific for OTC derivatives (e.g. swaps). Generally, for transactions traded under an ISDA Master Agreement, the collateral requirements are calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Generally, the amount of collateral due from or to the counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to a Fund from its derivative counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. Interest earned on collateral pledged to a counterparty is presented as part of Interest income on the Statements of Operations. Interest incurred on collateral received from a counterparty is presented as Interest expense on the Statements of Operations.

For financial reporting purposes, HCM elects to not offset assets and liabilities subject to an ISDA Master Agreement, if any, in the Statements of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statements of Assets and Liabilities.

In the event of the counterparty's default, bankruptcy or any other event for which the counterparty cannot meet its obligations, a Fund bears the risk of loss equal to the amount of the daily appreciation owed to the Fund. This obligation represents the daily gain accrued to the Fund from the close of business day prior to this event to the day on which this event occurs and the counterparty can no longer meet its obligations. A Fund will enter into swap agreements only with large, well-capitalized and established financial institutions. The creditworthiness of each of the firms that is a party to a swap agreement is monitored by the Adviser. Shareholders may obtain swap counterparty financial statements at www.sec.gov. Swap contracts are subject to credit risk. Credit risk occurs when the financial condition of an issuer of a security or instrument may cause it to default or become unable to pay interest or principal due on the security. The counterparty to a swap contract might default on its obligations. In addition, the Funds have agreements with certain counterparties with which it trades swap contracts that contain credit risk-related contingent features that could be triggered subject to certain circumstances. Such circumstances include agreed upon net asset value and performance-based thresholds. The maximum exposure to the Funds in regard to potential counterparty default and credit-risk related contingent features at October 31, 2025 is detailed in the following tables. If such credit risk-related contingencies were triggered, the counterparties would have the option to terminate any positions open under the master netting agreement.

**Description: Swap Contract** 

**Counterparty: Barclays** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:**  | **Assets:**  | **Assets:**  | **Assets:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities**  | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities**  | | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities**  | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities**  | |
| <br>**Fund Name**  | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets**  | **Financial** <br>**Instruments**  | **Collateral** <br>**Received**  | <br>**Net** <br>**Amount<sup>2</sup>**  | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities**  | **Financial** <br>**Instruments**  | **Collateral** <br>**Pledged**  | <br>**Net** <br>**Amount**  |
|  Direxion HCM Tactical Enhanced US ETF  | $2411126  | $—  | $2200000  | $211126  | $—  | $—  | $—  | $— |

---

<sup>1</sup> The amount of collateral shown has been limited such that the net amount cannot be less than zero. 

<sup>2</sup> The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty. 

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

**Description: Swap Contract** 

**Counterparty: Goldman Sachs** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:**  | **Assets:**  | **Assets:**  | **Assets:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities**  | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities**  | | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities**  | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities**  | |
| <br>**Fund Name**  | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets**  | **Financial** <br>**Instruments**  | **Collateral** <br>**Received**  | <br>**Net** <br>**Amount<sup>2</sup>**  | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities**  | **Financial** <br>**Instruments**  | **Collateral** <br>**Pledged**  | <br>**Net** <br>**Amount**  |
|  Direxion HCM Tactical Enhanced US ETF  | $95052568  | $—  | $92950000  | $2102568  | $—  | $—  | $—  | $— |

---

<sup>1</sup> The amount of collateral shown has been limited such that the net amount cannot be less than zero. 

<sup>2</sup> The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Futures Contracts – Each Fund may purchase and sell futures contracts. A Fund may use futures contracts to gain exposure to, or hedge against, changes in the values of commodities, equities, interest rates or foreign currencies. Upon entering into a contract, the Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as "variation margin" and are recorded by the Fund as unrealized gains and losses. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. As collateral for futures contracts, the Fund is required under the 1940 Act to maintain assets consisting of cash, cash equivalents or liquid securities. This collateral is required to be adjusted daily to reflect the market value of the purchase obligation for long futures contracts or the market value of the instrument underlying the contract, but not less than the market price at which the futures contract was established, for short futures contracts. The Direxion Auspice Broad Commodity Strategy ETF (Consolidated) was invested in futures contracts as of the period ended October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Risks of Futures Contracts, Options on Futures Contracts and Short Positions – The risks inherent in the use of options, futures contracts, options on futures contracts and short positions include 1) adverse changes in the fair value of such instruments; 2) imperfect correlation between the price of options and futures contracts and options thereon and movements in the price of the underlying securities, index or futures contracts; 3) the possible absence of a liquid secondary market for any particular instrument at any time; 4) the possible need to defer closing out certain positions to avoid adverse tax consequences; and 5) the possible non-performance by the counterparty under the terms of the contract. The Funds designate cash, cash equivalents and liquid securities as collateral for written options, futures contracts, options on futures contracts and short positions. The Funds were not invested in any type of options during the period ended October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Basis for Consolidation – The Direxion Auspice Broad Commodity Strategy ETF may invest up to 25% of its total assets in the BCS Fund. The BCS Fund, which is organized under the laws of the Cayman Islands, is wholly-owned and controlled by the Direxion Auspice Broad Commodity Strategy ETF. The BCS Fund acts as an investment vehicle to facilitate entering into certain investments for the Direxion Auspice Broad Commodity Strategy ETF consistent with the Fund's investment objectives and policies specified in its prospectus and statement of additional information and within the limitation of the U.S. federal tax requirements applicable to regulated investment companies. As of October 31, 2025, the net assets of the Direxion Auspice Broad Commodity Strategy ETF were $174,954,099 of which $35,679,710, or approximately 20.4%, represented the Direxion Auspice Broad Commodity Strategy ETF's ownership of all issued shares and voting rights of the BCS Fund. All intercompany balances, revenues and expenses have been eliminated in consolidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Risks of Investing Commodity-Linked Derivatives – The Direxion Auspice Broad Commodity Strategy ETF, through its investment in its respective subsidiary, may hold commodity-linked derivatives. Commodity-linked derivatives provide exposure, which may include long and/or short exposure, to the investment returns of physical commodities that trade in the commodities markets without investing directly in physical commodities. The value of a commodity-linked derivative investment typically is based upon the price movements of a physical commodity (such as heating oil, precious metals, livestock, or agricultural products), a commodity futures contract or commodity index, or some other readily measurable economic variable. The value of commodity-linked derivative instruments may be affected by changes in

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

overall market movements, volatility of the underlying benchmark, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. The value of commodity-linked derivatives will rise or fall in response to changes in the underlying commodity or related index. Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based investments. A highly liquid secondary market may not exist for certain commodity-linked derivatives, and there can be no assurance that one will develop. The Direxion Auspice Broad Commodity Strategy ETF held commodity-linked derivatives during the period ended October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) Security Transactions – Investment transactions are recorded on the trade date. The Funds determine the gain or loss realized from investment transactions by comparing the identified cost, which is the same basis used for U.S. Federal income tax purposes, with the net sales proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) Securities Lending – Each Fund may lend up to 33<sup>1</sup>∕3% of the value of the securities in their portfolios to approved brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, cash equivalents, or securities issued or guaranteed by the U.S. government. The collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. Government securities held as collateral, net of fee rebates paid to borrower and net of fees paid to the lending agent. The amount of fees depends on a number of factors including the security type and the length of the loan. In addition, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. No more than 99% of the value of any security may be on loan at any time.

As of October 31, 2025, all securities on loan were collateralized by cash and/or U.S. government obligations. The cash received as collateral for securities on loan was invested in money market funds, whose maturities are overnight and continuous, and is disclosed in the Schedules of Investments. The securities on loan in each Fund are also disclosed in the Schedule of Investments. The total value of securities loaned and the value of the invested cash collateral are disclosed in the Statements of Assets and Liabilities. Non-cash collateral consists of U.S. Treasury securities and is not disclosed on the Statements of Assets and Liabilities as it is held by the lending agent on behalf of the Funds, and the Funds do not have the ability to sell, reinvest or pledge those securities. Income earned by the Funds from securities lending is disclosed in the Statements of Operations.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds are contractually indemnified with the securities lending agent. Furthermore, the Funds require the value of the securities loaned to be computed daily at the close of the market and additional collateral be furnished, if required.

As of October 31, 2025, the market value of the securities loaned and the related cash and non-cash collateral received for securities lending were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **Market Value** <br>**of Securities** <br>**Loaned** | **Cash** <br>**Collateral** <br>**Received** | **Non-Cash** <br>**Collateral** <br>**Received** | **Total** <br>**Collateral** <br>**Received**  |
| Direxion HCM Tactical Enhanced US ETF | $6777727 | $71258 | $6843241 | $6914499  |
| Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares | 35053816 | 8772537 | 27082213 | 35854750 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Federal Income Taxes – Each Fund intends to make the requisite distributions of income and capital gains to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as a regulated investment company. Therefore, no provision for U.S. Federal income tax has been made by the Funds.

The Funds may be subject to a nondeductible 4% U.S. excise tax calculated as a percentage of certain undistributed amounts of net investment income and net capital gains. No Funds paid this excise tax during the period ended October 31, 2025.

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) Income and Expenses – Interest income, including amortization of premiums and discounts, is recognized on an accrual basis. Distributions are recorded on the ex-dividend date.

The Funds are charged for those expenses that are directly attributable to each series, such as advisory fees. Expenses that are not directly attributable to a series are generally allocated among the Trust's series in proportion to their respective average daily net assets. Expenses are charged to the Funds daily. Expenses are computed based on each Fund's respective average daily net assets. For additional discussion on expenses, refer to Note 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) Distributions to Shareholders – Each Fund pays dividends from net investment income and distributes net realized capital gains, if any, at least annually. Income and capital gain distributions are determined in accordance with U.S. Federal income tax regulations, which may differ from GAAP. Certain Funds also utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. Distributions to shareholders are recorded on the ex-dividend date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) Guarantees and Indemnifications – In the ordinary course of business, the Funds enter into contracts that contain a variety of indemnification provisions pursuant to which the Funds agree to indemnify third parties upon the occurrence of specified events. The Funds' maximum exposure relating to these indemnification agreements is unknown. However, the Funds have not had prior claims or losses in connection with these provisions and believe the risk of loss is remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m) Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

3. INCOME TAX AND DISTRIBUTION INFORMATION

The tax character of distributions paid during the periods ended October 31, 2025 and October 31, 2024 are presented in the following table. The tax character of distributions to shareholders made during the periods may differ from their ultimate characterization for U.S. Federal income tax purposes.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended** <br>**October 31, 2025**  | **Year Ended** <br>**October 31, 2025**  | **Year Ended** <br>**October 31, 2025**  | **Year Ended** <br>**October 31, 2024**  | **Year Ended** <br>**October 31, 2024**  | **Year Ended** <br>**October 31, 2024**  |
| | **Distributions Paid From:**  | **Distributions Paid From:**  | **Distributions Paid From:**  | **Distributions Paid From:**  | **Distributions Paid From:**  | **Distributions Paid From:**  |
| <br>**Funds** | **Ordinary** <br>**Income** | **Long Term** <br>**Capital Gains** | **Return** <br>**of Capital** | **Ordinary** <br>**Income** | **Long Term** <br>**Capital Gains** | **Return** <br>**of Capital**  |
|  Direxion Auspice Broad Commodity Strategy ETF (Consolidated) | $6543941 | $— | $577294 | $10293949 | $— | $205247  |
|  Direxion HCM Tactical Enhanced US ETF | 11640657 |  | 206355 | 2714750 |  | —  |
|  Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares | 7885778 |  |  | 10435457 |  |  |

---

At October 31, 2025, the components of accumulated earnings/(losses) on a tax-basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Funds** | **Net Unrealized** <br>**Appreciation** <br>(Depreciation) | **Undistributed** <br>**Ordinary** <br>**Income** | **Undistributed** <br>**Capital Gain** | **Other** <br>**Accumulated** <br>**Earnings** <br>(Losses)<sup>1</sup> | **Total** <br>**Accumulated** <br>**Earnings** <br>(Losses)  |
|  Direxion Auspice Broad Commodity Strategy ETF (Consolidated) | $6324163 | $— | $— | $(2458) | $6321705  |
|  Direxion HCM Tactical Enhanced US ETF | 178091589 |  |  | (26874774) | 151216815  |
|  Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares | 19233291 | 240941 |  | (63053580) | (43579348) |

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<sup>1</sup> Other Accumulated Earnings (Losses) consist of capital loss carryover and organizational costs.

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

At October 31, 2025, the aggregate gross unrealized appreciation and depreciation of investments for U.S. Federal income tax purposes were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **Tax Cost of** <br>**Investments** | **Gross** <br>**Unrealized** <br>**Appreciation** | **Gross** <br>**Unrealized** <br>**Depreciation** | **Net Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Direxion Auspice Broad Commodity Strategy ETF (Consolidated) | $169503427 | $6324163 | $— | $6324163  |
| Direxion HCM Tactical Enhanced US ETF | 519574567 | 231232318 | (53140729) | 178091589  |
|  Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares | 1166560706 | 171150049 | (151916758) | 19233291 |

---

The difference between the book cost of investments and the tax cost of investments is primarily attributable to tax deferral of losses on wash sales and basis adjustments on investments in real estate investment trusts ("REITs").

On the Statements of Assets and Liabilities, the following adjustments were made for permanent tax differences between accounting for total distributable earnings and capital stock under GAAP and tax reporting:

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| | | |
|:---|:---|:---|
| **Funds** | **Total Distributable** <br>**Earnings (Loss)** | **Capital Stock**  |
| Direxion Auspice Broad Commodity Strategy ETF (Consolidated) | $4153143 | $(4153143)  |
| Direxion HCM Tactical Enhanced US ETF | (6339293) | 6339293  |
| Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares | (124141787) | 124141787 |

---

GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended October 31, 2025, the permanent differences primarily relate to tax treatment of redemptions in-kind, income earned from consolidated entities and the utilization of earnings and profits distributed to shareholders on redemption of shares.

In order to meet certain U.S. excise tax distribution requirements, each Fund is required to measure and distribute annually net capital gains realized during a twelve month period ending October 31 and net investment income earned during a twelve month period ending December 31. In connection with this, these Funds are permitted for tax purposes to defer to their next fiscal year qualified late year losses. Qualified late year ordinary losses are generally losses incurred between January 1 and the end of their fiscal year, October 31, 2025.

At October 31, 2025, no Funds deferred, on a tax basis, qualified late year losses.

Under current law, each Fund may carry forward net capital losses indefinitely to use to offset capital gains realized in future years and their character is retained as either short-term and/or long-term.

At October 31, 2025, for U.S. Federal income tax purposes, the following Funds had capital loss carryforwards available to offset future capital gains:

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| | | | |
|:---|:---|:---|:---|
| **Funds** | **Utilized in** <br>**Current Year** | **Unlimited ST** | **Unlimited LT**  |
|  Direxion Auspice Broad Commodity Strategy ETF (Consolidated) | $— | $— | $—  |
| Direxion HCM Tactical Enhanced US ETF |  | (25723396) | (1151378)  |
| Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares |  | (7108874) | (55944706) |

---

The Funds follow authoritative financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. Management has reviewed all open tax years and concluded that there is no effect to the Funds' financial positions or results of operations and no tax liability was required to be recorded resulting from unrecognized tax benefits relating to uncertain income tax position taken or expected to be taken on a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During this period, the Funds did not incur any interest or penalties. Open tax years are

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

those years that are open for examination by the relevant income taxing authority. As of October 31, 2025, open U.S. Federal and state income tax years include the tax years ended October 31, 2022 through October 31, 2025. The Funds have no examinations in progress. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax expense will significantly change in the next twelve months.

4. CREATION AND REDEMPTION TRANSACTIONS AND TRANSACTION FEES

Each Fund issues and redeems shares on a continuous basis at NAV only in large blocks of shares called "Creation Units." The number of shares in a Creation Unit for each respective Fund is as follows:

---

| | |
|:---|:---|
| **Funds** | **Number of shares** <br>**per Creation Unit**  |
| Direxion Auspice Broad Commodity Strategy ETF (Consolidated) | 50,000 shares  |
| Direxion HCM Tactical Enhanced US ETF | 25,000 shares  |
| Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares | 50,000 shares |

---

Creation Units of the Funds are issued and redeemed in cash and/or in-kind for securities included in the relevant underlying index. Investors such as market makers, large investors and institutions who wish to deal in Creation Units directly with a Fund must have entered into an authorized participant agreement with the principal underwriter and the transfer agent, or purchase through a dealer that has entered into such an agreement. Transactions in shares for each Fund include both cash and in-kind transactions and are disclosed in detail in the Statements of Changes in Net Assets.

Transaction fees are imposed to cover the costs associated with the issuance and redemption of Creation Units. There is a fixed and a variable component to the total transaction fee. A fixed transaction fee is paid to the transfer agent and is applicable to each creation or redemption transaction, regardless of the number of Creation Units purchased or redeemed. In addition, a variable transaction fee equal to a percentage of the value of each Creation Unit purchased or redeemed is applicable to each creation or redemption transaction and is paid to the Fund. Not all Funds will have a transaction fee associated with capital share activity for the year. Transaction fees received by each Fund are presented in the Capital Share Transaction section of the Statements of Changes in Net Assets and any amount receivable as of October 31, 2025, is included in Receivable for Fund shares sold on the Statements of Assets and Liabilities.

5. INVESTMENT TRANSACTIONS

The table below presents each Fund's investment transactions during the period ended October 31, 2025. Purchases represent the aggregate purchases of investments excluding the cost of in-kind purchases, short-term investment purchases, swaps and futures contracts. Sales represent the aggregate sales of investments excluding proceeds from in-kind sales, short-term investments, swaps and futures contracts. Purchases in-kind are the aggregate of all in-kind purchases and sales in-kind are the aggregate of all proceeds from in-kind sales. The transactions for each of these categories are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds**  | **Purchases** | **Sales**  | **Purchases**<br>**In-Kind**  | **Sales**<br>**In-Kind**  |
|  Direxion Auspice Broad Commodity Strategy ETF (Consolidated) | $—  | $—  | $—  | $—  |
| Direxion HCM Tactical Enhanced US ETF | 138789055  | 132974227  | 120195481  | 21217651  |
|  Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares | 412403556  | 434382791  | 788018237  | 1041158739 |

---

There were no purchases or sales of long-term U.S. Government securities in the Funds during the period ended October 31, 2025.

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

6. INVESTMENT ADVISORY AND OTHER AGREEMENTS

Under an Investment Advisory Agreement between each Adviser and the Trust, on behalf of each Fund, the Adviser provides a continuous investment program for each Fund's assets in accordance with its investment objectives, policies and limitations, and oversees the day-to-day operations of each Fund, subject to the supervision of the Trustees. Pursuant to the Advisory Agreement, each Fund pays the Adviser an investment advisory fees at an annual rate based on its average daily net assets. These rates are as follows:

---

| | |
|:---|:---|
| Direxion Auspice Broad Commodity Strategy ETF (Consolidated)  | 0.50% |
| Direxion HCM Tactical Enhanced US ETF  | 1.05% |
| Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares  | 0.30% |

---

Additionally, the Trust has entered into a Management Services Agreement with Rafferty. Under the Management Services Agreement, the Trust pays Rafferty management service fees of 0.05% on the first $25,000,000,000 of the Trust's daily net assets, 0.0475% on the next $25,000,000,000 of net assets and 0.045% on net assets in excess of $50,000,000,000. This fee compensates Rafferty for performing certain management, administration and compliance functions related to the Trust.

Direxion HCM Tactical Enhanced US ETF is responsible for its own operating expenses. The Adviser has contractually agreed to waive its fees and/or reimburse the Fund's operating expenses to the extent that they exceed the following rate multiplied by the Fund's average daily net assets at least until September 1, 2026. Any expense waiver is subject to recoupment by the Adviser, as applicable, within the following three years if overall expenses fall below these percentage limitations.

---

| | |
|:---|:---|
| Direxion HCM Tactical Enhanced US ETF  | 1.15% |

---

The table below presents amounts that the Adviser recouped, reimbursed and the amounts available for potential recoupment by the Adviser.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Expenses** <br>**Recouped** | **Expenses** <br>**Reimbursed** | **Potential Recoupment Amounts Expiring:** | **Potential Recoupment Amounts Expiring:** | **Potential Recoupment Amounts Expiring:** | **Total Potential** <br>**Recoupment** <br>**Amount**  |
|  | **Expenses** <br>**Recouped** | **Expenses** <br>**Reimbursed** | **October 31,** <br>**2026** | **October 31,** <br>**2027** | **October 31,** <br>**2028**  | **Total Potential** <br>**Recoupment** <br>**Amount**  |
|  Direxion HCM Tactical Enhanced US ETF | $53619 | &nbsp;&nbsp; $8419 | $401720 | $— | &nbsp;&nbsp;&nbsp; $8419 | &nbsp;&nbsp; $410139 |

---

The net amounts receivable (payable) arising from the Investment Advisory Agreement, Management Services Agreement and waiver of any expenses as of October 31, 2025, is presented on the Statement of Assets and Liabilities as Due from (to) Adviser, net.

The below Funds have entered into an Operating Services Agreement. Under the Operating Services Agreement, Rafferty will pay all the expenses (with certain exceptions such as management fees, Rule 12b-1 fees and swap financing and related costs) of the Funds in exchange for a fee calculated based on the following rates multiplied by the respective average daily net assets of each Fund.

---

| | |
|:---|:---|
| Direxion Auspice Broad Commodity Strategy ETF (Consolidated)  | 0.20% |
| Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares  | 0.05% |

---

The Adviser and Subadviser have entered into a sub-advisory agreement effective through September 1, 2025. Under the sub-advisory agreement, the Adviser pays the Subadviser out of its investment advisory fees.

The Board has adopted a Distribution and Service Plan (the "Plan") pursuant to Rule 12b-1 under the Investment Company Act of 1940. In accordance with the Plan, each Fund is authorized to charge an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities and shareholder services. No 12b-1 fees were charged by any Fund.

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

7. FAIR VALUE MEASUREMENTS

The Funds follow authoritative fair valuation accounting standards, which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels below:

Level 1 – Quoted prices in active markets for identical securities

Level 2 – Evaluated price based on other significant observable inputs (including quoted prices for similar securities, in active markets, quoted prices for identical or similar securities in inactive markets, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Funds' investments at October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Class**  | **Asset Class**  | **Asset Class**  | **Asset Class**  |
| | **Level 1** | **Level 1** | **Level 1** | **Level 2**  |
| <br>**Funds**  | **Common** <br>**Stocks** | **Short Term** <br>**Investments** | **Futures** <br>**Contracts\*** | **Total Return** <br>**Swap Contracts\***  |
|  Direxion Auspice Broad Commodity Strategy ETF (Consolidated) | $—  | $169503427  | $6324163  | $—  |
| Direxion HCM Tactical Enhanced US ETF | 480168755  | 120033707  | —  | 97463694  |
|  Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares | 1175624453  | 10169544  | —  |  |

---

For further detail on each asset class, see each Fund's Schedule of Investments.

\* Futures contracts and total return swap contracts are valued at the unrealized appreciation/(depreciation). 

The Funds also follow authoritative accounting standards, which require additional disclosure regarding fair value measurements. Specifically, these standards require reporting entities to disclose a) the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements, for Level 2 or Level 3 positions, b) transfers between all levels (including Level 1 and Level 2) on a gross basis (i.e. transfers out must be disclosed separately from transfers in) as well as the reason(s) for the transfers and c) purchases and sales on a gross basis in the Level 3 rollforward rather than as one net number. Additionally, reporting entities are required to disclose quantitative information about unobservable inputs used in the fair value measurements categorized within Level 3 of the fair value hierarchy.

There were no Level 3 securities held by the Funds or any transfers between levels during the period ended October 31, 2025.

8. VALUATION OF DERIVATIVE INSTRUMENTS

The Funds follow authoritative standards of accounting for derivative instruments, which establish disclosure requirements for derivative instruments. These standards improve financial reporting for derivative instruments by requiring enhanced disclosures that enable investors to understand how and why a fund uses derivative instruments, how derivative instruments are accounted for and how derivative instruments affect a fund's financial position and results of operations.

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

Certain Funds use derivative instruments as part of their principal investment strategy to achieve their investment objective. For additional discussion on the risks associated with derivative instruments refer to Note 2. As of April 30, 2025, certain Funds were invested in futures contracts. At October 31, 2025, the fair values of derivative instruments, by primary risk, were as follows:

**Swap Contracts** 

---

| | | |
|:---|:---|:---|
| | **Asset Derivatives<sup>1</sup>**  | **Asset Derivatives<sup>1</sup>**  |
| <br>**Fund** | **Equity Risk** | **Total**  |
| Direxion HCM Tactical Enhanced US ETF | $97463694 | $97463694 |

---

**Futures Contracts\*** 

---

| | | |
|:---|:---|:---|
| **Fund** | **Commodity Risk** | **Total**  |
| Direxion Auspice Broad Commodity Strategy ETF (Consolidated) | $6324163 | $6324163 |

---

<sup>1</sup> Statements of Assets and Liabilities location: Unrealized appreciation on swap contracts.

\* Cumulative appreciation(depreciation) of futures contracts as reported in the Schedule of Investments.

Only current day's variation margin, if any, is reported in the Statements of Assets and Liabilities.

Transactions in derivative instruments during the period ended October 31, 2025, by primary risk, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Funds** |  | **Net Realized Gain (Loss)<sup>1</sup>** | **Net Realized Gain (Loss)<sup>1</sup>** | **Net Unrealized Appreciation** <br>(Depreciation)<sup>2</sup>  | **Net Unrealized Appreciation** <br>(Depreciation)<sup>2</sup>  |
| **Funds** |  | **Equity Risk**  | **Commodity** <br>**Risk** | **Equity Risk** | **Commodity** <br>**Risk**  |
|  Direxion Auspice Broad Commodity Strategy ETF (Consolidated) | Futures Contracts | $— | $(5354269) | $— | $2802691  |
|  Direxion HCM Tactical Enhanced US ETF | Swap Contracts | (44406942) |  | 81893994 |  |

---

<sup>1</sup> Statements of Operations location: Net realized gain (loss) on swap and futures contracts.

<sup>2</sup> Statements of Operations location: Change in net unrealized appreciation (depreciation) on swap and futures contracts.

For the period ended October 31, 2025, the volume of the derivatives held by the Funds was as follows:

---

| | | |
|:---|:---|:---|
|  | **Quarterly Average Gross Notional Amounts**  | **Quarterly Average Gross Notional Amounts**  |
|  | **Long Futures** <br>**Contracts** | **Long Total Return** <br>**Swap Contracts**  |
| Direxion Auspice Broad Commodity Strategy ETF (Consolidated) | &nbsp;&nbsp; $108112987 | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
| Direxion HCM Tactical Enhanced US ETF | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 380720207  |
| Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

The Funds utilize this volume of derivatives in order to meet the investment objectives of each respective Fund.

9. PRINCIPAL RISKS

Below are some of the principal risks of investing in the Funds. Please refer to the Funds' prospectus for a full discussion.

**Counterparty Risk – A Fund will be subject to credit risk with respect to the amount it expects to receive from counterparties to financial instruments entered into by the Fund. The Funds' counterparties are generally required to post collateral to the Funds to the extent of the Funds' daily exposure to such counterparties. However, to the extent any such collateral is insufficient, the Funds will be exposed to counterparty risk as described in this paragraph. In addition, there may be a delay associated with realization by the Funds of the collateral posted by such counterparties in the event of counterparty default or bankruptcy. A Fund may be negatively impacted if a counterparty becomes bankrupt or** 

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

otherwise fails to perform its obligations due to financial difficulties. A Fund may experience significant delays in obtaining any recovery in bankruptcy or other reorganization proceeding, and a Fund may obtain only limited recovery or may obtain no recovery in such circumstances.

**Sector Concentration Risk – The risk of concentrating investments in a limited number of issuers in a particular industry is that a Fund will be more susceptible to the risks associated with that industry than a Fund that does not concentrate its investments.** 

**Daily Index Correlation/Tracking Risk – A number of factors may affect a Fund's ability to achieve a high degree of correlation with its benchmark, and there can be no guarantee that a Fund will achieve a high degree of correlation. A failure to achieve a high degree of correlation may prevent a Fund from achieving its investment objective. A number of factors may adversely affect a Fund's correlation with its benchmark, including fees, expenses, transaction costs, costs associated with the use of leveraged investment techniques, income items, accounting standards, and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. A Fund may not have investment exposure to all securities in its underlying benchmark index, or its weighting of investment exposure to such stocks or industries may be different from that of the index. In addition, a Fund may invest in securities or financial instruments not included in the index underlying its benchmark. A Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to its benchmark. Activities surrounding annual index reconstitutions and other index rebalancing or reconstitution events may hinder the Funds' ability to meet their daily investment objective on that day. Each Fund seeks to rebalance its portfolio daily to keep leverage consistent with its daily investment objective.** 

**Derivatives Risk – The Fund's investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund's other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.** 

In addition, the Fund's investments in derivatives are subject to the following risks:

&nbsp;&nbsp;&nbsp;&nbsp;• *Swap Agreements.* Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from
 one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of
 return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be
 exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular
 dollar amount invested in a basket of securities representing a particular index or an ETF that seeks to track an index. Swaps are subject
 to counterparty, valuation and leveraging risks.

&nbsp;&nbsp;&nbsp;&nbsp;• *Futures Contracts.* Futures contracts are typically exchange-traded contracts that call for the future delivery of an asset at a certain price and
 date, or cash settlement of the terms of the contract. There may be an imperfect correlation between the changes in market value of the
 securities held by the Fund and the prices of futures contracts. Futures contracts are subject to liquidity risks; there may not be a
 liquid secondary market for the futures contracts and the Fund may not be able to enter into a closing transaction. Exchanges may also
 limit the number of positions that can be held or controlled by the Fund or the Adviser, thus limiting the ability of the Fund to implement
 its leveraged investment strategy. Futures markets are highly volatile and the use of futures may increase the Fund's volatility.
 Futures contracts are also subject to leverage risk.

**Liquidity Risk – In certain circumstances, such as the disruption of the orderly markets for the securities or financial instruments in which a Fund invests, a Fund might not be able to dispose of certain holdings quickly or at prices that represent fair market value in the judgment of the Adviser. Additionally, certain counterparties may have the ability to demand repayment at any time, thereby exposing the Fund to the risk that it may be required to liquidate investments at an inopportune time. This may prevent a Fund from limiting losses, realizing gains or from achieving a high correlation or inverse correlation with its underlying index.** 

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

10. NEW ACCOUNTING PRONOUNCEMENT

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements.

In this reporting period, the Trust adopted Financial Accounting Standards Board ASU 2023-07, Segment Reporting (Topic 280). Adoption of the enhanced standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision maker ("CODM") when assessing segment performance and making decisions about segment resources. Each Fund included herein is deemed to be an individual reporting segment and Officers of the Direxion Shares ETF Trust, collectively act as CODM. The CODM monitors the operating results of the Trust as a whole and each Fund's long-term strategic asset allocation is guided by each Fund's investment objective and principal investment strategies as described in its prospectus and executed by the Adviser. The financial information provided to and reviewed by the CPDM is consistent with that presented in the Trust's financial statements.

In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures. Adoption of the new standard impacted financial statements disclosures only and did not affect any Fund's financial position or the results of its operations.

11. SUBSEQUENT EVENTS

Management has performed an evaluation of subsequent events through the date of the financial statements were issued and has determined that no items require recognition or disclosure besides those noted below.

On December 22, 2025, certain Funds declared income distributions with an ex-date of December 23, 2025 and payable date of December 31, 2025. The specific Funds and per share amounts of the distributions are listed below.

---

| | |
|:---|:---|
| **Funds** | **Per Share** <br>**Income Distribution**  |
| Direxion Auspice Broad Commodity Strategy ETF (Consolidated) | &nbsp;&nbsp;&nbsp;&nbsp; $0.11564  |
| Direxion HCM Tactical Enhanced US ETF | &nbsp;&nbsp;&nbsp;&nbsp; 0.00868  |
| Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares | &nbsp;&nbsp;&nbsp;&nbsp; 0.18128 |

---

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**DIREXION SHARES ETF TRUST** 

**Report of Independent Registered Public Accounting Firm** 

To the Shareholders of Direxion Auspice Broad Commodity Strategy ETF (Consolidated), Direxion HCM Tactical Enhanced US ETF, Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares and the Board of Trustees of Direxion Shares ETF Trust

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities of Direxion Auspice Broad Commodity Strategy ETF (Consolidated), Direxion HCM Tactical Enhanced US ETF and Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares (collectively referred to as the "Funds") (three of the funds constituting Direxion Shares ETF Trust (the "Trust")), including the schedules of investments, as of October 31, 2025, and the related statements of operations and changes in net assets and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (three of the funds constituting Direxion Shares ETF Trust) at October 31, 2025, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

---

| | | | |
|:---|:---|:---|:---|
| **Individual Fund Constituting the Direxion Shares ETF Trust** | **Statement of** <br>**Operations** | **Statements of** <br>**Changes in** <br>**Net Assets** | **Financial Highlights**  |
| Direxion Auspice Broad Commodity Strategy ETF (Consolidated)<br>Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares | For the year ended October 31, 2025 | For each of the two years in the period ended October 31, 2025 | For each of the five years in the period ended October 31, 2025  |
| Direxion HCM Tactical Enhanced US ETF | For the year ended October 31, 2025 | For each of the two years in the period ended October 31, 2025  | For each of the two years in the period ended October 31, 2025 and the period from June 22, 2023 (commencement of operations) through October 31, 2023 |

---

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](dix17791sign.jpg)

We have served as the auditor of one or more of the Direxion investment companies since 2001.

Minneapolis, Minnesota

December 23, 2025

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**DIREXION SHARES ETF TRUST** 

**ADDITIONAL INFORMATION (Unaudited)** 

**FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS** 

Information regarding how often shares of the Funds traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Funds is available on the Funds' website www.direxion.com.

**FEDERAL TAX STATUS OF DIVIDENDS DECLARED DURING THE TAX YEAR** 

For Federal income tax purposes, dividends from short-term capital gains are classified as ordinary income. The percentage of ordinary income distribution designated as qualifying for the corporate dividend received deduction ("DRD"), the individual qualified dividend rate ("QDI"), the qualified interest income rate ("QII"), and the qualified short-term gain rate ("QSTG"), for the year ended October 31, 2025, is presented below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **DRD** | **QDI** | **QII** | **QSTG**  |
| Direxion Auspice Broad Commodity Strategy ETF (Consolidated) | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion HCM Tactical Enhanced ETF | 29.23% | 29.23% | 0.00% | 74.83%  |
| Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares | 100.00% | 100.00% | 0.00% | 0.00% |

---

The Funds are designating as long-term capital gain dividends, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Funds related to net capital gain to zero for the tax year ended October 31, 2025. To the extent necessary to fully distribute such capital gain, the Funds also designate earnings and profits distributed to shareholders on the redemption of shares.

**DISCLOSURE OF PORTFOLIO HOLDINGS** 

Each Fund files its complete schedule of portfolio holdings for their first and third fiscal quarters with the Securities and Exchange Commission ("SEC") on Part F of Form N-PORT. The Funds' Part F of Form N-PORT is available without charge, upon request, by calling 1-800-850-0511. Furthermore, you may obtain the Part F of Form N-PORT on the SEC's website at www.sec.gov.

**PROXY VOTING POLICIES AND PROCEDURES** 

A description of the policies and procedures the Funds use to determine how to vote proxies related to portfolio securities is provided in the SAI. The SAI is available without charge upon request by calling 1-800-850-0511, by accessing the SEC's website at www.sec.gov or by accessing the Funds' website at www.direxion.com. Information on how the Funds voted proxies related to portfolio securities during the period ended October 31, 2025, is available without charge, upon request, by calling 1-800-850-0511 or by accessing the website of the SEC.

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**DIREXION SHARES ETF TRUST** 

**FORM N-CSR ITEMS (Unaudited)** 

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END INVESTMENT COMPANIES** 

There were no changes in or disagreements with accountants during the period covered by this report.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END INVESTMENT COMPANIES** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS FOR OPEN-END INVESTMENT COMPANIES** 

The Trust, together with other affiliated trusts, pay each Independent Trustee an aggregate fee consisting of a $225,000 annual retainer (paid in monthly increments) for services provided as a Board member. Such fees are allocated between the Funds and other affiliated funds. Each Fund's share of these fees, together with reimbursable expenses of the Trustees, is reflected on the Statements of Operations as "Trustees fees and expenses".

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** 

Consistent with the Investment Company Act of 1940, as amended (the "1940 Act"), the Board of Trustees (the "Board") of the Direxion Shares ETF Trust (the "ETF Trust") annually considers the renewal of the Investment Advisory Agreement (the "Agreement") between Rafferty Asset Management, LLC (the "Adviser") and the ETF Trust, on behalf of the Direxion Auspice Broad Commodity Strategy ETF, including its wholly owned subsidiary, the Direxion BCS Fund, Ltd., and the Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares, each a series of the ETF Trust. Each series of the ETF Trust listed above is referred to herein as a "Fund" and collectively as the "Funds."

At a meeting held on August 20, 2025, the Board, including those members of the Board ("Trustees") who are not "interested persons" of the ETF Trust as defined in the 1940 Act (the "Independent Trustees"), approved the renewal of the Agreement on behalf of the Funds. The Independent Trustees had previously considered information pertaining to the renewal of the Agreement outside the presence of the Adviser's representatives and Fund management in executive sessions held on August 6, and August 20, 2025. The Board, including the Independent Trustees, determined that the terms of the Agreement for each Fund were fair and reasonable and that the renewal of the Agreement would be in the best interests of each Fund's shareholders.

In considering whether to renew the Agreement, the Board requested, and the Adviser provided, information that the Board and Adviser reasonably believed to be necessary to evaluate the Agreement. Among other information, the Board obtained and reviewed the following about each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;• Information regarding the advisory services provided
 by the Adviser to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;• Information about the professional qualifications
 of the Adviser's management team and those employees primarily responsible for providing investment advisory services to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;• Information regarding the Fund's contractual
 advisory fee rate for the prior year;

&nbsp;&nbsp;&nbsp;&nbsp;• Information regarding advisory fees earned,
 and reimbursements and waivers made, by the Adviser in connection with providing services to the Fund for the prior year, given the expense
 cap provided by the Adviser under the Operating Services Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;• Information regarding the services provided
 by, and the fees paid by the Fund to, the Adviser under the Management Services Agreement for the prior year as separate and distinct
 from the fees paid and the services provided under the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;• Fund performance information, including the
 Fund's tracking error relative to its underlying index both on a statistical and model basis;

&nbsp;&nbsp;&nbsp;&nbsp;• Comparative industry fee data, including a
 comparison of the Fund to other funds that have a similar asset size, investment objective and, if applicable, industry focus (each, a
 "Peer Fund" and collectively, its "Peer Group");

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&nbsp;&nbsp;&nbsp;&nbsp;• Information regarding the consolidated financial
 condition and profitability of the Fund to the Adviser, including the extent to which economies of scale are shared with the Fund through
 reimbursements and waivers, including the Operating Services Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;• Information regarding how the Adviser monitors
 the Fund's compliance with regulatory requirements and Trust procedures.

With respect to each Fund, the Board considered that it had also received information relevant to its consideration quarterly and, most recently, throughout the past year at executive sessions and Board meetings in connection with its routine oversight of the Fund, including information bearing on the Fund's performance. In this regard, the Trustees considered that they receive at least quarterly reports on each Fund's performance and information bearing on the Adviser's and Fund's regulatory compliance. The Board received a memorandum from legal counsel regarding its responsibilities with respect to the proposed renewal of the Agreement and participated in a question-and-answer session with representatives of the Adviser. The Board carefully evaluated the relevant information, and the Independent Trustees were advised by independent legal counsel with respect to their deliberations.

For each Fund, the Board considered, among other matters, the following factors to the extent applicable: (1) the nature, extent, and quality of the services provided by the Adviser; (2) the investment performance; (3) the profit earned or loss experienced by the Adviser in connection with its provision of advisory services to the Fund; (4) the extent to which economies of scale might be realized as the Fund grows and to which the advisory fee rate and/or net expense ratio reflects these economies of scale for the benefit of the Fund's shareholders; (5) how the Agreement compares in terms of services and fees with the advisory arrangements of Peer Funds; and (6) other benefits derived or anticipated to be derived and identified by the Adviser from its relationship with the Fund. The Board did not identify any particular information that was determinative to its renewal of the Agreement, and each Trustee may have afforded different weight to different factors.

**<u>Nature, Extent and Quality of Services Provided</u>. The Board reviewed, among other things, the Adviser's business, assets under management, financial resources and capitalization, quality and quantity of personnel, experience, the variety and complexity of its investment strategies, brokerage practices, the adequacy of its risk and compliance systems and processes, and its reinvestment in each of these areas of the business. The Board reviewed the scope of services to be provided by the Adviser to each Fund under the Agreement and considered there would be no significant differences between the scope of services provided during the past year and those to be provided in the upcoming year. The Board also considered the Adviser's representation that it would continue to provide services to each Fund that are of materially the same quality as the services that have been provided to the Fund in the past, and it considered the appropriate scope of the services in light of the relevant Fund's operations and the evolving competitive and regulatory landscape.** 

For each Fund, the Board considered the quality of the Adviser's personnel, operations, systems and processes required to manage the Fund effectively. The Board considered that the Adviser's systems and processes have been consistently enhanced over time and may not be present at other investment advisers. The Board also considered the Adviser's augmentation of its staff over time, including in key management, legal, and technology roles. In addition, the Board considered, as applicable: (1) the Adviser's success in achieving the Fund's investment objective, including its ability to adapt to changes in the level of assets under management; (2) the techniques the Adviser has developed and uses in managing the Fund, such as index optimization and representative sampling strategies as well as the extent to which the Fund requires the Adviser to negotiate and enter into specialized agreements and hone skills for trading and monitoring complex financial instruments; (3) the size, professional experience and skills of the Adviser's portfolio management, trading, risk, compliance, and legal staff, as well as the Adviser's ability to recruit, train, and retain personnel with the experience and expertise necessary to operate the Fund; (4) information regarding the Adviser's management, including risk management, of derivatives trading on behalf of the Fund, if any, including the selection of swap counterparties and the negotiation of favorable derivatives contract terms; (5) the ability of the Adviser to manage the Fund in a tax efficient manner; and (6) the Adviser's adherence to its and the Trust's compliance policies and procedures. The Board considered that the Adviser oversees all aspects of the operation of each Fund.

**<u>Comparison of Advisory Services and Fees</u>. The Board considered the fairness and reasonableness of the investment advisory fee rate charged to each Fund by the Adviser in light of the investment advisory services provided by the Adviser. In this regard, the Board considered the investment advisory fee rate payable to the Adviser by each Fund** 

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in light of fee rates paid by other registered investment companies offering strategies similar in nature to the Fund. In this regard, the Board reviewed information prepared by the Adviser, using data provided by Morningstar, Inc., to compare each Fund's contractual advisory fee rates and gross and net expense ratios with those of Peer Funds.

The Board considered that the Peer Group reports included the contractual advisory fee rate and net and gross expense ratios for each Fund and each Peer Fund. More specifically, the Board considered that the Direxion NASDAQ-100<sup>®</sup> Equal Weighted Index Shares had an advisory fee rate that was below each of the median and average of its Peer Group and a net expense ratio that was below each of the median and average of its Peer Group for the 12-month period ended June 30, 2025. The Board considered that the Direxion Auspice Broad Commodity Strategy ETF had an advisory fee rate that was below each of the median and average of its Peer Group and a net expense ratio that was above each of the median and average of its Peer Group for the 12-month period ended June 30, 2025. The Board considered that the Adviser had agreed to limit the total expenses of each Fund (subject to certain exclusions) for the next year by contractually agreeing to pay certain expenses of the Fund under the Operating Services Agreement.

**<u>Performance of the Funds</u>. In evaluating the performance of each Fund, the Board considered reports provided to it in anticipation of the meeting, as well as performance reports provided at regular Board meetings throughout the year. The Board considered the extent to which each Fund tracked its underlying index. The Board considered that, given the investment objectives of each Fund, such tracking error provided a more meaningful indicia of the quality of the Adviser's services than a Fund's total return. Thus, to evaluate each Fund's tracking of its underlying index, the Trustees reviewed two measures of tracking error – namely, the correlation of each Fund's returns to model performance returns ("Tracking Difference"), and the standard deviation of the daily Tracking Differences ("Statistical Tracking Error") for each of the last two years. They also reviewed a qualitative tracking error analysis provided by the Adviser. The Board considered that each Fund's Tracking Difference and Statistical Tracking Error were generally within expected ranges.** 

The Board considered that, for each Fund, the same Peer Group was used to evaluate both performance and the advisory fees paid by the Fund. After reviewing the performance of the Funds, the Board concluded that the performance of each Fund was satisfactory.

**<u>Costs of Services Provided to the Funds and Profits Realized by the Adviser</u>. The Board reviewed information about and considered the profitability of each Fund to the Adviser based on the effective advisory fee rate paid under the Agreement, given expense limits under the Operating Services Agreement, and the overall profitability of the Adviser, as reflected in the Adviser's profitability analysis. In reviewing these materials, the Board considered information provided by the Adviser concerning the methodology it uses to determine its expenses applicable to each Fund. The Board considered that the Adviser had recently reviewed and refined its expense allocation methodology.** 

In order to assess the reasonableness of the profitability of each Fund to the Adviser, the Board considered the significant drivers of cost for the Adviser including, but not limited to, its acceptance of entrepreneurial risk, its expenditure of intellectual capital, its dedication of personnel resources to daily portfolio management activities (such as creation and redemption activity and the rebalancing of the Funds), regulatory compliance, and risk mitigation. Further, the Board considered that the assets under management in the Funds and the Adviser's annual profitability may be more variable than the assets under management and profitability of other advisers in light of other advisers having more diversified financial services businesses lines.

**<u>Economies of Scale</u>. The Board considered the Adviser's advisory fee rate schedule for each Fund as set forth in the Agreement. The Board considered the asset levels of each Fund and the fact that the size of each Fund is relatively low and assets may fluctuate significantly, and that these facts make economies of scale elusive.** 

**<u>Other Benefits</u>. The Board considered indirect and "fall-out" benefits that the Adviser or its affiliates may derive from its relationship with the Funds. In this regard, the Board considered that each Fund pays a fee to the Adviser under the Management Services Agreement, and such payment is a fall-out benefit. The Board also considered that the Adviser may leverage its personnel and infrastructure to manage other accounts and may leverage its relationships in the financial services industry, which are partially a function of its activities on behalf of the Funds, to build relationships in the industry for itself and its affiliates, which may benefit business lines that are not related to the Funds.** 

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**<u>Conclusion</u>. Based on, but not limited to, the above considerations, the Board, including the Independent Trustees, determined that the Agreement is fair and reasonable to each Fund in light of the nature, extent and quality of the services to be performed, the fee rates to be paid, the Adviser's expenses and profitability, the ability of various Funds to share in potential economies of scale, and such other matters as the Board considered relevant in the exercise of its business judgment. Accordingly, the Board concluded that the continuation of the Agreement was in the best interests of each Fund and its shareholders. On this basis, the Board voted in favor of the renewal of the Agreement with respect to each Fund.** 

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**Investment Advisory and Subadvisory Agreements Approvals** 

Consistent with the Investment Company Act of 1940, as amended (the "1940 Act"), the Board of Trustees (the "Board") of the Direxion Shares ETF Trust (the "ETF Trust") annually considers the renewal of the Investment Advisory Agreement (the "Advisory Agreement") between Rafferty Asset Management, LLC (the "Adviser") and the Trust and the Subadvisory Agreement between the Adviser and Howard Capital Management, Inc. (the "Subadviser") (the "Subadvisory Agreement" and collectively with the Advisory Agreement, the "Agreements") on behalf of the Direxion HCM Tactical Enhanced US ETF (the "Fund"), a series of the Trust.

At a meeting held on August 20, 2025, the Board, including those members of the Board ("Trustees") who are not "interested persons" of the ETF Trust, as defined in the 1940 Act (the "Independent Trustees"), approved the renewal of the Advisory Agreement between the ETF Trust and the Adviser and the Subadvisory Agreement between the Adviser and Subadviser, on behalf of the Fund. The Independent Trustees had previously considered information pertaining to the renewal of the Agreements outside the presence of representatives of the Adviser and Subadviser in executive sessions held on August 6 and August 20, 2025. The Board, including the Independent Trustees, determined that the terms of the Agreements for the Fund were fair and reasonable and that the renewal of the Agreements would be in the best interests of the Fund's shareholders.

In considering whether to renew the Agreements, the Board requested, and the Adviser and Subadviser provided, information that the Board, Adviser, and Subadviser reasonably believed to be necessary to evaluate the Agreements. Among other information, the Board obtained and reviewed the following:

&nbsp;&nbsp;&nbsp;&nbsp;• Information regarding the advisory services provided
 by the Adviser and Subadviser to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's investment objective, which
 requires rebalancing the Fund's net assets as frequently as daily and utilizing complex financial instruments that are not typical
 of traditional index-tracking exchange-traded funds ("ETFs");

&nbsp;&nbsp;&nbsp;&nbsp;• The level of attention and services required
 by the Adviser and Subadviser due to the investment objective and principal investment strategies, which can result in frequent and large
 trading activity on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;• Information about the professional qualifications
 of the Adviser's and Subadviser's management team and of those employees primarily responsible for providing investment advisory
 services to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;• Information regarding the Fund's contractual
 advisory fee rate for the prior year;

&nbsp;&nbsp;&nbsp;&nbsp;• Information regarding advisory fees earned
 by the Adviser and Subadviser in connection with providing services to the Fund for the prior year, including reimbursements and waivers
 made by the Adviser under the Operating Expense Limitation Agreement (the "Expense Cap Agreement"), if any;

&nbsp;&nbsp;&nbsp;&nbsp;• Information regarding the services provided
 by and the fees paid by the Fund to the Adviser under the Management Services Agreement for the prior year as separate and distinct from
 the fees paid and the services provided under the Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;• Fund performance information, including relative
 to a benchmark index;

&nbsp;&nbsp;&nbsp;&nbsp;• Comparative industry fee and performance data,
 including a comparison of the Fund to other funds that have a similar asset size, investment objective and principal strategy (each, a
 "Peer Fund," and collectively, its "Peer Group");

&nbsp;&nbsp;&nbsp;&nbsp;• Information regarding the consolidated financial
 condition and profitability of the Fund to both the Adviser and Subadviser, including the extent to which economies of scale are shared
 with the Fund through the Expense Cap Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;• Information regarding how the Adviser monitors
 the Subadviser's and Fund's compliance with regulatory requirements and the Adviser's and ETF Trust's policies
 and procedures.

The Board considered that it had also received information relevant to its consideration quarterly and, most recently, throughout the past year at executive sessions and Board meetings in connection with its routine oversight of the Fund. In this regard, the Trustees considered that they receive at least quarterly reports on the Fund's performance and information bearing on the Adviser's, Subadviser's and Fund's regulatory compliance. The Board received a

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memorandum from counsel regarding the responsibilities of the Board with respect to the renewal of the Agreements and participated in a question-and-answer session with representatives of the Adviser. The Board considered the Subadviser's annual presentation to the Board, at which the Trustees meet with the Subadviser's principal and portfolio manager. The Board carefully evaluated the relevant information, and the Independent Trustees were advised by independent legal counsel with respect to their deliberations.

The Board considered, among others, the following factors to the extent applicable: (1) the nature, extent, and quality of the services provided by the Adviser and Subadviser; (2) the investment performance of the Fund; (3) the profit earned or loss experienced by each of the Adviser and the Subadviser in connection with its provision of advisory services to the Fund; (4) the extent to which economies of scale might be realized as the Fund grows and to which the advisory and subadvisory fee rates and/or net expense ratio reflect any economies of scale for the benefit of the Fund's shareholders; (5) how the Agreements compare in terms of services and fees with the advisory arrangements of Peer Funds, and how the Subadvisory Agreement compares in terms of services and fees with the advisory arrangements between the Subadviser and its other clients (such as other institutional investors), if any; and (6) other benefits derived or that may be derived and identified by each of the Adviser and Subadviser from its relationship with the Fund. The Board did not identify any particular information that was determinative to its rewewal of the Agreements, and each Trustee may have afforded different weight to the various factors.

**<u>Nature, Extent and Quality of Services Provided</u>. The Board reviewed, among other things, the Adviser's and the Subadviser's business, assets under management, financial resources and capitalization. The Board also considered the experience, quality and quantity of personnel, the complexity of the Fund's investment strategy, relevant brokerage practices, and the adequacy of the Adviser's and Subadviser's risk and compliance systems and processes, noting the enhancements made to the Adviser's systems and processes over time.** 

The Board reviewed the scope of services provided by the Adviser and Subadviser to the Fund under the Agreements and considered that there would be no significant differences between the scope of services provided by the Adviser and the Subadviser during the past year and those to be provided in the upcoming year. The Board also considered the Adviser's and Subadviser's representations that they would continue to provide services to the Fund that are of materially the same quality as the services that have been provided to the Fund in the past, and it considered the appropriate scope of the services in light of the Fund's operations and the evolving competitive and regulatory landscape.

The Board considered the quality of the Adviser's and Subadviser's personnel, operations, systems and processes required to manage the Fund effectively. The Board considered that the Adviser's systems and processes have been consistently enhanced over time and may not be present at other investment advisers. The Board also considered the Adviser's augmentation of its staff over time, including in key management, legal, and technology roles. In addition, the Board considered, as applicable: (1) the Adviser's and Subadviser's success in achieving the Fund's investment objective, including their ability to adapt to changes in the level of assets under management and through investment signals provided by the Subadviser; (2) the techniques the Adviser has developed and uses in managing the Fund, such as the extent to which the Fund requires the Adviser to negotiate and enter into specialized agreements and hone skills for trading and monitoring complex financial instruments; (3) the size and experience of the compliance and portfolio management staff of the Adviser and Subadviser; (4) information regarding the Adviser's management, including risk management, of derivatives trading on behalf of the Fund, including the selection of swap counterparties and the negotiation of favorable derivatives contract terms; (5) the Adviser's ability to manage the Fund in a tax efficient manner; and (6) the Adviser's and Subadviser's adherence to their respective compliance policies and procedures and to the Trust's compliance policies and procedures.

In considering the nature, extent and quality of the services to be provided under the Subadvisory Agreement by the Subadviser, the Board noted that such services include, but are not limited to, the following: (1) providing the Adviser with the relevant trading signals consistent with the Fund's investment strategy; (2) adhering to the Fund's compliance policies and procedures; and (3) maintaining required books and records related to the Fund.

The Board considered that the Adviser oversees all aspects of the operation of the Fund, including the Subadviser. With regard to compliance services in particular, the Board observed that it annually considers each of the Adviser's and

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Subadviser's compliance programs as it pertains to the Fund. In addition, the Board considered that the Adviser conducts quarterly compliance reviews of the Subadviser, has regular contact with the Subadviser, and monitors daily the Fund's holdings.

**<u>Comparison of Advisory Services and Fees</u>. The Board considered the fairness and reasonableness of the investment advisory fee rate charged to the Fund by the Adviser and the subadvisory fee rate payable to the Subadviser by the Adviser in light of the investment advisory services provided by them. The Board reviewed information prepared by the Adviser, using data provided by Morningstar, Inc., to compare the Fund's contractual advisory fee rates, expense cap, and gross and net expense ratios with those of Peer Funds. The Board considered that the Fund's net expense ratio and contractual advisory fee rate were each above the median and average of its Peer Group during the 12-month period ended June 30, 2025. The Board considered that the Fund's Peer Group includes index funds, which do not require the same level of oversight and monitoring of their portfolios as the Fund, given its active strategy.** 

**<u>Performance of the Fund</u>. The Board considered the performance information for the Fund and compared it to the returns of funds included in the Peer Group. The Board considered performance reports provided to it in anticipation of the meeting, as well as performance reports provided at regular Board meetings throughout the year. The Board evaluated the performance of the Fund relative to: (1) returns of its benchmark indices for the one-month, three-month, year-to-date, and one-year periods ended June 30, 2025; and (2) returns of the Peer Group for the one-year and since inception periods ended June 30, 2025. The Board considered that the Fund underperformed its benchmark indices for the three-month, year-to-date and one-year periods, but outperformed its benchmark indices for the one-month period ended June 30, 2025. The Board considered that the Fund underperformed many of its Peer Funds for the one-year and since inception periods ended June 30, 2025. The Board also considered information from the Adviser and Subadviser regarding the reasons for the relative underperformance, including that the Subadviser's model resulted in the Fund's portfolio lagging the broader equity market due to severe market volatility that made it difficult for Subadviser's trend-following model to identify trends. The Board also considered the Fund's relatively short history of operation. After reviewing the performance of the Fund, the Board concluded that the performance of the Fund was satisfactory.** 

**<u>Costs of Services Provided to the Fund and Profits Realized by the Adviser and Subadviser</u>. The Board reviewed information about and considered the profitability of the Fund to the Adviser and Subadviser based on the effective advisory fee rates payable under the Agreements, given the Expense Cap Agreement. The Board considered information regarding the Adviser's and Subadviser's profit margins as reflected in profitability analyses, as well as information provided by the Adviser concerning the methodology it uses to determine its expenses applicable to the Fund, noting that the Adviser had recently reviewed and refined its expense allocation methodology. In order to assess the reasonableness of the profitability of the Fund to the Adviser and Subadviser, the Board considered the significant drivers of cost for them, including, but not limited to, the acceptance of entrepreneurial risk, the expenditure of intellectual capital, the dedication of personnel resources to daily portfolio management activities (such as creation and redemption activity and the frequent rebalancing of the Fund), regulatory compliance and risk mitigation. Based on its review, the Board concluded that the profitability of the Fund to the Adviser and Subadviser was, in each case, reasonable in light of the services provided to the Fund.** 

**<u>Economies of Scale</u>. The Board considered the Adviser's advisory fee rate schedule for the Fund as set forth in the Advisory Agreement, and the Subadvisory's subadvisory fee rate schedule for the Fund as set forth in the Subadvisory Agreement. The Board considered the absence of breakpoints in the Advisory Agreement fee schedule. The Board considered the extent to which, during the one-year renewal term of the Agreements, economies of scale or other efficiencies may result from increases in the Fund's net assets and be shared with Fund shareholders. In this regard, the Board considered the relatively small size of the Fund and management's representation that the Fund has not yet achieved an economy of scale. The Board concluded that it would be appropriate to continue to monitor the Fund's assets under management and asset growth in order to assess whether fee breakpoints in the Advisory Agreement fee schedule may be warranted in the future.** 

**<u>Other Benefits</u>. The Board considered any indirect or "fall-out" benefits that the Adviser or Subadviser, or their affiliates, may derive from their relationship with the Fund. In this regard, the Board considered that the Fund pays a fee to the Adviser under the Management Services Agreement, and such payment is a fall-out benefit. The Board also considered that the Adviser and Subadviser may leverage their personnel and infrastructure to manage other accounts and may leverage their relationships in the financial services industry, which are partially a function of their activities on behalf of the Fund, to build relationships in the industry for themselves and their affiliates, which may benefit** 

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business lines that are not related to the Fund. In addition, the Board considered that the Subadviser benefits from increased recognition in the marketplace due to the co-branded Fund and may also build relationships in the industry for itself and its affiliates, which may benefit business lines that are not related to the Fund.

**<u>Conclusion</u>. Based on, but not limited to, the above considerations, the Board, including the Independent Trustees, determined that the Agreements are fair and reasonable to the Fund in light of the nature, extent and quality of the services to be performed, the fee rate to be paid, the Adviser's and Subadviser's expenses and profitability, and such other matters as the Board considered relevant in the exercise of its business judgment. Accordingly, the Board concluded that the continuation of the Agreements was in the best interests of the Fund and its shareholders. On this basis, the Board voted in favor of the renewal of the Agreements.** 

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**Table of Contents** 

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| | |
|:---|:---|
|  | **Page**  |
| [Schedules of Investments](#soi1) | [1](#soi1) |
| [Statements of Assets and Liabilities](#sal) | [100](#sal) |
| [Statements of Operations](#sop) | [119](#sop) |
| [Statements of Changes in Net Assets](#scna) | [138](#scna) |
| [Financial Highlights](#fihi) | [169](#fihi) |
| [Notes to the Financial Statements](#not1) | [179](#not1) |
| [Report of Independent Registered Public Accounting Firm](#rep1) | [237](#rep1) |
| [Additional Information (Unaudited)](#ai1) | [241](#ai1) |
| [Form N-CSR Items (Unaudited)](#it1) | [244](#it1) |

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily AAPL Bear 1X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 94.8%**<br>|  |
|  | **Money Market Funds — 94.8%**<br>|  |
| 16578543 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $16578543  |
| 221764 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 221764  |
| 1130000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 1130000  |
| 4892108 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 4892108  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $22,822,415)<sup>(b)</sup>** | $22822415  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $22,822,415) — 94.8%** | $22822415  |
|  | Other Assets in Excess of Liabilities — 5.2% | 1263450  |
|  | **TOTAL NET ASSETS — 100.0%** | $24085865 |

---

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 October 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 $9,424,284. 

**Short Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
| SOFR + (0.7500)% | Total return of common shares of Apple, Inc. | BNP Paribas | 12/5/2025 | &nbsp;&nbsp; 20326 | $4847752 | $(536511)  |
| SOFR + 1.0300% | Total return of common shares of Apple, Inc. | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp; 3203 | 742236 | (98711)  |
| SOFR + (1.5000)% | Total return of common shares of Apple, Inc. | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 5956 | 1531566 | (64489)  |
| SOFR + (2.0000)% | Total return of common shares of Apple, Inc. | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp; 31882 | 7269946 | (1252984)  |
| SOFR + 2.1500% | Total return of common shares of Apple, Inc. | Barclays | 12/22/2025 | &nbsp;&nbsp; 27712 | 7294024 | (145866)  |
|  |  |  |  |  | $21685524 | $(2098561) |

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SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

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**Direxion Daily AAPL Bull 2X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares**  |  | **Fair Value**  |
|  | **COMMON STOCKS — 11.4%**<br>|  |
|  | **Computer and Electronic Product Manufacturing — 11.4%**<br>|  |
| 91184 | Apple, Inc. | $24653418  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $21,448,637)** | $24653418  |
|  | **SHORT TERM INVESTMENTS — 91.1%**<br>|  |
| 68197487 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $68197487  |
| 77261164 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 77261164  |
| 3480000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 3480000  |
| 48188660 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 48188660  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $197,127,311)** | $197127311  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $218,575,948) — 102.5%<sup>(b)</sup>** | $221780729  |
|  | Liabilities in Excess of Other Assets — (2.5)% | (5374543)  |
|  | **TOTAL NET ASSETS — 100.0%** | $216406186 |

---

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 October 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 $133,300,661. 

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of common shares of Apple, Inc. | SOFR + 3.7500% | BNP Paribas | 12/05/2025 | 32380 | $6532174 | $2012009  |
|  Total return of common shares of Apple, Inc. | SOFR + 1.7200% | Goldman Sachs | 12/10/2025 | 948951 | 190191848 | 62116272  |
|  Total return of common shares of Apple, Inc. | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | 129170 | 32686297 | 2115555  |
|  Total return of common shares of Apple, Inc. | SOFR + 3.2500% | Citibank N.A. | 12/22/2025 | 396394 | 77544020 | 26907631  |
|  Total return of common shares of Apple, Inc. | SOFR + 2.8400% | Barclays | 12/22/2025 | 2717 | 533835 | 174362  |
|  |  |  |  |  | $307488174 | $93325829 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily AI and Big Data Bear 2X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares**  |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 116.5%**<br>|  |
|  | **Money Market Funds — 116.5%**<br>|  |
| 1618378 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $1618378  |
| 751937 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 751937  |
| 809076 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 809076  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $3,179,391)<sup>(b)</sup>** | $3179391  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $3,179,391) — 116.5%** | $3179391  |
|  | Liabilities in Excess of Other Assets — (16.5)% | (450546)  |
|  | **TOTAL NET ASSETS — 100.0%** | $2728845 |

---

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 October 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 $1,561,013. 

**Short Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination**  | **Terms of Payments** <br>**to be Paid at Termination**  | **Counterparty**  | **Termination** <br>**Date**  | **Contracts**  | **Notional** <br>**Amount**  | **Unrealized** <br>**Depreciation**  |
| SOFR + 0.4500% | Total return of Solactive US AI & Big Data Index | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 409 | $2250497 | &nbsp;&nbsp; $(137531)  |
| SOFR + 0.6500% | Total return of Solactive US AI & Big Data Index | J.P. Morgan | 3/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 524 | 2757672 | &nbsp;&nbsp; (293552)  |
|  |  |  |  |  | $5008169 | &nbsp;&nbsp; $(431083) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily AI and Big Data Bull 2X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** <br>|  | **Fair Value**  |
|  | **COMMON STOCKS — 80.4%**<br>|  |
|  | **Administrative and Support Services — 0.6%**<br>|  |
| 11050 | nCino, Inc.<sup>(a)</sup> | $294814  |
|  | **Computer and Electronic Product Manufacturing — 38.1%**<br>|  |
| 7213 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 1847393  |
| 6637 | Alphabet, Inc. | 1866258  |
| 4073 | Ambarella, Inc. ADR<sup>(a)</sup> | 347142  |
| 11107 | Apple, Inc. | 3003000  |
| 11749 | Arista Networks, Inc.<sup>(a)</sup> | 1852700  |
| 8021 | Broadcom, Inc. | 2964802  |
| 45427 | Intel Corp.<sup>(a)</sup> | 1816626  |
| 5977 | International Business Machines Corp. | 1837389  |
| 15294 | NVIDIA Corp. | 3096882  |
|  |  | 18632192 |
|  | **Data Processing, Hosting and Related Services — 3.1%**<br>|  |
| 16094 | Tempus AI, Inc.<sup>(a)(b)</sup> | 1446046  |
| 7916 | Veritone, Inc.<sup>(a)</sup> | 49554  |
|  |  | 1495600 |
|  | **General Merchandise Retailers — 6.9%**<br>|  |
| 13153 | Amazon.com, Inc.<sup>(a)</sup> | 3212226  |
| 30739 | Rezolve AI PLC | 131870  |
|  |  | 3344096 |
|  | **Merchant Wholesalers, Durable Goods — 0.1%**<br>|  |
| 10292 | Blaize Holdings, Inc. | 40242  |
|  | **Professional, Scientific, and Technical Services — 20.5%**<br>|  |
| 27165 | DataVault AI, Inc. | 55145  |
| 3038 | Innodata, Inc.<sup>(a)</sup> | 226665  |
| 3909 | Meta Platforms, Inc. | 2534400  |
| 5771 | Oracle Corp. | 1515522  |
| 6232 | Pagaya Technologies Ltd. ADR (Israel)<sup>(a)</sup> | 167579  |
| 9437 | Palantir Technologies, Inc.<sup>(a)</sup> | 1891836  |
| 1861 | ServiceNow, Inc.<sup>(a)</sup> | 1710780  |
| 6984 | Snowflake, Inc.<sup>(a)</sup> | 1919762  |
|  |  | 10021689 |
|  | **Publishing Industries — 10.1%**<br>|  |
| 41649 | BigBear.ai Holdings, Inc.<sup>(a)(b)</sup> | 288211  |
| 12818 | C3.ai, Inc.<sup>(a)(b)</sup> | 225340  |
| 24871 | Informatica, Inc.<sup>(a)</sup> | 618542  |
| 5456 | Microsoft Corp. | 2825171  |
| 35793 | SoundHound AI, Inc.<sup>(a)(b)</sup> | 630673  |
| 20413 | Zeta Global Holdings Corp.<sup>(a)</sup> | 367230  |
|  |  | 4955167 |

---

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily AI and Big Data Bull 2X Shares** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** <br>|  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
|  | **Transportation Equipment Manufacturing — 1.0%**<br>|  |
| 26162 | Pony AI, Inc. ADR (China)<sup>(a)</sup> | $488706  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $32,669,125)** | $39272506  |
|  | **SHORT TERM INVESTMENTS — 15.7%**<br>|  |
|  | **Money Market Funds — 15.7%**<br>|  |
| 5541876 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(c)(d)</sup> | $5541876  |
| 173733 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(c)</sup> | 173733  |
| 1730000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(c)</sup> | 1730000  |
| 220000 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(c)</sup> | 220000  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $7,665,609)** | $7665609  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $40,334,734) — 96.1%<sup>(e)</sup>** | $46938115  |
|  | Other Assets in Excess of Liabilities — 3.9% | 1906898  |
|  | **TOTAL NET ASSETS — 100.0%**<br>| $48845013 |

---

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 October 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 $16,555,659.

ADR - American Depository Receipt

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of Solactive US AI & Big Data Index | SOFR + 0.7000% | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp;&nbsp; 2311 | $8587901 | &nbsp;&nbsp; $4708546  |
|  Total return of Solactive US AI & Big Data Index | SOFR + 0.7300% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 278 | 1636663 | &nbsp;&nbsp; (10380)  |
|  Total return of Solactive US AI & Big Data Index | SOFR + 0.8500% | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp;&nbsp; 5198 | 27857763 | &nbsp;&nbsp; 2408053  |
|  Total return of Solactive US AI & Big Data Index | SOFR + 1.0800% | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 2197 | 9474946 | &nbsp;&nbsp; 3103294  |
|  |  |  |  |  | $47557273 | &nbsp;&nbsp; $10209513 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily AMD Bear 1X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 116.2%**<br>|  |
|  | **Money Market Funds — 116.2%**<br>|  |
| 15513076 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $15513076  |
| 1080264 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 1080264  |
| 1370001 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 1370001  |
| 10442758 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 10442758  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $28,406,099)<sup>(b)</sup>** | $28406099  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $28,406,099) — 116.2%** | $28406099  |
|  | Liabilities in Excess of Other Assets — (16.2)% | (3955243)  |
|  | **TOTAL NET ASSETS — 100.0%** | $24450856 |

---

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 October 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 $12,893,022.

**Short Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| SOFR + 1.4000% | Total return of common shares of Advanced Micro Devices, Inc. | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp; 6856 | $1176360 | &nbsp;&nbsp; $(564209)  |
| SOFR + (1.5000)% | Total return of common shares of Advanced Micro Devices, Inc. | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 34867 | 7101691 | &nbsp;&nbsp; (1815104)  |
| SOFR + (2.0000)% | Total return of common shares of Advanced Micro Devices, Inc. | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp; 35873 | 7306228 | &nbsp;&nbsp; (1870336)  |
| SOFR + 2.1500% | Total return of common shares of Advanced Micro Devices, Inc. | Barclays | 12/22/2025 | &nbsp;&nbsp; 17870 | 4589942 | &nbsp;&nbsp; 16140  |
|  |  |  |  |  | $20174221 | &nbsp;&nbsp; $(4233509) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY AMD BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **COMMON STOCKS — 7.0%**<br>|  |
|  | **Computer and Electronic Product Manufacturing — 7.0%**<br>|  |
| 17324 | Advanced Micro Devices, Inc.<sup>(a)</sup> | $4437023  |
|  | **TOTAL COMMON STOCKS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,046,995)** | $4437023  |
|  | **SHORT TERM INVESTMENTS — 89.6%**<br>|  |
| 22596539 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(b)</sup> | $22596539  |
| 5350261 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(b)</sup> | 5350261  |
| 10265248 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(b)</sup> | 10265248  |
| 18442163 | &nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, <br>3.89%<sup>(b)</sup> | 18442163  |
|  | **TOTAL SHORT TERM INVESTMENTS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $56,654,211)** | $56654211  |
|  | **TOTAL INVESTMENTS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $59,701,206) — 96.6%<sup>(c)</sup>** | $61091234  |
|  | Other Assets in Excess of Liabilities — 3.4% | 2114647  |
|  | **TOTAL NET ASSETS — 100.0%** | $63205881 |

---

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 October 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 $43,793,842. 

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY AMD BULL 2X SHARES** 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of common shares of Advanced Micro Devices, Inc. | SOFR + 0.0000% | BNP Paribas | 12/05/2025 | 2378 | $609175 | &nbsp;&nbsp; $(122)  |
|  Total return of common shares of Advanced Micro Devices, Inc. | SOFR + 2.8000% | Goldman Sachs | 12/10/2025 | 52884 | 8825155 | &nbsp;&nbsp; 4605529  |
|  Total return of common shares of Advanced Micro Devices, Inc. | SOFR + 2.7500% | Nomura | 12/10/2025 | 93717 | 16621794 | &nbsp;&nbsp; 7077940  |
|  Total return of common shares of Advanced Micro Devices, Inc. | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | 88300 | 12347114 | &nbsp;&nbsp; 9956635  |
|  Total return of common shares of Advanced Micro Devices, Inc. | SOFR + 3.7500% | Citibank N.A. | 12/22/2025 | 104756 | 17520057 | &nbsp;&nbsp; 9014309  |
|  Total return of common shares of Advanced Micro Devices, Inc. | SOFR + 2.8600% | Barclays | 12/22/2025 | 134228 | 31446047 | &nbsp;&nbsp; 2876459  |
|  |  |  |  |  | $87369342 | &nbsp;&nbsp; $33530750 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily AMZN Bear 1X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 62.2%**<br>|  |
|  | **Money Market Funds — 62.2%**<br>|  |
| 4159277 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $4159277  |
| 489108 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 489108  |
| 1911526 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 1911526  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $6,559,911)<sup>(b)</sup>** | $6559911  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $6,559,911) — 62.2%** | $6559911  |
|  | Other Assets in Excess of Liabilities — 37.8% | 3991873  |
|  | **TOTAL NET ASSETS — 100.0%** | $10551784 |

---

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 October 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 $2,400,634.

**Short Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
| SOFR + 1.0300% | Total return of common shares of Amazon.com, Inc. | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp; 7000 | $1503250 | &nbsp;&nbsp; $(186535)  |
| SOFR + (1.5000)% | Total return of common shares of Amazon.com, Inc. | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 18066 | 4103014 | &nbsp;&nbsp; (295092)  |
| SOFR + (2.0000)% | Total return of common shares of Amazon.com, Inc. | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp; 18143 | 4316547 | &nbsp;&nbsp; (99777)  |
|  |  |  |  |  | $9922811 | &nbsp;&nbsp; $(581404) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY AMZN BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **COMMON STOCKS — 13.0%**<br>|  |
|  | **General Merchandise Retailers — 13.0%**<br>|  |
| 187772 | Amazon.com, Inc.<sup>(a)</sup> | $45857677  |
|  | **TOTAL COMMON STOCKS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $42,793,473)** | $45857677  |
|  | **SHORT TERM INVESTMENTS — 102.0%**<br>|  |
| 87929201 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(b)</sup> | $87929201  |
| 69850000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(b)</sup> | 69850000  |
| 201044686 | &nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, <br>3.89%<sup>(b)</sup> | 201044686  |
|  | **TOTAL SHORT TERM INVESTMENTS**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $358,823,887)** | $358823887  |
|  | **TOTAL INVESTMENTS**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $401,617,360) — 115.0%<sup>(c)</sup>** | $404681564  |
|  | Liabilities in Excess of Other Assets — (15.0)% | (52975794)  |
|  | **TOTAL NET ASSETS — 100.0%** | $351705770 |

---

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 October 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 $294,509,050. 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of common shares of Amazon.com, Inc. | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | 1729043 | $380059074 | $37416208  |
|  Total return of common shares of Amazon.com, Inc. | SOFR + 3.7500% | Citibank N.A. | 12/22/2025 | 720901 | 140846995 | 29681134  |
|  Total return of common shares of Amazon.com, Inc. | SOFR + 3.0000% | Barclays | 12/22/2025 | 242469 | 52971781 | 4495692  |
|  |  |  |  |  | $573877850 | $71593034 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily AVGO Bear 1X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 108.7%**<br>|  |
|  | **Money Market Funds — 108.7%**<br>|  |
| 7216167 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $7216167 |
| 509308 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 509308  |
| 970000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 970000  |
| 3943723 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 3943723  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $12,639,198)<sup>(b)</sup>** | $12639198 |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $12,639,198) — 108.7%** | $12639198 |
|  | Liabilities in Excess of Other Assets — (8.7)% | (1010954)  |
|  | **TOTAL NET ASSETS — 100.0%** | $11628244 |

---

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 October 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 $5,423,031. 

**Short Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
| SOFR + 1.6500% | Total return of common shares of Broadcom Inc. | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp; 2287 | $786982 | $(54548)  |
| SOFR + (1.5000)% | Total return of common shares of Broadcom Inc. | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 9099 | 3274140 | (86758)  |
| SOFR + (2.0000)% | Total return of common shares of Broadcom Inc. | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp; 16158 | 5584449 | (380754)  |
| SOFR + 2.1500% | Total return of common shares of Broadcom Inc. | Barclays | 12/22/2025 | &nbsp;&nbsp; 3915 | 888609 | (522294)  |
|  |  |  |  |  | $10534180 | $(1044354) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

11<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY AVGO BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **COMMON STOCKS — 14.2%**<br>|  |
|  | **Computer and Electronic Product Manufacturing — 14.2%**<br>|  |
| 47204 | Broadcom Inc. | $17448015  |
|  | **TOTAL COMMON STOCKS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $11,736,248)** | $17448015  |
|  | **SHORT TERM INVESTMENTS — 89.1%**<br>|  |
| 40634629 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $40634629  |
| 11840384 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 11840384  |
| 26100000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 26100000  |
| 30967126 | &nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, <br>3.89%<sup>(a)</sup> | 30967126  |
|  | **TOTAL SHORT TERM INVESTMENTS**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $109,542,139)** | $109542139  |
|  | **TOTAL INVESTMENTS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $121,278,387) — 103.3%<sup>(b)</sup>** | $126990154  |
|  | Liabilities in Excess of Other Assets — (3.3)% | (4098778)  |
|  | **TOTAL NET ASSETS — 100.0%** | $122891376 |

---

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 October 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 $84,056,888. 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of common shares of Broadcom Inc. | SOFR + 2.9900% | Goldman Sachs | 12/10/2025 | 76663 | $28974578 | &nbsp;&nbsp; $(671849)  |
|  Total return of common shares of Broadcom Inc. | SOFR + 3.0000% | Nomura | 12/10/2025 | 100561 | 26550408 | &nbsp;&nbsp; 10023435  |
|  Total return of common shares of Broadcom Inc. | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | 70099 | 23806614 | &nbsp;&nbsp; 1982307  |
|  Total return of common shares of Broadcom Inc. | SOFR + 3.7500% | Citibank N.A. | 12/22/2025 | 139398 | 44725365 | &nbsp;&nbsp; 6344629  |
|  Total return of common shares of Broadcom Inc. | SOFR + 2.9900% | Barclays | 12/22/2025 | 231053 | 68719783 | &nbsp;&nbsp; 15514598  |
|  |  |  |  |  | $192776748 | &nbsp;&nbsp; $33193120 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily BA Bear 1X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 102.3%**<br>|  |
|  | **Money Market Funds — 102.3%**<br>|  |
| 1726806 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $1726806  |
| 789361 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 789361  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $2,516,167)<sup>(b)</sup>** | $2516167  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $2,516,167) — 102.3%** | $2516167  |
|  | Liabilities in Excess of Other Assets — (2.3)% | (55901)  |
|  | **TOTAL NET ASSETS — 100.0%** | $2460266 |

---

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 October 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 $789,361. 

**Short Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| SOFR + 1.4000% | Total return of common shares of Boeing Co. | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp;&nbsp; 1413 | $305711 | &nbsp;&nbsp;&nbsp; $22883  |
| SOFR + (1.5000)% | Total return of common shares of Boeing Co. | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 2706 | 504367 | &nbsp;&nbsp;&nbsp; (36376)  |
| SOFR + (2.0000)% | Total return of common shares of Boeing Co. | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp;&nbsp; 6928 | 1541193 | &nbsp;&nbsp;&nbsp; 154889  |
| SOFR + 2.1500% | Total return of common shares of Boeing Co. | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 1192 | 198256 | &nbsp;&nbsp;&nbsp; (34716)  |
|  |  |  |  |  | $2549527 | &nbsp;&nbsp;&nbsp; $106680 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily BA Bull 2X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 16.5%**<br>|  |
|  | **Transportation Equipment Manufacturing — 16.5%**<br>|  |
| 16888 | Boeing Co.<sup>(a)</sup> | $3394826  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $3,590,794)** | $3394826  |
|  | **SHORT TERM INVESTMENTS — 92.8%**<br>|  |
| 5927792 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(b)</sup> | $5927792  |
| 5141302 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(b)</sup> | 5141302  |
| 1170000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(b)</sup> | 1170000  |
| 6847735 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(b)</sup> | 6847735  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $19,086,829)** | $19086829  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $22,677,623) — 109.3%<sup>(c)</sup>** | $22481655  |
|  | Liabilities in Excess of Other Assets — (9.3)% | (1920308)  |
|  | **TOTAL NET ASSETS — 100.0%** | $20561347 |

---

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 October 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 $15,774,681.

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of common shares of Boeing Co. | SOFR + 2.7300% | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp; 63410 | $13245433 | &nbsp;&nbsp; $(643032)  |
|  Total return of common shares of Boeing Co. | SOFR + 2.8500% | Nomura | 12/10/2025 | &nbsp;&nbsp; 21052 | 4877060 | &nbsp;&nbsp; (729278)  |
|  Total return of common shares of Boeing Co. | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 85450 | 16999614 | &nbsp;&nbsp; 103350  |
|  Total return of common shares of Boeing Co. | SOFR + 3.7500% | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp; 1 | 214 | &nbsp;&nbsp; (154211)  |
|  Total return of common shares of Boeing Co. | SOFR + 2.8700% | Barclays | 12/22/2025 | &nbsp;&nbsp; 17818 | 3303990 | &nbsp;&nbsp; 160873  |
|  |  |  |  |  | $38426311 | &nbsp;&nbsp; $(1262298) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

14<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Biotech Top 5 Bull 2X ETF** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 44.0%**<br>|  |
|  | **Chemical Manufacturing — 44.0%**<br>|  |
| 635 | Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | $289586  |
| 1070 | Amgen, Inc. | 319320  |
| 2581 | Gilead Sciences, Inc. | 309178  |
| 528 | Regeneron Pharmaceuticals, Inc. | 344150  |
| 750 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 319178  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,468,664)** | $1581412  |
|  | **SHORT TERM INVESTMENTS — 33.0%**<br>|  |
|  | **Money Market Funds — 33.0%**<br>|  |
| 800104 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(b)</sup> | $800104  |
| 384013 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(b)</sup> | 384013  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $1,184,117)** | $1184117  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $2,652,781) — 77.0%<sup>(c)</sup>** | $2765529  |
|  | Other Assets in Excess of Liabilities — 23.0% | 826821  |
|  | **TOTAL NET ASSETS — 100.0%** | $3592350 |

---

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 October 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 $1,742,804.

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of NYSE Biotechnology Top 5 Equal Weight Index | SOFR + 0.8400% | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp; 13179 | $2870398 | &nbsp;&nbsp; $132376  |
|  Total return of NYSE Biotechnology Top 5 Equal Weight Index | SOFR + 1.0000% | Barclays | 12/22/2025 | &nbsp;&nbsp; 11344 | 2438862 | &nbsp;&nbsp; 143338  |
|  |  |  |  |  | $5309260 | &nbsp;&nbsp; $275714 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

15<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY BRKB BEAR 1X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 96.1%**<br>|  |
|  | **Money Market Funds — 96.1%**<br>|  |
| 2060302 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $2060302  |
| 268794 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 268794  |
| 582757 | &nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, <br>3.89%<sup>(a)</sup> | 582757  |
|  | **TOTAL SHORT TERM INVESTMENTS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,911,853)<sup>(b)</sup>** | $2911853  |
|  | **TOTAL INVESTMENTS** <br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,911,853) — 96.1%** | $2911853  |
|  | Other Assets in Excess of Liabilities — 3.9% | 117690  |
|  | **TOTAL NET ASSETS — 100.0%** | $3029543 |

---

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 October 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 $851,550. 

**SHORT TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
| SOFR + 1.1500% | &nbsp;&nbsp;&nbsp; Total return of common shares of <br>Berkshire Hathaway, Inc. Class B | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp;&nbsp; 2202 | $1082112 | &nbsp;&nbsp; $48107  |
| SOFR + (1.5000)% | &nbsp;&nbsp;&nbsp; Total return of common shares of <br>Berkshire Hathaway, Inc. Class B | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 1134 | 552325 | &nbsp;&nbsp; 20907  |
| SOFR + (2.0000)% | &nbsp;&nbsp;&nbsp; Total return of common shares of <br>Berkshire Hathaway, Inc. Class B | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp;&nbsp; 2121 | 1082391 | &nbsp;&nbsp; 83520  |
| SOFR + 2.1500% | &nbsp;&nbsp;&nbsp; Total return of common shares of <br>Berkshire Hathaway, Inc. Class B | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 887 | 433931 | &nbsp;&nbsp; 27593  |
|  |  |  |  |  | $3150759 | &nbsp;&nbsp; $180127 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

16<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily BRKB Bull 2X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 15.1%**<br>|  |
|  | **Insurance Carriers and Related Activities — 15.1%**<br>|  |
| 24074  | Berkshire Hathaway, Inc. Class B<sup>(a)</sup>  | $11496298  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $12,268,813)** | $11496298  |
|  | **SHORT TERM INVESTMENTS — 93.6%**<br>|  |
| 16142151 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(b)</sup> | $16142151  |
| 25093554 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(b)</sup> | 25093554  |
| 9784139 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(b)</sup> | 9784139  |
| 20298856 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(b)</sup> | 20298856  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $71,318,700)** | $71318700  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $83,587,513) — 108.7%<sup>(c)</sup>** | $82814998  |
|  | Liabilities in Excess of Other Assets — (8.7)% | (6623192)  |
|  | **TOTAL NET ASSETS — 100.0%** | $76191806 |

---

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 October 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 $55,176,548.

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
|  Total return of common shares of Berkshire Hathaway, Inc. Class B | SOFR + 2.4900% | Goldman Sachs | 12/10/2025 | 143233 | $68277944 | $(1086428)  |
|  Total return of common shares of Berkshire Hathaway, Inc. Class B | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | 36555 | 18517989 | (1819343)  |
|  Total return of common shares of Berkshire Hathaway, Inc. Class B | SOFR + 3.2500% | Citibank N.A. | 12/22/2025 | 64984 | 31793885 | (1459128)  |
|  Total return of common shares of Berkshire Hathaway, Inc. Class B | SOFR + 2.9900% | Barclays | 12/22/2025 | 50255 | 25451985 | (2446678)  |
|  |  |  |  |  | $144041803 | $(6811577) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

17<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Crypto Industry Bear 1X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 123.1%**<br>|  |
|  | **Money Market Funds — 123.1%**<br>|  |
| 1049368 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $1049368  |
| 460000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 460000  |
| 249178 | &nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, <br>3.89%<sup>(a)</sup> | 249178  |
|  | **TOTAL SHORT TERM INVESTMENTS**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,758,546)<sup>(b)</sup>** | $1758546  |
|  | **TOTAL INVESTMENTS**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,758,546) — 123.1%** | $1758546  |
|  | Liabilities in Excess of Other Assets — (23.1)% | (329828)  |
|  | **TOTAL NET ASSETS — 100.0%** | $1428718 |

---

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 October 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 $709,178. 

**SHORT TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
| SOFR + 0.6500% | &nbsp;&nbsp;&nbsp; Total return of Solactive Distributed <br>Ledger & Decentralized Payment <br>Tech Index | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 121 | $715302 | &nbsp;&nbsp; $(36323)  |
| SOFR + 0.6600% | &nbsp;&nbsp;&nbsp; Total return of Solactive Distributed <br>Ledger & Decentralized Payment <br>Tech Index | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 108 | 381178 | &nbsp;&nbsp; (280936)  |
|  |  |  |  |  | $1096480 | &nbsp;&nbsp; $(317259) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

18<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Crypto Industry Bull 2X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 63.5%**<br>|  |
|  | **Administrative and Support Services — 3.3%**<br>|  |
| 20296 | Bitfarms Ltd. ADR (Canada)<sup>(a)</sup> | $80575  |
| 3876 | Hut 8 Corp.<sup>(a)</sup> | 196358  |
|  |  | 276933 |
|  | **Computer and Electronic Product Manufacturing — 5.4%**<br>|  |
| 14673 | Canaan, Inc. ADR (China)<sup>(a)</sup> | 20983  |
| 2184 | NVIDIA Corp. | 442238  |
|  |  | 463221 |
|  | **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services — 18.6%**<br>|  |
| 7014 | Applied Digital Corp.<sup>(a)(b)</sup> | 243105  |
| 585 | Bakkt Holdings, Inc.<sup>(a)</sup> | 16187  |
| 4817 | BitMine Immersion Technologies, Inc.<sup>(a)</sup> | 224713  |
| 11806 | Bit Digital, Inc. ADR<sup>(a)</sup> | 43210  |
| 12801 | Cipher Mining, Inc.<sup>(a)(b)</sup> | 238739  |
| 1899 | Circle Internet Group, Inc.<sup>(a)</sup> | 241135  |
| 11289 | Core Scientific, Inc.<sup>(a)</sup> | 243165  |
| 12494 | DeFi Technologies, Inc. ADR (Canada)<sup>(a)(b)</sup> | 23864  |
| 1552 | Gemini Space Station, Inc.<sup>(a)</sup> | 28479  |
| 8504 | Hive Digital Technologies Ltd. ADR<sup>(a)</sup> | 44221  |
| 11989 | Riot Platforms, Inc.<sup>(a)</sup> | 237142  |
|  |  | 1583960 |
|  | **Credit Intermediation and Related Activities — 12.2%**<br>|  |
| 1191 | Coinbase Global, Inc.<sup>(a)</sup> | 409442  |
| 713 | MasterCard, Inc. Class A | 393569  |
| 14983 | Terawulf, Inc.<sup>(a)</sup> | 232236  |
|  |  | 1035247 |
|  | **Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) — 2.6%**<br>|  |
| 12271 | MARA Holdings, Inc.<sup>(a)(b)</sup> | 224191  |
|  | **Professional, Scientific, and Technical Services — 5.0%**<br>|  |
| 10324 | Cleanspark, Inc.<sup>(a)(b)</sup> | 183767  |
| 3955 | IREN Ltd. ADR (Australia)<sup>(a)</sup> | 240267  |
|  |  | 424034 |
|  | **Publishing Industries — 4.7%**<br>|  |
| 5322 | Block, Inc.<sup>(a)</sup> | 404153  |
|  | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 6.9%**<br>|  |
| 6145 | Bitdeer Technologies Group (Singapore) ADR<sup>(a)(b)</sup> | 136419  |
| 3081 | Robinhood Markets, Inc.<sup>(a)</sup> | 452229  |
|  |  | 588648 |

---

The accompanying notes are an integral part of these financial statements.

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Crypto Industry Bull 2X Shares** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | **Telecommunications — 4.8%**<br>|  |
| 5937 | PayPal Holdings, Inc.<sup>(a)</sup> | $411255  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $4,013,496)** | $5411642  |
|  | **SHORT TERM INVESTMENTS — 17.4%**<br>|  |
|  | **Money Market Funds — 17.4%**<br>|  |
| 831077 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(c)(d)</sup> | $831077  |
| 290000 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(c)</sup> | 290000  |
| 9 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(c)</sup> | 9  |
| 360948 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(c)</sup> | 360948  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $1,482,034)** | $1482034  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $5,495,530) — 80.9%<sup>(e)</sup>** | $6893676  |
|  | Other Assets in Excess of Liabilities — 19.1% | 1622404  |
|  | **TOTAL NET ASSETS — 100.0%** | $8516080 |

---

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 October 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 $4,067,469. 

ADR - American Depository Receipt

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of Solactive Distributed Ledger & Decentralized Payment Tech Index | SOFR + 0.9500% | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 931 | $5339809 | &nbsp;&nbsp; $434348  |
|  Total return of Solactive Distributed Ledger & Decentralized Payment Tech Index | SOFR + 0.8800% | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 354 | 1200211 | &nbsp;&nbsp; 969021  |
|  Total return of Solactive Distributed Ledger & Decentralized Payment Tech Index | SOFR + 1.0000% | Goldman Sachs | 11/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 582 | 3625172 | &nbsp;&nbsp; (3645)  |
|  |  |  |  |  | $10165192 | &nbsp;&nbsp; $1399724 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

20<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY CSCO BEAR 1X ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 106.5%**<br>|  |
|  | **Money Market Funds — 106.5%**<br>|  |
| 1623324 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $1623324  |
| 292969 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 292969  |
| 535321 | &nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, <br>3.89%<sup>(a)</sup> | 535321  |
|  | **TOTAL SHORT TERM INVESTMENTS**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,451,614)<sup>(b)</sup>** | $2451614  |
|  | **TOTAL INVESTMENTS**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,451,614) — 106.5%** | $2451614  |
|  | Liabilities in Excess of Other Assets — (6.5)% | (149986)  |
|  | **TOTAL NET ASSETS — 100.0%** | $2301628 |

---

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 October 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 $828,290. 

**SHORT TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
| SOFR + 0.0000% | Total return of common shares of Cisco Systems, Inc. | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp; 5164 | $361468 | &nbsp;&nbsp; $(14876)  |
| SOFR + 0.1000% | Total return of common shares of Cisco Systems, Inc. | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 15519 | 1052487 | &nbsp;&nbsp; (79837)  |
| SOFR + (2.0000)% | Total return of common shares of Cisco Systems, Inc. | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp; 8849 | 600618 | &nbsp;&nbsp; (48492)  |
| SOFR + 1.5000% | Total return of common shares of Cisco Systems, Inc. | Barclays | 12/22/2025 | &nbsp;&nbsp; 1950 | 132241 | &nbsp;&nbsp; (9321)  |
|  |  |  |  |  | $2146814 | &nbsp;&nbsp; $(152526) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

21<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily CSCO Bull 2X ETF** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 18.7%**<br>|  |
|  | **Computer and Electronic Product Manufacturing — 18.7%**<br>|  |
| 10680 | Cisco Systems, Inc. | $780815  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $724,068)** | $780815  |
|  | **SHORT TERM INVESTMENTS — 76.1%**<br>|  |
| 803394 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $803394  |
| 742045 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 742045  |
| 480000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 480000  |
| 1160444 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 1160444  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $3,185,883)** | $3185883  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $3,909,951) — 94.8%<sup>(b)</sup>** | $3966698  |
|  | Other Assets in Excess of Liabilities — 5.2% | 218285  |
|  | **TOTAL NET ASSETS — 100.0%** | $4184983 |

---

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 October 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 $2,382,488.

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of common shares of Cisco Systems, Inc. | SOFR + 3.0000% | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp; 28498 | $1959899 | &nbsp;&nbsp; $112259  |
|  Total return of common shares of Cisco Systems, Inc. | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 34475 | 2344727 | &nbsp;&nbsp; 147575  |
|  Total return of common shares of Cisco Systems, Inc. | SOFR + 3.7500% | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp; 15312 | 1039617 | &nbsp;&nbsp; 62395  |
|  Total return of common shares of Cisco Systems, Inc. | SOFR + 3.0000% | Barclays | 12/22/2025 | &nbsp;&nbsp; 25520 | 1756193 | &nbsp;&nbsp; 88234  |
|  |  |  |  |  | $7100436 | &nbsp;&nbsp; $410463 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

22<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY CSI 300 CHINA A SHARE BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **INVESTMENT COMPANIES — 24.4%**<br>|  |
| 1003532 | Deutsche Xtrackers Harvest CSI 300 China A-Shares ETF<sup>(a)(b)</sup> | $33146662  |
|  | **TOTAL INVESTMENT COMPANIES**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $33,407,023)** | $33146662  |
|  | **SHORT TERM INVESTMENTS — 93.3%**<br>|  |
|  | **Money Market Funds — 93.3%**<br>|  |
| 82523869 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(c)(d)</sup> | $82523869  |
| 4169031 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(c)</sup> | 4169031  |
| 40244571 | &nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, <br>3.89%<sup>(c)</sup> | 40244571  |
|  | **TOTAL SHORT TERM INVESTMENTS**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $126,937,471)** | $126937471  |
|  | **TOTAL INVESTMENTS**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $160,344,494) — 117.7%<sup>(e)</sup>** | $160084133  |
|  | Liabilities in Excess of Other Assets — (17.7)% | (24026662)  |
|  | **TOTAL NET ASSETS — 100.0%** | $136057471 |

---

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 October 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 $56,393,704. 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of Deutsche Xtrackers Harvest CSI 300 China A-Shares ETF | SOFR + 0.8500% | Goldman Sachs | 12/10/2025 | 447970 | $11634952 | $2680689  |
|  Total return of Deutsche Xtrackers Harvest CSI 300 China A-Shares ETF | SOFR + 0.0000% | J.P. Morgan | 12/16/2025 | 798567 | 22366285 | 3511174  |
|  Total return of Deutsche Xtrackers Harvest CSI 300 China A-Shares ETF | SOFR + 0.8000% | UBS Securities LLC | 12/17/2025 | 377079 | 10267148 | 1908170  |
|  Total return of Deutsche Xtrackers Harvest CSI 300 China A-Shares ETF | SOFR + (0.3000)% | Citibank N.A. | 12/22/2025 | 5117643 | 136909745 | 28897437  |
|  Total return of Deutsche Xtrackers Harvest CSI 300 China A-Shares ETF | SOFR + 0.8000% | Barclays | 12/22/2025 | 494116 | 12466264 | 3487623  |
|  |  |  |  |  | $193644394 | $40485093 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily CSI China Internet Index Bull 2X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **INVESTMENT COMPANIES — 53.7%**<br>|  |
| 4494376 | KraneShares CSI China Internet ETF<sup>(a)</sup> | $179550321  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $146,872,597)** | $179550321  |
|  | **SHORT TERM INVESTMENTS — 47.1%**<br>|  |
|  | **Money Market Funds — 47.1%**<br>|  |
| 92041112 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(b)</sup> | $92041112  |
| 21507524 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(b)</sup> | 21507524  |
| 43913627 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(b)</sup> | 43913627  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $157,462,263)** | $157462263  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $304,334,860) — 100.8%<sup>(c)</sup>** | $337012584  |
|  | Liabilities in Excess of Other Assets — (0.8)% | (2963820)  |
|  | **TOTAL NET ASSETS — 100.0%** | $334048764 |

---

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 October 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 $232,738,229. 

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of KraneShares CSI China Internet ETF | SOFR + 0.7900% | BNP Paribas | 12/5/2025 | 2036395 | $72281943 | $7927237  |
|  Total return of KraneShares CSI China Internet ETF | SOFR + 0.7500% | Goldman Sachs | 12/10/2025 | 2819336 | 94826321 | 15615298  |
|  Total return of KraneShares CSI China Internet ETF | SOFR + 0.8000% | Bank of America Merrill Lynch | 12/11/2025 | 1941485 | 63788236 | 12406951  |
|  Total return of KraneShares CSI China Internet ETF | SOFR + 0.7400% | UBS Securities LLC | 12/17/2025 | 3085299 | 95491206 | 23990225  |
|  Total return of KraneShares CSI China Internet ETF | SOFR + 0.8000% | Citibank N.A. | 12/22/2025 | 2346692 | 69109693 | 21649862  |
|  |  |  |  |  | $395497399 | $81589573 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

24<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY ENERGY BEAR 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 100.3%**<br>|  |
|  | **Money Market Funds — 100.3%**<br>|  |
| 15002267 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $15002267  |
| 1058023 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 1058023  |
| 2046741 | &nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, <br>3.89%<sup>(a)</sup> | 2046741  |
|  | **TOTAL SHORT TERM INVESTMENTS**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $18,107,031)<sup>(b)</sup>** | $18107031  |
|  | **TOTAL INVESTMENTS**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $18,107,031) — 100.3%** | $18107031  |
|  | Liabilities in Excess of Other Assets — (0.3)% | (45224)  |
|  | **TOTAL NET ASSETS — 100.0%** | $18061807 |

---

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 October 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 $7,650,035.

**Short Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| SOFR + 0.3500% | Total return of Energy Select Sector Index | BNP Paribas | 12/5/2025 | &nbsp;&nbsp; 12377 | $11410420 | &nbsp;&nbsp;&nbsp; $6095  |
| SOFR + 0.1900% | Total return of Energy Select Sector Index | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp; 11924 | 11421950 | &nbsp;&nbsp;&nbsp; 481182  |
| SOFR + 0.4500% | Total return of Energy Select Sector Index | Barclays | 12/22/2025 | &nbsp;&nbsp; 6185 | 5693866 | &nbsp;&nbsp;&nbsp; 13270  |
| SOFR + 0.6000% | Total return of Energy Select Sector Index | J.P. Morgan | 11/16/2026 | &nbsp;&nbsp; 8467 | 7690691 | &nbsp;&nbsp;&nbsp; (139781)  |
|  |  |  |  |  | $36216927 | &nbsp;&nbsp;&nbsp; $360766 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

25<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Energy Bull 2X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 73.8%**<br>|  |
|  | **Gasoline Stations and Fuel Dealers — 13.9%**<br>|  |
| 190633 | Chevron Corp. | $30066637  |
|  | **Machinery Manufacturing — 2.5%**<br>|  |
| 113211 | Baker Hughes Co. | 5480545  |
|  | **Oil and Gas Extraction — 28.7%**<br>|  |
| 41085 | APA Corp. | 930575  |
| 87633 | Coterra Energy, Inc. | 2073397  |
| 72896 | Devon Energy Corp. | 2368391  |
| 21608 | Diamondback Energy, Inc. | 3094050  |
| 60508 | EOG Resources, Inc. | 6404167  |
| 71662 | EQT Corp. | 3839650  |
| 27346 | Expand Energy Corp. | 2825115  |
| 330595 | Exxon Mobil Corp. | 37806844  |
| 82524 | Occidental Petroleum Corp. | 3399989  |
|  |  | 62742178 |
|  | **Petroleum and Coal Products Manufacturing — 13.8%**<br>|  |
| 123711 | ConocoPhillips | 10992959  |
| 34912 | Marathon Petroleum Corp. | 6804698  |
| 46408 | Phillips 66 | 6317985  |
| 35673 | Valero Energy Corp. | 6048714  |
|  |  | 30164356 |
|  | **Pipeline Transportation — 5.0%**<br>|  |
| 24711 | Targa Resources Corp. | 3806482  |
| 123838 | Williams Companies, Inc. | 7166505  |
|  |  | 10972987 |
|  | **Support Activities for Mining — 4.0%**<br>|  |
| 97906 | Halliburton Co. | 2627797  |
| 171327 | SLB Ltd. ADR | 6178052  |
|  |  | 8805849 |
|  | **Utilities — 5.9%**<br>|  |
| 224547 | Kinder Morgan, Inc. | 5880886  |
| 72316 | ONEOK, Inc. | 4845172  |
| 2217 | Texas Pacific Land Corp. | 2091473  |
|  |  | 12817531 |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $160,019,296)** | $161050083  |

---

The accompanying notes are an integral part of these financial statements.

26<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Energy Bull 2X Shares** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 26.8%**<br>|  |
|  | **Money Market Funds — 26.8%**<br>|  |
| 54210488 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(b)</sup> | $54210488  |
| 16688 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(b)</sup> | 16688  |
| 4426108 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(b)</sup> | 4426108  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $58,653,284)** | $58653284  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $218,672,580) — 100.6%<sup>(c)</sup>** | $219703367  |
|  | Liabilities in Excess of Other Assets — (0.6)% | (1376798)  |
|  | **TOTAL NET ASSETS — 100.0%** | $218326569 |

---

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 October 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 $139,983,260. 

ADR - American Depository Receipt

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of Energy Select Sector Index | SOFR + 0.7500% | BNP Paribas | 12/5/2025 | &nbsp;&nbsp; 75436 | $63072086 | &nbsp;&nbsp; $6368193  |
|  Total return of Energy Select Sector Index | SOFR + 0.8000% | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp; 71981 | 66436212 | &nbsp;&nbsp; (161439)  |
|  Total return of Energy Select Sector Index | SOFR + 0.5700% | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp; 66686 | 60974429 | &nbsp;&nbsp; 232710  |
|  Total return of Energy Select Sector Index | SOFR + 0.7000% | Barclays | 12/22/2025 | &nbsp;&nbsp; 83076 | 73336925 | &nbsp;&nbsp; 2758189  |
|  |  |  |  |  | $263819652 | &nbsp;&nbsp; $9197653 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

27<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY ENERGY TOP 5 BULL 2X ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **COMMON STOCKS — 44.8%**<br>|  |
|  | **Gasoline Stations and Fuel Dealers — 9.3%**<br>|  |
| 1366 | Chevron Corp. | $215446  |
|  | **Oil and Gas Extraction — 17.6%**<br>|  |
| 1792 | EOG Resources, Inc. | 189665  |
| 1915 | Exxon Mobil Corp. | 219000  |
|  |  | 408665 |
|  | **Petroleum and Coal Products Manufacturing — 8.8%**<br>|  |
| 2284 | ConocoPhillips | 202956  |
|  | **Pipeline Transportation — 9.1%**<br>|  |
| 3666 | Williams Companies, Inc. | 212151  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $1,077,345)** | $1039218  |
|  | **SHORT TERM INVESTMENTS — 20.6%**<br>|  |
|  | **Money Market Funds - 20.6%**<br>|  |
| 26000 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $26000  |
| 450000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 450000  |
| 981 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 981  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $476,981)** | $476981  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $1,554,326) - 65.4%<sup>(b)</sup>** | $1516199  |
|  | Other Assets in Excess of Liabilities — 34.6% | 800993  |
|  | **TOTAL NET ASSETS — 100.0%** | $2317192 |

---

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 October 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 $1,184,535. 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
|  Total return of S&P 500<sup>®</sup> Energy (Sector) Top 5 Equal Capped Index | SOFR + 0.8000% | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp;&nbsp; 3563 | $2422747 | &nbsp;&nbsp;&nbsp; $(55486)  |
|  Total return of S&P 500<sup>®</sup> Energy (Sector) Top 5 Equal Capped Index | SOFR + 0.8500% | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 1840 | 1265227 | &nbsp;&nbsp;&nbsp; (43867)  |
|  |  |  |  |  | $3687974 | &nbsp;&nbsp;&nbsp; $(99353) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

28<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily F Bear 1X ETF** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 111.8%**<br>|  |
|  | **Money Market Funds — 111.8%**<br>|  |
| 1398132 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $1398132  |
| 281977 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 281977  |
| 270000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 270000  |
| 350328 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 350328  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $2,300,437)<sup>(b)</sup>** | $2300437  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $2,300,437) — 111.8%** | $2300437  |
|  | Liabilities in Excess of Other Assets — (11.8)% | (241956)  |
|  | **TOTAL NET ASSETS — 100.0%** | $2058481 |

---

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 October 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 $902,305.

**Short Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
| SOFR + 0.0000% | Total return of common shares of Ford Motor Co. | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp; 45547 | $510663 | &nbsp;&nbsp; $(88107)  |
| SOFR + 0.0000% | Total return of common shares of Ford Motor Co. | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 25017 | 287497 | &nbsp;&nbsp; (41185)  |
| SOFR + (2.0000)% | Total return of common shares of Ford Motor Co. | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp; 16432 | 196456 | &nbsp;&nbsp; (18980)  |
| SOFR + 1.5000% | Total return of common shares of Ford Motor Co. | Barclays | 12/22/2025 | &nbsp;&nbsp; 69733 | 819872 | &nbsp;&nbsp; (93949)  |
|  |  |  |  |  | $1814488 | &nbsp;&nbsp; $(242221) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

29<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY F BULL 2X ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 10.5%**<br>|  |
|  | **Computer and Electronic Product Manufacturing — 10.5%**<br>|  |
| 33000 | Ford Motor Co. | $433290  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $369,567)** | $433290  |
|  | **SHORT TERM INVESTMENTS — 81.8%**<br>|  |
| 567691 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $567691  |
| 813375 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 813375  |
| 340000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 340000  |
| 1649274 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 1649274  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $3,370,340)** | $3370340  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $3,739,907) — 92.3%<sup>(b)</sup>** | $3803630  |
|  | Other Assets in Excess of Liabilities — 7.7% | 315739  |
|  | **TOTAL NET ASSETS — 100.0%** | $4119369 |

---

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 October 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 $3,162,648. 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of common shares of Ford Motor Co. | SOFR + 3.0000% | Goldman Sachs | 12/10/2025 | 131292 | $1469075 | &nbsp;&nbsp;&nbsp; $243552  |
|  Total return of common shares of Ford Motor Co. | SOFR + 4.0000% | Nomura | 12/10/2025 | 35233 | 487698 | &nbsp;&nbsp;&nbsp; (25648)  |
|  Total return of common shares of Ford Motor Co. | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | 115152 | 1309413 | &nbsp;&nbsp;&nbsp; 194265  |
|  Total return of common shares of Ford Motor Co. | SOFR + 3.7500% | Citibank N.A. | 12/22/2025 | 218955 | 2496262 | &nbsp;&nbsp;&nbsp; 362462  |
|  Total return of common shares of Ford Motor Co. | SOFR + 3.0000% | Barclays | 12/22/2025 | 93844 | 1056286 | &nbsp;&nbsp;&nbsp; 168735  |
|  |  |  |  |  | $6818734 | &nbsp;&nbsp;&nbsp; $943366 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

30<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY GOLD MINERS INDEX BEAR 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 127.0%**<br>|  |
|  | **Money Market Funds — 127.0%**<br>|  |
| 84975393 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $84975393  |
| 65316039 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 65316039  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $150,291,432)<sup>(b)</sup>** | $150291432  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $150,291,432) — 127.0%** | $150291432  |
|  | Liabilities in Excess of Other Assets — (27.0)% | (31919470)  |
|  | **TOTAL NET ASSETS — 100.0%** | $118371962 |

---

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 October 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 $86,403,047. 

**SHORT TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| SOFR + 0.5900% | Total return of VanEck Gold Miners ETF | BNP Paribas | 12/5/2025 | 329494 | $16484986 | $(6832185)  |
| SOFR + 0.7500% | Total return of VanEck Gold Miners ETF | Bank of America Merrill Lynch | 12/11/2025 | 502406 | 24679413 | (10834362)  |
| SOFR + 0.4500% | Total return of VanEck Gold Miners ETF | J.P. Morgan | 12/16/2025 | 863484 | 67343233 | 5209052  |
| SOFR + 0.1500% | Total return of VanEck Gold Miners ETF | UBS Securities LLC | 12/17/2025 | 680645 | 53029186 | 4142333  |
| SOFR + 0.7300% | Total return of VanEck Gold Miners ETF | Citibank N.A. | 12/22/2025 | 909532 | 46092264 | (18409505)  |
|  |  |  |  |  | $207629082 | $(26724667) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

31<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Gold Miners Index Bull 2X Shares** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **INVESTMENT COMPANIES — 61.0%**<br>|  |
| 9126788 | VanEck Gold Miners ETF<sup>(a)(b)</sup> | $657676343  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $599,263,509)** | $657676343  |
|  | **SHORT TERM INVESTMENTS — 62.8%**<br>|  |
|  | **Money Market Funds — 62.8%**<br>|  |
| 492326067 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(c)(d)</sup> | $492326067  |
| 38404603 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(c)</sup> | 38404603  |
| 145839671 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(c)</sup> | 145839671  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $676,570,341)** | $676570341  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $1,275,833,850) — 123.8%<sup>(e)</sup>** | $1334246684  |
|  | Liabilities in Excess of Other Assets — (23.8)% | (256171112)  |
|  | **TOTAL NET ASSETS — 100.0%** | $1078075572 |

---

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 October 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 $624,980,330. 

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of VanEck Gold Miners ETF | SOFR + 0.9900% | BNP Paribas | 12/5/2025 | 2513488 | $104915025 | $72899130  |
|  Total return of VanEck Gold Miners ETF | SOFR + 0.8500% | Goldman Sachs | 12/10/2025 | 2633950 | 99853045 | 86280545  |
|  Total return of VanEck Gold Miners ETF | SOFR + 0.9500% | Bank of America Merrill Lynch | 12/11/2025 | 3302342 | 123673292 | 109271387  |
|  Total return of VanEck Gold Miners ETF | SOFR + 0.6700% | UBS Securities LLC | 12/17/2025 | 3760151 | 284718634 | (14996455)  |
|  Total return of VanEck Gold Miners ETF | SOFR + 0.9900% | Citibank N.A. | 12/22/2025 | 2953220 | 129058712 | 80005271  |
|  Total return of VanEck Gold Miners ETF | SOFR + 0.7400% | J.P. Morgan | 11/16/2026 | 5631450 | 436253991 | (31186154)  |
|  |  |  |  |  | $1178472699 | $302273724 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

32<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily GOOGL Bear 1X Shares** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 107.1%**<br>|  |
|  | **Money Market Funds — 107.1%**<br>|  |
| 8214338 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $8214338  |
| 4946500 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 4946500  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $13,160,838)<sup>(b)</sup>** | $13160838  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $13,160,838) — 107.1%** | $13160838  |
|  | Liabilities in Excess of Other Assets — (7.1)% | (874397)  |
|  | **TOTAL NET ASSETS — 100.0%** | $12286441 |

---

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 October 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 $4,946,500. 

**SHORT TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
| SOFR + (1.5000)% | Total return of common shares of Alphabet, Inc. | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 20868 | $5499879 | &nbsp;&nbsp; $(358760)  |
| SOFR + (2.0000)% | Total return of common shares of Alphabet, Inc. | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp; 22825 | 5860729 | &nbsp;&nbsp; (551568)  |
|  |  |  |  |  | $11360608 | &nbsp;&nbsp; $(910328) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

33<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily GOOGL Bull 2X Shares** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 7.7%**<br>|  |
|  | **Web Search Portals, Libraries, Archives, and Other Information Services — 7.7%**<br>|  |
| 200176 | Alphabet, Inc. | $56287490  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $51,971,178)** | $56287490  |
|  | **SHORT TERM INVESTMENTS — 95.1%**<br>|  |
| 227661688 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $227661688  |
| 170789699 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 170789699  |
| 60451912 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 60451912  |
| 231877079 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 231877079  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $690,780,378)** | $690780378  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $742,751,556) — 102.8%<sup>(b)</sup>** | $747067868  |
|  | Liabilities in Excess of Other Assets — (2.8)% | (20517942)  |
|  | **TOTAL NET ASSETS — 100.0%** | $726549926 |

---

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 October 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 $463,118,689. 

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>|
|  Total return of common shares of Alphabet, Inc. | SOFR + 1.7500% | Goldman Sachs | 12/10/2025 | 1673952 | $441226061 | $28899387  |
|  Total return of common shares of Alphabet, Inc. | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | 1667446 | 298197338 | 163599480  |
|  Total return of common shares of Alphabet, Inc. | SOFR + 3.2500% | Citibank N.A. | 12/22/2025 | 910275 | 158106866 | 90927167  |
|  Total return of common shares of Alphabet, Inc. | SOFR + 3.0000% | Barclays | 12/22/2025 | 715789 | 122105282 | 75330698  |
|  |  |  |  |  | $1019635547 | $358756732 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

34<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY JUNIOR GOLD MINERS INDEX BEAR 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 143.4%**<br>|  |
|  | **Money Market Funds — 143.4%**<br>|  |
| 55324483 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $55324483  |
| 14485347 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 14485347  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $69,809,830)<sup>(b)</sup>** | $69809830  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $69,809,830) — 143.4%** | $69809830  |
|  | Liabilities in Excess of Other Assets — (43.4)% | (21117756)  |
|  | **TOTAL NET ASSETS — 100.0%** | $48692074 |

---

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 October 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 $42,602,870. 

**SHORT TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
| SOFR + 0.3900% | Total return of VanEck Junior Gold Miners ETF | BNP Paribas | 12/5/2025 | 313844 | $21379489 | $(7623756)  |
| SOFR + 0.3000% | Total return of VanEck Junior Gold Miners ETF | J.P. Morgan | 12/16/2025 | 178037 | 10523969 | (5921378)  |
| SOFR + 0.1500% | Total return of VanEck Junior Gold Miners ETF | UBS Securities LLC | 12/17/2025 | 264958 | 14326831 | (10126594)  |
| SOFR + 0.6000% | Total return of VanEck Junior Gold Miners ETF | Citibank N.A. | 12/22/2025 | 282786 | 26310039 | (173673)  |
|  |  |  |  |  | $72540328 | $(23845401) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

35<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Junior Gold Miners Index Bull 2X Shares** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **INVESTMENT COMPANIES — 43.9%**<br>|  |
| 2231213 | VanEck Junior Gold Miners ETF<sup>(a)(b)</sup> | $208997721  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $198,858,429)** | $208997721  |
|  | **SHORT TERM INVESTMENTS — 73.5%**<br>|  |
|  | **Money Market Funds — 73.5%**<br>|  |
| 297121579 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(c)(d)</sup> | $297121579  |
| 53118075 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(c)</sup> | 53118075  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $350,239,654)** | $350239654  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $549,098,083) — 117.4%<sup>(e)</sup>** | $559237375  |
|  | Liabilities in Excess of Other Assets — (17.4)% | (82896327)  |
|  | **TOTAL NET ASSETS — 100.0%** | $476341048 |

---

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 October 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 $217,032,276. 

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of VanEck Junior Gold Miners ETF | SOFR + 0.7900% | BNP Paribas | 12/5/2025 | 1708918 | $104141577 | $53248171  |
|  Total return of VanEck Junior Gold Miners ETF | SOFR + 0.6300% | J.P. Morgan | 12/16/2025 | 2089530 | 97098496 | 96071169  |
|  Total return of VanEck Junior Gold Miners ETF | SOFR + 0.7600% | UBS Securities LLC | 12/17/2025 | 2563012 | 119089575 | 118306150  |
|  Total return of VanEck Junior Gold Miners ETF | SOFR + 0.8000% | Citibank N.A. | 12/22/2025 | 1577730 | 164653110 | (17142537)  |
|  |  |  |  |  | $484982758 | $250482953 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

36<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily LLY Bear 1X Shares** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 111.3%**<br>|  |
|  | **Money Market Funds — 111.3%**<br>|  |
| 2759642 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $2759642  |
| 988350 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 988350  |
| 300000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 300000  |
| 296968 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 296968  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $4,344,960)<sup>(b)</sup>** | $4344960  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $4,344,960) — 111.3%** | $4344960  |
|  | Liabilities in Excess of Other Assets — (11.3)% | (439297)  |
|  | **TOTAL NET ASSETS — 100.0%** | $3905663 |

---

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 October 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 $1,585,318. 

**SHORT TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| SOFR + 1.4000% | Total return of common shares of Eli Lilly & Co. | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp;&nbsp; 2519 | $1858930 | &nbsp;&nbsp;&nbsp; $(286228)  |
| SOFR + (1.5000)% | Total return of common shares of Eli Lilly & Co. | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 413 | 350398 | &nbsp;&nbsp;&nbsp; (2358)  |
| SOFR + (2.0000)% | Total return of common shares of Eli Lilly & Co. | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp;&nbsp; 361 | 309606 | &nbsp;&nbsp;&nbsp; 2335  |
| SOFR + 2.1500% | Total return of common shares of Eli Lilly & Co. | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 1230 | 912621 | &nbsp;&nbsp;&nbsp; (132666)  |
|  |  |  |  |  | $3431555 | &nbsp;&nbsp;&nbsp; $(418917) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

37<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily LLY Bull 2X Shares** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 17.6%**<br>|  |
|  | **Chemical Manufacturing — 17.6%**<br>|  |
| 3519 | Eli Lilly & Co. | $3036404  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $2,525,190)** | $3036404  |
|  | **SHORT TERM INVESTMENTS — 78.4%**<br>|  |
| 3163150 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $3163150  |
| 5395852 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 5395852  |
| 3820000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 3820000  |
| 1165057 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 1165057  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $13,544,059)** | $13544059  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $16,069,249) — 96.0%<sup>(b)</sup>** | $16580463  |
|  | Other Assets in Excess of Liabilities — 4.0% | 689488  |
|  | **TOTAL NET ASSETS — 100.0%** | $17269951 |

---

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 October 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 $10,380,908. 

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>|
|  Total return of common shares of Eli Lilly & Co. | SOFR + 2.6500% | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp; 16384 | $10613903 | $3382481  |
|  Total return of common shares of Eli Lilly & Co. | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 1717 | 1235370 | 209636  |
|  Total return of common shares of Eli Lilly & Co. | SOFR + 3.7500% | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp; 2856 | 2281856 | 138438  |
|  Total return of common shares of Eli Lilly & Co. | SOFR + 2.6500% | Barclays | 12/22/2025 | &nbsp;&nbsp; 15554 | 9869213 | 3421696  |
|  |  |  |  |  | $24000342 | $7152251 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

38<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily LMT Bear 1X ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 109.3%**<br>|  |
|  | **Money Market Funds — 109.3%**<br>|  |
| 1574546 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $1574546  |
| 271292 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 271292  |
| 530220 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 530220  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $2,376,058)<sup>(b)</sup>** | $2376058  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $2,376,058) — 109.3%** | $2376058  |
|  | Liabilities in Excess of Other Assets — (9.3)% | (202694)  |
|  | **TOTAL NET ASSETS — 100.0%** | $2173364 |

---

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 October 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 $801,512. 

**SHORT TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
| SOFR + 0.0000% | Total return of Lockheed Martin Corp. | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 1042 | $486939 | &nbsp;&nbsp; $(23990)  |
| SOFR + (2.0000)% | Total return of Lockheed Martin Corp. | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp;&nbsp; 1289 | 576286 | &nbsp;&nbsp; (58348)  |
| SOFR + 1.5000% | Total return of Lockheed Martin Corp. | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 755 | 328115 | &nbsp;&nbsp; (41175)  |
| SOFR + 0.0000% | Total return of Lockheed Martin Corp. | Goldman Sachs | 9/9/2026 | &nbsp;&nbsp;&nbsp; 1325 | 567549 | &nbsp;&nbsp; (82714)  |
|  |  |  |  |  | $1958889 | &nbsp;&nbsp; $(206227) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

39<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily LMT Bull 2X ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 0.0%(†)**<br>|  |
|  | **Web Search Portals, Libraries, Archives, and Other Information Services — 0.0%<sup>(†)</sup>**<br>|  |
| 1 | Lockheed Martin Corp.<sup>(a)</sup> | $492  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $428)** | $492  |
|  | **SHORT TERM INVESTMENTS — 82.7%**<br>|  |
| 525690 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(b)</sup> | $525690  |
| 1345215 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(b)</sup> | 1345215  |
| 1040623 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(b)</sup> | 1040623  |
| 1093853 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(b)</sup> | 1093853  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $4,005,381)** | $4005381  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $4,005,809) — 82.7%<sup>(c)</sup>** | $4005873  |
|  | Other Assets in Excess of Liabilities — 17.3% | 838354  |
|  | **TOTAL NET ASSETS — 100.0%** | $4844227 |

---

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

---

| | |
|:---|:---|
| <sup>(†)</sup><br>| Less than 0.005%.<br>|

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents annualized seven-day yield at October 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 $3,479,691. 

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of common shares of Lockheed Martin Corp. | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 4340 | $1993358 | &nbsp;&nbsp; $130469  |
|  Total return of common shares of Lockheed Martin Corp. | SOFR + 3.7500% | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp;&nbsp; 2818 | 1222230 | &nbsp;&nbsp; 149243  |
|  Total return of common shares of Lockheed Martin Corp. | SOFR + 3.0000% | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 6722 | 2936045 | &nbsp;&nbsp; 343038  |
|  Total return of common shares of Lockheed Martin Corp. | SOFR + 3.0000% | Goldman Sachs | 9/9/2026 | &nbsp;&nbsp;&nbsp; 5809 | 2495951 | &nbsp;&nbsp; 337207  |
|  |  |  |  |  | $8647584 | &nbsp;&nbsp; $959957 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

40<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Magnificent 7 Bear 1X Shares** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 112.1%**<br>|  |
|  | **Money Market Funds — 112.1%**<br>|  |
| 12224769 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $12224769  |
| 3200815 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 3200815  |
| 1919656 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 1919656  |
| 5 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 5  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $17,345,245)<sup>(b)</sup>** | $17345245  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $17,345,245) — 112.1%** | $17345245  |
|  | Liabilities in Excess of Other Assets — (12.1)% | (1871709)  |
|  | **TOTAL NET ASSETS — 100.0%** | $15473536 |

---

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 October 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 $5,120,476. 

**SHORT TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
| SOFR + 0.4500% | &nbsp;&nbsp;&nbsp; Total return of Indxx <br>Magnificent 7 Index | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp;&nbsp; 1239 | $11057763 | $(773976)  |
| SOFR + 0.6800% | &nbsp;&nbsp;&nbsp; Total return of Indxx <br>Magnificent 7 Index | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 374 | 2426186 | (1101260)  |
|  |  |  |  |  | $13483949 | $(1875236) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

41<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Magnificent 7 Bull 2X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 76.1%**<br>|  |
|  | **Computer and Electronic Product Manufacturing — 34.3%**<br>|  |
| 49085 | Alphabet, Inc. - Class A | $13802211  |
| 48405 | Apple, Inc. | 13087260  |
| 67509 | NVIDIA Corp. | 13669897  |
|  |  | 40559368 |
|  | **General Merchandise Retailers — 11.3%**<br>|  |
| 54454 | Amazon.com, Inc.<sup>(a)</sup> | 13298756  |
|  | **Professional, Scientific, and Technical Services — 8.9%**<br>|  |
| 16200 | Meta Platforms, Inc. - Class A | 10503270  |
|  | **Publishing Industries — 10.6%**<br>|  |
| 24095 | Microsoft Corp. | 12476632  |
|  | **Transportation Equipment Manufacturing — 11.0%**<br>|  |
| 28547 | Tesla, Inc.<sup>(a)</sup> | 13033418  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $70,046,291)** | $89871444  |
|  | **SHORT TERM INVESTMENTS — 23.7%**<br>|  |
|  | **Money Market Funds — 23.7%**<br>|  |
| 21920329 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(b)</sup> | $21920329  |
| 4420450 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(b)</sup> | 4420450  |
| 1726279 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(b)</sup> | 1726279  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $28,067,058)** | $28067058  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $98,113,349) — 99.8%<sup>(c)</sup>** | $117938502  |
|  | Other Assets in Excess of Liabilities — 0.2% | 285182  |
|  | **TOTAL NET ASSETS — 100.0%** | $118223684 |

---

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 October 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 $61,248,719. 

The accompanying notes are an integral part of these financial statements.

42<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of Indxx Magnificent 7 Index | SOFR + 0.7000% | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp;&nbsp; 4085 | $34042466 | $4781087  |
|  Total return of Indxx Magnificent 7 Index | SOFR + 0.7500% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 2523 | 20188245 | 3189050  |
|  Total return of Indxx Magnificent 7 Index | SOFR + 1.0000% | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 8675 | 70854227 | 11427240  |
|  |  |  |  |  | $125084938 | $19397377 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

43<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily META Bear 1X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 93.5%**<br>|  |
|  | **Money Market Funds — 93.5%**<br>|  |
| 4797557 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $4797557  |
| 669911 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 669911  |
| 200000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 200000  |
| 1922463 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 1922463  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $7,589,931)<sup>(b)</sup>** | $7589931  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $7,589,931) — 93.5%** | $7589931  |
|  | Other Assets in Excess of Liabilities — 6.5% | 527887  |
|  | **TOTAL NET ASSETS — 100.0%** | $8117818 |

---

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 October 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 $2,792,373.

**Short Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
| SOFR + 1.6500% | &nbsp;&nbsp;&nbsp; Total return of common shares of <br>Meta Platforms Corporation | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp;&nbsp; 2663 | $1917075 | &nbsp;&nbsp; $224160  |
| SOFR + (1.5000)% | &nbsp;&nbsp;&nbsp; Total return of common shares of <br>Meta Platforms Corporation | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 4072 | 3008621 | &nbsp;&nbsp; 377792  |
| SOFR + (2.0000)% | &nbsp;&nbsp;&nbsp; Total return of common shares of <br>Meta Platforms Corporation | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp;&nbsp; 4763 | 3311690 | &nbsp;&nbsp; 226840  |
| SOFR + 2.1500% | &nbsp;&nbsp;&nbsp; Total return of common shares of <br>Meta Platforms Corporation | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 1023 | 791229 | &nbsp;&nbsp; 140446  |
|  |  |  |  |  | $9028615 | &nbsp;&nbsp; $969238 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

44<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily META Bull 2X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 13.5%**<br>|  |
|  | **Professional, Scientific, and Technical Services — 13.5%**<br>|  |
| 151300 | Meta Platforms, Inc. | $98095355  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $102,942,240)** | $98095355  |
|  | **SHORT TERM INVESTMENTS — 87.4%**<br>|  |
| 138645174 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $138645174  |
| 194051353 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 194051353  |
| 101702449 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 101702449  |
| 202503543 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 202503543  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $636,902,519)** | $636902519  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $739,844,759) — 100.9%<sup>(b)</sup>** | $734997874  |
|  | Liabilities in Excess of Other Assets — (0.9)% | (6301112)  |
|  | **TOTAL NET ASSETS — 100.0%** | $728696762 |

---

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 October 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 $499,255,682.

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
|  Total return of common shares of Meta Platforms Corporation | SOFR + 3.7500% | BNP Paribas | 12/05/2025 | 102138 | $66426319 | $(247447)  |
|  Total return of common shares of Meta Platforms Corporation | SOFR + 2.9400% | Goldman Sachs | 12/10/2025 | 960222 | 650515130 | (30134644)  |
|  Total return of common shares of Meta Platforms Corporation | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | 1 | 667 | (1516629)  |
|  Total return of common shares of Meta Platforms Corporation | SOFR + 3.7500% | Citibank N.A. | 12/22/2025 | 263743 | 182580721 | (11806108)  |
|  Total return of common shares of Meta Platforms Corporation | SOFR + 2.9800% | Barclays | 12/22/2025 | 770785 | 514607379 | (16194807)  |
|  |  |  |  |  | $1414130216 | $(59899635) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

45<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily MSCI Brazil Bull 2X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **INVESTMENT COMPANIES — 49.2%**<br>|  |
| 1939301 | iShares MSCI Brazil Capped ETF<sup>(a)(b)</sup> | $60448012  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $54,745,059)** | $60448012  |
|  | **SHORT TERM INVESTMENTS — 77.0%**<br>|  |
|  | **Money Market Funds — 77.0%**<br>|  |
| 78657221 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(c)(d)</sup> | $78657221  |
| 15786418 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(c)</sup> | 15786418  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $94,443,639)** | $94443639  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $149,188,698) — 126.2%<sup>(e)</sup>** | $154891651  |
|  | Liabilities in Excess of Other Assets — (26.2)% | (32186365)  |
|  | **TOTAL NET ASSETS — 100.0%** | $122705286 |

---

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 October 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 $51,942,168. 

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of iShares MSCI Brazil Capped ETF | SOFR + 0.7000% | BNP Paribas | 12/5/2025 | 1025706 | $25880013 | $5675516  |
|  Total return of iShares MSCI Brazil Capped ETF | SOFR + 0.2700% | J.P. Morgan | 12/16/2025 | 2292094 | 54954657 | 16259532  |
|  Total return of iShares MSCI Brazil Capped ETF | SOFR + 0.7000% | UBS Securities LLC | 12/17/2025 | 1872765 | 46007247 | 11773500  |
|  Total return of iShares MSCI Brazil Capped ETF | SOFR + 0.7500% | Barclays | 12/22/2025 | 743097 | 20798420 | 2185946  |
|  |  |  |  |  | $147640337 | $35894494 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

46<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily MSCI India Bull 2X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **INVESTMENT COMPANIES — 45.4%**<br>|  |
| 581397 | iShares MSCI India ETF<sup>(a)</sup> | $31377997  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $30,045,998)** | $31377997  |
|  | **SHORT TERM INVESTMENTS — 57.5%**<br>|  |
|  | **Money Market Funds — 57.5%**<br>|  |
| 24381167 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(b)</sup> | $24381167  |
| 6278026 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(b)</sup> | 6278026  |
| 9060334 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(b)</sup> | 9060334  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $39,719,527)** | $39719527  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $69,765,525) — 102.9%<sup>(c)</sup>** | $71097524  |
|  | Liabilities in Excess of Other Assets — (2.9)% | (1981834)  |
|  | **TOTAL NET ASSETS — 100.0%** | $69115690 |

---

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 October 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 $21,002,802. 

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination**<br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of iShares MSCI India ETF | SOFR + 0.6500% | Bank of America Merrill Lynch | 12/11/2025 | 397802 | $19763565 | &nbsp;&nbsp; $1121705  |
|  Total return of iShares MSCI India ETF | SOFR + 0.6900% | UBS Securities LLC | 12/17/2025 | 648213 | 34473917 | &nbsp;&nbsp; (627212)  |
|  Total return of iShares MSCI India ETF | SOFR + 0.9500% | Citibank N.A. | 12/22/2025 | 387050 | 20680450 | &nbsp;&nbsp; (681434)  |
|  Total return of iShares MSCI India ETF | SOFR + 0.8000% | Barclays | 12/22/2025 | 546654 | 28958374 | &nbsp;&nbsp; (606033)  |
|  |  |  |  |  | $103876306 | &nbsp;&nbsp; $(792974) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

47<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily MSFT Bear 1X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT TERM INVESTMENTS — 99.2%**<br>|  |
|  | **Money Market Funds — 99.2%**<br>|  |
| 5645456 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $5645456  |
| 550007 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 550007  |
| 2652372 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 2652372  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $8,847,835)<sup>(b)</sup>** | $8847835  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $8,847,835) — 99.2%** | $8847835  |
|  | Other Assets in Excess of Liabilities — 0.8% | 72234  |
|  | **TOTAL NET ASSETS — 100.0%** | $8920069 |

---

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 October 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 $3,202,379.

**Short Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| SOFR + 1.0300% | Total return of common shares of Microsoft Corp. | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp; 3451 | $1790254 | &nbsp;&nbsp;&nbsp; $6920  |
| SOFR + (1.5000)% | Total return of common shares of Microsoft Corp. | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 3715 | 1877758 | &nbsp;&nbsp;&nbsp; (36670)  |
| SOFR + (2.0000)% | Total return of common shares of Microsoft Corp. | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp; 10061 | 5367543 | &nbsp;&nbsp;&nbsp; 180885  |
|  |  |  |  |  | $9035555 | &nbsp;&nbsp;&nbsp; $151135 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

48<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily MSFT Bull 2X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 11.4%**<br>|  |
|  | **Publishing Industries — 11.4%**<br>|  |
| 57938 | Microsoft Corp. | $30000876  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $28,541,402)** | $30000876  |
|  | **SHORT TERM INVESTMENTS — 79.4%**<br>|  |
| 71012608 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $71012608  |
| 40261814 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 40261814  |
| 20220000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 20220000  |
| 78019145 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 78019145  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $209,513,567)** | $209513567  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $238,054,969) — 90.8%<sup>(</sup><sup>b</sup><sup>)</sup>** | $239514443  |
|  | Other Assets in Excess of Liabilities — 9.2% | 24398775  |
|  | **TOTAL NET ASSETS — 100.0%** | $263913218 |

---

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 October 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 $138,500,959. 

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of common shares of Microsoft Corp. | SOFR + 1.7400% | Goldman Sachs | 12/10/2025 | 362540 | $190668022 | &nbsp;&nbsp; $(3548310)  |
|  Total return of common shares of Microsoft Corp. | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | 348444 | 176599010 | &nbsp;&nbsp; 1483204  |
|  Total return of common shares of Microsoft Corp. | SOFR + 3.2500% | Citibank N.A. | 12/22/2025 | 122257 | 62102882 | &nbsp;&nbsp; 55796  |
|  Total return of common shares of Microsoft Corp. | SOFR + 3.0000% | Barclays | 12/22/2025 | 128210 | 55803403 | &nbsp;&nbsp; 7364588  |
|  |  |  |  |  | $485173317 | &nbsp;&nbsp; $5355278 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

49<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily MU Bear 1X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 109.5%**<br>|  |
|  | **Money Market Funds — 109.5%**<br>|  |
| 20386835 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $20386835  |
| 3160694 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 3160694  |
| 5570000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 5570000  |
| 3987201 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 3987201  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $33,104,730)<sup>(b)</sup>** | $33104730  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $33,104,730) — 109.5%** | $33104730  |
|  | Liabilities in Excess of Other Assets — (9.5)% | (2882523)  |
|  | **TOTAL NET ASSETS — 100.0%** | $30222207 |

---

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 October 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 $13,237,896.

**Short Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
| SOFR + 1.9000% | Total return of common shares of Micron Technology, Inc. | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp; 29285 | $6044107 | $(498940)  |
| SOFR + 0.4500% | Total return of common shares of Micron Technology, Inc. | Nomura | 12/10/2025 | &nbsp;&nbsp; 3585 | 405964 | (390988)  |
| SOFR + (1.5000)% | Total return of common shares of Micron Technology, Inc. | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 5097 | 654850 | (482447)  |
| SOFR + (2.0000)% | Total return of common shares of Micron Technology, Inc. | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp; 37639 | 8352347 | (68231)  |
| SOFR + 2.1500% | Total return of common shares of Micron Technology, Inc. | Barclays | 12/22/2025 | &nbsp;&nbsp; 59452 | 11789928 | (1482063)  |
|  |  |  |  |  | $27247196 | $(2922669) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

50<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily MU Bull 2X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 20.9%**<br>|  |
|  | **Computer and Electronic Product Manufacturing — 20.9%**<br>|  |
| 250630 | Micron Technology, Inc. | $56083475  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $44,528,435)** | $56083475  |
|  | **SHORT TERM INVESTMENTS — 78.2%**<br>|  |
| 76368182 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $76368182  |
| 20607984 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 20607984  |
| 52840000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 52840000  |
| 59975818 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 59975818  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $209,791,984)** | $209791984  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $254,320,419) — 99.1%<sup>(b)</sup>** | $265875459  |
|  | Other Assets in Excess of Liabilities — 0.9% | 2425156  |
|  | **TOTAL NET ASSETS — 100.0%** | $268300615 |

---

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 October 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 $171,454,984.

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of common shares of Micron Technology, Inc. | SOFR + 3.7500% | BNP Paribas | 12/05/2025 | 227755 | $36947818 | $13721124  |
|  Total return of common shares of Micron Technology, Inc. | SOFR + 3.6900% | Goldman Sachs | 12/10/2025 | 227309 | 31378010 | 19142576  |
|  Total return of common shares of Micron Technology, Inc. | SOFR + 3.0000% | Nomura | 12/10/2025 | 137980 | 15378451 | 15082109  |
|  Total return of common shares of Micron Technology, Inc. | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | 145658 | 16932613 | 15424125  |
|  Total return of common shares of Micron Technology, Inc. | SOFR + 3.7500% | Citibank N.A. | 12/22/2025 | 622375 | 137283639 | 1860919  |
|  Total return of common shares of Micron Technology, Inc. | SOFR + 2.9900% | Barclays | 12/22/2025 | 786254 | 153458762 | 21948307  |
|  |  |  |  |  | $391379293 | $87179160 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

51<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily NFLX Bear 1X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 95.5%**<br>|  |
|  | **Money Market Funds — 95.5%**<br>|  |
| 3743146 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $3743146  |
| 1176207 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 1176207  |
| 250000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 250000  |
| 1147846 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 1147846  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $6,317,199)<sup>(b)</sup>** | $6317199  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $6,317,199) — 95.5%** | $6317199  |
|  | Other Assets in Excess of Liabilities — 4.5% | 295306  |
|  | **TOTAL NET ASSETS — 100.0%** | $6612505 |

---

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 October 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 $2,574,053.

**Short Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
| SOFR + 1.6500% | Total return of common shares of Netflix, Inc. | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp;&nbsp; 2617 | $3102569 | &nbsp;&nbsp; $206354  |
| SOFR + (1.5000)% | Total return of common shares of Netflix, Inc. | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 976 | 1299875 | &nbsp;&nbsp; 228708  |
| SOFR + (2.0000)% | Total return of common shares of Netflix, Inc. | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp;&nbsp; 1565 | 1783502 | &nbsp;&nbsp; 42146  |
| SOFR + 2.1500% | Total return of common shares of Netflix, Inc. | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 752 | 880674 | &nbsp;&nbsp; 45415  |
|  |  |  |  |  | $7066620 | &nbsp;&nbsp; $522623 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

52<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily NFLX Bull 2X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 13.0%**<br>|  |
|  | **Motion Picture and Sound Recording Industries — 13.0%**<br>|  |
| 14465 | Netflix, Inc.<sup>(a)</sup> | $16184310  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $17,575,755)** | $16184310  |
|  | **SHORT TERM INVESTMENTS — 96.4%**<br>|  |
| 25472404 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(b)</sup> | $25472404  |
| 38549480 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(b)</sup> | 38549480  |
| 31189703 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(b)</sup> | 31189703  |
| 24918487 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(b)</sup> | 24918487  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $120,130,074)** | $120130074  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $137,705,829) — 109.4%<sup>(c)</sup>** | $136314384  |
|  | Liabilities in Excess of Other Assets — (9.4)% | (11704078)  |
|  | **TOTAL NET ASSETS — 100.0%** | $124610306 |

---

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 October 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 $95,855,190.

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
|  Total return of common shares of Netflix, Inc. | SOFR + 2.4200% | Goldman Sachs | 12/10/2025 | 77906 | $87377936 | $(1168620)  |
|  Total return of common shares of Netflix, Inc. | SOFR + 3.7500% | Nomura | 12/10/2025 | 1781 | 2354636 | (425431)  |
|  Total return of common shares of Netflix, Inc. | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | 112658 | 127500233 | (2283064)  |
|  Total return of common shares of Netflix, Inc. | SOFR + 3.7500% | Citibank N.A. | 12/22/2025 | 15981 | 18086017 | (950082)  |
|  Total return of common shares of Netflix, Inc. | SOFR + 2.9200% | Barclays | 12/22/2025 | 1 | 1095 | (726132)  |
|  |  |  |  |  | $235319917 | $(5553329) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

53<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily NVDA Bear 1X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT TERM INVESTMENTS — 76.9%**<br>|  |
|  | **Money Market Funds — 76.9%**<br>|  |
| 19216855 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $19216855  |
| 4070281 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 4070281  |
| 2832745 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 2832745  |
| 4203000 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 4203000  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $30,322,881)<sup>(b)</sup>** | $30322881  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $30,322,881) — 76.9%** | $30322881  |
|  | Other Assets in Excess of Liabilities — 23.1% | 9093707  |
|  | **TOTAL NET ASSETS — 100.0%** | $39416588 |

---

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 October 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 $12,253,937.

**Short Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
| SOFR + (0.7500)% | Total return of common shares of NVIDIA Corp. | BNP Paribas | 12/5/2025 | &nbsp;&nbsp; 7405 | $1090845 | $(375998)  |
| SOFR + 1.6500% | Total return of common shares of NVIDIA Corp. | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp; 96660 | 18832141 | (709080)  |
| SOFR + 1.0000% | Total return of common shares of NVIDIA Corp. | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 46984 | 8750273 | (723879)  |
| SOFR + (2.0000)% | Total return of common shares of NVIDIA Corp. | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp; 5892 | 1047800 | (139200)  |
| SOFR + 2.1500% | Total return of common shares of NVIDIA Corp. | Barclays | 12/22/2025 | &nbsp;&nbsp; 37730 | 6854474 | (722246)  |
|  |  |  |  |  | $36575533 | $(2670403) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

54<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily NVDA Bull 2X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 13.3%**<br>|  |
|  | **Computer and Electronic Product Manufacturing — 13.3%**<br>|  |
| 468890 | NVIDIA Corp. | $94945536  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $59,944,062)** | $94945536  |
|  | **SHORT TERM INVESTMENTS — 88.0%**<br>|  |
| 317368138 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $317368138  |
| 104246487 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 104246487  |
| 162191564 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 162191564  |
| 45203443 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 45203443  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $629,009,632)** | $629009632  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $688,953,694) — 101.3%<sup>(c)</sup>** | $723955168  |
|  | Liabilities in Excess of Other Assets — (1.3)% | (9451368)  |
|  | **TOTAL NET ASSETS — 100.0%** | $714503800 |

---

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 October 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 $488,119,913. 

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of common shares of NVIDIA Corp. | SOFR + 3.7500% | BNP Paribas | 12/05/2025 | 499569 | $81928080 | $16491698  |
|  Total return of common shares of NVIDIA Corp. | SOFR + 2.9600% | Goldman Sachs | 12/10/2025 | 1193772 | 211798000 | 26474505  |
|  Total return of common shares of NVIDIA Corp. | SOFR + 3.7500% | Nomura | 12/10/2025 | 1550000 | 272040500 | 36123664  |
|  Total return of common shares of NVIDIA Corp. | SOFR + 3.5000% | Bank of America Merrill Lynch | 12/11/2025 | 329981 | 39906568 | 25821148  |
|  Total return of common shares of NVIDIA Corp. | SOFR + 3.7500% | Citibank N.A. | 12/22/2025 | 350845 | 63868602 | 6223414  |
|  Total return of common shares of NVIDIA Corp. | SOFR + 2.9300% | Barclays | 12/22/2025 | 2664707 | 470585673 | 61894609  |
|  |  |  |  |  | $1140127423 | $173029038 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

55<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily NYSE FANG+ Bull 2X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 43.0%**<br>|  |
|  | **Computer and Electronic Product Manufacturing — 18.5%**<br>|  |
| 22895 | Alphabet, Inc. | $6437845  |
| 23905 | Apple, Inc. | 6463195  |
| 16503 | Broadcom, Inc. | 6100004  |
| 33549 | NVIDIA Corp. | 6793337  |
|  |  | 25794381  |
|  | **General Merchandise Retailers — 4.3%**<br>|  |
| 24665 | Amazon.com, Inc.<sup>(a)</sup> | 6023686  |
|  | **Motion Picture and Sound Recording Industries — 3.7%**<br>|  |
| 4650 | Netflix, Inc.<sup>(a)</sup> | 5202699  |
|  | **Professional, Scientific, and Technical Services — 7.4%**<br>|  |
| 7365 | Meta Platforms, Inc. | 4775098  |
| 6011 | ServiceNow, Inc.<sup>(a)</sup> | 5525791  |
|  |  | 10300889 |
|  | **Publishing Industries — 9.1%**<br>|  |
| 12824 | CrowdStrike Holdings, Inc.<sup>(a)</sup> | 6963560  |
| 11201 | Microsoft Corp. | 5799990  |
|  |  | 12763550  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $46,505,891)** | $60085205  |
|  | **SHORT TERM INVESTMENTS — 54.0%**<br>|  |
|  | **Money Market Funds — 54.0%**<br>|  |
| 51946473 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(b)</sup> | $51946473  |
| 2400004 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(b)</sup> | 2400004  |
| 21032343 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(b)</sup> | 21032343  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $75,378,820)** | $75378820  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $121,884,711) — 97.0%<sup>(c)</sup>** | $135464025  |
|  | Other Assets in Excess of Liabilities — 3.0% | 4206790  |
|  | **TOTAL NET ASSETS — 100.0%** | $139670815 |

---

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 October 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 $53,403,309.

The accompanying notes are an integral part of these financial statements.

56<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of NYSE FANG+ Index | SOFR + 0.9000% | BNP Paribas | 12/5/2025 | &nbsp;&nbsp;&nbsp; 369 | $5965563 | $239270  |
|  Total return of NYSE FANG+ Index | SOFR + 0.9500% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 4563 | 64807348 | 10731755  |
|  Total return of NYSE FANG+ Index | SOFR + 0.7500% | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp;&nbsp; 4001 | 48569120 | 17909425  |
|  Total return of NYSE FANG+ Index | SOFR + 0.6500% | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp;&nbsp; 2127 | 24684060 | 10638361  |
|  Total return of NYSE FANG+ Index | SOFR + 0.8300% | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 1898 | 27501287 | 4291528  |
|  |  |  |  |  | $171527378 | $43810339 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

57<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily PANW Bear 1X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT TERM INVESTMENTS — 113.0%**<br>|  |
|  | **Money Market Funds — 113.0%**<br>|  |
| 1723032 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $1723032  |
| 355804 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 355804  |
| 240000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 240000  |
| 1130864 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 1130864  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $3,449,700)<sup>(b)</sup>** | $3449700  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $3,449,700) — 113.0%** | $3449700  |
|  | Liabilities in Excess of Other Assets — (13.0)% | (397915)  |
|  | **TOTAL NET ASSETS — 100.0%** | $3051785 |

---

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 October 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 $1,726,668.

**Short Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
| SOFR + 1.4000% | Total return of common shares of Palo Alto Networks, Inc. | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp;&nbsp; 2120 | $450567 | &nbsp;&nbsp; $(15211)  |
| SOFR + (1.5000)% | Total return of common shares of Palo Alto Networks, Inc. | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 7808 | 1397662 | &nbsp;&nbsp; (308020)  |
| SOFR + (2.0000)% | Total return of common shares of Palo Alto Networks, Inc. | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp;&nbsp; 2489 | 500862 | &nbsp;&nbsp; (44082)  |
| SOFR + 1.8600% | Total return of common shares of Palo Alto Networks, Inc. | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 1430 | 271628 | &nbsp;&nbsp; (33227)  |
|  |  |  |  |  | $2620719 | &nbsp;&nbsp; $(400540) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

58<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily PANW Bull 2X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 8.0%**<br>|  |
|  | **Computer and Electronic Product Manufacturing — 8.0%**<br>|  |
| 4399 | Palo Alto Networks, Inc.<sup>(a)</sup> | $968836  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $818,808)** | $968836  |
|  | **SHORT TERM INVESTMENTS — 89.4%**<br>|  |
| 2753459 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(b)</sup> | $2753459  |
| 1025910 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(b)</sup> | 1025910  |
| 3120000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(b)</sup> | 3120000  |
| 3978083 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(b)</sup> | 3978083  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $10,877,452)** | $10877452  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $11,696,260) — 97.4%<sup>(c)</sup>** | $11846288  |
|  | Other Assets in Excess of Liabilities — 2.6% | 325836  |
|  | **TOTAL NET ASSETS — 100.0%** | $12172124 |

---

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 October 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 $8,123,992.

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of common shares of Palo Alto Networks, Inc. | SOFR + 2.8700% | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp; 11498 | $2326858 | $188444  |
|  Total return of common shares of Palo Alto Networks, Inc. | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 33391 | 5717502 | 1534317  |
|  Total return of common shares of Palo Alto Networks, Inc. | SOFR + 3.7500% | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp; 13611 | 2431725 | 495788  |
|  Total return of common shares of Palo Alto Networks, Inc. | SOFR + 2.3500% | Barclays | 12/22/2025 | &nbsp;&nbsp; 47637 | 8575806 | 1760869  |
|  |  |  |  |  | $19051891 | $3979418 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

59<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily PLTR Bear 1X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT TERM INVESTMENTS — 108.0%**<br>|  |
|  | **Money Market Funds — 108.0%**<br>|  |
| 24286982 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $24286982  |
| 390307 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 390307  |
| 9130000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 9130000  |
| 7577577 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 7577577  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $41,384,866)<sup>(b)</sup>** | $41384866  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $41,384,866) — 108.0%** | $41384866  |
|  | Liabilities in Excess of Other Assets — (8.0)% | (3061635)  |
|  | **TOTAL NET ASSETS — 100.0%** | $38323231 |

---

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 October 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 $17,097,884.

**Short Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
| SOFR + 1.6500% | Total return of common shares of Palantir Technologies, Inc. | Goldman Sachs | 12/10/2025 | 6529 | $1217418 | $(50411)  |
| SOFR + (1.5000)% | Total return of common shares of Palantir Technologies, Inc. | Bank of America Merrill Lynch | 12/11/2025 | 56415 | 9815060 | (1464006)  |
| SOFR + (2.0000)% | Total return of common shares of Palantir Technologies, Inc. | Citibank N.A. | 12/22/2025 | 22829 | 3483623 | (1071152)  |
| SOFR + 2.1500% | Total return of common shares of Palantir Technologies, Inc. | Barclays | 12/22/2025 | 105405 | 17462673 | (3454836)  |
|  |  |  |  |  | $31978774 | $(6040405) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

60<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily PLTR Bull 2X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 12.6%**<br>|  |
|  | **Professional, Scientific, and Technical Services — 12.6%**<br>|  |
| 364137 | Palantir Technologies, Inc.<sup>(a)</sup> | $72998545  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $55,412,068)** | $72998545  |
|  | **SHORT TERM INVESTMENTS — 85.1%**<br>|  |
| 185294268 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(b)</sup> | $185294268  |
| 80770214 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(b)</sup> | 80770214  |
| 141490000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(b)</sup> | 141490000  |
| 84022683 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(b)</sup> | 84022683  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $491,577,165)** | $491577165  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $546,989,233) — 97.7%<sup>(c)</sup>** | $564575710  |
|  | Other Assets in Excess of Liabilities — 2.3% | 13351114  |
|  | **TOTAL NET ASSETS — 100.0%** | $577926824 |

---

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 October 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 $355,205,877. 

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of common shares of Palantir Technologies, Inc. | SOFR + 3.2900% | Goldman Sachs | 12/10/2025 | 976827 | $171539967 | $23020750  |
|  Total return of common shares of Palantir Technologies, Inc. | SOFR + 3.7500% | Nomura | 12/10/2025 | 628619 | 85706196 | 37955145  |
|  Total return of common shares of Palantir Technologies, Inc. | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | 1103516 | 172413340 | 45527415  |
|  Total return of common shares of Palantir Technologies, Inc. | SOFR + 3.7500% | Citibank N.A. | 12/22/2025 | 268469 | 49765078 | 3922815  |
|  Total return of common shares of Palantir Technologies, Inc. | SOFR + 2.8900% | Barclays | 12/22/2025 | 2424252 | 378257982 | 101290857  |
|  |  |  |  |  | $857682563 | $211716982 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

61<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily QCOM Bear 1X ETF** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 111.8%**<br>|  |
|  | **Money Market Funds — 111.8%**<br>|  |
| 1880256 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $1880256  |
| 321968 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 321968  |
| 260000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 260000  |
| 456889 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 456889  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $2,919,113)<sup>(b)</sup>** | $2919113  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $2,919,113) — 111.8%** | $2919113  |
|  | Liabilities in Excess of Other Assets — (11.8)% | (308942)  |
|  | **TOTAL NET ASSETS — 100.0%** | $2610171 |

---

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 October 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 $1,038,857.

**Short Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
| SOFR + 0.0000% | Total return of common shares of Qualcomm Inc. | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp;&nbsp; 6463 | $997717 | &nbsp;&nbsp; $(165923)  |
| SOFR + 0.1000% | Total return of common shares of Qualcomm Inc. | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 4000 | 622840 | &nbsp;&nbsp; (94491)  |
| SOFR + (2.0000)% | Total return of common shares of Qualcomm Inc. | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp;&nbsp; 1519 | 238831 | &nbsp;&nbsp; (35442)  |
| SOFR + 1.5000% | Total return of common shares of Qualcomm Inc. | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 2447 | 431567 | &nbsp;&nbsp; (9737)  |
|  |  |  |  |  | $2290955 | &nbsp;&nbsp; $(305593) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

62<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily QCOM Bull 2X ETF** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 20.6%**<br>|  |
|  | **Computer and Electronic Product Manufacturing — 20.6%**<br>|  |
| 7991 | Qualcomm Inc. | $1445572  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $1,354,966)** | $1445572  |
|  | **SHORT TERM INVESTMENTS — 70.1%**<br>|  |
| 962947 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $962947  |
| 1050320 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 1050320  |
| 1670000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 1670000  |
| 1238220 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 1238220  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $4,921,487)** | $4921487  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $6,276,453) — 90.7%<sup>(b)</sup>** | $6367059  |
|  | Other Assets in Excess of Liabilities — 9.3% | 658615  |
|  | **TOTAL NET ASSETS — 100.0%** | $7025674 |

---

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 October 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 $3,958,540. 

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of common shares of Qualcomm Inc. | SOFR + 3.0000% | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp; 15166 | $2370271 | &nbsp;&nbsp; $334609  |
|  Total return of common shares of Qualcomm Inc. | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 7500 | 1167907 | &nbsp;&nbsp; 164951  |
|  Total return of common shares of Qualcomm Inc. | SOFR + 3.7500% | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp; 14112 | 2292055 | &nbsp;&nbsp; 229472  |
|  Total return of common shares of Qualcomm Inc. | SOFR + 3.0000% | Barclays | 12/22/2025 | &nbsp;&nbsp; 32904 | 5704100 | &nbsp;&nbsp; 232200  |
|  |  |  |  |  | $11534333 | &nbsp;&nbsp; $961232 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

63<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **INVESTMENT COMPANIES — 45.6%**<br>|  |
| 432764 | Global X Robotics & Artificial Intelligence ETF<sup>(a)(b)</sup> | $16371462  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES**<br>**(Cost $12,963,752)** | $16371462  |
|  | **SHORT TERM INVESTMENTS — 52.2%**<br>|  |
|  | **Money Market Funds — 52.2%**<br>|  |
| 9904300 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(c)(d)</sup> | $9904300  |
| 4059299 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(c)</sup> | 4059299  |
| 4807750 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(c)</sup> | 4807750  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $18,771,349)** | $18771349  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $31,735,101) — 97.8%<sup>(e)</sup>** | $35142811  |
|  | Other Assets in Excess of Liabilities — 2.2% | 783291  |
|  | **TOTAL NET ASSETS — 100.0%** | $35926102 |

---

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 October 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 $15,064,372. 

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of Indxx Global Robotics and Artificial Intelligence Thematic Index | SOFR + 0.6500% | J.P. Morgan | 12/16/2025 | 556395 | $15185142 | $5479502  |
|  Total return of Indxx Global Robotics and Artificial Intelligence Thematic Index | SOFR + 0.7900% | UBS Securities LLC | 12/17/2025 | 237762 | 8042528 | 873519  |
|  Total return of Indxx Global Robotics and Artificial Intelligence Thematic Index | SOFR + 0.8500% | Citibank N.A. | 12/22/2025 | 120315 | 4060256 | 433051  |
|  Total return of Indxx Global Robotics and Artificial Intelligence Thematic Index | SOFR + 0.7500% | Barclays | 12/22/2025 | 552126 | 17410258 | 3135616  |
|  |  |  |  |  | $44698184 | $9921688 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

64<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY S&P 500<sup>®</sup> BEAR 1X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 92.9%**<br>|  |
|  | **Money Market Funds — 92.9%**<br>|  |
| 97945332 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $97945332  |
| 26639329 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 26639329  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $124,584,661)<sup>(b)</sup>** | $124584661  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $124,584,661) — 92.9%** | $124584661  |
|  | Other Assets in Excess of Liabilities — 7.1% | 9494421  |
|  | **TOTAL NET ASSETS — 100.0%** | $134079082 |

---

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 October 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 $27,811,608. 

**Short Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
| SOFR + 0.2500%<br> Total return of S&P 500<sup>®</sup> Index | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp; 733 | $4435097 | $(445097)  |
| SOFR + 0.4800%<br> Total return of S&P 500<sup>®</sup> Index | Barclays | 12/22/2025 | &nbsp;&nbsp; 18869 | 125085386 | (3695131)  |
|  |  |  |  | $129520483 | $(4140228) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

65<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
| **COMMON STOCKS — 94.3%** | **COMMON STOCKS — 94.3%** | **COMMON STOCKS — 94.3%** |
| **Accommodation — 0.4%** | **Accommodation — 0.4%** | **Accommodation — 0.4%** |
| 1406 | Airbnb, Inc. Class A<sup>(a)</sup> | $177916  |
| 771 | Hilton Worldwide Holdings, Inc. | 198116  |
| 2097 | Host Hotels & Resorts, Inc. | 33594  |
| 1012 | Las Vegas Sands Corp. | 60062  |
| 739 | Marriott International, Inc. Class C | 192569  |
| 669 | MGM Resorts International<sup>(a)</sup> | 21428  |
| 277 | Wynn Resorts Ltd. | 32960  |
|  |  | 716645  |
|  | **Administrative and Support Services — 2.5%**<br>|  |
| 281 | Allegion PLC ADR (Ireland) | 46581  |
| 7557 | Amcor PLC ADR (United Kingdom) | 59700  |
| 309 | Ameriprise Financial, Inc. | 139906  |
| 1327 | Automatic Data Processing, Inc. | 345418  |
| 106 | Booking Holdings, Inc. | 538241  |
| 383 | Broadridge Financial Solutions, Inc. | 84413  |
| 232 | Corpay, Inc.<sup>(a)</sup> | 60401  |
| 406 | Equifax, Inc. | 85707  |
| 124 | FactSet Research System, Inc. | 33083  |
| 249 | Gartner, Inc.<sup>(a)</sup> | 61837  |
| 968 | Iron Mountain, Inc. | 99656  |
| 517 | Live Nation Entertainment, Inc.<sup>(a)</sup> | 77307  |
| 789 | Match Group, Inc. | 25516  |
| 506 | Moody's Corp. | 243032  |
| 1012 | Paramount Skydance Corp.<sup>(b)</sup> | 15575  |
| 922 | Rollins, Inc. | 53116  |
| 828 | Royal Caribbean Cruises Ltd. ADR (Liberia) | 237495  |
| 6836 | Uber Technologies, Inc.<sup>(a)</sup> | 659674  |
| 5569 | Visa, Inc. Class A | 1897581  |
| 1215 | Waste Management, Inc. | 242721  |
|  |  | 5006960  |
|  | **Air Transportation — 0.1%**<br>|  |
| 2126 | Delta Air Lines, Inc. | 121990  |
| 1721 | Southwest Airlines Co. | 52146  |
| 1061 | United Continental Holdings, Inc.<sup>(a)</sup> | 99777  |
|  |  | 273913  |
|  | **Ambulatory Health Care Services — 0.1%**<br>|  |
| 117 | DaVita, Inc.<sup>(a)</sup> | 13925  |
| 273 | Labcorp Holdings, Inc. | 69331  |
| 178 | Molina Healthcare, Inc.<sup>(a)</sup> | 27245  |
| 367 | Quest Diagnostics, Inc. | 64574  |
| 3822 | Viatris, Inc. | 39596  |
|  |  | 214671  |
|  | **Amusement, Gambling, and Recreation Industries — 0.3%**<br>|  |
| 5895 | The Walt Disney Co. | 663895  |

---

The accompanying notes are an integral part of these financial statements.

66<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Apparel Manufacturing — 0.1%** | **Apparel Manufacturing — 0.1%** | **Apparel Manufacturing — 0.1%** |
| 1123 | Cintas Corp. | $205812  |
| 487 | Deckers Outdoor Corp.<sup>(a)</sup> | 39691  |
| 126 | Ralph Lauren Corp. | 40277  |
|  |  | 285780  |
|  | **Beverage and Tobacco Product Manufacturing — 1.0%**<br>|  |
| 5507 | Altria Group, Inc. | 310485  |
| 468 | Constellation Brands, Inc. Class A<sup>(b)</sup> | 61486  |
| 4453 | Keurig Dr Pepper, Inc. | 120943  |
| 555 | Molson Coors Brewing Co. Class B | 24264  |
| 2337 | Monster Beverage Corp.<sup>(a)</sup> | 156182  |
| 4488 | PepsiCo, Inc. | 655652  |
| 5103 | Philip Morris International, Inc. | 736516  |
|  |  | 2065528  |
|  | **Broadcasting and Content Providers — 0.3%**<br>|  |
| 304 | Charter Communications, Inc.<sup>(a)(b)</sup> | 71087  |
| 12073 | Comcast Corp. Class A | 336052  |
| 688 | FOX Corp. Class A | 44479  |
| 433 | FOX Corp. Class B | 25292  |
| 227 | TKO Group Holdings, Inc. | 42767  |
| 8116 | Warner Bros Discovery, Inc.<sup>(a)</sup> | 182204  |
|  |  | 701881  |
|  | **Building Material and Garden Equipment and Supplies Dealers — 0.9%**<br>|  |
| 1837 | Lowe's Companies, Inc. | 437445  |
| 171 | Snap-on, Inc. | 57379  |
| 3262 | The Home Depot, Inc. | 1238223  |
| 1737 | Tractor Supply Co. | 93989  |
|  |  | 1827036  |
| **Chemical Manufacturing — 5.1%** | **Chemical Manufacturing — 5.1%** | **Chemical Manufacturing — 5.1%** |
| 5791 | AbbVie, Inc. | 1262670  |
| 730 | Air Products & Chemicals, Inc. | 177091  |
| 386 | Albemarle Corp. | 37917  |
| 1765 | Amgen, Inc. | 526729  |
| 480 | Biogen, Inc.<sup>(a)</sup> | 74050  |
| 514 | Bio-Techne Corp.<sup>(b)</sup> | 32161  |
| 6673 | Bristol-Myers Squibb Co. | 307425  |
| 531 | CF Industries Holdings, Inc. | 44227  |
| 799 | Church & Dwight Co., Inc. | 70064  |
| 401 | Clorox Co. | 45096  |
| 2650 | Colgate-Palmolive Co. | 204182  |
| 1373 | DuPont de Nemours, Inc. | 112105  |
| 376 | Eastman Chemical Co. | 22380  |
| 837 | Ecolab, Inc. | 214607  |
| 2606 | Eli Lilly & Co. | 2248613  |
| 4068 | Gilead Sciences, Inc. | 487306  |

---

The accompanying notes are an integral part of these financial statements.

67<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Chemical Manufacturing — (Continued)** | **Chemical Manufacturing — (Continued)** | **Chemical Manufacturing — (Continued)** |
| 537 | Incyte Corp.<sup>(a)</sup> | $50199  |
| 1876 | IntercontinentalExchange, Inc. | 274440  |
| 840 | International Flavors & Fragrances, Inc. | 52895  |
| 6291 | Kenvue, Inc. | 90402  |
| 1087 | Kimberly-Clark Corp. | 130125  |
| 1537 | Linde PLC ADR (Ireland) | 642927  |
| 844 | LyondellBasell Industries N.V. Class A ADR (Netherlands) | 39178  |
| 8188 | Merck & Co., Inc. | 704004  |
| 1041 | Mosaic Co. | 28575  |
| 18638 | Pfizer, Inc. | 459427  |
| 740 | PPG Industries, Inc. | 72335  |
| 7679 | Procter & Gamble Co. | 1154691  |
| 334 | Regeneron Pharmaceuticals, Inc. | 217701  |
| 841 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 357904  |
| 1453 | Zoetis, Inc. | 209363  |
|  |  | 10350789  |
|  | **Clothing, Clothing Accessories, Shoe, and Jewelry Retailers — 0.4%**<br>|  |
| 357 | Lululemon Athletica, Inc.<sup>(a)</sup> | 60883  |
| 1073 | Ross Stores, Inc. | 170521  |
| 3657 | TJX Companies, Inc. | 512492  |
|  |  | 743896  |
| **Computer and Electronic Product Manufacturing — 28.9%** | **Computer and Electronic Product Manufacturing — 28.9%** | **Computer and Electronic Product Manufacturing — 28.9%** |
| 5320 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 1362558  |
| 931 | Agilent Technologies, Inc. | 136261  |
| 19069 | Alphabet, Inc. | 5362012  |
| 15309 | Alphabet, Inc. Class C | 4314382  |
| 757 | AMETEK, Inc. | 152997  |
| 4002 | Amphenol Corp. Class A | 557639  |
| 1627 | Analog Devices, Inc. | 380930  |
| 48650 | Apple, Inc. | 13153501  |
| 3379 | Arista Networks, Inc.<sup>(a)</sup> | 532835  |
| 15420 | Broadcom, Inc. | 5699695  |
| 12982 | Cisco Systems, Inc. | 949114  |
| 2089 | Danaher Corp. | 449929  |
| 993 | Dell Technologies, Inc. | 160876  |
| 352 | First Solar, Inc.<sup>(a)</sup> | 93963  |
| 2136 | Fortinet, Inc.<sup>(a)</sup> | 184614  |
| 1109 | Fortive Corp. | 55827  |
| 1497 | GE HealthCare Technologies, Inc. | 112200  |
| 729 | Hologic, Inc.<sup>(a)</sup> | 53880  |
| 3079 | HP, Inc. | 85196  |
| 14349 | Intel Corp.<sup>(a)</sup> | 573817  |
| 3054 | International Business Machines Corp. | 938830  |
| 352 | Jabil Circuit, Inc. | 77753  |
| 565 | Keysight Technologies, Inc.<sup>(a)</sup> | 103372  |

---

The accompanying notes are an integral part of these financial statements.

68<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Computer and Electronic Product Manufacturing — (Continued)** | **Computer and Electronic Product Manufacturing — (Continued)** | **Computer and Electronic Product Manufacturing — (Continued)** |
| 613 | L3Harris Technologies, Inc. | $177218  |
| 4149 | Lam Research Corp. | 653302  |
| 1769 | Microchip Technology, Inc. | 110421  |
| 3668 | Micron Technology, Inc. | 820788  |
| 157 | Monolithic Power Systems, Inc. | 157785  |
| 546 | Motorola Solutions, Inc. | 222064  |
| 656 | NetApp, Inc. | 77264  |
| 441 | Northrop Grumman Corp. | 257301  |
| 79989 | NVIDIA Corp. | 16196973  |
| 826 | NXP Semiconductors NV ADR (Netherlands) | 172733  |
| 1341 | ON Semiconductor Corp.<sup>(a)</sup> | 67157  |
| 1286 | Otis Worldwide Corp. | 119289  |
| 2189 | Palto Alto Networks, Inc.<sup>(a)</sup> | 482105  |
| 3536 | Qualcomm, Inc. | 639662  |
| 380 | Revvity, Inc. | 35564  |
| 353 | Roper Technologies, Inc. | 157491  |
| 4388 | RTX Corp. | 783258  |
| 697 | Seagate Technology Holdings PLC ADR (Ireland) | 178348  |
| 487 | Skyworks Solutions, Inc. | 37850  |
| 1644 | Super Micro Computer, Inc.<sup>(a)</sup> | 85422  |
| 154 | Teledyne Technologies, Inc.<sup>(a)</sup> | 81130  |
| 522 | Teradyne, Inc. | 94879  |
| 2980 | Texas Instruments, Inc. | 481151  |
| 1238 | Thermo Fisher Scientific, Inc. | 702429  |
| 780 | Trimble, Inc.<sup>(a)</sup> | 62205  |
| 813 | Veralto Corp. | 80227  |
| 195 | Waters Corp.<sup>(a)</sup> | 68172  |
| 1137 | Western Digital Corp. | 170789  |
| 166 | Zebra Technologies Corp. Class A<sup>(a)</sup> | 44696  |
|  |  | 58709854  |
|  | **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services — 0.1%**<br>|  |
| 1782 | Fiserv, Inc.<sup>(a)</sup> | 118842  |
|  | **Construction of Buildings — 0.2%**<br>|  |
| 909 | D.R. Horton, Inc. | 135514  |
| 746 | Lennar Corp. Class A | 92332  |
| 9 | NVR, Inc.<sup>(a)</sup> | 64897  |
| 647 | PulteGroup, Inc. | 77556  |
|  |  | 370299  |
|  | **Couriers and Messengers — 0.2%**<br>|  |
| 711 | FedEx Corp. | 180466  |
| 2413 | United Parcel Service, Inc. Class B | 232662  |
|  |  | 413128  |

---

The accompanying notes are an integral part of these financial statements.

69<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Credit Intermediation and Related Activities — 5.0%** | **Credit Intermediation and Related Activities — 5.0%** | **Credit Intermediation and Related Activities — 5.0%** |
| 1779 | American Express Co. | $641739  |
| 22339 | Bank of America Corp. | 1194020  |
| 2311 | Bank of New York Mellon Corp. | 249426  |
| 2097 | Capital One Financial Corp. | 461319  |
| 6035 | Citigroup, Inc. | 610923  |
| 1414 | Citizens Financial Group, Inc. | 71930  |
| 742 | Coinbase Global, Inc.<sup>(a)</sup> | 255085  |
| 1712 | Fidelity National Information Services, Inc. | 107034  |
| 2170 | Fifth Third Bancorp | 90315  |
| 795 | Global Payments, Inc. | 61819  |
| 5155 | Huntington Bancshares, Inc. | 79593  |
| 9014 | JPMorgan Chase & Co. | 2804436  |
| 3055 | KeyCorp | 53737  |
| 512 | M&T Bank Corp. | 94141  |
| 2707 | MasterCard, Inc. Class A | 1494237  |
| 627 | Northern Trust Corp. | 80676  |
| 1291 | PNC Financial Services Group, Inc. | 235672  |
| 2926 | Regions Financial Corp. | 70809  |
| 930 | State Street Corp. | 107564  |
| 1220 | Synchrony Financial | 90744  |
| 4227 | Truist Financial Corp. | 188651  |
| 5101 | U.S. Bancorp | 238115  |
| 10502 | Wells Fargo & Co. | 913359  |
|  |  | 10195344  |
|  | **Electrical Equipment, Appliance, and Component Manufacturing — 0.3%**<br>|  |
| 375 | A.O. Smith Corp. | 24746  |
| 257 | Axon Enterprise, Inc.<sup>(a)</sup> | 188183  |
| 1845 | Emerson Electric Co. | 257507  |
| 193 | Generac Holdings, Inc.<sup>(a)</sup> | 32428  |
| 369 | Rockwell Automation, Inc. | 135925  |
|  |  | 638789  |
|  | **Fabricated Metal Product Manufacturing — 0.1%**<br>|  |
| 892 | Ball Corp. | 41924  |
| 752 | Nucor Corp. | 112837  |
| 537 | Pentair PLC ADR (Ireland) | 57110  |
| 508 | Stanley Black & Decker, Inc. | 34402  |
|  |  | 246273  |
|  | **Food and Beverage Retailers — 0.1%**<br>|  |
| 1994 | Kroger Co. | 126878  |
| **Food Manufacturing — 0.9%** | **Food Manufacturing — 0.9%** | **Food Manufacturing — 0.9%** |
| 1575 | Archer-Daniels-Midland Co. | 95335  |
| 12697 | Coca-Cola Co. | 874823  |
| 1753 | General Mills, Inc. | 81707  |
| 956 | Hormel Foods Corp. | 20640  |

---

The accompanying notes are an integral part of these financial statements.

70<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Food Manufacturing — (Continued)** | **Food Manufacturing — (Continued)** | **Food Manufacturing — (Continued)** |
| 882 | Kellanova | $73259  |
| 457 | Lamb Weston Holdings, Inc. | 28211  |
| 829 | McCormick & Co, Inc. | 53189  |
| 4242 | Mondelez International, Inc. | 243745  |
| 645 | The Campbell's Company | 19434  |
| 486 | The Hershey Co. | 82440  |
| 350 | The J.M. Smucker Co. | 36242  |
| 2794 | The Kraft Heinz Co. | 69096  |
| 937 | Tyson Foods, Inc. Class A | 48171  |
|  |  | 1726292  |
|  | **Food Services and Drinking Places — 0.8%**<br>|  |
| 4395 | Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 139278  |
| 383 | Darden Restaurants, Inc. | 68997  |
| 1214 | DoorDash, Inc.<sup>(a)</sup> | 308805  |
| 2339 | McDonald's Corp. | 698028  |
| 3726 | Starbucks Corp. | 301322  |
| 910 | Yum! Brands, Inc. | 125771  |
|  |  | 1642201  |
|  | **Funds, Trusts, and Other Financial Vehicles — 0.1%**<br>|  |
| 536 | Garmin Ltd. ADR (Switzerland) | 114672  |
| 721 | T. Rowe Price Group, Inc. | 73924  |
|  |  | 188596  |
|  | **Furniture, Home Furnishings, Electronics, and Appliance Retailers — 0.0%<sup>(†)</sup>**<br>|  |
| 645 | Best Buy Co., Inc. | 52980  |
|  | **Gasoline Stations and Fuel Dealers — 0.5%**<br>|  |
| 6310 | Chevron Corp. | 995213  |
|  | **General Merchandise Retailers — 5.4%**<br>|  |
| 31816 | Amazon.com, Inc.<sup>(a)</sup> | 7770104  |
| 1454 | Costco Wholesale Corp. | 1325248  |
| 722 | Dollar General Corp. | 71233  |
| 636 | Dollar Tree, Inc.<sup>(a)</sup> | 63040  |
| 1498 | eBay, Inc. | 121802  |
| 1490 | Target Corp. | 138153  |
| 14389 | Walmart, Inc. | 1455879  |
| 404 | Williams-Sonoma, Inc. | 78513  |
|  |  | 11023972  |
|  | **Health and Personal Care Retailers — 0.2%**<br>|  |
| 4158 | CVS Health Corp. | 324948  |
| 147 | Ulta Beauty, Inc.<sup>(a)</sup> | 76422  |
|  |  | 401370  |

---

The accompanying notes are an integral part of these financial statements.

71<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Hospitals — 0.1%** | **Hospitals — 0.1%** | **Hospitals — 0.1%** |
| 537 | HCA Healthcare, Inc. | $246848  |
| 184 | Universal Health Services, Inc. Class B | 39930  |
|  |  | 286778  |
|  | **Insurance Carriers and Related Activities — 3.7%**<br>|  |
| 1578 | Aflac, Inc. | 169146  |
| 864 | Allstate Corp. | 165473  |
| 1816 | American International Group, Inc. | 143391  |
| 1219 | Arch Capital Group Ltd. ADR | 105212  |
| 841 | Arthur J. Gallagher & Co. | 209821  |
| 165 | Assurant, Inc. | 34934  |
| 6011 | Berkshire Hathaway, Inc. Class B<sup>(a)</sup> | 2870493  |
| 961 | Brown & Brown, Inc. | 76630  |
| 1530 | Centene Corp.<sup>(a)</sup> | 54116  |
| 1216 | Chubb Limited ADR (Switzerland) | 336759  |
| 875 | Cigna Corp. | 213859  |
| 513 | Cincinnati Financial Corp. | 79305  |
| 739 | Elevance Health, Inc. | 234411  |
| 83 | Erie Indemnity Co. Class A | 24289  |
| 138 | Everest Re Group Ltd. ADR | 43404  |
| 265 | Globe Life, Inc. | 34850  |
| 394 | Humana, Inc. | 109607  |
| 557 | Loews Corp. | 55455  |
| 1612 | Marsh & McLennan Companies, Inc. | 287178  |
| 1831 | MetLife, Inc. | 146150  |
| 665 | Principal Financial Group, Inc. | 55886  |
| 1922 | Progressive Corp. | 395932  |
| 1154 | Prudential Financial, Inc. | 120016  |
| 922 | The Hartford Insurance Group, Inc. | 114494  |
| 739 | Travelers Companies, Inc. | 198510  |
| 2969 | UnitedHealth Group, Inc. | 1014092  |
| 982 | W.R. Berkley Corp. | 70056  |
| 320 | Willis Towers Watson PLC ADR (Ireland) | 100192  |
|  |  | 7463661  |
|  | **Leather and Allied Product Manufacturing — 0.2%**<br>|  |
| 3895 | NIKE, Inc. Class B | 251578  |
| 683 | Tapestry, Inc. | 75007  |
|  |  | 326585  |
| **Machinery Manufacturing — 2.2%** | **Machinery Manufacturing — 2.2%** | **Machinery Manufacturing — 2.2%** |
| 2631 | Applied Materials, Inc. | 613286  |
| 3232 | Baker Hughes Co. | 156461  |
| 2622 | Carrier Global Corp. | 155983  |
| 1536 | Caterpillar, Inc. | 886671  |
| 452 | Cummins, Inc. | 197831  |
| 826 | Deere & Co. | 381307  |
| 3477 | GE Aerospace | 1074219  |

---

The accompanying notes are an integral part of these financial statements.

72<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Machinery Manufacturing — (Continued)** | **Machinery Manufacturing — (Continued)** | **Machinery Manufacturing — (Continued)** |
| 247 | IDEX Corp. | $42351  |
| 1185 | Ingersoll Rand, Inc. | 90451  |
| 67 | Mettler-Toledo International, Inc.<sup>(a)</sup> | 94892  |
| 176 | Nordson Corp. | 40823  |
| 419 | Parker Hannifin Corp. | 323816  |
| 729 | Trane Technologies PLC ADR (Ireland) | 327066  |
| 798 | Xylem, Inc. | 120378  |
|  |  | 4505535  |
|  | **Management of Companies and Enterprises — 0.5%**<br>|  |
| 5706 | Abbott Laboratories | 705376  |
| 707 | Aon PLC ADR (United Kingdom) | 240861  |
| 459 | Bunge Global SA ADR (Switzerland) | 43421  |
| 1481 | Norwegian Cruise Line Holdings Ltd. ADR<sup>(a)</sup> | 33204  |
| 1712 | Smurfit WestRock PLC ADR (Ireland) | 63207  |
|  |  | 1086069  |
|  | **Merchant Wholesalers, Durable Goods — 0.9%**<br>|  |
| 362 | Builders FirstSource, Inc.<sup>(a)</sup> | 42054  |
| 2916 | Copart, Inc.<sup>(a)</sup> | 125417  |
| 3762 | Fastenal Co. | 154806  |
| 456 | Genuine Parts Co. | 58053  |
| 338 | Henry Schein, Inc.<sup>(a)</sup> | 21362  |
| 174 | Hubbell, Inc. | 81780  |
| 129 | Huntington Ingalls Industries, Inc. | 41541  |
| 2145 | Johnson Controls International PLC ADR (Ireland) | 245367  |
| 433 | KLA-Tencor Corp. | 523384  |
| 104 | Lennox International, Inc. | 52520  |
| 844 | LKQ Corp. | 26974  |
| 171 | Mohawk Industries, Inc.<sup>(a)</sup> | 19432  |
| 107 | Pool Corp. | 28575  |
| 968 | TE Connectivity PLC ADR (Ireland) | 239106  |
| 144 | W.W. Grainger, Inc. | 140976  |
|  |  | 1801347  |
|  | **Merchant Wholesalers, Nondurable Goods — 0.7%**<br>|  |
| 577 | Brown Forman Corp. Class B | 15712  |
| 783 | Cardinal Health, Inc. | 149373  |
| 635 | Cencora, Inc. | 214509  |
| 1571 | ConAgra Brands, Inc. | 27006  |
| 102 | Domino's Pizza, Inc. | 40643  |
| 869 | Illinois Tool Works, Inc. | 211966  |
| 408 | McKesson Corp. | 331027  |
| 1566 | Sysco Corp. | 116322  |
| 761 | The Sherwin Williams Co. | 262499  |
|  |  | 1369057  |

---

The accompanying notes are an integral part of these financial statements.

73<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Mining (except Oil and Gas) — 0.4%** | **Mining (except Oil and Gas) — 0.4%** | **Mining (except Oil and Gas) — 0.4%** |
| 4707 | Freeport-McMoRan Copper & Gold, Inc. | $196282  |
| 198 | Martin Marietta Materials, Inc. | 121394  |
| 3601 | Newmont Corp. | 291573  |
| 433 | Vulcan Materials Co. | 125353  |
|  |  | 734602  |
|  | **Miscellaneous Manufacturing — 2.4%**<br>|  |
| 1746 | 3M Co. | 290709  |
| 221 | Align Technology, Inc.<sup>(a)</sup> | 30472  |
| 1684 | Baxter International, Inc. | 31104  |
| 940 | Becton, Dickinson & Co. | 167987  |
| 4858 | Boston Scientific Corp.<sup>(a)</sup> | 489298  |
| 1285 | DexCom, Inc.<sup>(a)</sup> | 74813  |
| 450 | Dover Corp. | 81657  |
| 1925 | Edwards Lifesciences Corp.<sup>(a)</sup> | 158716  |
| 768 | Estee Lauder Companies, Inc. Class A | 74258  |
| 437 | Hasbro, Inc. | 33348  |
| 231 | Insulet Corp.<sup>(a)</sup> | 72305  |
| 1175 | Intuitive Surgical, Inc.<sup>(a)</sup> | 627779  |
| 7895 | Johnson & Johnson | 1491129  |
| 4200 | Medtronic PLC ADR (Ireland) | 380940  |
| 480 | ResMed, Inc. | 118502  |
| 484 | Solventum Corp.<sup>(a)</sup> | 33415  |
| 322 | Steris PLC ADR (Ireland) | 75895  |
| 1128 | Stryker Corp. | 401839  |
| 585 | Textron, Inc. | 47274  |
| 654 | The Cooper Companys, Inc.<sup>(a)</sup> | 45721  |
| 649 | Zimmer Biomet Holdings, Inc. | 65263  |
|  |  | 4792424  |
|  | **Motion Picture and Sound Recording Industries — 0.8%**<br>|  |
| 1393 | Netflix, Inc.<sup>(a)</sup> | 1558572  |
|  | **Motor Vehicle and Parts Dealers — 0.2%**<br>|  |
| 55 | AutoZone, Inc.<sup>(a)</sup> | 202094  |
| 2781 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 262637  |
|  |  | 464731  |
|  | **National Security and International Affairs — 0.0%(†)**<br>|  |
| 420 | Leidos Holdings, Inc. | 79997  |
|  | **Nonmetallic Mineral Product Manufacturing — 0.1%**<br>|  |
| 2556 | Corning, Inc. | 227689  |
| **Oil and Gas Extraction — 1.2%** | **Oil and Gas Extraction — 1.2%** | **Oil and Gas Extraction — 1.2%** |
| 1173 | APA Corp. | 26568  |
| 2502 | Coterra Energy, Inc. | 59197  |
| 2081 | Devon Energy Corp. | 67612  |
| 617 | Diamondback Energy, Inc. | 88348  |

---

The accompanying notes are an integral part of these financial statements.

74<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Oil and Gas Extraction — (Continued)** | **Oil and Gas Extraction — (Continued)** | **Oil and Gas Extraction — (Continued)** |
| 2798 | Dominion Energy, Inc. | $164215  |
| 1790 | EOG Resources, Inc. | 189454  |
| 2046 | EQT Corp. | 109625  |
| 781 | Expand Energy Corp. | 80685  |
| 13976 | Exxon Mobil Corp. | 1598295  |
| 2356 | Occidental Petroleum Corp. | 97067  |
|  |  | 2481066  |
|  | **Paper Manufacturing — 0.0%<sup>(†)</sup>**<br>|  |
| 293 | Packaging Corp of America | 57358  |
|  | **Performing Arts, Spectator Sports, and Related Industries — 0.1%**<br>|  |
| 739 | Electronic Arts, Inc. | 147844  |
|  | **Petroleum and Coal Products Manufacturing — 0.5%**<br>|  |
| 4094 | ConocoPhillips | 363793  |
| 997 | Marathon Petroleum Corp. | 194325  |
| 1324 | Phillips 66 | 180249  |
| 1019 | Valero Energy Corp. | 172782  |
|  |  | 911149  |
|  | **Pipeline Transportation — 0.2%**<br>|  |
| 706 | Targa Resources Corp. | 108752  |
| 4003 | Williams Companies, Inc. | 231654  |
|  |  | 340406  |
|  | **Plastics and Rubber Products Manufacturing — 0.1%**<br>|  |
| 256 | Avery Dennison Corp. | 44772  |
| 236 | West Pharmaceutical Services, Inc. | 66568  |
|  |  | 111340  |
|  | **Primary Metal Manufacturing — 0.2%**<br>|  |
| 1321 | Howmet Aerospace, Inc. | 272060  |
| 454 | Steel Dynamics, Inc. | 71187  |
|  |  | 343247  |
| **Professional, Scientific, and Technical Services — 5.7%** | **Professional, Scientific, and Technical Services — 5.7%** | **Professional, Scientific, and Technical Services — 5.7%** |
| 2042 | Accenture PLC Class A ADR (Ireland) | 510704  |
| 887 | AppLovin Corp.<sup>(a)</sup> | 565312  |
| 430 | CDW Corp. | 68529  |
| 161 | Charles River Laboratories International, Inc.<sup>(a)</sup> | 28991  |
| 1601 | Cognizant Technology Solutions Corp. Class A | 116681  |
| 1276 | Eaton Corporation PLC ADR (Ireland) | 486871  |
| 182 | EPAM Systems, Inc.<sup>(a)</sup> | 29764  |
| 695 | Extra Space Storage, Inc. | 92810  |
| 189 | F5 Networks, Inc.<sup>(a)</sup> | 47826  |
| 454 | GoDaddy, Inc.<sup>(a)</sup> | 60441  |
| 262 | IDEXX Laboratories, Inc.<sup>(a)</sup> | 164932  |
| 1731 | International Paper Co. | 66886  |

---

The accompanying notes are an integral part of these financial statements.

75<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Professional, Scientific, and Technical Services — (Continued)** | **Professional, Scientific, and Technical Services — (Continued)** | **Professional, Scientific, and Technical Services — (Continued)** |
| 1201 | Interpublic Group of Companies, Inc. | $30818  |
| 557 | IQVIA Holdings, Inc.<sup>(a)</sup> | 120568  |
| 239 | Jack Henry & Associates, Inc. | 35597  |
| 392 | Jacobs Solutions, Inc. | 61078  |
| 7110 | Meta Platforms, Inc. | 4609768  |
| 1136 | Moderna, Inc.<sup>(a)</sup> | 30854  |
| 635 | Omnicom Group, Inc.<sup>(b)</sup> | 47638  |
| 5433 | Oracle Corp. | 1426760  |
| 7456 | Palantir Technologies, Inc.<sup>(a)</sup> | 1494704  |
| 1063 | Paychex, Inc. | 124403  |
| 164 | Paycom Software, Inc. | 30683  |
| 393 | PTC, Inc.<sup>(a)</sup> | 78026  |
| 682 | ServiceNow, Inc.<sup>(a)</sup> | 626949  |
| 520 | Solstice Advanced Materials, Inc.<sup>(a)</sup> | 23436  |
| 569 | Take-Two Interactive Software, Inc.<sup>(a)</sup> | 145875  |
| 1461 | The Trade Desk, Inc.<sup>(a)</sup> | 73459  |
| 276 | VeriSign, Inc. | 66185  |
| 458 | Verisk Analytics, Inc. Class A | 100192  |
| 708 | Workday, Inc.<sup>(a)</sup> | 169863  |
|  |  | 11536603  |
|  | **Publishing Industries — 8.1%**<br>|  |
| 1391 | Adobe, Inc.<sup>(a)</sup> | 473371  |
| 470 | Akamai Technologies, Inc.<sup>(a)</sup> | 35297  |
| 702 | Autodesk, Inc.<sup>(a)</sup> | 211541  |
| 1802 | Block, Inc.<sup>(a)</sup> | 136844  |
| 893 | Cadence Design Systems, Inc.<sup>(a)</sup> | 302450  |
| 818 | CrowdStrike Holdings, Inc.<sup>(a)</sup> | 444182  |
| 1060 | Datadog, Inc.<sup>(a)</sup> | 172579  |
| 524 | Dayforce, Inc.<sup>(a)</sup> | 36020  |
| 79 | Fair Isaac Corp.<sup>(a)</sup> | 131103  |
| 1837 | Gen Digital, Inc. | 48423  |
| 4302 | Hewlett Packard Enterprise Co. | 105055  |
| 914 | Intuit, Inc. | 610141  |
| 24367 | Microsoft Corp. | 12617476  |
| 1234 | News Corp. Class A | 32701  |
| 365 | News Corp. Class B | 11121  |
| 3134 | Salesforce, Inc. | 816125  |
| 607 | Synopsys, Inc.<sup>(a)</sup> | 275469  |
| 142 | Tyler Technologies, Inc.<sup>(a)</sup> | 67629  |
|  |  | 16527527  |
|  | **Rail Transportation — 0.3%**<br>|  |
| 6112 | CSX Corp. | 220154  |
| 1944 | Union Pacific Corp. | 428400  |
|  |  | 648554  |

---

The accompanying notes are an integral part of these financial statements.

76<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Real Estate — 1.4%** | **Real Estate — 1.4%** | **Real Estate — 1.4%** |
| 510 | Alexandria Real Estate Equities, Inc. | $29692  |
| 1535 | American Tower Corp. | 274734  |
| 467 | AvalonBay Communities, Inc. | 81221  |
| 483 | BXP, Inc.<sup>(b)</sup> | 34385  |
| 350 | Camden Property Trust | 34818  |
| 961 | CBRE Group, Inc. Class A<sup>(a)</sup> | 146485  |
| 1428 | Crown Castle, Inc. | 128834  |
| 1051 | Digital Realty Trust, Inc. | 179101  |
| 1139 | Equity Residential | 67702  |
| 211 | Essex Property Trust, Inc. | 53124  |
| 257 | Federal Realty Investment Trust | 24721  |
| 2278 | Healthpeak Properties, Inc. | 40890  |
| 1849 | Invitation Homes, Inc. | 52049  |
| 2220 | Kimco Realty Corp. | 45865  |
| 383 | Mid-America Apartment Communities, Inc. | 49112  |
| 3043 | Prologis, Inc. | 377606  |
| 517 | Public Storage | 144016  |
| 2997 | Realty Income Corp. | 173766  |
| 535 | Regency Centers Corp. | 36888  |
| 1070 | Simon Property Group, Inc. | 188063  |
| 988 | UDR, Inc. | 33286  |
| 1490 | Ventas, Inc. | 109947  |
| 3496 | VICI Properties, Inc. | 104845  |
| 2192 | Welltower, Inc. | 396840  |
| 2365 | Weyerhaeuser Co. | 54395  |
|  |  | 2862385  |
|  | **Rental and Leasing Services — 0.1%**<br>|  |
| 211 | United Rentals, Inc. | 183819  |
| &nbsp;&nbsp;&nbsp; **Securities, Commodity Contracts, and Other Financial Investments and** <br>**Related Activities — 2.5%** | &nbsp;&nbsp;&nbsp; **Securities, Commodity Contracts, and Other Financial Investments and** <br>**Related Activities — 2.5%** | &nbsp;&nbsp;&nbsp; **Securities, Commodity Contracts, and Other Financial Investments and** <br>**Related Activities — 2.5%** |
| 1509 | Apollo Global Management, Inc. | 187584  |
| 472 | Blackrock, Inc. | 511086  |
| 342 | Cboe Global Markets, Inc. | 84009  |
| 5593 | Charles Schwab Corp. | 528650  |
| 1181 | CME Group, Inc. | 313544  |
| 2324 | Dow, Inc. | 55427  |
| 1004 | Franklin Resources, Inc. | 22701  |
| 992 | Goldman Sachs Group, Inc. | 783055  |
| 1459 | Interactive Brokers Group, Inc. Class A | 102655  |
| 1462 | Invesco Ltd. ADR | 34649  |
| 2249 | KKR & Co., Inc. | 266124  |
| 3977 | Morgan Stanley | 652228  |
| 254 | MSCI, Inc. Class A | 149492  |
| 1487 | NASDAQ OMX Group, Inc. | 127124  |
| 582 | Raymond James Financial, Inc. | 92346  |

---

The accompanying notes are an integral part of these financial statements.

77<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| &nbsp;&nbsp;&nbsp; **Securities, Commodity Contracts, and Other Financial Investments and** <br> **Related Activities — (Continued)** | &nbsp;&nbsp;&nbsp; **Securities, Commodity Contracts, and Other Financial Investments and** <br> **Related Activities — (Continued)** | &nbsp;&nbsp;&nbsp; **Securities, Commodity Contracts, and Other Financial Investments and** <br> **Related Activities — (Continued)** |
| 2537 | Robinhood Markets, Inc.<sup>(a)</sup> | $372381  |
| 1024 | S&P Global, Inc. | 498903  |
| 2417 | The Blackstone Group, Inc. | 354429  |
|  |  | 5136387  |
|  | **Specialty Trade Contractors — 0.2%**<br>|  |
| 146 | EMCOR Group, Inc. | 98664  |
| 489 | Quanta Services, Inc. | 219624  |
|  |  | 318288  |
|  | **Support Activities for Agriculture and Forestry — 0.1%**<br>|  |
| 2226 | Corteva, Inc. | 136765  |
|  | **Support Activities for Mining — 0.1%**<br>|  |
| 2795 | Halliburton Co. | 75018  |
| 4891 | SLB Ltd. ADR | 176369  |
|  |  | 251387  |
|  | **Support Activities for Transportation — 0.2%**<br>|  |
| 387 | C.H. Robinson Worldwide, Inc. | 59594  |
| 388 | Expedia, Inc. | 85360  |
| 445 | Expeditors International of Washington, Inc. | 54246  |
| 251 | J.B. Hunt Transport Services, Inc. | 42384  |
| 735 | Norfolk Southern Corp. | 208284  |
|  |  | 449868  |
|  | **Telecommunications — 1.0%**<br>|  |
| 23440 | AT&T, Inc. | 580140  |
| 321 | Equinix, Inc. | 271569  |
| 3132 | PayPal Holdings, Inc.<sup>(a)</sup> | 216954  |
| 352 | SBA Communications Corp. | 67401  |
| 1587 | T-Mobile US, Inc. | 333349  |
| 13822 | Verizon Communications, Inc. | 549286  |
|  |  | 2018699  |
|  | **Transportation Equipment Manufacturing — 3.3%**<br>|  |
| 714 | Aptiv PLC ADR<sup>(a)</sup> | 57905  |
| 2479 | Boeing Co.<sup>(a)</sup> | 498329  |
| 12814 | Ford Motor Co. | 168248  |
| 828 | General Dynamics Corp. | 285577  |
| 3122 | General Motors Co. | 215699  |
| 2082 | Honeywell International, Inc. | 419169  |
| 673 | Lockheed Martin Corp. | 331035  |
| 1721 | Paccar, Inc. | 169347  |
| 9200 | Tesla, Inc.<sup>(a)</sup> | 4200352  |
| 184 | TransDigm Group, Inc. | 240766  |
| 560 | Wabtec Corp. | 114486  |
|  |  | 6700913  |

---

The accompanying notes are an integral part of these financial statements.

78<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Truck Transportation — 0.0%<sup>(†)</sup>** | **Truck Transportation — 0.0%<sup>(†)</sup>** | **Truck Transportation — 0.0%<sup>(†)</sup>** |
| 606 | Old Dominion Freight Line, Inc. | $85095  |
|  | **Utilities — 2.6%**<br>|  |
| 2335 | AES Corp. | 32386  |
| 843 | Alliant Energy Corp. | 56329  |
| 886 | Ameren Corp. | 90390  |
| 1753 | American Electric Power Co., Inc. | 210816  |
| 639 | American Water Works Co., Inc. | 82067  |
| 526 | Atmos Energy Corp. | 90325  |
| 2140 | CenterPoint Energy, Inc. | 81833  |
| 981 | CMS Energy Corp. | 72152  |
| 1182 | Consolidated Edison, Inc. | 115139  |
| 1024 | Constellation Energy Corp. | 386048  |
| 681 | DTE Energy Co. | 92303  |
| 2550 | Duke Energy Corp. | 316965  |
| 1261 | Edison International | 69834  |
| 1463 | Entergy Corp. | 140580  |
| 754 | Evergy, Inc. | 57915  |
| 1217 | Eversource Energy | 89827  |
| 3311 | Exelon Corp. | 152703  |
| 1704 | FirstEnergy Corp. | 78094  |
| 892 | GE Vernova, Inc. | 521945  |
| 6411 | Kinder Morgan, Inc. | 167904  |
| 6751 | NextEra Energy, Inc. | 549531  |
| 1543 | NiSource, Inc. | 64976  |
| 634 | NRG Energy, Inc. | 108959  |
| 2065 | ONEOK, Inc. | 138355  |
| 7205 | PG&E Corp. | 114992  |
| 392 | Pinnacle West Capital Corp. | 34700  |
| 2424 | PPL Corp. | 88524  |
| 1636 | Public Service Enterprise Group, Inc. | 131796  |
| 2139 | Sempra Energy | 196660  |
| 3606 | Southern Co. | 339108  |
| 63 | Texas Pacific Land Corp. | 59433  |
| 1044 | Vistra Corp. | 196585  |
| 1056 | WEC Energy Group, Inc. | 117987  |
| 1939 | Xcel Energy, Inc. | 157389  |
|  |  | 5204550  |
|  | **Waste Management and Remediation Services — 0.1%**<br>|  |
| 665 | Republic Services, Inc. | 138480  |
|  | **Water Transportation — 0.1%**<br>|  |
| 3559 | Carnival Corp. ADR (Panama)<sup>(a)</sup> | 102606  |
| **Web Search Portals, Libraries, Archives, and Other Information Services — 0.0%** | **Web Search Portals, Libraries, Archives, and Other Information Services — 0.0%** | **Web Search Portals, Libraries, Archives, and Other Information Services — 0.0%** |
| 1389 | CoStar Group, Inc.<sup>(a)</sup> | 95577  |

---

The accompanying notes are an integral part of these financial statements.

79<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
| **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
| **Wood Product Manufacturing — 0.0%<sup>(†)</sup>** | **Wood Product Manufacturing — 0.0%<sup>(†)</sup>** | **Wood Product Manufacturing — 0.0%<sup>(†)</sup>** |
| 686 | Masco Corp. | $44425  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $141,880,260)** | $191232410  |
|  | **SHORT TERM INVESTMENTS — 5.5%**<br>|  |
|  | **Money Market Funds — 5.5%**<br>|  |
| 9117893 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(c)(d)</sup> | $9117893  |
| 201505 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(c)</sup> | 201505  |
| 1882695 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(c)</sup> | 1882695  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $11,202,093)** | $11202093  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $153,082,353) — 99.8%<sup>(e)</sup>** | $202434503  |
|  | Other Assets in Excess of Liabilities — 0.2% | 421296  |
|  | **TOTAL NET ASSETS — 100.0%**  | $202855799 |

---

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

---

| | |
|:---|:---|
| <sup>(†)</sup><br>| Less than 0.005%. |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at October 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 $113,429,078.

ADR - American Depository Receipt

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of S&P 500<sup>®</sup> Index | SOFR + 0.7000% | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp; 9944 | $60544205 | $5901536  |
|  Total return of S&P 500<sup>®</sup> Index | SOFR + 0.6500% | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp; 18680 | 101810712 | 23978876  |
|  Total return of S&P 500<sup>®</sup> Index | SOFR + 0.6300% | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp; 2732 | 16361644 | 1989977  |
|  |  |  |  |  | $178716561 | $31870389 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

80<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY S&P OIL & GAS EXP. & PROD. BEAR 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 103.7%**<br>|  |
|  | **Money Market Funds — 103.7%**<br>|  |
| 37003403 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $37003403  |
| 3874727 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 3874727  |
| 9656992 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 9656992  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $50,535,122)<sup>(b)</sup>** | $50535122  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $50,535,122) — 103.7%** | $50535122  |
|  | Liabilities in Excess of Other Assets — (3.7)% | (1822726)  |
|  | **TOTAL NET ASSETS — 100.0%** | $48712396 |

---

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 October 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 $20,050,399. 

**SHORT TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| SOFR + 0.6300% | Total return of S&P Oil & Gas Exploration & Production Select Industry Index | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp;&nbsp; 4000 | $20916598 | &nbsp;&nbsp; $1623908  |
| SOFR + 0.7000% | Total return of S&P Oil & Gas Exploration & Production Select Industry Index | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 1000 | 5400455 | &nbsp;&nbsp; 626230  |
| SOFR + 0.5800% | Total return of S&P Oil & Gas Exploration & Production Select Industry Index | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp;&nbsp; 4866 | 24280719 | &nbsp;&nbsp; 594012  |
| SOFR + 0.2000% | Total return of S&P Oil & Gas Exploration & Production Select Industry Index | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp;&nbsp; 7282 | 33901350 | &nbsp;&nbsp; (1457048)  |
| SOFR + 0.4700% | Total return of S&P Oil & Gas Exploration & Production Select Industry Index | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp;&nbsp; 2764 | 15508190 | &nbsp;&nbsp; 2254680  |
|  |  |  |  |  | $100007312 | &nbsp;&nbsp; $3641782 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

81<br>

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**DIREXION DAILY S&P OIL & GAS EXP. & PROD. BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 74.7%**<br>|  |
|  | **Chemical Manufacturing — 0.4%**<br>|  |
| 293713 | Gevo, Inc.<sup>(a)(b)</sup> | $687288  |
|  | **Funds, Trusts, and Other Financial Vehicles — 1.9%**<br>|  |
| 184415 | Magnolia Oil & Gas Corp.<sup>(b)</sup> | 4141961  |
|  | **Gasoline Stations and Fuel Dealers — 3.5%**<br>|  |
| 28395 | Chevron Corp. | 4478460  |
| 86466 | Delek US Holdings, Inc.<sup>(b)</sup> | 3264956  |
|  |  | 7743416  |
|  | **Merchant Wholesalers, Durable Goods — 0.2%**<br>|  |
| 15700 | REX American Resources Corp.<sup>(a)</sup> | 502871  |
|  | **Merchant Wholesalers, Nondurable Goods - 2.7%**<br>|  |
| 87542 | HF Sinclair Corp. | 4517167  |
| 60372 | World Kinect Corp. | 1560616  |
|  |  | 6077783  |
|  | **Oil and Gas Extraction — 42.0%**<br>|  |
| 136363 | Antero Resources Corp.<sup>(a)</sup> | 4214980  |
| 192328 | APA Corp. | 4356229  |
| 28251 | BKV Corp.<sup>(a)</sup> | 666441  |
| 73579 | California Resources Corp. | 3470721  |
| 42043 | Chord Energy Corp. | 3814141  |
| 185703 | Clean Energy Fuels Corp.<sup>(a)</sup> | 531111  |
| 152987 | CNX Resources Corp.<sup>(a)(b)</sup> | 5149542  |
| 124105 | Comstock Resources, Inc.<sup>(a)(b)</sup> | 2326969  |
| 183815 | Coterra Energy, Inc. | 4349063  |
| 314125 | Crescent Energy Co.<sup>(b)</sup> | 2648074  |
| 126106 | Devon Energy Corp. | 4097184  |
| 32075 | Diamondback Energy, Inc. | 4592819  |
| 37244 | EOG Resources, Inc. | 3941905  |
| 87542 | EQT Corp. | 4690500  |
| 46434 | Expand Energy Corp. | 4797097  |
| 39813 | Exxon Mobil Corp. | 4553015  |
| 107844 | Green Plains, Inc.<sup>(a)</sup> | 1108636  |
| 758276 | Kosmos Energy Ltd.<sup>(a)</sup> | 1190493  |
| 90604 | Matador Resources Co. | 3575234  |
| 171829 | Murphy Oil Corp. | 4862761  |
| 151896 | Northern Oil and Gas, Inc.<sup>(b)</sup> | 3361459  |
| 96726 | Occidental Petroleum Corp. | 3985111  |
| 81540 | Par Pacific Holdings, Inc.<sup>(a)</sup> | 3259969  |
| 128573 | Range Resources Corp. | 4570770  |
| 29498 | SandRidge Energy, Inc. | 351321  |
| 164021 | SM Energy Co. | 3426399  |
| 78576 | VAALCO Energy, Inc.<sup>(b)</sup> | 308804  |
| 114188 | Viper Energy, Inc. | 4288901  |
| 29837 | Vitesse Energy, Inc.<sup>(b)</sup> | 648955  |
|  |  | 93138604  |

---

The accompanying notes are an integral part of these financial statements.

82<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY S&P OIL & GAS EXP. & PROD. BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | **Petroleum and Coal Products Manufacturing — 11.9%**<br>|  |
| 66599 | Calumet, Inc.<sup>(a)(b)</sup> | $1302677  |
| 47494 | ConocoPhillips | 4220317  |
| 44396 | CVR Energy, Inc.<sup>(a)</sup> | 1580054  |
| 24652 | Marathon Petroleum Corp. | 4804921  |
| 122780 | PBF Energy, Inc. Class A | 4195393  |
| 34087 | Phillips 66 | 4640604  |
| 28265 | Valero Energy Corp. | 4792613  |
| 47833 | Vital Energy, Inc.<sup>(a)</sup> | 751456  |
|  |  | 26288035  |
|  | **Printing and Related Support Activities — 1.8%**<br>|  |
| 315009 | Permian Resources Corp. | 3956513  |
|  | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 0.6%**<br>|  |
| 131248 | Sable Offshore Corp.<sup>(a)(b)</sup> | 1372854  |
|  | **Support Activities for Mining — 6.4%**<br>|  |
| 132533 | Civitas Resources, Inc.<sup>(b)</sup> | 3820926  |
| 24045 | Gulfport Energy Corp.<sup>(a)</sup> | 4472611  |
| 104490 | Ovintiv, Inc. | 3919420  |
| 199604 | Talos Energy, Inc.<sup>(a)</sup> | 1958115  |
|  |  | 14171072  |
|  | **Utilities — 3.3%**<br>|  |
| 4780 | Texas Pacific Land Corp. | 4509356  |
| 320645 | Venture Global, Inc.<sup>(b)</sup> | 2747928  |
|  |  | 7257284  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $179,488,571)** | $165337681  |
|  | **SHORT TERM INVESTMENTS — 28.8%**<br>|  |
|  | **Money Market Funds - 28.8%**<br>|  |
| 46911866 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(c)(d)</sup> | $46911866  |
| 28941 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(c)</sup> | 28941  |
| 16923063 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(c)</sup> | 16923063  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $63,863,870)** | $63863870  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $243,352,441) — 103.5%<sup>(e)</sup>** | $229201551  |
|  | Liabilities in Excess of Other Assets — (3.5)% | (7778574)  |
|  | **TOTAL NET ASSETS — 100.0%** | $221422977 |

---

The accompanying notes are an integral part of these financial statements.

83<br>

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**DIREXION DAILY S&P OIL & GAS EXP. & PROD. BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at October 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 $136,328,371.

**LONG TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of S&P Oil & Gas Exploration & Production Select Industry Index | SOFR + 0.7500% | BNP Paribas | 12/5/2025 | &nbsp;&nbsp; 4000 | $21450200 | &nbsp;&nbsp; $(2403987)  |
|  Total return of S&P Oil & Gas Exploration & Production Select Industry Index | SOFR + 0.8400% | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp; 11300 | 54259774 | &nbsp;&nbsp; 574634  |
|  Total return of S&P Oil & Gas Exploration & Production Select Industry Index | SOFR + 0.9000% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 8182 | 42916661 | &nbsp;&nbsp; (3888107)  |
|  Total return of S&P Oil & Gas Exploration & Production Select Industry Index | SOFR + 0.8200% | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp; 9312 | 44580599 | &nbsp;&nbsp; 804297  |
|  Total return of S&P Oil & Gas Exploration & Production Select Industry Index | SOFR + 0.5600% | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp; 11797 | 53463132 | &nbsp;&nbsp; 3806066  |
|  Total return of S&P Oil & Gas Exploration & Production Select Industry Index | SOFR + 0.7100% | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp; 12128 | 56252928 | &nbsp;&nbsp; 2317095  |
|  |  |  |  |  | $272923294 | &nbsp;&nbsp; $1209998 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

84<br>

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**DIREXION DAILY SEMICONDUCTORS TOP 5 BEAR 2X ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 122.3%**<br>|  |
|  | **Money Market Funds — 122.3%**<br>|  |
| 1592458 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $1592458  |
| 490000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 490000  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $2,082,458)<sup>(b)</sup>** | $2082458  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $2,082,458) — 122.3%** | $2082458  |
|  | Liabilities in Excess of Other Assets — (22.3)% | (380346)  |
|  | **TOTAL NET ASSETS — 100.0%** | $1702112 |

---

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 October 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 $1,330,000. 

**SHORT TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
| SOFR + 0.0500% | Total return of NYSE Semiconductor Top 5 Equal Weight Index | BNP Paribas | 12/5/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 939 | $1558936 | &nbsp;&nbsp; $(224873)  |
| SOFR + 0.7000% | Total return of NYSE Semiconductor Top 5 Equal Weight Index | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 849 | 1449121 | &nbsp;&nbsp; (164321)  |
|  |  |  |  |  | $3008057 | &nbsp;&nbsp; $(389194) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

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**DIREXION DAILY SEMICONDUCTORS TOP 5 BULL 2X ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 32.3%**<br>|  |
|  | **Computer and Electronic Product Manufacturing — 25.5%**<br>|  |
| 1969 | Advanced Micro Devices, Inc.<sup>(a)</sup> | $504300  |
| 870 | Broadcom, Inc. | 321578  |
| 1758 | NVIDIA Corp. | 355978  |
| 1204 | Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) ADR | 361718  |
|  |  | 1543574  |
|  | **Machinery Manufacturing — 6.8%**<br>|  |
| 388 | ASML Holding NV ADR (Netherlands) | 410981  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,645,188)** | $1954555  |
|  | **SHORT TERM INVESTMENTS — 47.0%**<br>|  |
|  | **Money Market Funds — 47.0%**<br>|  |
| 1572979 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(b)</sup> | $1572979  |
| 530000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(b)</sup> | 530000  |
| 740000 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(b)</sup> | 740000  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $2,842,979)** | $2842979  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $4,488,167) — 79.3%<sup>(c)</sup>** | $4797534  |
|  | Other Assets in Excess of Liabilities — 20.7% | 1250470  |
|  | **TOTAL NET ASSETS — 100.0%** | $6048004 |

---

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 October 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 $2,906,110. 

ADR - American Depository Receipt

**LONG TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**<br>(Depreciation)  |
|  Total return of NYSE Semiconductor Top 5 Equal Weight Index | SOFR + 0.8000% | BNP Paribas | 12/5/2025 | &nbsp;&nbsp;&nbsp; 986 | $1579969 | &nbsp;&nbsp;&nbsp; $291126  |
|  Total return of NYSE Semiconductor Top 5 Equal Weight Index | SOFR + 0.9800% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 1644 | 3135833 | &nbsp;&nbsp;&nbsp; (6323)  |
|  Total return of NYSE Semiconductor Top 5 Equal Weight Index | SOFR + 1.0000% | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 2697 | 4665578 | &nbsp;&nbsp;&nbsp; 454511  |
|  |  |  |  |  | $9381380 | &nbsp;&nbsp;&nbsp; $739314 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

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**DIREXION DAILY SHOP BEAR 1X ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT TERM INVESTMENTS — 111.6%**<br>|  |
|  | **Money Market Funds — 111.6%**<br>|  |
| 1469714 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $1469714  |
| 1131721 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 1131721  |
| 410000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 410000  |
| 302156 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 302156  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $3,313,591)<sup>(b)</sup>** | $3313591  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $3,313,591) — 111.6%** | $3313591  |
|  | Liabilities in Excess of Other Assets — (11.6)% | (345619)  |
|  | **TOTAL NET ASSETS — 100.0%** | $2967972 |

---

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 October 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 $1,843,877. 

**SHORT TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
| SOFR + 0.0000% | Total return of Shopify Inc. | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 1574 | $232569 | &nbsp;&nbsp; $(39537)  |
| SOFR + (2.0000)% | Total return of Shopify Inc. | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp;&nbsp; 1055 | 172137 | &nbsp;&nbsp; (11118)  |
| SOFR + 1.5000% | Total return of Shopify Inc. | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 5099 | 792703 | &nbsp;&nbsp; (85462)  |
| SOFR + 0.0000% | Total return of Shopify Inc. | Goldman Sachs | 9/9/2026 | &nbsp;&nbsp;&nbsp; 9343 | 1405425 | &nbsp;&nbsp; (213808)  |
|  |  |  |  |  | $2602834 | &nbsp;&nbsp; $(349925) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

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**DIREXION DAILY SHOP BULL 2X ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 0.0%<sup>(†)</sup>**<br>|  |
|  | **Web Search Portals, Libraries, Archives, and Other Information Services — 0.0%<sup>(†)</sup>**<br>|  |
| 1 | Shopify Inc.<sup>(a)</sup> | $174  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $127)** | $174  |
|  | **SHORT TERM INVESTMENTS — 80.0%**<br>|  |
| 342755 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(b)</sup> | $342755  |
| 2265047 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(b)</sup> | 2265047  |
| 840000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(b)</sup> | 840000  |
| 3326111 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(b)</sup> | 3326111  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $6,773,913)** | $6773913  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $6,774,040) — 80.0%<sup>(c)</sup>** | $6774087  |
|  | Other Assets in Excess of Liabilities — 20.0% | 1692812  |
|  | **TOTAL NET ASSETS — 100.0%** | $8466899 |

---

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

---

| | |
|:---|:---|
| <sup>(†)</sup><br>| Less than 0.005%.<br>|

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents annualized seven-day yield at October 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 $6,731,157. 

ADR - American Depository Receipt

**LONG TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of common shares of Shopify Inc. | SOFR + 3.0000% | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp; 28751 | $4998649 | &nbsp;&nbsp; $(57591)  |
|  Total return of common shares of Shopify Inc. | SOFR + 5.0000% | Nomura | 12/10/2025 | &nbsp;&nbsp; 9955 | 1727126 | &nbsp;&nbsp; 2693  |
|  Total return of common shares of Shopify Inc. | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 26509 | 3849756 | &nbsp;&nbsp; 725956  |
|  Total return of common shares of Shopify Inc. | SOFR + 3.7500% | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp; 19350 | 2852681 | &nbsp;&nbsp; 484629  |
|  Total return of common shares of Shopify Inc. | SOFR + 3.0000% | Barclays | 12/22/2025 | &nbsp;&nbsp; 12836 | 1759738 | &nbsp;&nbsp; 449235  |
|  |  |  |  |  | $15187950 | &nbsp;&nbsp; $1604922 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY TECHNOLOGY TOP 5 BEAR 2X ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 106.2%**<br>|  |
|  | **Money Market Funds — 106.2%**<br>|  |
| 1501911 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $1501911  |
| 290000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 290000  |
| 635323 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 635323  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $2,427,234)<sup>(b)</sup>** | $2427234  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $2,427,234) — 106.2%** | $2427234  |
|  | Liabilities in Excess of Other Assets — (6.2)% | (141554)  |
|  | **TOTAL NET ASSETS — 100.0%** | $2285680 |

---

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 October 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 $925,323. 

**SHORT TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
| SOFR + 0.5500%<br> Total return of S&P 500<sup>®</sup> Information Technology (Sector) Top 5 Equal Capped Index | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 80 | $956143 | &nbsp;&nbsp; $(19510)  |
| SOFR + 0.6500%<br> Total return of S&P 500<sup>®</sup> Information Technology (Sector) Top 5 Equal Capped Index | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 150 | 1758078 | &nbsp;&nbsp; (67673)  |
| SOFR + 0.5500%<br> Total return of S&P 500<sup>®</sup> Information Technology (Sector) Top 5 Equal Capped Index | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 144 | 1690097 | &nbsp;&nbsp; (63346)  |
|  |  |  |  | $4404318 | &nbsp;&nbsp; $(150529) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY TECHNOLOGY TOP 5 BULL 2X ETF** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 45.5%**<br>|  |
|  | **Computer and Electronic Product Manufacturing — 29.4%**<br>|  |
| 1825 | Apple, Inc. | $493425  |
| 1120 | Broadcom, Inc. | 413985  |
| 2334 | NVIDIA Corp. | 472612  |
|  |  | 1380022 |
|  | **Professional, Scientific, and Technical Services — 7.0%**<br>|  |
| 1260 | Oracle Corp. | 330889  |
|  | **Publishing Industries — 9.1%**<br>|  |
| 827 | Microsoft Corp. | 428229  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $2,053,902)** | $2139140  |
|  | **SHORT TERM INVESTMENTS — 30.2%**<br>|  |
|  | **Money Market Funds — 30.2%**<br>|  |
| 559394 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $559394  |
| 90000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 90000  |
| 770000 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 770000  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $1,419,394)** | $1419394  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $3,473,296) — 75.7%<sup>(</sup><sup>b</sup><sup>)</sup>** | $3558534  |
|  | Other Assets in Excess of Liabilities — 24.3% | 1144563  |
|  | **TOTAL NET ASSETS — 100.0%** | $4703097 |

---

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 October 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 $2,390,954.

The accompanying notes are an integral part of these financial statements.

90<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY TECHNOLOGY TOP 5 BULL 2X ETF** 

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of S&P 500<sup>®</sup> Information Technology (Sector) Top 5 Equal Capped Index | SOFR + 0.7500% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 424 | $5139359 | &nbsp;&nbsp;&nbsp; $33499  |
|  Total return of S&P 500<sup>®</sup> Information Technology (Sector) Top 5 Equal Capped Index | SOFR + 0.9000% | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | 879127 | &nbsp;&nbsp;&nbsp; 33564  |
|  Total return of S&P 500<sup>®</sup> Information Technology (Sector) Top 5 Equal Capped Index | SOFR + 0.8500% | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 96 | 1125282 | &nbsp;&nbsp;&nbsp; 43003  |
|  |  |  |  |  | $7143768 | &nbsp;&nbsp;&nbsp; $110066 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

91<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY TSLA BEAR 1X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 109.7%**<br>|  |
|  | **Money Market Funds — 109.7%**<br>|  |
| 57681486 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $57681486  |
| 13683610 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 13683610  |
| 5670000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 5670000  |
| 9057130 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 9057130  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $86,092,226)<sup>(b)</sup>** | $86092226  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $86,092,226) — 109.7%** | $86092226  |
|  | Liabilities in Excess of Other Assets — (9.7)% | (7580184)  |
|  | **TOTAL NET ASSETS — 100.0%** | $78512042 |

---

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 October 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 $39,636,163. 

**SHORT TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
| SOFR + (0.5000)% | Total return of common shares of Tesla, Inc. | BNP Paribas | 12/5/2025 | &nbsp;&nbsp; 36667 | $12600816 | $(3752355)  |
| SOFR + 1.9000% | Total return of common shares of Tesla, Inc. | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp; 57333 | 21490470 | (4521099)  |
| SOFR + 1.0000% | Total return of common shares of Tesla, Inc. | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 39021 | 17116714 | (647159)  |
| SOFR + (2.0000)% | Total return of common shares of Tesla, Inc. | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp; 7124 | 3135486 | (52931)  |
| SOFR + 2.6500% | Total return of common shares of Tesla, Inc. | Barclays | 12/22/2025 | &nbsp;&nbsp; 31816 | 12312227 | (2019178)  |
|  |  |  |  |  | $66655713 | $(10992722) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

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**DIREXION DAILY TSLA BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 18.8%**<br>|  |
|  | **Transportation Equipment Manufacturing — 18.8%**<br>|  |
| 3159152 | Tesla, Inc.<sup>(a)</sup> | $1442342438  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,098,636,970)** | $1442342438  |
|  | **SHORT TERM INVESTMENTS — 81.4%**<br>|  |
| 2555778192 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(b)</sup> | $2555778192  |
| 228194669 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(b)</sup> | 228194669  |
| 638807697 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(b)</sup> | 638807697  |
| 2807367203 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(b)</sup> | 2807367203  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $6,230,147,761)** | $6230147761  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $7,328,784,731) — 100.2%<sup>(c)</sup>** | $7672490199  |
|  | Liabilities in Excess of Other Assets — (0.2)% | (19679742)  |
|  | **TOTAL NET ASSETS — 100.0%** | $7652810457 |

---

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 October 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 $4,988,465,859. 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of common shares of Tesla, Inc. | SOFR + 4.0000% | BNP Paribas | 12/05/2025 | 996409 | $375188882 | $74681760  |
|  Total return of common shares of Tesla, Inc. | SOFR + 3.7400% | Goldman Sachs | 12/10/2025 | 1046257 | 336057748 | 132458831  |
|  Total return of common shares of Tesla, Inc. | SOFR + 4.5000% | Nomura | 12/10/2025 | 6219189 | 1882915864 | 882413195  |
|  Total return of common shares of Tesla, Inc. | SOFR + 4.1500% | Bank of America Merrill Lynch | 12/11/2025 | 6455036 | 2753404272 | 176870412  |
|  Total return of common shares of Tesla, Inc. | SOFR + 3.7500% | Citibank N.A. | 12/22/2025 | 6710802 | 2150758344 | 868147853  |
|  Total return of common shares of Tesla, Inc. | SOFR + 3.9900% | Barclays | 12/22/2025 | 4838386 | 1424441233 | 736671913  |
|  Total return of common shares of Tesla, Inc. | SOFR + 3.7000% | J.P. Morgan | 7/27/2026 | 4098652 | 1455536642 | 394874143  |
|  |  |  |  |  | $10378302985 | $3266118107 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

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**DIREXION DAILY TSM BEAR 1X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 117.4%**<br>|  |
|  | **Money Market Funds — 117.4%**<br>|  |
| 2390270 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $2390270  |
| 270972 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 270972  |
| 991228 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 991228  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $3,652,470)<sup>(b)</sup>** | $3652470  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $3,652,470) — 117.4%** | $3652470  |
|  | Liabilities in Excess of Other Assets — (17.4)% | (542199)  |
|  | **TOTAL NET ASSETS — 100.0%** | $3110271 |

---

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 October 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 $1,783,083. 

**SHORT TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
| SOFR + (0.7500)% | Total return of common shares of Taiwan Semiconductor Manufacturing Co. Ltd. | BNP Paribas | 12/5/2025 | &nbsp;&nbsp;&nbsp; 2500 | $494855 | &nbsp;&nbsp; $(246554)  |
| SOFR + 1.9000% | Total return of common shares of Taiwan Semiconductor Manufacturing Co. Ltd. | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp;&nbsp; 652 | 157417 | &nbsp;&nbsp; (36197)  |
| SOFR + (1.5000)% | Total return of common shares of Taiwan Semiconductor Manufacturing Co. Ltd. | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 2869 | 596973 | &nbsp;&nbsp; (258261)  |
| SOFR + (2.0000)% | Total return of common shares of Taiwan Semiconductor Manufacturing Co. Ltd. | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp;&nbsp; 4332 | 1288310 | &nbsp;&nbsp; (11585)  |
|  |  |  |  |  | $2537555 | &nbsp;&nbsp; $(552597) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

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**DIREXION DAILY TSM BULL 2X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **COMMON STOCKS — 12.1%**<br>|  |
|  | **Computer and Electronic Product Manufacturing — 12.1%**<br>|  |
| 101018 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan) | $30348838  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $26,217,236)** | $30348838  |
|  | **SHORT TERM INVESTMENTS — 90.3%**<br>|  |
| 91551030 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $91551030  |
| 32108513 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 32108513  |
| 102309629 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 102309629  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $225,969,172)** | $225969172  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $252,186,408) — 102.4%<sup>(b)</sup>** | $256318010  |
|  | Liabilities in Excess of Other Assets — (2.4)% | (6075651)  |
|  | **TOTAL NET ASSETS — 100.0%** | $250242359 |

---

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 October 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 $186,050,240.

ADR - American Depository Receipt

**LONG TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of common shares of Taiwan Semiconductor Manufacturing Co. Ltd. | SOFR + 3.7500% | BNP Paribas | 12/05/2025 | 179508 | $35765928 | $16276030  |
|  Total return of common shares of Taiwan Semiconductor Manufacturing Co. Ltd. | SOFR + 3.7500% | Goldman Sachs | 12/10/2025 | 263132 | 71981338 | 6389390  |
|  Total return of common shares of Taiwan Semiconductor Manufacturing Co. Ltd. | SOFR + 3.5000% | Nomura | 12/10/2025 | 200000 | 48262238 | 10835156  |
|  Total return of common shares of Taiwan Semiconductor Manufacturing Co. Ltd. | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | 270000 | 65143215 | 14908270  |
|  Total return of common shares of Taiwan Semiconductor Manufacturing Co. Ltd. | SOFR + 3.7500% | Citibank N.A. | 12/22/2025 | 652239 | 188117832 | 6904526  |
|  |  |  |  |  | $409270551 | $55313372 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

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**Direxion Daily Uranium Industry Bull 2X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **INVESTMENT COMPANIES — 46.5%**<br>|  |
| 232307 | Global X Uranium ETF<sup>(a)(b)</sup> | $12804762  |
| 73740 | Sprott Uranium Miners ETF<sup>(a)(b)</sup> | 4746644  |
| 45751 | VanEck Uranium and Nuclear ETF<sup>(a)(b)</sup> | 7095980  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $21,196,418)** | $24647386  |
|  | **SHORT TERM INVESTMENTS — 93.1%**<br>|  |
|  | **Money Market Funds — 93.1%**<br>|  |
| 37245457 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(c)(d)</sup> | $37245457  |
| 4173981 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(c)</sup> | 4173981  |
| 5470000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(c)</sup> | 5470000  |
| 2497233 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(c)</sup> | 2497233  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $49,386,671)** | $49386671  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $70,583,089) — 139.6%<sup>(e)</sup>** | $74034057  |
|  | Liabilities in Excess of Other Assets — (39.6)% | (20985445)  |
|  | **TOTAL NET ASSETS — 100.0%** | $53048612 |

---

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 October 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 $19,476,796. 

The accompanying notes are an integral part of these financial statements.

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**Direxion Daily Uranium Industry Bull 2X Shares** 

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of Solactive United States Uranium and Nuclear Energy ETF Select Index | SOFR + 0.9500% | BNP Paribas | 12/5/2025 | &nbsp;&nbsp;&nbsp; 2912 | $17450966 | &nbsp;&nbsp; $2766418  |
|  Total return of Solactive United States Uranium and Nuclear Energy ETF Select Index | SOFR + 0.7000% | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp;&nbsp; 1725 | 5771721 | &nbsp;&nbsp; 6083783  |
|  Total return of Solactive United States Uranium and Nuclear Energy ETF Select Index | SOFR + 0.8500% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 1781 | 10359039 | &nbsp;&nbsp; 2007499  |
|  Total return of Solactive United States Uranium and Nuclear Energy ETF Select Index | SOFR + 0.8000% | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp;&nbsp; 2363 | 14743257 | &nbsp;&nbsp; 1687667  |
|  Total return of Solactive United States Uranium and Nuclear Energy ETF Select Index | SOFR + 0.9000% | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 2890 | 20133939 | &nbsp;&nbsp; (29201)  |
|  |  |  |  |  | $68458922 | &nbsp;&nbsp; $12516166 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily XOM Bear 1X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 103.3%**<br>|  |
|  | **Money Market Funds — 103.3%**<br>|  |
| 1846082 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $1846082  |
| 874 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 874  |
| 560382 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 560382  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $2,407,338)<sup>(b)</sup>** | $2407338  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $2,407,338) — 103.3%** | $2407338  |
|  | Liabilities in Excess of Other Assets — (3.3)% | (76770)  |
|  | **TOTAL NET ASSETS — 100.0%** | $2330568 |

---

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 October 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 $561,256.

**Short Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
| SOFR + 1.4000% | Total return of common shares of Exxon Mobil Corp. | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp;&nbsp; 4366 | $496125 | &nbsp;&nbsp;&nbsp; $(289)  |
| SOFR + (1.5000)% | Total return of common shares of Exxon Mobil Corp. | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 5324 | 579311 | &nbsp;&nbsp;&nbsp; (31105)  |
| SOFR + (2.0000)% | Total return of common shares of Exxon Mobil Corp. | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp;&nbsp; 6248 | 682072 | &nbsp;&nbsp;&nbsp; (35688)  |
| SOFR + 2.1500% | Total return of common shares of Exxon Mobil Corp. | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 4433 | 484693 | &nbsp;&nbsp;&nbsp; (15992)  |
|  |  |  |  |  | $2242201 | &nbsp;&nbsp;&nbsp; $(83074) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

98<br>

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**Direxion Daily XOM Bull 2X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 15.0%**<br>|  |
|  | **Oil and Gas Extraction — 15.0%**<br>|  |
| 4349 | Exxon Mobil Corp. | $497352  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $471,036)** | $497352  |
|  | **SHORT TERM INVESTMENTS — 79.1%**<br>|  |
| 533184 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $533184  |
| 862373 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 862373  |
| 330000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 330000  |
| 887628 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 887628  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $2,613,185)** | $2613185  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $3,084,221) — 94.1%<sup>(b)</sup>** | $3110537  |
|  | Other Assets in Excess of Liabilities — 5.9% | 195150  |
|  | **TOTAL NET ASSETS — 100.0%** | $3305687 |

---

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 October 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 $2,080,001.

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of common shares of Exxon Mobil Corp. | SOFR + 1.9200% | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp; 19059 | $2062254 | &nbsp;&nbsp; $92354  |
|  Total return of common shares of Exxon Mobil Corp. | SOFR + 3.0000% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 10454 | 1131137 | &nbsp;&nbsp; 41054  |
|  Total return of common shares of Exxon Mobil Corp. | SOFR + 3.7500% | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp; 11855 | 1308087 | &nbsp;&nbsp; 19493  |
|  Total return of common shares of Exxon Mobil Corp. | SOFR + 2.6100% | Barclays | 12/22/2025 | &nbsp;&nbsp; 12095 | 1323385 | &nbsp;&nbsp; 37476  |
|  |  |  |  |  | $5824863 | &nbsp;&nbsp; $190377 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

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**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**AAPL Bear** <br>**1X Shares** | **Direxion Daily** <br>**AAPL Bull** <br>**2X Shares** | **Direxion Daily** <br>**AI and Big** <br>**Data Bear** <br>**2X Shares** | **Direxion Daily** <br>**AI and Big** <br>**Data Bull** <br>**2X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
|  Investments, at fair value (including securities loaned\*) (Note 2) | $22822415 | $221780729 | $3179391 | $46938115  |
| Cash |  |  |  | 1955495 |
| Receivable for Fund shares sold | 3299209 | 1352 |  | —  |
| Receivable for investments sold |  |  |  | 5707770  |
| Dividend and interest receivable | 77218 | 646212 | 8754 | 25909  |
| Due from broker for swap contracts |  | 213037 |  | —  |
| Unrealized appreciation on swap contracts |  | 93325829 |  | 10219893  |
| Prepaid expenses and other assets | 1660 | 158 | 2344 | 1724  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 26200502 | 315967317 | 3190489 | 64848906  |
| **LIABILITIES:**<br>|  |  |  |  |
| Collateral for securities loaned (Note 2) |  |  |  | 245929  |
| Payable for Fund shares redeemed |  | 4508425 |  | —  |
| Payable for investments purchased |  |  |  | 5675625  |
| Unrealized depreciation on swap contracts | 2098561 |  | 431083 | 10380  |
| Due to Adviser, net (Note 6) | 7783 | 77468 | 3104 | 30501  |
| Due to broker for swap contracts | 257 | 94924000 | 15646 | 10026000  |
| Accrued expenses and other liabilities | 8036 | 51238 | 11811 | 15458  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 2114637 | 99561131 | 461644 | 16003893  |
| **NET ASSETS** | $24085865 | $216406186 | $2728845 | $48845013  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $40805238 | $116237150 | $5524736 | $33513651  |
| Total distributable earnings (loss) | (16719373) | 100169036 | (2795891) | 15331362  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $24085865 | $216406186 | $2728845 | $48845013 |
| &nbsp;&nbsp;&nbsp; **CALCULATION OF NET ASSET VALUE** <br>**PER SHARE:**<br>|  |  |  |  |
| Net assets | $24085865 | $216406186 | $2728845 | $48845013  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 1825001 | 6000001 | 425001 | 775001  |
|  Net assets value, redemption price and offering price per share | $13.20 | $36.07 | $6.42 | $63.03  |
| Cost of Investments | $22822415 | $218575948 | $3179391 | $40334734  |
| \*Value of securities loaned | $— | $— | $— | $527697 |

---

The accompanying notes are an integral part of these financial statements.

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**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**AMD Bear** <br>**1X Shares** | **Direxion Daily** <br>**AMD Bull** <br>**2X Shares** | **Direxion Daily** <br>**AMZN Bear** <br>**1X Shares** | **Direxion Daily** <br>**AMZN Bull** <br>**2X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
| Investments, at fair value (Note 2) | $28406099 | $61091234 | $6559911 | $404681564  |
| Receivable for Fund shares sold | 1658091 |  | 4556732 | 34225  |
| Dividend and interest receivable | 101417 | 163370 | 23482 | 1290037  |
| Due from broker for swap contracts |  |  |  | 13800647  |
| Unrealized appreciation on swap contracts | 16140 | 33530872 |  | 71593034  |
| Prepaid expenses and other assets | 1516 | 1000 | 1364 | 369  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 30183263 | 94786476 | 11141489 | 491399876  |
| **LIABILITIES:**<br>|  |  |  |  |
| Payable for Fund shares redeemed | 1450449 |  |  | 125057094  |
| Unrealized depreciation on swap contracts | 4249649 | 122 | 581404 | —  |
| Due to Adviser, net (Note 6) | 22810 | 42909 | 5689 | 155980  |
| Due to broker for swap contracts | 6510 | 31531000 |  | 14409001  |
| Accrued expenses and other liabilities | 2989 | 6564 | 2612 | 72031  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 5732407 | 31580595 | 589705 | 139694106  |
| **NET ASSETS** | $24450856 | $63205881 | $10551784 | $351705770  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $34219865 | $28379626 | $14700897 | $296201566  |
| Total distributable earnings (loss) | (9769009) | 34826255 | (4149113) | 55504204  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $24450856 | $63205881 | $10551784 | $351705770 |
| &nbsp;&nbsp;&nbsp; **CALCULATION OF NET ASSET VALUE** <br>**PER SHARE:**<br>|  |  |  |  |
| Net assets | $24450856 | $63205881 | $10551784 | $351705770  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 2950001 | 675001 | 1100001 | 8375001  |
|  Net assets value, redemption price and offering price per share | $8.29 | $93.64 | $9.59 | $41.99  |
| Cost of Investments | $28406099 | $59701206 | $6559911 | $401617360 |

---

The accompanying notes are an integral part of these financial statements.

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**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**AVGO Bear** <br>**1X Shares** | **Direxion Daily** <br>**AVGO Bull** <br>**2X Shares** | **Direxion Daily** <br>**BA Bear** <br>**1X Shares** | **Direxion Daily** <br>**BA Bull** <br>**2X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
| Investments, at fair value (Note 2) | $12639198 | $126990154 | $2516167 | $22481655  |
| Receivable for Fund shares sold |  |  |  | 686260  |
| Dividend and interest receivable | 45345 | 374977 | 8291 | 61635  |
| Due from broker for swap contracts |  | 4584902 |  | —  |
| Unrealized appreciation on swap contracts |  | 33864969 | 177772 | 264223  |
| Prepaid expenses and other assets | 1523 | 749 | 1835 | 1540  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 12686066 | 165815751 | 2704065 | 23495313  |
| **LIABILITIES:**<br>|  |  |  |  |
| Unrealized depreciation on swap contracts | 1044354 | 671849 | 71092 | 1526521  |
| Due to Adviser, net (Note 6) | 8577 | 48967 | 690 | 14695  |
| Due to broker for swap contracts | 1633 | 42180001 | 165429 | 1384963  |
| Accrued expenses and other liabilities | 3258 | 23558 | 6588 | 7787  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 1057822 | 42924375 | 243799 | 2933966  |
| **NET ASSETS** | $11628244 | $122891376 | $2460266 | $20561347  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $17105007 | $61189316 | $2985148 | $21992804  |
| Total distributable earnings (loss) | (5476763) | 61702060 | (524882) | (1431457)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $11628244 | $122891376 | $2460266 | $20561347  |
| &nbsp;&nbsp;&nbsp; **CALCULATION OF NET ASSET VALUE** <br>**PER SHARE:**<br>|  |  |  |  |
| Net assets | $11628244 | $122891376 | $2460266 | $20561347  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 1250001 | 1925001 | 125001 | 600001  |
|  Net assets value, redemption price and offering price per share | $9.30 | $63.84 | $19.68 | $34.27  |
| Cost of Investments | $12639198 | $121278387 | $2516167 | $22677623 |

---

The accompanying notes are an integral part of these financial statements.

102<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Biotech** <br>**Top 5 Bull** <br>**2X ETF** | **Direxion Daily** <br>**BRKB Bear** <br>**1X Shares** | **Direxion Daily** <br>**BRKB Bull** <br>**2X Shares** | **Direxion Daily** <br>**Crypto** <br>**Industry Bear** <br>**1X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
| Investments, at fair value (Note 2) | $2765529 | $2911853 | $82814998 | $1758546  |
| Receivable for investments sold | 548288 |  |  | —  |
| Due from Adviser, net (Note 6) | 12044 |  |  | —  |
| Dividend and interest receivable | 3294 | 9897 | 243025 | 6306  |
| Unrealized appreciation on swap contracts | 275714 | 180127 |  | —  |
| Prepaid expenses and other assets |  | 1734 | 771 | 2297  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 3604869 | 3103611 | 83058794 | 1767149  |
| **LIABILITIES:**<br>|  |  |  |  |
| Unrealized depreciation on swap contracts |  |  | 6811577 | 317259  |
| Due to Adviser, net (Note 6) |  | 10078 | 30443 | 1441  |
| Due to broker for swap contracts |  | 62000 | 11097 | 7635  |
| Accrued expenses and other liabilities | 12519 | 1990 | 13871 | 12096  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 12519 | 74068 | 6866988 | 338431  |
| **NET ASSETS** | $3592350 | $3029543 | $76191806 | $1428718  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $3167687 | $3112277 | $89199636 | $2486574  |
| Total distributable earnings (loss) | 424663 | (82734) | (13007830) | (1057856)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $3592350 | $3029543 | $76191806 | $1428718 |
| &nbsp;&nbsp;&nbsp; **CALCULATION OF NET ASSET VALUE** <br>**PER SHARE:**<br>|  |  |  |  |
| Net assets | $3592350 | $3029543 | $76191806 | $1428718  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 125001 | 125001 | 3300001 | 100001  |
|  Net assets value, redemption price and offering price per share | $28.74 | $24.24 | $23.09 | $14.29  |
| Cost of Investments | $2652781 | $2911853 | $83587513 | $1758546 |

---

The accompanying notes are an integral part of these financial statements.

103<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Crypto** <br>**Industry Bull** <br>**2X Shares** | **Direxion Daily** <br>**CSCO Bear** <br>**1X ETF** | **Direxion Daily** <br>**CSCO Bull** <br>**2X ETF** | **Direxion Daily** <br>**CSI 300 China** <br>**A Share Bull** <br>**2X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
|  Investments, at fair value (including securities loaned\*) (Note 2) | $6893676 | $2451614 | $3966698 | $160084133  |
| Receivable for investments sold | 2882795 |  |  | —  |
| Due from Adviser, net (Note 6) |  | 4554 | 3461 | —  |
| Dividend and interest receivable | 4919 | 8385 | 10161 | 406499  |
| Due from broker for swap contracts | 63 |  | 16 | 161329  |
| Unrealized appreciation on swap contracts | 1403369 |  | 410463 | 40485093  |
| Prepaid expenses and other assets | 2200 | 1932 | 1899 | 5429  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 11187022 | 2466485 | 4392698 | 201142483  |
| **LIABILITIES:**<br>|  |  |  |  |
| Collateral for securities loaned (Note 2) | 185498 |  |  | 20600820  |
| Payable for investments purchased | 993376 |  |  | 2053  |
| Unrealized depreciation on swap contracts | 3645 | 152526 |  | —  |
| Due to Adviser, net (Note 6) | 7142 |  |  | 51093  |
| Due to broker for swap contracts | 1469000 | 731 | 196000 | 44343000  |
| Accrued expenses and other liabilities | 12281 | 11600 | 11715 | 88046  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 2670942 | 164857 | 207715 | 65085012  |
| **NET ASSETS** | $8516080 | $2301628 | $4184983 | $136057471  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $5914053 | $2500025 | $3953220 | $294115867  |
| Total distributable earnings (loss) | 2602027 | (198397) | 231763 | (158058396)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $8516080 | $2301628 | $4184983 | $136057471 |
| &nbsp;&nbsp;&nbsp; **CALCULATION OF NET ASSET VALUE** <br>**PER SHARE:**<br>|  |  |  |  |
| Net assets | $8516080 | $2301628 | $4184983 | $136057471  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 200001 | 100001 | 150001 | 6600000  |
|  Net assets value, redemption price and offering price per share | $42.58 | $23.02 | $27.90 | $20.61  |
| Cost of Investments | $5495530 | $2451614 | $3909951 | $160344494  |
| \*Value of securities loaned | $983401 | $— | $— | $20167725 |

---

The accompanying notes are an integral part of these financial statements.

104<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**CSI China** <br>**Internet Index** <br>**Bull 2X Shares** | **Direxion Daily** <br>**Energy Bear** <br>**2X Shares** | **Direxion Daily** <br>**Energy Bull** <br>**2X Shares** | **Direxion Daily** <br>**Energy Top 5** <br>**Bull 2X ETF**  |
| **ASSETS:**<br>|  |  |  |  |
| Investments, at fair value (Note 2) | $337012584 | $18107031 | $219703367 | $1516199  |
| Receivable for Fund shares sold |  |  | 816 | —  |
| Receivable for investments sold |  |  |  | 897347  |
| Due from Adviser, net (Note 6) |  |  |  | 12948  |
| Dividend and interest receivable | 614203 | 76640 | 244628 | 2547  |
| Due from broker for swap contracts | 8607 |  |  | —  |
| Unrealized appreciation on swap contracts | 81589573 | 500547 | 9359092 | —  |
| Prepaid expenses and other assets | 13314 | 53503 | 153516 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 419238281 | 18737721 | 229461419 | 2429041  |
| **LIABILITIES:**<br>|  |  |  |  |
| Payable for Fund shares redeemed |  |  | 2719834 | —  |
| Unrealized depreciation on swap contracts |  | 139781 | 161439 | 99353  |
| Due to Adviser, net (Note 6) | 125338 | 17707 | 79195 | —  |
| Due to broker for swap contracts | 84854088 | 514275 | 8133056 | —  |
| Accrued expenses and other liabilities | 210091 | 4151 | 41326 | 12496  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 85189517 | 675914 | 11134850 | 111849  |
| **NET ASSETS** | $334048764 | $18061807 | $218326569 | $2317192  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $689458201 | $216614864 | $263488615 | $2500025  |
| Total distributable loss | (355409437) | (198553057) | (45162046) | (182833)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $334048764 | $18061807 | $218326569 | $2317192 |
| &nbsp;&nbsp;&nbsp; **CALCULATION OF NET ASSET VALUE** <br>**PER SHARE:**<br>|  |  |  |  |
| Net assets | $334048764 | $18061807 | $218326569 | $2317192  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 6524087 | 865264 | 4013531 | 100001  |
|  Net assets value, redemption price and offering price per share | $51.20 | $20.87 | $54.40 | $23.17  |
| Cost of Investments | $304334860 | $18107031 | $218672580 | $1554326 |

---

The accompanying notes are an integral part of these financial statements.

105<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**F Bear** <br>**1X ETF** | **Direxion Daily** <br>**F Bull** <br>**2X ETF** | **Direxion Daily** <br>**Gold Miners** <br>**Index Bear** <br>**2X Shares** | **Direxion Daily** <br>**Gold Miners** <br>**Index Bull** <br>**2X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
|  Investments, at fair value (including securities loaned\*) (Note 2) | $2300437 | $3803630 | $150291432 | $1334246684  |
| Receivable for Fund shares sold |  |  | 2300654 | 80772  |
| Due from Adviser, net (Note 6) | 4364 | 3498 |  | —  |
| Dividend and interest receivable | 8738 | 9548 | 760072 | 1732212  |
| Due from broker for swap contracts |  |  |  | —  |
| Unrealized appreciation on swap contracts |  | 969014 | 9351385 | 348456333  |
| Prepaid expenses and other assets | 1618 | 1609 | 7850 | 21221  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 2315157 | 4787299 | 162711393 | 1684537222  |
| **LIABILITIES:**<br>|  |  |  |  |
| Collateral for securities loaned (Note 2) |  |  |  | 199023995  |
| Unrealized depreciation on swap contracts | 242221 | 25648 | 36076052 | 46182609  |
| Due to Adviser, net (Note 6) |  |  | 61661 | 400584  |
| Due to broker for swap contracts | 3206 | 631000 | 8179495 | 360681936  |
| Accrued expenses and other liabilities | 11249 | 11282 | 22223 | 172526  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 256676 | 667930 | 44339431 | 606461650  |
| **NET ASSETS** | $2058481 | $4119369 | $118371962 | $1078075572  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $2500025 | $3147111 | $967812737 | $2244431369  |
| Total distributable earnings (loss) | (441544) | 972258 | (849440775) | (1166355797)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $2058481 | $4119369 | $118371962 | $1078075572 |
| &nbsp;&nbsp;&nbsp; **CALCULATION OF NET ASSET VALUE** <br>**PER SHARE:**<br>|  |  |  |  |
| Net assets | $2058481 | $4119369 | $118371962 | $1078075572  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 100001 | 125001 | 10290838 | 8101908  |
|  Net assets value, redemption price and offering price per share | $20.58 | $32.95 | $11.50 | $133.06  |
| Cost of Investments | $2300437 | $3739907 | $150291432 | $1275833850  |
| \*Value of securities loaned | $— | $— | $— | $233561540 |

---

The accompanying notes are an integral part of these financial statements.

106<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**GOOGL Bear** <br>**1X Shares** | **Direxion Daily** <br>**GOOGL Bull** <br>**2X Shares** | **Direxion Daily** <br>**Junior Gold** <br>**Miners Index** <br>**Bear 2X Shares** | **Direxion Daily** <br>**Junior Gold** <br>**Miners Index** <br>**Bull 2X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
|  Investments, at fair value (including securities loaned\*) (Note 2) | $13160838 | $747067868 | $69809830 | $559237375  |
| Receivable for Fund shares sold |  | 1665 | 2434964 | —  |
| Dividend and interest receivable | 49680 | 1510040 | 318347 | 1232132  |
| Due from broker for swap contracts | 1 |  | 4 | —  |
| Unrealized appreciation on swap contracts |  | 358756732 |  | 267625490  |
| Prepaid expenses and other assets | 1180 | 3560 | 9859 | 14601  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 13211699 | 1107339865 | 72573004 | 828109598  |
| **LIABILITIES:**<br>|  |  |  |  |
| Collateral for securities loaned (Note 2) |  |  |  | 56137535  |
| Payable for Fund shares redeemed |  | 20092703 |  | —  |
| Unrealized depreciation on swap contracts | 910328 |  | 23845401 | 17142537  |
| Due to Adviser, net (Note 6) | 11802 | 188538 | 22943 | 194254  |
| Due to broker for swap contracts |  | 360418990 |  | 278214260  |
| Accrued expenses and other liabilities | 3128 | 89708 | 12586 | 79964  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 925258 | 380789939 | 23880930 | 351768550  |
| **NET ASSETS** | $12286441 | $726549926 | $48692074 | $476341048  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $18468548 | $371712595 | $431375493 | $1624923762  |
| Total distributable earnings (loss) | (6182107) | 354837331 | (382683419) | (1148582714)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $12286441 | $726549926 | $48692074 | $476341048  |
| &nbsp;&nbsp;&nbsp; **CALCULATION OF NET ASSET VALUE** <br>**PER SHARE:**<br>|  |  |  |  |
| Net assets | $12286441 | $726549926 | $48692074 | $476341048  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 1600001 | 8725001 | 10998040 | 3393351  |
|  Net assets value, redemption price and offering price per share | $7.68 | $83.27 | $4.43 | $140.37  |
| Cost of Investments | $13160838 | $742751556 | $69809830 | $549098083  |
| \*Value of securities loaned | $— | $— | $— | $68302135 |

---

The accompanying notes are an integral part of these financial statements.

107<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**LLY Bear** <br>**1X Shares** | **Direxion Daily** <br>**LLY Bull** <br>**2X Shares** | **Direxion Daily** <br>**LMT Bear** <br>**1X ETF** | **Direxion Daily** <br>**LMT Bull** <br>**2X ETF**  |
| **ASSETS:**<br>|  |  |  |  |
| Investments, at fair value (Note 2) | $4344960 | $16580463 | $2376058 | $4005873  |
| Cash  | —  | —  | 601  | 1202 |
| Receivable for investments sold |  |  |  | 636973  |
| Due from Adviser, net (Note 6) |  |  | 7757 | 5544  |
| Dividend and interest receivable | 18005 | 52521 | 8131 | 13570  |
| Due from broker for swap contracts |  |  | 370 | 1648  |
| Unrealized appreciation on swap contracts | 2335 | 7152251 |  | 959957  |
| Prepaid expenses and other assets | 1804 | 1523 | 713 | 713  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 4367104 | 23786758 | 2393630 | 5625480  |
| **LIABILITIES:**<br>|  |  |  |  |
| Unrealized depreciation on swap contracts | 421252 |  | 206227 | —  |
| Due to Adviser, net (Note 6) | 5592 | 16896 |  | —  |
| Due to broker for swap contracts | 27784 | 6492000 | 2933 | 770000  |
| Accrued expenses and other liabilities | 6813 | 7911 | 11106 | 11253  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 461441 | 6516807 | 220266 | 781253  |
| **NET ASSETS** | $3905663 | $17269951 | $2173364 | $4844227  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $4794005 | $8879927 | $2500025 | $3780605  |
| Total distributable earnings (loss) | (888342) | 8390024 | (326661) | 1063622  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $3905663 | $17269951 | $2173364 | $4844227 |
| &nbsp;&nbsp;&nbsp; **CALCULATION OF NET ASSET VALUE** <br>**PER SHARE:**<br>|  |  |  |  |
| Net assets | $3905663 | $17269951 | $2173364 | $4844227  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 175001 | 825001 | 100001 | 150001  |
|  Net assets value, redemption price and offering price per share | $22.32 | $20.93 | $21.73 | $32.29  |
| Cost of Investments | $4344960 | $16069249 | $2376058 | $4005809 |

---

The accompanying notes are an integral part of these financial statements.

108<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Magnificent 7** <br>**Bear 1X Shares** | **Direxion Daily** <br>**Magnificent 7** <br>**Bull 2X Shares** | **Direxion Daily** <br>**META Bear** <br>**1X Shares** | **Direxion Daily** <br>**META Bull** <br>**2X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
| Investments, at fair value (Note 2) | $17345245 | $117938502 | $7589931 | $734997874  |
| Receivable for Fund shares sold |  | 479 |  | 75022431  |
| Dividend and interest receivable | 61975 | 89346 | 24584 | 808336  |
| Due from broker for swap contracts |  |  |  | —  |
| Unrealized appreciation on swap contracts |  | 19397377 | 969238 | —  |
| Prepaid expenses and other assets | 1867 | 1248 | 2655 | 694  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 17409087 | 137426952 | 8586408 | 810829335  |
| **LIABILITIES:**<br>|  |  |  |  |
| Payable for Fund shares redeemed |  | 1597610 |  | —  |
| Unrealized depreciation on swap contracts | 1875236 |  |  | 59899635  |
| Due to Adviser, net (Note 6) | 2928 | 36603 | 4019 | 101582  |
| Due to broker for swap contracts | 46360 | 17525306 | 462000 | 22096305  |
| Accrued expenses and other liabilities | 11027 | 43749 | 2571 | 35051  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 1935551 | 19203268 | 468590 | 82132573  |
| **NET ASSETS** | $15473536 | $118223684 | $8117818 | $728696762  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $20342523 | $78892736 | $8692303 | $794751897  |
| Total distributable earnings (loss) | (4868987) | 39330948 | (574485) | (66055135)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $15473536 | $118223684 | $8117818 | $728696762  |
| &nbsp;&nbsp;&nbsp; **CALCULATION OF NET ASSET VALUE** <br>**PER SHARE:**<br>|  |  |  |  |
| Net assets | $15473536 | $118223684 | $8117818 | $728696762  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 1200001 | 1850001 | 500001 | 22650001  |
|  Net assets value, redemption price and offering price per share | $12.89 | $63.90 | $16.24 | $32.17  |
| Cost of Investments | $17345245 | $98113349 | $7589931 | $739844759 |

---

The accompanying notes are an integral part of these financial statements.

109<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**MSCI Brazil** <br>**Bull 2X Shares** | **Direxion Daily** <br>**MSCI India** <br>**Bull 2X Shares** | **Direxion Daily** <br>**MSFT Bear** <br>**1X Shares** | **Direxion Daily** <br>**MSFT Bull** <br>**2X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
|  Investments, at fair value (including securities loaned\*) (Note 2) | $154891651 | $71097524 | $8847835 | $239514443  |
| Receivable for Fund shares sold | 739 |  |  | 31864401  |
| Dividend and interest receivable | 195587 | 134733 | 31817 | 589751  |
| Due from broker for swap contracts | 16570 | 5613 |  | 430000  |
| Unrealized appreciation on swap contracts | 35894494 | 1121705 | 187805 | 8903588  |
| Prepaid expenses and other assets | 9700 | 5137 | 1138 | 1001  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 191008741 | 72364712 | 9068595 | 281303184  |
| **LIABILITIES:**<br>|  |  |  |  |
| Collateral for securities loaned (Note 2) | 32852614 |  |  | —  |
| Payable for Fund shares redeemed | 13700 |  |  | —  |
| Unrealized depreciation on swap contracts |  | 1914679 | 36670 | 3548310  |
| Due to Adviser, net (Note 6) | 43384 | 26054 | 7547 | 71004  |
| Due to broker for swap contracts | 35320000 | 1250000 | 101000 | 13731001  |
| Accrued expenses and other liabilities | 73757 | 58289 | 3309 | 39651  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 68303455 | 3249022 | 148526 | 17389966  |
| **NET ASSETS** | $122705286 | $69115690 | $8920069 | $263913218  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $572698828 | $70401621 | $15166538 | $246242054  |
| Total distributable earnings (loss) | (449993542) | (1285931) | (6246469) | 17671164  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $122705286 | $69115690 | $8920069 | $263913218 |
| &nbsp;&nbsp;&nbsp; **CALCULATION OF NET ASSET VALUE** <br>**PER SHARE:**<br>|  |  |  |  |
| Net assets | $122705286 | $69115690 | $8920069 | $263913218  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 1658631 | 1199686 | 825001 | 5125001  |
|  Net assets value, redemption price and offering price per share | $73.98 | $57.61 | $10.81 | $51.50  |
| Cost of Investments | $149188698 | $69765525 | $8847835 | $238054969  |
| \*Value of securities loaned | $32128304 | $— | $— | $— |

---

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**MU Bear** <br>**1X Shares** | **Direxion Daily** <br>**MU Bull** <br>**2X Shares** | **Direxion Daily** <br>**NFLX Bear** <br>**1X Shares** | **Direxion Daily** <br>**NFLX Bull** <br>**2X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
| Investments, at fair value (Note 2) | $33104730 | $265875459 | $6317199 | $136314384  |
| Receivable for Fund shares sold |  | 2860844 | 367376 | 712  |
| Dividend and interest receivable | 48370 | 464789 | 26191 | 265856  |
| Due from broker for swap contracts |  |  | 119449 | —  |
| Unrealized appreciation on swap contracts |  | 87179160 | 522623 | —  |
| Prepaid expenses and other assets | 1656 | 749 | 1418 | 1123  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 33154756 | 356381001 | 7354256 | 136582075  |
| **LIABILITIES:**<br>|  |  |  |  |
| Payable for Fund shares redeemed |  |  |  | 4170095  |
| Unrealized depreciation on swap contracts | 2922669 |  |  | 5553329  |
| Due to Adviser, net (Note 6) | 7521 | 119709 | 4995 | 32950  |
| Due to broker for swap contracts |  | 87946000 | 733000 | 2200139  |
| Accrued expenses and other liabilities | 2359 | 14677 | 3756 | 15256  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 2932549 | 88080386 | 741751 | 11971769  |
| **NET ASSETS** | $30222207 | $268300615 | $6612505 | $124610306  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $35457237 | $162030837 | $8960091 | $130512919  |
| Total distributable earnings (loss) | (5235030) | 106269778 | (2347586) | (5902613)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $30222207 | $268300615 | $6612505 | $124610306  |
| &nbsp;&nbsp;&nbsp; **CALCULATION OF NET ASSET VALUE** <br>**PER SHARE:**<br>|  |  |  |  |
| Net assets | $30222207 | $268300615 | $6612505 | $124610306  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 3750001 | 3750001 | 450001 | 2625001  |
|  Net assets value, redemption price and offering price per share | $8.06 | $71.55 | $14.69 | $47.47  |
| Cost of Investments | $33104730 | $254320419 | $6317199 | $137705829 |

---

The accompanying notes are an integral part of these financial statements.

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**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**NVDA Bear** <br>**1X Shares** | **Direxion Daily** <br>**NVDA Bull** <br>**2X Shares** | **Direxion Daily** <br>**NYSE FANG+**<br>**Bull 2X Shares** | **Direxion Daily** <br>**PANW Bear** <br>**1X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
| Investments, at fair value (Note 2) | $30322881 | $723955168 | $135464025 | $3449700  |
| Receivable for Fund shares sold | 11673567 | 2269 |  | —  |
| Dividend and interest receivable | 108847 | 2046664 | 239950 | 14028  |
| Due from broker for swap contracts |  | 125037 |  | —  |
| Unrealized appreciation on swap contracts |  | 173029038 | 43810339 | —  |
| Prepaid expenses and other assets | 872 | 3019 | 1501 | 1831  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 42106167 | 899161195 | 179515815 | 3465559  |
| **LIABILITIES:**<br>|  |  |  |  |
| Payable for Fund shares redeemed |  | 7561487 |  | —  |
| Unrealized depreciation on swap contracts | 2670403 |  |  | 400540  |
| Due to Adviser, net (Note 6) | 11984 | 249438 | 48661 | 3537  |
| Due to broker for swap contracts |  | 176683488 | 39750000 | 2990  |
| Accrued expenses and other liabilities | 7192 | 162982 | 46339 | 6707  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 2689579 | 184657395 | 39845000 | 413774  |
| **NET ASSETS** | $39416588 | $714503800 | $139670815 | $3051785  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $66954183 | $518766888 | $78779192 | $3724105  |
| Total distributable earnings (loss) | (27537595) | 195736912 | 60891623 | (672320)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $39416588 | $714503800 | $139670815 | $3051785 |
| &nbsp;&nbsp;&nbsp; **CALCULATION OF NET ASSET VALUE** <br>**PER SHARE:**<br>|  |  |  |  |
| Net assets | $39416588 | $714503800 | $139670815 | $3051785  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 1097450 | 4725001 | 529852 | 150001  |
|  Net assets value, redemption price and offering price per share | $35.92 | $151.22 | $263.60 | $20.35  |
| Cost of Investments | $30322881 | $688953694 | $121884711 | $3449700 |

---

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**PANW Bull** <br>**2X Shares** | **Direxion Daily** <br>**PLTR Bear** <br>**1X Shares** | **Direxion Daily** <br>**PLTR Bull** <br>**2X Shares** | **Direxion Daily** <br>**QCOM Bear** <br>**1X ETF**  |
| **ASSETS:**<br>|  |  |  |  |
| Investments, at fair value (Note 2) | $11846288 | $41384866 | $564575710 | $2919113  |
| Receivable for Fund shares sold |  | 3497879 |  | —  |
| Due from Adviser, net (Note 6) |  |  |  | 4216  |
| Dividend and interest receivable | 35141 | 158523 | 1693028 | 10274  |
| Due from broker for swap contracts |  |  | 589248 | —  |
| Unrealized appreciation on swap contracts | 3979418 |  | 211716982 | —  |
| Prepaid expenses and other assets | 1663 | 772 | 1337 | 1925  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 15862510 | 45042040 | 778576305 | 2935528  |
| **LIABILITIES:**<br>|  |  |  |  |
| Payable for Fund shares redeemed |  | 456227 | 2245925 | —  |
| Unrealized depreciation on swap contracts |  | 6040405 |  | 305593  |
| Due to Adviser, net (Note 6) | 10002 | 15461 | 206367 | —  |
| Due to broker for swap contracts | 3673000 | 194115 | 198095000 | 8141  |
| Accrued expenses and other liabilities | 7384 | 12601 | 102189 | 11623  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 3690386 | 6718809 | 200649481 | 325357  |
| **NET ASSETS** | $12172124 | $38323231 | $577926824 | $2610171  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $7641636 | $67815802 | $254626716 | $3132093  |
| Total distributable earnings (loss) | 4530488 | (29492571) | 323300108 | (521922)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $12172124 | $38323231 | $577926824 | $2610171  |
| &nbsp;&nbsp;&nbsp; **CALCULATION OF NET ASSET VALUE** <br>**PER SHARE:**<br>|  |  |  |  |
| Net assets | $12172124 | $38323231 | $577926824 | $2610171  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 425001 | 6300001 | 4825001 | 125001  |
|  Net assets value, redemption price and offering price per share | $28.64 | $6.08 | $119.78 | $20.88  |
| Cost of Investments | $11696260 | $41384866 | $546989233 | $2919113 |

---

The accompanying notes are an integral part of these financial statements.

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**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**QCOM Bull** <br>**2X ETF** | **Direxion Daily** <br>**Robotics, Artificial** <br>**Intelligence &** <br>**Automation Index** <br>**Bull 2X Shares** | **Direxion Daily** <br>**S&P 500<sup>®</sup> Bear** <br>**1X Shares** | **Direxion Daily** <br>**S&P 500<sup>®</sup> Bull** <br>**2X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
|  Investments, at fair value (including securities loaned\*) (Note 2) | $6367059 | &nbsp;&nbsp; $35142811 | $124584661 | $202434503  |
| Receivable for Fund shares sold |  | &nbsp;&nbsp; — | 16051967 | —  |
| Due from Adviser, net (Note 6) | 3343 | &nbsp;&nbsp; — |  | —  |
| Dividend and interest receivable | 10810 | &nbsp;&nbsp; 62475 | 445338 | 140179  |
| Unrealized appreciation on swap contracts | 961232 | &nbsp;&nbsp; 9921688 |  | 31870389  |
| Prepaid expenses and other assets | 1910 | &nbsp;&nbsp; 2048 | 27819 | 6005  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 7344354 | &nbsp;&nbsp; 45129022 | 141109785 | 234451076  |
| **LIABILITIES:**<br>|  |  |  |  |
| Collateral for securities loaned (Note 2) |  | &nbsp;&nbsp; 19127 |  | —  |
| Payable for Fund shares redeemed |  | &nbsp;&nbsp; — | 2832700 | —  |
| Unrealized depreciation on swap contracts |  | &nbsp;&nbsp; — | 4140228 | —  |
| Due to Adviser, net (Note 6) |  | &nbsp;&nbsp; 12981 | 28447 | 89332  |
| Due to broker for swap contracts | 307000 | &nbsp;&nbsp; 9156001 |  | 31433057  |
| Accrued expenses and other liabilities | 11680 | &nbsp;&nbsp; 14811 | 29328 | 72888  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 318680 | &nbsp;&nbsp; 9202920 | 7030703 | 31595277  |
| **NET ASSETS** | $7025674 | &nbsp;&nbsp; $35926102 | $134079082 | $202855799  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $6168103 | &nbsp;&nbsp; $43216676 | $364282045 | $133658484  |
| Total distributable earnings (loss) | 857571 | &nbsp;&nbsp; (7290574) | (230202963) | 69197315  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $7025674 | &nbsp;&nbsp; $35926102 | $134079082 | $202855799 |
|  **CALCULATION OF NET ASSET VALUE PER SHARE:**<br>|  |  |  |  |
| Net assets | $7025674 | &nbsp;&nbsp; $35926102 | $134079082 | $202855799  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 225001 | &nbsp;&nbsp; 1273646 | 14199983 | 1083236  |
|  Net assets value, redemption price and offering price per share | $31.23 | &nbsp;&nbsp; $28.21 | $9.44 | $187.27  |
| Cost of Investments | $6276453 | &nbsp;&nbsp; $31735101 | $124584661 | $153082353  |
| \*Value of securities loaned | $— | &nbsp;&nbsp; $18703 | $— | $118861 |

---

The accompanying notes are an integral part of these financial statements.

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**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**S&P Oil & Gas** <br>**Exp. & Prod.** <br>**Bear 2X Shares** | **Direxion Daily** <br>**S&P Oil & Gas** <br>**Exp. & Prod.** <br>**Bull 2X Shares** | **Direxion Daily** <br>**Semiconductors** <br>**Top 5 Bear** <br>**2X ETF** | **Direxion Daily** <br>**Semiconductors** <br>**Top 5 Bull** <br>**2X ETF**  |
| **ASSETS:**<br>|  |  |  |  |
|  Investments, at fair value (including securities loaned\*) (Note 2) | $50535122 | $229201551 | &nbsp;&nbsp; $2082458 | &nbsp;&nbsp; $4797534  |
| Receivable for Fund shares sold | 918011 | 223 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Receivable for investments sold |  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 796059  |
| Due from Adviser, net (Note 6) |  |  | &nbsp;&nbsp; 13509 | &nbsp;&nbsp; 11585  |
| Dividend and interest receivable | 168192 | 325683 | &nbsp;&nbsp; 7825 | &nbsp;&nbsp; 6056  |
| Unrealized appreciation on swap contracts | 5098830 | 7502092 | &nbsp;&nbsp; — | &nbsp;&nbsp; 745637  |
| Prepaid expenses and other assets | 28841 | 35416 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 56748996 | 237064965 | &nbsp;&nbsp; 2103792 | &nbsp;&nbsp; 6356871  |
| **LIABILITIES:**<br>|  |  |  |  |
| Collateral for securities loaned (Note 2) |  | 3033736 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Payable for Fund shares redeemed | 917736 | 8252 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Unrealized depreciation on swap contracts | 1457048 | 6292094 | &nbsp;&nbsp; 389194 | &nbsp;&nbsp; 6323  |
| Due to Adviser, net (Note 6) | 34043 | 80630 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Due to broker for swap contracts | 5619463 | 6061051 | &nbsp;&nbsp; — | &nbsp;&nbsp; 290000  |
| Accrued expenses and other liabilities | 8310 | 166225 | &nbsp;&nbsp; 12486 | &nbsp;&nbsp; 12544  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 8036600 | 15641988 | &nbsp;&nbsp; 401680 | &nbsp;&nbsp; 308867  |
| **NET ASSETS** | $48712396 | $221422977 | &nbsp;&nbsp; $1702112 | &nbsp;&nbsp; $6048004  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $274768378 | $363333816 | &nbsp;&nbsp; $2500025 | &nbsp;&nbsp; $4942345  |
| Total distributable earnings (loss) | (226055982) | (141910839) | &nbsp;&nbsp; (797913) | &nbsp;&nbsp; 1105659  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $48712396 | $221422977 | &nbsp;&nbsp; $1702112 | &nbsp;&nbsp; $6048004 |
| &nbsp;&nbsp;&nbsp; **CALCULATION OF NET ASSET VALUE** <br>**PER SHARE:**<br>|  |  |  |  |
| Net assets | $48712396 | $221422977 | &nbsp;&nbsp; $1702112 | &nbsp;&nbsp; $6048004  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 5307895 | 9913688 | &nbsp;&nbsp; 100001 | &nbsp;&nbsp; 175001  |
|  Net assets value, redemption price and offering price per share | $9.18 | $22.34 | &nbsp;&nbsp; $17.02 | &nbsp;&nbsp; $34.56  |
| Cost of Investments | $50535122 | $243352441 | &nbsp;&nbsp; $2082458 | &nbsp;&nbsp; $4488167  |
| \*Value of securities loaned | $— | $17309478 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

The accompanying notes are an integral part of these financial statements.

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**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**SHOP Bear** <br>**1X ETF** | **Direxion Daily** <br>**SHOP Bull** <br>**2X ETF** | **Direxion Daily** <br>**Technology** <br>**Top 5 Bear** <br>**2X ETF** | **Direxion Daily** <br>**Technology** <br>**Top 5 Bull** <br>**2X ETF**  |
| **ASSETS:**<br>|  |  |  |  |
| Investments, at fair value (Note 2) | $3313591 | $6774087 | $2427234 | $3558534  |
| Receivable for investments sold |  | 962961 |  | 1161313  |
| Due from Adviser, net (Note 6) | 4919 | 1033 | 13203 | 12406  |
| Dividend and interest receivable | 10918 | 22580 | 8269 | 3293  |
| Due from broker for swap contracts |  | 1080025 |  | —  |
| Unrealized appreciation on swap contracts |  | 1662513 |  | 110066  |
| Prepaid expenses and other assets | 713 | 713 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 3330141 | 10503912 | 2448706 | 4845612  |
| **LIABILITIES:**<br>|  |  |  |  |
| Unrealized depreciation on swap contracts | 349925 | 57591 | 150529 | —  |
| Due to broker for swap contracts | 1103 | 1968048 |  | 130000  |
| Accrued expenses and other liabilities | 11141 | 11374 | 12497 | 12515  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 362169 | 2037013 | 163026 | 142515  |
| **NET ASSETS** | $2967972 | $8466899 | $2285680 | $4703097  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $3982642 | $5487383 | $2500025 | $4528388  |
| Total distributable earnings (loss) | (1014670) | 2979516 | (214345) | 174709  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $2967972 | $8466899 | $2285680 | $4703097 |
| &nbsp;&nbsp;&nbsp; **CALCULATION OF NET ASSET VALUE** <br>**PER SHARE:**<br>|  |  |  |  |
| Net assets | $2967972 | $8466899 | $2285680 | $4703097  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 175001 | 200001 | 100001 | 175001  |
|  Net assets value, redemption price and offering price per share | $16.96 | $42.33 | $22.86 | $26.87  |
| Cost of Investments | $3313591 | $6774040 | $2427234 | $3473296 |

---

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**TSLA Bear** <br>**1X Shares** | **Direxion Daily** <br>**TSLA Bull** <br>**2X Shares** | **Direxion Daily** <br>**TSM Bear** <br>**1X Shares** | **Direxion Daily** <br>**TSM Bull** <br>**2X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
| Investments, at fair value (Note 2) | $86092226 | $7672490199 | $3652470 | $256318010  |
| Receivable for Fund shares sold | 3346332 | 48551 |  | 2113302  |
| Dividend and interest receivable | 301734 | 21290101 | 12665 | 632197  |
| Due from broker for swap contracts |  | 33817172 |  | —  |
| Unrealized appreciation on swap contracts |  | 3266118107 |  | 55313372  |
| Prepaid expenses and other assets | 1343 | 33185 | 1648 | 1752  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 89741635 | 10993797315 | 3666783 | 314378633  |
| **LIABILITIES:**<br>|  |  |  |  |
| Payable for Fund shares redeemed |  | 314942790 |  | 4310275  |
| Unrealized depreciation on swap contracts | 10992722 |  | 552597 | —  |
| Due to Adviser, net (Note 6) | 29211 | 2408634 | 1477 | 91626  |
| Due to broker for swap contracts | 189920 | 3022167001 | 338 | 59703361  |
| Accrued expenses and other liabilities | 17740 | 1468433 | 2100 | 31012  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 11229593 | 3340986858 | 556512 | 64136274  |
| **NET ASSETS** | $78512042 | $7652810457 | $3110271 | $250242359  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $160713661 | $5404066006 | $4305741 | $186532436  |
| Total distributable earnings (loss) | (82201619) | 2248744451 | (1195470) | 63709923  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $78512042 | $7652810457 | $3110271 | $250242359  |
|  **CALCULATION OF NET ASSET VALUE PER SHARE:**<br>|  |  |  |  |
| Net assets | $78512042 | $7652810457 | $3110271 | $250242359  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 15250001 | 355050001 | 250001 | 4725001  |
|  Net assets value, redemption price and offering price per share | $5.15 | $21.55 | $12.44 | $52.96  |
| Cost of Investments | $86092226 | $7328784731 | $3652470 | $252186408 |

---

The accompanying notes are an integral part of these financial statements.

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**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Uranium Industry** <br>**Bull 2X Shares** | **Direxion Daily** <br>**XOM Bear** <br>**1X Shares** | **Direxion Daily** <br>**XOM Bull** <br>**2X Shares**  |
| **ASSETS:**<br>|  |  |  |
| Investments, at fair value (including securities loaned\*) (Note 2) | &nbsp;&nbsp; $74034057 | $2407338 | $3110537  |
| Receivable for Fund shares sold | &nbsp;&nbsp; 776 |  | —  |
| Due from Adviser, net (Note 6) | &nbsp;&nbsp; — | 1917 | 1212  |
| Dividend and interest receivable | &nbsp;&nbsp; 81896 | 9190 | 8821  |
| Unrealized appreciation on swap contracts | &nbsp;&nbsp; 12545367 |  | 190377  |
| Prepaid expenses and other assets | &nbsp;&nbsp; 2004 | 1829 | 1811  |
| &nbsp;&nbsp;&nbsp; **Total assets** | &nbsp;&nbsp; 86664100 | 2420274 | 3312758  |
| **LIABILITIES:**<br>|  |  |  |
| Collateral for securities loaned (Note 2) | &nbsp;&nbsp; 16955703 |  | —  |
| Payable for Fund shares redeemed | &nbsp;&nbsp; 2587751 |  | —  |
| Unrealized depreciation on swap contracts | &nbsp;&nbsp; 29201 | 83074 | —  |
| Due to Adviser, net (Note 6) | &nbsp;&nbsp; 30415 |  | —  |
| Due to broker for swap contracts | &nbsp;&nbsp; 13989841 | 22 | 391  |
| Accrued expenses and other liabilities | &nbsp;&nbsp; 22577 | 6610 | 6680  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | &nbsp;&nbsp; 33615488 | 89706 | 7071  |
| **NET ASSETS** | &nbsp;&nbsp; $53048612 | $2330568 | $3305687  |
| **Net Assets Consist of:**<br>|  |  |  |
| Capital stock | &nbsp;&nbsp; $37517322 | $2500025 | $3232401  |
| Total distributable earnings (loss) | &nbsp;&nbsp; 15531290 | (169457) | 73286  |
| &nbsp;&nbsp;&nbsp; **Net assets** | &nbsp;&nbsp; $53048612 | $2330568 | $3305687  |
| **CALCULATION OF NET ASSET VALUE PER SHARE:**<br>|  |  |  |
| Net assets | &nbsp;&nbsp; $53048612 | $2330568 | $3305687  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | &nbsp;&nbsp; 1025001 | 100001 | 125001  |
| Net assets value, redemption price and offering price per share | &nbsp;&nbsp; $51.75 | $23.31 | $26.45  |
| Cost of Investments | &nbsp;&nbsp; $70583089 | $2407338 | $3084221  |
| \*Value of securities loaned | &nbsp;&nbsp; $16580909 | $— | $— |

---

The accompanying notes are an integral part of these financial statements.

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**DIREXION SHARES ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended October 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily**<br>**AAPL Bear**<br>**1X Shares** | **Direxion Daily**<br>**AAPL Bull**<br>**2X Shares** | **Direxion Daily**<br>**AI and Big** <br>**Data Bear** <br>**2X Shares** | **Direxion Daily**<br>**AI and Big** <br>**Data Bull** <br>**2X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income  | $— | $90647 | $— | $46171  |
| Interest income | 1259640 | 6228290 | 84114 | 147144  |
| Securities lending income |  |  |  | 1361  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1259640 | 6318937 | 84114 | 194676  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 220636 | 1226695 | 13675 | 128401  |
| Interest expense | 75898 | 625505 | 2073 | 62316  |
| Management service fees (Note 6) | 14344 | 79461 | 889 | 8323  |
| Professional fees | 12029 | 21155 | 10131 | 10967  |
| Licensing fees | 4413 | 24534 | 7265 | 10324  |
| Pricing fees | 4000 | 4000 | 4000 | 4000  |
| Exchange listing fees | 4000 | 4000 | 5783 | 5783  |
| Reports to shareholders | 2216 | 12310 | 154 | 1286  |
| Trustees' fees and expenses | 615 | 3401 | 39 | 352  |
| Insurance fees | 418 | 2254 | 26 | 228  |
| Fund servicing fees | 2792 | 24273 | 495 | 2946  |
| Other | 1208 | 6957 | 99 | 762  |
| &nbsp;&nbsp;&nbsp; Total expenses | 342569 | 2034545 | 44629 | 235688  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) | 557 |  | 3761 | 4355  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) |  |  | (28995) | (15086)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 343126 | 2034545 | 19395 | 224957  |
| **Net investment income (loss)** | 916514 | 4284392 | 64719 | (30281)  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities |  | 1273245 |  | (204078)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions |  | 11186611 |  | 884002  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (3119579) | 35696898 | (1783739) | (560456)  |
| Net realized gain (loss) | (3119579) | 48156754 | (1783739) | 119468  |
| Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities |  | (472486) |  | 6128889  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (1976711) | 86801965 | (287021) | 9707340  |
| Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | (1976711) | 86329479 | (287021) | 15836229  |
| **Net realized and unrealized gain (loss)** | (5096290) | 134486233 | (2070760) | 15955697  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(4179776) | $138770625 | $(2006041) | $15925416 |

---

The accompanying notes are an integral part of these financial statements.

119<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily**<br>**AMD Bear** <br>**1X Shares<sup>1</sup>** | **Direxion Daily**<br>**AMD Bull** <br>**2X Shares<sup>1</sup>** | **Direxion Daily**<br>**AMZN Bear** <br>**1X Shares** | **Direxion Daily**<br>**AMZN Bull** <br>**2X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Interest income | $229473 | $565087 | $237977 | $9751037  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 229473 | 565087 | 237977 | 9751037  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 38547 | 108026 | 40834 | 1891324  |
| Interest expense | 4082 | 52807 | 7338 | 596856  |
| Management service fees (Note 6) | 2492 | 6982 | 2652 | 122589  |
| Professional fees | 10279 | 10780 | 9393 | 26004  |
| Licensing fees | 771 | 2161 | 817 | 37826  |
| Pricing fees | 2871 | 2871 | 4000 | 4000  |
| Exchange listing fees | 2871 | 2871 | 4000 | 4000  |
| Reports to shareholders | 392 | 1081 | 410 | 18970  |
| Trustees' fees and expenses | 99 | 292 | 114 | 5225  |
| Insurance fees | 66 | 181 | 75 | 3472  |
| Offering fees | 2222 | 2222 |  | —  |
| Fund servicing fees | 822 | 2305 |  | 38459  |
| Other | 203 | 563 | 251 | 11567  |
| &nbsp;&nbsp;&nbsp; Total expenses | 65717 | 193142 | 69884 | 2760292  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) | 8963 | 11153 | 2101 | —  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) | (21771) | (14654) | (12924) | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 52909 | 189641 | 59061 | 2760292  |
| **Net investment income** | 176564 | 375446 | 178916 | 6990745  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities |  | (49286) |  | 1240127  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions |  | 598852 |  | 9784658  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (5611149) | 9145542 | (473435) | 15154613  |
| Net realized gain (loss) | (5611149) | 9695108 | (473435) | 26179398  |
| Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities |  | 1390028 |  | 1182869  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (4233509) | 33530750 | (592015) | 75187388  |
| Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | (4233509) | 34920778 | (592015) | 76370257  |
| **Net realized and unrealized gain (loss)** | (9844658) | 44615886 | (1065450) | 102549655  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(9668094) | $44991332 | $(886534) | $109540400 |

---

<sup>1</sup> Represents the period from February 12, 2025 (commencement of operations) to October 31, 2025.

The accompanying notes are an integral part of these financial statements.

120<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily**<br>**AVGO Bear**<br>**1X Shares** | **Direxion Daily**<br>**AVGO Bull**<br>**2X Shares** | **Direxion Daily**<br>**BA Bear**<br>**1X Shares<sup>1</sup>** | **Direxion Daily**<br>**BA Bull** <br>**2X Shares<sup>1</sup>**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income  | $— | $132655 | &nbsp;&nbsp; $— | $—  |
| Interest income | 305202 | 2665721 | &nbsp;&nbsp; 54540 | 226176  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 305202 | 2798376 | &nbsp;&nbsp; 54540 | 226176  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 50859 | 548158 | &nbsp;&nbsp; 8809 | 48571  |
| Interest expense | 5293 | 489033 | &nbsp;&nbsp; 75 | 32187  |
| Management service fees (Note 6) | 3296 | 35516 | &nbsp;&nbsp; 571 | 3140  |
| Professional fees | 10576 | 14043 | &nbsp;&nbsp; 10065 | 10353  |
| Licensing fees | 1017 | 10963 | &nbsp;&nbsp; — | —  |
| Pricing fees | 4000 | 4000 | &nbsp;&nbsp; 2104 | 2104  |
| Exchange listing fees | 4000 | 4001 | &nbsp;&nbsp; 2104 | 2104  |
| Reports to shareholders | 510 | 5496 | &nbsp;&nbsp; 91 | 486  |
| Trustees' fees and expenses | 136 | 1512 | &nbsp;&nbsp; 23 | 132  |
| Insurance fees | 90 | 987 | &nbsp;&nbsp; 15 | 81  |
| Offering fees |  |  | &nbsp;&nbsp; 2068 | 2068  |
| Excise tax |  | 423 | &nbsp;&nbsp; — | —  |
| Fund servicing fees | 1284 | 11889 | &nbsp;&nbsp; 188 | 1036  |
| Other | 304 | 3003 | &nbsp;&nbsp; 38 | 258  |
| &nbsp;&nbsp;&nbsp; Total expenses | 81365 | 1129024 | &nbsp;&nbsp; 26151 | 102520  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) | 886 | 13329 | &nbsp;&nbsp; 6332 | 6419  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) | (12537) | (1851) | &nbsp;&nbsp; (21250) | (15229)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 69714 | 1140502 | &nbsp;&nbsp; 11233 | 93710  |
| **Net investment income**  | 235488 | 1657874 | &nbsp;&nbsp; 43307 | 132466  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities |  | (168338) | &nbsp;&nbsp; — | 69754  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions |  | 3409066 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (4480986) | 47535844 | &nbsp;&nbsp; (633724) | 49928  |
| Net realized gain (loss) | (4480986) | 50776572 | &nbsp;&nbsp; (633724) | 119682  |
| Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities |  | 5770283 | &nbsp;&nbsp; — | (195968)  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (1249041) | 33687525 | &nbsp;&nbsp; 106680 | (1262298)  |
| Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | (1249041) | 39457808 | &nbsp;&nbsp; 106680 | (1458266)  |
| **Net realized and unrealized gain (loss)** | (5730027) | 90234380 | &nbsp;&nbsp; (527044) | (1338584)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(5494539) | $91892254 | &nbsp;&nbsp; $(483737) | $(1206118) |

---

<sup>1</sup> Represents the period from April 23, 2025 (commencement of operations) to October 31, 2025.

The accompanying notes are an integral part of these financial statements.

121<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily**<br>**Biotech** <br>**Top 5 Bull** <br>**2X ETF<sup>1</sup>** | **Direxion Daily**<br>**BRKB Bear**<br>**1X Shares<sup>2</sup>** | **Direxion Daily**<br>**BRKB Bull**<br>**2X Shares<sup>2</sup>** | **Direxion Daily**<br>**Crypto** <br>**Industry Bear** <br>**1X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Interest income | &nbsp;&nbsp; $3293 | &nbsp;&nbsp; $109599 | $1431430 | $108651  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 3293 | &nbsp;&nbsp; 109599 | 1431430 | 108651  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | &nbsp;&nbsp; 2040 | &nbsp;&nbsp; 19342 | 293327 | 8247  |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp; 1055 | 30052 | 2337  |
| Management service fees (Note 6) | &nbsp;&nbsp; 131 | &nbsp;&nbsp; 1256 | 19014 | 1150  |
| Professional fees | &nbsp;&nbsp; 10014 | &nbsp;&nbsp; 10142 | 12144 | 10161  |
| Licensing fees | &nbsp;&nbsp; 1698 | &nbsp;&nbsp; 387 | 5866 | 7071  |
| Pricing fees | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 3562 | 3562 | 4000  |
| Exchange listing fees | &nbsp;&nbsp; 393 | &nbsp;&nbsp; 3562 | 3562 | 6477  |
| Reports to shareholders | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 194 | 2941 | 178  |
| Trustees' fees and expenses | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 54 | 807 | 51  |
| Insurance fees | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 36 | 525 | 34  |
| Offering fees | &nbsp;&nbsp; 2105 | &nbsp;&nbsp; 2391 | 2391 | —  |
| Excise tax | &nbsp;&nbsp; — | &nbsp;&nbsp; 224 | 351 | —  |
| Fund servicing fees | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 503 | 6347 | 579  |
| Other | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 88 | 1581 | 111  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 16799 | &nbsp;&nbsp; 42796 | 382470 | 40396  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 11582 | 7208 | 3616  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) | &nbsp;&nbsp; (14390) | &nbsp;&nbsp; (28599) | (7208) | (31072)  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp; 2584 | &nbsp;&nbsp; 25779 | 382470 | 12940  |
| **Net investment income** | &nbsp;&nbsp; 709 | &nbsp;&nbsp; 83820 | 1048960 | 95711  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | &nbsp;&nbsp; 39077 | &nbsp;&nbsp; — | 9829 | —  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 260482 | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp; (3585) | &nbsp;&nbsp; (262861) | (5652357) | (625250)  |
| Net realized gain (loss) | &nbsp;&nbsp; 35492 | &nbsp;&nbsp; (262861) | (5382046) | (625250)  |
| Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | &nbsp;&nbsp; 112748 | &nbsp;&nbsp; — | (772515) | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp; 275714 | &nbsp;&nbsp; 180127 | (6811577) | (466618)  |
| Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | &nbsp;&nbsp; 388462 | &nbsp;&nbsp; 180127 | (7584092) | (466618)  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp; 423954 | &nbsp;&nbsp; (82734) | (12966138) | (1091868)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $424663 | &nbsp;&nbsp; $1086 | $(11917178) | $(996157) |

---

<sup>1</sup> Represents the period from October 1, 2025 (commencement of operations) to October 31, 2025.

<sup>2</sup> Represents the period from December 11, 2024 (commencement of operations) to October 31, 2025.

The accompanying notes are an integral part of these financial statements.

122<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily**<br>**Crypto** <br>**Industry Bull** <br>**2X Shares** | **Direxion Daily**<br>**CSCO Bear**<br>**1X ETF<sup>1</sup>** | **Direxion Daily**<br>**CSCO Bull**<br>**2X ETF<sup>1</sup>** | **Direxion Daily**<br>**CSI 300 China** <br>**A Share Bull** <br>**2X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income  | $4391 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7351 | $1925580  |
| Interest income | 48682 | &nbsp;&nbsp; 36172 | &nbsp;&nbsp; 47350 | 5818287  |
| Securities lending income | 2073 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 361207  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 55146 | &nbsp;&nbsp; 36172 | &nbsp;&nbsp; 54701 | 8105074  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 35240 | &nbsp;&nbsp; 6540 | &nbsp;&nbsp; 10607 | 1585146  |
| Interest expense | 12499 | &nbsp;&nbsp; — | &nbsp;&nbsp; 54 | 363654  |
| Management service fees (Note 6) | 2286 | &nbsp;&nbsp; 422 | &nbsp;&nbsp; 685 | 102913  |
| Professional fees | 10289 | &nbsp;&nbsp; 10048 | &nbsp;&nbsp; 10077 | 23825  |
| Licensing fees | 7540 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 63406  |
| Pricing fees | 4001 | &nbsp;&nbsp; 1414 | &nbsp;&nbsp; 1414 | 4000  |
| Exchange listing fees | 6126 | &nbsp;&nbsp; 1414 | &nbsp;&nbsp; 1414 | 6161  |
| Reports to shareholders | 353 | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 104 | 15922  |
| Trustees' fees and expenses | 96 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 26 | 4418  |
| Insurance fees | 64 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 17 | 2918  |
| Offering fees |  | &nbsp;&nbsp; 2833 | &nbsp;&nbsp; 2833 | —  |
| Excise tax | 228 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | —  |
| Fund servicing fees | 953 | &nbsp;&nbsp; 139 | &nbsp;&nbsp; 226 | 31069  |
| Other | 224 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 45 | 13662  |
| &nbsp;&nbsp;&nbsp; Total expenses | 79899 | &nbsp;&nbsp; 22928 | &nbsp;&nbsp; 27502 | 2217094  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) | 3298 | &nbsp;&nbsp; 2723 | &nbsp;&nbsp; 2723 | —  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) | (25833) | &nbsp;&nbsp; (17367) | &nbsp;&nbsp; (16735) | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 57364 | &nbsp;&nbsp; 8284 | &nbsp;&nbsp; 13490 | 2217094  |
| **Net investment income (loss)** | (2218) | &nbsp;&nbsp; 27888 | &nbsp;&nbsp; 41211 | 5887980  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | (415322) | &nbsp;&nbsp; — | &nbsp;&nbsp; (9502) | (21199373)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 511457 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | (7226044)  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 266617 | &nbsp;&nbsp; (51045) | &nbsp;&nbsp; (236269) | (79099490)  |
| Net realized gain (loss) | 362752 | &nbsp;&nbsp; (51045) | &nbsp;&nbsp; (245771) | (107524907)  |
| Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | 1400089 | &nbsp;&nbsp; — | &nbsp;&nbsp; 56747 | 30964382  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 1430606 | &nbsp;&nbsp; (152526) | &nbsp;&nbsp; 410463 | 89174470  |
| Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | 2830695 | &nbsp;&nbsp; (152526) | &nbsp;&nbsp; 467210 | 120138852  |
| **Net realized and unrealized gain (loss)** | 3193447 | &nbsp;&nbsp; (203571) | &nbsp;&nbsp; 221439 | 12613945  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $3191229 | &nbsp;&nbsp; $(175683) | &nbsp;&nbsp; $262650 | $18501925 |

---

<sup>1</sup> Represents the period from June 25, 2025 (commencement of operations) to October 31, 2025.

The accompanying notes are an integral part of these financial statements.

123<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily**<br>**CSI China** <br>**Internet Index** <br>**Bull 2X Shares** | **Direxion Daily**<br>**Energy Bear** <br>**2X Shares** | **Direxion Daily**<br>**Energy Bull** <br>**2X Shares** | **Direxion Daily**<br>**Energy Top 5** <br>**Bull 2X ETF<sup>1</sup>**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income  | $5886530 | $— | $5849242 | &nbsp;&nbsp; $3406  |
| Interest income | 6601673 | 841605 | 3085483 | &nbsp;&nbsp; 1602  |
| Securities lending income |  |  | 2104 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 12488203 | 841605 | 8936829 | &nbsp;&nbsp; 5008  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 2352386 | 147435 | 1825877 | &nbsp;&nbsp; 1521  |
| Interest expense | 1868928 | 66701 | 633379 | &nbsp;&nbsp; —  |
| Management service fees (Note 6) | 152638 | 9577 | 118497 | &nbsp;&nbsp; 98  |
| Professional fees | 29812 | 11183 | 24081 | &nbsp;&nbsp; 10011  |
| Licensing fees | 94096 | 11594 | 143751 | &nbsp;&nbsp; 1699  |
| Pricing fees | 4000 | 4001 | 4000 | &nbsp;&nbsp; 340  |
| Exchange listing fees | 6161 | 6161 | 6161 | &nbsp;&nbsp; 393  |
| Reports to shareholders | 23614 | 1480 | 18334 | &nbsp;&nbsp; 14  |
| Trustees' fees and expenses | 6532 | 414 | 5078 | &nbsp;&nbsp; 3  |
| Insurance fees | 4326 | 274 | 3360 | &nbsp;&nbsp; 2  |
| Offering fees |  |  |  | &nbsp;&nbsp; 2375  |
| Fund servicing fees | 48042 | 406 | 36150 | &nbsp;&nbsp; 32  |
| Other | 12814 | 804 | 9969 | &nbsp;&nbsp; 6  |
| &nbsp;&nbsp;&nbsp; Total expenses | 4603349 | 260030 | 2828637 | &nbsp;&nbsp; 16494  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) |  | 3377 |  | &nbsp;&nbsp; 174  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) |  | (9955) |  | &nbsp;&nbsp; (14741)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 4603349 | 253452 | 2828637 | &nbsp;&nbsp; 1927  |
| **Net investment income** | 7884854 | 588153 | 6108192 | &nbsp;&nbsp; 3081  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | (11337754) |  | (11563899) | &nbsp;&nbsp; (33019)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 29265103 |  | 10315997 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 22676767 | 2332699 | (10781014) | &nbsp;&nbsp; (15415)  |
| Net realized gain (loss) | 40604116 | 2332699 | (12028916) | &nbsp;&nbsp; (48434)  |
| Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | 6111746 |  | 2027143 | &nbsp;&nbsp; (38127)  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 36867254 | (1863859) | (1744993) | &nbsp;&nbsp; (99353)  |
| Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | 42979000 | (1863859) | 282150 | &nbsp;&nbsp; (137480)  |
| **Net realized and unrealized gain (loss)** | 83583116 | 468840 | (11746766) | &nbsp;&nbsp; (185914)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $91467970 | $1056993 | $(5638574) | &nbsp;&nbsp; $(182833) |

---

<sup>1</sup> Represents the period from October 1, 2025 (commencement of operations) to October 31, 2025.

The accompanying notes are an integral part of these financial statements.

124<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily**<br>**F Bear** <br>**1X ETF<sup>1</sup>** | **Direxion Daily**<br>**F Bull** <br>**2X ETF<sup>1</sup>** | **Direxion Daily**<br>**Gold Miners** <br>**Index Bear** <br>**2X Shares** | **Direxion Daily**<br>**Gold Miners** <br>**Index Bull** <br>**2X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income  | &nbsp;&nbsp; $— | $4950 | $— | $3482845  |
| Interest income | &nbsp;&nbsp; 27810 | 26543 | 5617603 | 13186577  |
| Securities lending income | &nbsp;&nbsp; — |  |  | 66778  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 27810 | 31493 | 5617603 | 16736200  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | &nbsp;&nbsp; 4907 | 5954 | 844769 | 4750051  |
| Interest expense | &nbsp;&nbsp; — | 253 | 66530 | 7240500  |
| Management service fees (Note 6) | &nbsp;&nbsp; 317 | 384 | 54775 | 307982  |
| Professional fees | &nbsp;&nbsp; 10036 | 10043 | 17972 | 49532  |
| Licensing fees | &nbsp;&nbsp; — |  | 19099 | 102668  |
| Pricing fees | &nbsp;&nbsp; 1107 | 1107 | 4000 | 4001  |
| Exchange listing fees | &nbsp;&nbsp; 1107 | 1107 | 6161 | 6161  |
| Reports to shareholders | &nbsp;&nbsp; 48 | 58 | 8479 | 47648  |
| Trustees' fees and expenses | &nbsp;&nbsp; 12 | 15 | 2338 | 13117  |
| Insurance fees | &nbsp;&nbsp; 8 | 10 | 1558 | 8722  |
| Offering fees | &nbsp;&nbsp; 849 | 849 |  | —  |
| Fund servicing fees | &nbsp;&nbsp; 105 | 127 | 13974 | 88090  |
| Other | &nbsp;&nbsp; 20 | 24 | 4810 | 25710  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 18516 | 19931 | 1044465 | 12644182  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) | &nbsp;&nbsp; 3882 | 3882 |  | —  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) | &nbsp;&nbsp; (16182) | (16018) |  | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp; 6216 | 7795 | 1044465 | 12644182  |
| **Net investment income (loss)** | &nbsp;&nbsp; 21594 | 23698 | 4573138 | 4092018  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | &nbsp;&nbsp; — |  |  | (22871747)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp; — |  |  | 144937665  |
| &nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp; (205777) | (40457) | (112938849) | 362462585  |
| Net realized gain (loss) | &nbsp;&nbsp; (205777) | (40457) | (112938849) | 484528503  |
|  Change in net unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | &nbsp;&nbsp; — | 63723 |  | 46392543  |
| &nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp; (242221) | 943366 | (15459828) | 122770302  |
|  Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (242221) | 1007089 | (15459828) | 169162845  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp; (447998) | 966632 | (128398677) | 653691348  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $(426404) | $990330 | $(123825539) | $657783366 |

---

<sup>1</sup> Represents the period from July 23, 2025 (commencement of operations) to October 31, 2025.

The accompanying notes are an integral part of these financial statements.

125<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily**<br>**GOOGL Bear** <br>**1X Shares** | **Direxion Daily**<br>**GOOGL Bull** <br>**2X Shares** | **Direxion Daily**<br>**Junior Gold** <br>**Miners Index** <br>**Bear 2X Shares** | **Direxion Daily**<br>**Junior Gold** <br>**Miners Index** <br>**Bull 2X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income  | $— | $92506 | $— | $3116509  |
| Interest income | 286260 | 11900783 | 3127098 | 9503493  |
| Securities lending income |  |  |  | 21663  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 286260 | 11993289 | 3127098 | 12641665  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 50373 | 2195454 | 449126 | 2532388  |
| Interest expense | 12852 | 1483856 | 39192 | 4355394  |
| Management service fees (Note 6) | 3266 | 142242 | 29145 | 164217  |
| Professional fees | 9669 | 28221 | 14077 | 31104  |
| Licensing fees | 1008 | 43909 | 2494 | 2493  |
| Pricing fees | 4000 | 4001 | 4000 | 4000  |
| Exchange listing fees | 4000 | 4000 | 6161 | 6161  |
| Reports to shareholders | 506 | 22010 | 4510 | 25412  |
| Trustees' fees and expenses | 137 | 6061 | 1248 | 7002  |
| Insurance fees | 91 | 4027 | 839 | 4647  |
| Excise tax |  |  |  | 47945  |
| Fund servicing fees |  | 45034 | 6722 | 44315  |
| Other | 314 | 12764 | 2431 | 13749  |
| &nbsp;&nbsp;&nbsp; Total expenses | 86216 | 3991579 | 559945 | 7238827  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) | 2369 |  |  | —  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) | (11927) |  |  | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 76658 | 3991579 | 559945 | 7238827  |
| **Net investment income**  | 209602 | 8001710 | 2567153 | 5402838  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions |  | 10714065 |  | 61039667  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (2517953) | 42156842 | (74199049) | 197153367  |
| Net realized gain (loss) | (2517953) | 52870907 | (74199049) | 258193034  |
|  Change in net unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities |  | 1792524 |  | 1755575  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (834948) | 345206184 | (11779845) | 124984537  |
|  Change in net unrealized appreciation (depreciation) | (834948) | 346998708 | (11779845) | 126740112  |
| **Net realized and unrealized gain (loss)** | (3352901) | 399869615 | (85978894) | 384933146  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(3143299) | $407871325 | $(83411741) | $390335984 |

---

The accompanying notes are an integral part of these financial statements.

126<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily**<br>**LLY Bear** <br>**1X Shares<sup>1</sup>** | **Direxion Daily**<br>**LLY Bull** <br>**2X Shares<sup>1</sup>** | **Direxion Daily**<br>**LMT Bear** <br>**1X ETF<sup>2</sup>** | **Direxion Daily**<br>**LMT Bull** <br>**2X ETF<sup>2</sup>**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income  | &nbsp;&nbsp; $— | $8797 | &nbsp;&nbsp; $— | $4277  |
| Interest income | &nbsp;&nbsp; 92801 | 257697 | &nbsp;&nbsp; 23782 | 34050  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 92801 | 266494 | &nbsp;&nbsp; 23782 | 38327  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | &nbsp;&nbsp; 16864 | 53021 | &nbsp;&nbsp; 4061 | 7856  |
| Interest expense | &nbsp;&nbsp; 3052 | 27268 | &nbsp;&nbsp; — | 982  |
| Management service fees (Note 6) | &nbsp;&nbsp; 1179 | 3505 | &nbsp;&nbsp; 262 | 507  |
| Professional fees | &nbsp;&nbsp; 10124 | 10387 | &nbsp;&nbsp; 10030 | 10057  |
| Pricing fees | &nbsp;&nbsp; 2411 | 2411 | &nbsp;&nbsp; 953 | 953  |
| Exchange listing fees | &nbsp;&nbsp; 2411 | 2411 | &nbsp;&nbsp; 953 | 953  |
| Reports to shareholders | &nbsp;&nbsp; 183 | 536 | &nbsp;&nbsp; 40 | 76  |
| Trustees' fees and expenses | &nbsp;&nbsp; 47 | 145 | &nbsp;&nbsp; 10 | 19  |
| Insurance fees | &nbsp;&nbsp; 31 | 90 | &nbsp;&nbsp; 7 | 13  |
| Offering fees | &nbsp;&nbsp; 724 | 724 | &nbsp;&nbsp; 3075 | 3075  |
| Fund servicing fees | &nbsp;&nbsp; 360 | 1131 | &nbsp;&nbsp; 87 | 168  |
| Other | &nbsp;&nbsp; 75 | 285 | &nbsp;&nbsp; 16 | 31  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 37461 | 101914 | &nbsp;&nbsp; 19494 | 24690  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) | &nbsp;&nbsp; 9078 | 9104 | &nbsp;&nbsp; 957 | 956  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) | &nbsp;&nbsp; (22126) | (16591) | &nbsp;&nbsp; (15306) | (14714)  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp; 24413 | 94427 | &nbsp;&nbsp; 5145 | 10932  |
| **Net investment income** | &nbsp;&nbsp; 68388 | 172067 | &nbsp;&nbsp; 18637 | 27395  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — | 81650  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp; — | 194352 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp; (480062) | 1467249 | &nbsp;&nbsp; (128987) | 10120  |
| Net realized gain (loss) | &nbsp;&nbsp; (480062) | 1661601 | &nbsp;&nbsp; (128987) | 91770  |
|  Change in net unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | &nbsp;&nbsp; — | 511214 | &nbsp;&nbsp; — | 64  |
| &nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp; (418917) | 7152251 | &nbsp;&nbsp; (206227) | 959957  |
|  Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (418917) | 7663465 | &nbsp;&nbsp; (206227) | 960021  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp; (898979) | 9325066 | &nbsp;&nbsp; (335214) | 1051791  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $(830591) | $9497133 | &nbsp;&nbsp; $(316577) | $1079186 |

---

<sup>1</sup> Represents the period from March 26, 2025 (commencement of operations) to October 31, 2025.

<sup>2</sup> Represents the period from August 6, 2025 (commencement of operations) to October 31, 2025.

The accompanying notes are an integral part of these financial statements.

127<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily**<br>**Magnificent 7** <br>**Bear 1X Shares** | **Direxion Daily**<br>**Magnificent 7** <br>**Bull 2X Shares** | **Direxion Daily**<br>**META Bear** <br>**1X Shares** | **Direxion Daily**<br>**META Bull** <br>**2X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income  | $— | $156078 | $— | $23245  |
| Interest income | 344767 | 926688 | 300038 | 4160222  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 344767 | 1082766 | 300038 | 4183467  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 26987 | 598020 | 51305 | 792189  |
| Interest expense | 8833 | 195017 | 11988 | 553953  |
| Management service fees (Note 6) | 3751 | 38785 | 3333 | 51305  |
| Professional fees | 10467 | 14432 | 10408 | 15862  |
| Licensing fees | 24000 | 60599 | 1026 | 15844  |
| Pricing fees | 4000 | 4000 | 4000 | 4001  |
| Exchange listing fees | 6126 | 6126 | 4000 | 4000  |
| Reports to shareholders | 580 | 6000 | 515 | 7936  |
| Trustees' fees and expenses | 159 | 1654 | 144 | 2170  |
| Insurance fees | 105 | 1096 | 95 | 1451  |
| Fund servicing fees | 1494 | 12986 | 1298 | 17037  |
| Other | 349 | 3436 | 357 | 4747  |
| &nbsp;&nbsp;&nbsp; Total expenses | 86851 | 942151 | 88469 | 1470495  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) | 1161 | 22674 | 86 | 21184  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) | (44482) | (12317) | (11581) | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 43530 | 952508 | 76974 | 1491679  |
| **Net investment income**  | 301237 | 130258 | 223064 | 2691788  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities |  | (3795009) |  | (40555)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions |  | 1906988 |  | 3330892  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (2351292) | 4605437 | (1271333) | 15772308  |
| Net realized gain (loss) | (2351292) | 2717416 | (1271333) | 19062645  |
|  Change in net unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities |  | 19121110 |  | (5061029)  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (1774025) | 18771166 | 1172816 | (63632888)  |
|  Change in net unrealized appreciation (depreciation) | (1774025) | 37892276 | 1172816 | (68693917)  |
| **Net realized and unrealized gain (loss)** | (4125317) | 40609692 | (98517) | (49631272)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(3824080) | $40739950 | $124547 | $(46939484) |

---

The accompanying notes are an integral part of these financial statements.

128<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily**<br>**MSCI Brazil** <br>**Bull 2X Shares** | **Direxion Daily**<br>**MSCI India** <br>**Bull 2X Shares** | **Direxion Daily**<br>**MSFT Bear** <br>**1X Shares** | **Direxion Daily**<br>**MSFT Bull** <br>**2X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income  | $4577511 | $305694 | $— | $172295  |
| Interest income | 1978223 | 1890897 | 337895 | 5903237  |
| Securities lending income | 118726 | 16598 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 6674460 | 2213189 | 337895 | 6075532  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 914027 | 588104 | 58567 | 1141347  |
| Interest expense | 477652 | 141279 | 7354 | 426089  |
| Management service fees (Note 6) | 59323 | 38173 | 3801 | 74058  |
| Professional fees | 18496 | 15677 | 9912 | 20530  |
| Licensing fees | 79685 | 31366 | 1172 | 22827  |
| Pricing fees | 4000 | 4000 | 4001 | 4000  |
| Exchange listing fees | 6161 | 6161 | 4000 | 4000  |
| Reports to shareholders | 9176 | 5905 | 588 | 11454  |
| Trustees' fees and expenses | 2541 | 1636 | 161 | 3164  |
| Insurance fees | 1681 | 1101 | 107 | 2098  |
| Fund servicing fees | 14815 | 8603 |  | 22313  |
| Other | 5164 | 3428 | 367 | 8542  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1592721 | 845433 | 90030 | 1740422  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) |  |  | 2114 | —  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) |  |  | (10605) | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 1592721 | 845433 | 81539 | 1740422  |
| **Net investment income**  | 5081739 | 1367756 | 256356 | 4335110  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | (3580073) | (1038028) |  | 370797  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 7976985 | 1897035 |  | 3293067  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (26968237) | 656008 | (2011797) | 17089063  |
| Net realized gain (loss) | (22571325) | 1515015 | (2011797) | 20752927  |
|  Change in net unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | 8629807 | (1802900) |  | 1084810  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 47108967 | (10314637) | (352258) | 15894245  |
|  Change in net unrealized appreciation (depreciation) | 55738774 | (12117537) | (352258) | 16979055  |
| **Net realized and unrealized gain (loss)** | 33167449 | (10602522) | (2364055) | 37731982  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $38249188 | $(9234766) | $(2107699) | $42067092 |

---

The accompanying notes are an integral part of these financial statements.

129<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily**<br>**MU Bear** <br>**1X Shares** | **Direxion Daily**<br>**MU Bull** <br>**2X Shares** | **Direxion Daily**<br>**NFLX Bear** <br>**1X Shares** | **Direxion Daily**<br>**NFLX Bull** <br>**2X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income  | $— | $36853 | $— | $—  |
| Interest income | 175846 | 1410444 | 425055 | 1713419  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 175846 | 1447297 | 425055 | 1713419  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 28774 | 302617 | 72596 | 338435  |
| Interest expense | 5292 | 224231 | 2385 | 155562  |
| Management service fees (Note 6) | 1867 | 19579 | 4713 | 21940  |
| Professional fees | 10239 | 12207 | 10565 | 12504  |
| Licensing fees | 575 | 6052 | 1452 | 6769  |
| Pricing fees | 4000 | 4000 | 4000 | 4000  |
| Exchange listing fees | 4000 | 4001 | 4000 | 4000  |
| Reports to shareholders | 287 | 3017 | 729 | 3390  |
| Trustees' fees and expenses | 79 | 814 | 200 | 932  |
| Insurance fees | 53 | 549 | 133 | 604  |
| Excise tax | 38 | 253 |  | 27  |
| Fund servicing fees | 813 | 6651 | 1747 | 7416  |
| Other | 180 | 1631 | 453 | 1876  |
| &nbsp;&nbsp;&nbsp; Total expenses | 56197 | 585602 | 102973 | 557455  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) | 780 | 13519 | 1300 | 20323  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) | (15201) | (2172) | (9933) | (2304)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 41776 | 596949 | 94340 | 575474  |
| **Net investment income**  | 134070 | 850348 | 330715 | 1137945  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities |  | (870156) |  | 156190  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions |  | 2854028 |  | 1647564  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (2304138) | 13114909 | (2821562) | 14151832  |
| Net realized gain (loss) | (2304138) | 15098781 | (2821562) | 15955586  |
|  Change in net unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities |  | 11590097 |  | (1428261)  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (3002781) | 87708873 | 633576 | (5937606)  |
|  Change in net unrealized appreciation (depreciation) | (3002781) | 99298970 | 633576 | (7365867)  |
| **Net realized and unrealized gain (loss)** | (5306919) | 114397751 | (2187986) | 8589719  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(5172849) | $115248099 | $(1857271) | $9727664 |

---

The accompanying notes are an integral part of these financial statements.

130<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily**<br>**NVDA Bear** <br>**1X Shares** | **Direxion Daily**<br>**NVDA Bull** <br>**2X Shares** | **Direxion Daily**<br>**NYSE FANG+** <br>**Bull 2X Shares** | **Direxion Daily**<br>**PANW Bear** <br>**1X Shares<sup>1</sup>**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income  | $— | $30931 | $138820 | &nbsp;&nbsp; $—  |
| Interest income | 1201209 | 23406816 | 2473246 | &nbsp;&nbsp; 73332  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1201209 | 23437747 | 2612066 | &nbsp;&nbsp; 73332  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 203697 | 4699730 | 785660 | &nbsp;&nbsp; 13000  |
| Interest expense | 41037 | 3447456 | 601857 | &nbsp;&nbsp; 3725  |
| Management service fees (Note 6) | 13232 | 304822 | 50942 | &nbsp;&nbsp; 931  |
| Professional fees | 11671 | 48518 | 16919 | &nbsp;&nbsp; 10095  |
| Licensing fees | 4074 | 93995 | 52378 | &nbsp;&nbsp; —  |
| Pricing fees | 4001 | 4000 | 4001 | &nbsp;&nbsp; 2411  |
| Exchange listing fees | 4000 | 4000 | 6161 | &nbsp;&nbsp; 2411  |
| Reports to shareholders | 2045 | 47176 | 7884 | &nbsp;&nbsp; 140  |
| Trustees' fees and expenses | 565 | 13049 | 2178 | &nbsp;&nbsp; 36  |
| Insurance fees | 379 | 8632 | 1433 | &nbsp;&nbsp; 24  |
| Offering fees |  |  |  | &nbsp;&nbsp; 2068  |
| Fund servicing fees | 4451 | 99828 | 13928 | &nbsp;&nbsp; 277  |
| Other | 1490 | 30445 | 4426 | &nbsp;&nbsp; 58  |
| &nbsp;&nbsp;&nbsp; Total expenses | 290642 | 8801651 | 1547767 | &nbsp;&nbsp; 35176  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) | 9437 |  | 40478 | &nbsp;&nbsp; 7734  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) | (1026) |  | (19) | &nbsp;&nbsp; (22718)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 299053 | 8801651 | 1588226 | &nbsp;&nbsp; 20192  |
| **Net investment income** | 902156 | 14636096 | 1023840 | &nbsp;&nbsp; 53140  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities |  | (2277132) | (1346271) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions |  | 27550879 | 7097160 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (14192239) | 248871243 | 16419165 | &nbsp;&nbsp; (276342)  |
| Net realized gain (loss) | (14192239) | 274144990 | 22170054 | &nbsp;&nbsp; (276342)  |
|  Change in net unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities |  | 12819852 | 12803230 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (1659926) | 63692609 | 31555271 | &nbsp;&nbsp; (400540)  |
|  Change in net unrealized appreciation (depreciation) | (1659926) | 76512461 | 44358501 | &nbsp;&nbsp; (400540)  |
| **Net realized and unrealized gain (loss)** | (15852165) | 350657451 | 66528555 | &nbsp;&nbsp; (676882)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(14950009) | $365293547 | $67552395 | &nbsp;&nbsp; $(623742) |

---

<sup>1</sup> Represents the period from March 26, 2025 (commencement of operations) to October 31, 2025.

The accompanying notes are an integral part of these financial statements.

131<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily**<br>**PANW Bull** <br>**2X Shares<sup>1</sup>** | **Direxion Daily**<br>**PLTR Bear** <br>**1X Shares<sup>2</sup>** | **Direxion Daily**<br>**PLTR Bull** <br>**2X Shares<sup>2</sup>** | **Direxion Daily**<br>**QCOM Bear** <br>**1X ETF<sup>3</sup>**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Interest income | $176979 | $1818043 | $10624021 | &nbsp;&nbsp; $41467  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 176979 | 1818043 | 10624021 | &nbsp;&nbsp; 41467  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 35488 | 300885 | 2179980 | &nbsp;&nbsp; 7356  |
| Interest expense | 8203 | 43968 | 2113090 | &nbsp;&nbsp; —  |
| Management service fees (Note 6) | 2369 | 19527 | 141151 | &nbsp;&nbsp; 475  |
| Professional fees | 10259 | 12212 | 25950 | &nbsp;&nbsp; 10054  |
| Licensing fees |  | 6018 | 43599 | &nbsp;&nbsp; —  |
| Pricing fees | 2411 | 3562 | 3562 | &nbsp;&nbsp; 1414  |
| Exchange listing fees | 2411 | 3561 | 3562 | &nbsp;&nbsp; 1414  |
| Reports to shareholders | 363 | 3021 | 21858 | &nbsp;&nbsp; 72  |
| Trustees' fees and expenses | 97 | 836 | 6009 | &nbsp;&nbsp; 18  |
| Insurance fees | 61 | 548 | 3999 | &nbsp;&nbsp; 12  |
| Offering fees | 2068 | 2391 | 2391 | &nbsp;&nbsp; 2833  |
| Excise tax |  | 396 | 95 | &nbsp;&nbsp; —  |
| Fund servicing fees | 757 | 6509 | 46594 | &nbsp;&nbsp; 157  |
| Other | 190 | 1641 | 11760 | &nbsp;&nbsp; 30  |
| &nbsp;&nbsp;&nbsp; Total expenses | 64677 | 405075 | 4603600 | &nbsp;&nbsp; 23835  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) | 7734 | 5209 | 1548 | &nbsp;&nbsp; 2723  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) | (19257) | (5209) | (1548) | &nbsp;&nbsp; (17240)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 53154 | 405075 | 4603600 | &nbsp;&nbsp; 9318  |
| **Net investment income**  | 123825 | 1412968 | 6020421 | &nbsp;&nbsp; 32149  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities |  |  | 95669 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions |  |  | 27419300 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 523025 | (23615280) | 344056884 | &nbsp;&nbsp; (223535)  |
| Net realized gain (loss) | 523025 | (23615280) | 371571853 | &nbsp;&nbsp; (223535)  |
| Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | 150028 |  | 17586477 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 3979418 | (6040405) | 211716982 | &nbsp;&nbsp; (305593)  |
| Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | 4129446 | (6040405) | 229303459 | &nbsp;&nbsp; (305593)  |
| **Net realized and unrealized gain (loss)** | 4652471 | (29655685) | 600875312 | &nbsp;&nbsp; (529128)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $4776296 | $(28242717) | $606895733 | &nbsp;&nbsp; $(496979) |

---

<sup>1</sup> Represents the period from March 26, 2025 (commencement of operations) to October 31, 2025.

<sup>2</sup> Represents the period from December 11, 2024 (commencement of operations) to October 31, 2025.

<sup>3</sup> Represents the period from June 25, 2025 (commencement of operations) to October 31, 2025.

The accompanying notes are an integral part of these financial statements.

132<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily**<br>**QCOM Bull** <br>**2X ETF<sup>1</sup>** | **Direxion Daily**<br>**Robotics, Artificial** <br>**Intelligence &** <br>**Automation Index** <br>**Bull 2X Shares** | **Direxion Daily**<br>**S&P 500<sup>®</sup> Bear** <br>**1X Shares** | **Direxion Daily**<br>**S&P 500<sup>®</sup> Bull** <br>**2X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income  | $2848 | &nbsp;&nbsp;&nbsp; $34437 | $— | $1973071  |
| Less: Foreign Withholding Tax |  | &nbsp;&nbsp;&nbsp; — |  | (439)  |
| Interest income | 42231 | &nbsp;&nbsp;&nbsp; 628496 | 6387699 | 715154  |
| Securities lending income |  | &nbsp;&nbsp;&nbsp; 351 |  | 461  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 45079 | &nbsp;&nbsp;&nbsp; 663284 | 6387699 | 2688247  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 9270 | &nbsp;&nbsp;&nbsp; 209021 | 515804 | 832926  |
| Interest expense | 188 | &nbsp;&nbsp;&nbsp; 112054 | 66011 | 543121  |
| Management service fees (Note 6) | 598 | &nbsp;&nbsp;&nbsp; 13570 | 71779 | 81025  |
| Professional fees | 10067 | &nbsp;&nbsp;&nbsp; 12386 | 24765 | 21326  |
| Licensing fees |  | &nbsp;&nbsp;&nbsp; 16722 | 73686 | 99951  |
| Pricing fees | 1414 | &nbsp;&nbsp;&nbsp; 4000 | 4001 | 4000  |
| Exchange listing fees | 1414 | &nbsp;&nbsp;&nbsp; 6161 | 6161 | 6161  |
| Reports to shareholders | 90 | &nbsp;&nbsp;&nbsp; 2098 | 11099 | 12540  |
| Trustees' fees and expenses | 23 | &nbsp;&nbsp;&nbsp; 577 | 3075 | 3465  |
| Insurance fees | 15 | &nbsp;&nbsp;&nbsp; 383 | 2034 | 2289  |
| Offering fees | 2833 | &nbsp;&nbsp;&nbsp; — |  | —  |
| Fund servicing fees | 198 | &nbsp;&nbsp;&nbsp; 1733 | 26826 | 20942  |
| Other | 38 | &nbsp;&nbsp;&nbsp; 1136 | 6036 | 6797  |
| &nbsp;&nbsp;&nbsp; Total expenses | 26148 | &nbsp;&nbsp;&nbsp; 379841 | 811277 | 1634543  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) | 2723 | &nbsp;&nbsp;&nbsp; 5067 | 2740 | 7682  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) | (16941) | &nbsp;&nbsp;&nbsp; (8094) | (84829) | (99593)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 11930 | &nbsp;&nbsp;&nbsp; 376814 | 729188 | 1542632  |
| **Net investment income** | 33149 | &nbsp;&nbsp;&nbsp; 286470 | 5658511 | 1145615  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities |  | &nbsp;&nbsp;&nbsp; (1184949) |  | (2657017)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions |  | &nbsp;&nbsp;&nbsp; 297124 |  | —  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (200302) | &nbsp;&nbsp;&nbsp; (898466) | (27735028) | 16642455  |
| Net realized gain (loss) | (200302) | &nbsp;&nbsp;&nbsp; (1786291) | (27735028) | 13985438  |
| Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | 90606 | &nbsp;&nbsp;&nbsp; 2772720 |  | 31104531  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 961232 | &nbsp;&nbsp;&nbsp; 7215956 | 3654350 | 11114971  |
| Change in net unrealized appreciation | 1051838 | &nbsp;&nbsp;&nbsp; 9988676 | 3654350 | 42219502  |
| **Net realized and unrealized gain (loss)** | 851536 | &nbsp;&nbsp;&nbsp; 8202385 | (24080678) | 56204940  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $884685 | &nbsp;&nbsp;&nbsp; $8488855 | $(18422167) | $57350555 |

---

<sup>1</sup> Represents the period from June 25, 2025 (commencement of operations) to October 31, 2025.

The accompanying notes are an integral part of these financial statements.

133<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily**<br>**S&P Oil & Gas** <br>**Exp. & Prod.** <br>**Bear 2X Shares** | **Direxion Daily**<br>**S&P Oil & Gas** <br>**Exp. & Prod.** <br>**Bull 2X Shares** | **Direxion Daily**<br>**Semiconductors** <br>**Top 5 Bear** <br>**2X ETF<sup>1</sup>** | **Direxion Daily**<br>**Semiconductors** <br>**Top 5 Bull** <br>**2X ETF<sup>1</sup>**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income  | $— | $5245325 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1012  |
| Less: Foreign Withholding Tax |  |  | &nbsp;&nbsp; — | (152)  |
| Interest income | 2004454 | 4188263 | &nbsp;&nbsp; 7825 | &nbsp;&nbsp; 5196  |
| Securities lending income |  | 36777 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 2004454 | 9470365 | &nbsp;&nbsp; 7825 | &nbsp;&nbsp; 6056  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 344072 | 2035711 | &nbsp;&nbsp; 1283 | &nbsp;&nbsp; 2636  |
| Interest expense | 237475 | 447016 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Management service fees (Note 6) | 22328 | 132114 | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 170  |
| Professional fees | 13331 | 26755 | &nbsp;&nbsp; 10009 | &nbsp;&nbsp; 10018  |
| Licensing fees | 36701 | 217142 | &nbsp;&nbsp; 1698 | &nbsp;&nbsp; 1699  |
| Pricing fees | 4000 | 4000 | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 340  |
| Exchange listing fees | 6161 | 6161 | &nbsp;&nbsp; 393 | &nbsp;&nbsp; 393  |
| Reports to shareholders | 3454 | 20443 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 24  |
| Trustees' fees and expenses | 956 | 5666 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 6  |
| Insurance fees | 645 | 3746 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 4  |
| Offering fees |  |  | &nbsp;&nbsp; 2645 | &nbsp;&nbsp; 2375  |
| Fund servicing fees | 5181 | 46749 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 56  |
| Other | 1877 | 11124 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 9  |
| &nbsp;&nbsp;&nbsp; Total expenses | 676181 | 2956627 | &nbsp;&nbsp; 16499 | &nbsp;&nbsp; 17730  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) | 3287 |  | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 175  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) | (6169) |  | &nbsp;&nbsp; (15049) | &nbsp;&nbsp; (14566)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 673299 | 2956627 | &nbsp;&nbsp; 1625 | &nbsp;&nbsp; 3339  |
| **Net investment income** | 1331155 | 6513738 | &nbsp;&nbsp; 6200 | &nbsp;&nbsp; 2717  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities |  | (40650418) | &nbsp;&nbsp; — | &nbsp;&nbsp; 98655  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions |  | 20940782 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 11057898 | (44871274) | &nbsp;&nbsp; (414919) | &nbsp;&nbsp; (44394)  |
| Net realized gain (loss) | 11057898 | (64580910) | &nbsp;&nbsp; (414919) | &nbsp;&nbsp; 54261  |
| Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities |  | 16194771 | &nbsp;&nbsp; — | &nbsp;&nbsp; 309367  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (5512771) | 21008030 | &nbsp;&nbsp; (389194) | &nbsp;&nbsp; 739314  |
| Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | (5512771) | 37202801 | &nbsp;&nbsp; (389194) | &nbsp;&nbsp; 1048681  |
| **Net realized and unrealized gain (loss)** | 5545127 | (27378109) | &nbsp;&nbsp; (804113) | &nbsp;&nbsp; 1102942  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $6876282 | $(20864371) | &nbsp;&nbsp; $(797913) | &nbsp;&nbsp; $1105659 |

---

<sup>1</sup> Represents the period from October 1, 2025 (commencement of operations) to October 31, 2025.

The accompanying notes are an integral part of these financial statements.

134<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily**<br>**SHOP Bear** <br>**1X ETF<sup>1</sup>** | **Direxion Daily**<br>**SHOP Bull** <br>**2X ETF<sup>1</sup>** | **Direxion Daily**<br>**Technology** <br>**Top 5 Bear** <br>**2X ETF<sup>2</sup>** | **Direxion Daily**<br>**Technology** <br>**Top 5 Bull** <br>**2X ETF<sup>2</sup>**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income  | $— | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $618  |
| Interest income | 29056 | 52621 | &nbsp;&nbsp; 8268 | &nbsp;&nbsp; 3118  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 29056 | 52621 | &nbsp;&nbsp; 8268 | &nbsp;&nbsp; 3736  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 4964 | 10904 | &nbsp;&nbsp; 1534 | &nbsp;&nbsp; 1964  |
| Interest expense |  | 3764 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Management service fees (Note 6) | 320 | 703 | &nbsp;&nbsp; 99 | &nbsp;&nbsp; 126  |
| Professional fees | 10036 | 10078 | &nbsp;&nbsp; 10011 | &nbsp;&nbsp; 10014  |
| Licensing fees |  |  | &nbsp;&nbsp; 1699 | &nbsp;&nbsp; 1699  |
| Pricing fees | 954 | 953 | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 340  |
| Exchange listing fees | 953 | 953 | &nbsp;&nbsp; 393 | &nbsp;&nbsp; 393  |
| Reports to shareholders | 48 | 105 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 18  |
| Trustees' fees and expenses | 12 | 27 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4  |
| Insurance fees | 8 | 18 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3  |
| Offering fees | 849 | 849 | &nbsp;&nbsp; 2645 | &nbsp;&nbsp; 2375  |
| Fund servicing fees | 106 | 233 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 42  |
| Other | 20 | 42 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 7  |
| &nbsp;&nbsp;&nbsp; Total expenses | 18270 | 28629 | &nbsp;&nbsp; 16778 | &nbsp;&nbsp; 16985  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) | 3182 | 3182 | &nbsp;&nbsp; 174 | &nbsp;&nbsp; 174  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) | (15165) | (14236) | &nbsp;&nbsp; (15010) | &nbsp;&nbsp; (14671)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 6287 | 17575 | &nbsp;&nbsp; 1942 | &nbsp;&nbsp; 2488  |
| **Net investment income**  | 22769 | 35046 | &nbsp;&nbsp; 6326 | &nbsp;&nbsp; 1248  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities |  | 237066 | &nbsp;&nbsp; — | &nbsp;&nbsp; (14937)  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (673772) | 1296507 | &nbsp;&nbsp; (70142) | &nbsp;&nbsp; (6906)  |
| Net realized gain (loss) | (673772) | 1533573 | &nbsp;&nbsp; (70142) | &nbsp;&nbsp; (21843)  |
| Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities |  | 47 | &nbsp;&nbsp; — | &nbsp;&nbsp; 85238  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (349925) | 1604922 | &nbsp;&nbsp; (150529) | &nbsp;&nbsp; 110066  |
| Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | (349925) | 1604969 | &nbsp;&nbsp; (150529) | &nbsp;&nbsp; 195304  |
| **Net realized and unrealized gain (loss)** | (1023697) | 3138542 | &nbsp;&nbsp; (220671) | &nbsp;&nbsp; 173461  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(1000928) | $3173588 | &nbsp;&nbsp; $(214345) | &nbsp;&nbsp; $174709 |

---

<sup>1</sup> Represents the period from August 6, 2025 (commencement of operations) to October 31, 2025.

<sup>2</sup> Represents the period from October 1, 2025 (commencement of operations) to October 31, 2025.

The accompanying notes are an integral part of these financial statements.

135<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily**<br>**TSLA Bear** <br>**1X Shares** | **Direxion Daily**<br>**TSLA Bull** <br>**2X Shares** | **Direxion Daily**<br>**TSM Bear** <br>**1X Shares** | **Direxion Daily**<br>**TSM Bull** <br>**2X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income  | $— | $— | $— | $211597  |
| Less: Foreign Withholding Tax |  |  |  | (44435)  |
| Interest income | 2972502 | 207631507 | 151641 | 4231337  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 2972502 | 207631507 | 151641 | 4398499  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 507281 | 40164506 | 25483 | 825870  |
| Interest expense | 182266 | 24734912 | 8443 | 475323  |
| Management service fees (Note 6) | 32903 | 2604658 | 1656 | 53552  |
| Professional fees | 14877 | 310668 | 10218 | 16120  |
| Licensing fees | 10146 | 803290 | 510 | 16517  |
| Pricing fees | 4000 | 4000 | 4000 | 4000  |
| Exchange listing fees | 4000 | 4000 | 4000 | 4000  |
| Reports to shareholders | 5092 | 402955 | 256 | 8277  |
| Trustees' fees and expenses | 1408 | 111160 | 72 | 2270  |
| Insurance fees | 939 | 73779 | 48 | 1512  |
| Fund servicing fees | 9033 | 844156 | 742 | 17794  |
| Other | 2542 | 229671 | 187 | 4685  |
| &nbsp;&nbsp;&nbsp; Total expenses | 774487 | 70287755 | 55615 | 1429920  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) |  |  | 727 | 11564  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) |  |  | (15620) | —  |
| &nbsp;&nbsp;&nbsp; Less: Investment advisory fees waived (Note 6) |  | (6210535) |  | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 774487 | 64077220 | 40722 | 1441484  |
| **Net investment income** | 2198015 | 143554287 | 110919 | 2957015  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities |  | (400999963) |  | —  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions |  | 435351232 |  | 3821546  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (41346161) | 1299749371 | (506260) | 16044178  |
| Net realized gain (loss) | (41346161) | 1334100640 | (506260) | 19865724  |
|  Change in net unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities |  | 282859304 |  | 4173167  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (10867084) | 2847256270 | (559267) | 56056858  |
|  Change in net unrealized appreciation (depreciation) | (10867084) | 3130115574 | (559267) | 60230025  |
| **Net realized and unrealized gain (loss)** | (52213245) | 4464216214 | (1065527) | 80095749  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(50015230) | $4607770501 | $(954608) | $83052764 |

---

The accompanying notes are an integral part of these financial statements.

136<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Direxion Daily**<br>**Uranium Industry** <br>**Bull 2X Shares** | **Direxion Daily**<br>**XOM Bear** <br>**1X Shares<sup>1</sup>** | **Direxion Daily**<br>**XOM Bull** <br>**2X Shares<sup>1</sup>**  |
| **INVESTMENT INCOME:**<br>|  |  |  |
| Dividend income  | &nbsp;&nbsp; $97603 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9256  |
| Interest income | &nbsp;&nbsp; 306591 | &nbsp;&nbsp; 53600 | &nbsp;&nbsp; 50988  |
| Securities lending income | &nbsp;&nbsp; 3356 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 407550 | &nbsp;&nbsp; 53600 | &nbsp;&nbsp; 60244  |
| **EXPENSES:**<br>|  |  |  |
| Investment advisory fees (Note 6) | &nbsp;&nbsp; 98906 | &nbsp;&nbsp; 9626 | &nbsp;&nbsp; 12086  |
| Interest expense | &nbsp;&nbsp; 73270 | &nbsp;&nbsp; — | &nbsp;&nbsp; 66  |
| Management service fees (Note 6) | &nbsp;&nbsp; 6405 | &nbsp;&nbsp; 623 | &nbsp;&nbsp; 782  |
| Professional fees | &nbsp;&nbsp; 10747 | &nbsp;&nbsp; 10071 | &nbsp;&nbsp; 10088  |
| Licensing fees | &nbsp;&nbsp; 13800 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Pricing fees | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 2104 | &nbsp;&nbsp; 2104  |
| Exchange listing fees | &nbsp;&nbsp; 5664 | &nbsp;&nbsp; 2104 | &nbsp;&nbsp; 2104  |
| Reports to shareholders | &nbsp;&nbsp; 989 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 124  |
| Trustees' fees and expenses | &nbsp;&nbsp; 268 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 31  |
| Insurance fees | &nbsp;&nbsp; 173 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 21  |
| Offering fees | &nbsp;&nbsp; — | &nbsp;&nbsp; 4714 | &nbsp;&nbsp; 4714  |
| Excise tax | &nbsp;&nbsp; 2002 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Fund servicing fees | &nbsp;&nbsp; 2312 | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 258  |
| Other | &nbsp;&nbsp; 607 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 52  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 219143 | &nbsp;&nbsp; 29631 | &nbsp;&nbsp; 32430  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) | &nbsp;&nbsp; 2077 | &nbsp;&nbsp; 3686 | &nbsp;&nbsp; 3686  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) | &nbsp;&nbsp; (20668) | &nbsp;&nbsp; (21125) | &nbsp;&nbsp; (20742)  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp; 200552 | &nbsp;&nbsp; 12192 | &nbsp;&nbsp; 15374  |
| **Net investment income** | &nbsp;&nbsp; 206998 | &nbsp;&nbsp; 41408 | &nbsp;&nbsp; 44870  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | &nbsp;&nbsp; (135871) | &nbsp;&nbsp; — | &nbsp;&nbsp; (2660)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp; 665123 | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp; (11313) | &nbsp;&nbsp; (91016) | &nbsp;&nbsp; (146385)  |
| Net realized gain (loss) | &nbsp;&nbsp; 517939 | &nbsp;&nbsp; (91016) | &nbsp;&nbsp; (149045)  |
| Change in net unrealized appreciation (depreciation) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | &nbsp;&nbsp; 3501429 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26316  |
| &nbsp;&nbsp;&nbsp; Swap contracts | &nbsp;&nbsp; 11960932 | &nbsp;&nbsp; (83074) | &nbsp;&nbsp; 190377  |
| Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 15462361 | &nbsp;&nbsp; (83074) | &nbsp;&nbsp; 216693  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp; 15980300 | &nbsp;&nbsp; (174090) | &nbsp;&nbsp; 67648  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $16187298 | &nbsp;&nbsp; $(132682) | &nbsp;&nbsp; $112518 |

---

<sup>1</sup> Represents the period from April 23, 2025 (commencement of operations) to October 31, 2025.

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily AAPL** <br>**Bear 1X Shares** | **Direxion Daily AAPL** <br>**Bear 1X Shares** | **Direxion Daily AAPL** <br>**Bull 2X Shares**  | **Direxion Daily AAPL** <br>**Bull 2X Shares**  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $916514 | $1179517 | $4284392 | $2288784  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (3119579) | (5280087) | 48156754 | 26854673  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (1976711) | (1488835) | 86329479 | 11150431  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (4179776) | (5589405) | 138770625 | 40293888  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (947241) | (1242145) | (14985478) | (2167326)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (947241) | (1242145) | (14985478) | (2167326)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 131155700 | 74077786 | 599499121 | 165537552  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (127478960) | (78334822) | (605097030) | (140604900)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 38244 | 23500 | 138801 | 40096  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | 3714984 | (4233536) | (5459108) | 24972748  |
| **Total increase (decrease) in net assets** | (1412033) | (11065086) | 118326039 | 63099310  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 25497898 | 36562984 | 98080147 | 34980837  |
| &nbsp;&nbsp;&nbsp; End of year | $24085865 | $25497898 | $216406186 | $98080147  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year | 1500001 | 1600001 | 2775001 | 1500001  |
| &nbsp;&nbsp;&nbsp; Shares sold | 7800000 | 3750000 | 24750000 | 5475000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (7475000) | (3850000) | (21525000) | (4200000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year** | 1825001 | 1500001 | 6000001 | 2775001 |

---

The accompanying notes are an integral part of these financial statements.

138<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily AI and** <br>**Big Data Bear 2X Shares** | **Direxion Daily AI and** <br>**Big Data Bear 2X Shares** | **Direxion Daily AI and** <br>**Big Data Bull 2X Shares**  | **Direxion Daily AI and** <br>**Big Data Bull 2X Shares**  |
|  | **Year Ended** <br>**October 31, 2025** | **For the Period** <br>**May 15, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024** | **Year Ended** <br>**October 31, 2025** | **For the Period** <br>**May 15, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $64719 | &nbsp;&nbsp; $49934 | $(30281) | &nbsp;&nbsp; $3952  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; (1783739) | &nbsp;&nbsp; (586698) | 119468 | &nbsp;&nbsp; 47041  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (287021) | &nbsp;&nbsp; (144062) | 15836229 | &nbsp;&nbsp; 976665  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; (2006041) | &nbsp;&nbsp; (680826) | 15925416 | &nbsp;&nbsp; 1027658  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | &nbsp;&nbsp; (64893) | &nbsp;&nbsp; (44131) | (162753) | &nbsp;&nbsp; (9347)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp; (64893) | &nbsp;&nbsp; (44131) | (162753) | &nbsp;&nbsp; (9347)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp; 3959890 | &nbsp;&nbsp; 3150209 | 33946073 | &nbsp;&nbsp; 6456993  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (1585839) | &nbsp;&nbsp; — | (8341215) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | &nbsp;&nbsp; 476 | &nbsp;&nbsp; — | 2188 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital transactions** | &nbsp;&nbsp; 2374527 | &nbsp;&nbsp; 3150209 | 25607046 | &nbsp;&nbsp; 6456993  |
| **Total increase in net assets** | &nbsp;&nbsp; 303593 | &nbsp;&nbsp; 2425252 | 41369709 | &nbsp;&nbsp; 7475304  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | &nbsp;&nbsp; 2425252 | &nbsp;&nbsp; — | 7475304 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of year/period | &nbsp;&nbsp; $2728845 | &nbsp;&nbsp; $2425252 | $48845013 | &nbsp;&nbsp; $7475304  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | &nbsp;&nbsp; 125001 | &nbsp;&nbsp; — | 250001 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 125001 | 725000 | &nbsp;&nbsp; 250001  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp; (175000) | &nbsp;&nbsp; — | (200000) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | &nbsp;&nbsp; 425001 | &nbsp;&nbsp; 125001 | 775001 | &nbsp;&nbsp; 250001 |

---

<sup>1</sup> Commencement of operations.

The accompanying notes are an integral part of these financial statements.

139<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily AMD** <br>**Bear 1X Shares** | **Direxion Daily AMD** <br>**Bull 2X Shares** | **Direxion Daily AMZN** <br>**Bear 1X Shares**  | **Direxion Daily AMZN** <br>**Bear 1X Shares**  |
|  | **For the Period** <br>**February 12, 2025<sup>1</sup>** <br>**through** <br>**October 31, 2025** | **For the Period** <br>**February 12, 2025<sup>1</sup>** <br>**through** <br>**October 31, 2025** | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **For the Period** <br>**February 12, 2025<sup>1</sup>** <br>**through** <br>**October 31, 2025** | **For the Period** <br>**February 12, 2025<sup>1</sup>** <br>**through** <br>**October 31, 2025** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp; $176564 | &nbsp;&nbsp;&nbsp; $375446 | $178916 | $147591  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (5611149) | &nbsp;&nbsp;&nbsp; 9695108 | (473435) | (1461989)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; (4233509) | &nbsp;&nbsp;&nbsp; 34920778 | (592015) | 97691  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; (9668094) | &nbsp;&nbsp;&nbsp; 44991332 | (886534) | (1216707)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | &nbsp;&nbsp;&nbsp; (100915) | &nbsp;&nbsp;&nbsp; (245544) | (172506) | (146986)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp;&nbsp; (100915) | &nbsp;&nbsp;&nbsp; (245544) | (172506) | (146986)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp;&nbsp; 103834366 | &nbsp;&nbsp;&nbsp; 93705421 | 50316746 | 10661343  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (69635392) | &nbsp;&nbsp;&nbsp; (75266659) | (42855295) | (8159484)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | &nbsp;&nbsp;&nbsp; 20891 | &nbsp;&nbsp;&nbsp; 21331 | 12857 | 2448  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; 34219865 | &nbsp;&nbsp;&nbsp; 18460093 | 7474308 | 2504307  |
| **Total increase in net assets** | &nbsp;&nbsp;&nbsp; 24450856 | &nbsp;&nbsp;&nbsp; 63205881 | 6415268 | 1140614  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 4136516 | 2995902  |
| &nbsp;&nbsp;&nbsp; End of year/period | &nbsp;&nbsp;&nbsp; $24450856 | &nbsp;&nbsp;&nbsp; $63205881 | $10551784 | $4136516  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 300001 | 150001  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp; 9725001 | &nbsp;&nbsp;&nbsp; 1825001 | 4575000 | 700000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp; (6775000) | &nbsp;&nbsp;&nbsp; (1150000) | (3775000) | (550000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | &nbsp;&nbsp;&nbsp; 2950001 | &nbsp;&nbsp;&nbsp; 675001 | 1100001 | 300001 |

---

<sup>1</sup> Commencement of operations.

The accompanying notes are an integral part of these financial statements.

140<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily AMZN** <br>**Bull 2X Shares** | **Direxion Daily AMZN** <br>**Bull 2X Shares** | **Direxion Daily AVGO** <br>**Bear 1X Shares**  | **Direxion Daily AVGO** <br>**Bear 1X Shares**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended** <br>**October 31, 2025** | **For the Period** <br>**October 10, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024**  |
|  | **2025** | **2024**  | **Year Ended** <br>**October 31, 2025** | **For the Period** <br>**October 10, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $6990745 | $3475214 | $235488 | &nbsp;&nbsp;&nbsp; $5590  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 26179398 | 7332677 | (4480986) | &nbsp;&nbsp;&nbsp; 21444  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 76370257 | (4110472) | (1249041) | &nbsp;&nbsp;&nbsp; 204687  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 109540400 | 6697419 | (5494539) | &nbsp;&nbsp;&nbsp; 231721  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (9118355) | (3785145) | (213945) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (9118355) | (3785145) | (213945) | &nbsp;&nbsp;&nbsp; —  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 577337791 | 220052964 | 49532287 | &nbsp;&nbsp;&nbsp; 2500025  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (484603098) | (106602582) | (34937786) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 112017 | 30950 | 10481 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital transactions** | 92846710 | 113481332 | 14604982 | &nbsp;&nbsp;&nbsp; 2500025  |
| **Total increase in net assets** | 193268755 | 116393606 | 8896498 | &nbsp;&nbsp;&nbsp; 2731746  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | 158437015 | 42043409 | 2731746 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of year/period | $351705770 | $158437015 | $11628244 | &nbsp;&nbsp;&nbsp; $2731746  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | 4950001 | 1825001 | 100001 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold | 16000000 | 6525000 | 3875000 | &nbsp;&nbsp;&nbsp; 100001  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (12575000) | (3400000) | (2725000) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | 8375001 | 4950001 | 1250001 | &nbsp;&nbsp;&nbsp; 100001 |

---

<sup>1</sup> Commencement of operations.

The accompanying notes are an integral part of these financial statements.

141<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily AVGO** <br>**Bull 2X Shares** | **Direxion Daily AVGO** <br>**Bull 2X Shares** | **Direxion Daily BA** <br>**Bear 1X Shares** | **Direxion Daily BA** <br>**Bull 2X Shares**  |
|  | **Year Ended** <br>**October 31, 2025** | **For the Period** <br>**October 10, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024** | **For the Period** <br>**April 23, 2025<sup>1</sup>** <br>**through** <br>**October 31, 2025** | **For the Period** <br>**April 23, 2025<sup>1</sup>** <br>**through** <br>**October 31, 2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $1657874 | &nbsp;&nbsp;&nbsp; $6210 | &nbsp;&nbsp;&nbsp; $43307 | &nbsp;&nbsp; $132466  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 50776572 | &nbsp;&nbsp;&nbsp; (74932) | &nbsp;&nbsp;&nbsp; (633724) | &nbsp;&nbsp; 119682  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 39457808 | &nbsp;&nbsp;&nbsp; (552921) | &nbsp;&nbsp;&nbsp; 106680 | &nbsp;&nbsp; (1458266)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 91892254 | &nbsp;&nbsp;&nbsp; (621643) | &nbsp;&nbsp;&nbsp; (483737) | &nbsp;&nbsp; (1206118)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (1379947) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (41145) | &nbsp;&nbsp; (82462)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (1379947) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (41145) | &nbsp;&nbsp; (82462)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 194431308 | &nbsp;&nbsp;&nbsp; 4727016 | &nbsp;&nbsp;&nbsp; 2985148 | &nbsp;&nbsp; 24141729  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (166199391) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2292490)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 41779 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 688  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital transactions** | 28273696 | &nbsp;&nbsp;&nbsp; 4727016 | &nbsp;&nbsp;&nbsp; 2985148 | &nbsp;&nbsp; 21849927  |
| **Total increase in net assets** | 118786003 | &nbsp;&nbsp;&nbsp; 4105373 | &nbsp;&nbsp;&nbsp; 2460266 | &nbsp;&nbsp; 20561347  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | 4105373 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of year/period | $122891376 | &nbsp;&nbsp;&nbsp; $4105373 | &nbsp;&nbsp;&nbsp; $2460266 | &nbsp;&nbsp; $20561347  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | 200001 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold | 5925000 | &nbsp;&nbsp;&nbsp; 200001 | &nbsp;&nbsp;&nbsp; 125001 | &nbsp;&nbsp; 650001  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (4200000) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (50000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | 1925001 | &nbsp;&nbsp;&nbsp; 200001 | &nbsp;&nbsp;&nbsp; 125001 | &nbsp;&nbsp; 600001 |

---

<sup>1</sup> Commencement of operations.

The accompanying notes are an integral part of these financial statements.

142<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Direxion Daily Biotech** <br>**Top 5 Bull 2X ETF** | **Direxion Daily BRKB** <br>**Bear 1X Shares** | **Direxion Daily BRKB** <br>**Bull 2X Shares**  |
|  | **For the Period** <br>**October 1, 2025<sup>1</sup>** <br>**through** <br>**October 31, 2025** | **For the Period** <br>**December 11, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2025** | **For the Period** <br>**December 11, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2025**  |
| **OPERATIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; $709 | &nbsp;&nbsp;&nbsp;&nbsp; $83820 | &nbsp;&nbsp;&nbsp; $1048960  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 35492 | &nbsp;&nbsp;&nbsp;&nbsp; (262861) | &nbsp;&nbsp;&nbsp; (5382046)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; 388462 | &nbsp;&nbsp;&nbsp;&nbsp; 180127 | &nbsp;&nbsp;&nbsp; (7584092)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp; 424663 | &nbsp;&nbsp;&nbsp;&nbsp; 1086 | &nbsp;&nbsp;&nbsp; (11917178)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (84044) | &nbsp;&nbsp;&nbsp; (830521)  |
| &nbsp;&nbsp;&nbsp; Return of capital | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2178) | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (86222) | &nbsp;&nbsp;&nbsp; (830521)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 3167687 | &nbsp;&nbsp;&nbsp;&nbsp; 3725373 | &nbsp;&nbsp;&nbsp; 121865126  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (610877) | &nbsp;&nbsp;&nbsp; (32933320)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 183 | &nbsp;&nbsp;&nbsp; 7699  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp;&nbsp; 3167687 | &nbsp;&nbsp;&nbsp;&nbsp; 3114679 | &nbsp;&nbsp;&nbsp; 88939505  |
| **Total increase in net assets** | &nbsp;&nbsp;&nbsp;&nbsp; 3592350 | &nbsp;&nbsp;&nbsp;&nbsp; 3029543 | &nbsp;&nbsp;&nbsp; 76191806  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of period | &nbsp;&nbsp;&nbsp;&nbsp; $3592350 | &nbsp;&nbsp;&nbsp;&nbsp; $3029543 | &nbsp;&nbsp;&nbsp; $76191806  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 125001 | &nbsp;&nbsp;&nbsp;&nbsp; 150001 | &nbsp;&nbsp;&nbsp; 4575001  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (25000) | &nbsp;&nbsp;&nbsp; (1275000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; 125001 | &nbsp;&nbsp;&nbsp;&nbsp; 125001 | &nbsp;&nbsp;&nbsp; 3300001 |

---

<sup>1</sup> Commencement of operations.

The accompanying notes are an integral part of these financial statements.

143<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily Crypto Industry** <br>**Bear 1X Shares** | **Direxion Daily Crypto Industry** <br>**Bear 1X Shares** | **Direxion Daily Crypto Industry** <br>**Bull 2X Shares**  | **Direxion Daily Crypto Industry** <br>**Bull 2X Shares**  |
|  | **Year Ended** <br>**October 31, 2025** | **For the Period** <br>**July 17, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024** | **Year Ended** <br>**October 31, 2025** | **For the Period** <br>**July 17, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $95711 | &nbsp;&nbsp; $36556 | &nbsp;&nbsp; $(2218) | &nbsp;&nbsp; $6231  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; (625250) | &nbsp;&nbsp; (46324) | &nbsp;&nbsp; 362752 | &nbsp;&nbsp; (226268)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; (466618) | &nbsp;&nbsp; 149359 | &nbsp;&nbsp; 2830695 | &nbsp;&nbsp; (32825)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; (996157) | &nbsp;&nbsp; 139591 | &nbsp;&nbsp; 3191229 | &nbsp;&nbsp; (252862)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | &nbsp;&nbsp; (97705) | &nbsp;&nbsp; (30915) | &nbsp;&nbsp; (11624) | &nbsp;&nbsp; (6824)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp; (97705) | &nbsp;&nbsp; (30915) | &nbsp;&nbsp; (11624) | &nbsp;&nbsp; (6824)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp; 574722 | &nbsp;&nbsp; 3240292 | &nbsp;&nbsp; 4774844 | &nbsp;&nbsp; 2930329  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (645232) | &nbsp;&nbsp; (756298) | &nbsp;&nbsp; (2109434) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | &nbsp;&nbsp; 193 | &nbsp;&nbsp; 227 | &nbsp;&nbsp; 422 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | &nbsp;&nbsp; (70317) | &nbsp;&nbsp; 2484221 | &nbsp;&nbsp; 2665832 | &nbsp;&nbsp; 2930329  |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; (1164179) | &nbsp;&nbsp; 2592897 | &nbsp;&nbsp; 5845437 | &nbsp;&nbsp; 2670643  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | &nbsp;&nbsp; 2592897 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2670643 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of year/period | &nbsp;&nbsp; $1428718 | &nbsp;&nbsp; $2592897 | &nbsp;&nbsp; $8516080 | &nbsp;&nbsp; $2670643  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | &nbsp;&nbsp; 100001 | &nbsp;&nbsp; — | &nbsp;&nbsp; 125001 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 125001 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 125001  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp; (25000) | &nbsp;&nbsp; (25000) | &nbsp;&nbsp; (100000) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | &nbsp;&nbsp; 100001 | &nbsp;&nbsp; 100001 | &nbsp;&nbsp; 200001 | &nbsp;&nbsp; 125001 |

---

<sup>1</sup> Commencement of operations.

The accompanying notes are an integral part of these financial statements.

144<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily CSCO** <br>**Bear 1X ETF** | **Direxion Daily CSCO** <br>**Bull 2X ETF** | **Direxion Daily CSI 300** <br>**China A Share Bull 2X Shares**  | **Direxion Daily CSI 300** <br>**China A Share Bull 2X Shares**  |
|  | **For the Period** <br>**June 25, 2025<sup>1</sup>** <br>**through** <br>**October 31, 2025** | **For the Period** <br>**June 25, 2025<sup>1</sup>** <br>**through** <br>**October 31, 2025** | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **For the Period** <br>**June 25, 2025<sup>1</sup>** <br>**through** <br>**October 31, 2025** | **For the Period** <br>**June 25, 2025<sup>1</sup>** <br>**through** <br>**October 31, 2025** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; $27888 | &nbsp;&nbsp;&nbsp;&nbsp; $41211 | $5887980 | $2128644  |
| &nbsp;&nbsp;&nbsp; Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp; (51045) | &nbsp;&nbsp;&nbsp;&nbsp; (245771) | (107524907) | (91163085)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; (152526) | &nbsp;&nbsp;&nbsp;&nbsp; 467210 | 120138852 | (64324823)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp; (175683) | &nbsp;&nbsp;&nbsp;&nbsp; 262650 | 18501925 | (153359264)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (22714) | &nbsp;&nbsp;&nbsp;&nbsp; (30887) | (6074340) | (1878464)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (22714) | &nbsp;&nbsp;&nbsp;&nbsp; (30887) | (6074340) | (1878464)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 2500025 | &nbsp;&nbsp;&nbsp;&nbsp; 6376834 | 110234132 | 486413035  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2424341) | (319056258) | (56294635)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 727 | 179238 | 145624  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp;&nbsp; 2500025 | &nbsp;&nbsp;&nbsp;&nbsp; 3953220 | (208642888) | 430264024  |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp; 2301628 | &nbsp;&nbsp;&nbsp;&nbsp; 4184983 | (196215303) | 275026296  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | 332272774 | 57246478  |
| &nbsp;&nbsp;&nbsp; End of year/period | &nbsp;&nbsp;&nbsp;&nbsp; $2301628 | &nbsp;&nbsp;&nbsp;&nbsp; $4184983 | $136057471 | $332272774  |
| **CHANGES IN SHARES OUTSTANDING** | **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | 20850000 | 3850000  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 100001 | &nbsp;&nbsp;&nbsp;&nbsp; 250001 | 7250000 | 21000000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (100000) | (21500000) | (4000000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | &nbsp;&nbsp;&nbsp;&nbsp; 100001 | &nbsp;&nbsp;&nbsp;&nbsp; 150001 | 6600000 | 20850000 |

---

<sup>1</sup> Commencement of operations.

The accompanying notes are an integral part of these financial statements.

145<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily CSI China** <br>**Internet Index Bull 2X Shares** | **Direxion Daily CSI China** <br>**Internet Index Bull 2X Shares** | **Direxion Daily Energy** <br>**Bear 2X Shares**  | **Direxion Daily Energy** <br>**Bear 2X Shares**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $7884854 | $8385739 | $588153 | $878989  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 40604116 | (41182306) | 2332699 | (767117)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 42979000 | 126364449 | (1863859) | 131993  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 91467970 | 93567882 | 1056993 | 243865  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (8459780) | (8794646) | (596014) | (946237) |
| &nbsp;&nbsp;&nbsp; Return of capital | (1593794) |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (10053574) | (8794646) | (596014) | (946237)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 81351434 | 164788048 | 37900301 | 92763003  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (204026483) | (194765116) | (43426755) | (95558596)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 45446 | 44099 | 13028 | 28667  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets resulting from capital transactions** | (122629603) | (29932969) | (5513426) | (2766926)  |
| **Total increase (decrease) in net assets** | (41215207) | 54840267 | (5052447) | (3469298)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 375263971 | 320423704 | 23114254 | 26583552  |
| &nbsp;&nbsp;&nbsp; End of year | $334048764 | $375263971 | $18061807 | $23114254  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year | 9624087 | 10274087 | 965264 | 965264  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1950000 | 4950000 | 1750000 | 3650000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (5050000) | (5600000) | (1850000) | (3650000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year** | 6524087 | 9624087 | 865264 | 965264 |

---

The accompanying notes are an integral part of these financial statements.

146<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily Energy** <br>**Bull 2X Shares** | **Direxion Daily Energy** <br>**Bull 2X Shares** | **Direxion Daily Energy** <br>**Top 5 Bull 2X ETF** | **Direxion Daily F** <br>**Bear 1X ETF**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **For the Period** <br>**October 1, 2025<sup>1</sup>** <br>**through** <br>**October 31, 2025** | **For the Period** <br>**July 23, 2025<sup>1</sup>** <br>**through** <br>**October 31, 2025**  |
|  | **2025** | **2024**  | **For the Period** <br>**October 1, 2025<sup>1</sup>** <br>**through** <br>**October 31, 2025** | **For the Period** <br>**July 23, 2025<sup>1</sup>** <br>**through** <br>**October 31, 2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $6108192 | $9515523 | &nbsp;&nbsp;&nbsp;&nbsp; $3081 | &nbsp;&nbsp; $21594  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (12028916) | 44668767 | &nbsp;&nbsp;&nbsp;&nbsp; (48434) | &nbsp;&nbsp; (205777)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 282150 | (29989330) | &nbsp;&nbsp;&nbsp;&nbsp; (137480) | &nbsp;&nbsp; (242221)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (5638574) | 24194960 | &nbsp;&nbsp;&nbsp;&nbsp; (182833) | &nbsp;&nbsp; (426404)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (6337455) | (9671962) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (15140)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (6337455) | (9671962) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (15140)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 78104740 | 179860856 | &nbsp;&nbsp;&nbsp;&nbsp; 2500025 | &nbsp;&nbsp; 2500025  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (157051222) | (253276787) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 39035 | 52729 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | (78907447) | (73363202) | &nbsp;&nbsp;&nbsp;&nbsp; 2500025 | &nbsp;&nbsp; 2500025  |
| **Total increase (decrease) in net assets** | (90883476) | (58840204) | &nbsp;&nbsp;&nbsp;&nbsp; 2317192 | &nbsp;&nbsp; 2058481  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | 309210045 | 368050249 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of year/period | $218326569 | $309210045 | &nbsp;&nbsp;&nbsp;&nbsp; $2317192 | &nbsp;&nbsp; $2058481  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | 5163531 | 6263531 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1500000 | 2900000 | &nbsp;&nbsp;&nbsp;&nbsp; 100001 | &nbsp;&nbsp; 100001  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (2650000) | (4000000) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | 4013531 | 5163531 | &nbsp;&nbsp;&nbsp;&nbsp; 100001 | &nbsp;&nbsp; 100001 |

---

<sup>1</sup> Commencement of operations.

The accompanying notes are an integral part of these financial statements.

147<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Direxion Daily F** <br>**Bull 2X ETF** | **Direxion Daily Gold Miners** <br>**Index Bear 2X Shares<sup>2</sup>**  | **Direxion Daily Gold Miners** <br>**Index Bear 2X Shares<sup>2</sup>**  |
|  | **For the Period** <br>**July 23, 2025<sup>1</sup>** <br>**through** <br>**October 31, 2025** | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **For the Period** <br>**July 23, 2025<sup>1</sup>** <br>**through** <br>**October 31, 2025** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp; $23698 | $4573138 | $4685735  |
| &nbsp;&nbsp;&nbsp; Net realized loss | &nbsp;&nbsp; (40457) | (112938849) | (58041840)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp; 1007089 | (15459828) | (35656635)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp; 990330 | (123825539) | (89012740)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | &nbsp;&nbsp; (18072) | (4272926) | (4583846)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp; (18072) | (4272926) | (4583846)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp; 3147111 | 561227391 | 680764350  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; — | (409862600) | (661779758)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | &nbsp;&nbsp; — | 122956 | 198534  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital transactions** | &nbsp;&nbsp; 3147111 | 151487747 | 19183126  |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; 4119369 | 23389282 | (74413460)  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | &nbsp;&nbsp; — | 94982680 | 169396140  |
| &nbsp;&nbsp;&nbsp; End of year/period | &nbsp;&nbsp; $4119369 | $118371962 | $94982680  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | &nbsp;&nbsp; — | 1841017 | 1261017  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 125001 | 29350000 | 8000000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp; — | (20900179) | (7420000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | &nbsp;&nbsp; 125001 | 10290838 | 1841017 |

---

<sup>1</sup> Commencement of operations.

<sup>2</sup> Effective November 4, 2024, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split.

The accompanying notes are an integral part of these financial statements.

148<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily Gold Miners** <br>**Index Bull 2X Shares** | **Direxion Daily Gold Miners** <br>**Index Bull 2X Shares** | **Direxion Daily GOOGL** <br>**Bear 1X Shares**  | **Direxion Daily GOOGL** <br>**Bear 1X Shares**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $4092018 | $10330112 | $209602 | $141542  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 484528503 | 152216065 | (2517953) | (1197303)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 169162845 | 221409472 | (834948) | (214058)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 657783366 | 383955649 | (3143299) | (1269819)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (4396121) | (11225003) | (172349) | (135857) |
| &nbsp;&nbsp;&nbsp; Return of capital | (662349) |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (5058470) | (11225003) | (172349) | (135857)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 656883277 | 498444216 | 56897727 | 14216614  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (798541757) | (773126325) | (45425500) | (10645677)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 172097 | 156749 | 13627 | 3194  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | (141486383) | (274525360) | 11485854 | 3574131  |
| **Total increase in net assets** | 511238513 | 98205286 | 8170206 | 2168455  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 566837059 | 468631773 | 4116235 | 1947780  |
| &nbsp;&nbsp;&nbsp; End of year | $1078075572 | $566837059 | $12286441 | $4116235  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year | 11251908 | 16401908 | 300001 | 100001  |
| &nbsp;&nbsp;&nbsp; Shares sold | 8650000 | 14450000 | 5850000 | 875000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (11800000) | (19600000) | (4550000) | (675000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year** | 8101908 | 11251908 | 1600001 | 300001 |

---

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily GOOGL** <br>**Bull 2X Shares** | **Direxion Daily GOOGL** <br>**Bull 2X Shares** | **Direxion Daily Junior Gold Miners** <br>**Index Bear 2X Shares**  | **Direxion Daily Junior Gold Miners** <br>**Index Bear 2X Shares**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $8001710 | $2573351 | $2567153 | $3397416  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 52870907 | 1517582 | (74199049) | (35254975)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 346998708 | 17652565 | (11779845) | (34326826)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 407871325 | 21743498 | (83411741) | (66184385)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (9219625) | (2250138) | (2523926) | (3343314)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (9219625) | (2250138) | (2523926) | (3343314)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 741417999 | 152882789 | 308233215 | 509756713  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (567496901) | (53106364) | (228610054) | (511803633)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 125698 | 13462 | 68583 | 153539  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital transactions** | 174046796 | 99789887 | 79691744 | (1893381)  |
| **Total increase (decrease) in net assets** | 572698496 | 119283247 | (6243923) | (71421080)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 153851430 | 34568183 | 54935997 | 126357077  |
| &nbsp;&nbsp;&nbsp; End of year | $726549926 | $153851430 | $48692074 | $54935997  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year | 3925001 | 1275001 | 2348040 | 1663245  |
| &nbsp;&nbsp;&nbsp; Shares sold | 17450000 | 4125000 | 39200000 | 10605000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (12650000) | (1475000) | (30550000) | (9920205)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year** | 8725001 | 3925001 | 10998040 | 2348040 |

---

The accompanying notes are an integral part of these financial statements.

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**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily Junior Gold Miners** <br>**Index Bull 2X Shares** | **Direxion Daily Junior Gold Miners** <br>**Index Bull 2X Shares** | **Direxion Daily LLY** <br>**Bear 1X Shares** | **Direxion Daily LLY** <br>**Bull 2X Shares**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **For the Period** <br>**March 26, 2025<sup>1</sup>** <br>**through** <br>**October 31, 2025** | **For the Period** <br>**March 26, 2025<sup>1</sup>** <br>**through** <br>**October 31, 2025**  |
|  | **2025** | **2024**  | **For the Period** <br>**March 26, 2025<sup>1</sup>** <br>**through** <br>**October 31, 2025** | **For the Period** <br>**March 26, 2025<sup>1</sup>** <br>**through** <br>**October 31, 2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $5402838 | $6198904 | &nbsp;&nbsp;&nbsp; $68388 | &nbsp;&nbsp; $172067  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 258193034 | 63743952 | &nbsp;&nbsp;&nbsp; (480062) | &nbsp;&nbsp; 1661601  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 126740112 | 173334347 | &nbsp;&nbsp;&nbsp; (418917) | &nbsp;&nbsp; 7663465  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 390335984 | 243277203 | &nbsp;&nbsp;&nbsp; (830591) | &nbsp;&nbsp; 9497133  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (5482981) | (6942012) | &nbsp;&nbsp;&nbsp; (57751) | &nbsp;&nbsp; (149288)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (5482981) | (6942012) | &nbsp;&nbsp;&nbsp; (57751) | &nbsp;&nbsp; (149288)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 195374814 | 299058519 | &nbsp;&nbsp;&nbsp; 8129584 | &nbsp;&nbsp; 31046236  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (426580147) | (522100846) | &nbsp;&nbsp;&nbsp; (3336580) | &nbsp;&nbsp; (23130328)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 94936 | 108067 | &nbsp;&nbsp;&nbsp; 1001 | &nbsp;&nbsp; 6198  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | (231110397) | (222934260) | &nbsp;&nbsp;&nbsp; 4794005 | &nbsp;&nbsp; 7922106  |
| **Total increase in net assets** | 153742606 | 13400931 | &nbsp;&nbsp;&nbsp; 3905663 | &nbsp;&nbsp; 17269951  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | 322598442 | 309197511 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of year/period | $476341048 | $322598442 | &nbsp;&nbsp;&nbsp; $3905663 | &nbsp;&nbsp; $17269951  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | 6193351 | 11493351 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold | 3200000 | 9500000 | &nbsp;&nbsp;&nbsp; 300001 | &nbsp;&nbsp; 2200001  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (6000000) | (14800000) | &nbsp;&nbsp;&nbsp; (125000) | &nbsp;&nbsp; (1375000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | 3393351 | 6193351 | &nbsp;&nbsp;&nbsp; 175001 | &nbsp;&nbsp; 825001 |

---

<sup>1</sup> Commencement of operations.

The accompanying notes are an integral part of these financial statements.

151<br>

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**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily LMT** <br>**Bear 1X ETF** | **Direxion Daily LMT** <br>**Bull 2X ETF** | **Direxion Daily Magnificent 7** <br>**Bear 1X Shares**  | **Direxion Daily Magnificent 7** <br>**Bear 1X Shares**  |
|  | **For the Period** <br>**August 6, 2025<sup>1</sup>** <br>**through** <br>**October 31, 2025** | **For the Period** <br>**August 6, 2025<sup>1</sup>** <br>**through** <br>**October 31, 2025** | **Year Ended** <br>**October 31, 2025** | **For the Period** <br>**March 7, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; $18637 | &nbsp;&nbsp;&nbsp;&nbsp; $27395 | $301237 | &nbsp;&nbsp; $118742  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (128987) | &nbsp;&nbsp;&nbsp;&nbsp; 91770 | (2351292) | &nbsp;&nbsp; (713795)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; (206227) | &nbsp;&nbsp;&nbsp;&nbsp; 960021 | (1774025) | &nbsp;&nbsp; (101211)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp; (316577) | &nbsp;&nbsp;&nbsp;&nbsp; 1079186 | (3824080) | &nbsp;&nbsp; (696264)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (10084) | &nbsp;&nbsp;&nbsp;&nbsp; (15564) | (233986) | &nbsp;&nbsp; (114657)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (10084) | &nbsp;&nbsp;&nbsp;&nbsp; (15564) | (233986) | &nbsp;&nbsp; (114657)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 2500025 | &nbsp;&nbsp;&nbsp;&nbsp; 3780605 | 39142897 | &nbsp;&nbsp; 5449251  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | (22070781) | &nbsp;&nbsp; (2186121)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | 6621 | &nbsp;&nbsp; 656  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp;&nbsp; 2500025 | &nbsp;&nbsp;&nbsp;&nbsp; 3780605 | 17078737 | &nbsp;&nbsp; 3263786  |
| **Total increase in net assets** | &nbsp;&nbsp;&nbsp;&nbsp; 2173364 | &nbsp;&nbsp;&nbsp;&nbsp; 4844227 | 13020671 | &nbsp;&nbsp; 2452865  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | 2452865 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of year/period | &nbsp;&nbsp;&nbsp;&nbsp; $2173364 | &nbsp;&nbsp;&nbsp;&nbsp; $4844227 | $15473536 | &nbsp;&nbsp; $2452865  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | 125001 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 100001 | &nbsp;&nbsp;&nbsp;&nbsp; 150001 | 2475000 | &nbsp;&nbsp; 225001  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | (1400000) | &nbsp;&nbsp; (100000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | &nbsp;&nbsp;&nbsp;&nbsp; 100001 | &nbsp;&nbsp;&nbsp;&nbsp; 150001 | 1200001 | &nbsp;&nbsp; 125001 |

---

<sup>1</sup> Commencement of operations.

The accompanying notes are an integral part of these financial statements.

152<br>

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**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily Magnificent 7** <br>**Bull 2X Shares** | **Direxion Daily Magnificent 7** <br>**Bull 2X Shares** | **Direxion Daily META** <br>**Bear 1X Shares**  | **Direxion Daily META** <br>**Bear 1X Shares**  |
|  | **Year Ended** <br>**October 31, 2025** | **For the Period** <br>**March 7, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024** | **Year Ended** <br>**October 31, 2025** | **For the Period** <br>**June 5, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $130258 | $53598 | $223064 | $67910  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2717416 | 1186712 | (1271333) | (294679)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 37892276 | 1330254 | 1172816 | (203578)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 40739950 | 2570564 | 124547 | (430347)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (1163898) | (61989) | (221143) | (47542)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (1163898) | (61989) | (221143) | (47542)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 110731382 | 21674296 | 43625689 | 10909789  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (51101524) | (5180288) | (41621659) | (4235273)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 13898 | 1293 | 12486 | 1271  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital transactions** | 59643756 | 16495301 | 2016516 | 6675787  |
| **Total increase in net assets** | 99219808 | 19003876 | 1919920 | 6197898  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | 19003876 |  | 6197898 | —  |
| &nbsp;&nbsp;&nbsp; End of year/period | $118223684 | $19003876 | $8117818 | $6197898  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | 525001 |  | 300001 | —  |
| &nbsp;&nbsp;&nbsp; Shares sold | 2575000 | 675001 | 2725000 | 475001  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (1250000) | (150000) | (2525000) | (175000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | 1850001 | 525001 | 500001 | 300001 |

---

<sup>1</sup> Commencement of operations.

The accompanying notes are an integral part of these financial statements.

153<br>

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**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily META** <br>**Bull 2X Shares** | **Direxion Daily META** <br>**Bull 2X Shares** | **Direxion Daily MSCI Brazil** <br>**Bull 2X Shares**  | **Direxion Daily MSCI Brazil** <br>**Bull 2X Shares**  |
|  | **Year Ended** <br>**October 31, 2025** | **For the Period** <br>**June 5, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024** | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **Year Ended** <br>**October 31, 2025** | **For the Period** <br>**June 5, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $2691788 | $264557 | $5081739 | $5577181  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 19062645 | (1490746) | (22571325) | 5538588  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (68693917) | 3947397 | 55738774 | (14917286)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (46939484) | 2721208 | 38249188 | (3801517)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (2133998) | (169399) | (5272074) | (5457553)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (2133998) | (169399) | (5272074) | (5457553)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 867428546 | 81663863 | 61380630 | 74720744  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (142450887) | (31486888) | (79655559) | (59158688)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 55986 | 7815 | 17809 | 13270  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | 725033645 | 50184790 | (18257120) | 15575326  |
| **Total increase in net assets** | 675960163 | 52736599 | 14719994 | 6316256  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | 52736599 |  | 107985292 | 101669036  |
| &nbsp;&nbsp;&nbsp; End of year/period | $728696762 | $52736599 | $122705286 | $107985292  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | 1625001 |  | 1758631 | 1408631  |
| &nbsp;&nbsp;&nbsp; Shares sold | 24775000 | 2725001 | 1250000 | 1050000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (3750000) | (1100000) | (1350000) | (700000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | 22650001 | 1625001 | 1658631 | 1758631 |

---

<sup>1</sup> Commencement of operations.

The accompanying notes are an integral part of these financial statements.

154<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily MSCI India** <br>**Bull 2X Shares** | **Direxion Daily MSCI India** <br>**Bull 2X Shares** | **Direxion Daily MSFT** <br>**Bear 1X Shares**  | **Direxion Daily MSFT** <br>**Bear 1X Shares**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $1367756 | $1051284 | $256356 | $294765  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1515015 | 12828226 | (2011797) | (2037606)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (12117537) | 15553339 | (352258) | 585924  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (9234766) | 29432849 | (2107699) | (1156917)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (2400011) | (1166696) | (252165) | (301555)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (2400011) | (1166696) | (252165) | (301555)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 32719173 | 40523012 | 28015939 | 31802163  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (47266738) | (30319630) | (24626218) | (27688790)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 9743 | 6786 | 7388 | 8306  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | (14537822) | 10210168 | 3397109 | 4121679  |
| **Total increase (decrease) in net assets** | (26172599) | 38476321 | 1037245 | 2663207  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 95288289 | 56811968 | 7882824 | 5219617  |
| &nbsp;&nbsp;&nbsp; End of year | $69115690 | $95288289 | $8920069 | $7882824  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year | 1449686 | 1249686 | 550001 | 300001  |
| &nbsp;&nbsp;&nbsp; Shares sold | 600000 | 650000 | 2275000 | 2225000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (850000) | (450000) | (2000000) | (1975000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year** | 1199686 | 1449686 | 825001 | 550001 |

---

The accompanying notes are an integral part of these financial statements.

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**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily MSFT** <br>**Bull 2X Shares** | **Direxion Daily MSFT** <br>**Bull 2X Shares** | **Direxion Daily MU** <br>**Bear 1X Shares**  | **Direxion Daily MU** <br>**Bear 1X Shares**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended** <br>**October 31, 2025** | **For the Period** <br>**October 10, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024**  |
|  | **2025** | **2024**  | **Year Ended** <br>**October 31, 2025** | **For the Period** <br>**October 10, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $4335110 | $2733374 | $134070 | &nbsp;&nbsp;&nbsp; $5634  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 20752927 | 6309138 | (2304138) | &nbsp;&nbsp;&nbsp; (51186)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 16979055 | (11255510) | (3002781) | &nbsp;&nbsp;&nbsp; 80112  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 42067092 | (2212998) | (5172849) | &nbsp;&nbsp;&nbsp; 34560  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (8302486) | (2525389) | (96779) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (8302486) | (2525389) | (96779) | &nbsp;&nbsp;&nbsp; —  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 289961537 | 180276388 | 39538079 | &nbsp;&nbsp;&nbsp; 2500025  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (219181348) | (59163357) | (6582804) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 46025 | 15086 | 1975 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital transactions** | 70826214 | 121128117 | 32957250 | &nbsp;&nbsp;&nbsp; 2500025  |
| **Total increase in net assets** | 104590820 | 116389730 | 27687622 | &nbsp;&nbsp;&nbsp; 2534585  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | 159322398 | 42932668 | 2534585 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of year/period | $263913218 | $159322398 | $30222207 | &nbsp;&nbsp;&nbsp; $2534585  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | 4100001 | 1250001 | 100001 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold | 6400000 | 4225000 | 4025000 | &nbsp;&nbsp;&nbsp; 100001  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (5375000) | (1375000) | (375000) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | 5125001 | 4100001 | 3750001 | &nbsp;&nbsp;&nbsp; 100001 |

---

<sup>1</sup> Commencement of operations.

The accompanying notes are an integral part of these financial statements.

156<br>

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**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily MU** <br>**Bull 2X Shares** | **Direxion Daily MU** <br>**Bull 2X Shares** | **Direxion Daily NFLX** <br>**Bear 1X Shares**  | **Direxion Daily NFLX** <br>**Bear 1X Shares**  |
|  | **Year Ended** <br>**October 31, 2025** | **For the Period** <br>**October 10, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024** | **Year Ended** <br>**October 31, 2025** | **For the Period** <br>**October 3, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $850348 | &nbsp;&nbsp;&nbsp; $8723 | $330715 | &nbsp;&nbsp; $10647  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 15098781 | &nbsp;&nbsp;&nbsp; (83886) | (2821562) | &nbsp;&nbsp; (71708)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 99298970 | &nbsp;&nbsp;&nbsp; (564770) | 633576 | &nbsp;&nbsp; (110953)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 115248099 | &nbsp;&nbsp;&nbsp; (639933) | (1857271) | &nbsp;&nbsp; (172014)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (522021) | &nbsp;&nbsp;&nbsp; — | (318301) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (522021) | &nbsp;&nbsp;&nbsp; — | (318301) | &nbsp;&nbsp; —  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 299330806 | &nbsp;&nbsp;&nbsp; 5937734 | 36706005 | &nbsp;&nbsp; 4829345  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (151112379) | &nbsp;&nbsp;&nbsp; — | (32585035) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 58309 | &nbsp;&nbsp;&nbsp; — | 9776 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital transactions** | 148276736 | &nbsp;&nbsp;&nbsp; 5937734 | 4130746 | &nbsp;&nbsp; 4829345  |
| **Total increase in net assets** | 263002814 | &nbsp;&nbsp;&nbsp; 5297801 | 1955174 | &nbsp;&nbsp; 4657331  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | 5297801 | &nbsp;&nbsp;&nbsp; — | 4657331 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of year/period | $268300615 | &nbsp;&nbsp;&nbsp; $5297801 | $6612505 | &nbsp;&nbsp; $4657331  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | 225001 | &nbsp;&nbsp;&nbsp; — | 200001 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold | 8325000 | &nbsp;&nbsp;&nbsp; 225001 | 2375000 | &nbsp;&nbsp; 200001  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (4800000) | &nbsp;&nbsp;&nbsp; — | (2125000) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | 3750001 | &nbsp;&nbsp;&nbsp; 225001 | 450001 | &nbsp;&nbsp; 200001 |

---

<sup>1</sup> Commencement of operations.

The accompanying notes are an integral part of these financial statements.

157<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily NFLX** <br>**Bull 2X Shares** | **Direxion Daily NFLX** <br>**Bull 2X Shares** | **Direxion Daily NVDA** <br>**Bear 1X Shares<sup>2</sup>**  | **Direxion Daily NVDA** <br>**Bear 1X Shares<sup>2</sup>**  |
|  | **Year Ended** <br>**October 31, 2025** | **For the Period** <br>**October 3, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024** | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **Year Ended** <br>**October 31, 2025** | **For the Period** <br>**October 3, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $1137945 | &nbsp;&nbsp; $9725 | $902156 | $634916  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 15955586 | &nbsp;&nbsp; (30287) | (14192239) | (10572784)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (7365867) | &nbsp;&nbsp; 421093 | (1659926) | (2055523)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 9727664 | &nbsp;&nbsp; 400531 | (14950009) | (11993391)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (937767) | &nbsp;&nbsp; — | (905764) | (598186)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (937767) | &nbsp;&nbsp; — | (905764) | (598186)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 210355514 | &nbsp;&nbsp; 6488776 | 276033850 | 72151960  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (100081429) | &nbsp;&nbsp; (1367723) | (250495740) | (41506317)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 24398 | &nbsp;&nbsp; 342 | 75148 | 12452  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital transactions** | 110298483 | &nbsp;&nbsp; 5121395 | 25613258 | 30658095  |
| **Total increase in net assets** | 119088380 | &nbsp;&nbsp; 5521926 | 9757485 | 18066518  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | 5521926 | &nbsp;&nbsp; — | 29659103 | 11592585  |
| &nbsp;&nbsp;&nbsp; End of year/period | $124610306 | &nbsp;&nbsp; $5521926 | $39416588 | $29659103  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | 200001 | &nbsp;&nbsp; — | 445000 | 42500  |
| &nbsp;&nbsp;&nbsp; Shares sold | 4375000 | &nbsp;&nbsp; 250001 | 5242500 | 857500  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (1950000) | &nbsp;&nbsp; (50000) | (4590050) | (455000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | 2625001 | &nbsp;&nbsp; 200001 | 1097450 | 445000 |

---

<sup>1</sup> Commencement of operations.

<sup>2</sup> Effective September 29, 2025, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split.

The accompanying notes are an integral part of these financial statements.

158<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily NVDA** <br>**Bull 2X Shares** | **Direxion Daily NVDA** <br>**Bull 2X Shares** | **Direxion Daily NYSE FANG+** <br>**Bull 2X Shares**  | **Direxion Daily NYSE FANG+** <br>**Bull 2X Shares**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $14636096 | $7226497 | $1023840 | $642018  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 274144990 | 89703084 | 22170054 | 14157820  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation | 76512461 | 133153265 | 44358501 | 14543944  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 365293547 | 230082846 | 67552395 | 29343782  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (98258021) | (5595151) | (1005949) | (642916)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (98258021) | (5595151) | (1005949) | (642916)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 1508895257 | 542352654 | 89785120 | 57476352  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (1717644132) | (124976712) | (78813690) | (45433335)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 470602 | 32923 | 20586 | 9838  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | (208278273) | 417408865 | 10992016 | 12052855  |
| **Total increase in net assets** | 58757253 | 641896560 | 77538462 | 40753721  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 655746547 | 13849987 | 62132353 | 21378632  |
| &nbsp;&nbsp;&nbsp; End of year | $714503800 | $655746547 | $139670815 | $62132353  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year | 6000001 | 650001 | 429852 | 329852  |
| &nbsp;&nbsp;&nbsp; Shares sold | 14950000 | 7100000 | 500000 | 450000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (16225000) | (1750000) | (400000) | (350000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year** | 4725001 | 6000001 | 529852 | 429852 |

---

The accompanying notes are an integral part of these financial statements.

159<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily PANW** <br>**Bear 1X Shares** | **Direxion Daily PANW** <br>**Bull 2X Shares** | **Direxion Daily PLTR** <br>**Bear 1X Shares** | **Direxion Daily PLTR** <br>**Bull 2X Shares**  |
|  | **For the Period** <br>**March 26, 2025<sup>1</sup>** <br>**through** <br>**October 31, 2025** | **For the Period** <br>**March 26, 2025<sup>1</sup>** <br>**through** <br>**October 31, 2025** | **For the Period** <br>**December 11, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2025** | **For the Period** <br>**December 11, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; $53140 | &nbsp;&nbsp;&nbsp;&nbsp; $123825 | &nbsp;&nbsp; $1412968 | $6020421  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (276342) | &nbsp;&nbsp;&nbsp;&nbsp; 523025 | &nbsp;&nbsp; (23615280) | 371571853  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; (400540) | &nbsp;&nbsp;&nbsp;&nbsp; 4129446 | &nbsp;&nbsp; (6040405) | 229303459  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp; (623742) | &nbsp;&nbsp;&nbsp;&nbsp; 4776296 | &nbsp;&nbsp; (28242717) | 606895733  |
|  **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net distributions to <br>shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (48578) | &nbsp;&nbsp;&nbsp;&nbsp; (101657) | &nbsp;&nbsp; (1250250) | (4843783)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (48578) | &nbsp;&nbsp;&nbsp;&nbsp; (101657) | &nbsp;&nbsp; (1250250) | (4843783)  |
|  **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 3724105 | &nbsp;&nbsp;&nbsp;&nbsp; 16221576 | &nbsp;&nbsp; 348280754 | 1231945603  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8726709) | &nbsp;&nbsp; (280565890) | (1256391785)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2618 | &nbsp;&nbsp; 101334 | 321056  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp;&nbsp; 3724105 | &nbsp;&nbsp;&nbsp;&nbsp; 7497485 | &nbsp;&nbsp; 67816198 | (24125126)  |
| **Total increase in net assets** | &nbsp;&nbsp;&nbsp;&nbsp; 3051785 | &nbsp;&nbsp;&nbsp;&nbsp; 12172124 | &nbsp;&nbsp; 38323231 | 577926824  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; End of period | &nbsp;&nbsp;&nbsp;&nbsp; $3051785 | &nbsp;&nbsp;&nbsp;&nbsp; $12172124 | &nbsp;&nbsp; $38323231 | $577926824  |
|  **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 150001 | &nbsp;&nbsp;&nbsp;&nbsp; 800001 | &nbsp;&nbsp; 32125001 | 23725001  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (375000) | &nbsp;&nbsp; (25825000) | (18900000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; 150001 | &nbsp;&nbsp;&nbsp;&nbsp; 425001 | &nbsp;&nbsp; 6300001 | 4825001 |

---

<sup>1</sup> Commencement of operations.

The accompanying notes are an integral part of these financial statements.

160<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily QCOM** <br>**Bear 1X ETF** | **Direxion Daily QCOM** <br>**Bull 2X ETF** | **Direxion Daily Robotics,** <br>**Artificial Intelligence &** <br>**Automation Index** <br>**Bull 2X Shares**  | **Direxion Daily Robotics,** <br>**Artificial Intelligence &** <br>**Automation Index** <br>**Bull 2X Shares**  |
|  | **For the Period** <br>**June 25, 2025<sup>1</sup>** <br>**through** <br>**October 31, 2025** | **For the Period** <br>**June 25, 2025<sup>1</sup>** <br>**through** <br>**October 31, 2025** | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **For the Period** <br>**June 25, 2025<sup>1</sup>** <br>**through** <br>**October 31, 2025** | **For the Period** <br>**June 25, 2025<sup>1</sup>** <br>**through** <br>**October 31, 2025** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; $32149 | &nbsp;&nbsp;&nbsp;&nbsp; $33149 | $286470 | $454618  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (223535) | &nbsp;&nbsp;&nbsp;&nbsp; (200302) | (1786291) | 6963424  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; (305593) | &nbsp;&nbsp;&nbsp;&nbsp; 1051838 | 9988676 | 7183454  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp; (496979) | &nbsp;&nbsp;&nbsp;&nbsp; 884685 | 8488855 | 14601496  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (24943) | &nbsp;&nbsp;&nbsp;&nbsp; (27114) | (304417) | (442110)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (24943) | &nbsp;&nbsp;&nbsp;&nbsp; (27114) | (304417) | (442110)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 3664768 | &nbsp;&nbsp;&nbsp;&nbsp; 6777785 | 7598129 | 9438486  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (532835) | &nbsp;&nbsp;&nbsp;&nbsp; (609865) | (7977671) | (16664869)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp; 183 | 2276 | 3667  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp;&nbsp; 3132093 | &nbsp;&nbsp;&nbsp;&nbsp; 6168103 | (377266) | (7222716)  |
| **Total increase in net assets** | &nbsp;&nbsp;&nbsp;&nbsp; 2610171 | &nbsp;&nbsp;&nbsp;&nbsp; 7025674 | 7807172 | 6936670  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | 28118930 | 21182260  |
| &nbsp;&nbsp;&nbsp; End of year/period | &nbsp;&nbsp;&nbsp;&nbsp; $2610171 | &nbsp;&nbsp;&nbsp;&nbsp; $7025674 | $35926102 | $28118930  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | 1223646 | 1573646  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 150001 | &nbsp;&nbsp;&nbsp;&nbsp; 250001 | 400000 | 400000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp; (25000) | &nbsp;&nbsp;&nbsp;&nbsp; (25000) | (350000) | (750000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | &nbsp;&nbsp;&nbsp;&nbsp; 125001 | &nbsp;&nbsp;&nbsp;&nbsp; 225001 | 1273646 | 1223646 |

---

<sup>1</sup> Commencement of operations.

The accompanying notes are an integral part of these financial statements.

161<br>

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**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily S&P 500<sup>®</sup>** <br>**Bear 1X Shares** | **Direxion Daily S&P 500<sup>®</sup>** <br>**Bear 1X Shares** | **Direxion Daily S&P 500<sup>®</sup>** <br>**Bull 2X Shares**  | **Direxion Daily S&P 500<sup>®</sup>** <br>**Bull 2X Shares**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $5658511 | $8592384 | $1145615 | $1680233  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (27735028) | (46329612) | 13985438 | 87181974  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 3654350 | (23581910) | 42219502 | 37347207  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (18422167) | (61319138) | 57350555 | 126209414  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (5897276) | (9127533) | (1144591) | (1780102)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (5897276) | (9127533) | (1144591) | (1780102)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 1203282791 | 3330131858 | 60058322 | 455839581  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (1192192175) | (3409098968) | (65485041) | (644710139)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) |  | 327688 | 19645 | 196507  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | 11090616 | (78639422) | (5407074) | (188674051)  |
| **Total increase (decrease) in net assets** | (13228827) | (149086093) | 50798890 | (64244739)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 147307909 | 296394002 | 152056909 | 216301648  |
| &nbsp;&nbsp;&nbsp; End of year | $134079082 | $147307909 | $202855799 | $152056909  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year | 12949983 | 19449983 | 1083236 | 2683236  |
| &nbsp;&nbsp;&nbsp; Shares sold | 111500000 | 243750000 | 450000 | 4800000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (110250000) | (250250000) | (450000) | (6400000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year** | 14199983 | 12949983 | 1083236 | 1083236 |

---

The accompanying notes are an integral part of these financial statements.

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**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily S&P Oil &** <br>**Gas Exp. & Prod. Bear 2X Shares** | **Direxion Daily S&P Oil &** <br>**Gas Exp. & Prod. Bear 2X Shares** | **Direxion Daily S&P Oil &** <br>**Gas Exp. & Prod. Bull 2X Shares**  | **Direxion Daily S&P Oil &** <br>**Gas Exp. & Prod. Bull 2X Shares**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $1331155 | $2176464 | $6513738 | $11230348  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 11057898 | (987306) | (64580910) | 19452857  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (5512771) | 12198564 | 37202801 | (131010683)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 6876282 | 13387722 | (20864371) | (100327478)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (1301281) | (2496925) | (6895498) | (11417514)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (1301281) | (2496925) | (6895498) | (11417514)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 131642224 | 62092614 | 125749507 | 195583973  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (128765805) | (106251996) | (226668581) | (300903869)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 38629 | 31875 | 50576 | 64597  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | 2915048 | (44127507) | (100868498) | (105255299)  |
| **Total increase (decrease) in net assets** | 8490049 | (33236710) | (128628367) | (217000291)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 40222347 | 73459057 | 350051344 | 567051635  |
| &nbsp;&nbsp;&nbsp; End of year | $48712396 | $40222347 | $221422977 | $350051344  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year | 3507895 | 7107895 | 12713688 | 15213688  |
| &nbsp;&nbsp;&nbsp; Shares sold | 13700000 | 6150000 | 5650000 | 6100000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (11900000) | (9750000) | (8450000) | (8600000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year** | 5307895 | 3507895 | 9913688 | 12713688 |

---

The accompanying notes are an integral part of these financial statements.

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**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Semiconductors** <br>**Top 5 Bear 2X ETF** | **Direxion Daily** <br>**Semiconductors** <br>**Top 5 Bull 2X ETF** | **Direxion Daily** <br>**SHOP** <br>**Bear 1X ETF** | **Direxion Daily** <br>**SHOP** <br>**Bull 2X ETF**  |
|  | **For the Period** <br>**October 1, 2025<sup>1</sup>** <br>**through** <br>**October 31, 2025** | **For the Period** <br>**October 1, 2025<sup>1</sup>** <br>**through** <br>**October 31, 2025** | **For the Period** <br>**August 6, 2025<sup>1</sup>** <br>**through** <br>**October 31, 2025** | **For the Period** <br>**August 6, 2025<sup>1</sup>** <br>**through** <br>**October 31, 2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; $6200 | &nbsp;&nbsp;&nbsp; $2717 | &nbsp;&nbsp; $22769 | &nbsp;&nbsp; $35046  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (414919) | &nbsp;&nbsp;&nbsp; 54261 | &nbsp;&nbsp; (673772) | &nbsp;&nbsp; 1533573  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; (389194) | &nbsp;&nbsp;&nbsp; 1048681 | &nbsp;&nbsp; (349925) | &nbsp;&nbsp; 1604969  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp; (797913) | &nbsp;&nbsp;&nbsp; 1105659 | &nbsp;&nbsp; (1000928) | &nbsp;&nbsp; 3173588  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (13742) | &nbsp;&nbsp; (19275)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (13742) | &nbsp;&nbsp; (19275)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 2500025 | &nbsp;&nbsp;&nbsp; 4942345 | &nbsp;&nbsp; 3982642 | &nbsp;&nbsp; 9379691  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (4068326)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1221  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp;&nbsp; 2500025 | &nbsp;&nbsp;&nbsp; 4942345 | &nbsp;&nbsp; 3982642 | &nbsp;&nbsp; 5312586  |
| **Total increase in net assets** | &nbsp;&nbsp;&nbsp;&nbsp; 1702112 | &nbsp;&nbsp;&nbsp; 6048004 | &nbsp;&nbsp; 2967972 | &nbsp;&nbsp; 8466899  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of period | &nbsp;&nbsp;&nbsp;&nbsp; $1702112 | &nbsp;&nbsp;&nbsp; $6048004 | &nbsp;&nbsp; $2967972 | &nbsp;&nbsp; $8466899  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 100001 | &nbsp;&nbsp;&nbsp; 175001 | &nbsp;&nbsp; 175001 | &nbsp;&nbsp; 300001  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (100000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; 100001 | &nbsp;&nbsp;&nbsp; 175001 | &nbsp;&nbsp; 175001 | &nbsp;&nbsp; 200001 |

---

<sup>1</sup> Commencement of operations.

The accompanying notes are an integral part of these financial statements.

164<br>

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**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Technology** <br>**Top 5 Bear 2X ETF** | **Direxion Daily** <br>**Technology** <br>**Top 5 Bull 2X ETF** | **Direxion Daily TSLA** <br>**Bear 1X Shares**  | **Direxion Daily TSLA** <br>**Bear 1X Shares**  |
|  | **For the Period** <br>**October 1, 2025<sup>1</sup>** <br>**through** <br>**October 31, 2025** | **For the Period** <br>**October 1, 2025<sup>1</sup>** <br>**through** <br>**October 31, 2025** | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **For the Period** <br>**October 1, 2025<sup>1</sup>** <br>**through** <br>**October 31, 2025** | **For the Period** <br>**October 1, 2025<sup>1</sup>** <br>**through** <br>**October 31, 2025** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; $6326 | &nbsp;&nbsp;&nbsp; $1248 | $2198015 | $1684881  |
| &nbsp;&nbsp;&nbsp; Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp; (70142) | &nbsp;&nbsp;&nbsp; (21843) | (41346161) | (6504750)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; (150529) | &nbsp;&nbsp;&nbsp; 195304 | (10867084) | (10492430)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp; (214345) | &nbsp;&nbsp;&nbsp; 174709 | (50015230) | (15312299)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | (2069637) | (1764224)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | (2069637) | (1764224)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 2500025 | &nbsp;&nbsp;&nbsp; 4528388 | 614753139 | 350413866  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | (528336663) | (339019676)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 158501 | 101706  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp;&nbsp; 2500025 | &nbsp;&nbsp;&nbsp; 4528388 | 86574977 | 11495896  |
| **Total increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp; 2285680 | &nbsp;&nbsp;&nbsp; 4703097 | 34490110 | (5580627)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 44021932 | 49602559  |
| &nbsp;&nbsp;&nbsp; End of year/period | &nbsp;&nbsp;&nbsp;&nbsp; $2285680 | &nbsp;&nbsp;&nbsp; $4703097 | $78512042 | $44021932  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 3100001 | 2075001  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 100001 | &nbsp;&nbsp;&nbsp; 175001 | 78325000 | 17225000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | (66175000) | (16200000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | &nbsp;&nbsp;&nbsp;&nbsp; 100001 | &nbsp;&nbsp;&nbsp; 175001 | 15250001 | 3100001 |

---

<sup>1</sup> Commencement of operations.

The accompanying notes are an integral part of these financial statements.

165<br>

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**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily TSLA** <br>**Bull 2X Shares** | **Direxion Daily TSLA** <br>**Bull 2X Shares** | **Direxion Daily TSM** <br>**Bear 1X Shares**  | **Direxion Daily TSM** <br>**Bear 1X Shares**  |
|  | **Year Ended October 31,**  | **Year Ended October 31,**  | **Year Ended** <br>**October 31, 2025** | **For the Period** <br>**October 3, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024**  |
|  | **2025** | **2024**  | **Year Ended** <br>**October 31, 2025** | **For the Period** <br>**October 3, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $143554287 | $43940312 | &nbsp;&nbsp; $110919 | &nbsp;&nbsp; $9122  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 1334100640 | (119860990) | &nbsp;&nbsp; (506260) | &nbsp;&nbsp; (140166)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 3130115574 | 644842059 | &nbsp;&nbsp; (559267) | &nbsp;&nbsp; 6670  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 4607770501 | 568921381 | &nbsp;&nbsp; (954608) | &nbsp;&nbsp; (124374)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (182837403) | (60392155) | &nbsp;&nbsp; (107055) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (182837403) | (60392155) | &nbsp;&nbsp; (107055) | &nbsp;&nbsp; —  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 11919124213 | 2379283496 | &nbsp;&nbsp; 6439164 | &nbsp;&nbsp; 4117642  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (10969980177) | (1364605112) | &nbsp;&nbsp; (6262377) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 2680915 | 335699 | &nbsp;&nbsp; 1879 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital transactions** | 951824951 | 1015014083 | &nbsp;&nbsp; 178666 | &nbsp;&nbsp; 4117642  |
| **Total increase (decrease) in net assets** | 5376758049 | 1523543309 | &nbsp;&nbsp; (882997) | &nbsp;&nbsp; 3993268  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | 2276052408 | 752509099 | &nbsp;&nbsp; 3993268 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of year/period | $7652810457 | $2276052408 | &nbsp;&nbsp; $3110271 | &nbsp;&nbsp; $3993268  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | 191875001 | 68725001 | &nbsp;&nbsp; 175001 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold | 911700000 | 247025000 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 175001  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (748525000) | (123875000) | &nbsp;&nbsp; (300000) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | 355050001 | 191875001 | &nbsp;&nbsp; 250001 | &nbsp;&nbsp; 175001 |

---

<sup>1</sup> Commencement of operations.

The accompanying notes are an integral part of these financial statements.

166<br>

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**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily TSM** <br>**Bull 2X Shares** | **Direxion Daily TSM** <br>**Bull 2X Shares** | **Direxion Daily Uranium** <br>**Industry Bull 2X Shares**  | **Direxion Daily Uranium** <br>**Industry Bull 2X Shares**  |
|  | **Year Ended** <br>**October 31, 2025** | **For the Period** <br>**October 3, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024** | **Year Ended** <br>**October 31, 2025** | **For the Period** <br>**June 26, 2024<sup>1</sup>** <br>**through** <br>**October 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $2957015 | $26612 | $206998 | &nbsp;&nbsp; $27676  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 19865724 | (214453) | 517939 | &nbsp;&nbsp; (91956)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 60230025 | (785051) | 15462361 | &nbsp;&nbsp; 504773  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 83052764 | (972892) | 16187298 | &nbsp;&nbsp; 440493  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (2540421) |  | (378458) | &nbsp;&nbsp; (16866)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (2540421) |  | (378458) | &nbsp;&nbsp; (16866)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 439683726 | 23878542 | 45329883 | &nbsp;&nbsp; 7469702  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (292214147) | (715816) | (15987299) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 70388 | 215 | 3859 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital transactions** | 147539967 | 23162941 | 29346443 | &nbsp;&nbsp; 7469702  |
| **Total increase in net assets** | 228052310 | 22190049 | 45155283 | &nbsp;&nbsp; 7893329  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year/period | 22190049 |  | 7893329 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of year/period | $250242359 | $22190049 | $53048612 | &nbsp;&nbsp; $7893329  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year/period | 775001 |  | 325001 | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold | 13275000 | 800001 | 1225000 | &nbsp;&nbsp; 325001  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (9325000) | (25000) | (525000) | &nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year/period** | 4725001 | 775001 | 1025001 | &nbsp;&nbsp; 325001 |

---

<sup>1</sup> Commencement of operations.

The accompanying notes are an integral part of these financial statements.

167<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Direxion Daily XOM** <br>**Bear 1X Shares** | **Direxion Daily XOM** <br>**Bull 2X Shares**  |
|  | **For the Period** <br>**April 23, 2025<sup>1</sup>** <br>**through** <br>**October 31, 2025** | **For the Period** <br>**April 23, 2025<sup>1</sup>** <br>**through** <br>**October 31, 2025**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | &nbsp;&nbsp;&nbsp;&nbsp; $41408 | &nbsp;&nbsp;&nbsp;&nbsp; $44870  |
| &nbsp;&nbsp;&nbsp; Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp; (91016) | &nbsp;&nbsp;&nbsp;&nbsp; (149045)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; (83074) | &nbsp;&nbsp;&nbsp;&nbsp; 216693  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp;&nbsp; (132682) | &nbsp;&nbsp;&nbsp;&nbsp; 112518  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (36775) | &nbsp;&nbsp;&nbsp;&nbsp; (39232)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (36775) | &nbsp;&nbsp;&nbsp;&nbsp; (39232)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 2500025 | &nbsp;&nbsp;&nbsp;&nbsp; 5235952  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2004152)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 601  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp;&nbsp; 2500025 | &nbsp;&nbsp;&nbsp;&nbsp; 3232401  |
| **Total increase in net assets** | &nbsp;&nbsp;&nbsp;&nbsp; 2330568 | &nbsp;&nbsp;&nbsp;&nbsp; 3305687  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of period | &nbsp;&nbsp;&nbsp;&nbsp; $2330568 | &nbsp;&nbsp;&nbsp;&nbsp; $3305687  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 100001 | &nbsp;&nbsp;&nbsp;&nbsp; 200001  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (75000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of period** | &nbsp;&nbsp;&nbsp;&nbsp; 100001 | &nbsp;&nbsp;&nbsp;&nbsp; 125001 |

---

<sup>1</sup> Commencement of operations.

The accompanying notes are an integral part of these financial statements.

168<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**FINANCIAL HIGHLIGHTS** 

**October 31, 2025** 

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | |
|  | <br>**Net** <br>**Asset** <br>**Value,** <br>**Beginning** <br>**of** <br>**Year/**<br>**Period** | <br>**Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>1</sup> | <br>**Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain** <br>(Loss) <br>**on** <br>**Investments<sup>3</sup>** | <br>**Net** <br>**Increase** <br>(Decrease) <br>**in Net** <br>**Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | <br>**Dividends** <br>**from Net** <br>**Investment** <br>**Income** | <br>**Distributions** <br>**from** <br>**Realized** <br>**Capital** <br>**Gains** | <br>**Distributions** <br>**from** <br>**Return** <br>**of Capital** | <br>**Total** <br>**Distributions** | <br>**Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Year/**<br>**Period** | <br>**Total** <br>**Return<sup>4</sup>** | <br>**Net** <br>**Assets,** <br>**End of** <br>**Year/**<br>**Period** <br>**(000's** <br>**omitted)** | **Net** <br>**Expenses<sup>4</sup>** | **Total** <br>**Expenses** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment** | **Net** <br>**Expenses<sup>2,6</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment<sup>2</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>7</sup>**  |
| **Direxion Daily AAPL Bear 1X Shares** | **Direxion Daily AAPL Bear 1X Shares** | **Direxion Daily AAPL Bear 1X Shares** | **Direxion Daily AAPL Bear 1X Shares** | **Direxion Daily AAPL Bear 1X Shares** | **Direxion Daily AAPL Bear 1X Shares** | **Direxion Daily AAPL Bear 1X Shares** | **Direxion Daily AAPL Bear 1X Shares** | **Direxion Daily AAPL Bear 1X Shares** | **Direxion Daily AAPL Bear 1X Shares** | **Direxion Daily AAPL Bear 1X Shares** | **Direxion Daily AAPL Bear 1X Shares** | **Direxion Daily AAPL Bear 1X Shares** | **Direxion Daily AAPL Bear 1X Shares** | **Direxion Daily AAPL Bear 1X Shares** | **Direxion Daily AAPL Bear 1X Shares** | **Direxion Daily AAPL Bear 1X Shares** | **Direxion Daily AAPL Bear 1X Shares** | **Direxion Daily AAPL Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | &nbsp;&nbsp; $17.00 | &nbsp;&nbsp; $0.52 | &nbsp;&nbsp; $(3.80) | &nbsp;&nbsp; $(3.28) | &nbsp;&nbsp; $(0.52) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(0.52) | $13.20 | -19.74% | $24086 | &nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp;&nbsp;&nbsp; 3.11% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 3.37% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 22.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp; (5.86) | &nbsp;&nbsp; (5.05) | &nbsp;&nbsp; (0.80) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.80) | 17.00 | -22.47% | 25498 | &nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp;&nbsp; 4.09% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 4.29% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 26.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp; (3.51) | &nbsp;&nbsp; (2.60) | &nbsp;&nbsp; (0.75) | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.76) | 22.85 | -9.96% | 36563 | &nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; 3.94% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 4.03% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Period August 9, 2022<sup>8</sup> through October 31, 2022 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | 1.24 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.03) | 26.21 | 4.95% | 13105 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 2.06% | &nbsp;&nbsp;&nbsp;&nbsp; 1.51% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.03% | &nbsp;&nbsp;&nbsp;&nbsp; 1.54% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily AAPL Bull 2X Shares** | **Direxion Daily AAPL Bull 2X Shares** | **Direxion Daily AAPL Bull 2X Shares** | **Direxion Daily AAPL Bull 2X Shares** | **Direxion Daily AAPL Bull 2X Shares** | **Direxion Daily AAPL Bull 2X Shares** | **Direxion Daily AAPL Bull 2X Shares** | **Direxion Daily AAPL Bull 2X Shares** | **Direxion Daily AAPL Bull 2X Shares** | **Direxion Daily AAPL Bull 2X Shares** | **Direxion Daily AAPL Bull 2X Shares** | **Direxion Daily AAPL Bull 2X Shares** | **Direxion Daily AAPL Bull 2X Shares** | **Direxion Daily AAPL Bull 2X Shares** | **Direxion Daily AAPL Bull 2X Shares** | **Direxion Daily AAPL Bull 2X Shares** | **Direxion Daily AAPL Bull 2X Shares** | **Direxion Daily AAPL Bull 2X Shares** | **Direxion Daily AAPL Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 35.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;5.50 | 6.20 | &nbsp;&nbsp; (0.84) | &nbsp;&nbsp;&nbsp; (4.63) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5.47) | 36.07 | 17.77% | 216406 | &nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp;&nbsp; 2.62% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 23.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;11.94 | 12.86 | &nbsp;&nbsp; (0.84) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.84) | 35.34 | 55.72% | 98080 | &nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 1.27% | &nbsp;&nbsp;&nbsp;&nbsp; 2.99% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 3.39% | &nbsp;&nbsp;&nbsp; 30%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 21.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | 1.94 | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.49) | 23.32 | 8.95% | 34981 | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp;&nbsp; 2.90% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 3.16% | &nbsp;&nbsp;&nbsp; 4%  |
| &nbsp;&nbsp;&nbsp; For the Period August 9, 2022<sup>8</sup> through October 31, 2022 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (3.18) | &nbsp;&nbsp; (3.12) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01) | 21.87 | -12.48% | 7108 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 2.40% | &nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.40% | &nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 9%  |
| **Direxion Daily AI and Big Data Bear 2X Shares** | **Direxion Daily AI and Big Data Bear 2X Shares** | **Direxion Daily AI and Big Data Bear 2X Shares** | **Direxion Daily AI and Big Data Bear 2X Shares** | **Direxion Daily AI and Big Data Bear 2X Shares** | **Direxion Daily AI and Big Data Bear 2X Shares** | **Direxion Daily AI and Big Data Bear 2X Shares** | **Direxion Daily AI and Big Data Bear 2X Shares** | **Direxion Daily AI and Big Data Bear 2X Shares** | **Direxion Daily AI and Big Data Bear 2X Shares** | **Direxion Daily AI and Big Data Bear 2X Shares** | **Direxion Daily AI and Big Data Bear 2X Shares** | **Direxion Daily AI and Big Data Bear 2X Shares** | **Direxion Daily AI and Big Data Bear 2X Shares** | **Direxion Daily AI and Big Data Bear 2X Shares** | **Direxion Daily AI and Big Data Bear 2X Shares** | **Direxion Daily AI and Big Data Bear 2X Shares** | **Direxion Daily AI and Big Data Bear 2X Shares** | **Direxion Daily AI and Big Data Bear 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 19.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp; (12.93) | &nbsp;&nbsp; (12.51) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.47) | 6.42 | -65.62% | 2729 | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp; 2.44% | &nbsp;&nbsp;&nbsp;&nbsp; 3.55% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.33% | &nbsp;&nbsp;&nbsp;&nbsp; 3.66% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Period May 15, 2024<sup>8</sup> through October 31, 2024 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp; (5.66) | &nbsp;&nbsp; (5.22) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.38) | 19.40 | -20.95% | 2425 | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 3.27% | &nbsp;&nbsp;&nbsp;&nbsp; 4.42% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 3.23% | &nbsp;&nbsp;&nbsp;&nbsp; 4.46% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily AI and Big Data Bull 2X Shares** | **Direxion Daily AI and Big Data Bull 2X Shares** | **Direxion Daily AI and Big Data Bull 2X Shares** | **Direxion Daily AI and Big Data Bull 2X Shares** | **Direxion Daily AI and Big Data Bull 2X Shares** | **Direxion Daily AI and Big Data Bull 2X Shares** | **Direxion Daily AI and Big Data Bull 2X Shares** | **Direxion Daily AI and Big Data Bull 2X Shares** | **Direxion Daily AI and Big Data Bull 2X Shares** | **Direxion Daily AI and Big Data Bull 2X Shares** | **Direxion Daily AI and Big Data Bull 2X Shares** | **Direxion Daily AI and Big Data Bull 2X Shares** | **Direxion Daily AI and Big Data Bull 2X Shares** | **Direxion Daily AI and Big Data Bull 2X Shares** | **Direxion Daily AI and Big Data Bull 2X Shares** | **Direxion Daily AI and Big Data Bull 2X Shares** | **Direxion Daily AI and Big Data Bull 2X Shares** | **Direxion Daily AI and Big Data Bull 2X Shares** | **Direxion Daily AI and Big Data Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 29.90 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;33.69 | 33.62 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp; (0.43) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.49) | 63.03 | 113.55% | 48845 | &nbsp;&nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.37% | &nbsp;&nbsp;&nbsp;&nbsp; (0.17)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp; 113%  |
| &nbsp;&nbsp;&nbsp; For the Period May 15, 2024<sup>8</sup> through October 31, 2024 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;4.92 | 4.94 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.04) | 29.90 | 19.76% | 7475 | &nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.85% | &nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.73% | &nbsp;&nbsp;&nbsp;&nbsp; 0.25% | &nbsp;&nbsp;&nbsp; 51%  |
| **Direxion Daily AMD Bear 1X Shares** | **Direxion Daily AMD Bear 1X Shares** | **Direxion Daily AMD Bear 1X Shares** | **Direxion Daily AMD Bear 1X Shares** | **Direxion Daily AMD Bear 1X Shares** | **Direxion Daily AMD Bear 1X Shares** | **Direxion Daily AMD Bear 1X Shares** | **Direxion Daily AMD Bear 1X Shares** | **Direxion Daily AMD Bear 1X Shares** | **Direxion Daily AMD Bear 1X Shares** | **Direxion Daily AMD Bear 1X Shares** | **Direxion Daily AMD Bear 1X Shares** | **Direxion Daily AMD Bear 1X Shares** | **Direxion Daily AMD Bear 1X Shares** | **Direxion Daily AMD Bear 1X Shares** | **Direxion Daily AMD Bear 1X Shares** | **Direxion Daily AMD Bear 1X Shares** | **Direxion Daily AMD Bear 1X Shares** | **Direxion Daily AMD Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Period February 12, 2025<sup>8</sup> through October 31, 2025 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp; (16.65) | &nbsp;&nbsp; (16.35) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.36) | 8.29 | -66.16% | 24451 | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.28% | &nbsp;&nbsp;&nbsp;&nbsp; 3.43% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp;&nbsp; 3.51% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily AMD Bull 2X Shares** | **Direxion Daily AMD Bull 2X Shares** | **Direxion Daily AMD Bull 2X Shares** | **Direxion Daily AMD Bull 2X Shares** | **Direxion Daily AMD Bull 2X Shares** | **Direxion Daily AMD Bull 2X Shares** | **Direxion Daily AMD Bull 2X Shares** | **Direxion Daily AMD Bull 2X Shares** | **Direxion Daily AMD Bull 2X Shares** | **Direxion Daily AMD Bull 2X Shares** | **Direxion Daily AMD Bull 2X Shares** | **Direxion Daily AMD Bull 2X Shares** | **Direxion Daily AMD Bull 2X Shares** | **Direxion Daily AMD Bull 2X Shares** | **Direxion Daily AMD Bull 2X Shares** | **Direxion Daily AMD Bull 2X Shares** | **Direxion Daily AMD Bull 2X Shares** | **Direxion Daily AMD Bull 2X Shares** | **Direxion Daily AMD Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Period February 12, 2025<sup>8</sup> through October 31, 2025 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;68.26 | 69.05 | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.41) | 93.64 | 278.93% | 63206 | &nbsp;&nbsp;&nbsp; 1.32% | &nbsp;&nbsp; 1.34% | &nbsp;&nbsp;&nbsp;&nbsp; 2.60% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 2.97% | &nbsp;&nbsp;&nbsp; 10%  |
| **Direxion Daily AMZN Bear 1X Shares** | **Direxion Daily AMZN Bear 1X Shares** | **Direxion Daily AMZN Bear 1X Shares** | **Direxion Daily AMZN Bear 1X Shares** | **Direxion Daily AMZN Bear 1X Shares** | **Direxion Daily AMZN Bear 1X Shares** | **Direxion Daily AMZN Bear 1X Shares** | **Direxion Daily AMZN Bear 1X Shares** | **Direxion Daily AMZN Bear 1X Shares** | **Direxion Daily AMZN Bear 1X Shares** | **Direxion Daily AMZN Bear 1X Shares** | **Direxion Daily AMZN Bear 1X Shares** | **Direxion Daily AMZN Bear 1X Shares** | **Direxion Daily AMZN Bear 1X Shares** | **Direxion Daily AMZN Bear 1X Shares** | **Direxion Daily AMZN Bear 1X Shares** | **Direxion Daily AMZN Bear 1X Shares** | **Direxion Daily AMZN Bear 1X Shares** | **Direxion Daily AMZN Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025  | 13.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp; (4.17) | &nbsp;&nbsp; (3.80) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.40) | 9.59 | -27.95% | 10552 | &nbsp;&nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.28% | &nbsp;&nbsp;&nbsp;&nbsp; 3.29% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp;&nbsp; 3.42% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 19.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp; (6.15) | &nbsp;&nbsp; (5.49) | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.69) | 13.79 | -27.68% | 4137 | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp;&nbsp; 4.36% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.41% | &nbsp;&nbsp;&nbsp;&nbsp; 4.38% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 29.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp; (9.06) | &nbsp;&nbsp; (8.08) | &nbsp;&nbsp; (1.12) | &nbsp;&nbsp;&nbsp; (0.69) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.81) | 19.97 | -28.28% | 2996 | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.27% | &nbsp;&nbsp;&nbsp;&nbsp; 3.81% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp;&nbsp; 3.87% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Period September 7, 2022<sup>8</sup> through October 31, 2022 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;4.80 | 4.87 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01) | 29.86 | 19.48% | 3733 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 4.96% | &nbsp;&nbsp;&nbsp;&nbsp; 1.68% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 4.95% | &nbsp;&nbsp;&nbsp;&nbsp; 1.69% | &nbsp;&nbsp;&nbsp; 0%  |

---

The accompanying notes are an integral part of these financial statements.

169<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**FINANCIAL HIGHLIGHTS** 

**October 31, 2025(Continued)** 

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| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | |
|  | <br>**Net** <br>**Asset** <br>**Value,** <br>**Beginning** <br>**of** <br>**Year/**<br>**Period** | <br>**Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>1</sup> | <br>**Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain** <br>(Loss) <br>**on** <br>**Investments<sup>3</sup>** | <br>**Net** <br>**Increase** <br>(Decrease) <br>**in Net** <br>**Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | <br>**Dividends** <br>**from Net** <br>**Investment** <br>**Income** | <br>**Distributions** <br>**from** <br>**Realized** <br>**Capital** <br>**Gains** | <br>**Distributions** <br>**from** <br>**Return** <br>**of Capital** | <br>**Total** <br>**Distributions** | <br>**Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Year/**<br>**Period** | <br>**Total** <br>**Return<sup>4</sup>** | <br>**Net** <br>**Assets,** <br>**End of** <br>**Year/**<br>**Period** <br>**(000's** <br>**omitted)** | **Net** <br>**Expenses<sup>4</sup>** | **Total** <br>**Expenses** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment** | **Net** <br>**Expenses<sup>2,6</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment<sup>2</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>7</sup>**  |
| **Direxion Daily AMZN Bull 2X Shares** | **Direxion Daily AMZN Bull 2X Shares** | **Direxion Daily AMZN Bull 2X Shares** | **Direxion Daily AMZN Bull 2X Shares** | **Direxion Daily AMZN Bull 2X Shares** | **Direxion Daily AMZN Bull 2X Shares** | **Direxion Daily AMZN Bull 2X Shares** | **Direxion Daily AMZN Bull 2X Shares** | **Direxion Daily AMZN Bull 2X Shares** | **Direxion Daily AMZN Bull 2X Shares** | **Direxion Daily AMZN Bull 2X Shares** | **Direxion Daily AMZN Bull 2X Shares** | **Direxion Daily AMZN Bull 2X Shares** | **Direxion Daily AMZN Bull 2X Shares** | **Direxion Daily AMZN Bull 2X Shares** | **Direxion Daily AMZN Bull 2X Shares** | **Direxion Daily AMZN Bull 2X Shares** | **Direxion Daily AMZN Bull 2X Shares** | **Direxion Daily AMZN Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | &nbsp;&nbsp; $32.01 | &nbsp;&nbsp; $1.01 | &nbsp;&nbsp; $10.48 | &nbsp;&nbsp; $11.49 | &nbsp;&nbsp; $(0.97) | &nbsp;&nbsp;&nbsp; $(0.54) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1.51) | $41.99 | 36.21% | $351706 | &nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp;&nbsp; 2.77% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; 3.01% | &nbsp;&nbsp;&nbsp; 56%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 23.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;9.23 | 10.29 | &nbsp;&nbsp; (0.98) | &nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.32) | 32.01 | 45.02% | 158437 | &nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp;&nbsp;&nbsp; 3.32% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; 3.54% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 17.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;4.96 | 5.57 | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.42) | 23.04 | 31.53% | 42043 | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 3.26% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Period September 7, 2022<sup>8</sup> through October 31, 2022 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp; (7.15) | &nbsp;&nbsp; (7.10) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01) | 17.89 | -28.42% | 6262 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 5.02% | &nbsp;&nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 5.02% | &nbsp;&nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily AVGO Bear 1X Shares** | **Direxion Daily AVGO Bear 1X Shares** | **Direxion Daily AVGO Bear 1X Shares** | **Direxion Daily AVGO Bear 1X Shares** | **Direxion Daily AVGO Bear 1X Shares** | **Direxion Daily AVGO Bear 1X Shares** | **Direxion Daily AVGO Bear 1X Shares** | **Direxion Daily AVGO Bear 1X Shares** | **Direxion Daily AVGO Bear 1X Shares** | **Direxion Daily AVGO Bear 1X Shares** | **Direxion Daily AVGO Bear 1X Shares** | **Direxion Daily AVGO Bear 1X Shares** | **Direxion Daily AVGO Bear 1X Shares** | **Direxion Daily AVGO Bear 1X Shares** | **Direxion Daily AVGO Bear 1X Shares** | **Direxion Daily AVGO Bear 1X Shares** | **Direxion Daily AVGO Bear 1X Shares** | **Direxion Daily AVGO Bear 1X Shares** | **Direxion Daily AVGO Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 27.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp; (17.92) | &nbsp;&nbsp; (17.46) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.56) | 9.30 | -64.94% | 11628 | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp;&nbsp; 3.47% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp;&nbsp; 3.55% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Period October 10, 2024<sup>8</sup> through October 31, 2024 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.26 | 2.32 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 27.32 | 9.28% | 2732 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 8.27% | &nbsp;&nbsp;&nbsp;&nbsp; 3.57% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 8.27% | &nbsp;&nbsp;&nbsp;&nbsp; 3.57% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily AVGO Bull 2X Shares** | **Direxion Daily AVGO Bull 2X Shares** | **Direxion Daily AVGO Bull 2X Shares** | **Direxion Daily AVGO Bull 2X Shares** | **Direxion Daily AVGO Bull 2X Shares** | **Direxion Daily AVGO Bull 2X Shares** | **Direxion Daily AVGO Bull 2X Shares** | **Direxion Daily AVGO Bull 2X Shares** | **Direxion Daily AVGO Bull 2X Shares** | **Direxion Daily AVGO Bull 2X Shares** | **Direxion Daily AVGO Bull 2X Shares** | **Direxion Daily AVGO Bull 2X Shares** | **Direxion Daily AVGO Bull 2X Shares** | **Direxion Daily AVGO Bull 2X Shares** | **Direxion Daily AVGO Bull 2X Shares** | **Direxion Daily AVGO Bull 2X Shares** | **Direxion Daily AVGO Bull 2X Shares** | **Direxion Daily AVGO Bull 2X Shares** | **Direxion Daily AVGO Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 20.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;43.08 | 43.85 | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.54) | 63.84 | 216.19% | 122891 | &nbsp;&nbsp;&nbsp; 1.56% | &nbsp;&nbsp; 1.55% | &nbsp;&nbsp;&nbsp;&nbsp; 2.27% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 2.94% | &nbsp;&nbsp;&nbsp; 37%  |
| &nbsp;&nbsp;&nbsp; For the Period October 10, 2024<sup>8</sup> through October 31, 2024 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; (4.51) | &nbsp;&nbsp; (4.47) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 20.53 | -17.88% | 4105 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 6.77% | &nbsp;&nbsp;&nbsp;&nbsp; 3.15% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 6.77% | &nbsp;&nbsp;&nbsp;&nbsp; 3.15% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily BA Bear 1X Shares** | **Direxion Daily BA Bear 1X Shares** | **Direxion Daily BA Bear 1X Shares** | **Direxion Daily BA Bear 1X Shares** | **Direxion Daily BA Bear 1X Shares** | **Direxion Daily BA Bear 1X Shares** | **Direxion Daily BA Bear 1X Shares** | **Direxion Daily BA Bear 1X Shares** | **Direxion Daily BA Bear 1X Shares** | **Direxion Daily BA Bear 1X Shares** | **Direxion Daily BA Bear 1X Shares** | **Direxion Daily BA Bear 1X Shares** | **Direxion Daily BA Bear 1X Shares** | **Direxion Daily BA Bear 1X Shares** | **Direxion Daily BA Bear 1X Shares** | **Direxion Daily BA Bear 1X Shares** | **Direxion Daily BA Bear 1X Shares** | **Direxion Daily BA Bear 1X Shares** | **Direxion Daily BA Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Period April 23, 2025<sup>8</sup> through October 31, 2025 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp; (5.35) | &nbsp;&nbsp; (4.99) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.33) | 19.68 | -19.90% | 2460 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 2.23% | &nbsp;&nbsp;&nbsp;&nbsp; 3.68% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.22% | &nbsp;&nbsp;&nbsp;&nbsp; 3.69% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily BA Bull 2X Shares** | **Direxion Daily BA Bull 2X Shares** | **Direxion Daily BA Bull 2X Shares** | **Direxion Daily BA Bull 2X Shares** | **Direxion Daily BA Bull 2X Shares** | **Direxion Daily BA Bull 2X Shares** | **Direxion Daily BA Bull 2X Shares** | **Direxion Daily BA Bull 2X Shares** | **Direxion Daily BA Bull 2X Shares** | **Direxion Daily BA Bull 2X Shares** | **Direxion Daily BA Bull 2X Shares** | **Direxion Daily BA Bull 2X Shares** | **Direxion Daily BA Bull 2X Shares** | **Direxion Daily BA Bull 2X Shares** | **Direxion Daily BA Bull 2X Shares** | **Direxion Daily BA Bull 2X Shares** | **Direxion Daily BA Bull 2X Shares** | **Direxion Daily BA Bull 2X Shares** | **Direxion Daily BA Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Period April 23, 2025<sup>8</sup> through October 31, 2025 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;9.07 | 9.51 | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.24) | 34.27 | 37.91% | 20561 | &nbsp;&nbsp;&nbsp; 1.45% | &nbsp;&nbsp; 1.59% | &nbsp;&nbsp;&nbsp;&nbsp; 2.04% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp;&nbsp; 2.54% | &nbsp;&nbsp;&nbsp; 35%  |
| **Direxion Daily Biotech Top 5 Bull 2X ETF** | **Direxion Daily Biotech Top 5 Bull 2X ETF** | **Direxion Daily Biotech Top 5 Bull 2X ETF** | **Direxion Daily Biotech Top 5 Bull 2X ETF** | **Direxion Daily Biotech Top 5 Bull 2X ETF** | **Direxion Daily Biotech Top 5 Bull 2X ETF** | **Direxion Daily Biotech Top 5 Bull 2X ETF** | **Direxion Daily Biotech Top 5 Bull 2X ETF** | **Direxion Daily Biotech Top 5 Bull 2X ETF** | **Direxion Daily Biotech Top 5 Bull 2X ETF** | **Direxion Daily Biotech Top 5 Bull 2X ETF** | **Direxion Daily Biotech Top 5 Bull 2X ETF** | **Direxion Daily Biotech Top 5 Bull 2X ETF** | **Direxion Daily Biotech Top 5 Bull 2X ETF** | **Direxion Daily Biotech Top 5 Bull 2X ETF** | **Direxion Daily Biotech Top 5 Bull 2X ETF** | **Direxion Daily Biotech Top 5 Bull 2X ETF** | **Direxion Daily Biotech Top 5 Bull 2X ETF** | **Direxion Daily Biotech Top 5 Bull 2X ETF** |
| &nbsp;&nbsp;&nbsp; For the Period October 1, 2025<sup>8</sup> through October 31, 2025 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.73 | 3.74 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 28.74 | 14.95% | 3592 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 6.18% | &nbsp;&nbsp;&nbsp;&nbsp; 0.26% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 6.18% | &nbsp;&nbsp;&nbsp;&nbsp; 0.26% | &nbsp;&nbsp;&nbsp; 69%  |
| **Direxion Daily BRKB Bear 1X Shares** | **Direxion Daily BRKB Bear 1X Shares** | **Direxion Daily BRKB Bear 1X Shares** | **Direxion Daily BRKB Bear 1X Shares** | **Direxion Daily BRKB Bear 1X Shares** | **Direxion Daily BRKB Bear 1X Shares** | **Direxion Daily BRKB Bear 1X Shares** | **Direxion Daily BRKB Bear 1X Shares** | **Direxion Daily BRKB Bear 1X Shares** | **Direxion Daily BRKB Bear 1X Shares** | **Direxion Daily BRKB Bear 1X Shares** | **Direxion Daily BRKB Bear 1X Shares** | **Direxion Daily BRKB Bear 1X Shares** | **Direxion Daily BRKB Bear 1X Shares** | **Direxion Daily BRKB Bear 1X Shares** | **Direxion Daily BRKB Bear 1X Shares** | **Direxion Daily BRKB Bear 1X Shares** | **Direxion Daily BRKB Bear 1X Shares** | **Direxion Daily BRKB Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Period December 11, 2024<sup>8</sup> through October 31, 2025 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp; (0.75) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.67) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; (0.69) | 24.24 | -0.08% | 3030 | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.66% | &nbsp;&nbsp;&nbsp;&nbsp; 3.25% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.61% | &nbsp;&nbsp;&nbsp;&nbsp; 3.30% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily BRKB Bull 2X Shares** | **Direxion Daily BRKB Bull 2X Shares** | **Direxion Daily BRKB Bull 2X Shares** | **Direxion Daily BRKB Bull 2X Shares** | **Direxion Daily BRKB Bull 2X Shares** | **Direxion Daily BRKB Bull 2X Shares** | **Direxion Daily BRKB Bull 2X Shares** | **Direxion Daily BRKB Bull 2X Shares** | **Direxion Daily BRKB Bull 2X Shares** | **Direxion Daily BRKB Bull 2X Shares** | **Direxion Daily BRKB Bull 2X Shares** | **Direxion Daily BRKB Bull 2X Shares** | **Direxion Daily BRKB Bull 2X Shares** | **Direxion Daily BRKB Bull 2X Shares** | **Direxion Daily BRKB Bull 2X Shares** | **Direxion Daily BRKB Bull 2X Shares** | **Direxion Daily BRKB Bull 2X Shares** | **Direxion Daily BRKB Bull 2X Shares** | **Direxion Daily BRKB Bull 2X Shares** |
|  For the Period December 11, 2024<sup>8</sup> through October 31, 2025 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp; (2.12) | &nbsp;&nbsp; (1.51) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.40) | 23.09 | -6.26% | 76192 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 2.68% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 2.76% | &nbsp;&nbsp;&nbsp; 7%  |
| **Direxion Daily Crypto Industry Bear 1X Shares** | **Direxion Daily Crypto Industry Bear 1X Shares** | **Direxion Daily Crypto Industry Bear 1X Shares** | **Direxion Daily Crypto Industry Bear 1X Shares** | **Direxion Daily Crypto Industry Bear 1X Shares** | **Direxion Daily Crypto Industry Bear 1X Shares** | **Direxion Daily Crypto Industry Bear 1X Shares** | **Direxion Daily Crypto Industry Bear 1X Shares** | **Direxion Daily Crypto Industry Bear 1X Shares** | **Direxion Daily Crypto Industry Bear 1X Shares** | **Direxion Daily Crypto Industry Bear 1X Shares** | **Direxion Daily Crypto Industry Bear 1X Shares** | **Direxion Daily Crypto Industry Bear 1X Shares** | **Direxion Daily Crypto Industry Bear 1X Shares** | **Direxion Daily Crypto Industry Bear 1X Shares** | **Direxion Daily Crypto Industry Bear 1X Shares** | **Direxion Daily Crypto Industry Bear 1X Shares** | **Direxion Daily Crypto Industry Bear 1X Shares** | **Direxion Daily Crypto Industry Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 25.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp; (11.60) | &nbsp;&nbsp; (10.71) | &nbsp;&nbsp; (0.93) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.93) | 14.29 | -42.40% | 1429 | &nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 1.72% | &nbsp;&nbsp;&nbsp;&nbsp; 4.06% | &nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp; 1.62% | &nbsp;&nbsp;&nbsp;&nbsp; 4.16% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Period July 17, 2024<sup>8</sup> through October 31, 2024 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | 1.24 | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.31) | 25.93 | 4.92% | 2593 | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 3.91% | &nbsp;&nbsp;&nbsp;&nbsp; 4.28% | &nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp; 3.33% | &nbsp;&nbsp;&nbsp;&nbsp; 4.86% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily Crypto Industry Bull 2X Shares** | **Direxion Daily Crypto Industry Bull 2X Shares** | **Direxion Daily Crypto Industry Bull 2X Shares** | **Direxion Daily Crypto Industry Bull 2X Shares** | **Direxion Daily Crypto Industry Bull 2X Shares** | **Direxion Daily Crypto Industry Bull 2X Shares** | **Direxion Daily Crypto Industry Bull 2X Shares** | **Direxion Daily Crypto Industry Bull 2X Shares** | **Direxion Daily Crypto Industry Bull 2X Shares** | **Direxion Daily Crypto Industry Bull 2X Shares** | **Direxion Daily Crypto Industry Bull 2X Shares** | **Direxion Daily Crypto Industry Bull 2X Shares** | **Direxion Daily Crypto Industry Bull 2X Shares** | **Direxion Daily Crypto Industry Bull 2X Shares** | **Direxion Daily Crypto Industry Bull 2X Shares** | **Direxion Daily Crypto Industry Bull 2X Shares** | **Direxion Daily Crypto Industry Bull 2X Shares** | **Direxion Daily Crypto Industry Bull 2X Shares** | **Direxion Daily Crypto Industry Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 21.36 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;21.29 | 21.28 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.06) | 42.58 | 99.93% | 8516 | &nbsp;&nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 1.70% | &nbsp;&nbsp;&nbsp;&nbsp; (0.05)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp;&nbsp; 0.22% | &nbsp;&nbsp;&nbsp; 159%  |
| &nbsp;&nbsp;&nbsp; For the Period July 17, 2024<sup>8</sup> through October 31, 2024 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp; (3.64) | &nbsp;&nbsp; (3.59) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.05) | 21.36 | -14.33% | 2671 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 4.39% | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 4.39% | &nbsp;&nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 47%  |

---

The accompanying notes are an integral part of these financial statements.

170<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**FINANCIAL HIGHLIGHTS** 

**October 31, 2025(Continued)** 

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | |
|  | <br>**Net** <br>**Asset** <br>**Value,** <br>**Beginning** <br>**of** <br>**Year/**<br>**Period** | <br>**Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>1</sup> | <br>**Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain** <br>(Loss) <br>**on** <br>**Investments<sup>3</sup>** | <br>**Net** <br>**Increase** <br>(Decrease) <br>**in Net** <br>**Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | <br>**Dividends** <br>**from Net** <br>**Investment** <br>**Income** | <br>**Distributions** <br>**from** <br>**Realized** <br>**Capital** <br>**Gains** | <br>**Distributions** <br>**from** <br>**Return** <br>**of Capital** | <br>**Total** <br>**Distributions** | <br>**Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Year/**<br>**Period** | <br>**Total** <br>**Return<sup>4</sup>** | <br>**Net** <br>**Assets,** <br>**End of** <br>**Year/**<br>**Period** <br>**(000's** <br>**omitted)** | **Net** <br>**Expenses<sup>4</sup>** | **Total** <br>**Expenses** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment** | **Net** <br>**Expenses<sup>2,6</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment<sup>2</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>7</sup>**  |
| **Direxion Daily CSCO Bear 1X ETF** | **Direxion Daily CSCO Bear 1X ETF** | **Direxion Daily CSCO Bear 1X ETF** | **Direxion Daily CSCO Bear 1X ETF** | **Direxion Daily CSCO Bear 1X ETF** | **Direxion Daily CSCO Bear 1X ETF** | **Direxion Daily CSCO Bear 1X ETF** | **Direxion Daily CSCO Bear 1X ETF** | **Direxion Daily CSCO Bear 1X ETF** | **Direxion Daily CSCO Bear 1X ETF** | **Direxion Daily CSCO Bear 1X ETF** | **Direxion Daily CSCO Bear 1X ETF** | **Direxion Daily CSCO Bear 1X ETF** | **Direxion Daily CSCO Bear 1X ETF** | **Direxion Daily CSCO Bear 1X ETF** | **Direxion Daily CSCO Bear 1X ETF** | **Direxion Daily CSCO Bear 1X ETF** | **Direxion Daily CSCO Bear 1X ETF** | **Direxion Daily CSCO Bear 1X ETF** |
| &nbsp;&nbsp;&nbsp; For the Period June 25, 2025<sup>8</sup> through October 31, 2025 | $25.00 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $(2.03) | $(1.75) | &nbsp;&nbsp; $(0.23) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(0.23) | $23.02 | -7.10% | $2302 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 2.63% | &nbsp;&nbsp;&nbsp;&nbsp; 3.20% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.63% | &nbsp;&nbsp;&nbsp;&nbsp; 3.20% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily CSCO Bull 2X ETF** | **Direxion Daily CSCO Bull 2X ETF** | **Direxion Daily CSCO Bull 2X ETF** | **Direxion Daily CSCO Bull 2X ETF** | **Direxion Daily CSCO Bull 2X ETF** | **Direxion Daily CSCO Bull 2X ETF** | **Direxion Daily CSCO Bull 2X ETF** | **Direxion Daily CSCO Bull 2X ETF** | **Direxion Daily CSCO Bull 2X ETF** | **Direxion Daily CSCO Bull 2X ETF** | **Direxion Daily CSCO Bull 2X ETF** | **Direxion Daily CSCO Bull 2X ETF** | **Direxion Daily CSCO Bull 2X ETF** | **Direxion Daily CSCO Bull 2X ETF** | **Direxion Daily CSCO Bull 2X ETF** | **Direxion Daily CSCO Bull 2X ETF** | **Direxion Daily CSCO Bull 2X ETF** | **Direxion Daily CSCO Bull 2X ETF** | **Direxion Daily CSCO Bull 2X ETF** |
| &nbsp;&nbsp;&nbsp; For the Period June 25, 2025<sup>8</sup> through October 31, 2025 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | 2.85 | 3.11 | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.21) | 27.90 | 12.56% | 4185 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 1.94% | &nbsp;&nbsp;&nbsp;&nbsp; 2.92% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.94% | &nbsp;&nbsp;&nbsp;&nbsp; 2.92% | &nbsp;&nbsp;&nbsp; 49%  |
| **Direxion Daily CSI 300 China A Share Bull 2X Shares** | **Direxion Daily CSI 300 China A Share Bull 2X Shares** | **Direxion Daily CSI 300 China A Share Bull 2X Shares** | **Direxion Daily CSI 300 China A Share Bull 2X Shares** | **Direxion Daily CSI 300 China A Share Bull 2X Shares** | **Direxion Daily CSI 300 China A Share Bull 2X Shares** | **Direxion Daily CSI 300 China A Share Bull 2X Shares** | **Direxion Daily CSI 300 China A Share Bull 2X Shares** | **Direxion Daily CSI 300 China A Share Bull 2X Shares** | **Direxion Daily CSI 300 China A Share Bull 2X Shares** | **Direxion Daily CSI 300 China A Share Bull 2X Shares** | **Direxion Daily CSI 300 China A Share Bull 2X Shares** | **Direxion Daily CSI 300 China A Share Bull 2X Shares** | **Direxion Daily CSI 300 China A Share Bull 2X Shares** | **Direxion Daily CSI 300 China A Share Bull 2X Shares** | **Direxion Daily CSI 300 China A Share Bull 2X Shares** | **Direxion Daily CSI 300 China A Share Bull 2X Shares** | **Direxion Daily CSI 300 China A Share Bull 2X Shares** | **Direxion Daily CSI 300 China A Share Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 15.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | 4.64 | 5.07 | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.40) | 20.61 | 32.74% | 136057 | &nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp;&nbsp; 2.79% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 2.96% | &nbsp;&nbsp;&nbsp; 76%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 14.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | 1.11 | 1.49 | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.42) | 15.94 | 10.56% | 332273 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 2.63% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 2.71% | &nbsp;&nbsp;&nbsp; 22%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 15.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp; (0.20) | 0.21 | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.39) | 14.87 | 0.88% | 57246 | &nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; 2.09% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 2.20% | &nbsp;&nbsp;&nbsp; 57%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 39.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp; (23.61) | (23.48) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp; (0.69) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.78) | 15.05 | -60.95% | 39119 | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 0.46% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 0.48% | &nbsp;&nbsp;&nbsp; 83%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 32.67 | &nbsp;&nbsp; (0.17) | 6.81 | 6.64 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 39.31 | 20.32% | 117919 | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; (0.42)% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; (0.41)% | &nbsp;&nbsp;&nbsp; 123%  |
| **Direxion Daily CSI China Internet Index Bull 2X Shares** | **Direxion Daily CSI China Internet Index Bull 2X Shares** | **Direxion Daily CSI China Internet Index Bull 2X Shares** | **Direxion Daily CSI China Internet Index Bull 2X Shares** | **Direxion Daily CSI China Internet Index Bull 2X Shares** | **Direxion Daily CSI China Internet Index Bull 2X Shares** | **Direxion Daily CSI China Internet Index Bull 2X Shares** | **Direxion Daily CSI China Internet Index Bull 2X Shares** | **Direxion Daily CSI China Internet Index Bull 2X Shares** | **Direxion Daily CSI China Internet Index Bull 2X Shares** | **Direxion Daily CSI China Internet Index Bull 2X Shares** | **Direxion Daily CSI China Internet Index Bull 2X Shares** | **Direxion Daily CSI China Internet Index Bull 2X Shares** | **Direxion Daily CSI China Internet Index Bull 2X Shares** | **Direxion Daily CSI China Internet Index Bull 2X Shares** | **Direxion Daily CSI China Internet Index Bull 2X Shares** | **Direxion Daily CSI China Internet Index Bull 2X Shares** | **Direxion Daily CSI China Internet Index Bull 2X Shares** | **Direxion Daily CSI China Internet Index Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 38.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | 12.26 | 13.29 | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp; (1.08) | 51.20 | 35.53% | 334049 | &nbsp;&nbsp;&nbsp; 1.47% | &nbsp;&nbsp; 1.47% | &nbsp;&nbsp;&nbsp;&nbsp; 2.51% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 3.11% | &nbsp;&nbsp;&nbsp; 81%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 31.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | 7.84 | 8.65 | &nbsp;&nbsp; (0.85) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.85) | 38.99 | 28.26% | 375264 | &nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp;&nbsp; 2.49% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; 2.75% | &nbsp;&nbsp;&nbsp; 105%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 22.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | 8.62 | 9.33 | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.41) | 31.19 | 41.58% | 320424 | &nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp;&nbsp; 1.67% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 1.84% | &nbsp;&nbsp;&nbsp; 186%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 194.10 | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (171.53) | (171.83) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 22.27 | -88.53% | 161974 | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; (0.42)% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; (0.38)% | &nbsp;&nbsp;&nbsp; 142%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 539.10 | &nbsp;&nbsp; (2.20) | &nbsp;&nbsp; (342.80) | (345.00) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 194.10 | -64.00% | 314433 | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; (0.70)% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; (0.70)% | &nbsp;&nbsp;&nbsp; 23%  |
| **Direxion Daily Energy Bear 2X Shares** | **Direxion Daily Energy Bear 2X Shares** | **Direxion Daily Energy Bear 2X Shares** | **Direxion Daily Energy Bear 2X Shares** | **Direxion Daily Energy Bear 2X Shares** | **Direxion Daily Energy Bear 2X Shares** | **Direxion Daily Energy Bear 2X Shares** | **Direxion Daily Energy Bear 2X Shares** | **Direxion Daily Energy Bear 2X Shares** | **Direxion Daily Energy Bear 2X Shares** | **Direxion Daily Energy Bear 2X Shares** | **Direxion Daily Energy Bear 2X Shares** | **Direxion Daily Energy Bear 2X Shares** | **Direxion Daily Energy Bear 2X Shares** | **Direxion Daily Energy Bear 2X Shares** | **Direxion Daily Energy Bear 2X Shares** | **Direxion Daily Energy Bear 2X Shares** | **Direxion Daily Energy Bear 2X Shares** | **Direxion Daily Energy Bear 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 23.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp; (3.04) | (2.37) | &nbsp;&nbsp; (0.71) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.71) | 20.87 | -9.94% | 18062 | &nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 1.32% | &nbsp;&nbsp;&nbsp;&nbsp; 2.99% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 3.33% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 27.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp; (3.41) | (2.41) | &nbsp;&nbsp; (1.18) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.18) | 23.95 | -8.61% | 23114 | &nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.23% | &nbsp;&nbsp;&nbsp;&nbsp; 4.13% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; 4.37% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 28.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp; (1.41) | (0.38) | &nbsp;&nbsp; (1.02) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.02) | 27.54 | -1.57% | 26584 | &nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.13% | &nbsp;&nbsp;&nbsp;&nbsp; 3.59% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 3.78% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 109.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp; (81.07) | (80.96) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 28.94 | -73.67% | 39513 | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 0.22% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 0.27% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 735.70 | &nbsp;&nbsp; (1.70) | &nbsp;&nbsp; (624.10) | (625.80) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 109.90 | -85.06% | 39105 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily Energy Bull 2X Shares** | **Direxion Daily Energy Bull 2X Shares** | **Direxion Daily Energy Bull 2X Shares** | **Direxion Daily Energy Bull 2X Shares** | **Direxion Daily Energy Bull 2X Shares** | **Direxion Daily Energy Bull 2X Shares** | **Direxion Daily Energy Bull 2X Shares** | **Direxion Daily Energy Bull 2X Shares** | **Direxion Daily Energy Bull 2X Shares** | **Direxion Daily Energy Bull 2X Shares** | **Direxion Daily Energy Bull 2X Shares** | **Direxion Daily Energy Bull 2X Shares** | **Direxion Daily Energy Bull 2X Shares** | **Direxion Daily Energy Bull 2X Shares** | **Direxion Daily Energy Bull 2X Shares** | **Direxion Daily Energy Bull 2X Shares** | **Direxion Daily Energy Bull 2X Shares** | **Direxion Daily Energy Bull 2X Shares** | **Direxion Daily Energy Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 59.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp; (5.43) | (4.01) | &nbsp;&nbsp; (1.47) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.47) | 54.40 | -6.79% | 218327 | &nbsp;&nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp;&nbsp;&nbsp; 2.51% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 2.77% | &nbsp;&nbsp;&nbsp; 8%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 58.76 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | 1.14 | 2.81 | &nbsp;&nbsp; (1.69) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.69) | 59.88 | 4.67% | 309210 | &nbsp;&nbsp;&nbsp; 1.27% | &nbsp;&nbsp; 1.27% | &nbsp;&nbsp;&nbsp;&nbsp; 2.70% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 3.08% | &nbsp;&nbsp;&nbsp; 18%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 70.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp; (12.22) | (10.45) | &nbsp;&nbsp; (1.75) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.75) | 58.76 | -14.68% | 368050 | &nbsp;&nbsp;&nbsp; 1.22% | &nbsp;&nbsp; 1.22% | &nbsp;&nbsp;&nbsp;&nbsp; 2.85% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 3.16% | &nbsp;&nbsp;&nbsp; 6%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 31.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | 39.43 | 40.67 | &nbsp;&nbsp; (1.34) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.34) | 70.96 | 130.82% | 558028 | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 2.62% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 2.73% | &nbsp;&nbsp;&nbsp; 8%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 8.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | 23.20 | 23.71 | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.53) | 31.63 | 283.45% | 599755 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 2.31% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 2.32% | &nbsp;&nbsp;&nbsp; 36%  |
| **Direxion Daily Energy Top 5 Bull 2X ETF** | **Direxion Daily Energy Top 5 Bull 2X ETF** | **Direxion Daily Energy Top 5 Bull 2X ETF** | **Direxion Daily Energy Top 5 Bull 2X ETF** | **Direxion Daily Energy Top 5 Bull 2X ETF** | **Direxion Daily Energy Top 5 Bull 2X ETF** | **Direxion Daily Energy Top 5 Bull 2X ETF** | **Direxion Daily Energy Top 5 Bull 2X ETF** | **Direxion Daily Energy Top 5 Bull 2X ETF** | **Direxion Daily Energy Top 5 Bull 2X ETF** | **Direxion Daily Energy Top 5 Bull 2X ETF** | **Direxion Daily Energy Top 5 Bull 2X ETF** | **Direxion Daily Energy Top 5 Bull 2X ETF** | **Direxion Daily Energy Top 5 Bull 2X ETF** | **Direxion Daily Energy Top 5 Bull 2X ETF** | **Direxion Daily Energy Top 5 Bull 2X ETF** | **Direxion Daily Energy Top 5 Bull 2X ETF** | **Direxion Daily Energy Top 5 Bull 2X ETF** | **Direxion Daily Energy Top 5 Bull 2X ETF** |
| &nbsp;&nbsp;&nbsp; For the Period October 1, 2025<sup>8</sup> through October 31, 2025 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; (1.86) | (1.83) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 23.17 | -7.31% | 2317 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 8.13% | &nbsp;&nbsp;&nbsp;&nbsp; 1.52% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 8.13% | &nbsp;&nbsp;&nbsp;&nbsp; 1.52% | &nbsp;&nbsp;&nbsp; 173%  |
| **Direxion Daily F Bear 1X ETF** | **Direxion Daily F Bear 1X ETF** | **Direxion Daily F Bear 1X ETF** | **Direxion Daily F Bear 1X ETF** | **Direxion Daily F Bear 1X ETF** | **Direxion Daily F Bear 1X ETF** | **Direxion Daily F Bear 1X ETF** | **Direxion Daily F Bear 1X ETF** | **Direxion Daily F Bear 1X ETF** | **Direxion Daily F Bear 1X ETF** | **Direxion Daily F Bear 1X ETF** | **Direxion Daily F Bear 1X ETF** | **Direxion Daily F Bear 1X ETF** | **Direxion Daily F Bear 1X ETF** | **Direxion Daily F Bear 1X ETF** | **Direxion Daily F Bear 1X ETF** | **Direxion Daily F Bear 1X ETF** | **Direxion Daily F Bear 1X ETF** | **Direxion Daily F Bear 1X ETF** |
| &nbsp;&nbsp;&nbsp; For the Period July 23, 2025<sup>8</sup> through October 31, 2025 | 25.00 | &nbsp;&nbsp; 0.22 | &nbsp;&nbsp; (4.49) | (4.27) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.15) | 20.58 | -17.15% | 2058 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 2.83% | &nbsp;&nbsp;&nbsp;&nbsp; 3.30% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.83% | &nbsp;&nbsp;&nbsp;&nbsp; 3.30% | &nbsp;&nbsp;&nbsp; 0%  |

---

The accompanying notes are an integral part of these financial statements.

171<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**FINANCIAL HIGHLIGHTS** 

**October 31, 2025(Continued)** 

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| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | |
|  | <br>**Net** <br>**Asset** <br>**Value,** <br>**Beginning** <br>**of** <br>**Year/**<br>**Period** | <br>**Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>1</sup> | <br>**Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain** <br>(Loss) <br>**on** <br>**Investments<sup>3</sup>** | <br>**Net** <br>**Increase** <br>(Decrease) <br>**in Net** <br>**Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | <br>**Dividends** <br>**from Net** <br>**Investment** <br>**Income** | <br>**Distributions** <br>**from** <br>**Realized** <br>**Capital** <br>**Gains** | <br>**Distributions** <br>**from** <br>**Return** <br>**of Capital** | <br>**Total** <br>**Distributions** | <br>**Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Year/**<br>**Period** | <br>**Total** <br>**Return<sup>4</sup>** | <br>**Net** <br>**Assets,** <br>**End of** <br>**Year/**<br>**Period** <br>**(000's** <br>**omitted)** | **Net** <br>**Expenses<sup>4</sup>** | **Total** <br>**Expenses** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment** | **Net** <br>**Expenses<sup>2,6</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment<sup>2</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>7</sup>**  |
| **Direxion Daily F Bull 2X ETF** | **Direxion Daily F Bull 2X ETF** | **Direxion Daily F Bull 2X ETF** | **Direxion Daily F Bull 2X ETF** | **Direxion Daily F Bull 2X ETF** | **Direxion Daily F Bull 2X ETF** | **Direxion Daily F Bull 2X ETF** | **Direxion Daily F Bull 2X ETF** | **Direxion Daily F Bull 2X ETF** | **Direxion Daily F Bull 2X ETF** | **Direxion Daily F Bull 2X ETF** | **Direxion Daily F Bull 2X ETF** | **Direxion Daily F Bull 2X ETF** | **Direxion Daily F Bull 2X ETF** | **Direxion Daily F Bull 2X ETF** | **Direxion Daily F Bull 2X ETF** | **Direxion Daily F Bull 2X ETF** | **Direxion Daily F Bull 2X ETF** | **Direxion Daily F Bull 2X ETF** |
| &nbsp;&nbsp;&nbsp; For the Period July 23, 2025<sup>8</sup> through October 31, 2025 | $25.00 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $7.91 | &nbsp;&nbsp; $8.13 | &nbsp;&nbsp; $(0.18) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(0.18) | $32.95 | 32.69% | $4119 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 2.51% | &nbsp;&nbsp;&nbsp;&nbsp; 2.99% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.48% | &nbsp;&nbsp;&nbsp;&nbsp; 3.02% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily Gold Miners Index Bear 2X Shares<sup>10</sup>** | **Direxion Daily Gold Miners Index Bear 2X Shares<sup>10</sup>** | **Direxion Daily Gold Miners Index Bear 2X Shares<sup>10</sup>** | **Direxion Daily Gold Miners Index Bear 2X Shares<sup>10</sup>** | **Direxion Daily Gold Miners Index Bear 2X Shares<sup>10</sup>** | **Direxion Daily Gold Miners Index Bear 2X Shares<sup>10</sup>** | **Direxion Daily Gold Miners Index Bear 2X Shares<sup>10</sup>** | **Direxion Daily Gold Miners Index Bear 2X Shares<sup>10</sup>** | **Direxion Daily Gold Miners Index Bear 2X Shares<sup>10</sup>** | **Direxion Daily Gold Miners Index Bear 2X Shares<sup>10</sup>** | **Direxion Daily Gold Miners Index Bear 2X Shares<sup>10</sup>** | **Direxion Daily Gold Miners Index Bear 2X Shares<sup>10</sup>** | **Direxion Daily Gold Miners Index Bear 2X Shares<sup>10</sup>** | **Direxion Daily Gold Miners Index Bear 2X Shares<sup>10</sup>** | **Direxion Daily Gold Miners Index Bear 2X Shares<sup>10</sup>** | **Direxion Daily Gold Miners Index Bear 2X Shares<sup>10</sup>** | **Direxion Daily Gold Miners Index Bear 2X Shares<sup>10</sup>** | **Direxion Daily Gold Miners Index Bear 2X Shares<sup>10</sup>** | **Direxion Daily Gold Miners Index Bear 2X Shares<sup>10</sup>** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 51.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp; (39.79) | &nbsp;&nbsp; (38.85) | &nbsp;&nbsp; (1.24) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.24) | 11.50 | -76.85% | 118372 | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 4.06% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 4.12% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 134.30 | &nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp; (82.33) | &nbsp;&nbsp; (79.01) | &nbsp;&nbsp; (3.70) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3.70) | 51.59 | -59.86% | 94983 | &nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp;&nbsp;&nbsp; 4.37% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 4.67% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 237.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.10 | &nbsp;&nbsp; (102.90) | &nbsp;&nbsp; (98.80) | &nbsp;&nbsp; (3.90) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3.90) | 134.30 | -41.52% | 169396 | &nbsp;&nbsp;&nbsp; 1.47% | &nbsp;&nbsp; 1.47% | &nbsp;&nbsp;&nbsp;&nbsp; 3.42% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 4.01% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 206.00 | &nbsp;&nbsp; (0.30) | 31.30 | 31.00 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 237.00 | 15.05% | 86749 | &nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp;&nbsp; (0.14)% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 0.04% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 200.80 | &nbsp;&nbsp; (1.70) | 6.90 | 5.20 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 206.00 | 2.59% | 64076 | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; (0.85)% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; (0.85)% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily Gold Miners Index Bull 2X Shares** | **Direxion Daily Gold Miners Index Bull 2X Shares** | **Direxion Daily Gold Miners Index Bull 2X Shares** | **Direxion Daily Gold Miners Index Bull 2X Shares** | **Direxion Daily Gold Miners Index Bull 2X Shares** | **Direxion Daily Gold Miners Index Bull 2X Shares** | **Direxion Daily Gold Miners Index Bull 2X Shares** | **Direxion Daily Gold Miners Index Bull 2X Shares** | **Direxion Daily Gold Miners Index Bull 2X Shares** | **Direxion Daily Gold Miners Index Bull 2X Shares** | **Direxion Daily Gold Miners Index Bull 2X Shares** | **Direxion Daily Gold Miners Index Bull 2X Shares** | **Direxion Daily Gold Miners Index Bull 2X Shares** | **Direxion Daily Gold Miners Index Bull 2X Shares** | **Direxion Daily Gold Miners Index Bull 2X Shares** | **Direxion Daily Gold Miners Index Bull 2X Shares** | **Direxion Daily Gold Miners Index Bull 2X Shares** | **Direxion Daily Gold Miners Index Bull 2X Shares** | **Direxion Daily Gold Miners Index Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 50.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | 82.68 | 83.11 | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp; (0.43) | 133.06 | 166.73% | 1078076 | &nbsp;&nbsp;&nbsp; 1.99% | &nbsp;&nbsp; 1.99% | &nbsp;&nbsp;&nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 1.79% | &nbsp;&nbsp;&nbsp; 74%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 28.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | 21.82 | 22.52 | &nbsp;&nbsp; (0.71) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.71) | 50.38 | 79.97% | 566837 | &nbsp;&nbsp;&nbsp; 1.54% | &nbsp;&nbsp; 1.54% | &nbsp;&nbsp;&nbsp;&nbsp; 1.88% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 2.57% | &nbsp;&nbsp;&nbsp; 48%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 24.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | 3.38 | 4.09 | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.49) | 28.57 | 16.06% | 468632 | &nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp;&nbsp; 2.00% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; 2.34% | &nbsp;&nbsp;&nbsp; 108%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 49.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp; (24.35) | &nbsp;&nbsp; (24.10) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 24.97 | -49.11% | 375908 | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 0.56% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp; 117%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 76.72 | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (27.35) | &nbsp;&nbsp; (27.65) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 49.07 | -36.04% | 750864 | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; (0.49)% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; (0.49)% | &nbsp;&nbsp;&nbsp; 71%  |
| **Direxion Daily GOOGL Bear 1X Shares** | **Direxion Daily GOOGL Bear 1X Shares** | **Direxion Daily GOOGL Bear 1X Shares** | **Direxion Daily GOOGL Bear 1X Shares** | **Direxion Daily GOOGL Bear 1X Shares** | **Direxion Daily GOOGL Bear 1X Shares** | **Direxion Daily GOOGL Bear 1X Shares** | **Direxion Daily GOOGL Bear 1X Shares** | **Direxion Daily GOOGL Bear 1X Shares** | **Direxion Daily GOOGL Bear 1X Shares** | **Direxion Daily GOOGL Bear 1X Shares** | **Direxion Daily GOOGL Bear 1X Shares** | **Direxion Daily GOOGL Bear 1X Shares** | **Direxion Daily GOOGL Bear 1X Shares** | **Direxion Daily GOOGL Bear 1X Shares** | **Direxion Daily GOOGL Bear 1X Shares** | **Direxion Daily GOOGL Bear 1X Shares** | **Direxion Daily GOOGL Bear 1X Shares** | **Direxion Daily GOOGL Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 13.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp; (5.99) | &nbsp;&nbsp; (5.65) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.39) | 7.68 | -42.27% | 12286 | &nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.28% | &nbsp;&nbsp;&nbsp;&nbsp; 3.12% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp;&nbsp; 3.31% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 19.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp; (5.81) | &nbsp;&nbsp; (5.16) | &nbsp;&nbsp; (0.60) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.60) | 13.72 | -26.68% | 4116 | &nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp; 1.50% | &nbsp;&nbsp;&nbsp;&nbsp; 4.33% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp;&nbsp; 4.40% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 27.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp; (8.19) | &nbsp;&nbsp; (7.32) | &nbsp;&nbsp; (0.86) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.86) | 19.48 | -26.57% | 1948 | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.40% | &nbsp;&nbsp;&nbsp;&nbsp; 3.76% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.32% | &nbsp;&nbsp;&nbsp;&nbsp; 3.84% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Period September 7, 2022<sup>8</sup> through October 31, 2022 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | 2.61 | 2.67 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01) | 27.66 | 10.68% | 4150 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 4.89% | &nbsp;&nbsp;&nbsp;&nbsp; 1.63% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 4.89% | &nbsp;&nbsp;&nbsp;&nbsp; 1.63% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily GOOGL Bull 2X Shares** | **Direxion Daily GOOGL Bull 2X Shares** | **Direxion Daily GOOGL Bull 2X Shares** | **Direxion Daily GOOGL Bull 2X Shares** | **Direxion Daily GOOGL Bull 2X Shares** | **Direxion Daily GOOGL Bull 2X Shares** | **Direxion Daily GOOGL Bull 2X Shares** | **Direxion Daily GOOGL Bull 2X Shares** | **Direxion Daily GOOGL Bull 2X Shares** | **Direxion Daily GOOGL Bull 2X Shares** | **Direxion Daily GOOGL Bull 2X Shares** | **Direxion Daily GOOGL Bull 2X Shares** | **Direxion Daily GOOGL Bull 2X Shares** | **Direxion Daily GOOGL Bull 2X Shares** | **Direxion Daily GOOGL Bull 2X Shares** | **Direxion Daily GOOGL Bull 2X Shares** | **Direxion Daily GOOGL Bull 2X Shares** | **Direxion Daily GOOGL Bull 2X Shares** | **Direxion Daily GOOGL Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 39.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | 44.49 | 45.64 | &nbsp;&nbsp; (1.18) | &nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.57) | 83.27 | 119.99% | 726550 | &nbsp;&nbsp;&nbsp; 1.37% | &nbsp;&nbsp; 1.37% | &nbsp;&nbsp;&nbsp;&nbsp; 2.73% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; 3.24% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 27.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | 11.89 | 13.09 | &nbsp;&nbsp; (1.00) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.00) | 39.20 | 48.48% | 153851 | &nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp;&nbsp; 3.25% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 3.53% | &nbsp;&nbsp;&nbsp; 52%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 20.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | 6.52 | 7.22 | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.53) | 27.11 | 35.52% | 34568 | &nbsp;&nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp;&nbsp; 2.68% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 2.96% | &nbsp;&nbsp;&nbsp; 10%  |
| &nbsp;&nbsp;&nbsp; For the Period September 7, 2022<sup>8</sup> through October 31, 2022 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp; (4.62) | &nbsp;&nbsp; (4.57) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01) | 20.42 | -18.30% | 4593 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 5.02% | &nbsp;&nbsp;&nbsp;&nbsp; 1.48% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 5.02% | &nbsp;&nbsp;&nbsp;&nbsp; 1.48% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily Junior Gold Miners Index Bear 2X Shares** | **Direxion Daily Junior Gold Miners Index Bear 2X Shares** | **Direxion Daily Junior Gold Miners Index Bear 2X Shares** | **Direxion Daily Junior Gold Miners Index Bear 2X Shares** | **Direxion Daily Junior Gold Miners Index Bear 2X Shares** | **Direxion Daily Junior Gold Miners Index Bear 2X Shares** | **Direxion Daily Junior Gold Miners Index Bear 2X Shares** | **Direxion Daily Junior Gold Miners Index Bear 2X Shares** | **Direxion Daily Junior Gold Miners Index Bear 2X Shares** | **Direxion Daily Junior Gold Miners Index Bear 2X Shares** | **Direxion Daily Junior Gold Miners Index Bear 2X Shares** | **Direxion Daily Junior Gold Miners Index Bear 2X Shares** | **Direxion Daily Junior Gold Miners Index Bear 2X Shares** | **Direxion Daily Junior Gold Miners Index Bear 2X Shares** | **Direxion Daily Junior Gold Miners Index Bear 2X Shares** | **Direxion Daily Junior Gold Miners Index Bear 2X Shares** | **Direxion Daily Junior Gold Miners Index Bear 2X Shares** | **Direxion Daily Junior Gold Miners Index Bear 2X Shares** | **Direxion Daily Junior Gold Miners Index Bear 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 23.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp; (18.85) | &nbsp;&nbsp; (18.41) | &nbsp;&nbsp; (0.56) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.56) | 4.43 | -80.28% | 48692 | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 4.28% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 4.35% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 76.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp; (52.35) | &nbsp;&nbsp; (50.54) | &nbsp;&nbsp; (2.06) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.06) | 23.40 | -67.68% | 54936 | &nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp; 1.29% | &nbsp;&nbsp;&nbsp;&nbsp; 4.26% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 4.70% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 134.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp; (58.70) | &nbsp;&nbsp; (56.30) | &nbsp;&nbsp; (2.40) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.40) | 76.00 | -41.65% | 126357 | &nbsp;&nbsp;&nbsp; 1.38% | &nbsp;&nbsp; 1.38% | &nbsp;&nbsp;&nbsp;&nbsp; 3.46% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 3.97% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 110.00 | &nbsp;&nbsp; (0.10) | 24.80 | 24.70 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 134.70 | 22.45% | 113621 | &nbsp;&nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp;&nbsp;&nbsp; (0.05)% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 0.14% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 117.20 | &nbsp;&nbsp; (0.90) | &nbsp;&nbsp; (6.30) | &nbsp;&nbsp; (7.20) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 110.00 | -6.14% | 75675 | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; (0.84)% | &nbsp;&nbsp;&nbsp; 0%  |

---

The accompanying notes are an integral part of these financial statements.

172<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**FINANCIAL HIGHLIGHTS** 

**October 31, 2025(Continued)** 

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | |
|  | <br>**Net** <br>**Asset** <br>**Value,** <br>**Beginning** <br>**of** <br>**Year/**<br>**Period** | <br>**Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>1</sup> | <br>**Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain** <br>(Loss) <br>**on** <br>**Investments<sup>3</sup>** | <br>**Net** <br>**Increase** <br>(Decrease) <br>**in Net** <br>**Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | <br>**Dividends** <br>**from Net** <br>**Investment** <br>**Income** | <br>**Distributions** <br>**from** <br>**Realized** <br>**Capital** <br>**Gains** | <br>**Distributions** <br>**from** <br>**Return** <br>**of Capital** | <br>**Total** <br>**Distributions** | <br>**Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Year/**<br>**Period** | <br>**Total** <br>**Return<sup>4</sup>** | <br>**Net** <br>**Assets,** <br>**End of** <br>**Year/**<br>**Period** <br>**(000's** <br>**omitted)** | **Net** <br>**Expenses<sup>4</sup>** | **Total** <br>**Expenses** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment** | **Net** <br>**Expenses<sup>2,6</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment<sup>2</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>7</sup>**  |
| **Direxion Daily Junior Gold Miners Index Bull 2X Shares** | **Direxion Daily Junior Gold Miners Index Bull 2X Shares** | **Direxion Daily Junior Gold Miners Index Bull 2X Shares** | **Direxion Daily Junior Gold Miners Index Bull 2X Shares** | **Direxion Daily Junior Gold Miners Index Bull 2X Shares** | **Direxion Daily Junior Gold Miners Index Bull 2X Shares** | **Direxion Daily Junior Gold Miners Index Bull 2X Shares** | **Direxion Daily Junior Gold Miners Index Bull 2X Shares** | **Direxion Daily Junior Gold Miners Index Bull 2X Shares** | **Direxion Daily Junior Gold Miners Index Bull 2X Shares** | **Direxion Daily Junior Gold Miners Index Bull 2X Shares** | **Direxion Daily Junior Gold Miners Index Bull 2X Shares** | **Direxion Daily Junior Gold Miners Index Bull 2X Shares** | **Direxion Daily Junior Gold Miners Index Bull 2X Shares** | **Direxion Daily Junior Gold Miners Index Bull 2X Shares** | **Direxion Daily Junior Gold Miners Index Bull 2X Shares** | **Direxion Daily Junior Gold Miners Index Bull 2X Shares** | **Direxion Daily Junior Gold Miners Index Bull 2X Shares** | **Direxion Daily Junior Gold Miners Index Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | $52.09 | &nbsp;&nbsp; $1.09 | &nbsp;&nbsp; $88.36 | &nbsp;&nbsp; $89.45 | &nbsp;&nbsp; $(1.17) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1.17) | $140.37 | 174.31% | $476341 | &nbsp;&nbsp;&nbsp; 2.14% | &nbsp;&nbsp; 2.14% | &nbsp;&nbsp;&nbsp;&nbsp; 1.60% | &nbsp;&nbsp;&nbsp; 0.84% | &nbsp;&nbsp;&nbsp; 0.84% | &nbsp;&nbsp;&nbsp;&nbsp; 2.90% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 26.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;25.26 | 26.01 | &nbsp;&nbsp; (0.82) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.82) | 52.09 | 98.36% | 322598 | &nbsp;&nbsp;&nbsp; 1.58% | &nbsp;&nbsp; 1.58% | &nbsp;&nbsp;&nbsp;&nbsp; 2.07% | &nbsp;&nbsp;&nbsp; 0.83% | &nbsp;&nbsp;&nbsp; 0.83% | &nbsp;&nbsp;&nbsp;&nbsp; 2.82% | &nbsp;&nbsp;&nbsp; 22%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 25.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | 1.40 | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.43) | 26.90 | 5.10% | 309198 | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp;&nbsp; 1.84% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 2.20% | &nbsp;&nbsp;&nbsp; 98%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 67.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp; (41.40) | &nbsp;&nbsp; (41.12) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 25.93 | -61.33% | 226686 | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 0.56% | &nbsp;&nbsp;&nbsp; 140%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 117.16 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (49.69) | &nbsp;&nbsp; (49.77) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp; (0.34) | 67.05 | -42.53% | 515810 | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; (0.09)% | &nbsp;&nbsp;&nbsp; 0.84% | &nbsp;&nbsp;&nbsp; 0.84% | &nbsp;&nbsp;&nbsp;&nbsp; (0.08)% | &nbsp;&nbsp;&nbsp; 67%  |
| **Direxion Daily LLY Bear 1X Shares** | **Direxion Daily LLY Bear 1X Shares** | **Direxion Daily LLY Bear 1X Shares** | **Direxion Daily LLY Bear 1X Shares** | **Direxion Daily LLY Bear 1X Shares** | **Direxion Daily LLY Bear 1X Shares** | **Direxion Daily LLY Bear 1X Shares** | **Direxion Daily LLY Bear 1X Shares** | **Direxion Daily LLY Bear 1X Shares** | **Direxion Daily LLY Bear 1X Shares** | **Direxion Daily LLY Bear 1X Shares** | **Direxion Daily LLY Bear 1X Shares** | **Direxion Daily LLY Bear 1X Shares** | **Direxion Daily LLY Bear 1X Shares** | **Direxion Daily LLY Bear 1X Shares** | **Direxion Daily LLY Bear 1X Shares** | **Direxion Daily LLY Bear 1X Shares** | **Direxion Daily LLY Bear 1X Shares** | **Direxion Daily LLY Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Period March 26, 2025<sup>8</sup> through October 31, 2025 | 25.00 | &nbsp;&nbsp; 0.47 | &nbsp;&nbsp; (2.76) | &nbsp;&nbsp; (2.29) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.39) | 22.32 | -9.35% | 3906 | &nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.67% | &nbsp;&nbsp;&nbsp;&nbsp; 3.04% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.53% | &nbsp;&nbsp;&nbsp;&nbsp; 3.18% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily LLY Bull 2X Shares** | **Direxion Daily LLY Bull 2X Shares** | **Direxion Daily LLY Bull 2X Shares** | **Direxion Daily LLY Bull 2X Shares** | **Direxion Daily LLY Bull 2X Shares** | **Direxion Daily LLY Bull 2X Shares** | **Direxion Daily LLY Bull 2X Shares** | **Direxion Daily LLY Bull 2X Shares** | **Direxion Daily LLY Bull 2X Shares** | **Direxion Daily LLY Bull 2X Shares** | **Direxion Daily LLY Bull 2X Shares** | **Direxion Daily LLY Bull 2X Shares** | **Direxion Daily LLY Bull 2X Shares** | **Direxion Daily LLY Bull 2X Shares** | **Direxion Daily LLY Bull 2X Shares** | **Direxion Daily LLY Bull 2X Shares** | **Direxion Daily LLY Bull 2X Shares** | **Direxion Daily LLY Bull 2X Shares** | **Direxion Daily LLY Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Period March 26, 2025<sup>8</sup> through October 31, 2025 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp; (4.12) | &nbsp;&nbsp; (3.87) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.20) | 20.93 | -15.33% | 17270 | &nbsp;&nbsp;&nbsp; 1.34% | &nbsp;&nbsp; 1.45% | &nbsp;&nbsp;&nbsp;&nbsp; 2.43% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp;&nbsp; 2.82% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily LMT Bear 1X ETF** | **Direxion Daily LMT Bear 1X ETF** | **Direxion Daily LMT Bear 1X ETF** | **Direxion Daily LMT Bear 1X ETF** | **Direxion Daily LMT Bear 1X ETF** | **Direxion Daily LMT Bear 1X ETF** | **Direxion Daily LMT Bear 1X ETF** | **Direxion Daily LMT Bear 1X ETF** | **Direxion Daily LMT Bear 1X ETF** | **Direxion Daily LMT Bear 1X ETF** | **Direxion Daily LMT Bear 1X ETF** | **Direxion Daily LMT Bear 1X ETF** | **Direxion Daily LMT Bear 1X ETF** | **Direxion Daily LMT Bear 1X ETF** | **Direxion Daily LMT Bear 1X ETF** | **Direxion Daily LMT Bear 1X ETF** | **Direxion Daily LMT Bear 1X ETF** | **Direxion Daily LMT Bear 1X ETF** | **Direxion Daily LMT Bear 1X ETF** |
| &nbsp;&nbsp;&nbsp; For the Period August 6, 2025<sup>8</sup> through October 31, 2025 | 25.00 | &nbsp;&nbsp; 0.19 | &nbsp;&nbsp; (3.36) | &nbsp;&nbsp; (3.17) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.10) | 21.73 | -12.68% | 2173 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 3.60% | &nbsp;&nbsp;&nbsp;&nbsp; 3.44% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 3.60% | &nbsp;&nbsp;&nbsp;&nbsp; 3.44% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily LMT Bull 2X ETF** | **Direxion Daily LMT Bull 2X ETF** | **Direxion Daily LMT Bull 2X ETF** | **Direxion Daily LMT Bull 2X ETF** | **Direxion Daily LMT Bull 2X ETF** | **Direxion Daily LMT Bull 2X ETF** | **Direxion Daily LMT Bull 2X ETF** | **Direxion Daily LMT Bull 2X ETF** | **Direxion Daily LMT Bull 2X ETF** | **Direxion Daily LMT Bull 2X ETF** | **Direxion Daily LMT Bull 2X ETF** | **Direxion Daily LMT Bull 2X ETF** | **Direxion Daily LMT Bull 2X ETF** | **Direxion Daily LMT Bull 2X ETF** | **Direxion Daily LMT Bull 2X ETF** | **Direxion Daily LMT Bull 2X ETF** | **Direxion Daily LMT Bull 2X ETF** | **Direxion Daily LMT Bull 2X ETF** | **Direxion Daily LMT Bull 2X ETF** |
| &nbsp;&nbsp;&nbsp; For the Period August 6, 2025<sup>8</sup> through October 31, 2025 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp; 7.20 | &nbsp;&nbsp; 7.39 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.10) | 32.29 | 29.58% | 4844 | &nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 2.35% | &nbsp;&nbsp;&nbsp;&nbsp; 2.62% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.26% | &nbsp;&nbsp;&nbsp;&nbsp; 2.71% | &nbsp;&nbsp;&nbsp; 138%  |
| **Direxion Daily Magnificent 7 Bear 1X Shares** | **Direxion Daily Magnificent 7 Bear 1X Shares** | **Direxion Daily Magnificent 7 Bear 1X Shares** | **Direxion Daily Magnificent 7 Bear 1X Shares** | **Direxion Daily Magnificent 7 Bear 1X Shares** | **Direxion Daily Magnificent 7 Bear 1X Shares** | **Direxion Daily Magnificent 7 Bear 1X Shares** | **Direxion Daily Magnificent 7 Bear 1X Shares** | **Direxion Daily Magnificent 7 Bear 1X Shares** | **Direxion Daily Magnificent 7 Bear 1X Shares** | **Direxion Daily Magnificent 7 Bear 1X Shares** | **Direxion Daily Magnificent 7 Bear 1X Shares** | **Direxion Daily Magnificent 7 Bear 1X Shares** | **Direxion Daily Magnificent 7 Bear 1X Shares** | **Direxion Daily Magnificent 7 Bear 1X Shares** | **Direxion Daily Magnificent 7 Bear 1X Shares** | **Direxion Daily Magnificent 7 Bear 1X Shares** | **Direxion Daily Magnificent 7 Bear 1X Shares** | **Direxion Daily Magnificent 7 Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 19.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp; (6.78) | &nbsp;&nbsp; (6.17) | &nbsp;&nbsp; (0.56) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.56) | 12.89 | -31.97% | 15474 | &nbsp;&nbsp;&nbsp; 0.56% | &nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp;&nbsp; 3.91% | &nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 4.02% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Period March 7, 2024<sup>8</sup> through October 31, 2024 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp; (5.36) | &nbsp;&nbsp; (4.65) | &nbsp;&nbsp; (0.73) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.73) | 19.62 | -18.69% | 2453 | &nbsp;&nbsp;&nbsp; 0.46% | &nbsp;&nbsp; 1.88% | &nbsp;&nbsp;&nbsp;&nbsp; 4.96% | &nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp; 1.87% | &nbsp;&nbsp;&nbsp;&nbsp; 4.97% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily Magnificent 7 Bull 2X Shares** | **Direxion Daily Magnificent 7 Bull 2X Shares** | **Direxion Daily Magnificent 7 Bull 2X Shares** | **Direxion Daily Magnificent 7 Bull 2X Shares** | **Direxion Daily Magnificent 7 Bull 2X Shares** | **Direxion Daily Magnificent 7 Bull 2X Shares** | **Direxion Daily Magnificent 7 Bull 2X Shares** | **Direxion Daily Magnificent 7 Bull 2X Shares** | **Direxion Daily Magnificent 7 Bull 2X Shares** | **Direxion Daily Magnificent 7 Bull 2X Shares** | **Direxion Daily Magnificent 7 Bull 2X Shares** | **Direxion Daily Magnificent 7 Bull 2X Shares** | **Direxion Daily Magnificent 7 Bull 2X Shares** | **Direxion Daily Magnificent 7 Bull 2X Shares** | **Direxion Daily Magnificent 7 Bull 2X Shares** | **Direxion Daily Magnificent 7 Bull 2X Shares** | **Direxion Daily Magnificent 7 Bull 2X Shares** | **Direxion Daily Magnificent 7 Bull 2X Shares** | **Direxion Daily Magnificent 7 Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 36.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;28.85 | 28.92 | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp; (1.09) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.22) | 63.90 | 80.94% | 118224 | &nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp;&nbsp; 0.17% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 0.41% | &nbsp;&nbsp;&nbsp; 233%  |
| &nbsp;&nbsp;&nbsp; For the Period March 7, 2024<sup>8</sup> through October 31, 2024 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;11.20 | 11.36 | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.16) | 36.20 | 45.46% | 19004 | &nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.44% | &nbsp;&nbsp;&nbsp;&nbsp; 0.76% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.32% | &nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 267%  |
| **Direxion Daily META Bear 1X Shares** | **Direxion Daily META Bear 1X Shares** | **Direxion Daily META Bear 1X Shares** | **Direxion Daily META Bear 1X Shares** | **Direxion Daily META Bear 1X Shares** | **Direxion Daily META Bear 1X Shares** | **Direxion Daily META Bear 1X Shares** | **Direxion Daily META Bear 1X Shares** | **Direxion Daily META Bear 1X Shares** | **Direxion Daily META Bear 1X Shares** | **Direxion Daily META Bear 1X Shares** | **Direxion Daily META Bear 1X Shares** | **Direxion Daily META Bear 1X Shares** | **Direxion Daily META Bear 1X Shares** | **Direxion Daily META Bear 1X Shares** | **Direxion Daily META Bear 1X Shares** | **Direxion Daily META Bear 1X Shares** | **Direxion Daily META Bear 1X Shares** | **Direxion Daily META Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 20.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp; (4.34) | &nbsp;&nbsp; (3.80) | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.62) | 16.24 | -18.50% | 8118 | &nbsp;&nbsp;&nbsp; 1.13% | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp;&nbsp;&nbsp; 3.26% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp;&nbsp; 3.44% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Period June 5, 2024<sup>8</sup> through October 31, 2024 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp; (4.47) | &nbsp;&nbsp; (4.11) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.23) | 20.66 | -16.45% | 6198 | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 2.14% | &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.12% | &nbsp;&nbsp;&nbsp;&nbsp; 4.02% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily META Bull 2X Shares** | **Direxion Daily META Bull 2X Shares** | **Direxion Daily META Bull 2X Shares** | **Direxion Daily META Bull 2X Shares** | **Direxion Daily META Bull 2X Shares** | **Direxion Daily META Bull 2X Shares** | **Direxion Daily META Bull 2X Shares** | **Direxion Daily META Bull 2X Shares** | **Direxion Daily META Bull 2X Shares** | **Direxion Daily META Bull 2X Shares** | **Direxion Daily META Bull 2X Shares** | **Direxion Daily META Bull 2X Shares** | **Direxion Daily META Bull 2X Shares** | **Direxion Daily META Bull 2X Shares** | **Direxion Daily META Bull 2X Shares** | **Direxion Daily META Bull 2X Shares** | **Direxion Daily META Bull 2X Shares** | **Direxion Daily META Bull 2X Shares** | **Direxion Daily META Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 32.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp; (0.36) | 0.62 | &nbsp;&nbsp; (0.90) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.90) | 32.17 | 1.43% | 728697 | &nbsp;&nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.39% | &nbsp;&nbsp;&nbsp;&nbsp; 2.55% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 3.07% | &nbsp;&nbsp;&nbsp; 62%  |
| &nbsp;&nbsp;&nbsp; For the Period June 5, 2024<sup>8</sup> through October 31, 2024 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;7.30 | 7.66 | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.21) | 32.45 | 30.64% | 52737 | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 1.45% | &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp;&nbsp; 3.26% | &nbsp;&nbsp;&nbsp; 9%  |

---

The accompanying notes are an integral part of these financial statements.

173<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**FINANCIAL HIGHLIGHTS** 

**October 31, 2025(Continued)** 

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | |
|  | <br>**Net** <br>**Asset** <br>**Value,** <br>**Beginning** <br>**of** <br>**Year/**<br>**Period** | <br>**Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>1</sup> | <br>**Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain** <br>(Loss) <br>**on** <br>**Investments<sup>3</sup>** | <br>**Net** <br>**Increase** <br>(Decrease) <br>**in Net** <br>**Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | <br>**Dividends** <br>**from Net** <br>**Investment** <br>**Income** | <br>**Distributions** <br>**from** <br>**Realized** <br>**Capital** <br>**Gains** | <br>**Distributions** <br>**from** <br>**Return** <br>**of Capital** | <br>**Total** <br>**Distributions** | <br>**Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Year/**<br>**Period** | <br>**Total** <br>**Return<sup>4</sup>** | <br>**Net** <br>**Assets,** <br>**End of** <br>**Year/**<br>**Period** <br>**(000's** <br>**omitted)** | **Net** <br>**Expenses<sup>4</sup>** | **Total** <br>**Expenses** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment** | **Net** <br>**Expenses<sup>2,6</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment<sup>2</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>7</sup>**  |
| **Direxion Daily MSCI Brazil Bull 2X Shares** | **Direxion Daily MSCI Brazil Bull 2X Shares** | **Direxion Daily MSCI Brazil Bull 2X Shares** | **Direxion Daily MSCI Brazil Bull 2X Shares** | **Direxion Daily MSCI Brazil Bull 2X Shares** | **Direxion Daily MSCI Brazil Bull 2X Shares** | **Direxion Daily MSCI Brazil Bull 2X Shares** | **Direxion Daily MSCI Brazil Bull 2X Shares** | **Direxion Daily MSCI Brazil Bull 2X Shares** | **Direxion Daily MSCI Brazil Bull 2X Shares** | **Direxion Daily MSCI Brazil Bull 2X Shares** | **Direxion Daily MSCI Brazil Bull 2X Shares** | **Direxion Daily MSCI Brazil Bull 2X Shares** | **Direxion Daily MSCI Brazil Bull 2X Shares** | **Direxion Daily MSCI Brazil Bull 2X Shares** | **Direxion Daily MSCI Brazil Bull 2X Shares** | **Direxion Daily MSCI Brazil Bull 2X Shares** | **Direxion Daily MSCI Brazil Bull 2X Shares** | **Direxion Daily MSCI Brazil Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | &nbsp;&nbsp; $61.40 | &nbsp;&nbsp; $2.35 | &nbsp;&nbsp; $12.53 | &nbsp;&nbsp; $14.88 | &nbsp;&nbsp; $(2.30) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(2.30) | $73.98 | 26.41% | $122705 | &nbsp;&nbsp;&nbsp; 1.30% | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp;&nbsp;&nbsp; 4.17% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 4.56% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 72.18 | &nbsp;&nbsp;&nbsp;&nbsp;4.01 | &nbsp;&nbsp; (10.88) | &nbsp;&nbsp; (6.87) | &nbsp;&nbsp; (3.91) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3.91) | 61.40 | -10.66% | 107985 | &nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp;&nbsp; 5.13% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 5.37% | &nbsp;&nbsp;&nbsp; 42%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 86.38 | &nbsp;&nbsp;&nbsp;&nbsp;3.78 | &nbsp;&nbsp; (14.29) | &nbsp;&nbsp; (10.51) | &nbsp;&nbsp; (3.69) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3.69) | 72.18 | -12.28% | 101669 | &nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp;&nbsp; 5.09% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 5.59% | &nbsp;&nbsp;&nbsp; 32%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 67.24 | &nbsp;&nbsp;&nbsp;&nbsp;5.75 | &nbsp;&nbsp;&nbsp;&nbsp;18.05 | 23.80 | &nbsp;&nbsp; (4.66) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4.66) | 86.38 | 37.79% | 138954 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 7.16% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 7.22% | &nbsp;&nbsp;&nbsp; 54%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 61.66 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;5.94 | 6.50 | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp; (0.92) | 67.24 | 9.83% | 185492 | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 0.55% | &nbsp;&nbsp;&nbsp; 25%  |
| **Direxion Daily MSCI India Bull 2X Shares** | **Direxion Daily MSCI India Bull 2X Shares** | **Direxion Daily MSCI India Bull 2X Shares** | **Direxion Daily MSCI India Bull 2X Shares** | **Direxion Daily MSCI India Bull 2X Shares** | **Direxion Daily MSCI India Bull 2X Shares** | **Direxion Daily MSCI India Bull 2X Shares** | **Direxion Daily MSCI India Bull 2X Shares** | **Direxion Daily MSCI India Bull 2X Shares** | **Direxion Daily MSCI India Bull 2X Shares** | **Direxion Daily MSCI India Bull 2X Shares** | **Direxion Daily MSCI India Bull 2X Shares** | **Direxion Daily MSCI India Bull 2X Shares** | **Direxion Daily MSCI India Bull 2X Shares** | **Direxion Daily MSCI India Bull 2X Shares** | **Direxion Daily MSCI India Bull 2X Shares** | **Direxion Daily MSCI India Bull 2X Shares** | **Direxion Daily MSCI India Bull 2X Shares** | **Direxion Daily MSCI India Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 65.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp; (7.42) | &nbsp;&nbsp; (6.40) | &nbsp;&nbsp; (0.95) | &nbsp;&nbsp;&nbsp; (0.77) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.72) | 57.61 | -9.89% | 69116 | &nbsp;&nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp;&nbsp;&nbsp; 1.74% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 1.92% | &nbsp;&nbsp;&nbsp; 61%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 45.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;20.34 | 21.10 | &nbsp;&nbsp; (0.83) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.83) | 65.73 | 46.52% | 95288 | &nbsp;&nbsp;&nbsp; 1.39% | &nbsp;&nbsp; 1.39% | &nbsp;&nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 1.68% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 47.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp; (2.29) | &nbsp;&nbsp; (1.45) | &nbsp;&nbsp; (0.70) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.70) | 45.46 | -3.02% | 56812 | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 1.84% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 1.95% | &nbsp;&nbsp;&nbsp; 8%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 61.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp; (14.44) | &nbsp;&nbsp; (12.90) | &nbsp;&nbsp; (1.40) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.40) | 47.61 | -21.15% | 52361 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 2.89% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 2.92% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 30.67 | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;31.65 | 31.24 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 61.91 | 101.86% | 92846 | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; (0.83)% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; (0.82)% | &nbsp;&nbsp;&nbsp; 11%  |
| **Direxion Daily MSFT Bear 1X Shares** | **Direxion Daily MSFT Bear 1X Shares** | **Direxion Daily MSFT Bear 1X Shares** | **Direxion Daily MSFT Bear 1X Shares** | **Direxion Daily MSFT Bear 1X Shares** | **Direxion Daily MSFT Bear 1X Shares** | **Direxion Daily MSFT Bear 1X Shares** | **Direxion Daily MSFT Bear 1X Shares** | **Direxion Daily MSFT Bear 1X Shares** | **Direxion Daily MSFT Bear 1X Shares** | **Direxion Daily MSFT Bear 1X Shares** | **Direxion Daily MSFT Bear 1X Shares** | **Direxion Daily MSFT Bear 1X Shares** | **Direxion Daily MSFT Bear 1X Shares** | **Direxion Daily MSFT Bear 1X Shares** | **Direxion Daily MSFT Bear 1X Shares** | **Direxion Daily MSFT Bear 1X Shares** | **Direxion Daily MSFT Bear 1X Shares** | **Direxion Daily MSFT Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 14.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp; (3.47) | &nbsp;&nbsp; (3.07) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.45) | 10.81 | -21.80% | 8920 | &nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp;&nbsp; 3.29% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp;&nbsp; 3.38% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 17.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp; (3.04) | &nbsp;&nbsp; (2.44) | &nbsp;&nbsp; (0.63) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.63) | 14.33 | -13.83% | 7883 | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp;&nbsp;&nbsp; 4.19% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.11% | &nbsp;&nbsp;&nbsp;&nbsp; 4.24% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 26.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp; (9.39) | &nbsp;&nbsp; (8.62) | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.69) | 17.40 | -32.53% | 5220 | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp;&nbsp; 3.96% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.16% | &nbsp;&nbsp;&nbsp;&nbsp; 4.00% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Period September 7, 2022<sup>8</sup> through October 31, 2022 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | 1.72 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01) | 26.71 | 6.88% | 4006 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 4.61% | &nbsp;&nbsp;&nbsp;&nbsp; 1.67% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 4.61% | &nbsp;&nbsp;&nbsp;&nbsp; 1.67% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily MSFT Bull 2X Shares** | **Direxion Daily MSFT Bull 2X Shares** | **Direxion Daily MSFT Bull 2X Shares** | **Direxion Daily MSFT Bull 2X Shares** | **Direxion Daily MSFT Bull 2X Shares** | **Direxion Daily MSFT Bull 2X Shares** | **Direxion Daily MSFT Bull 2X Shares** | **Direxion Daily MSFT Bull 2X Shares** | **Direxion Daily MSFT Bull 2X Shares** | **Direxion Daily MSFT Bull 2X Shares** | **Direxion Daily MSFT Bull 2X Shares** | **Direxion Daily MSFT Bull 2X Shares** | **Direxion Daily MSFT Bull 2X Shares** | **Direxion Daily MSFT Bull 2X Shares** | **Direxion Daily MSFT Bull 2X Shares** | **Direxion Daily MSFT Bull 2X Shares** | **Direxion Daily MSFT Bull 2X Shares** | **Direxion Daily MSFT Bull 2X Shares** | **Direxion Daily MSFT Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 38.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;14.02 | 15.21 | &nbsp;&nbsp; (1.21) | &nbsp;&nbsp;&nbsp; (1.36) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.57) | 51.50 | 40.37% | 263913 | &nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp;&nbsp; 2.85% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; 3.13% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 34.35 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;4.43 | 5.82 | &nbsp;&nbsp; (1.31) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.31) | 38.86 | 16.45% | 159322 | &nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.16% | &nbsp;&nbsp;&nbsp;&nbsp; 3.20% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 21.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;12.47 | 13.46 | &nbsp;&nbsp; (0.65) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.65) | 34.35 | 62.95% | 42933 | &nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp;&nbsp; 3.07% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 3.30% | &nbsp;&nbsp;&nbsp; 59%  |
| &nbsp;&nbsp;&nbsp; For the Period September 7, 2022<sup>8</sup> through October 31, 2022 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp; (3.50) | &nbsp;&nbsp; (3.45) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01) | 21.54 | -13.82% | 3231 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 5.19% | &nbsp;&nbsp;&nbsp;&nbsp; 1.31% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 5.19% | &nbsp;&nbsp;&nbsp;&nbsp; 1.31% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily MU Bear 1X Shares** | **Direxion Daily MU Bear 1X Shares** | **Direxion Daily MU Bear 1X Shares** | **Direxion Daily MU Bear 1X Shares** | **Direxion Daily MU Bear 1X Shares** | **Direxion Daily MU Bear 1X Shares** | **Direxion Daily MU Bear 1X Shares** | **Direxion Daily MU Bear 1X Shares** | **Direxion Daily MU Bear 1X Shares** | **Direxion Daily MU Bear 1X Shares** | **Direxion Daily MU Bear 1X Shares** | **Direxion Daily MU Bear 1X Shares** | **Direxion Daily MU Bear 1X Shares** | **Direxion Daily MU Bear 1X Shares** | **Direxion Daily MU Bear 1X Shares** | **Direxion Daily MU Bear 1X Shares** | **Direxion Daily MU Bear 1X Shares** | **Direxion Daily MU Bear 1X Shares** | **Direxion Daily MU Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 25.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp; (17.17) | &nbsp;&nbsp; (16.66) | &nbsp;&nbsp; (0.63) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.63) | 8.06 | -67.09% | 30222 | &nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp; 1.47% | &nbsp;&nbsp;&nbsp;&nbsp; 3.49% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.33% | &nbsp;&nbsp;&nbsp;&nbsp; 3.63% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Period October 10, 2024<sup>8</sup> through October 31, 2024 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | 0.35 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 25.35 | 1.40% | 2535 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 9.03% | &nbsp;&nbsp;&nbsp;&nbsp; 3.97% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 9.03% | &nbsp;&nbsp;&nbsp;&nbsp; 3.97% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily MU Bull 2X Shares** | **Direxion Daily MU Bull 2X Shares** | **Direxion Daily MU Bull 2X Shares** | **Direxion Daily MU Bull 2X Shares** | **Direxion Daily MU Bull 2X Shares** | **Direxion Daily MU Bull 2X Shares** | **Direxion Daily MU Bull 2X Shares** | **Direxion Daily MU Bull 2X Shares** | **Direxion Daily MU Bull 2X Shares** | **Direxion Daily MU Bull 2X Shares** | **Direxion Daily MU Bull 2X Shares** | **Direxion Daily MU Bull 2X Shares** | **Direxion Daily MU Bull 2X Shares** | **Direxion Daily MU Bull 2X Shares** | **Direxion Daily MU Bull 2X Shares** | **Direxion Daily MU Bull 2X Shares** | **Direxion Daily MU Bull 2X Shares** | **Direxion Daily MU Bull 2X Shares** | **Direxion Daily MU Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 23.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;47.80 | 48.34 | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.34) | 71.55 | 208.62% | 268301 | &nbsp;&nbsp;&nbsp; 1.48% | &nbsp;&nbsp; 1.45% | &nbsp;&nbsp;&nbsp;&nbsp; 2.10% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 2.66% | &nbsp;&nbsp;&nbsp; 33%  |
| &nbsp;&nbsp;&nbsp; For the Period October 10, 2024<sup>8</sup> through October 31, 2024 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp; (1.50) | &nbsp;&nbsp; (1.45) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 23.55 | -5.80% | 5298 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 4.85% | &nbsp;&nbsp;&nbsp;&nbsp; 2.98% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 4.85% | &nbsp;&nbsp;&nbsp;&nbsp; 2.98% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily NFLX Bear 1X Shares** | **Direxion Daily NFLX Bear 1X Shares** | **Direxion Daily NFLX Bear 1X Shares** | **Direxion Daily NFLX Bear 1X Shares** | **Direxion Daily NFLX Bear 1X Shares** | **Direxion Daily NFLX Bear 1X Shares** | **Direxion Daily NFLX Bear 1X Shares** | **Direxion Daily NFLX Bear 1X Shares** | **Direxion Daily NFLX Bear 1X Shares** | **Direxion Daily NFLX Bear 1X Shares** | **Direxion Daily NFLX Bear 1X Shares** | **Direxion Daily NFLX Bear 1X Shares** | **Direxion Daily NFLX Bear 1X Shares** | **Direxion Daily NFLX Bear 1X Shares** | **Direxion Daily NFLX Bear 1X Shares** | **Direxion Daily NFLX Bear 1X Shares** | **Direxion Daily NFLX Bear 1X Shares** | **Direxion Daily NFLX Bear 1X Shares** | **Direxion Daily NFLX Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 23.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp; (8.49) | &nbsp;&nbsp; (7.98) | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.62) | 14.69 | -34.35% | 6613 | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp;&nbsp; 3.42% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp;&nbsp;&nbsp; 3.44% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Period October 3, 2024<sup>8</sup> through October 31, 2024 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp; (1.78) | &nbsp;&nbsp; (1.71) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 23.29 | -6.84% | 4657 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 7.64% | &nbsp;&nbsp;&nbsp;&nbsp; 3.94% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 7.64% | &nbsp;&nbsp;&nbsp;&nbsp; 3.94% | &nbsp;&nbsp;&nbsp; 0%  |

---

The accompanying notes are an integral part of these financial statements.

174<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**FINANCIAL HIGHLIGHTS** 

**October 31, 2025(Continued)** 

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | |
|  | <br>**Net** <br>**Asset** <br>**Value,** <br>**Beginning** <br>**of** <br>**Year/**<br>**Period** | <br>**Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>1</sup> | <br>**Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain** <br>(Loss) <br>**on** <br>**Investments<sup>3</sup>** | <br>**Net** <br>**Increase** <br>(Decrease) <br>**in Net** <br>**Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | <br>**Dividends** <br>**from Net** <br>**Investment** <br>**Income** | <br>**Distributions** <br>**from** <br>**Realized** <br>**Capital** <br>**Gains** | <br>**Distributions** <br>**from** <br>**Return** <br>**of Capital** | <br>**Total** <br>**Distributions** | <br>**Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Year/**<br>**Period** | <br>**Total** <br>**Return<sup>4</sup>** | <br>**Net** <br>**Assets,** <br>**End of** <br>**Year/**<br>**Period** <br>**(000's** <br>**omitted)** | **Net** <br>**Expenses<sup>4</sup>** | **Total** <br>**Expenses** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment** | **Net** <br>**Expenses<sup>2,6</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment<sup>2</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>7</sup>**  |
| **Direxion Daily NFLX Bull 2X Shares** | **Direxion Daily NFLX Bull 2X Shares** | **Direxion Daily NFLX Bull 2X Shares** | **Direxion Daily NFLX Bull 2X Shares** | **Direxion Daily NFLX Bull 2X Shares** | **Direxion Daily NFLX Bull 2X Shares** | **Direxion Daily NFLX Bull 2X Shares** | **Direxion Daily NFLX Bull 2X Shares** | **Direxion Daily NFLX Bull 2X Shares** | **Direxion Daily NFLX Bull 2X Shares** | **Direxion Daily NFLX Bull 2X Shares** | **Direxion Daily NFLX Bull 2X Shares** | **Direxion Daily NFLX Bull 2X Shares** | **Direxion Daily NFLX Bull 2X Shares** | **Direxion Daily NFLX Bull 2X Shares** | **Direxion Daily NFLX Bull 2X Shares** | **Direxion Daily NFLX Bull 2X Shares** | **Direxion Daily NFLX Bull 2X Shares** | **Direxion Daily NFLX Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | $27.61 | &nbsp;&nbsp; $1.32 | &nbsp;&nbsp; $19.67 | $20.99 | &nbsp;&nbsp; $(1.07) | &nbsp;&nbsp;&nbsp; $(0.06) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1.13) | $47.47 | 75.68% | $124610 | &nbsp;&nbsp;&nbsp; 1.27% | &nbsp;&nbsp; 1.23% | &nbsp;&nbsp;&nbsp;&nbsp; 2.53% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 2.87% | &nbsp;&nbsp;&nbsp; 40%  |
| &nbsp;&nbsp;&nbsp; For the Period October 3, 2024<sup>8</sup> through October 31, 2024 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | 2.55 | 2.61 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 27.61 | 10.44% | 5522 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 6.29% | &nbsp;&nbsp;&nbsp;&nbsp; 2.88% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 6.29% | &nbsp;&nbsp;&nbsp;&nbsp; 2.88% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily NVDA Bear 1X Shares<sup>11</sup>** | **Direxion Daily NVDA Bear 1X Shares<sup>11</sup>** | **Direxion Daily NVDA Bear 1X Shares<sup>11</sup>** | **Direxion Daily NVDA Bear 1X Shares<sup>11</sup>** | **Direxion Daily NVDA Bear 1X Shares<sup>11</sup>** | **Direxion Daily NVDA Bear 1X Shares<sup>11</sup>** | **Direxion Daily NVDA Bear 1X Shares<sup>11</sup>** | **Direxion Daily NVDA Bear 1X Shares<sup>11</sup>** | **Direxion Daily NVDA Bear 1X Shares<sup>11</sup>** | **Direxion Daily NVDA Bear 1X Shares<sup>11</sup>** | **Direxion Daily NVDA Bear 1X Shares<sup>11</sup>** | **Direxion Daily NVDA Bear 1X Shares<sup>11</sup>** | **Direxion Daily NVDA Bear 1X Shares<sup>11</sup>** | **Direxion Daily NVDA Bear 1X Shares<sup>11</sup>** | **Direxion Daily NVDA Bear 1X Shares<sup>11</sup>** | **Direxion Daily NVDA Bear 1X Shares<sup>11</sup>** | **Direxion Daily NVDA Bear 1X Shares<sup>11</sup>** | **Direxion Daily NVDA Bear 1X Shares<sup>11</sup>** | **Direxion Daily NVDA Bear 1X Shares<sup>11</sup>** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 66.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp; (30.36) | (28.62) | &nbsp;&nbsp; (2.06) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.06) | 35.92 | -44.02% | 39417 | &nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp;&nbsp; 3.32% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 3.47% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 272.80 | &nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp; (204.90) | (200.90) | &nbsp;&nbsp; (5.00) | &nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5.30) | 66.60 | -74.61% | 29659 | &nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp; 1.27% | &nbsp;&nbsp;&nbsp;&nbsp; 4.35% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Period September 13, 2023<sup>8</sup> through October 31, 2023 | 250.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | 21.80 | 22.80 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 272.80 | 9.12% | 11593 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 1.95% | &nbsp;&nbsp;&nbsp;&nbsp; 2.78% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.95% | &nbsp;&nbsp;&nbsp;&nbsp; 2.78% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily NVDA Bull 2X Shares** | **Direxion Daily NVDA Bull 2X Shares** | **Direxion Daily NVDA Bull 2X Shares** | **Direxion Daily NVDA Bull 2X Shares** | **Direxion Daily NVDA Bull 2X Shares** | **Direxion Daily NVDA Bull 2X Shares** | **Direxion Daily NVDA Bull 2X Shares** | **Direxion Daily NVDA Bull 2X Shares** | **Direxion Daily NVDA Bull 2X Shares** | **Direxion Daily NVDA Bull 2X Shares** | **Direxion Daily NVDA Bull 2X Shares** | **Direxion Daily NVDA Bull 2X Shares** | **Direxion Daily NVDA Bull 2X Shares** | **Direxion Daily NVDA Bull 2X Shares** | **Direxion Daily NVDA Bull 2X Shares** | **Direxion Daily NVDA Bull 2X Shares** | **Direxion Daily NVDA Bull 2X Shares** | **Direxion Daily NVDA Bull 2X Shares** | **Direxion Daily NVDA Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 109.29 | &nbsp;&nbsp;&nbsp;&nbsp;2.13 | 55.85 | 57.98 | &nbsp;&nbsp; (2.17) | &nbsp;&nbsp;&nbsp; (13.88) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (16.05) | 151.22 | 61.42% | 714504 | &nbsp;&nbsp;&nbsp; 1.40% | &nbsp;&nbsp; 1.40% | &nbsp;&nbsp;&nbsp;&nbsp; 2.34% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 2.89% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 21.31 | &nbsp;&nbsp;&nbsp;&nbsp;2.37 | 87.03 | 89.40 | &nbsp;&nbsp; (1.42) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.42) | 109.29 | 423.18% | 655747 | &nbsp;&nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 1.51% | &nbsp;&nbsp;&nbsp;&nbsp; 2.78% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; 3.43% | &nbsp;&nbsp;&nbsp; 12%  |
| &nbsp;&nbsp;&nbsp; For the Period September 13, 2023<sup>8</sup> through October 31, 2023 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp; (3.80) | (3.69) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 21.31 | -14.76% | 13850 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 1.89% | &nbsp;&nbsp;&nbsp;&nbsp; 3.47% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.89% | &nbsp;&nbsp;&nbsp;&nbsp; 3.47% | &nbsp;&nbsp;&nbsp; 114%  |
| **Direxion Daily NYSE FANG+ Bull 2X Shares** | **Direxion Daily NYSE FANG+ Bull 2X Shares** | **Direxion Daily NYSE FANG+ Bull 2X Shares** | **Direxion Daily NYSE FANG+ Bull 2X Shares** | **Direxion Daily NYSE FANG+ Bull 2X Shares** | **Direxion Daily NYSE FANG+ Bull 2X Shares** | **Direxion Daily NYSE FANG+ Bull 2X Shares** | **Direxion Daily NYSE FANG+ Bull 2X Shares** | **Direxion Daily NYSE FANG+ Bull 2X Shares** | **Direxion Daily NYSE FANG+ Bull 2X Shares** | **Direxion Daily NYSE FANG+ Bull 2X Shares** | **Direxion Daily NYSE FANG+ Bull 2X Shares** | **Direxion Daily NYSE FANG+ Bull 2X Shares** | **Direxion Daily NYSE FANG+ Bull 2X Shares** | **Direxion Daily NYSE FANG+ Bull 2X Shares** | **Direxion Daily NYSE FANG+ Bull 2X Shares** | **Direxion Daily NYSE FANG+ Bull 2X Shares** | **Direxion Daily NYSE FANG+ Bull 2X Shares** | **Direxion Daily NYSE FANG+ Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 144.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | 119.03 | 120.90 | &nbsp;&nbsp; (1.84) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.84) | 263.60 | 84.18% | 139671 | &nbsp;&nbsp;&nbsp; 1.51% | &nbsp;&nbsp; 1.47% | &nbsp;&nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 1.55% | &nbsp;&nbsp;&nbsp; 63%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 64.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | 79.67 | 81.27 | &nbsp;&nbsp; (1.54) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.54) | 144.54 | 125.89% | 62132 | &nbsp;&nbsp;&nbsp; 1.50% | &nbsp;&nbsp; 1.47% | &nbsp;&nbsp;&nbsp;&nbsp; 1.33% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 1.88% | &nbsp;&nbsp;&nbsp; 92%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 43.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | 21.00 | 21.68 | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.47) | 64.81 | 49.68% | 21379 | &nbsp;&nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.52% | &nbsp;&nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp;&nbsp; 1.70% | &nbsp;&nbsp;&nbsp; 84%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 296.50 | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (240.80) | (241.10) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (11.70) | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp; (11.80) | 43.60 | -84.62% | 12640 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp;&nbsp; (0.39)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp;&nbsp; (0.38)% | &nbsp;&nbsp;&nbsp; 170%  |
| &nbsp;&nbsp;&nbsp; For the Period September 30, 2021<sup>8</sup> through October 31, 2021 | 250.00 | &nbsp;&nbsp; (0.20) | 46.70 | 46.50 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 296.50 | 18.60% | 7413 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 3.72% | &nbsp;&nbsp;&nbsp;&nbsp; (0.94)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 3.72% | &nbsp;&nbsp;&nbsp;&nbsp; (0.94)% | &nbsp;&nbsp;&nbsp; 20%  |
| **Direxion Daily PANW Bear 1X Shares** | **Direxion Daily PANW Bear 1X Shares** | **Direxion Daily PANW Bear 1X Shares** | **Direxion Daily PANW Bear 1X Shares** | **Direxion Daily PANW Bear 1X Shares** | **Direxion Daily PANW Bear 1X Shares** | **Direxion Daily PANW Bear 1X Shares** | **Direxion Daily PANW Bear 1X Shares** | **Direxion Daily PANW Bear 1X Shares** | **Direxion Daily PANW Bear 1X Shares** | **Direxion Daily PANW Bear 1X Shares** | **Direxion Daily PANW Bear 1X Shares** | **Direxion Daily PANW Bear 1X Shares** | **Direxion Daily PANW Bear 1X Shares** | **Direxion Daily PANW Bear 1X Shares** | **Direxion Daily PANW Bear 1X Shares** | **Direxion Daily PANW Bear 1X Shares** | **Direxion Daily PANW Bear 1X Shares** | **Direxion Daily PANW Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Period March 26, 2025<sup>8</sup> through October 31, 2025 | 25.00 | &nbsp;&nbsp; 0.44 | &nbsp;&nbsp; (4.70) | (4.26) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.39) | 20.35 | -17.16% | 3052 | &nbsp;&nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 2.02% | &nbsp;&nbsp;&nbsp;&nbsp; 3.07% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.81% | &nbsp;&nbsp;&nbsp;&nbsp; 3.28% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily PANW Bull 2X Shares** | **Direxion Daily PANW Bull 2X Shares** | **Direxion Daily PANW Bull 2X Shares** | **Direxion Daily PANW Bull 2X Shares** | **Direxion Daily PANW Bull 2X Shares** | **Direxion Daily PANW Bull 2X Shares** | **Direxion Daily PANW Bull 2X Shares** | **Direxion Daily PANW Bull 2X Shares** | **Direxion Daily PANW Bull 2X Shares** | **Direxion Daily PANW Bull 2X Shares** | **Direxion Daily PANW Bull 2X Shares** | **Direxion Daily PANW Bull 2X Shares** | **Direxion Daily PANW Bull 2X Shares** | **Direxion Daily PANW Bull 2X Shares** | **Direxion Daily PANW Bull 2X Shares** | **Direxion Daily PANW Bull 2X Shares** | **Direxion Daily PANW Bull 2X Shares** | **Direxion Daily PANW Bull 2X Shares** | **Direxion Daily PANW Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Period March 26, 2025<sup>8</sup> through October 31, 2025 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | 3.55 | 3.91 | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.27) | 28.64 | 15.79% | 12172 | &nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp; 1.36% | &nbsp;&nbsp;&nbsp;&nbsp; 2.62% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp;&nbsp; 2.79% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily PLTR Bear 1X Shares** | **Direxion Daily PLTR Bear 1X Shares** | **Direxion Daily PLTR Bear 1X Shares** | **Direxion Daily PLTR Bear 1X Shares** | **Direxion Daily PLTR Bear 1X Shares** | **Direxion Daily PLTR Bear 1X Shares** | **Direxion Daily PLTR Bear 1X Shares** | **Direxion Daily PLTR Bear 1X Shares** | **Direxion Daily PLTR Bear 1X Shares** | **Direxion Daily PLTR Bear 1X Shares** | **Direxion Daily PLTR Bear 1X Shares** | **Direxion Daily PLTR Bear 1X Shares** | **Direxion Daily PLTR Bear 1X Shares** | **Direxion Daily PLTR Bear 1X Shares** | **Direxion Daily PLTR Bear 1X Shares** | **Direxion Daily PLTR Bear 1X Shares** | **Direxion Daily PLTR Bear 1X Shares** | **Direxion Daily PLTR Bear 1X Shares** | **Direxion Daily PLTR Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Period December 11, 2024<sup>8</sup> through October 31, 2025 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp; (18.93) | (18.63) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.29) | 6.08 | -74.97% | 38323 | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 3.52% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 3.63% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily PLTR Bull 2X Shares**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; For the Period December 11, 2024<sup>8</sup> through October 31, 2025 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | 94.45 | 95.61 | &nbsp;&nbsp; (0.83) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.83) | 119.78 | 385.01% | 577927 | &nbsp;&nbsp;&nbsp; 1.59% | &nbsp;&nbsp; 1.59% | &nbsp;&nbsp;&nbsp;&nbsp; 2.07% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; 2.80% | &nbsp;&nbsp;&nbsp; 11%  |
| **Direxion Daily QCOM Bear 1X ETF** | **Direxion Daily QCOM Bear 1X ETF** | **Direxion Daily QCOM Bear 1X ETF** | **Direxion Daily QCOM Bear 1X ETF** | **Direxion Daily QCOM Bear 1X ETF** | **Direxion Daily QCOM Bear 1X ETF** | **Direxion Daily QCOM Bear 1X ETF** | **Direxion Daily QCOM Bear 1X ETF** | **Direxion Daily QCOM Bear 1X ETF** | **Direxion Daily QCOM Bear 1X ETF** | **Direxion Daily QCOM Bear 1X ETF** | **Direxion Daily QCOM Bear 1X ETF** | **Direxion Daily QCOM Bear 1X ETF** | **Direxion Daily QCOM Bear 1X ETF** | **Direxion Daily QCOM Bear 1X ETF** | **Direxion Daily QCOM Bear 1X ETF** | **Direxion Daily QCOM Bear 1X ETF** | **Direxion Daily QCOM Bear 1X ETF** | **Direxion Daily QCOM Bear 1X ETF** |
| &nbsp;&nbsp;&nbsp; For the Period June 25, 2025<sup>8</sup> through October 31, 2025 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp; (4.20) | (3.92) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.20) | 20.88 | -15.74% | 2610 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 2.43% | &nbsp;&nbsp;&nbsp;&nbsp; 3.28% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.43% | &nbsp;&nbsp;&nbsp;&nbsp; 3.28% | &nbsp;&nbsp;&nbsp; 0%  |

---

The accompanying notes are an integral part of these financial statements.

175<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**FINANCIAL HIGHLIGHTS** 

**October 31, 2025(Continued)** 

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| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | |
|  | <br>**Net** <br>**Asset** <br>**Value,** <br>**Beginning** <br>**of** <br>**Year/**<br>**Period** | <br>**Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>1</sup> | <br>**Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain** <br>(Loss) <br>**on** <br>**Investments<sup>3</sup>** | <br>**Net** <br>**Increase** <br>(Decrease) <br>**in Net** <br>**Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | <br>**Dividends** <br>**from Net** <br>**Investment** <br>**Income** | <br>**Distributions** <br>**from** <br>**Realized** <br>**Capital** <br>**Gains** | <br>**Distributions** <br>**from** <br>**Return** <br>**of Capital** | <br>**Total** <br>**Distributions** | <br>**Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Year/**<br>**Period** | <br>**Total** <br>**Return<sup>4</sup>** | <br>**Net** <br>**Assets,** <br>**End of** <br>**Year/**<br>**Period** <br>**(000's** <br>**omitted)** | **Net** <br>**Expenses<sup>4</sup>** | **Total** <br>**Expenses** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment** | **Net** <br>**Expenses<sup>2,6</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment<sup>2</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>7</sup>**  |
| **Direxion Daily QCOM Bull 2X ETF** | **Direxion Daily QCOM Bull 2X ETF** | **Direxion Daily QCOM Bull 2X ETF** | **Direxion Daily QCOM Bull 2X ETF** | **Direxion Daily QCOM Bull 2X ETF** | **Direxion Daily QCOM Bull 2X ETF** | **Direxion Daily QCOM Bull 2X ETF** | **Direxion Daily QCOM Bull 2X ETF** | **Direxion Daily QCOM Bull 2X ETF** | **Direxion Daily QCOM Bull 2X ETF** | **Direxion Daily QCOM Bull 2X ETF** | **Direxion Daily QCOM Bull 2X ETF** | **Direxion Daily QCOM Bull 2X ETF** | **Direxion Daily QCOM Bull 2X ETF** | **Direxion Daily QCOM Bull 2X ETF** | **Direxion Daily QCOM Bull 2X ETF** | **Direxion Daily QCOM Bull 2X ETF** | **Direxion Daily QCOM Bull 2X ETF** | **Direxion Daily QCOM Bull 2X ETF** |
| &nbsp;&nbsp;&nbsp; For the Period June 25, 2025<sup>8</sup> through October 31, 2025 | $25.00 | &nbsp;&nbsp; $0.24 | &nbsp;&nbsp; $6.21 | $6.45 | &nbsp;&nbsp; $(0.22) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(0.22) | $31.23 | 25.86% | $7026 | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp; 2.12% | &nbsp;&nbsp;&nbsp;&nbsp; 2.68% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.10% | &nbsp;&nbsp;&nbsp;&nbsp; 2.70% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** | **Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** | **Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** | **Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** | **Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** | **Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** | **Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** | **Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** | **Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** | **Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** | **Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** | **Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** | **Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** | **Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** | **Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** | **Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** | **Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** | **Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** | **Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 22.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | 5.24 | 5.47 | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.24) | 28.21 | 24.07% | 35926 | &nbsp;&nbsp;&nbsp; 1.35% | &nbsp;&nbsp; 1.36% | &nbsp;&nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp; 13%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 13.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | 9.51 | 9.81 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.29) | 22.98 | 72.90% | 28119 | &nbsp;&nbsp;&nbsp; 1.41% | &nbsp;&nbsp; 1.42% | &nbsp;&nbsp;&nbsp;&nbsp; 1.36% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 1.82% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 11.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | 2.04 | 2.19 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07) | 13.46 | 19.17% | 21182 | &nbsp;&nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 1.57% | &nbsp;&nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp;&nbsp; 1.44% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 49.81 | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (37.36) | (37.49) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.98) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.98) | 11.34 | -76.73% | 11043 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; (0.54)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp;&nbsp; (0.53)% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 33.43 | &nbsp;&nbsp; (0.38) | 23.19 | 22.81 | &nbsp;&nbsp; (2.81) | &nbsp;&nbsp;&nbsp; (3.62) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6.43) | 49.81 | 73.55% | 46003 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; (0.88)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; (0.87)% | &nbsp;&nbsp;&nbsp; 11%  |
| **Direxion Daily S&P 500® Bear 1X Shares** | **Direxion Daily S&P 500® Bear 1X Shares** | **Direxion Daily S&P 500® Bear 1X Shares** | **Direxion Daily S&P 500® Bear 1X Shares** | **Direxion Daily S&P 500® Bear 1X Shares** | **Direxion Daily S&P 500® Bear 1X Shares** | **Direxion Daily S&P 500® Bear 1X Shares** | **Direxion Daily S&P 500® Bear 1X Shares** | **Direxion Daily S&P 500® Bear 1X Shares** | **Direxion Daily S&P 500® Bear 1X Shares** | **Direxion Daily S&P 500® Bear 1X Shares** | **Direxion Daily S&P 500® Bear 1X Shares** | **Direxion Daily S&P 500® Bear 1X Shares** | **Direxion Daily S&P 500® Bear 1X Shares** | **Direxion Daily S&P 500® Bear 1X Shares** | **Direxion Daily S&P 500® Bear 1X Shares** | **Direxion Daily S&P 500® Bear 1X Shares** | **Direxion Daily S&P 500® Bear 1X Shares** | **Direxion Daily S&P 500® Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 11.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp; (1.90) | (1.49) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.45) | 9.44 | -13.42% | 134079 | &nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp;&nbsp;&nbsp; 3.84% | &nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp; 0.51% | &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 15.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp; (3.75) | (3.20) | &nbsp;&nbsp; (0.66) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.66) | 11.38 | -21.21% | 147308 | &nbsp;&nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 0.56% | &nbsp;&nbsp;&nbsp;&nbsp; 4.68% | &nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp; 0.51% | &nbsp;&nbsp;&nbsp;&nbsp; 4.73% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 16.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp; (1.16) | (0.56) | &nbsp;&nbsp; (0.70) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.70) | 15.24 | -3.26% | 296394 | &nbsp;&nbsp;&nbsp; 0.48% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp;&nbsp;&nbsp; 4.07% | &nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp; 0.50% | &nbsp;&nbsp;&nbsp;&nbsp; 4.10% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 14.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | 1.76 | 1.89 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.03) | 16.50 | 12.88% | 613802 | &nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp;&nbsp;&nbsp; 0.84% | &nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp; 0.51% | &nbsp;&nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 21.28 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (6.57) | (6.64) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 14.64 | -31.20% | 123669 | &nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp; 0.51% | &nbsp;&nbsp;&nbsp;&nbsp; (0.42)% | &nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp; 0.51% | &nbsp;&nbsp;&nbsp;&nbsp; (0.42)% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily S&P 500® Bull 2X Shares** | **Direxion Daily S&P 500® Bull 2X Shares** | **Direxion Daily S&P 500® Bull 2X Shares** | **Direxion Daily S&P 500® Bull 2X Shares** | **Direxion Daily S&P 500® Bull 2X Shares** | **Direxion Daily S&P 500® Bull 2X Shares** | **Direxion Daily S&P 500® Bull 2X Shares** | **Direxion Daily S&P 500® Bull 2X Shares** | **Direxion Daily S&P 500® Bull 2X Shares** | **Direxion Daily S&P 500® Bull 2X Shares** | **Direxion Daily S&P 500® Bull 2X Shares** | **Direxion Daily S&P 500® Bull 2X Shares** | **Direxion Daily S&P 500® Bull 2X Shares** | **Direxion Daily S&P 500® Bull 2X Shares** | **Direxion Daily S&P 500® Bull 2X Shares** | **Direxion Daily S&P 500® Bull 2X Shares** | **Direxion Daily S&P 500® Bull 2X Shares** | **Direxion Daily S&P 500® Bull 2X Shares** | **Direxion Daily S&P 500® Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 140.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | 46.94 | 48.00 | &nbsp;&nbsp; (1.10) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.10) | 187.27 | 34.38% | 202856 | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; 0.68% | &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0.66% | &nbsp;&nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp; 37%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 80.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | 59.73 | 60.78 | &nbsp;&nbsp; (1.02) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.02) | 140.37 | 75.63% | 152057 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp;&nbsp; 1.28% | &nbsp;&nbsp;&nbsp; 20%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 73.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | 7.59 | 8.40 | &nbsp;&nbsp; (1.17) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.17) | 80.61 | 11.50% | 216302 | &nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0.67% | &nbsp;&nbsp;&nbsp;&nbsp; 1.13% | &nbsp;&nbsp;&nbsp; 76%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 111.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp; (36.02) | (35.27) | &nbsp;&nbsp; (0.94) | &nbsp;&nbsp;&nbsp; (2.27) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3.21) | 73.38 | -32.51% | 50139 | &nbsp;&nbsp;&nbsp; 0.61% | &nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp;&nbsp; 0.82% | &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp;&nbsp; 0.83% | &nbsp;&nbsp;&nbsp; 72%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 61.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.77 | 55.98 | 56.75 | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp;&nbsp; (5.36) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6.05) | 111.86 | 98.25% | 59648 | &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp; 0.72% | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0.72% | &nbsp;&nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 42%  |
| **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 11.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp; (2.32) | (2.03) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.26) | 9.18 | -17.82% | 48712 | &nbsp;&nbsp;&nbsp; 1.47% | &nbsp;&nbsp; 1.48% | &nbsp;&nbsp;&nbsp;&nbsp; 2.90% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 3.42% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 10.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | 1.23 | 1.67 | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.53) | 11.47 | 17.12% | 40222 | &nbsp;&nbsp;&nbsp; 1.23% | &nbsp;&nbsp; 1.23% | &nbsp;&nbsp;&nbsp;&nbsp; 4.22% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 4.50% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 12.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp; (2.07) | (1.62) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.49) | 10.33 | -14.02% | 73459 | &nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp;&nbsp; 3.58% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 3.87% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 48.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp; (36.18) | (36.16) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 12.44 | -74.40% | 102747 | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.09% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 714.90 | &nbsp;&nbsp; (0.90) | &nbsp;&nbsp; (665.40) | (666.30) | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>9</sup> | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>9</sup> | 48.60 | -93.20% | 93490 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** | **Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 27.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp; (5.16) | (4.55) | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.64) | 22.34 | -16.82% | 221423 | &nbsp;&nbsp;&nbsp; 1.08% | &nbsp;&nbsp; 1.08% | &nbsp;&nbsp;&nbsp;&nbsp; 2.40% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 2.56% | &nbsp;&nbsp;&nbsp; 60%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 37.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp; (9.74) | (8.89) | &nbsp;&nbsp; (0.85) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.85) | 27.53 | -24.28% | 350051 | &nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp;&nbsp; 2.49% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 3.01% | &nbsp;&nbsp;&nbsp; 36%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 46.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp; (9.04) | (8.20) | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.77) | 37.27 | -17.42% | 567052 | &nbsp;&nbsp;&nbsp; 1.42% | &nbsp;&nbsp; 1.42% | &nbsp;&nbsp;&nbsp;&nbsp; 2.41% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 2.91% | &nbsp;&nbsp;&nbsp; 48%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 27.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | 18.64 | 18.83 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.17) | 46.24 | 68.43% | 800618 | &nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp;&nbsp; 0.56% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.81% | &nbsp;&nbsp;&nbsp; 55%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 4.88 | &nbsp;&nbsp; (0.04) | 22.76 | 22.72 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>9</sup> | &nbsp;&nbsp;&nbsp; (0.02) | 27.58 | 465.94% | 891290 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; (0.25)% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; (0.24)% | &nbsp;&nbsp;&nbsp; 194%  |
| **Direxion Daily Semiconductors Top 5 Bear 2X ETF** | **Direxion Daily Semiconductors Top 5 Bear 2X ETF** | **Direxion Daily Semiconductors Top 5 Bear 2X ETF** | **Direxion Daily Semiconductors Top 5 Bear 2X ETF** | **Direxion Daily Semiconductors Top 5 Bear 2X ETF** | **Direxion Daily Semiconductors Top 5 Bear 2X ETF** | **Direxion Daily Semiconductors Top 5 Bear 2X ETF** | **Direxion Daily Semiconductors Top 5 Bear 2X ETF** | **Direxion Daily Semiconductors Top 5 Bear 2X ETF** | **Direxion Daily Semiconductors Top 5 Bear 2X ETF** | **Direxion Daily Semiconductors Top 5 Bear 2X ETF** | **Direxion Daily Semiconductors Top 5 Bear 2X ETF** | **Direxion Daily Semiconductors Top 5 Bear 2X ETF** | **Direxion Daily Semiconductors Top 5 Bear 2X ETF** | **Direxion Daily Semiconductors Top 5 Bear 2X ETF** | **Direxion Daily Semiconductors Top 5 Bear 2X ETF** | **Direxion Daily Semiconductors Top 5 Bear 2X ETF** | **Direxion Daily Semiconductors Top 5 Bear 2X ETF** | **Direxion Daily Semiconductors Top 5 Bear 2X ETF** |
| &nbsp;&nbsp;&nbsp; For the Period October 1, 2025<sup>8</sup> through October 31, 2025 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (8.04) | (7.98) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 17.02 | -31.92% | 1702 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 9.65% | &nbsp;&nbsp;&nbsp;&nbsp; 3.63% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 9.65% | &nbsp;&nbsp;&nbsp;&nbsp; 3.63% | &nbsp;&nbsp;&nbsp; 0%  |

---

The accompanying notes are an integral part of these financial statements.

176<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**FINANCIAL HIGHLIGHTS** 

**October 31, 2025(Continued)** 

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | |
|  | <br>**Net** <br>**Asset** <br>**Value,** <br>**Beginning** <br>**of** <br>**Year/**<br>**Period** | <br>**Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>1</sup> | <br>**Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain** <br>(Loss) <br>**on** <br>**Investments<sup>3</sup>** | <br>**Net** <br>**Increase** <br>(Decrease) <br>**in Net** <br>**Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | <br>**Dividends** <br>**from Net** <br>**Investment** <br>**Income** | <br>**Distributions** <br>**from** <br>**Realized** <br>**Capital** <br>**Gains** | <br>**Distributions** <br>**from** <br>**Return** <br>**of Capital** | <br>**Total** <br>**Distributions** | <br>**Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Year/**<br>**Period** | <br>**Total** <br>**Return<sup>4</sup>** | <br>**Net** <br>**Assets,** <br>**End of** <br>**Year/**<br>**Period** <br>**(000's** <br>**omitted)** | **Net** <br>**Expenses<sup>4</sup>** | **Total** <br>**Expenses** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment** | **Net** <br>**Expenses<sup>2,6</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment<sup>2</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>7</sup>**  |
| **Direxion Daily Semiconductors Top 5 Bull 2X ETF** | **Direxion Daily Semiconductors Top 5 Bull 2X ETF** | **Direxion Daily Semiconductors Top 5 Bull 2X ETF** | **Direxion Daily Semiconductors Top 5 Bull 2X ETF** | **Direxion Daily Semiconductors Top 5 Bull 2X ETF** | **Direxion Daily Semiconductors Top 5 Bull 2X ETF** | **Direxion Daily Semiconductors Top 5 Bull 2X ETF** | **Direxion Daily Semiconductors Top 5 Bull 2X ETF** | **Direxion Daily Semiconductors Top 5 Bull 2X ETF** | **Direxion Daily Semiconductors Top 5 Bull 2X ETF** | **Direxion Daily Semiconductors Top 5 Bull 2X ETF** | **Direxion Daily Semiconductors Top 5 Bull 2X ETF** | **Direxion Daily Semiconductors Top 5 Bull 2X ETF** | **Direxion Daily Semiconductors Top 5 Bull 2X ETF** | **Direxion Daily Semiconductors Top 5 Bull 2X ETF** | **Direxion Daily Semiconductors Top 5 Bull 2X ETF** | **Direxion Daily Semiconductors Top 5 Bull 2X ETF** | **Direxion Daily Semiconductors Top 5 Bull 2X ETF** | **Direxion Daily Semiconductors Top 5 Bull 2X ETF** |
| &nbsp;&nbsp;&nbsp; For the Period October 1, 2025<sup>8</sup> through October 31, 2025 | &nbsp;&nbsp; $25.00 | &nbsp;&nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $9.54 | &nbsp;&nbsp; $9.56 | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | $34.56 | 38.24% | $6048 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 5.04% | &nbsp;&nbsp;&nbsp;&nbsp; 0.77% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 5.04% | &nbsp;&nbsp;&nbsp;&nbsp; 0.77% | &nbsp;&nbsp;&nbsp; 81%  |
| **Direxion Daily SHOP Bear 1X ETF** | **Direxion Daily SHOP Bear 1X ETF** | **Direxion Daily SHOP Bear 1X ETF** | **Direxion Daily SHOP Bear 1X ETF** | **Direxion Daily SHOP Bear 1X ETF** | **Direxion Daily SHOP Bear 1X ETF** | **Direxion Daily SHOP Bear 1X ETF** | **Direxion Daily SHOP Bear 1X ETF** | **Direxion Daily SHOP Bear 1X ETF** | **Direxion Daily SHOP Bear 1X ETF** | **Direxion Daily SHOP Bear 1X ETF** | **Direxion Daily SHOP Bear 1X ETF** | **Direxion Daily SHOP Bear 1X ETF** | **Direxion Daily SHOP Bear 1X ETF** | **Direxion Daily SHOP Bear 1X ETF** | **Direxion Daily SHOP Bear 1X ETF** | **Direxion Daily SHOP Bear 1X ETF** | **Direxion Daily SHOP Bear 1X ETF** | **Direxion Daily SHOP Bear 1X ETF** |
| &nbsp;&nbsp;&nbsp; For the Period August 6, 2025<sup>8</sup> through October 31, 2025 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp; (8.11) | &nbsp;&nbsp; (7.95) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.09) | 16.96 | -31.85% | 2968 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 2.76% | &nbsp;&nbsp;&nbsp;&nbsp; 3.44% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.76% | &nbsp;&nbsp;&nbsp;&nbsp; 3.44% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily SHOP Bull 2X ETF** | **Direxion Daily SHOP Bull 2X ETF** | **Direxion Daily SHOP Bull 2X ETF** | **Direxion Daily SHOP Bull 2X ETF** | **Direxion Daily SHOP Bull 2X ETF** | **Direxion Daily SHOP Bull 2X ETF** | **Direxion Daily SHOP Bull 2X ETF** | **Direxion Daily SHOP Bull 2X ETF** | **Direxion Daily SHOP Bull 2X ETF** | **Direxion Daily SHOP Bull 2X ETF** | **Direxion Daily SHOP Bull 2X ETF** | **Direxion Daily SHOP Bull 2X ETF** | **Direxion Daily SHOP Bull 2X ETF** | **Direxion Daily SHOP Bull 2X ETF** | **Direxion Daily SHOP Bull 2X ETF** | **Direxion Daily SHOP Bull 2X ETF** | **Direxion Daily SHOP Bull 2X ETF** | **Direxion Daily SHOP Bull 2X ETF** | **Direxion Daily SHOP Bull 2X ETF** |
| &nbsp;&nbsp;&nbsp; For the Period August 6, 2025<sup>8</sup> through October 31, 2025 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;17.25 | &nbsp;&nbsp;&nbsp;&nbsp;17.44 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.11) | 42.33 | 69.91% | 8467 | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp; 1.97% | &nbsp;&nbsp;&nbsp;&nbsp; 2.41% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.71% | &nbsp;&nbsp;&nbsp;&nbsp; 2.67% | &nbsp;&nbsp;&nbsp; 181%  |
| **Direxion Daily Technology Top 5 Bear 2X ETF** | **Direxion Daily Technology Top 5 Bear 2X ETF** | **Direxion Daily Technology Top 5 Bear 2X ETF** | **Direxion Daily Technology Top 5 Bear 2X ETF** | **Direxion Daily Technology Top 5 Bear 2X ETF** | **Direxion Daily Technology Top 5 Bear 2X ETF** | **Direxion Daily Technology Top 5 Bear 2X ETF** | **Direxion Daily Technology Top 5 Bear 2X ETF** | **Direxion Daily Technology Top 5 Bear 2X ETF** | **Direxion Daily Technology Top 5 Bear 2X ETF** | **Direxion Daily Technology Top 5 Bear 2X ETF** | **Direxion Daily Technology Top 5 Bear 2X ETF** | **Direxion Daily Technology Top 5 Bear 2X ETF** | **Direxion Daily Technology Top 5 Bear 2X ETF** | **Direxion Daily Technology Top 5 Bear 2X ETF** | **Direxion Daily Technology Top 5 Bear 2X ETF** | **Direxion Daily Technology Top 5 Bear 2X ETF** | **Direxion Daily Technology Top 5 Bear 2X ETF** | **Direxion Daily Technology Top 5 Bear 2X ETF** |
| &nbsp;&nbsp;&nbsp; For the Period October 1, 2025<sup>8</sup> through October 31, 2025 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (2.20) | &nbsp;&nbsp; (2.14) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 22.86 | -8.57% | 2286 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 8.20% | &nbsp;&nbsp;&nbsp;&nbsp; 3.09% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 8.20% | &nbsp;&nbsp;&nbsp;&nbsp; 3.09% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily Technology Top 5 Bull 2X ETF** | **Direxion Daily Technology Top 5 Bull 2X ETF** | **Direxion Daily Technology Top 5 Bull 2X ETF** | **Direxion Daily Technology Top 5 Bull 2X ETF** | **Direxion Daily Technology Top 5 Bull 2X ETF** | **Direxion Daily Technology Top 5 Bull 2X ETF** | **Direxion Daily Technology Top 5 Bull 2X ETF** | **Direxion Daily Technology Top 5 Bull 2X ETF** | **Direxion Daily Technology Top 5 Bull 2X ETF** | **Direxion Daily Technology Top 5 Bull 2X ETF** | **Direxion Daily Technology Top 5 Bull 2X ETF** | **Direxion Daily Technology Top 5 Bull 2X ETF** | **Direxion Daily Technology Top 5 Bull 2X ETF** | **Direxion Daily Technology Top 5 Bull 2X ETF** | **Direxion Daily Technology Top 5 Bull 2X ETF** | **Direxion Daily Technology Top 5 Bull 2X ETF** | **Direxion Daily Technology Top 5 Bull 2X ETF** | **Direxion Daily Technology Top 5 Bull 2X ETF** | **Direxion Daily Technology Top 5 Bull 2X ETF** |
| &nbsp;&nbsp;&nbsp; For the Period October 1, 2025<sup>8</sup> through October 31, 2025 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 26.87 | 7.50% | 4703 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 6.49% | &nbsp;&nbsp;&nbsp;&nbsp; 0.48% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 6.49% | &nbsp;&nbsp;&nbsp;&nbsp; 0.48% | &nbsp;&nbsp;&nbsp; 109%  |
| **Direxion Daily TSLA Bear 1X Shares** | **Direxion Daily TSLA Bear 1X Shares** | **Direxion Daily TSLA Bear 1X Shares** | **Direxion Daily TSLA Bear 1X Shares** | **Direxion Daily TSLA Bear 1X Shares** | **Direxion Daily TSLA Bear 1X Shares** | **Direxion Daily TSLA Bear 1X Shares** | **Direxion Daily TSLA Bear 1X Shares** | **Direxion Daily TSLA Bear 1X Shares** | **Direxion Daily TSLA Bear 1X Shares** | **Direxion Daily TSLA Bear 1X Shares** | **Direxion Daily TSLA Bear 1X Shares** | **Direxion Daily TSLA Bear 1X Shares** | **Direxion Daily TSLA Bear 1X Shares** | **Direxion Daily TSLA Bear 1X Shares** | **Direxion Daily TSLA Bear 1X Shares** | **Direxion Daily TSLA Bear 1X Shares** | **Direxion Daily TSLA Bear 1X Shares** | **Direxion Daily TSLA Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 14.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp; (9.08) | &nbsp;&nbsp; (8.82) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.23) | 5.15 | -62.63% | 78512 | &nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp;&nbsp; 3.25% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 3.52% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 23.90 | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp; (9.59) | &nbsp;&nbsp; (8.92) | &nbsp;&nbsp; (0.78) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.78) | 14.20 | -38.26% | 44022 | &nbsp;&nbsp;&nbsp; 1.85% | &nbsp;&nbsp; 1.85% | &nbsp;&nbsp;&nbsp;&nbsp; 3.31% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 4.28% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 30.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp; (4.93) | &nbsp;&nbsp; (3.98) | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp;&nbsp; (1.62) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.30) | 23.90 | -14.81% | 49603 | &nbsp;&nbsp;&nbsp; 1.16% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp;&nbsp;&nbsp; 3.78% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 3.99% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Period August 9, 2022<sup>8</sup> through October 31, 2022 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;&nbsp;5.20 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02) | 30.18 | 20.84% | 12071 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp; 2.15% | &nbsp;&nbsp;&nbsp;&nbsp; 1.52% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.14% | &nbsp;&nbsp;&nbsp;&nbsp; 1.53% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily TSLA Bull 2X Shares** | **Direxion Daily TSLA Bull 2X Shares** | **Direxion Daily TSLA Bull 2X Shares** | **Direxion Daily TSLA Bull 2X Shares** | **Direxion Daily TSLA Bull 2X Shares** | **Direxion Daily TSLA Bull 2X Shares** | **Direxion Daily TSLA Bull 2X Shares** | **Direxion Daily TSLA Bull 2X Shares** | **Direxion Daily TSLA Bull 2X Shares** | **Direxion Daily TSLA Bull 2X Shares** | **Direxion Daily TSLA Bull 2X Shares** | **Direxion Daily TSLA Bull 2X Shares** | **Direxion Daily TSLA Bull 2X Shares** | **Direxion Daily TSLA Bull 2X Shares** | **Direxion Daily TSLA Bull 2X Shares** | **Direxion Daily TSLA Bull 2X Shares** | **Direxion Daily TSLA Bull 2X Shares** | **Direxion Daily TSLA Bull 2X Shares** | **Direxion Daily TSLA Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 11.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;&nbsp;10.39 | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.70) | 21.55 | 87.68% | 7652810 | &nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.31% | &nbsp;&nbsp;&nbsp;&nbsp; 2.68% | &nbsp;&nbsp;&nbsp; 0.73% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp;&nbsp; 3.14% | &nbsp;&nbsp;&nbsp; 101%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 10.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.64) | 11.86 | 14.26% | 2276052 | &nbsp;&nbsp;&nbsp; 1.11% | &nbsp;&nbsp; 1.11% | &nbsp;&nbsp;&nbsp;&nbsp; 3.60% | &nbsp;&nbsp;&nbsp; 0.84% | &nbsp;&nbsp;&nbsp; 0.84% | &nbsp;&nbsp;&nbsp;&nbsp; 3.87% | &nbsp;&nbsp;&nbsp; 77%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 16.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp; (5.76) | &nbsp;&nbsp; (5.36) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.33) | 10.95 | -32.56% | 752509 | &nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp;&nbsp; 2.98% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; 3.31% | &nbsp;&nbsp;&nbsp; 72%  |
| &nbsp;&nbsp;&nbsp; For the Period August 9, 2022<sup>8</sup> through October 31, 2022 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp; (8.42) | &nbsp;&nbsp; (8.35) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01) | 16.64 | -33.40% | 100286 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp;&nbsp; 1.55% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp;&nbsp; 1.58% | &nbsp;&nbsp;&nbsp; 33%  |
| **Direxion Daily TSM Bear 1X Shares** | **Direxion Daily TSM Bear 1X Shares** | **Direxion Daily TSM Bear 1X Shares** | **Direxion Daily TSM Bear 1X Shares** | **Direxion Daily TSM Bear 1X Shares** | **Direxion Daily TSM Bear 1X Shares** | **Direxion Daily TSM Bear 1X Shares** | **Direxion Daily TSM Bear 1X Shares** | **Direxion Daily TSM Bear 1X Shares** | **Direxion Daily TSM Bear 1X Shares** | **Direxion Daily TSM Bear 1X Shares** | **Direxion Daily TSM Bear 1X Shares** | **Direxion Daily TSM Bear 1X Shares** | **Direxion Daily TSM Bear 1X Shares** | **Direxion Daily TSM Bear 1X Shares** | **Direxion Daily TSM Bear 1X Shares** | **Direxion Daily TSM Bear 1X Shares** | **Direxion Daily TSM Bear 1X Shares** | **Direxion Daily TSM Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 22.82 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp; (10.33) | &nbsp;&nbsp; (9.71) | &nbsp;&nbsp; (0.67) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.67) | 12.44 | -43.52% | 3110 | &nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp; 1.64% | &nbsp;&nbsp;&nbsp;&nbsp; 3.26% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.39% | &nbsp;&nbsp;&nbsp;&nbsp; 3.51% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Period October 3, 2024<sup>8</sup> through October 31, 2024 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp; (2.25) | &nbsp;&nbsp; (2.18) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 22.82 | -8.72% | 3993 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 6.18% | &nbsp;&nbsp;&nbsp;&nbsp; 4.12% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 6.18% | &nbsp;&nbsp;&nbsp;&nbsp; 4.12% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily TSM Bull 2X Shares** | **Direxion Daily TSM Bull 2X Shares** | **Direxion Daily TSM Bull 2X Shares** | **Direxion Daily TSM Bull 2X Shares** | **Direxion Daily TSM Bull 2X Shares** | **Direxion Daily TSM Bull 2X Shares** | **Direxion Daily TSM Bull 2X Shares** | **Direxion Daily TSM Bull 2X Shares** | **Direxion Daily TSM Bull 2X Shares** | **Direxion Daily TSM Bull 2X Shares** | **Direxion Daily TSM Bull 2X Shares** | **Direxion Daily TSM Bull 2X Shares** | **Direxion Daily TSM Bull 2X Shares** | **Direxion Daily TSM Bull 2X Shares** | **Direxion Daily TSM Bull 2X Shares** | **Direxion Daily TSM Bull 2X Shares** | **Direxion Daily TSM Bull 2X Shares** | **Direxion Daily TSM Bull 2X Shares** | **Direxion Daily TSM Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 28.63 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;24.27 | &nbsp;&nbsp;&nbsp;&nbsp;25.07 | &nbsp;&nbsp; (0.74) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.74) | 52.96 | 89.29% | 250242 | &nbsp;&nbsp;&nbsp; 1.31% | &nbsp;&nbsp; 1.30% | &nbsp;&nbsp;&nbsp;&nbsp; 2.69% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 3.12% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Period October 3, 2024<sup>8</sup> through October 31, 2024 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.56 | &nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 28.63 | 14.52% | 22190 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 2.47% | &nbsp;&nbsp;&nbsp;&nbsp; 3.51% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.47% | &nbsp;&nbsp;&nbsp;&nbsp; 3.51% | &nbsp;&nbsp;&nbsp; 0%  |

---

The accompanying notes are an integral part of these financial statements.

177<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**FINANCIAL HIGHLIGHTS** 

**October 31, 2025(Continued)** 

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| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | **Ratios to Average Net Assets<sup>5</sup>** | |
|  | <br>**Net** <br>**Asset** <br>**Value,** <br>**Beginning** <br>**of** <br>**Year/**<br>**Period** | <br>**Net** <br>**Investment** <br>**Income** <br>(Loss)<sup>1</sup> | <br>**Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain** <br>(Loss) <br>**on** <br>**Investments<sup>3</sup>** | <br>**Net** <br>**Increase** <br>(Decrease) <br>**in Net** <br>**Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | <br>**Dividends** <br>**from Net** <br>**Investment** <br>**Income** | <br>**Distributions** <br>**from** <br>**Realized** <br>**Capital** <br>**Gains** | <br>**Distributions** <br>**from** <br>**Return** <br>**of Capital** | <br>**Total** <br>**Distributions** | <br>**Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Year/**<br>**Period** | <br>**Total** <br>**Return<sup>4</sup>** | <br>**Net** <br>**Assets,** <br>**End of** <br>**Year/**<br>**Period** <br>**(000's** <br>**omitted)** | **Net** <br>**Expenses<sup>4</sup>** | **Total** <br>**Expenses** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment** | **Net** <br>**Expenses<sup>2,6</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment<sup>2</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>7</sup>**  |
| **Direxion Daily Uranium Industry Bull 2X Shares** | **Direxion Daily Uranium Industry Bull 2X Shares** | **Direxion Daily Uranium Industry Bull 2X Shares** | **Direxion Daily Uranium Industry Bull 2X Shares** | **Direxion Daily Uranium Industry Bull 2X Shares** | **Direxion Daily Uranium Industry Bull 2X Shares** | **Direxion Daily Uranium Industry Bull 2X Shares** | **Direxion Daily Uranium Industry Bull 2X Shares** | **Direxion Daily Uranium Industry Bull 2X Shares** | **Direxion Daily Uranium Industry Bull 2X Shares** | **Direxion Daily Uranium Industry Bull 2X Shares** | **Direxion Daily Uranium Industry Bull 2X Shares** | **Direxion Daily Uranium Industry Bull 2X Shares** | **Direxion Daily Uranium Industry Bull 2X Shares** | **Direxion Daily Uranium Industry Bull 2X Shares** | **Direxion Daily Uranium Industry Bull 2X Shares** | **Direxion Daily Uranium Industry Bull 2X Shares** | **Direxion Daily Uranium Industry Bull 2X Shares** | **Direxion Daily Uranium Industry Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | &nbsp;&nbsp; $24.29 | &nbsp;&nbsp;&nbsp; $0.41 | &nbsp;&nbsp;&nbsp; $27.97 | &nbsp;&nbsp; $28.38 | &nbsp;&nbsp; $(0.41) | &nbsp;&nbsp;&nbsp; $(0.51) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(0.92) | $51.75 | 123.05% | $53049 | &nbsp;&nbsp;&nbsp; 1.52% | &nbsp;&nbsp; 1.66% | &nbsp;&nbsp;&nbsp;&nbsp; 1.57% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp;&nbsp; 2.14% | &nbsp;&nbsp;&nbsp; 25%  |
| &nbsp;&nbsp;&nbsp; For the Period June 26, 2024<sup>8</sup> through October 31, 2024 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp; (0.81) | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07) | 24.29 | -2.52% | 7893 | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp; 3.04% | &nbsp;&nbsp;&nbsp;&nbsp; 2.17% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.98% | &nbsp;&nbsp;&nbsp;&nbsp; 2.23% | &nbsp;&nbsp;&nbsp; 78%  |
| **Direxion Daily XOM Bear 1X Shares** | **Direxion Daily XOM Bear 1X Shares** | **Direxion Daily XOM Bear 1X Shares** | **Direxion Daily XOM Bear 1X Shares** | **Direxion Daily XOM Bear 1X Shares** | **Direxion Daily XOM Bear 1X Shares** | **Direxion Daily XOM Bear 1X Shares** | **Direxion Daily XOM Bear 1X Shares** | **Direxion Daily XOM Bear 1X Shares** | **Direxion Daily XOM Bear 1X Shares** | **Direxion Daily XOM Bear 1X Shares** | **Direxion Daily XOM Bear 1X Shares** | **Direxion Daily XOM Bear 1X Shares** | **Direxion Daily XOM Bear 1X Shares** | **Direxion Daily XOM Bear 1X Shares** | **Direxion Daily XOM Bear 1X Shares** | **Direxion Daily XOM Bear 1X Shares** | **Direxion Daily XOM Bear 1X Shares** | **Direxion Daily XOM Bear 1X Shares** |
| &nbsp;&nbsp;&nbsp; For the Period April 23, 2025<sup>8</sup> through October 31, 2025 | 25.00 | &nbsp;&nbsp;&nbsp; 0.41 | &nbsp;&nbsp;&nbsp; (1.73) | &nbsp;&nbsp; (1.32) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.37) | 23.31 | -5.31% | 2331 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 2.31% | &nbsp;&nbsp;&nbsp;&nbsp; 3.23% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.31% | &nbsp;&nbsp;&nbsp;&nbsp; 3.23% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily XOM Bull 2X Shares** | **Direxion Daily XOM Bull 2X Shares** | **Direxion Daily XOM Bull 2X Shares** | **Direxion Daily XOM Bull 2X Shares** | **Direxion Daily XOM Bull 2X Shares** | **Direxion Daily XOM Bull 2X Shares** | **Direxion Daily XOM Bull 2X Shares** | **Direxion Daily XOM Bull 2X Shares** | **Direxion Daily XOM Bull 2X Shares** | **Direxion Daily XOM Bull 2X Shares** | **Direxion Daily XOM Bull 2X Shares** | **Direxion Daily XOM Bull 2X Shares** | **Direxion Daily XOM Bull 2X Shares** | **Direxion Daily XOM Bull 2X Shares** | **Direxion Daily XOM Bull 2X Shares** | **Direxion Daily XOM Bull 2X Shares** | **Direxion Daily XOM Bull 2X Shares** | **Direxion Daily XOM Bull 2X Shares** | **Direxion Daily XOM Bull 2X Shares** |
| &nbsp;&nbsp;&nbsp; For the Period April 23, 2025<sup>8</sup> through October 31, 2025 | 25.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.31) | 26.45 | 7.07% | 3306 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 2.01% | &nbsp;&nbsp;&nbsp;&nbsp; 2.79% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 2.01% | &nbsp;&nbsp;&nbsp;&nbsp; 2.79% | &nbsp;&nbsp;&nbsp; 97% |

---

<sup>1</sup> Net investment income (loss) per share represents net investment income divided by the daily average shares of beneficial interest outstanding throughout each period.

<sup>2</sup> Excludes interest expense and extraordinary expenses which comprise of tax and litigation expenses.

<sup>3</sup> Due to the timing of sales and redemptions of capital shares, the net realized and unrealized gain (loss) per share will not equal the Fund's changes in net realized and unrealized gain (loss) on investments, in-kind redemptions, futures and swaps for the period.

<sup>4</sup> Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived or recouped by the investment advisor.

<sup>5</sup> For periods less than a year, these ratios are annualized.

<sup>6</sup> Net expenses include effects of any reimbursement/waiver or recoupment.

<sup>7</sup> Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares. Portfolio turnover rate does not include effects of turnover of the swap and future contracts portfolio. Short-term securities with maturities less than or equal to 365 days are also excluded from portfolio turnover calculation.

<sup>8</sup> Commencement of operations.

<sup>9</sup> Between $(0.005) and $0.005.

<sup>10</sup> Effective November 4, 2024, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split.

<sup>11</sup> Effective September 29, 2025, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split. 

The accompanying notes are an integral part of these financial statements.

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**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025** 

1. ORGANIZATION

The Direxion Shares ETF Trust (the "Trust") is a Delaware statutory trust formed on April 23, 2008, and is registered with the Securities and Exchange Commission ("SEC") as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust is a registered investment company that has 118 separate series (each, a "Fund" and together the "Funds"). 75 of these Funds are included in this report:

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| | |
|:---|:---|
| **Bull Funds** | **Bear Funds**  |
| Direxion Daily AAPL Bull 2X Shares | Direxion Daily AAPL Bear 1X Shares  |
| Direxion Daily AI and Big Data Bull 2X Shares | Direxion Daily AI and Big Data Bear 2X Shares  |
| Direxion Daily AMD Bull 2X Shares | Direxion Daily AMD Bear 1X Shares  |
| Direxion Daily AMZN Bull 2X Shares | Direxion Daily AMZN Bear 1X Shares  |
| Direxion Daily AVGO Bull 2X Shares | Direxion Daily AVGO Bear 1X Shares  |
| Direxion Daily BA Bull 2X Shares | Direxion Daily BA Bear 1X Shares  |
| Direxion Daily Biotech Top 5 Bull 2X ETF | Direxion Daily BRKB Bear 1X Shares  |
| Direxion Daily BRKB Bull 2X Shares | Direxion Daily Crypto Industry Bear 1X Shares  |
| Direxion Daily Crypto Industry Bull 2X Shares | Direxion Daily CSCO Bear 1X ETF  |
| Direxion Daily CSCO Bull 2X ETF | Direxion Daily Energy Bear 2X Shares  |
| Direxion Daily CSI 300 China A Share Bull 2X Shares | Direxion Daily F Bear 1X ETF  |
| Direxion Daily CSI China Internet Index Bull 2X Shares | Direxion Daily Gold Miners Index Bear 2X Shares  |
| Direxion Daily Energy Bull 2X Shares | Direxion Daily GOOGL Bear 1X Shares  |
| Direxion Daily Energy Top 5 Bull 2X ETF | Direxion Daily Junior Gold Miners Index Bear 2X Shares  |
| Direxion Daily F Bull 2X ETF | Direxion Daily LLY Bear 1X Shares  |
| Direxion Daily Gold Miners Index Bull 2X Shares | Direxion Daily LMT Bear 1X ETF  |
| Direxion Daily GOOGL Bull 2X Shares | Direxion Daily Magnificent 7 Bear 1X Shares  |
| Direxion Daily Junior Gold Miners Index Bull 2X Shares | Direxion Daily META Bear 1X Shares  |
| Direxion Daily LLY Bull 2X Shares | Direxion Daily MSFT Bear 1X Shares  |
| Direxion Daily LMT Bull 2X ETF | Direxion Daily MU Bear 1X Shares  |
| Direxion Daily Magnificent 7 Bull 2X Shares | Direxion Daily NFLX Bear 1X Shares  |
| Direxion Daily META Bull 2X Shares | Direxion Daily NVDA Bear 1X Shares  |
| Direxion Daily MSCI Brazil Bull 2X Shares | Direxion Daily PANW Bear 1X Shares  |
| Direxion Daily MSCI India Bull 2X Shares | Direxion Daily PLTR Bear 1X Shares  |
| Direxion Daily MSFT Bull 2X Shares | Direxion Daily QCOM Bear 1X ETF  |
| Direxion Daily MU Bull 2X Shares | Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares  |
| Direxion Daily NFLX Bull 2X Shares | Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares  |
| Direxion Daily NVDA Bull 2X Shares | Direxion Daily Semiconductors Top 5 Bear 2X ETF  |
| Direxion Daily NYSE FANG+ Bull 2X Shares | Direxion Daily SHOP Bear 1X ETF  |
| Direxion Daily PANW Bull 2X Shares | Direxion Daily Technology Top 5 Bear 2X ETF  |
| Direxion Daily PLTR Bull 2X Shares | Direxion Daily TSLA Bear 1X Shares  |
| Direxion Daily QCOM Bull 2X ETF | Direxion Daily TSM Bear 1X Shares  |
|  Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | Direxion Daily XOM Bear 1X Shares  |
| Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares |  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares |  |
| Direxion Daily Semiconductors Top 5 Bull 2X ETF |  |
| Direxion Daily SHOP Bull 2X ETF |  |
| Direxion Daily Technology Top 5 Bull 2X ETF |  |
| Direxion Daily TSLA Bull 2X Shares |  |
| Direxion Daily TSM Bull 2X Shares |  |
| Direxion Daily Uranium Industry Bull 2X Shares |  |
| Direxion Daily XOM Bull 2X Shares |  |

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**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

The Trust has evaluated the structure, objective and activities of the Funds and determined that they meet the characteristics of an investment company. As such, these financial statements have applied the guidance as set forth in the Accounting Standards Codifications ("ASC") 946, "Financial Services-Investment Companies".

Rafferty Asset Management, LLC (the "Adviser") has registered as a commodity pool operator ("CPO"). All Funds presented in this report are considered commodity pools under the Commodity Exchange Act (the "CEA). Accordingly, the Adviser is subject to registration and regulation as a CPO under the CEA and must comply with various regulatory requirements under the CEA and the rules and regulations of the Commodity Futures Trading Commission and the National Futures Association, including investor protection requirements, antifraud provisions, disclosure requirements and reporting and recordkeeping requirements.

Each Fund's investment objective is to seek daily investment results, before fees and expenses, that correspond to the performance of a particular index or benchmark. The Funds with the word "Bull" in their name attempt to provide investment results that correlate positively to the return of an index or benchmark. The Funds with the word "Bear" in their name attempt to provide investment results that correlate negatively to the return of an index or benchmark. The correlations sought by the Bull Funds are a multiple of 200% of the return of the target index or benchmark and a multiple of -100% or -200% of the return of the target index or benchmark for the Bear Funds.

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| | | |
|:---|:---|:---|
| **Funds** | **Index or Benchmark** | **Daily Target**  |
| Direxion Daily AAPL Bear 1X Shares |  | -100%  |
| Direxion Daily AAPL Bull 2X Shares | Common shares of Apple, Inc. | 200%  |
| Direxion Daily AI and Big Data Bear 2X Shares<br>Direxion Daily AI and Big Data Bull 2X Shares | Solactive US AI & Big Data Index | -200% <br>200%  |
| Direxion Daily AMD Bear 1X Shares |  | -100%  |
| Direxion Daily AMD Bull 2X Shares | Common shares of Advanced Micro Devices, Inc. | 200%  |
| Direxion Daily AMZN Bear 1X Shares |  | -100%  |
| Direxion Daily AMZN Bull 2X Shares | Common shares of Amazon, Inc. | 200%  |
| Direxion Daily AVGO Bear 1X Shares |  | -100%  |
| Direxion Daily AVGO Bull 2X Shares | Common shares of Broadcom, Inc. | 200%  |
| Direxion Daily BA Bear 1X Shares |  | -100%  |
| Direxion Daily BA Bull 2X Shares | Common shares of The Boeing Co. | 200%  |
| Direxion Daily Biotech Top 5 Bull 2X ETF | NYSE Biotechnology Top 5 Equal Weight Index | 200%  |
| Direxion Daily BRKB Bear 1X Shares |  | -100%  |
| Direxion Daily BRKB Bull 2X Shares | Common shares of Berkshire Hathaway, Inc. | 200%  |
| Direxion Daily Crypto Industry Bear 1X Shares |  | -100%  |
| Direxion Daily Crypto Industry Bull 2X Shares | Solactive Distributed Ledger & Decentralized Payment Tech Index | 200%  |
| Direxion Daily CSCO Bear 1X ETF |  | -100%  |
| Direxion Daily CSCO Bull 2X ETF | Common shares of Cisco Systems, Inc. | 200%  |
| Direxion Daily CSI 300 China A Share Bull 2X Shares | CSI 300 Index | 200%  |
| Direxion Daily CSI China Internet Index Bull 2X Shares | CSI Overseas China Internet Index | 200%  |
| Direxion Daily Energy Bear 2X Shares |  | -200%  |
| Direxion Daily Energy Bull 2X Shares | Energy Select Sector Index | 200%  |
| Direxion Daily Energy Top 5 Bull 2X ETF | S&P Energy Top 5 Equal Capped Index | 200%  |
| Direxion Daily F Bear 1X ETF |  | -100%  |
| Direxion Daily F Bull 2X ETF | Common shares of Ford Motor Co. | 200%  |
| Direxion Daily Gold Miners Index Bear 2X Shares |  | -200%  |
| Direxion Daily Gold Miners Index Bull 2X Shares | MarketVector Global Gold Miners Index\* | 200%  |
| Direxion Daily GOOGL Bear 1X Shares |  | -100%  |
| Direxion Daily GOOGL Bull 2X Shares | Common shares of Alphabet, Inc. | 200%  |
| Direxion Daily Junior Gold Miners Index Bear 2X Shares |  | -200%  |
| Direxion Daily Junior Gold Miners Index Bull 2X Shares | MVIS Global Junior Gold Miners Index | 200%  |

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**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Funds** | **Index or Benchmark** | **Daily Target**  |
| Direxion Daily LLY Bear 1X Shares |  | -100%  |
| Direxion Daily LLY Bull 2X Shares | Common shares of Eli Lilly and Company | 200%  |
| Direxion Daily LMT Bear 1X ETF |  | -100%  |
| Direxion Daily LMT Bull 2X ETF | Common shares of Lockheed Martin Corp. | 200%  |
| Direxion Daily Magnificent 7 Bear 1X Shares |  | -100%  |
| Direxion Daily Magnificent 7 Bull 2X Shares | Indxx Magnificent 7 Index | 200%  |
| Direxion Daily META Bear 1X Shares |  | -100%  |
| Direxion Daily META Bull 2X Shares | Common shares of META Platforms, Inc. | 200%  |
| Direxion Daily MSCI Brazil Bull 2X Shares | MSCI Brazil 25/50 Index | 200%  |
| Direxion Daily MSCI India Bull 2X Shares | MSCI India Index | 200%  |
| Direxion Daily MSFT Bear 1X Shares |  | -100%  |
| Direxion Daily MSFT Bull 2X Shares | Common shares of Microsoft Corp. | 200%  |
| Direxion Daily MU Bear 1X Shares |  | -100%  |
| Direxion Daily MU Bull 2X Shares | Common shares of Micron Technology, Inc. | 200%  |
| Direxion Daily NFLX Bear 1X Shares |  | -100%  |
| Direxion Daily NFLX Bull 2X Shares | Common shares of Netflix, Inc. | 200%  |
| Direxion Daily NVDA Bear 1X Shares |  | -100%  |
| Direxion Daily NVDA Bull 2X Shares | Common shares of NVIDIA Corp. | 200%  |
| Direxion Daily NYSE FANG+ Bull 2X Shares | NYSE FANG+ Index | 200%  |
| Direxion Daily PANW Bear 1X Shares |  | -100%  |
| Direxion Daily PANW Bull 2X Shares | Common shares of Palo Alto Networks, Inc. | 200%  |
| Direxion Daily PLTR Bear 1X Shares |  | -100%  |
| Direxion Daily PLTR Bull 2X Shares | Common shares of Palantir Technologies, Inc. | 200%  |
| Direxion Daily QCOM Bear 1X ETF |  | -100%  |
| Direxion Daily QCOM Bull 2X ETF | Common shares of QUALCOMM, Inc. | 200%  |
| Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | Indxx Global Robotics and Artificial Intelligence Thematic Index | 200%  |
| Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares |  | -100%  |
| Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares | S&P 500<sup>®</sup> Index | 200%  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares |  | -200%  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares | S&P Oil & Gas Exploration & Production Select Industry Index | 200%  |
| Direxion Daily Semiconductors Top 5 Bear 2X ETF |  | -200%  |
| Direxion Daily Semiconductors Top 5 Bull 2X ETF | NYSE Semiconductor Top 5 Equal Weight Index | 200%  |
| Direxion Daily SHOP Bear 1X ETF |  | -100%  |
| Direxion Daily SHOP Bull 2X ETF | Class A shares of Shopify, Inc. | 200%  |
| Direxion Daily Technology Top 5 Bear 2X ETF |  | -200%  |
| Direxion Daily Technology Top 5 Bull 2X ETF | S&P 500<sup>®</sup> Information Technology Top 5 Equal Capped Index | 200%  |
| Direxion Daily TSLA Bear 1X Shares |  | -100%  |
| Direxion Daily TSLA Bull 2X Shares | Common shares of Tesla, Inc. | 200%  |
| Direxion Daily TSM Bear 1X Shares |  | -100%  |
| Direxion Daily TSM Bull 2X Shares | Common shares of Taiwan Semiconductor Manufacturing Co. Ltd. | 200%  |
| Direxion Daily Uranium Industry Bull 2X Shares | Solactive United States Uranium and Nuclear Energy ETF Select Index | 200%  |
| Direxion Daily XOM Bear 1X Shares |  | -100%  |
| Direxion Daily XOM Bull 2X Shares | Common shares of Exxon Mobil Corp. | 200% |

---

\* Effective September 19, 2025, Direxion Daily Gold Miners Index Bull 2X Shares and Direxion Daily Gold Miners Index Bear 2X Shares changed their benchmark index from NYSE Arca Gold Miners Index to MarketVector Global Gold Miners Index.

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**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with U.S. generally accepted accounting principles ("GAAP").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Investment Valuation – The Net Asset Value ("NAV") per share of each Fund is determined daily, as of the close of regular trading on the New York Stock Exchange ("NYSE") (normally at 4:00 p.m. Eastern time ("Valuation Time")), each day the NYSE is open for business. A security listed or traded on an exchange, domestic or foreign, is valued at its last sales price on the principal exchange on which it is traded prior to the time when assets are valued. If no sale is reported at that time, the mean of the last bid and asked prices is used. Securities primarily traded on the NASDAQ<sup>®</sup> Global Market ("NASDAQ") for which market quotations are readily available are valued using the NASDAQ<sup>®</sup> Official Closing Price ("NOCP") provided by NASDAQ each business day. Over-the-counter ("OTC") securities held by a Fund are valued at the last sales price or, if no sales price is reported, the mean of the last bid and asked price is used. The portfolio securities of a Fund that are listed on national exchanges are valued at the last sales price of such securities or; if no sales price is reported, the mean of the last bid and asked price is used. Swap contracts are valued using the closing price of the underlying reference entity or the closing value of the underlying reference index. The Funds valued their investments in money market funds based on their daily net asset values. Futures contracts are valued at the settlement price established on the exchange on which they are traded, if that settlement price reflects trading prior to the Valuation Time. If the settlement price established by the exchange reflects trading after the Valuation Time, then the last sales price prior to Valuation Time will be used. Securities, swap or futures contracts are fair valued as determined by the Adviser under the supervision of the Board of Trustees (the "Board") in the following scenarios: a) reliable market quotations are not readily available; b) the Fund's pricing service does not provide a valuation for such securities; c) the Fund's pricing service provides a valuation that in the judgment of the Adviser does not represent fair value; or d) the Fund or Adviser believes the market price is stale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Swap Contracts – Each Fund may enter into equity swap contacts. Standard equity swap contracts are between two parties that agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross amount to be exchanged is calculated with respect to a "notional amount" (i.e. the return on or increase in value of a particular dollar amount invested in a "basket" of securities representing a particular index or industry sector). Each Fund enters into master netting agreements with counterparties to mitigate counterparty credit risk in derivative contracts. A Fund does not offset fair value amounts for derivative contracts and related cash collateral on the Statements of Assets and Liabilities arising from derivative contracts executed with the same counterparties under such master netting agreements. Each Fund's obligations are accrued daily and offset by any amounts owed to the Fund.

In a "long" equity swap agreement, the counterparty will generally agree to pay the Fund the amount, if any, by which the notional amount of the swap contract would have increased in value if the Fund had been invested in the particular securities, plus dividends that would have been received on those securities. The Fund will agree to pay the counterparty a floating rate of interest on the notional amount of the swap contract plus the amount, if any, by which the notional amount would have decreased in value had it been invested in such securities plus, in certain instances, commissions or trading spreads on the notional amounts. Thus, the return on the swap contract should be the gain or loss on the notional amount plus dividends on the securities less the interest and commission paid by the Fund on the notional amount. Payments may be made at the conclusion of the contract or periodically during its term. In certain instances, market factors such as the interest rate environment and the demand to borrow the securities underlying the swap agreement can cause a scenario in which the counterparty will pay the Fund interest. These swap contracts do not include the delivery of securities by the Funds to the counterparty. The net amount of the excess, if any, of the Fund's obligations owed over its entitlement with respect to each swap is accrued on a daily basis and an amount of cash or liquid assets having an aggregate net asset value at least equal to such accrued excess is maintained in a segregated account by the Funds' custodian. Until a swap contract is settled in cash, the gain or loss on the notional amount plus dividends on the securities less the interest paid by the Fund on the notional amount are recorded as "unrealized appreciation or depreciation on swaps" and when cash is exchanged, the gain or loss is recorded as "realized gains or losses on swaps".

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**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

Each Fund may enter into swap contracts that provide the opposite return of the underlying benchmark or security ("short" the index or security). The operations are similar to that of the swaps disclosed above except that the counterparty pays interest to the Fund on the notional amount outstanding and the dividends on the underlying securities reduce the return of the swap. However, in certain instances, market factors such as the interest rate environment and the demand to borrow the securities underlying the swap agreement can cause a scenario in which the Fund will pay the counterparty interest. These amounts are netted with any unrealized appreciation or depreciation to determine the value of the swap. The Funds will typically enter into equity swap agreements to obtain leverage in order to meet their investment objectives.

Accounting Standards Update No. 2013-01, "Disclosures about Offsetting Assets and Liabilities" ("ASU 2013-01"), requires entities to disclose (i) gross and net information about both instruments and transactions eligible for offset in the financial statements, and (ii) instruments and transactions subject to an agreement similar to a master netting agreement. ASU 2013-01 is limited in scope to recognized derivative instruments accounted for under ASC 815, "Derivatives and Hedging", to the extent they are offset in the financial statements or subject to an enforceable master netting arrangement of similar agreement.

In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives, including swap contracts, and typically contains, among other things, collateral posting terms, netting and rights of set-off provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and receivables to create a single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

Collateral requirements generally differ by type of derivative. Collateral terms are contract specific for OTC derivatives (e.g. swaps). Generally, for transactions traded under an ISDA Master Agreement, the collateral requirements are calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Generally, the amount of collateral due from or to the counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to a Fund from its derivative counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. Interest earned on collateral pledged to a counterparty is presented as part of Interest income on the Statements of Operations. Interest incurred on collateral received from a counterparty is presented as Interest expense on the Statements of Operations.

For financial reporting purposes, the Funds elect to not offset assets and liabilities subject to an ISDA Master Agreement, if any, in the Statements of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statements of Assets and Liabilities. As of October 31, 2025, the impact of netting of assets and liabilities and the offsetting of collateral pledged or received based on contractual netting/set-off provisions in the ISDA Master Agreement are detailed in the following tables.

In the event of the counterparty's default, bankruptcy or any other event for which the counterparty cannot meet its obligations, a Fund bears the risk of loss equal to the amount of the daily appreciation owed to the Fund. This obligation represents the daily gain accrued to the Fund from the close of business day prior to this event to the day on which this event occurs and the counterparty can no longer meet its obligations. A Fund will enter into swap agreements only with large, well-capitalized and established financial institutions. The creditworthiness of each of the firms that is a party to a swap agreement is monitored by the Adviser. Shareholders may obtain swap counterparty financial statements at www.sec.gov. Swap contracts are subject to credit risk. Credit risk occurs when the financial condition of an issuer of a security or instrument may cause it to default or become unable to pay interest or principal due on the security. The counterparty to a swap contract might default on its obligations. In addition, the Funds have agreements with certain counterparties with which it trades swap contracts that contain credit risk-related contingent features that could be triggered subject to certain circumstances. Such circumstances include agreed upon net asset value and performance-based thresholds. The maximum exposure to the Funds in regard to potential counterparty default and credit-risk related

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

contingent features at October 31, 2025 is detailed in the following tables. If such credit risk-related contingencies were triggered, the counterparties would have the option to terminate any positions open under the master netting agreement.

**Description: Swap Contract** 

**Counterparty: Bank of America Merrill Lynch** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:**  | **Assets:**  | **Assets:**  | **Assets:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities**  | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities**  | | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities**  | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities**  | |
| <br>**Fund Name**  | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets**  | **Financial** <br>**Instruments**  | **Collateral** <br>**Received**  | <br>**Net** <br>**Amount<sup>2</sup>**  | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities**  | **Financial** <br>**Instruments**  | **Collateral** <br>**Pledged**  | <br>**Net** <br>**Amount**  |
|  Direxion Daily AAPL Bear 1X Shares | $— | &nbsp;&nbsp; $— | $— | $— | $64489 | &nbsp;&nbsp; $—  | $64489<sup>1</sup> | $—  |
|  Direxion Daily AAPL Bull 2X Shares | 2115555 | &nbsp;&nbsp; — | 2115555<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily AI and Big Data Bull 2X Shares |  | &nbsp;&nbsp; — |  |  | 10380 | &nbsp;&nbsp; — | 10380<sup>1</sup> | —  |
|  Direxion Daily AMD Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 1815104 | &nbsp;&nbsp; — | 1815104<sup>1</sup> | —  |
|  Direxion Daily AMD Bull 2X Shares | 9956635 | &nbsp;&nbsp; — | 9850000 | 106635 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily AMZN Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 295092 | &nbsp;&nbsp; — | 295092<sup>1</sup> | —  |
|  Direxion Daily AMZN Bull 2X Shares | 37416208 | &nbsp;&nbsp; — | 90000 | 37326208 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily AVGO Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 86758 | &nbsp;&nbsp; — | 86758<sup>1</sup> | —  |
|  Direxion Daily AVGO Bull 2X Shares | 1982307 | &nbsp;&nbsp; — | 1982307<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily BA Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 36376 | &nbsp;&nbsp; — | 36376<sup>1</sup> | —  |
|  Direxion Daily BA Bull 2X Shares | 103350 | &nbsp;&nbsp; — | 103350<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily BRKB Bear 1X Shares | 20907 | &nbsp;&nbsp; — |  | 20907 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily BRKB Bull 2X Shares |  | &nbsp;&nbsp; — |  |  | 1819343 | &nbsp;&nbsp; — | 1819343<sup>1</sup> | —  |
|  Direxion Daily Crypto Industry Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 36323 | &nbsp;&nbsp; — | 36323<sup>1</sup> | —  |
|  Direxion Daily CSCO Bear 1X ETF |  | &nbsp;&nbsp; — |  |  | 79837 | &nbsp;&nbsp; — | 79837<sup>1</sup> | —  |
|  Direxion Daily CSCO Bull 2X ETF | 147575 | &nbsp;&nbsp; — | 140000 | 7575 |  | &nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily CSI China Internet Index Bull 2X <br>Shares | 12406951 | &nbsp;&nbsp; — | 12406951<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
| Direxion Daily F Bear 1X ETF |  | &nbsp;&nbsp; — |  |  | 41185 | &nbsp;&nbsp; — | 41185<sup>1</sup> | —  |
| Direxion Daily F Bull 2X ETF | 194265 | &nbsp;&nbsp; — | 194265<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Gold Miners Index Bear 2X Shares |  | &nbsp;&nbsp; — |  |  | 10834362 | &nbsp;&nbsp; — | 10834362<sup>1</sup> | —  |
|  Direxion Daily Gold Miners Index Bull 2X Shares | 109271387 | &nbsp;&nbsp; — | 109271387<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily GOOGL Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 358760 | &nbsp;&nbsp; — | 358760<sup>1</sup> | —  |
|  Direxion Daily GOOGL Bull 2X Shares | 163599480 | &nbsp;&nbsp; — | 163599480<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |

---

184<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:**  | **Assets:**  | **Assets:**  | **Assets:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities**  | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities**  | | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities**  | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities**  | |
| <br>**Fund Name**  | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets**  | **Financial** <br>**Instruments**  | **Collateral** <br>**Received**  | <br>**Net** <br>**Amount<sup>2</sup>**  | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities**  | **Financial** <br>**Instruments**  | **Collateral** <br>**Pledged**  | <br>**Net** <br>**Amount**  |
|  Direxion Daily LLY Bear 1X Shares | $— | &nbsp;&nbsp; $— | $— | $— | $2358 | &nbsp;&nbsp; $— | $2358<sup>1</sup> | $—  |
|  Direxion Daily LLY Bull 2X Shares | 209636 | &nbsp;&nbsp; —  | 170000 | 39636 |  | &nbsp;&nbsp; —  |  | —  |
|  Direxion Daily LMT Bear 1X ETF |  | &nbsp;&nbsp; — |  |  | 23990 | &nbsp;&nbsp; — | 23990<sup>1</sup> | —  |
|  Direxion Daily LMT Bull 2X ETF | 130469 | &nbsp;&nbsp; — | 130000 | 469 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Magnificent 7 Bull 2X Shares | 3189050 | &nbsp;&nbsp; — | 2910000 | 279050 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily META Bear 1X Shares | 377792 | &nbsp;&nbsp; — | 310000 | 67792 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily META Bull 2X Shares |  | &nbsp;&nbsp; — |  |  | 1516629 | &nbsp;&nbsp; — | 1516629<sup>1</sup> | —  |
|  Direxion Daily MSCI India Bull 2X Shares | 1121705 | &nbsp;&nbsp; — | 1121705<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily MSFT Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 36670 | &nbsp;&nbsp; — | 36670<sup>1</sup> | —  |
|  Direxion Daily MSFT Bull 2X Shares | 1483204 | &nbsp;&nbsp; — | 1483204<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily MU Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 482447 | &nbsp;&nbsp; — | 482447<sup>1</sup> | —  |
|  Direxion Daily MU Bull 2X Shares | 15424125 | &nbsp;&nbsp; — | 15424125<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily NFLX Bear 1X Shares | 228708 | &nbsp;&nbsp; — | 228708<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily NFLX Bull 2X Shares |  | &nbsp;&nbsp; — |  |  | 2283064 | &nbsp;&nbsp; — | 2283064<sup>1</sup> | —  |
|  Direxion Daily NVDA Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 723879 | &nbsp;&nbsp; — | 723879<sup>1</sup> | —  |
|  Direxion Daily NVDA Bull 2X Shares | 25821148 | &nbsp;&nbsp; — | 25821148<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily NYSE FANG+ Bull 2X Shares | 10731755 | &nbsp;&nbsp; — | 10430000 | 301755 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily PANW Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 308020 | &nbsp;&nbsp; — | 308020<sup>1</sup> | —  |
|  Direxion Daily PANW Bull 2X Shares | 1534317 | &nbsp;&nbsp; — | 1440000 | 94317 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily PLTR Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 1464006 | &nbsp;&nbsp; — | 1464006<sup>1</sup> | —  |
|  Direxion Daily PLTR Bull 2X Shares | 45527415 | &nbsp;&nbsp; — | 39030000 | 6497415 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily QCOM Bear 1X ETF |  | &nbsp;&nbsp; — |  |  | 94491 | &nbsp;&nbsp; — | 94491<sup>1</sup> | —  |
|  Direxion Daily QCOM Bull 2X ETF | 164951 | &nbsp;&nbsp; — | 120000 | 44951 |  | &nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X <br>Shares | 626230 | &nbsp;&nbsp; — | 626230<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |

---

185<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:**  | **Assets:**  | **Assets:**  | **Assets:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities**  | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities**  | | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities**  | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities**  | |
| <br>**Fund Name**  | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets**  | **Financial** <br>**Instruments**  | **Collateral** <br>**Received**  | <br>**Net** <br>**Amount<sup>2</sup>**  | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities**  | **Financial** <br>**Instruments**  | **Collateral** <br>**Pledged**  | <br>**Net** <br>**Amount**  |
| &nbsp;&nbsp;&nbsp; Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X <br>Shares | $— | &nbsp;&nbsp; $— | $— | $— | $3888107 | &nbsp;&nbsp; $— | $3888107<sup>1</sup> | $—  |
|  Direxion Daily Semiconductors Top 5 Bull 2X ETF |  | &nbsp;&nbsp; — |  |  | 6323 | &nbsp;&nbsp; — | 6323<sup>1</sup> | —  |
|  Direxion Daily SHOP Bear 1X ETF |  | &nbsp;&nbsp; —  |  |  | 39537 | &nbsp;&nbsp; —  | 39537<sup>1</sup> | —  |
|  Direxion Daily SHOP Bull 2X ETF | 725956 | &nbsp;&nbsp; — | 725956<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Technology Top 5 Bear 2X ETF |  | &nbsp;&nbsp; — |  |  | 19510 | &nbsp;&nbsp; — | 19510<sup>1</sup> | —  |
|  Direxion Daily Technology Top 5 Bull 2X ETF | 33499 | &nbsp;&nbsp; — | 33499<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily TSLA Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 647159 | &nbsp;&nbsp; — | 647159<sup>1</sup> | —  |
|  Direxion Daily TSLA Bull 2X Shares | 176870412 | &nbsp;&nbsp; — | 74420000 | 102450412 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily TSM Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 258261 | &nbsp;&nbsp; — | 258261<sup>1</sup> | —  |
|  Direxion Daily TSM Bull 2X Shares | 14908270 | &nbsp;&nbsp; — | 14908270<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Uranium Industry Bull 2X Shares | 2007499 | &nbsp;&nbsp; — | 2007499<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily XOM Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 31105 | &nbsp;&nbsp; — | 31105<sup>1</sup> | —  |
|  Direxion Daily XOM Bull 2X Shares | 41054 | &nbsp;&nbsp; — |  | 41054 |  | &nbsp;&nbsp; — |  |  |

---

<sup>1</sup> The amount of collateral shown has been limited such that the net amount cannot be less than zero.

<sup>2</sup> The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty. 

**Description: Swap Contract** 

**Counterparty: BNP Paribas** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged**  | **Net** <br>**Amount**  |
|  Direxion Daily AAPL Bear 1X Shares | $— | &nbsp;&nbsp; $—  | $— | $— | $536511 | &nbsp;&nbsp; $—  | $536511<sup>1</sup> | $—  |
|  Direxion Daily AAPL Bull 2X Shares | 2012009 | &nbsp;&nbsp; — | 1970000 | 42009 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily AMD Bull 2X Shares |  | &nbsp;&nbsp; — |  |  | 122 | &nbsp;&nbsp; — |  | 122  |
| &nbsp;&nbsp;&nbsp; Direxion Daily CSI China Internet Index Bull 2X <br>Shares | 7927237 | &nbsp;&nbsp; — | 7927237<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |

---

186<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged**  | **Net** <br>**Amount**  |
|  Direxion Daily Energy Bear 2X Shares | $6095 | &nbsp;&nbsp; $— | $— | $6095 | $— | &nbsp;&nbsp; $— | $— | $—  |
|  Direxion Daily Energy Bull 2X Shares | 6368193 | &nbsp;&nbsp; — | 5880000 | 488193 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Gold Miners Index Bear 2X Shares |  | &nbsp;&nbsp; — |  |  | 6832185 | &nbsp;&nbsp; — | 6832185<sup>1</sup> | —  |
|  Direxion Daily Gold Miners Index Bull 2X Shares | 72899130 | &nbsp;&nbsp; — | 72899130<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Junior Gold Miners Index Bear 2X <br>Shares |  | &nbsp;&nbsp; —  |  | —  | 7623756 | &nbsp;&nbsp; —  | 7623756<sup>1</sup> | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Junior Gold Miners Index Bull 2X <br>Shares | 53248171 | &nbsp;&nbsp; — | 53248171<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily META Bull 2X Shares |  | &nbsp;&nbsp; — |  |  | 247447 | &nbsp;&nbsp; — | 247447<sup>1</sup> | —  |
|  Direxion Daily MSCI Brazil Bull 2X Shares | 5675516 | &nbsp;&nbsp; — | 5550000 | 125516 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily MU Bull 2X Shares | 13721124 | &nbsp;&nbsp; — | 13721124<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily NVDA Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 375998 | &nbsp;&nbsp; — | 375998<sup>1</sup> | —  |
|  Direxion Daily NVDA Bull 2X Shares | 16491698 | &nbsp;&nbsp; — | 16491698<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily NYSE FANG+ Bull 2X Shares | 239270 | &nbsp;&nbsp; — | 210000 | 29270 |  | &nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X <br>Shares |  | &nbsp;&nbsp; — |  |  | 2403987 | &nbsp;&nbsp; — | 2403987<sup>1</sup> | —  |
|  Direxion Daily Semiconductors Top 5 Bear 2X ETF |  | &nbsp;&nbsp; — |  |  | 224873 | &nbsp;&nbsp; — | 224873<sup>1</sup> | —  |
|  Direxion Daily Semiconductors Top 5 Bull 2X ETF | 291126 | &nbsp;&nbsp; — | 290000 | 1126 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily TSLA Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 3752355 | &nbsp;&nbsp; — | 3752355<sup>1</sup> | —  |
|  Direxion Daily TSLA Bull 2X Shares | 74681760 | &nbsp;&nbsp; — | 58360000 | 16321760 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily TSM Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 246554 | &nbsp;&nbsp; — | 246554<sup>1</sup> | —  |
|  Direxion Daily TSM Bull 2X Shares | 16276030 | &nbsp;&nbsp; — | 16276030<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Uranium Industry Bull 2X Shares | 2766418 | &nbsp;&nbsp; — | 2766418<sup>1</sup> |  |  | &nbsp;&nbsp; — |  |  |

---

<sup>1</sup> The amount of collateral shown has been limited such that the net amount cannot be less than zero.

<sup>2</sup> The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty. 

187<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

**Description: Swap Contract** 

**Counterparty: Barclays** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged**  | **Net** <br>**Amount**  |
|  Direxion Daily AAPL Bear 1X Shares | $— | &nbsp;&nbsp; $—  | $— | $— | $145866 | &nbsp;&nbsp; $—  | $145866<sup>1</sup> | $—  |
|  Direxion Daily AAPL Bull 2X Shares | 174362 | &nbsp;&nbsp; — | 174362<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily AI and Big Data Bull 2X Shares | 3103294 | &nbsp;&nbsp; — | 3090000 | 13294 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily AMD Bear 1X Shares | 16140 | &nbsp;&nbsp; —  |  | 16140 |  | &nbsp;&nbsp; —  |  | —  |
|  Direxion Daily AMD Bull 2X Shares | 2876459 | &nbsp;&nbsp; — | 1290000 | 1586459 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily AMZN Bull 2X Shares | 4495692 | &nbsp;&nbsp; — |  | 4495692 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily AVGO Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 522294 | &nbsp;&nbsp; — | 522294<sup>1</sup> | —  |
|  Direxion Daily AVGO Bull 2X Shares | 15514598 | &nbsp;&nbsp; — | 15514598<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily BA Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 34716 | &nbsp;&nbsp; — |  | 34716  |
|  Direxion Daily BA Bull 2X Shares | 160873 | &nbsp;&nbsp; — | 140000 | 20873 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Biotech Top 5 Bull 2X ETF | 143338 | &nbsp;&nbsp; — |  | 143338 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily BRKB Bear 1X Shares | 27593 | &nbsp;&nbsp; — |  | 27593 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily BRKB Bull 2X Shares |  | &nbsp;&nbsp; — |  |  | 2446678 | &nbsp;&nbsp; — | 2446678<sup>1</sup> | —  |
|  Direxion Daily Crypto Industry Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 280936 | &nbsp;&nbsp; — | 280936<sup>1</sup> | —  |
|  Direxion Daily Crypto Industry Bull 2X Shares | 969021 | &nbsp;&nbsp; — | 969021<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily CSCO Bear 1X ETF |  | &nbsp;&nbsp; — |  |  | 9321 | &nbsp;&nbsp; — |  | 9321  |
|  Direxion Daily CSCO Bull 2X ETF | 88234 | &nbsp;&nbsp; — |  | 88234 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily CSI 300 China A Share Bull 2X Shares | 3487623 | &nbsp;&nbsp; — | 3487623<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Energy Bear 2X Shares | 13270 | &nbsp;&nbsp; — |  | 13270 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Energy Bull 2X Shares | 2758189 | &nbsp;&nbsp; — | 2230000 | 528189 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Energy Top 5 Bull 2X ETF |  | &nbsp;&nbsp; — |  |  | 43867 | &nbsp;&nbsp; — | 43867<sup>1</sup> | —  |
| Direxion Daily F Bear 1X ETF |  | &nbsp;&nbsp; — |  |  | 93949 | &nbsp;&nbsp; — | 93949<sup>1</sup> | —  |
| Direxion Daily F Bull 2X ETF | 168735 | &nbsp;&nbsp; — |  | 168735 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily GOOGL Bull 2X Shares | 75330698 | &nbsp;&nbsp; — | 75330698<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily LLY Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 132666 | &nbsp;&nbsp; — | 132666<sup>1</sup> | —  |

---

188<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged**  | **Net** <br>**Amount**  |
|  Direxion Daily LLY Bull 2X Shares | $3421696 | &nbsp;&nbsp; $— | $3140000 | $281696 | $— | &nbsp;&nbsp; $— | $— | $—  |
|  Direxion Daily LMT Bear 1X ETF |  | &nbsp;&nbsp; — |  |  | 41175 | &nbsp;&nbsp; — |  | 41175  |
|  Direxion Daily LMT Bull 2X ETF | 343038 | &nbsp;&nbsp; — | 343038<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Magnificent 7 Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 1101260 | &nbsp;&nbsp; — | 1101260<sup>1</sup> | —  |
|  Direxion Daily Magnificent 7 Bull 2X Shares | 11427240 | &nbsp;&nbsp; — | 10460000 | 967240 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily META Bear 1X Shares | 140446 | &nbsp;&nbsp; —  | —  | 140446 | —  | &nbsp;&nbsp; —  | —  | —  |
|  Direxion Daily META Bull 2X Shares |  | &nbsp;&nbsp; — |  |  | 16194807 | &nbsp;&nbsp; — | 16194807<sup>1</sup> | —  |
|  Direxion Daily MSCI Brazil Bull 2X Shares | 2185946 | &nbsp;&nbsp; — | 2185946<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily MSCI India Bull 2X Shares |  | &nbsp;&nbsp; — |  |  | 606033 | &nbsp;&nbsp; — | 606033<sup>1</sup> | —  |
|  Direxion Daily MSFT Bull 2X Shares | 7364588 | &nbsp;&nbsp; — | 7364588<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily MU Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 1482063 | &nbsp;&nbsp; — | 1482063<sup>1</sup> | —  |
|  Direxion Daily MU Bull 2X Shares | 21948307 | &nbsp;&nbsp; — | 21948307<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily NFLX Bear 1X Shares | 45415 | &nbsp;&nbsp; — |  | 45415 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily NFLX Bull 2X Shares |  | &nbsp;&nbsp; — |  |  | 726132 | &nbsp;&nbsp; — | 726132<sup>1</sup> | —  |
|  Direxion Daily NVDA Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 722246 | &nbsp;&nbsp; — | 722246<sup>1</sup> | —  |
|  Direxion Daily NVDA Bull 2X Shares | 61894609 | &nbsp;&nbsp; — | 61894609<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily NYSE FANG+ Bull 2X Shares | 4291528 | &nbsp;&nbsp; — | 4090000 | 201528 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily PANW Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 33227 | &nbsp;&nbsp; — | 33227<sup>1</sup> | —  |
|  Direxion Daily PANW Bull 2X Shares | 1760869 | &nbsp;&nbsp; — | 1760869<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily PLTR Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 3454836 | &nbsp;&nbsp; — | 3454836<sup>1</sup> | —  |
|  Direxion Daily PLTR Bull 2X Shares | 101290857 | &nbsp;&nbsp; — | 87010000 | 14280857 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily QCOM Bear 1X ETF |  | &nbsp;&nbsp; — |  |  | 9737 | &nbsp;&nbsp; — | 9737<sup>1</sup> | —  |
|  Direxion Daily QCOM Bull 2X ETF | 232200 | &nbsp;&nbsp; — |  | 232200 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | 3135616 | &nbsp;&nbsp; — | 2900000 | 235616 |  | &nbsp;&nbsp; — |  | —  |

---

189<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged**  | **Net** <br>**Amount**  |
|  Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares | $— | &nbsp;&nbsp; $— | $— | $— | $3695131 | &nbsp;&nbsp; $— | $3695131<sup>1</sup> | $—  |
|  Direxion Daily Semiconductors Top 5 Bear 2X ETF |  | &nbsp;&nbsp; — |  |  | 164321 | &nbsp;&nbsp; — | 164321<sup>1</sup> | —  |
|  Direxion Daily Semiconductors Top 5 Bull 2X ETF | 454511 | &nbsp;&nbsp; — |  | 454511 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily SHOP Bear 1X ETF |  | &nbsp;&nbsp; — |  |  | 85462 | &nbsp;&nbsp; — | 85462<sup>1</sup> | —  |
|  Direxion Daily SHOP Bull 2X ETF | 449235 | &nbsp;&nbsp; — | 449235<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Technology Top 5 Bear 2X ETF |  | &nbsp;&nbsp; — |  |  | 63346 | &nbsp;&nbsp; — | 63346<sup>1</sup> | —  |
|  Direxion Daily Technology Top 5 Bull 2X ETF | 43003 | &nbsp;&nbsp; —  | —  | 43003 | —  | &nbsp;&nbsp; —  | —  | —  |
|  Direxion Daily TSLA Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 2019178 | &nbsp;&nbsp; — | 2019178<sup>1</sup> | —  |
|  Direxion Daily TSLA Bull 2X Shares | 736671913 | &nbsp;&nbsp; — | 657360000 | 79311913 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Uranium Industry Bull 2X Shares |  | &nbsp;&nbsp; — |  |  | 29201 | &nbsp;&nbsp; — | 29201<sup>1</sup> | —  |
|  Direxion Daily XOM Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 15992 | &nbsp;&nbsp; — |  | 15992  |
|  Direxion Daily XOM Bull 2X Shares | 37476 | &nbsp;&nbsp; — |  | 37476 |  | &nbsp;&nbsp; — |  |  |

---

<sup>1</sup> The amount of collateral shown has been limited such that the net amount cannot be less than zero.

<sup>2</sup> The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty. 

**Description: Swap Contract** 

**Counterparty: Citibank N.A.** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged**  | **Net** <br>**Amount**  |
|  Direxion Daily AAPL Bear 1X Shares | $— | &nbsp;&nbsp; $—  | $—  | $— | $1252984 | &nbsp;&nbsp; $—  | $1252984<sup>1</sup> | $—  |
|  Direxion Daily AAPL Bull 2X Shares | 26907631 | &nbsp;&nbsp; — | 26907631<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily AI and Big Data Bull 2X Shares | 2408053 | &nbsp;&nbsp; — | 2246000 | 162053 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily AMD Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 1870336 | &nbsp;&nbsp; — | 1870336<sup>1</sup> | —  |
|  Direxion Daily AMD Bull 2X Shares | 9014309 | &nbsp;&nbsp; — | 8892000 | 122309 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily AMZN Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 99777 | &nbsp;&nbsp; — | 99777<sup>1</sup> | —  |

---

190<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged**  | **Net** <br>**Amount**  |
|  Direxion Daily AMZN Bull 2X Shares | $29681134 | &nbsp;&nbsp; $— | $14319001 | $15362133 | $— | &nbsp;&nbsp; $— | $— | $—  |
|  Direxion Daily AVGO Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 380754 | &nbsp;&nbsp; — | 380754<sup>1</sup> | —  |
|  Direxion Daily AVGO Bull 2X Shares | 6344629 | &nbsp;&nbsp; — | 6344629<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily BA Bear 1X Shares | 154889 | &nbsp;&nbsp; — | 154889<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily BA Bull 2X Shares |  | &nbsp;&nbsp; — |  |  | 154211 | &nbsp;&nbsp; — | 154211<sup>1</sup> | —  |
|  Direxion Daily Biotech Top 5 Bull 2X ETF | 132376 | &nbsp;&nbsp; — |  | 132376 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily BRKB Bear 1X Shares | 83520 | &nbsp;&nbsp; — | 62000 | 21520 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily BRKB Bull 2X Shares | —  | &nbsp;&nbsp; —  | —  | —  | 1459128 | &nbsp;&nbsp; —  | 1459128<sup>1</sup> | —  |
|  Direxion Daily Crypto Industry Bull 2X Shares | 434348 | &nbsp;&nbsp; —  | 434348<sup>1</sup> | —  | —  | &nbsp;&nbsp; —  | —  | —  |
|  Direxion Daily CSCO Bear 1X ETF |  | &nbsp;&nbsp; — |  |  | 48492 | &nbsp;&nbsp; — | 48492<sup>1</sup> | —  |
|  Direxion Daily CSCO Bull 2X ETF | 62395 | &nbsp;&nbsp; — | 56000 | 6395 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily CSI 300 China A Share Bull 2X Shares | 28897437 | &nbsp;&nbsp; — | 28897437<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily CSI China Internet Index Bull 2X <br>Shares | 21649862 | &nbsp;&nbsp; — | 21649862<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Energy Top 5 Bull 2X ETF |  | &nbsp;&nbsp; — |  |  | 55486 | &nbsp;&nbsp; — | 55486<sup>1</sup> | —  |
| Direxion Daily F Bear 1X ETF |  | &nbsp;&nbsp; — |  |  | 18980 | &nbsp;&nbsp; — | 18980<sup>1</sup> | —  |
| Direxion Daily F Bull 2X ETF | 362462 | &nbsp;&nbsp; — | 351000 | 11462 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Gold Miners Index Bear 2X Shares |  | &nbsp;&nbsp; — |  |  | 18409505 | &nbsp;&nbsp; — | 18409505<sup>1</sup> | —  |
|  Direxion Daily Gold Miners Index Bull 2X Shares | 80005271 | &nbsp;&nbsp; — | 80005271<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily GOOGL Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 551568 | &nbsp;&nbsp; — | 551568<sup>1</sup> | —  |
|  Direxion Daily GOOGL Bull 2X Shares | 90927167 | &nbsp;&nbsp; — | 90927167<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Junior Gold Miners Index Bear 2X <br>Shares |  | &nbsp;&nbsp; — |  |  | 173673 | &nbsp;&nbsp; — | 173673<sup>1</sup> | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Junior Gold Miners Index Bull 2X <br>Shares |  | &nbsp;&nbsp; — |  |  | 17142537 | &nbsp;&nbsp; — | 17142537<sup>1</sup> | —  |
|  Direxion Daily LLY Bear 1X Shares | 2335 | &nbsp;&nbsp; — | 2335<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily LLY Bull 2X Shares | 138438 | &nbsp;&nbsp; — | 102000 | 36438 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily LMT Bear 1X ETF |  | &nbsp;&nbsp; — |  |  | 58348 | &nbsp;&nbsp; — | 58348<sup>1</sup> | —  |

---

191<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged**  | **Net** <br>**Amount**  |
|  Direxion Daily LMT Bull 2X ETF | $149243 | &nbsp;&nbsp; $— | $130000 | $19243 | $— | &nbsp;&nbsp; $— | $— | $—  |
|  Direxion Daily META Bear 1X Shares | 226840 | &nbsp;&nbsp; — | 152000 | 74840 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily META Bull 2X Shares |  | &nbsp;&nbsp; — |  |  | 11806108 | &nbsp;&nbsp; — | 11806108<sup>1</sup> | —  |
|  Direxion Daily MSCI India Bull 2X Shares |  | &nbsp;&nbsp; — |  |  | 681434 | &nbsp;&nbsp; — | 681434<sup>1</sup> | —  |
|  Direxion Daily MSFT Bear 1X Shares | 180885 | &nbsp;&nbsp; — | 101000 | 79885 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily MSFT Bull 2X Shares | 55796 | &nbsp;&nbsp; — | 55796<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily MU Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 68231 | &nbsp;&nbsp; — | 68231<sup>1</sup> | —  |
|  Direxion Daily MU Bull 2X Shares | 1860919 | &nbsp;&nbsp; —  | 1860919<sup>1</sup> | —  |  | &nbsp;&nbsp; —  |  | —  |
|  Direxion Daily NFLX Bear 1X Shares | 42146 | &nbsp;&nbsp; — | 42146<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily NFLX Bull 2X Shares | —  | &nbsp;&nbsp; —  | —  | —  | 950082 | &nbsp;&nbsp; —  | 950082<sup>1</sup> | —  |
|  Direxion Daily NVDA Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 139200 | &nbsp;&nbsp; — | 139200<sup>1</sup> | —  |
|  Direxion Daily NVDA Bull 2X Shares | 6223414 | &nbsp;&nbsp; — | 6223414<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily PANW Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 44082 | &nbsp;&nbsp; — | 44082<sup>1</sup> | —  |
|  Direxion Daily PANW Bull 2X Shares | 495788 | &nbsp;&nbsp; — | 463000 | 32788 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily PLTR Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 1071152 | &nbsp;&nbsp; — | 1071152<sup>1</sup> | —  |
|  Direxion Daily PLTR Bull 2X Shares | 3922815 | &nbsp;&nbsp; — | 2775000 | 1147815 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily QCOM Bear 1X ETF |  | &nbsp;&nbsp; — |  |  | 35442 | &nbsp;&nbsp; — | 35442<sup>1</sup> | —  |
|  Direxion Daily QCOM Bull 2X ETF | 229472 | &nbsp;&nbsp; — | 187000 | 42472 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | 433051 | &nbsp;&nbsp; — | 256001 | 177050 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares | 1989977 | &nbsp;&nbsp; — | 1989977<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X <br>Shares | 2254680 | &nbsp;&nbsp; — | 2254680<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X <br>Shares | 2317095 | &nbsp;&nbsp; — | 1881001 | 436094 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily SHOP Bear 1X ETF |  | &nbsp;&nbsp; — |  |  | 11118 | &nbsp;&nbsp; — | 11118<sup>1</sup> | —  |
|  Direxion Daily SHOP Bull 2X ETF | 484629 | &nbsp;&nbsp; — | 484629<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |

---

192<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged**  | **Net** <br>**Amount**  |
|  Direxion Daily Technology Top 5 Bear 2X ETF | $— | &nbsp;&nbsp; $— | $— | $— | $67673 | &nbsp;&nbsp; $— | $67673<sup>1</sup> | $—  |
|  Direxion Daily Technology Top 5 Bull 2X ETF | 33564 | &nbsp;&nbsp; — |  | 33564 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily TSLA Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 52931 | &nbsp;&nbsp; — | 52931<sup>1</sup> | —  |
|  Direxion Daily TSLA Bull 2X Shares | 868147853 | &nbsp;&nbsp; — | 797427000 | 70720853 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily TSM Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 11585 | &nbsp;&nbsp; — | 11585<sup>1</sup> | —  |
|  Direxion Daily TSM Bull 2X Shares | 6904526 | &nbsp;&nbsp; — | 6904526<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily XOM Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 35688 | &nbsp;&nbsp; — | 35688<sup>1</sup> | —  |
|  Direxion Daily XOM Bull 2X Shares | 19493 | &nbsp;&nbsp; — |  | 19493 |  | &nbsp;&nbsp; — |  |  |

---

<sup>1</sup> The amount of collateral shown has been limited such that the net amount cannot be less than zero.

<sup>2</sup> The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty. 

**Description: Swap Contracts** 

**Counterparty: Goldman Sachs** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged**  | **Net** <br>**Amount**  |
|  Direxion Daily AAPL Bear 1X Shares | $— | &nbsp;&nbsp; $—  | $— | $—  | $98711 | &nbsp;&nbsp; $—  | $98711<sup>1</sup> | $—  |
|  Direxion Daily AAPL Bull 2X Shares | 62116272 | &nbsp;&nbsp; — | 62116272<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily AI and Big Data Bear 2X Shares |  | &nbsp;&nbsp; — |  |  | 137531 | &nbsp;&nbsp; — | 137531<sup>1</sup> | —  |
|  Direxion Daily AI and Big Data Bull 2X Shares | 4708546 | &nbsp;&nbsp; — | 4690000 | 18546 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily AMD Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 564209 | &nbsp;&nbsp; — | 564209<sup>1</sup> | —  |
|  Direxion Daily AMD Bull 2X Shares | 4605529 | &nbsp;&nbsp; — | 4539000 | 66529 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily AMZN Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 186535 | &nbsp;&nbsp; — | 186535<sup>1</sup> | —  |
|  Direxion Daily AVGO Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 54548 | &nbsp;&nbsp; — | 54548<sup>1</sup> | —  |
|  Direxion Daily AVGO Bull 2X Shares |  | &nbsp;&nbsp; — |  |  | 671849 | &nbsp;&nbsp; — | 671849<sup>1</sup> | —  |
|  Direxion Daily BA Bear 1X Shares | 22883 | &nbsp;&nbsp; — |  | 22883 |  | &nbsp;&nbsp; — |  | —  |

---

193<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged**  | **Net** <br>**Amount**  |
|  Direxion Daily BA Bull 2X Shares | $— | &nbsp;&nbsp; $— | $— | $— | $643032 | &nbsp;&nbsp; $— | $643032<sup>1</sup> | $—  |
|  Direxion Daily BRKB Bear 1X Shares | 48107 | &nbsp;&nbsp; — |  | 48107 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily BRKB Bull 2X Shares |  | &nbsp;&nbsp; — |  |  | 1086428 | &nbsp;&nbsp; — | 1086428<sup>1</sup> | —  |
|  Direxion Daily Crypto Industry Bull 2X Shares |  | &nbsp;&nbsp; — |  |  | 3645 | &nbsp;&nbsp; — | 3645<sup>1</sup> | —  |
|  Direxion Daily CSCO Bear 1X ETF |  | &nbsp;&nbsp; — |  |  | 14876 | &nbsp;&nbsp; — | 14876<sup>1</sup> | —  |
|  Direxion Daily CSCO Bull 2X ETF | 112259 | &nbsp;&nbsp; — |  | 112259 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily CSI 300 China A Share Bull 2X Shares | 2680689 | &nbsp;&nbsp; — | 2680689<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily CSI China Internet Index Bull 2X <br>Shares | 15615298 | &nbsp;&nbsp; — | 15615298<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
| Direxion Daily F Bear 1X ETF |  | &nbsp;&nbsp; — |  |  | 88107 | &nbsp;&nbsp; — | 88107<sup>1</sup> | —  |
| Direxion Daily F Bull 2X ETF | 243552 | &nbsp;&nbsp; — |  | 243552 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Gold Miners Index Bull 2X Shares | 86280545 | &nbsp;&nbsp; — | 86280545<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily GOOGL Bull 2X Shares | 28899387 | &nbsp;&nbsp; — | 28899387<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily LLY Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 286228 | &nbsp;&nbsp; — | 286228<sup>1</sup> | —  |
|  Direxion Daily LLY Bull 2X Shares | 3382481 | &nbsp;&nbsp; — | 3080000 | 302481 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily LMT Bear 1X ETF |  | &nbsp;&nbsp; — |  |  | 82714 | &nbsp;&nbsp; — | 82714<sup>1</sup> | —  |
|  Direxion Daily LMT Bull 2X ETF | 337207 | &nbsp;&nbsp; — |  | 337207 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Magnificent 7 Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 773976 | &nbsp;&nbsp; — | 773976<sup>1</sup> | —  |
|  Direxion Daily Magnificent 7 Bull 2X Shares | 4781087 | &nbsp;&nbsp; —  | 4150000 | 631087 |  | &nbsp;&nbsp; —  | —  | —  |
|  Direxion Daily META Bear 1X Shares | 224160 | &nbsp;&nbsp; — |  | 224160 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily META Bull 2X Shares |  | &nbsp;&nbsp; — |  |  | 30134644 | &nbsp;&nbsp; — | 30134644<sup>1</sup> | —  |
|  Direxion Daily MSFT Bear 1X Shares | 6920 | &nbsp;&nbsp; — |  | 6920 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily MSFT Bull 2X Shares |  | &nbsp;&nbsp; — |  |  | 3548310 | &nbsp;&nbsp; — | 3548310<sup>1</sup> | —  |
|  Direxion Daily MU Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 498940 | &nbsp;&nbsp; — | 498940<sup>1</sup> | —  |
|  Direxion Daily MU Bull 2X Shares | 19142576 | &nbsp;&nbsp; — | 19142576<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily NFLX Bear 1X Shares | 206354 | &nbsp;&nbsp; — | 206354<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily NFLX Bull 2X Shares |  | &nbsp;&nbsp; — |  |  | 1168620 | &nbsp;&nbsp; — | 1168620<sup>1</sup> | —  |

---

194<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged**  | **Net** <br>**Amount**  |
|  Direxion Daily NVDA Bear 1X Shares | $— | &nbsp;&nbsp; $— | $— | $— | $709080 | &nbsp;&nbsp; $— | $709080<sup>1</sup> | $—  |
|  Direxion Daily NVDA Bull 2X Shares | 26474505 | &nbsp;&nbsp; — | 26474505<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily PANW Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 15211 | &nbsp;&nbsp; — | 15211<sup>1</sup> | —  |
|  Direxion Daily PANW Bull 2X Shares | 188444 | &nbsp;&nbsp; — |  | 188444 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily PLTR Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 50411 | &nbsp;&nbsp; — | 50411<sup>1</sup> | —  |
|  Direxion Daily PLTR Bull 2X Shares | 23020750 | &nbsp;&nbsp; — | 17120000 | 5900750 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily QCOM Bear 1X ETF |  | &nbsp;&nbsp; — |  |  | 165923 | &nbsp;&nbsp; — | 165923<sup>1</sup> | —  |
|  Direxion Daily QCOM Bull 2X ETF | 334609 | &nbsp;&nbsp; — |  | 334609 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares | 5901536 | &nbsp;&nbsp; — | 5690000 | 211536 |  | &nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X <br>Shares | 1623908 | &nbsp;&nbsp; — | 1623908<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X <br>Shares | 574634 | &nbsp;&nbsp; — | 130000 | 444634 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily SHOP Bear 1X ETF |  | &nbsp;&nbsp; — |  |  | 213808 | &nbsp;&nbsp; — | 213808<sup>1</sup> | —  |
|  Direxion Daily SHOP Bull 2X ETF |  | &nbsp;&nbsp; — |  |  | 57591 | &nbsp;&nbsp; — | 57591<sup>1</sup> | —  |
|  Direxion Daily TSLA Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 4521099 | &nbsp;&nbsp; — | 4521099<sup>1</sup> | —  |
|  Direxion Daily TSLA Bull 2X Shares | 132458831 | &nbsp;&nbsp; — | 132458831<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily TSM Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 36197 | &nbsp;&nbsp; — | 36197<sup>1</sup> | —  |
|  Direxion Daily TSM Bull 2X Shares | 6389390 | &nbsp;&nbsp; — | 6389390<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Uranium Industry Bull 2X Shares | 6083783 | &nbsp;&nbsp; —  | 6083783<sup>1</sup> | —  | —  | &nbsp;&nbsp; —  | —  | —  |
|  Direxion Daily XOM Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 289 | &nbsp;&nbsp; — | 289<sup>1</sup> | —  |
|  Direxion Daily XOM Bull 2X Shares | 92354 | &nbsp;&nbsp; — |  | 92354 |  | &nbsp;&nbsp; — |  |  |

---

<sup>1</sup> The amount of collateral shown has been limited such that the net amount cannot be less than zero.

<sup>2</sup> The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty. 

195<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

**Description: Swap Contract** 

**Counterparty: J.P. Morgan** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets**  | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount<sup>2</sup>**  | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities**  | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount**  |
| <br>**Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets**  | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | **Net** <br>**Amount<sup>2</sup>**  | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities**  | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | **Net** <br>**Amount**  |
|  Direxion Daily AI and Big Data Bear 2X Shares | $— | &nbsp;&nbsp; $—  | $— | $—  | $293552 | &nbsp;&nbsp; $—  | $293552<sup>1</sup> | $—  |
|  Direxion Daily CSI 300 China A Share Bull 2X Shares | 3511174 | &nbsp;&nbsp; — | 3511174<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Energy Bear 2X Shares |  | &nbsp;&nbsp; — |  |  | 139781 | &nbsp;&nbsp; — | 139781<sup>1</sup> | —  |
|  Direxion Daily Energy Bull 2X Shares |  | &nbsp;&nbsp; — |  |  | 161439 | &nbsp;&nbsp; — | 161439<sup>1</sup> | —  |
|  Direxion Daily Gold Miners Index Bear 2X Shares | 5209052 | &nbsp;&nbsp; — | 4610000 | 599052 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Gold Miners Index Bull 2X Shares |  | &nbsp;&nbsp; — |  |  | 31186154 | &nbsp;&nbsp; — | 31186154<sup>1</sup> | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Junior Gold Miners Index Bear 2X <br>Shares |  | &nbsp;&nbsp; — |  |  | 5921378 | &nbsp;&nbsp; — | 5921378<sup>1</sup> | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Junior Gold Miners Index Bull 2X <br>Shares | 96071169 | &nbsp;&nbsp; — | 96071169<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily MSCI Brazil Bull 2X Shares | 16259532 | &nbsp;&nbsp; — | 15990000 | 269532 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily NYSE FANG+ Bull 2X Shares | 17909425 | &nbsp;&nbsp; — | 17640000 | 269425 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | 5479502 | &nbsp;&nbsp; — | 5240000 | 239502 |  | &nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X <br>Shares | 594012 | &nbsp;&nbsp; — | 594012<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X <br>Shares | 804297 | &nbsp;&nbsp; — | 670000 | 134297 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily TSLA Bull 2X Shares | 394874143 | &nbsp;&nbsp; — | 327940000 | 66934143 |  | &nbsp;&nbsp; — |  |  |

---

<sup>1</sup> The amount of collateral shown has been limited such that the net amount cannot be less than zero.

<sup>2</sup> The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty. 

196<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

**Description: Swap Contract** 

**Counterparty: Nomura** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts** <br>**of Recognized** <br>**Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts** <br>**of Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged**  | **Net** <br>**Amount**  |
|  Direxion Daily AMD Bull 2X Shares | $7077940 | &nbsp;&nbsp; $—  | $6960000 | $117940 | $— | &nbsp;&nbsp; $—  | $— | $—  |
|  Direxion Daily AVGO Bull 2X Shares | 10023435 | &nbsp;&nbsp; — | 10023435<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily BA Bull 2X Shares |  | &nbsp;&nbsp; — |  |  | 729278 | &nbsp;&nbsp; — | 729278<sup>1</sup> | —  |
| Direxion Daily F Bull 2X ETF |  | &nbsp;&nbsp; — |  |  | 25648 | &nbsp;&nbsp; — | 25648<sup>1</sup> | —  |
|  Direxion Daily MU Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 390988 | &nbsp;&nbsp; — | 390988<sup>1</sup> | —  |
|  Direxion Daily MU Bull 2X Shares | 15082109 | &nbsp;&nbsp; — | 15082109<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily NFLX Bull 2X Shares |  | &nbsp;&nbsp; — |  |  | 425431 | &nbsp;&nbsp; — | 425431<sup>1</sup> | —  |
|  Direxion Daily NVDA Bull 2X Shares | 36123664 | &nbsp;&nbsp; — | 36123664<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily PLTR Bull 2X Shares | 37955145 | &nbsp;&nbsp; — | 37955145<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily SHOP Bull 2X ETF | 2693 | &nbsp;&nbsp; — |  | 2693 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily TSLA Bull 2X Shares | 882413195 | &nbsp;&nbsp; — | 811290000 | 71123195 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily TSM Bull 2X Shares | 10835156 | &nbsp;&nbsp; — | 10835156<sup>1</sup> |  |  | &nbsp;&nbsp; — |  |  |

---

<sup>1</sup> The amount of collateral shown has been limited such that the net amount cannot be less than zero.

<sup>2</sup> The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty. 

**Description: Swap Contract** 

**Counterparty: UBS Securities LLC** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged**  | **Net** <br>**Amount**  |
|  Direxion Daily CSI 300 China A Share Bull 2X Shares | $1908170 | &nbsp;&nbsp; $—  | $1908170<sup>1</sup> | $— | $—  | &nbsp;&nbsp; $—  | $—  | $—  |
| &nbsp;&nbsp;&nbsp; Direxion Daily CSI China Internet Index Bull 2X <br>Shares | 23990225 | &nbsp;&nbsp; — | 23990225<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Energy Bear 2X Shares | 481182 | &nbsp;&nbsp; — | 480000 | 1182 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Energy Bull 2X Shares | 232710 | &nbsp;&nbsp; — |  | 232710 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Gold Miners Index Bear 2X Shares | 4142333 | &nbsp;&nbsp; — | 3550000 | 592333 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Gold Miners Index Bull 2X Shares |  | &nbsp;&nbsp; — |  |  | 14996455 | &nbsp;&nbsp; — | 14996455<sup>1</sup> | —  |

---

197<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged**  | **Net** <br>**Amount**  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Junior Gold Miners Index Bear 2X <br>Shares | $— | &nbsp;&nbsp; $—  | $— | $— | $10126594 | &nbsp;&nbsp; $—  | $10126594<sup>1</sup> | $—  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Junior Gold Miners Index Bull 2X <br>Shares | 118306150 | &nbsp;&nbsp; — | 118306150<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily MSCI Brazil Bull 2X Shares | 11773500 | &nbsp;&nbsp; — | 11560000 | 213500 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily MSCI India Bull 2X Shares |  | &nbsp;&nbsp; — |  |  | 627212 | &nbsp;&nbsp; — | 627212<sup>1</sup> | —  |
|  Direxion Daily NYSE FANG+ Bull 2X Shares | 10638361 | &nbsp;&nbsp; — | 7380000 | 3258361 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | 873519 | &nbsp;&nbsp; — | 760000 | 113519 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares |  | &nbsp;&nbsp; — |  |  | 445097 | &nbsp;&nbsp; — | 445097<sup>1</sup> | —  |
|  Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares | 23978876 | &nbsp;&nbsp; — | 23650000 | 328876 |  | &nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X <br>Shares |  | &nbsp;&nbsp; — |  |  | 1457048 | &nbsp;&nbsp; — | 1457048<sup>1</sup> | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X <br>Shares | 3806066 | &nbsp;&nbsp; — | 3380000 | 426066 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Uranium Industry Bull 2X Shares | 1687667 | &nbsp;&nbsp; — | 1687667<sup>1</sup> |  |  | &nbsp;&nbsp; — |  |  |

---

<sup>1</sup> The amount of collateral shown has been limited such that the net amount cannot be less than zero.

<sup>2</sup> The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Futures Contracts – Each Fund may purchase and sell futures contracts. A Fund may use futures contracts to gain exposure to, or hedge against, changes in the values of commodities, equities, interest rates or foreign currencies. Upon entering into a contract, the Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as "variation margin" and are recorded by the Fund as unrealized gains and losses. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. As collateral for futures contracts, the Fund is required under the 1940 Act to maintain assets consisting of cash, cash equivalents or liquid securities. This collateral is required to be adjusted daily to reflect the market value of the purchase obligation for long futures contracts or the market value of the instrument underlying the contract, but not less than the market price at which the futures contract was established, for short futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Risks of Futures Contracts, Options on Futures Contracts and Short Positions – The risks inherent in the use of options, futures contracts, options on futures contracts and short positions include 1) adverse changes in the fair value of such instruments; 2) imperfect correlation between the price of options and futures contracts and options thereon and movements in the price of the underlying securities, index or futures contracts; 3) the possible absence of a liquid secondary market for any particular instrument at any time; 4) the possible need to defer closing out certain positions to avoid adverse tax consequences; and 5) the possible non-performance by the counterparty under the terms

198<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

of the contract. The Funds designate cash, cash equivalents and liquid securities as collateral for written options, futures contracts, options on futures contracts and short positions. The Funds were not invested in any type of futures or options contracts during the period ended October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Risks of Investing in Foreign Securities – Investments in foreign securities involve greater risks than investing in domestic securities. As a result, the Funds' returns and net asset values may be affected to a large degree by fluctuations in currency exchange rates, political, diplomatic or economic conditions and regulatory requirements in other countries. The laws, accounting and financial reporting standards in foreign countries may require less disclosure than required in the U.S., and therefore there may be less public information available about foreign companies. Investments in foreign emerging markets present a greater risk than investing in foreign issuers in general. The risk of political or social upheaval is greater in emerging markets. In addition, there may be risks of an economy's dependence on revenues from particular commodities, currency transfer restrictions, a limited number of potential buyers for such securities and delays and disruption in securities settlement procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Security Transactions – Investment transactions are recorded on the trade date. The Funds determine the gain or loss realized from investment transactions by comparing the identified cost, which is the same basis used for U.S. Federal income tax purposes, with the net sales proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) Securities Lending – Each Fund may lend up to 33<sup>1</sup>∕3% of the value of the securities in their portfolios to approved brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, cash equivalents, or securities issued or guaranteed by the U.S. government. The collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. Government securities held as collateral, net of fee rebates paid to borrower and net of fees paid to the lending agent. The amount of fees depends on a number of factors including the security type and the length of the loan. In addition, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. No more than 99% of the value of any security may be on loan at any time.

As of October 31, 2025, all securities on loan were collateralized by cash and/or U.S. government obligations. The cash received as collateral for securities on loan was invested in money market funds, whose maturities are overnight and continuous, and is disclosed in the Schedules of Investments. The securities on loan in each Fund are also disclosed in the Schedule of Investments. The total value of securities loaned and the value of the invested cash collateral are disclosed in the Statements of Assets and Liabilities. Non-cash collateral consists of U.S. Treasury securities and is not disclosed on the Statements of Assets and Liabilities as it is held by the lending agent on behalf of the Funds, and the Funds do not have the ability to sell, reinvest or pledge those securities. Income earned by the Funds from securities lending is disclosed in the Statements of Operations.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds are contractually indemnified with the securities lending agent. Furthermore, the Funds require the value of the securities loaned to be computed daily at the close of the market and additional collateral be furnished, if required.

As of October 31, 2025, the market value of the securities loaned and the related cash and non-cash collateral received for securities lending were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **Market Value** <br>**of Securities** <br>**Loaned** | **Cash** <br>**Collateral** <br>**Received** | **Non-Cash** <br>**Collateral** <br>**Received** | **Total** <br>**Collateral** <br>**Received**  |
| Direxion Daily AI and Big Data Bull 2X Shares | $527697 | $245929 | $313812 | $559741  |
| Direxion Daily Crypto Industry Bull 2X Shares | 983401 | 185498 | 818864 | 1004362  |
| Direxion Daily CSI 300 China A Share Bull 2X Shares | 20167725 | 20600820 |  | 20600820  |
| Direxion Daily Gold Miners Index Bull 2X Shares | 233561540 | 199023995 | 39486061 | 238510056  |
| Direxion Daily Junior Gold Miners Index Bull 2X Shares | 68302135 | 56137535 | 13691982 | 69829517  |

---

199<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **Market Value** <br>**of Securities** <br>**Loaned** | **Cash** <br>**Collateral** <br>**Received** | **Non-Cash** <br>**Collateral** <br>**Received** | **Total** <br>**Collateral** <br>**Received**  |
| Direxion Daily MSCI Brazil Bull 2X Shares | 32128304 | 32852614 |  | 32852614  |
|  Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | 18703 | 19127 |  | 19127  |
| Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares | 118861 |  | 122478 | 122478  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares | 17309478 | 3033736 | 14650486 | 17684222  |
| Direxion Daily Uranium Industry Bull 2X Shares | 16580909 | 16955703 |  | 16955703 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) Federal Income Taxes – Each Fund intends to make the requisite distributions of income and capital gains to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as a regulated investment company. Therefore, no provision for U.S. Federal income tax has been made by the Funds.

The Funds may be subject to a nondeductible 4% U.S. excise tax calculated as a percentage of certain undistributed amounts of net investment income and net capital gains. Certain Funds paid this excise tax during the period ended October 31, 2025, which is disclosed on the Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Income and Expenses – Interest income, including amortization of premiums and discounts, is recognized on an accrual basis. Distributions are recorded on the ex-dividend date.

The Funds are charged for those expenses that are directly attributable to each series, such as advisory fees and registration costs. Expenses that are not directly attributable to a series are generally allocated among the Trust's series in proportion to their respective average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) Distributions to Shareholders – Each Fund pays dividends from net investment income and distributes net realized capital gains, if any, at least annually. Income and capital gain distributions are determined in accordance with U.S. Federal income tax regulations, which may differ from GAAP. Certain Funds also utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. Distributions to shareholders are recorded on the ex-dividend date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) Guarantees and Indemnifications – In the ordinary course of business, the Funds enter into contracts that contain a variety of indemnification provisions pursuant to which the Funds agree to indemnify third parties upon the occurrence of specified events. The Funds' maximum exposure relating to these indemnification agreements is unknown. However, the Funds have not had prior claims or losses in connection with these provisions and believe the risk of loss is remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

3. INCOME TAX AND DISTRIBUTION INFORMATION

The tax character of distributions paid during the periods ended October 31, 2025 and October 31, 2024 are presented in the following table. The tax character of distributions to shareholders made during the period may differ from their ultimate characterization for U.S. Federal income tax purposes.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year/Period Ended** <br>**October 31, 2025** | **Year/Period Ended** <br>**October 31, 2025** | **Year/Period Ended** <br>**October 31, 2025** | **Year/Period Ended** <br>**October 31, 2024**  | **Year/Period Ended** <br>**October 31, 2024**  | **Year/Period Ended** <br>**October 31, 2024**  |
| | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:**  | **Distributions Paid From:**  | **Distributions Paid From:**  |
| <br>**Funds** | **Ordinary** <br>**Income** | **Long Term** <br>**Capital Gains** | **Return** <br>**of Capital** | **Ordinary** <br>**Income** | **Long Term** <br>**Capital Gains** | **Return** <br>**of Capital**  |
| &nbsp;&nbsp;&nbsp; Direxion Daily AAPL Bear 1X <br>Shares | $947241 | &nbsp;&nbsp; $—  | $—  | $1242145 | &nbsp;&nbsp; $—  | $—  |
| &nbsp;&nbsp;&nbsp; Direxion Daily AAPL Bull 2X <br>Shares | 14985478 | &nbsp;&nbsp; — |  | 2167326 | &nbsp;&nbsp; — | —  |

---

200<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year/Period Ended** <br>**October 31, 2025** | **Year/Period Ended** <br>**October 31, 2025** | **Year/Period Ended** <br>**October 31, 2025** | **Year/Period Ended** <br>**October 31, 2024**  | **Year/Period Ended** <br>**October 31, 2024**  | **Year/Period Ended** <br>**October 31, 2024**  |
| | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:**  | **Distributions Paid From:**  | **Distributions Paid From:**  |
| <br>**Funds** | **Ordinary** <br>**Income** | **Long Term** <br>**Capital Gains** | **Return** <br>**of Capital** | **Ordinary** <br>**Income** | **Long Term** <br>**Capital Gains** | **Return** <br>**of Capital**  |
|  Direxion Daily AI and Big Data Bear 2X Shares<sup>2</sup> | $64893 | &nbsp;&nbsp; $— | $— | $44131 | &nbsp;&nbsp; $— | $—  |
|  Direxion Daily AI and Big Data Bull 2X Shares<sup>2</sup> | 162753 | &nbsp;&nbsp; —  | —  | 9347 | &nbsp;&nbsp; —  | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily AMD Bear 1X <br>Shares<sup>9</sup> | 100915 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily AMD Bull 2X <br>Shares<sup>9</sup> | 245544 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily AMZN Bear 1X <br>Shares | 172506 | &nbsp;&nbsp; — |  | 146986 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily AMZN Bull 2X <br>Shares | 9118355 | &nbsp;&nbsp; — |  | 3785145 | &nbsp;&nbsp; — | —  |
|  Direxion Daily AVGO Bear 1X Shares<sup>7</sup> | 213945 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily AVGO Bull 2X <br>Shares<sup>7</sup> | 1379947 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily BA Bear 1X <br>Shares<sup>11</sup> | 41145 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily BA Bull 2X <br>Shares<sup>11</sup> | 82462 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
|  Direxion Daily Biotech Top 5 Bull 2X ETF<sup>15</sup> |  | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
|  Direxion Daily BRKB Bear 1X Shares<sup>8</sup> | 84044 | &nbsp;&nbsp; — | 2178 |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily BRKB Bull 2X <br>Shares<sup>8</sup> | 830521 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
|  Direxion Daily Crypto Industry Bear 1X Shares<sup>5</sup> | 97705 | &nbsp;&nbsp; — |  | 30915 | &nbsp;&nbsp; — | —  |
|  Direxion Daily Crypto Industry Bull 2X Shares<sup>5</sup> | 11624 | &nbsp;&nbsp; — |  | 6824 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily CSCO Bear 1X <br>ETF<sup>12</sup> | 22714 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily CSCO Bull 2X <br>ETF<sup>12</sup> | 30887 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
|  Direxion Daily CSI 300 China A Share Bull 2X Shares | 6074340 | &nbsp;&nbsp; — |  | 1878464 | &nbsp;&nbsp; — | —  |
|  Direxion Daily CSI China Internet Index Bull 2X Shares | 8459780 | &nbsp;&nbsp; — | 1593794 | 8794646 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Energy Bear 2X <br>Shares | 596014 | &nbsp;&nbsp; — |  | 946237 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Energy Bull 2X <br>Shares | 6337455 | &nbsp;&nbsp; — |  | 9671962 | &nbsp;&nbsp; — | —  |
|  Direxion Daily Energy Top 5 Bull 2X ETF<sup>15</sup> |  | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
| Direxion Daily F Bear 1X ETF<sup>13</sup> | 15140 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
| Direxion Daily F Bull 2X ETF<sup>13</sup> | 18072 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
|  Direxion Daily Gold Miners Index Bear 2X Shares | 4272926 | &nbsp;&nbsp; — |  | 4583846 | &nbsp;&nbsp; — | —  |
|  Direxion Daily Gold Miners Index Bull 2X Shares | 4396121 | &nbsp;&nbsp; — | 662349 | 11225003 | &nbsp;&nbsp; — | —  |

---

201<br>

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**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year/Period Ended** <br>**October 31, 2025** | **Year/Period Ended** <br>**October 31, 2025** | **Year/Period Ended** <br>**October 31, 2025** | **Year/Period Ended** <br>**October 31, 2024**  | **Year/Period Ended** <br>**October 31, 2024**  | **Year/Period Ended** <br>**October 31, 2024**  |
| | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:**  | **Distributions Paid From:**  | **Distributions Paid From:**  |
| <br>**Funds** | **Ordinary** <br>**Income** | **Long Term** <br>**Capital Gains** | **Return** <br>**of Capital** | **Ordinary** <br>**Income** | **Long Term** <br>**Capital Gains** | **Return** <br>**of Capital**  |
|  Direxion Daily GOOGL Bear 1X Shares | $172349 | &nbsp;&nbsp; $— | $— | $135857 | &nbsp;&nbsp; $— | $—  |
|  Direxion Daily GOOGL Bull 2X Shares | 9219625 | &nbsp;&nbsp; —  | —  | 2250138 | &nbsp;&nbsp; —  | —  |
|  Direxion Daily Junior Gold Miners Index Bear 2X Shares | 2523926 | &nbsp;&nbsp; — |  | 3343314 | &nbsp;&nbsp; — | —  |
|  Direxion Daily Junior Gold Miners Index Bull 2X Shares | 5482981 | &nbsp;&nbsp; — |  | 6942012 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily LLY Bear 1X <br>Shares<sup>10</sup> | 57751 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily LLY Bull 2X <br>Shares<sup>10</sup> | 149288 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily LMT Bear 1X <br>ETF<sup>14</sup> | 10084 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily LMT Bull 2X <br>ETF<sup>14</sup> | 15564 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
|  Direxion Daily Magnificent 7 Bear 1X Shares<sup>1</sup> | 233986 | &nbsp;&nbsp; — |  | 114657 | &nbsp;&nbsp; — | —  |
|  Direxion Daily Magnificent 7 Bull 2X Shares<sup>1</sup> | 1163898 | &nbsp;&nbsp; — |  | 61989 | &nbsp;&nbsp; — | —  |
|  Direxion Daily META Bear 1X Shares<sup>3</sup> | 221143 | &nbsp;&nbsp; — |  | 47542 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily META Bull 2X <br>Shares<sup>3</sup> | 2133998 | &nbsp;&nbsp; — |  | 169399 | &nbsp;&nbsp; — | —  |
|  Direxion Daily MSCI Brazil Bull 2X Shares | 5272074 | &nbsp;&nbsp; — |  | 5457553 | &nbsp;&nbsp; — | —  |
|  Direxion Daily MSCI India Bull 2X Shares | 2400011 | &nbsp;&nbsp; — |  | 1166696 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily MSFT Bear 1X <br>Shares | 252165 | &nbsp;&nbsp; — |  | 301555 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily MSFT Bull 2X <br>Shares | 8302486 | &nbsp;&nbsp; — |  | 2525389 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily MU Bear 1X <br>Shares<sup>7</sup> | 96779 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
| Direxion Daily MU Bull 2X Shares<sup>7</sup> | 522021 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
|  Direxion Daily NFLX Bear 1X Shares<sup>6</sup> | 318301 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily NFLX Bull 2X <br>Shares<sup>6</sup> | 937767 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily NVDA Bear 1X <br>Shares | 905764 | &nbsp;&nbsp; — |  | 598186 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily NVDA Bull 2X <br>Shares | 98258021 | &nbsp;&nbsp; — |  | 5595151 | &nbsp;&nbsp; — | —  |
|  Direxion Daily NYSE FANG+ Bull 2X Shares | 1005949 | &nbsp;&nbsp; — |  | 642916 | &nbsp;&nbsp; — | —  |
|  Direxion Daily PANW Bear 1X Shares<sup>10</sup> | 48578 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
|  Direxion Daily PANW Bull 2X Shares<sup>10</sup> | 101657 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |

---

202<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year/Period Ended** <br>**October 31, 2025** | **Year/Period Ended** <br>**October 31, 2025** | **Year/Period Ended** <br>**October 31, 2025** | **Year/Period Ended** <br>**October 31, 2024**  | **Year/Period Ended** <br>**October 31, 2024**  | **Year/Period Ended** <br>**October 31, 2024**  |
| | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:**  | **Distributions Paid From:**  | **Distributions Paid From:**  |
| <br>**Funds** | **Ordinary** <br>**Income** | **Long Term** <br>**Capital Gains** | **Return** <br>**of Capital** | **Ordinary** <br>**Income** | **Long Term** <br>**Capital Gains** | **Return** <br>**of Capital**  |
| &nbsp;&nbsp;&nbsp; Direxion Daily PLTR Bear 1X <br>Shares<sup>8</sup> | $1250250 | &nbsp;&nbsp; $— | $— | $— | &nbsp;&nbsp; $— | $—  |
| &nbsp;&nbsp;&nbsp; Direxion Daily PLTR Bull 2X <br>Shares<sup>8</sup> | 4843783 | &nbsp;&nbsp; —  | —  |  | &nbsp;&nbsp; —  | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily QCOM Bear 1X <br>ETF<sup>12</sup> | 24943 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily QCOM Bull 2X <br>ETF<sup>12</sup> | 27114 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
|  Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | 304417 | &nbsp;&nbsp; — |  | 442110 | &nbsp;&nbsp; — | —  |
|  Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares | 5897276 | &nbsp;&nbsp; — |  | 9127533 | &nbsp;&nbsp; — | —  |
|  Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares | 1144591 | &nbsp;&nbsp; — |  | 1780102 | &nbsp;&nbsp; — | —  |
|  Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares | 1301281 | &nbsp;&nbsp; — |  | 2496925 | &nbsp;&nbsp; — | —  |
|  Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares | 6895498 | &nbsp;&nbsp; — |  | 11417514 | &nbsp;&nbsp; — | —  |
|  Direxion Daily Semiconductors Top 5 Bear 2X ETF<sup>15</sup> |  | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
|  Direxion Daily Semiconductors Top 5 Bull 2X ETF<sup>15</sup> |  | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily SHOP Bear 1X <br>ETF<sup>14</sup> | 13742 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily SHOP Bull 2X <br>ETF<sup>14</sup> | 19275 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
|  Direxion Daily Technology Top 5 Bear 2X ETF<sup>15</sup> |  | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
|  Direxion Daily Technology Top 5 Bull 2X ETF<sup>15</sup> |  | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily TSLA Bear 1X <br>Shares | 2069637 | &nbsp;&nbsp; — |  | 1764224 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily TSLA Bull 2X <br>Shares | 182837403 | &nbsp;&nbsp; — |  | 60392155 | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily TSM Bear 1X <br>Shares<sup>6</sup> | 107055 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily TSM Bull 2X <br>Shares<sup>6</sup> | 2540421 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
|  Direxion Daily Uranium Industry Bull 2X Shares<sup>4</sup> | 378458 | &nbsp;&nbsp; — |  | 16866 | &nbsp;&nbsp; — | —  |
|  Direxion Daily XOM Bear 1X Shares<sup>11</sup> | 36775 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily XOM Bull 2X <br>Shares<sup>11</sup> | 39232 | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp; — |  |

---

<sup>1</sup> Commenced operations on March 7, 2024

<sup>2</sup> Commenced operations on May 15, 2024

<sup>3</sup> Commenced operations on June 5, 2024

<sup>4</sup> Commenced operations on June 26, 2024

<sup>5</sup> Commenced operations on July 17, 2024

203<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

<sup>6</sup> Commenced operations on October 3, 2024

<sup>7</sup> Commenced operations on October 10, 2024

<sup>8</sup> Commenced operations on December 11, 2024

<sup>9</sup> Commenced operations on February 12, 2025

<sup>10</sup> Commenced operations on March 26, 2025

<sup>11</sup> Commenced operations on April 23, 2025

<sup>12</sup> Commenced operations on June 25, 2025

<sup>13</sup> Commenced operations on July 23, 2025

<sup>14</sup> Commenced operations on August 6, 2025

<sup>15</sup> Commenced operations on October 1, 2025

At October 31, 2025, the components of accumulated earnings/(losses) on a tax-basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds**  | **Tax Cost of** <br>**Investments** | **Gross** <br>**Unrealized** <br>**Appreciation**  | **Gross** <br>**Unrealized** <br>**Depreciation**  | **Net Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Direxion Daily AAPL Bear 1X Shares | $26102146  | $—  | $(5378292) | $(5378292)  |
| Direxion Daily AAPL Bull 2X Shares | 225658262  | 96530610  | (7082314) | 89448296  |
| Direxion Daily AI and Big Data Bear 2X Shares | 4047856  | —  | (1299548) | (1299548)  |
| Direxion Daily AI and Big Data Bull 2X Shares | 42583472  | 17567420  | (3003264) | 14564156  |
| Direxion Daily AMD Bear 1X Shares | 32241332  | 16140  | (8084882) | (8068742)  |
| Direxion Daily AMD Bull 2X Shares | 64617103  | 34920900  | (4916019) | 30004881  |
| Direxion Daily AMZN Bear 1X Shares | 7330578  | —  | (1352071) | (1352071)  |
| Direxion Daily AMZN Bull 2X Shares | 433579371  | 74657238  | (31962011) | 42695227  |
| Direxion Daily AVGO Bear 1X Shares | 15818223  | —  | (4223379) | (4223379)  |
| Direxion Daily AVGO Bull 2X Shares | 123737348  | 39576736  | (3130810) | 36445926  |
| Direxion Daily BA Bear 1X Shares | 2871531  | 177772  | (426456) | (248684)  |
| Direxion Daily BA Bull 2X Shares | 22791104  | 384356  | (1956103) | (1571747)  |
| Direxion Daily Biotech Top 5 Bull 2X ETF | 2656218  | 388462  | (3437) | 385025  |
| Direxion Daily BRKB Bear 1X Shares | 3108118  | 180127  | (196265) | (16138)  |
| Direxion Daily BRKB Bull 2X Shares | 88395972  | 11562  | (12404113) | (12392551)  |
| Direxion Daily Crypto Industry Bear 1X Shares | 2502790  | —  | (1061503) | (1061503)  |
| Direxion Daily Crypto Industry Bull 2X Shares | 5921305  | 3010629  | (638534) | 2372095  |
| Direxion Daily CSCO Bear 1X ETF | 2480943  | —  | (181855) | (181855)  |
| Direxion Daily CSCO Bull 2X ETF | 3989850  | 467210  | (79899) | 387311  |
| &nbsp;&nbsp;&nbsp; Direxion Daily CSI 300 China A Share Bull 2X <br>Shares | 203186114  | 40656376  | (43273264) | (2616888)  |
|  Direxion Daily CSI China Internet Index Bull 2X Shares | 383527585  | 115081793  | (80007221) | 35074572  |
| Direxion Daily Energy Bear 2X Shares | 20025094  | 500547  | (2057844) | (1557297)  |
| Direxion Daily Energy Bull 2X Shares | 236589060  | 20983657  | (28671697) | (7688040)  |
| Direxion Daily Energy Top 5 Bull 2X ETF | 1568953  | 11875  | (163982) | (152107)  |
| Direxion Daily F Bear 1X ETF | 2427135  | —  | (368919) | (368919)  |
| Direxion Daily F Bull 2X ETF | 3777431  | 1032737  | (63172) | 969565  |
| Direxion Daily Gold Miners Index Bear 2X Shares | 217682603  | 9351385  | (103467223) | (94115838)  |
| Direxion Daily Gold Miners Index Bull 2X Shares | 1327095795  | 418681132  | (109256519) | 309424613  |
| Direxion Daily GOOGL Bear 1X Shares | 16134674  | —  | (3884164) | (3884164)  |
| Direxion Daily GOOGL Bull 2X Shares | 783542183  | 363073044  | (40790627) | 322282417  |
|  Direxion Daily Junior Gold Miners Index Bear 2X Shares | 112509963  | —  | (66545534) | (66545534)  |
|  Direxion Daily Junior Gold Miners Index Bull 2X Shares | 606497858  | 286131054  | (82908584) | 203222470  |
| Direxion Daily LLY Bear 1X Shares | 4541172  | 2335  | (617464) | (615129)  |
| Direxion Daily LLY Bull 2X Shares | 17159223  | 7663465  | (1089974) | 6573491  |

---

204<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds**  | **Tax Cost of** <br>**Investments** | **Gross** <br>**Unrealized** <br>**Appreciation**  | **Gross** <br>**Unrealized** <br>**Depreciation**  | **Net Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| Direxion Daily LMT Bear 1X ETF | $2467849  | $—  | $(298018) | $(298018)  |
| Direxion Daily LMT Bull 2X ETF | 4011351  | 960021  | (5542) | 954479  |
| Direxion Daily Magnificent 7 Bear 1X Shares | 19235016  | —  | (3765007) | (3765007)  |
| Direxion Daily Magnificent 7 Bull 2X Shares | 109019756  | 40293306  | (11977183) | 28316123  |
| Direxion Daily META Bear 1X Shares | 8741795  | 969238  | (1151864) | (182626)  |
| Direxion Daily META Bull 2X Shares | 744909586  | 65131  | (69876478) | (69811347)  |
| Direxion Daily MSCI Brazil Bull 2X Shares | 178032837  | 41597447  | (28844139) | 12753308  |
| Direxion Daily MSCI India Bull 2X Shares | 71695935  | 2453704  | (3845089) | (1391385)  |
| Direxion Daily MSFT Bear 1X Shares | 10640518  | 187805  | (1829353) | (1641548)  |
| Direxion Daily MSFT Bull 2X Shares | 241140628  | 10643544  | (6914451) | 3729093  |
| Direxion Daily MU Bear 1X Shares | 34548299  | —  | (4366238) | (4366238)  |
| Direxion Daily MU Bull 2X Shares | 263375653  | 98744061  | (9065095) | 89678966  |
| Direxion Daily NFLX Bear 1X Shares | 9046225  | 522623  | (2729026) | (2206403)  |
| Direxion Daily NFLX Bull 2X Shares | 141244885  | 93500  | (10577330) | (10483830)  |
| Direxion Daily NVDA Bear 1X Shares | 39798331  | —  | (12145853) | (12145853)  |
| Direxion Daily NVDA Bull 2X Shares | 726129695  | 208030512  | (37176001) | 170854511  |
| Direxion Daily NYSE FANG+ Bull 2X Shares | 130506559  | 57956454  | (9188649) | 48767805  |
| Direxion Daily PANW Bear 1X Shares | 3638046  | —  | (588886) | (588886)  |
| Direxion Daily PANW Bull 2X Shares | 11913217  | 4129446  | (216957) | 3912489  |
| Direxion Daily PLTR Bear 1X Shares | 57696658  | —  | (22352197) | (22352197)  |
| Direxion Daily PLTR Bull 2X Shares | 551588665  | 229303459  | (4599432) | 224704027  |
| Direxion Daily QCOM Bear 1X ETF | 3088836  | —  | (475316) | (475316)  |
| Direxion Daily QCOM Bull 2X ETF | 6442802  | 1061343  | (175854) | 885489  |
|  Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | 33524750  | 13329398  | (1789649) | 11539749  |
| Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares | 165334071  | —  | (44889638) | (44889638)  |
| Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares | 167553102  | 85924401  | (19172611) | 66751790  |
|  Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares | 62461203  | 5098830  | (13383129) | (8284299)  |
|  Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares | 283827064  | 18009943  | (71425458) | (53415515)  |
| Direxion Daily Semiconductor Top 5 Bear 2X ETF | 2480985  | —  | (787721) | (787721)  |
| Direxion Daily Semiconductor Top 5 Bull 2X ETF | 4538253  | 1055457  | (56862) | 998595  |
| Direxion Daily SHOP Bear 1X ETF | 3696679  | —  | (733013) | (733013)  |
| Direxion Daily SHOP Bull 2X ETF | 6943912  | 1662560  | (227463) | 1435097  |
| Direxion Daily Technology Top 5 Bear 2X ETF | 2501070  | —  | (224365) | (224365)  |
| Direxion Daily Technology Top 5 Bull 2X ETF | 3493958  | 242475  | (67833) | 174642  |
| Direxion Daily TSLA Bear 1X Shares | 115462967  | —  | (40363463) | (40363463)  |
| Direxion Daily TSLA Bull 2X Shares | 8901263077  | 3609826388  | (1572481159) | 2037345229  |
| Direxion Daily TSM Bear 1X Shares | 4308329  | —  | (1208456) | (1208456)  |
| Direxion Daily TSM Bull 2X Shares | 262585319  | 59534784  | (10488721) | 49046063  |
| Direxion Daily Uranium Industry Bull 2X Shares | 73914981  | 16082982  | (3447740) | 12635242  |
| Direxion Daily XOM Bear 1X Shares | 2460504  | —  | (136240) | (136240)  |
| Direxion Daily XOM Bull 2X Shares | 3162576  | 216693  | (78355) | 138338 |

---

The difference between the book cost of investments and the tax cost of investments is primarily attributable to tax deferral of losses on wash sales and basis adjustments on investments in real estate investment trusts and passive foreign investment companies.

205<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

At October 31, 2025, the aggregate gross unrealized appreciation and depreciation of investments for U.S. Federal income tax purposes were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Funds**  | **Net Unrealized** <br>**Appreciation** <br>(Depreciation) | **Undistributed** <br>**Ordinary** <br>**Income** <br>(Loss)  | **Undistributed** <br>**Capital** <br>**Gain (Loss)**  | **Other** <br>**Accumulated** <br>**Earnings** <br>(Losses)<sup>1</sup> | **Total** <br>**Accumulated** <br>**Earnings** <br>(Losses) |
| &nbsp;&nbsp;&nbsp; Direxion Daily AAPL Bear 1X <br>Shares | $(5378292) | $78312  | $—  | $(11419393) | $(16719373)  |
| &nbsp;&nbsp;&nbsp; Direxion Daily AAPL Bull 2X <br>Shares | 89448296  | 10721791  | —  | (1051) | 100169036  |
|  Direxion Daily AI and Big Data Bear 2X Shares | (1299548) | 8311  | —  | (1504654) | (2795891)  |
|  Direxion Daily AI and Big Data Bull 2X Shares | 14564156  | 770043  | —  | (2837) | 15331362  |
| &nbsp;&nbsp;&nbsp; Direxion Daily AMD Bear 1X <br>Shares | (8068742) | 75649  | —  | (1775916) | (9769009)  |
| &nbsp;&nbsp;&nbsp; Direxion Daily AMD Bull 2X <br>Shares | 30004881  | 4821374  | —  | —  | 34826255  |
| &nbsp;&nbsp;&nbsp; Direxion Daily AMZN Bear 1X <br>Shares | (1352071) | 22201  | —  | (2819243) | (4149113)  |
| &nbsp;&nbsp;&nbsp; Direxion Daily AMZN Bull 2X <br>Shares | 42695227  | 12810034  | —  | (1057) | 55504204  |
| &nbsp;&nbsp;&nbsp; Direxion Daily AVGO Bear 1X <br>Shares | (4223379) | 49241  | —  | (1302625) | (5476763)  |
| &nbsp;&nbsp;&nbsp; Direxion Daily AVGO Bull 2X <br>Shares | 36445926  | 25256134  | —  | —  | 61702060  |
| Direxion Daily BA Bear 1X Shares | (248684) | 2162  | —  | (278360) | (524882)  |
| Direxion Daily BA Bull 2X Shares | (1571747) | 140290  | —  | —  | (1431457)  |
|  Direxion Daily Biotech Top 5 Bull 2X ETF | 385025  | 39638  | —  | —  | 424663  |
| &nbsp;&nbsp;&nbsp; Direxion Daily BRKB Bear 1X <br>Shares | (16138) | —  | —  | (66596) | (82734)  |
| &nbsp;&nbsp;&nbsp; Direxion Daily BRKB Bull 2X <br>Shares | (12392551) | 218790  | —  | (834069) | (13007830)  |
|  Direxion Daily Crypto Industry Bear 1X Shares | (1061503) | 7298  | —  | (3651) | (1057856)  |
|  Direxion Daily Crypto Industry Bull 2X Shares | 2372095  | 233741  | —  | (3809) | 2602027  |
| Direxion Daily CSCO Bear 1X ETF | (181855) | 5174  | —  | (21716) | (198397)  |
| Direxion Daily CSCO Bull 2X ETF | 387311  | 10324  | —  | (165872) | 231763  |
|  Direxion Daily CSI 300 China A Share Bull 2X Shares | (2616888) | 242674  | —  | (155684182) | (158058396)  |
|  Direxion Daily CSI China Internet Index Bull 2X Shares | 35074572  | —  | —  | (390484009) | (355409437)  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Energy Bear 2X <br>Shares | (1557297) | 72011  | —  | (197067771) | (198553057)  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Energy Bull 2X <br>Shares | (7688040) | 68117  | —  | (37542123) | (45162046)  |
|  Direxion Daily Energy Top 5 Bull 2X ETF | (152107) | 3081  | —  | (33807) | (182833)  |
| Direxion Daily F Bear 1X ETF | (368919) | 6454  | —  | (79079) | (441544)  |
| Direxion Daily F Bull 2X ETF | 969565  | 5626  | —  | (2933) | 972258  |
|  Direxion Daily Gold Miners Index Bear 2X Shares | (94115838) | 813842  | —  | (756138779) | (849440775)  |

---

206<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Funds**  | **Net Unrealized** <br>**Appreciation** <br>(Depreciation) | **Undistributed** <br>**Ordinary** <br>**Income** <br>(Loss)  | **Undistributed** <br>**Capital** <br>**Gain (Loss)**  | **Other** <br>**Accumulated** <br>**Earnings** <br>(Losses)<sup>1</sup> | **Total** <br>**Accumulated** <br>**Earnings** <br>(Losses) |
|  Direxion Daily Gold Miners Index Bull 2X Shares | $309424613  | $—  | $—  | $(1475780410) | $(1166355797)  |
|  Direxion Daily GOOGL Bear 1X Shares | (3884164) | 54411  | —  | (2352354) | (6182107)  |
|  Direxion Daily GOOGL Bull 2X Shares | 322282417  | 32555971  | —  | (1057) | 354837331  |
|  Direxion Daily Junior Gold Miners Index Bear 2X Shares | (66545534) | 362069  | —  | (316499954) | (382683419)  |
|  Direxion Daily Junior Gold Miners Index Bull 2X Shares | 203222470  | 198373  | —  | (1352003557) | (1148582714)  |
| Direxion Daily LLY Bear 1X Shares | (615129) | 10637  | —  | (283850) | (888342)  |
| Direxion Daily LLY Bull 2X Shares | 6573491  | 1816533  | —  | —  | 8390024  |
| Direxion Daily LMT Bear 1X ETF | (298018) | 8553  | —  | (37196) | (326661)  |
| Direxion Daily LMT Bull 2X ETF | 954479  | 109143  | —  | —  | 1063622  |
|  Direxion Daily Magnificent 7 Bear 1X Shares | (3765007) | 71336  | —  | (1175316) | (4868987)  |
|  Direxion Daily Magnificent 7 Bull 2X Shares | 28316123  | 11014825  | —  | —  | 39330948  |
| &nbsp;&nbsp;&nbsp; Direxion Daily META Bear 1X <br>Shares | (182626) | 24347  | —  | (416206) | (574485)  |
| &nbsp;&nbsp;&nbsp; Direxion Daily META Bull 2X <br>Shares | (69811347) | 3765211  | —  | (8999) | (66055135)  |
|  Direxion Daily MSCI Brazil Bull 2X Shares | 12753308  | 15752  | —  | (462762602) | (449993542)  |
|  Direxion Daily MSCI India Bull 2X Shares | (1391385) | 105454  | —  | —  | (1285931)  |
| &nbsp;&nbsp;&nbsp; Direxion Daily MSFT Bear 1X <br>Shares | (1641548) | 30761  | —  | (4635682) | (6246469)  |
| &nbsp;&nbsp;&nbsp; Direxion Daily MSFT Bull 2X <br>Shares | 3729093  | 13943128  | —  | (1057) | 17671164  |
| Direxion Daily MU Bear 1X Shares | (4366238) | 42963  | —  | (911755) | (5235030)  |
| Direxion Daily MU Bull 2X Shares | 89678966  | 16590812  | —  | —  | 106269778  |
| &nbsp;&nbsp;&nbsp; Direxion Daily NFLX Bear 1X <br>Shares | (2206403) | 25953  | —  | (167136) | (2347586)  |
| &nbsp;&nbsp;&nbsp; Direxion Daily NFLX Bull 2X <br>Shares | (10483830) | 4582678  | —  | (1460) | (5902613)  |
| &nbsp;&nbsp;&nbsp; Direxion Daily NVDA Bear 1X <br>Shares | (12145853) | 103577  | —  | (15495319) | (27537595)  |
| &nbsp;&nbsp;&nbsp; Direxion Daily NVDA Bull 2X <br>Shares | 170854511  | 24896269  | —  | (13868) | 195736912  |
|  Direxion Daily NYSE FANG+ Bull 2X Shares | 48767805  | 12123818  | —  | —  | 60891623  |
| &nbsp;&nbsp;&nbsp; Direxion Daily PANW Bear 1X <br>Shares | (588886) | 4562  | —  | (87996) | (672320)  |
| &nbsp;&nbsp;&nbsp; Direxion Daily PANW Bull 2X <br>Shares | 3912489  | 617999  | —  | —  | 4530488  |
| &nbsp;&nbsp;&nbsp; Direxion Daily PLTR Bear 1X <br>Shares | (22352197) | 163114  | —  | (7303488) | (29492571)  |
| &nbsp;&nbsp;&nbsp; Direxion Daily PLTR Bull 2X <br>Shares | 224704027  | 98596081  | —  | —  | 323300108  |

---

207<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Funds**  | **Net Unrealized** <br>**Appreciation** <br>(Depreciation) | **Undistributed** <br>**Ordinary** <br>**Income** <br>(Loss)  | **Undistributed** <br>**Capital** <br>**Gain (Loss)**  | **Other** <br>**Accumulated** <br>**Earnings** <br>(Losses)<sup>1</sup> | **Total** <br>**Accumulated** <br>**Earnings** <br>(Losses) |
| &nbsp;&nbsp;&nbsp; Direxion Daily QCOM Bear 1X <br>ETF | $(475316) | $7206  | $—  | $(53812) | $(521922)  |
| &nbsp;&nbsp;&nbsp; Direxion Daily QCOM Bull 2X <br>ETF | 885489  | 6035  | —  | (33953) | 857571  |
|  Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | 11539749  | 24231  | —  | (18854554) | (7290574)  |
|  Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares | (44889638) | 518486  | —  | (185831811) | (230202963)  |
|  Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares | 66751790  | 2445525  | —  | —  | 69197315  |
|  Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares | (8284299) | 155377  | —  | (217927060) | (226055982)  |
|  Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares | (53415515) | 232499  | —  | (88727823) | (141910839)  |
|  Direxion Daily Semiconductors Top 5 Bear 2X ETF | (787721) | 6200  | —  | (16392) | (797913)  |
|  Direxion Daily Semiconductors Top 5 Bull 2X ETF | 998595  | 107064  | —  | —  | 1105659  |
| Direxion Daily SHOP Bear 1X ETF | (733013) | 9027  | —  | (290684) | (1014670)  |
| Direxion Daily SHOP Bull 2X ETF | 1435097  | 1544419  | —  | —  | 2979516  |
|  Direxion Daily Technology Top 5 Bear 2X ETF | (224365) | 10020  | —  | —  | (214345)  |
|  Direxion Daily Technology Top 5 Bull 2X ETF | 174642  | 1248  | —  | (1181) | 174709  |
| &nbsp;&nbsp;&nbsp; Direxion Daily TSLA Bear 1X <br>Shares | (40363463) | 311582  | —  | (42149738) | (82201619)  |
| &nbsp;&nbsp;&nbsp; Direxion Daily TSLA Bull 2X <br>Shares | 2037345229  | 211400272  | —  | (1050) | 2248744451  |
| &nbsp;&nbsp;&nbsp; Direxion Daily TSM Bear 1X <br>Shares | (1208456) | 12986  | —  | —  | (1195470)  |
| &nbsp;&nbsp;&nbsp; Direxion Daily TSM Bull 2X <br>Shares | 49046063  | 14663860  | —  | —  | 63709923  |
|  Direxion Daily Uranium Industry Bull 2X Shares | 12635242  | 2898677  | —  | (2629) | 15531290  |
| &nbsp;&nbsp;&nbsp; Direxion Daily XOM Bear 1X <br>Shares | (136240) | 4633  | —  | (37850) | (169457)  |
| &nbsp;&nbsp;&nbsp; Direxion Daily XOM Bull 2X <br>Shares | 138338  | 5638  | —  | (70690) | 73286 |

---

<sup>1</sup> Other Accumulated Earnings (Losses) consist of capital loss carryover, qualified late year losses and organizational costs.

208<br>

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**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

On the Statements of Assets and Liabilities, the following adjustments were made for permanent tax differences between accounting for total distributable earnings and capital stock under GAAP and tax reporting:

---

| | | |
|:---|:---|:---|
| **Funds** | **Total** <br>**Distributable**<br>**Earnings (Loss)** | **Capital Stock** |
| Direxion Daily AAPL Bear 1X Shares | $—  | $—  |
| Direxion Daily AAPL Bull 2X Shares | (43184128) | 43184128  |
| Direxion Daily AI and Big Data Bear 2X Shares | —  | —  |
| Direxion Daily AI and Big Data Bull 2X Shares | (1449612) | 1449612  |
| Direxion Daily AMD Bear 1X Shares | —  | —  |
| Direxion Daily AMD Bull 2X Shares | (9919533) | 9919533  |
| Direxion Daily AMZN Bear 1X Shares | —  | —  |
| Direxion Daily AMZN Bull 2X Shares | (40063282) | 40063282  |
| Direxion Daily AVGO Bear 1X Shares | —  | —  |
| Direxion Daily AVGO Bull 2X Shares | (28188604) | 28188604  |
| Direxion Daily BA Bear 1X Shares | —  | —  |
| Direxion Daily BA Bull 2X Shares | (142877) | 142877  |
| Direxion Daily Biotech Top 5 Bull 2X ETF | —  | —  |
| Direxion Daily BRKB Bear 1X Shares | 224  | (224)  |
| Direxion Daily BRKB Bull 2X Shares | (260131) | 260131  |
| Direxion Daily Crypto Industry Bear 1X Shares | (72670) | 72670  |
| Direxion Daily Crypto Industry Bull 2X Shares | (317892) | 317892  |
| Direxion Daily CSCO Bear 1X ETF | —  | —  |
| Direxion Daily CSCO Bull 2X ETF | —  | —  |
| Direxion Daily CSI 300 China A Share Bull 2X Shares | 43101086  | (43101086)  |
| Direxion Daily CSI China Internet Index Bull 2X Shares | 3640674  | (3640674)  |
| Direxion Daily Energy Bear 2X Shares | —  | —  |
| Direxion Daily Energy Bull 2X Shares | (6548002) | 6548002  |
| Direxion Daily Energy Top 5 Bull 2X ETF | —  | —  |
| Direxion Daily F Bear 1X ETF | —  | —  |
| Direxion Daily F Bull 2X ETF | —  | —  |
| Direxion Daily Gold Miners Index Bear 2X Shares | —  | —  |
| Direxion Daily Gold Miners Index Bull 2X Shares | (128857652) | 128857652  |
| Direxion Daily GOOGL Bear 1X Shares | —  | —  |
| Direxion Daily GOOGL Bull 2X Shares | (55526391) | 55526391  |
| Direxion Daily Junior Gold Miners Index Bear 2X Shares | —  | —  |
| Direxion Daily Junior Gold Miners Index Bull 2X Shares | (60991721) | 60991721  |
| Direxion Daily LLY Bear 1X Shares | —  | —  |
| Direxion Daily LLY Bull 2X Shares | (957821) | 957821  |
| Direxion Daily LMT Bear 1X ETF | —  | —  |
| Direxion Daily LMT Bull 2X ETF | —  | —  |
| Direxion Daily Magnificent 7 Bear 1X Shares | —  | —  |
| Direxion Daily Magnificent 7 Bull 2X Shares | (2194672) | 2194672  |
| Direxion Daily META Bear 1X Shares | —  | —  |
| Direxion Daily META Bull 2X Shares | (19275637) | 19275637  |
| Direxion Daily MSCI Brazil Bull 2X Shares | (6665026) | 6665026  |
| Direxion Daily MSCI India Bull 2X Shares | (2980976) | 2980976  |
| Direxion Daily MSFT Bear 1X Shares | —  | —  |
| Direxion Daily MSFT Bull 2X Shares | (7056408) | 7056408  |
| Direxion Daily MU Bear 1X Shares | 38  | (38)  |
| Direxion Daily MU Bull 2X Shares | (7816367) | 7816367  |
| Direxion Daily NFLX Bear 1X Shares | —  | —  |

---

209<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Funds** | **Total** <br>**Distributable**<br>**Earnings (Loss)** | **Capital Stock** |
| Direxion Daily NFLX Bull 2X Shares | $(15085187) | $15085187  |
| Direxion Daily NVDA Bear 1X Shares | —  | —  |
| Direxion Daily NVDA Bull 2X Shares | (266392042) | 266392042  |
| Direxion Daily NYSE FANG+ Bull 2X Shares | (15743416) | 15743416  |
| Direxion Daily PANW Bear 1X Shares | —  | —  |
| Direxion Daily PANW Bull 2X Shares | (144151) | 144151  |
| Direxion Daily PLTR Bear 1X Shares | 396  | (396)  |
| Direxion Daily PLTR Bull 2X Shares | (278751842) | 278751842  |
| Direxion Daily QCOM Bear 1X ETF | —  | —  |
| Direxion Daily QCOM Bull 2X ETF | —  | —  |
|  Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | (90141) | 90141  |
| Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares | —  | —  |
| Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares | (23713637) | 23713637  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares | —  | —  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares | 37981  | (37981)  |
| Direxion Daily Semiconductors Top 5 Bear 2X ETF | —  | —  |
| Direxion Daily Semiconductors Top 5 Bull 2X ETF | —  | —  |
| Direxion Daily SHOP Bear 1X ETF | —  | —  |
| Direxion Daily SHOP Bull 2X ETF | (174797) | 174797  |
| Direxion Daily Technology Top 5 Bear 2X ETF | —  | —  |
| Direxion Daily Technology Top 5 Bull 2X ETF | —  | —  |
| Direxion Daily TSLA Bear 1X Shares | —  | —  |
| Direxion Daily TSLA Bull 2X Shares | (2326120635) | 2326120635  |
| Direxion Daily TSM Bear 1X Shares | (9433) | 9433  |
| Direxion Daily TSM Bull 2X Shares | (15829528) | 15829528  |
| Direxion Daily Uranium Industry Bull 2X Shares | (701177) | 701177  |
| Direxion Daily XOM Bear 1X Shares | —  | —  |
| Direxion Daily XOM Bull 2X Shares | —  |  |

---

GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended October 31, 2025, the permanent differences primarily relate to tax treatment of redemptions in-kind, non-deductible excise tax, net operating losses and the utilization of earnings and profits distributed to shareholders on redemption of shares.

In order to meet certain U.S. excise tax distribution requirements, each Fund is required to measure and distribute annually net capital gains realized during a twelve month period ending October 31 and net investment income earned during a twelve month period ending December 31. In connection with this, these Funds are permitted for tax purposes to defer to their next fiscal year qualified late year losses. Qualified late year ordinary losses are generally losses incurred between January 1 and the end of their fiscal year, October 31, 2025.

At October 31, 2025, no Funds deferred, on a tax basis, qualified late year losses.

Under current law, each Fund may carry forward net capital losses indefinitely to use to offset capital gains realized in future years and their character is retained as either short-term and/or long-term.

210<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

At October 31, 2025, for U.S. Federal income tax purposes, the following Funds had capital loss carryforwards available to offset future capital gains:

---

| | | | |
|:---|:---|:---|:---|
| **Funds** | **Utilized in** <br>**Current Year** | **Unlimited ST** | **Unlimited LT**  |
| Direxion Daily AAPL Bear 1X Shares | $—  | $(11418349) | $—  |
| Direxion Daily AAPL Bull 2X Shares | —  | —  | —  |
| Direxion Daily AI and Big Data Bear 2X Shares | —  | (1501972) | —  |
| Direxion Daily AI and Big Data Bull 2X Shares | —  | —  | —  |
| Direxion Daily AMD Bear 1X Shares | —  | (1775916) | —  |
| Direxion Daily AMD Bull 2X Shares | —  | —  | —  |
| Direxion Daily AMZN Bear 1X Shares | —  | (2818193) | —  |
| Direxion Daily AMZN Bull 2X Shares | —  | —  | —  |
| Direxion Daily AVGO Bear 1X Shares | —  | (1302625) | —  |
| Direxion Daily AVGO Bull 2X Shares | 1429  | —  | —  |
| Direxion Daily BA Bear 1X Shares | —  | (278360) | —  |
| Direxion Daily BA Bull 2X Shares | —  | —  | —  |
| Direxion Daily Biotech Top 5 Bull 2X ETF | —  | —  | —  |
| Direxion Daily BRKB Bear 1X Shares | —  | (66596) | —  |
| Direxion Daily BRKB Bull 2X Shares | —  | (834069) | —  |
| Direxion Daily Crypto Industry Bear 1X Shares | 33945  | —  | —  |
| Direxion Daily Crypto Industry Bull 2X Shares | 39002  | —  | —  |
| Direxion Daily CSCO Bear 1X ETF | —  | (21716) | —  |
| Direxion Daily CSCO Bull 2X ETF | —  | (165872) | —  |
| Direxion Daily CSI 300 China A Share Bull 2X Shares | —  | (153469533) | (2214649)  |
| Direxion Daily CSI China Internet Index Bull 2X Shares | —  | (390484009) | —  |
| Direxion Daily Energy Bear 2X Shares | 709261  | (197067771) | —  |
| Direxion Daily Energy Bull 2X Shares | —  | (25640607) | (11901516)  |
| Direxion Daily Energy Top 5 Bull 2X ETF | —  | (33807) | —  |
| Direxion Daily F Bear 1X ETF | —  | (79079) | —  |
| Direxion Daily F Bull 2X ETF | —  | (2933) | —  |
| Direxion Daily Gold Miners Index Bear 2X Shares | —  | (756138779) | —  |
| Direxion Daily Gold Miners Index Bull 2X Shares | 336894023  | (871204897) | (604575513)  |
| Direxion Daily GOOGL Bear 1X Shares | —  | (2351304) | —  |
| Direxion Daily GOOGL Bull 2X Shares | —  | —  | —  |
| Direxion Daily Junior Gold Miners Index Bear 2X Shares | —  | (316499954) | —  |
| Direxion Daily Junior Gold Miners Index Bull 2X Shares | 150390796  | (1352003557) | —  |
| Direxion Daily LLY Bear 1X Shares | —  | (283850) | —  |
| Direxion Daily LLY Bull 2X Shares | —  | —  | —  |
| Direxion Daily LMT Bear 1X ETF | —  | (37196) | —  |
| Direxion Daily LMT Bull 2X ETF | —  | —  | —  |
| Direxion Daily Magnificent 7 Bear 1X Shares | —  | (1175316) | —  |
| Direxion Daily Magnificent 7 Bull 2X Shares | —  | —  | —  |
| Direxion Daily META Bear 1X Shares | —  | (414148) | —  |
| Direxion Daily META Bull 2X Shares | 137273  | —  | —  |
| Direxion Daily MSCI Brazil Bull 2X Shares | —  | (459448631) | (3313971)  |
| Direxion Daily MSCI India Bull 2X Shares | —  | —  | —  |
| Direxion Daily MSFT Bear 1X Shares | —  | (4634632) | —  |
| Direxion Daily MSFT Bull 2X Shares | —  | —  | —  |
| Direxion Daily MU Bear 1X Shares | —  | (911755) | —  |
| Direxion Daily MU Bull 2X Shares | 1511  | —  | —  |
| Direxion Daily NFLX Bear 1X Shares | —  | (165676) | —  |

---

211<br>

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**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Funds** | **Utilized in** <br>**Current Year** | **Unlimited ST** | **Unlimited LT**  |
| Direxion Daily NFLX Bull 2X Shares | $—  | $—  | $—  |
| Direxion Daily NVDA Bear 1X Shares | —  | (15481451) | —  |
| Direxion Daily NVDA Bull 2X Shares | —  | —  | —  |
| Direxion Daily NYSE FANG+ Bull 2X Shares | 782201  | —  | —  |
| Direxion Daily PANW Bear 1X Shares | —  | (87996) | —  |
| Direxion Daily PANW Bull 2X Shares | —  | —  | —  |
| Direxion Daily PLTR Bear 1X Shares | —  | (7303488) | —  |
| Direxion Daily PLTR Bull 2X Shares | —  | —  | —  |
| Direxion Daily QCOM Bear 1X ETF | —  | (53812) | —  |
| Direxion Daily QCOM Bull 2X ETF | —  | (33953) | —  |
|  Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | —  | (17216753) | (1636756)  |
| Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares | —  | (185831811) | —  |
| Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares | —  | —  | —  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares | 10006648  | (217927060) | —  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares | —  | (63438462) | (25289361)  |
| Direxion Daily Semiconductors Top 5 Bear 2X ETF | —  | (16392) | —  |
| Direxion Daily Semiconductors Top 5 Bull 2X ETF | —  | —  | —  |
| Direxion Daily SHOP Bear 1X ETF | —  | (290684) | —  |
| Direxion Daily SHOP Bull 2X ETF | —  | —  | —  |
| Direxion Daily Technology Top 5 Bear 2X ETF | —  | —  | —  |
| Direxion Daily Technology Top 5 Bull 2X ETF | —  | (1181) | —  |
| Direxion Daily TSLA Bear 1X Shares | —  | (42148689) | —  |
| Direxion Daily TSLA Bull 2X Shares | —  | —  | —  |
| Direxion Daily TSM Bear 1X Shares | 25798  | —  | —  |
| Direxion Daily TSM Bull 2X Shares | —  | —  | —  |
| Direxion Daily Uranium Industry Bull 2X Shares | —  | —  | —  |
| Direxion Daily XOM Bear 1X Shares | —  | (37850) | —  |
| Direxion Daily XOM Bull 2X Shares | —  | (70690) |  |

---

The Funds follow authoritative financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. Management has reviewed all open tax years and concluded that there is no effect to the Funds' financial positions or results of operations and no tax liability was required to be recorded resulting from unrecognized tax benefits relating to uncertain income tax position taken or expected to be taken on a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During this period, the Funds did not incur any interest or penalties. Open tax years are those years that are open for examination by the relevant income taxing authority. As of October 31, 2025, open U.S. Federal and state income tax years include the tax years ended October 31, 2022, through October 31, 2025. The Funds have no examinations in progress. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax expense will significantly change in the next twelve months.

4. CREATION AND REDEMPTION TRANSACTIONS AND TRANSACTION FEES

Each Fund issues and redeems shares on a continuous basis at NAV only in large blocks of shares called "Creation Units." The number of shares in a Creation Unit for each respective Fund is as follows:

---

| | |
|:---|:---|
| **Fund** | **Number of shares** <br>**per Creation Unit**  |
| Direxion Daily AAPL Bear 1X Shares | 25,000 shares  |
| Direxion Daily AAPL Bull 2X Shares | 25,000 shares  |
| Direxion Daily AI and Big Data Bear 2X Shares | 25,000 shares  |

---

212<br>

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**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | |
|:---|:---|
| **Fund** | **Number of shares** <br>**per Creation Unit**  |
| Direxion Daily AI and Big Data Bull 2X Shares | 25,000 shares  |
| Direxion Daily AMD Bear 1X Shares | 25,000 shares  |
| Direxion Daily AMD Bull 2X Shares | 25,000 shares  |
| Direxion Daily AMZN Bear 1X Shares | 25,000 shares  |
| Direxion Daily AMZN Bull 2X Shares | 25,000 shares  |
| Direxion Daily AVGO Bear 1X Shares | 25,000 shares  |
| Direxion Daily AVGO Bull 2X Shares | 25,000 shares  |
| Direxion Daily BA Bear 1X Shares | 25,000 shares  |
| Direxion Daily BA Bull 2X Shares | 25,000 shares  |
| Direxion Daily Biotech Top 5 Bull 2X ETF | 25,000 shares  |
| Direxion Daily BRKB Bear 1X Shares | 25,000 shares  |
| Direxion Daily BRKB Bull 2X Shares | 25,000 shares  |
| Direxion Daily Crypto Industry Bear 1X Shares | 25,000 shares  |
| Direxion Daily Crypto Industry Bull 2X Shares | 25,000 shares  |
| Direxion Daily CSCO Bear 1X ETF | 25,000 shares  |
| Direxion Daily CSCO Bull 2X ETF | 25,000 shares  |
| Direxion Daily CSI 300 China A Share Bull 2X Shares | 50,000 shares  |
| Direxion Daily CSI China Internet Index Bull 2X Shares | 50,000 shares  |
| Direxion Daily Energy Bear 2X Shares | 50,000 shares  |
| Direxion Daily Energy Bull 2X Shares | 50,000 shares  |
| Direxion Daily Energy Top 5 Bull 2X ETF | 25,000 shares  |
| Direxion Daily F Bear 1X ETF | 25,000 shares  |
| Direxion Daily F Bull 2X ETF | 25,000 shares  |
| Direxion Daily Gold Miners Index Bear Shares | 50,000 shares  |
| Direxion Daily Gold Miners Index Bull 2X Shares | 50,000 shares  |
| Direxion Daily GOOGL Bear 1X Shares | 25,000 shares  |
| Direxion Daily GOOGL Bull 2X Shares | 25,000 shares  |
| Direxion Daily Junior Gold Miners Index Bear 2X Shares | 50,000 shares  |
| Direxion Daily Junior Gold Miners Index Bull 2X Shares | 50,000 shares  |
| Direxion Daily LLY Bear 1X Shares | 25,000 shares  |
| Direxion Daily LLY Bull 2X Shares | 25,000 shares  |
| Direxion Daily LMT Bear 1X ETF | 25,000 shares  |
| Direxion Daily LMT Bull 2X ETF | 25,000 shares  |
| Direxion Daily Magnificent 7 Bear 1X Shares | 50,000 shares  |
| Direxion Daily Magnificent 7 Bull 2X Shares | 50,000 shares  |
| Direxion Daily META Bear 1X Shares | 25,000 shares  |
| Direxion Daily META Bull 2X Shares | 25,000 shares  |
| Direxion Daily MSCI Brazil Bull 2X Shares | 50,000 shares  |
| Direxion Daily MSCI India Bull 2X Shares | 50,000 shares  |
| Direxion Daily MSFT Bear 1X Shares | 25,000 shares  |
| Direxion Daily MSFT Bull 2X Shares | 25,000 shares  |
| Direxion Daily MU Bear 1X Shares | 25,000 shares  |
| Direxion Daily MU Bull 2X Shares | 25,000 shares  |
| Direxion Daily NFLX Bear 1X Shares | 25,000 shares  |
| Direxion Daily NFLX Bull 2X Shares | 25,000 shares  |
| Direxion Daily NVDA Bear 1X Shares | 25,000 shares  |
| Direxion Daily NVDA Bull 2X Shares | 25,000 shares  |
| Direxion Daily NYSE FANG+ Bull 2X Shares | 50,000 shares  |
| Direxion Daily PANW Bear 1X Shares | 25,000 shares  |
| Direxion Daily PANW Bull 2X Shares | 25,000 shares  |
| Direxion Daily PLTR Bear 1X Shares | 25,000 shares  |

---

213<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | |
|:---|:---|
| **Fund** | **Number of shares** <br>**per Creation Unit**  |
| Direxion Daily PLTR Bull 2X Shares | 25,000 shares  |
| Direxion Daily QCOM Bear 1X ETF | 25,000 shares  |
| Direxion Daily QCOM Bull 2X ETF | 25,000 shares  |
| Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | 50,000 shares  |
| Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares | 50,000 shares  |
| Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares | 50,000 shares  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares | 50,000 shares  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares | 50,000 shares  |
| Direxion Daily Semiconductors Top 5 Bear 2X ETF | 25,000 shares  |
| Direxion Daily Semiconductors Top 5 Bull 2X ETF | 25,000 shares  |
| Direxion Daily SHOP Bear1X ETF | 25,000 shares  |
| Direxion Daily SHOP Bull 2X ETF | 25,000 shares  |
| Direxion Daily Technology Top 5 Bear 2X ETF | 25,000 shares  |
| Direxion Daily Technology Top 5 Bull 2X ETF | 25,000 shares  |
| Direxion Daily TSLA Bear 1X Shares | 25,000 shares  |
| Direxion Daily TSLA Bull 2X Shares | 25,000 shares  |
| Direxion Daily TSM Bear 1X Shares | 25,000 shares  |
| Direxion Daily TSM Bull 2X Shares | 25,000 shares  |
| Direxion Daily Uranium Industry Bull 2X Shares | 25,000 shares  |
| Direxion Daily XOM Bear 1X Shares | 25,000 shares  |
| Direxion Daily XOM Bull 2X Shares | 25,000 shares |

---

Creation Units of the Bull Funds are issued and redeemed in cash and/or in-kind for securities included in the relevant underlying index. Creation Units of the Bear Funds are issued and redeemed for cash. Investors such as market makers, large investors and institutions who wish to deal in creation units directly with a Fund must have entered into an authorized participant agreement with the principal underwriter and the transfer agent, or purchase through a dealer that has entered into such an agreement. Transactions in shares for each Fund include both cash and in-kind transactions and are disclosed in detail in the Statements of Changes in Net Assets.

Transaction fees payable to the Trust are imposed to compensate the Trust for the transfer and other transaction costs of a Fund associated with the issuance and redemption of creation units. There is a fixed and a variable component to the total transaction fee. A fixed transaction fee is applicable to each creation or redemption transaction, regardless of the number of creation units purchased or redeemed. In addition, a variable transaction fee equal to a percentage of the value of each creation unit purchased or redeemed is applicable to each creation or redemption transaction. Not all Funds will have a transaction fee associated with capital share activity for the year. Transaction fees received by each Fund are presented in the Capital Share Transaction section of the Statements of Changes in Net Assets and any amount receivable as of October 31, 2025, is included in Receivable for Fund shares sold on the Statements of Assets and Liabilities.

5. INVESTMENT TRANSACTIONS

The table below presents each Fund's investment transactions during the period ended October 31, 2025. Purchases represent the aggregate purchases of investments excluding the cost of in-kind purchases, short-term investment purchases, swaps and futures contracts. Sales represent the aggregate sales of investments excluding proceeds from in-kind sales, short-term investments, swaps and futures contracts. Purchases in-kind are the aggregate of all in-kind purchases and sales in-kind are the aggregate of all proceeds from in-kind sales. The transactions for each of these categories are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **Purchases** | **Sales** | **Purchases** <br>**In-Kind** | **Sales** <br>**In-Kind**  |
| Direxion Daily AAPL Bear 1X Shares | $— | $—  | $—  | $—  |
| Direxion Daily AAPL Bull 2X Shares |  | 10680004 | 88107582 | 85238012  |
| Direxion Daily AI and Big Data Bear 2X Shares |  |  |  | —  |

---

214<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **Purchases** | **Sales** | **Purchases** <br>**In-Kind** | **Sales** <br>**In-Kind**  |
| Direxion Daily AI and Big Data Bull 2X Shares | $28019557 | $16110866 | $17482509 | $3151808  |
| Direxion Daily AMD Bear 1X Shares<sup>2</sup> |  |  |  | —  |
| Direxion Daily AMD Bull 2X Shares<sup>2</sup> | 377771 | 176557 | 4677796 | 2381581  |
| Direxion Daily AMZN Bear 1X Shares |  |  |  | —  |
| Direxion Daily AMZN Bull 2X Shares | 24854985 | 21067704 | 71118948 | 65215316  |
| Direxion Daily AVGO Bear 1X Shares |  |  |  | —  |
| Direxion Daily AVGO Bull 2X Shares | 11644013 | 4382416 | 14470787 | 14129120  |
| Direxion Daily BA Bear 1X Shares<sup>4</sup> |  |  |  | —  |
| Direxion Daily BA Bull 2X Shares<sup>4</sup> | 2320619 | 564578 | 1764999 | —  |
| Direxion Daily Biotech Top 5 Bull 2X ETF<sup>8</sup> | 1977875 | 548288 |  | —  |
| Direxion Daily BRBK Bull 2X Shares<sup>1</sup> | 646244 | 472328 | 16265757 | 4441171  |
| Direxion Daily BRKB Bear 1X Shares<sup>1</sup> |  |  |  | —  |
| Direxion Daily Crypto Industry Bear 1X Shares |  |  |  | —  |
| Direxion Daily Crypto Industry Bull 2X Shares | 5612044 | 6112988 | 4666664 | 2126405  |
| Direxion Daily CSCO Bear 1X ETF<sup>5</sup> |  |  |  | —  |
| Direxion Daily CSCO Bull 2X ETF<sup>5</sup> | 764575 | 289438 | 258433 | —  |
| Direxion Daily CSI 300 China A Share Bull 2X Shares | 64221925 | 70944627 | 82061811 | 247690521  |
| Direxion Daily CSI China Internet Index Bull 2X Shares | 180123025 | 133388491 | 64507515 | 157668260  |
| Direxion Daily Energy Bear 2X Shares |  |  |  | —  |
| Direxion Daily Energy Bull 2X Shares | 14461954 | 68159444 | 75705743 | 80552793  |
| Direxion Daily Energy Top 5 Bull 2X ETF<sup>8</sup> | 2007711 | 897347 |  | —  |
| Direxion Daily F Bear 1X ETF<sup>6</sup> |  |  |  | —  |
| Direxion Daily F Bull 2X ETF<sup>6</sup> | 369567 | —  | —  | —  |
| Direxion Daily Gold Miners Index Bear 2X Shares  | —  | —  | —  | —  |
| Direxion Daily Gold Miners Index Bull 2X Shares | 567077725 | 244670733 | 560111856 | 672368810  |
| Direxion Daily GOOGL Bear 1X Shares |  |  |  | —  |
| Direxion Daily GOOGL Bull 2X Shares | 42582130 |  | 73981957 | 88344272  |
| Direxion Daily Junior Gold Miners Index Bear 2X Shares |  |  |  | —  |
| Direxion Daily Junior Gold Miners Index Bull 2X Shares | 214517650 |  | 151349675 | 329871190  |
| Direxion Daily LLY Bear 1X Shares<sup>3</sup> |  |  |  | —  |
| Direxion Daily LLY Bull 2X Shares<sup>3</sup> | 362253 |  | 3470148 | 1501563  |
| Direxion Daily LMT Bear 1X ETF<sup>7</sup> |  |  |  | —  |
| Direxion Daily LMT Bull 2X ETF<sup>7</sup> | 428249 | 636973 | 127502 | —  |
| Direxion Daily Magnificent 7 Bear 1X Shares |  |  |  | —  |
| Direxion Daily Magnificent 7 Bull 2X Shares | 138523089 | 129169600 | 72079270 | 14377431  |
| Direxion Daily META Bear 1X Shares |  |  |  | —  |
| Direxion Daily META Bull 2X Shares | 10270946 | 15571515 | 119322677 | 18465129  |
| Direxion Daily MSCI Brazil Bull 2X Shares |  | 12863463 | 62549313 | 60694314  |
| Direxion Daily MSCI India Bull 2X Shares | 23168448 | 36260769 | 33046931 | 44417305  |
| Direxion Daily MSFT Bear 1X Shares |  |  |  | —  |
| Direxion Daily MSFT Bull 2X Shares |  | 2667455 | 40556898 | 39239350  |
| Direxion Daily MU Bear 1X Shares |  |  |  | —  |
| Direxion Daily MU Bull 2X Shares | 27850744 | 3222416 | 29587331 | 12590647  |
| Direxion Daily NFLX Bear 1X Shares |  |  |  | —  |
| Direxion Daily NFLX Bull 2X Shares | 7056896 | 2238369 | 21367310 | 11177655  |
| Direxion Daily NVDA Bear 1X Shares |  |  |  | —  |
| Direxion Daily NVDA Bull 2X Shares |  | 59215078 | 45791606 | 87363682  |
| Direxion Daily NYSE FANG+ Bull 2X Shares | 30230945 | 45935811 | 59911516 | 30459065  |
| Direxion Daily PANW Bear 1X Shares<sup>3</sup> |  |  |  | —  |
| Direxion Daily PANW Bull 2X Shares<sup>3</sup> | 379918 |  | 438890 | —  |

---

215<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **Purchases** | **Sales** | **Purchases** <br>**In-Kind** | **Sales** <br>**In-Kind**  |
| Direxion Daily PLTR Bear 1X Shares<sup>1</sup> | $— | $— | $— | $—  |
| Direxion Daily PLTR Bull 2X Shares<sup>1</sup> | 57181668 | 4821426 | 85285496 | 109748639  |
| Direxion Daily QCOM Bear 1X ETF<sup>5</sup> |  |  |  | —  |
| Direxion Daily QCOM Bull 2X ETF<sup>5</sup> | 761065 |  | 593901 | —  |
|  Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | 1775119 | 3308096 | 4600051 | 1169092  |
| Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares |  |  |  | —  |
| Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares | 57173967 | 65390398 | 27338922 | —  |
|  Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares |  |  |  | —  |
|  Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares | 110576214 | 115130985 | 127227443 | 172948381  |
| Direxion Daily Semiconductors Top 5 Bear 2X ETF<sup>8</sup> |  |  |  | —  |
| Direxion Daily Semiconductors Top 5 Bull 2X ETF<sup>8</sup> | 2342592 | 796059 |  | —  |
| Direxion Daily SHOP Bear 1X ETF<sup>7</sup> |  |  |  | —  |
| Direxion Daily SHOP Bull 2X ETF<sup>7</sup> | 726022 | 962961 |  | —  |
| Direxion Daily Technology Top 5 Bear 2X ETF<sup>8</sup> |  |  |  | —  |
| Direxion Daily Technology Top 5 Bull 2X ETF<sup>8</sup> | 3230151 | 1161312 |  | —  |
| Direxion Daily TSLA Bear 1X Shares |  |  |  | —  |
| Direxion Daily TSLA Bull 2X Shares | 1546401425 | 1027790537 | 1358925935 | 1305052671  |
| Direxion Daily TSM Bear 1X Shares |  |  |  | —  |
| Direxion Daily TSM Bull 2X Shares | 3490980 |  | 49947538 | 34584041  |
| Direxion Daily Uranium Industry Bull 2X Shares | 16324216 | 1646773 | 4011399 | 1831478  |
| Direxion Daily XOM Bear 1X Shares<sup>4</sup>  | —  | —  | —  | —  |
| Direxion Daily XOM Bull 2X Shares<sup>4</sup> | 541545 | 476359 | 408510 |  |

---

<sup>1</sup> Represents the period from December 11, 2024 (commencement of operations) to October 31, 2025.

<sup>2</sup> Represents the period from February 12, 2025 (commencement of operations) to October 31, 2025.

<sup>3</sup> Represents the period from March 26, 2025 (commencement of operations) to October 31, 2025.

<sup>4</sup> Represents the period from April 23, 2025 (commencement of operations) to October 31, 2025.

<sup>5</sup> Represents the period from June 25, 2025 (commencement of operations) to October 31, 2025.

<sup>6</sup> Represents the period from July 23, 2025 (commencement of operations) to October 31, 2025.

<sup>7</sup> Represents the period from August 6, 2025 (commencement of operations) to October 31, 2025.

<sup>8</sup> Represents the period from October 1, 2025 (commencement of operations) to October 31, 2025.

There were no purchases or sales of long-term U.S. Government securities in the Funds during the period ended October 31, 2025.

6. INVESTMENT ADVISORY AND OTHER AGREEMENTS

Under an Investment Advisory Agreement between the Adviser and the Trust, on behalf of each Fund, the Adviser provides a continuous investment program for each Fund's assets in accordance with its investment objectives, policies and limitations, and oversees the day-to-day operations of each Fund, subject to the supervision of the Trustees. Pursuant to the Advisory Agreement, each Fund pays the Adviser investment advisory fees at an annual rate based on its average daily net assets. These rates are as follows:

---

| | |
|:---|:---|
| Direxion Daily AAPL Bear 1X Shares | 0.75%  |
| Direxion Daily AAPL Bull 2X Shares | 0.75%  |
| Direxion Daily AI and Big Data Bear 2X Shares | 0.75%  |
| Direxion Daily AI and Big Data Bull 2X Shares | 0.75%  |
| Direxion Daily AMD Bear 1X Shares | 0.75%  |
| Direxion Daily AMD Bull 2X Shares | 0.75% |

---

216<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | |
|:---|:---|
| Direxion Daily AMZN Bear 1X Shares | 0.75%  |
| Direxion Daily AMZN Bull 2X Shares | 0.75%  |
| Direxion Daily AVGO Bear 1X Shares | 0.75%  |
| Direxion Daily AVGO Bull 2X Shares | 0.75%  |
| Direxion Daily BA Bear 1X Shares | 0.75%  |
| Direxion Daily BA Bull 2X Shares | 0.75%  |
| Direxion Daily Biotech Top 5 Bull 2X ETF | 0.75%  |
| Direxion Daily BRKB Bear 1X Shares | 0.75%  |
| Direxion Daily BRKB Bull 2X Shares | 0.75%  |
| Direxion Daily Crypto Industry Bear 1X Shares | 0.35%  |
| Direxion Daily Crypto Industry Bull 2X Shares | 0.75%  |
| Direxion Daily CSCO Bear 1X ETF | 0.75%  |
| Direxion Daily CSCO Bull 2X ETF | 0.75%  |
| Direxion Daily CSI 300 China A Share Bull 2X Shares | 0.75%  |
| Direxion Daily CSI China Internet Index Bull 2X Shares | 0.75%  |
| Direxion Daily Energy Bear 2X Shares | 0.75%  |
| Direxion Daily Energy Bull 2X Shares | 0.75%  |
| Direxion Daily Energy Top 5 Bull 2X ETF | 0.75%  |
| Direxion Daily F Bear 1X ETF | 0.75%  |
| Direxion Daily F Bull 2X ETF | 0.75%  |
| Direxion Daily Gold Miners Index Bear 2X Shares | 0.75%  |
| Direxion Daily Gold Miners Index Bull 2X Shares | 0.75%  |
| Direxion Daily GOOGL Bear 1X Shares | 0.75%  |
| Direxion Daily GOOGL Bull 2X Shares | 0.75%  |
| Direxion Daily Junior Gold Miners Index Bear 2X Shares | 0.75%  |
| Direxion Daily Junior Gold Miners Index Bull 2X Shares | 0.75%  |
| Direxion Daily LLY Bear 1X Shares | 0.75%  |
| Direxion Daily LLY Bull 2X Shares | 0.75%  |
| Direxion Daily LMT Bear 1X ETF | 0.75%  |
| Direxion Daily LMT Bull 2X ETF | 0.75%  |
| Direxion Daily Magnificent 7 Bear 1X Shares | 0.35%  |
| Direxion Daily Magnificent 7 Bull 2X Shares | 0.75%  |
| Direxion Daily META Bear 1X Shares | 0.75%  |
| Direxion Daily META Bull 2X Shares | 0.75%  |
| Direxion Daily MSCI Brazil Bull 2X Shares | 0.75%  |
| Direxion Daily MSCI India Bull 2X Shares | 0.75%  |
| Direxion Daily MSFT Bear 1X Shares | 0.75%  |
| Direxion Daily MSFT Bull 2X Shares | 0.75%  |
| Direxion Daily MU Bear 1X Shares | 0.75%  |
| Direxion Daily MU Bull 2X Shares | 0.75%  |
| Direxion Daily NFLX Bear 1X Shares | 0.75%  |
| Direxion Daily NFLX Bull 2X Shares | 0.75%  |
| Direxion Daily NVDA Bear 1X Shares | 0.75%  |
| Direxion Daily NVDA Bull 2X Shares | 0.75%  |
| Direxion Daily NYSE FANG+ Bull 2X Shares | 0.75%  |
| Direxion Daily PANW Bear 1X Shares | 0.75%  |
| Direxion Daily PANW Bull 2X Shares | 0.75%  |
| Direxion Daily PLTR Bear 1X Shares | 0.75%  |
| Direxion Daily PLTR Bull 2X Shares | 0.75%  |
| Direxion Daily QCOM Bear 1X ETF | 0.75%  |
| Direxion Daily QCOM Bull 2X ETF | 0.75%  |
| Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares  | 0.75% |
| Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares | 0.35%  |
| Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares | 0.50%  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares | 0.75% |

---

217<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | |
|:---|:---|
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares | 0.75%  |
| Direxion Daily Semiconductors Top 5 Bear 2X ETF | 0.75%  |
| Direxion Daily Semiconductors Top 5 Bull 2X ETF | 0.75%  |
| Direxion Daily SHOP Bear 1X ETF | 0.75%  |
| Direxion Daily SHOP Bull 2X ETF | 0.75%  |
| Direxion Daily Technology Top 5 Bear 2X ETF | 0.75%  |
| Direxion Daily Technology Top 5 Bull 2X ETF | 0.75%  |
| Direxion Daily TSLA Bear 1X Shares | 0.75%  |
| Direxion Daily TSLA Bull 2X Shares | 0.75%  |
| Direxion Daily TSM Bear 1X Shares | 0.75%  |
| Direxion Daily TSM Bull 2X Shares | 0.75%  |
| Direxion Daily Uranium Industry Bull 2X Shares | 0.75%  |
| Direxion Daily XOM Bear 1X Shares | 0.75%  |
| Direxion Daily XOM Bull 2X Shares | 0.75% |

---

The Adviser has agreed to waive a portion of its fees based upon the specific breakpoints listed in the table below based on each Fund's daily net assets. For the year ended October 31, 2025, the Adviser waived its fee in certain Funds.

---

| | |
|:---|:---|
| **Net Asset Range** | **Advisory** <br>**Fee Limit**  |
| $0- $1500000000 | &nbsp;&nbsp;&nbsp;&nbsp; 0.75%  |
| $1500000000 - $2000000000 | &nbsp;&nbsp;&nbsp;&nbsp; 0.70%  |
| $2000000000 - $2500000000 | &nbsp;&nbsp;&nbsp;&nbsp; 0.65%  |
| $2500000000 - $3000000000 | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| $3000000000 - $3500000000 | &nbsp;&nbsp;&nbsp;&nbsp; 0.55%  |
| $3500000000 - $4000000000 | &nbsp;&nbsp;&nbsp;&nbsp; 0.50%  |
| $4000000000 - $4500000000 | &nbsp;&nbsp;&nbsp;&nbsp; 0.45%  |
| Greater than $4,500,000,000 | &nbsp;&nbsp;&nbsp;&nbsp; 0.40% |

---

Additionally, the Trust has entered into a Management Services Agreement with the Adviser. Under the Management Services Agreement, the Trust pays the Adviser management service fees of 0.05% on the first $25,000,000,000 of the Trust's daily net assets, 0.0475% on the next $25,000,000,000 of net assets and 0.045% on net assets in excess of $50,000,000,000. This fee compensates the Adviser for performing certain management, administration and compliance functions related to the Trust.

Each Fund is responsible for its own operating expenses. The Adviser has contractually agreed to waive its fees and/or reimburse the Funds' operating expenses to the extent that they exceed the following rates multiplied by the Fund's respective average daily net assets at least until September 1, 2025. Any expense waiver is subject to recoupment by the Adviser, as applicable, within the following three years if overall expenses fall below these percentage limitations.

---

| | |
|:---|:---|
| Direxion Daily AAPL Bear 1X Shares | 0.95%  |
| Direxion Daily AAPL Bull 2X Shares | 0.95%  |
| Direxion Daily AI and Big Data Bear 2X Shares | 0.95%  |
| Direxion Daily AI and Big Data Bull 2X Shares | 0.95%  |
| Direxion Daily AMD Bear 1X Shares | 0.95%  |
| Direxion Daily AMD Bull 2X Shares | 0.95%  |
| Direxion Daily AMZN Bear 1X Shares | 0.95%  |
| Direxion Daily AMZN Bull 2X Shares | 0.95%  |
| Direxion Daily AVGO Bear 1X Shares | 0.95%  |
| Direxion Daily AVGO Bull 2X Shares | 0.95%  |
| Direxion Daily BA Bear 1X Shares | 0.95%  |
| Direxion Daily BA Bull 2X Shares | 0.95%  |
| Direxion Daily Biotech Top 5 Bull 2X ETF | 0.95%  |
| Direxion Daily BRKB Bear 1X Shares | 0.95% |

---

218<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | |
|:---|:---|
| Direxion Daily BRKB Bull 2X Shares | 0.95%  |
| Direxion Daily Crypto Industry Bear 1X Shares | 0.45%  |
| Direxion Daily Crypto Industry Bull 2X Shares | 0.95%  |
| Direxion Daily CSCO Bear 1X ETF | 0.95%  |
| Direxion Daily CSCO Bull 2X ETF | 0.95%  |
| Direxion Daily CSI 300 China A Share Bull 2X Shares | 0.95%  |
| Direxion Daily CSI China Internet Index Bull 2X Shares | 0.95%  |
| Direxion Daily Energy Bear 2X Shares | 0.95%  |
| Direxion Daily Energy Bull 2X Shares | 0.95%  |
| Direxion Daily Energy Top 5 Bull 2X ETF | 0.95%  |
| Direxion Daily F Bear 1X ETF | 0.95%  |
| Direxion Daily F Bull 2X ETF | 0.95%  |
| Direxion Daily Gold Miners Index Bear 2X Shares | 0.95%  |
| Direxion Daily Gold Miners Index Bull 2X Shares | 0.95% |
| Direxion Daily GOOGL Bear 1X Shares | 0.95%  |
| Direxion Daily GOOGL Bull 2X Shares | 0.95%  |
| Direxion Daily Junior Gold Miners Index Bear 2X Shares | 0.95%  |
| Direxion Daily Junior Gold Miners Index Bull 2X Shares | 0.95%  |
| Direxion Daily LLY Bear 1X Shares | 0.95%  |
| Direxion Daily LLY Bull 2X Shares | 0.95%  |
| Direxion Daily LMT Bear 1X ETF | 0.95%  |
| Direxion Daily LMT Bull 2X ETF | 0.95%  |
| Direxion Daily Magnificent 7 Bear 1X Shares | 0.45%  |
| Direxion Daily Magnificent 7 Bull 2X Shares | 0.95%  |
| Direxion Daily META Bear 1X Shares | 0.95%  |
| Direxion Daily META Bull 2X Shares | 0.95%  |
| Direxion Daily MSCI Brazil Bull 2X Shares | 0.95%  |
| Direxion Daily MSCI India Bull 2X Shares | 0.95%  |
| Direxion Daily MSFT Bear 1X Shares | 0.95%  |
| Direxion Daily MSFT Bull 2X Shares | 0.95%  |
| Direxion Daily MU Bear 1X Shares | 0.95%  |
| Direxion Daily MU Bull 2X Shares | 0.95%  |
| Direxion Daily NFLX Bear 1X Shares | 0.95%  |
| Direxion Daily NFLX Bull 2X Shares | 0.95%  |
| Direxion Daily NVDA Bear 1X Shares | 0.95%  |
| Direxion Daily NVDA Bull 2X Shares | 0.95%  |
| Direxion Daily NYSE FANG+ Bull 2X Shares | 0.95%  |
| Direxion Daily PANW Bear 1X Shares | 0.95%  |
| Direxion Daily PANW Bull 2X Shares | 0.95%  |
| Direxion Daily PLTR Bear 1X Shares | 0.95%  |
| Direxion Daily PLTR Bull 2X Shares | 0.95%  |
| Direxion Daily QCOM Bear 1X ETF | 0.95%  |
| Direxion Daily QCOM Bull 2X ETF | 0.95%  |
| Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares  | 0.95% |
| Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares | 0.45%  |
| Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares | 0.60%  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares | 0.95%  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares | 0.95%  |
| Direxion Daily Semiconductors Top 5 Bear 2X ETF | 0.95%  |
| Direxion Daily Semiconductors Top 5 Bull 2X ETF | 0.95%  |
| Direxion Daily SHOP Bear 1X ETF | 0.95%  |
| Direxion Daily SHOP Bull 2X ETF | 0.95%  |
| Direxion Daily Technology Top 5 Bear 2X ETF | 0.95%  |
| Direxion Daily Technology Top 5 Bull 2X ETF | 0.95% |

---

219<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | |
|:---|:---|
| Direxion Daily TSLA Bear 1X Shares | 0.95%  |
| Direxion Daily TSLA Bull 2X Shares | 0.95%  |
| Direxion Daily TSM Bear 1X Shares | 0.95%  |
| Direxion Daily TSM Bull 2X Shares | 0.95%  |
| Direxion Daily Uranium Industry Bull 2X Shares | 0.95%  |
| Direxion Daily XOM Bear 1X Shares | 0.95%  |
| Direxion Daily XOM Bull 2X Shares | 0.95% |

---

The table below presents amounts that the Adviser recouped, reimbursed and the amounts available for potential recoupment by the Adviser.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Expenses** <br>**Recouped** | **Expenses** <br>**Reimbursed** | **Potential Recoupment Amounts Expiring:** | **Potential Recoupment Amounts Expiring:** | **Potential Recoupment Amounts Expiring:** | **Total Potential** <br>**Recoupment** <br>**Amount**  |
|  | **Expenses** <br>**Recouped** | **Expenses** <br>**Reimbursed** | **October 31,** <br>**2026** | **October 31,** <br>**2027** | **October 31,** <br>**2028**  | **Total Potential** <br>**Recoupment** <br>**Amount**  |
|  Direxion Daily AAPL Bear 1X Shares | $557 | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
|  Direxion Daily AAPL Bull 2X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily AI and Big Data Bear 2X Shares | 3761 | &nbsp;&nbsp; 28995 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 22011 | &nbsp;&nbsp;&nbsp; 28995 | &nbsp;&nbsp;&nbsp;&nbsp; 51006  |
|  Direxion Daily AI and Big Data Bull 2X Shares | 4355 | &nbsp;&nbsp; 15086 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19644 | &nbsp;&nbsp;&nbsp; 15086 | &nbsp;&nbsp;&nbsp;&nbsp; 34730  |
|  Direxion Daily AMD Bear 1X Shares | 8963 | &nbsp;&nbsp; 21771 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12808 | &nbsp;&nbsp;&nbsp;&nbsp; 12808  |
|  Direxion Daily AMD Bull 2X Shares | 11153 | &nbsp;&nbsp; 14654 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3501 | &nbsp;&nbsp;&nbsp;&nbsp; 3501  |
|  Direxion Daily AMZN Bear 1X Shares | 2101 | &nbsp;&nbsp; 12924 | &nbsp;&nbsp;&nbsp; 16135 | &nbsp;&nbsp;&nbsp; 18004 | &nbsp;&nbsp;&nbsp; 12924 | &nbsp;&nbsp;&nbsp;&nbsp; 47063  |
|  Direxion Daily AMZN Bull 2X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily AVGO Bear 1X Shares | 886 | &nbsp;&nbsp; 12537 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10560 | &nbsp;&nbsp;&nbsp; 12537 | &nbsp;&nbsp;&nbsp;&nbsp; 23097  |
|  Direxion Daily AVGO Bull 2X Shares | 13329 | &nbsp;&nbsp; 1851 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily BA Bear 1X <br>Shares | 6332 | &nbsp;&nbsp; 21250 | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; 14918 | &nbsp;&nbsp;&nbsp;&nbsp; 14918  |
| &nbsp;&nbsp;&nbsp; Direxion Daily BA Bull 2X <br>Shares | 6419 | &nbsp;&nbsp; 15229 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8810 | &nbsp;&nbsp;&nbsp;&nbsp; 8810  |
|  Direxion Daily Biotech Top 5 Bull 2X ETF | 175 | &nbsp;&nbsp; 14390 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14215 | &nbsp;&nbsp;&nbsp;&nbsp; 14215  |
|  Direxion Daily BRKB Bear 1X Shares | 11582 | &nbsp;&nbsp; 28599 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17017 | &nbsp;&nbsp;&nbsp;&nbsp; 17017  |
|  Direxion Daily BRKB Bull 2X Shares | 7208 | &nbsp;&nbsp; 7208 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily Crypto Industry Bear 1X Shares | 3616 | &nbsp;&nbsp; 31072 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 21005 | &nbsp;&nbsp;&nbsp; 31072 | &nbsp;&nbsp;&nbsp;&nbsp; 52077  |
|  Direxion Daily Crypto Industry Bull 2X Shares | 3298 | &nbsp;&nbsp; 25833 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20816 | &nbsp;&nbsp;&nbsp; 25833 | &nbsp;&nbsp;&nbsp;&nbsp; 46649  |
|  Direxion Daily CSCO Bear 1X ETF | 2723 | &nbsp;&nbsp; 17367 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14644 | &nbsp;&nbsp;&nbsp;&nbsp; 14644  |
| &nbsp;&nbsp;&nbsp; Direxion Daily CSCO Bull 2X <br>ETF | 2723 | &nbsp;&nbsp; 16735 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14012 | &nbsp;&nbsp;&nbsp;&nbsp; 14012  |
|  Direxion Daily CSI 300 China A Share Bull 2X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |

---

220<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Expenses** <br>**Recouped** | **Expenses** <br>**Reimbursed** | **Potential Recoupment Amounts Expiring:** | **Potential Recoupment Amounts Expiring:** | **Potential Recoupment Amounts Expiring:** | **Total Potential** <br>**Recoupment** <br>**Amount**  |
|  | **Expenses** <br>**Recouped** | **Expenses** <br>**Reimbursed** | **October 31,** <br>**2026** | **October 31,** <br>**2027** | **October 31,** <br>**2028**  | **Total Potential** <br>**Recoupment** <br>**Amount**  |
|  Direxion Daily CSI China Internet Index Bull 2X Shares | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
|  Direxion Daily Energy Bear 2X Shares | 3377 | &nbsp;&nbsp; 9955 | &nbsp;&nbsp;&nbsp; 21970 | &nbsp;&nbsp;&nbsp; 9368 | &nbsp;&nbsp;&nbsp; 9955 | &nbsp;&nbsp;&nbsp;&nbsp; 41293  |
|  Direxion Daily Energy Bull 2X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily Energy Top 5 Bull 2X ETF | 174 | &nbsp;&nbsp; 14741 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14567 | &nbsp;&nbsp;&nbsp;&nbsp; 14567  |
| Direxion Daily F Bear 1X ETF | 3882 | &nbsp;&nbsp; 16182 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12300 | &nbsp;&nbsp;&nbsp;&nbsp; 12300  |
| Direxion Daily F Bull 2X ETF | 3882 | &nbsp;&nbsp; 16018 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12136 | &nbsp;&nbsp;&nbsp;&nbsp; 12136  |
|  Direxion Daily Gold Miners Index Bear 2X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily Gold Miners Index Bull 2X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily GOOGL Bear 1X Shares | 2369 | &nbsp;&nbsp; 11927 | &nbsp;&nbsp;&nbsp; 17435 | &nbsp;&nbsp;&nbsp; 18180 | &nbsp;&nbsp;&nbsp; 11927 | &nbsp;&nbsp;&nbsp;&nbsp; 47542  |
|  Direxion Daily GOOGL Bull 2X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily Junior Gold Miners Index Bear 2X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily Junior Gold Miners Index Bull 2X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily LLY Bear 1X Shares | 9078 | &nbsp;&nbsp; 22126 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13048 | &nbsp;&nbsp;&nbsp;&nbsp; 13048  |
|  Direxion Daily LLY Bull 2X Shares | 9104 | &nbsp;&nbsp; 16591 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7487 | &nbsp;&nbsp;&nbsp;&nbsp; 7487  |
| &nbsp;&nbsp;&nbsp; Direxion Daily LMT Bear 1X <br>ETF | 957 | &nbsp;&nbsp; 15306 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14349 | &nbsp;&nbsp;&nbsp;&nbsp; 14349  |
|  Direxion Daily LMT Bull 2X Shares | 956 | &nbsp;&nbsp; 14714 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13758 | &nbsp;&nbsp;&nbsp;&nbsp; 13758  |
|  Direxion Daily Magnificent 7 Bear 1X Shares | 1161 | &nbsp;&nbsp; 44482 | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; 32895 | &nbsp;&nbsp;&nbsp; 44482 | &nbsp;&nbsp;&nbsp;&nbsp; 77377  |
|  Direxion Daily Magnificent 7 Bull 2X Shares | 22674 | &nbsp;&nbsp; 12317 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3622 | &nbsp;&nbsp;&nbsp; 12317 | &nbsp;&nbsp;&nbsp;&nbsp; 15939  |
|  Direxion Daily META Bear 1X Shares | 86 | &nbsp;&nbsp; 11581 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19757 | &nbsp;&nbsp;&nbsp; 11581 | &nbsp;&nbsp;&nbsp;&nbsp; 31338  |
|  Direxion Daily META Bull 2X Shares | 21184 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily MSCI Brazil Bull 2X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily MSCI India Bull 2X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily MSFT Bear 1X Shares | 2114 | &nbsp;&nbsp; 10605 | &nbsp;&nbsp;&nbsp; 15315 | &nbsp;&nbsp;&nbsp; 13885 | &nbsp;&nbsp;&nbsp; 10605 | &nbsp;&nbsp;&nbsp;&nbsp; 39805  |
|  Direxion Daily MSFT Bull 2X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily MU Bear 1X <br>Shares | 780 | &nbsp;&nbsp; 15201 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10682 | &nbsp;&nbsp;&nbsp; 15201 | &nbsp;&nbsp;&nbsp;&nbsp; 25883  |
| &nbsp;&nbsp;&nbsp; Direxion Daily MU Bull 2X <br>Shares | 13519 | &nbsp;&nbsp; 2172 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp; 49  |

---

221<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Expenses** <br>**Recouped** | **Expenses** <br>**Reimbursed** | **Potential Recoupment Amounts Expiring:** | **Potential Recoupment Amounts Expiring:** | **Potential Recoupment Amounts Expiring:** | **Total Potential** <br>**Recoupment** <br>**Amount**  |
|  | **Expenses** <br>**Recouped** | **Expenses** <br>**Reimbursed** | **October 31,** <br>**2026** | **October 31,** <br>**2027** | **October 31,** <br>**2028**  | **Total Potential** <br>**Recoupment** <br>**Amount**  |
|  Direxion Daily NFLX Bear 1X Shares | $1300 | &nbsp;&nbsp; $9933 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $16785 | &nbsp;&nbsp;&nbsp; $9933 | &nbsp;&nbsp;&nbsp;&nbsp; $26718  |
|  Direxion Daily NFLX Bull 2X Shares | 20323 | &nbsp;&nbsp; 2304 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily NVDA Bear 1X Shares | 9437 | &nbsp;&nbsp; 1026 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 29331 | &nbsp;&nbsp;&nbsp; 1026 | &nbsp;&nbsp;&nbsp;&nbsp; 30357  |
|  Direxion Daily NVDA Bull 2X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily NYSE FANG+ Bull 2X Shares | 40478 | &nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily PANW Bear 1X Shares | 7734 | &nbsp;&nbsp; 22718 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14984 | &nbsp;&nbsp;&nbsp;&nbsp; 14984  |
|  Direxion Daily PANW Bull 2X Shares | 7734 | &nbsp;&nbsp; 19257 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11523 | &nbsp;&nbsp;&nbsp;&nbsp; 11523  |
|  Direxion Daily PLTR Bear 1X Shares | 5209 | &nbsp;&nbsp; 5209 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily PLTR Bull 2X Shares | 1548 | &nbsp;&nbsp; 1548 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily QCOM Bear 1X ETF | 2723 | &nbsp;&nbsp; 17240 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14517 | &nbsp;&nbsp;&nbsp;&nbsp; 14517  |
|  Direxion Daily QCOM Bull 2X ETF | 2723 | &nbsp;&nbsp; 16941 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14218 | &nbsp;&nbsp;&nbsp;&nbsp; 14218  |
|  Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | 5067 | &nbsp;&nbsp; 8094 | &nbsp;&nbsp;&nbsp; 21243 | &nbsp;&nbsp;&nbsp; 6901 | &nbsp;&nbsp;&nbsp; 8094 | &nbsp;&nbsp;&nbsp;&nbsp; 36238  |
|  Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares | 2740 | &nbsp;&nbsp; 84829 | &nbsp;&nbsp;&nbsp; 205611 | &nbsp;&nbsp;&nbsp; 117395 | &nbsp;&nbsp;&nbsp; 84829 | &nbsp;&nbsp;&nbsp;&nbsp; 407835  |
|  Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares | 7682 | &nbsp;&nbsp; 99593 | &nbsp;&nbsp;&nbsp; 131626 | &nbsp;&nbsp;&nbsp; 93531 | &nbsp;&nbsp;&nbsp; 99593 | &nbsp;&nbsp;&nbsp;&nbsp; 324750  |
|  Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares | 3287 | &nbsp;&nbsp; 6169 | &nbsp;&nbsp;&nbsp; 20519 | &nbsp;&nbsp;&nbsp; 1989 | &nbsp;&nbsp;&nbsp; 6169 | &nbsp;&nbsp;&nbsp;&nbsp; 28677  |
|  Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares | —  | &nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily Semiconductors Top 5 Bear 2X ETF | 175 | &nbsp;&nbsp; 15049 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14874 | &nbsp;&nbsp;&nbsp;&nbsp; 14874  |
|  Direxion Daily Semiconductors Top 5 Bull 2X ETF | 175 | &nbsp;&nbsp; 14566 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14391 | &nbsp;&nbsp;&nbsp;&nbsp; 14391  |
|  Direxion Daily SHOP Bear 1X ETF | 3182 | &nbsp;&nbsp; 15165 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11983 | &nbsp;&nbsp;&nbsp;&nbsp; 11983  |
| &nbsp;&nbsp;&nbsp; Direxion Daily SHOP Bull 2X <br>ETF | 3182 | &nbsp;&nbsp; 14236 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11054 | &nbsp;&nbsp;&nbsp;&nbsp; 11054  |
|  Direxion Daily Technology Top 5 Bear 2X ETF | 174 | &nbsp;&nbsp; 15010 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14836 | &nbsp;&nbsp;&nbsp;&nbsp; 14836  |
|  Direxion Daily Technology Top 5 Bull 2X ETF | 174 | &nbsp;&nbsp; 14671 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14497 | &nbsp;&nbsp;&nbsp;&nbsp; 14497  |
|  Direxion Daily TSLA Bear 1X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily TSLA Bull 2X Shares |  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily TSM Bear 1X Shares | 727 | &nbsp;&nbsp; 15620 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10848 | &nbsp;&nbsp;&nbsp; 15620 | &nbsp;&nbsp;&nbsp;&nbsp; 26468  |

---

222<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Expenses** <br>**Recouped** | **Expenses** <br>**Reimbursed** | **Potential Recoupment Amounts Expiring:** | **Potential Recoupment Amounts Expiring:** | **Potential Recoupment Amounts Expiring:** | **Total Potential** <br>**Recoupment** <br>**Amount**  |
|  | **Expenses** <br>**Recouped** | **Expenses** <br>**Reimbursed** | **October 31,** <br>**2026** | **October 31,** <br>**2027** | **October 31,** <br>**2028**  | **Total Potential** <br>**Recoupment** <br>**Amount**  |
|  Direxion Daily TSM Bull 2X Shares | &nbsp;&nbsp; $11564 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
|  Direxion Daily Uranium Industry Bull 2X Shares | &nbsp;&nbsp; 2077 | &nbsp;&nbsp;&nbsp; 20668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23791 | &nbsp;&nbsp;&nbsp; 20668 | &nbsp;&nbsp;&nbsp;&nbsp; 44459  |
|  Direxion Daily XOM Bear 1X Shares | &nbsp;&nbsp; 3686 | &nbsp;&nbsp;&nbsp; 21125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17439 | &nbsp;&nbsp;&nbsp;&nbsp; 17439  |
|  Direxion Daily XOM Bull 2X Shares | &nbsp;&nbsp; 3686 | &nbsp;&nbsp;&nbsp; 20742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17056 | &nbsp;&nbsp;&nbsp;&nbsp; 17056 |

---

The net amounts receivable (payable) arising from the Investment Advisory Agreement, Management Services Agreement, and waiver of any expenses as of October 31, 2025, is presented on the Statement of Assets and Liabilities as Due from (to) Adviser, net.

The Board has adopted a Distribution and Service Plan (the "Plan") pursuant to Rule 12b-1 under the Investment Company Act of 1940. In accordance with the Plan, each Fund is authorized to charge an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities and shareholder services. No 12b-1 fees were charged by any Fund.

7. FAIR VALUE MEASUREMENTS

The Funds follow authoritative fair valuation accounting standards, which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels below:

Level 1 –

Quoted prices in active markets for identical securities

Level 2 –

Evaluated price based on other significant observable inputs (including quoted prices for similar securities in active markets, quoted prices for identical or similar securities in inactive markets, interest rates, prepayment speeds, credit risk, etc.)

Level 3 –

Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Funds' investments at October 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Funds** | **Asset Class** | **Asset Class** | **Asset Class** | **Asset Class** | **Liability Class**  |
| **Funds** | **Level 1** | **Level 1** | **Level 1** | **Level 2** | **Level 2**  |
| **Funds** | **Investment** <br>**Companies** | **Common** <br>**Stocks** | **Short Term** <br>**Investments** | **Total Return** <br>**Swap** <br>**Contracts\*** | **Total Return** <br>**Swap** <br>**Contracts\***  |
| Direxion Daily AAPL Bear 1X Shares | $— | $—  | $22822415 | $—  | $(2098561)  |
| Direxion Daily AAPL Bull 2X Shares |  | 24653418 | 197127311 | 93325829 | —  |
|  Direxion Daily AI and Big Data Bear 2X Shares |  |  | 3179391 |  | (431083)  |
|  Direxion Daily AI and Big Data Bull 2X Shares |  | 39272506 | 7665609 | 10219893 | (10380)  |
| Direxion Daily AMD Bear 1X Shares |  |  | 28406099 | 16140 | (4249649)  |
| Direxion Daily AMD Bull 2X Shares |  | 4437023 | 56654211 | 33530872 | (122)  |
| Direxion Daily AMZN Bear 1X Shares |  |  | 6559911 |  | (581404)  |
| Direxion Daily AMZN Bull 2X Shares |  | 45857677 | 358823887 | 71593034 | —  |

---

223<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Funds** | **Asset Class** | **Asset Class** | **Asset Class** | **Asset Class** | **Liability Class**  |
| **Funds** | **Level 1** | **Level 1** | **Level 1** | **Level 2** | **Level 2**  |
| **Funds** | **Investment** <br>**Companies** | **Common** <br>**Stocks** | **Short Term** <br>**Investments** | **Total Return** <br>**Swap** <br>**Contracts\*** | **Total Return** <br>**Swap** <br>**Contracts\***  |
| Direxion Daily AVGO Bear 1X Shares | $— | $— | $12639198 | $— | $(1044354)  |
| Direxion Daily AVGO Bull 2X Shares |  | 17448015 | 109542139 | 33864969 | (671849)  |
| Direxion Daily BA Bear 1X Shares |  |  | 2516167 | 177772 | (71092)  |
| Direxion Daily BA Bull 2X Shares |  | 3394826 | 19086829 | 264223 | (1526521)  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Biotech Top 5 Bull 2X <br>ETF |  | 1581412 | 1184117 | 275714 | —  |
| Direxion Daily BRKB Bear 1X Shares |  |  | 2911853 | 180127 | —  |
| Direxion Daily BRKB Bull 2X Shares |  | 11496298 | 71318700 |  | (6811577)  |
|  Direxion Daily Crypto Industry Bear 1X Shares |  |  | 1758546 |  | (317259)  |
|  Direxion Daily Crypto Industry Bull 2X Shares |  | 5411642 | 1482034 | 1403369 | (3645)  |
| Direxion Daily CSCO Bear 1X ETF |  |  | 2451614 |  | (152526)  |
| Direxion Daily CSCO Bull 2X ETF |  | 780815 | 3185883 | 410463 | —  |
|  Direxion Daily CSI 300 China A Share Bull 2X Shares | 33146662 |  | 126937471 | 40485093 | —  |
|  Direxion Daily CSI China Internet Index Bull 2X Shares | 179550321 |  | 157462263 | 81589573 | —  |
| Direxion Daily Energy Bear 2X Shares |  |  | 18107031 | 500547 | (139781)  |
| Direxion Daily Energy Bull 2X Shares |  | 161050083 | 58653284 | 9359092 | (161439)  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Energy Top 5 Bull 2X <br>ETF |  | 1039218 | 476981 |  | (99353)  |
| Direxion Daily F Bear 1X ETF |  |  | 2300437 |  | (242221)  |
| Direxion Daily F Bull 2X ETF |  | 433290 | 3370340 | 969014 | (25648)  |
|  Direxion Daily Gold Miners Index Bear 2X Shares |  |  | 150291432 | 9351385 | (36076052)  |
|  Direxion Daily Gold Miners Index Bull 2X Shares | 657676343 |  | 676570341 | 348456333 | (46182609)  |
| Direxion Daily GOOGL Bear 1X Shares |  |  | 13160838 |  | (910328)  |
| Direxion Daily GOOGL Bull 2X Shares |  | 56287490 | 690780378 | 358756732 | —  |
|  Direxion Daily Junior Gold Miners Index Bear 2X Shares |  |  | 69809830 |  | (23845401)  |
|  Direxion Daily Junior Gold Miners Index Bull 2X Shares | 208997721 |  | 350239654 | 267625490 | (17142537)  |
| Direxion Daily LLY Bear 1X Shares |  |  | 4344960 | 2335 | (421252)  |
| Direxion Daily LLY Bull 2X Shares |  | 3036404 | 13544059 | 7152251 |  |
| Direxion Daily LMT Bear 1X ETF |  | —  | 2376058 | —  | (206227)  |
| Direxion Daily LMT Bull 2X ETF |  | 492 | 4005381 | 959957 | —  |
|  Direxion Daily Magnificent 7 Bear 1X Shares |  |  | 17345245 |  | (1875236)  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Magnificent 7 Bull 2X <br>Shares |  | 89871444 | 28067058 | 19397377 | —  |
| Direxion Daily META Bear 1X Shares |  |  | 7589931 | 969238 | —  |
| Direxion Daily META Bull 2X Shares |  | 98095355 | 636902519 |  | (59899635)  |
| &nbsp;&nbsp;&nbsp; Direxion Daily MSCI Brazil Bull 2X <br>Shares | 60448012 |  | 94443639 | 35894494 | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily MSCI India Bull 2X <br>Shares | 31377997 |  | 39719527 | 1121705 | (1914679)  |

---

224<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Funds** | **Asset Class** | **Asset Class** | **Asset Class** | **Asset Class** | **Liability Class**  |
| **Funds** | **Level 1** | **Level 1** | **Level 1** | **Level 2** | **Level 2**  |
| **Funds** | **Investment** <br>**Companies** | **Common** <br>**Stocks** | **Short Term** <br>**Investments** | **Total Return** <br>**Swap** <br>**Contracts\*** | **Total Return** <br>**Swap** <br>**Contracts\***  |
| Direxion Daily MSFT Bear 1X Shares | $— | $— | $8847835 | $187805 | $(36670)  |
| Direxion Daily MSFT Bull 2X Shares |  | 30000876 | 209513567 | 8903588 | (3548310)  |
| Direxion Daily MU Bear 1X Shares |  |  | 33104730 |  | (2922669)  |
| Direxion Daily MU Bull 2X Shares |  | 56083475 | 209791984 | 87179160 | —  |
| Direxion Daily NFLX Bear 1X Shares |  |  | 6317199 | 522623 | —  |
| Direxion Daily NFLX Bull 2X Shares |  | 16184310 | 120130074 |  | (5553329)  |
| Direxion Daily NVDA Bear 1X Shares |  |  | 30322881 |  | (2670403)  |
| Direxion Daily NVDA Bull 2X Shares |  | 94945536 | 629009632 | 173029038 | —  |
|  Direxion Daily NYSE FANG+ Bull 2X Shares |  | 60085205 | 75378820 | 43810339 | —  |
| Direxion Daily PANW Bear 1X Shares |  |  | 3449700 |  | (400540)  |
| Direxion Daily PANW Bull 2X Shares |  | 968836 | 10877452 | 3979418 | —  |
| Direxion Daily PLTR Bear 1X Shares |  |  | 41384866 |  | (6040405)  |
| Direxion Daily PLTR Bull 2X Shares |  | 72998545 | 491577165 | 211716982 | —  |
| Direxion Daily QCOM Bear 1X ETF |  |  | 2919113 |  | (305593)  |
| Direxion Daily QCOM Bull 2X ETF |  | 1445572 | 4921487 | 961232 | —  |
|  Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | 16371462 |  | 18771349 | 9921688 | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily S&P 500<sup>®</sup> Bear 1X <br>Shares |  |  | 124584661 |  | (4140228)  |
| &nbsp;&nbsp;&nbsp; Direxion Daily S&P 500<sup>®</sup> Bull 2X <br>Shares |  | 191232410 | 11202093 | 31870389 | —  |
|  Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares |  |  | 50535122 | 5098830 | (1457048)  |
|  Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares |  | 165337681 | 63863870 | 7502092 | (6292094)  |
|  Direxion Daily Semiconductors Top 5 Bear 2X ETF |  |  | 2082458 |  | (389194)  |
|  Direxion Daily Semiconductors Top 5 Bull 2X ETF |  | 1954555 | 2842979 | 745637 | (6323)  |
| Direxion Daily SHOP Bear 1X ETF |  |  | 3313591 |  | (349925)  |
| Direxion Daily SHOP Bull 2X ETF |  | 174 | 6773913 | 1662513 | (57591)  |
|  Direxion Daily Technology Top 5 Bear 2X ETF |  |  | 2427234 |  | (150529)  |
|  Direxion Daily Technology Top 5 Bull 2X ETF |  | 2139140 | 1419394 | 110066 | —  |
| Direxion Daily TSLA Bear 1X Shares |  |  | 86092226 |  | (10992722)  |
| Direxion Daily TSLA Bull 2X Shares |  | 1442342438 | 6230147761 | 3266118107 | —  |
| Direxion Daily TSM Bear 1X Shares |  |  | 3652470 |  | (552597)  |
| Direxion Daily TSM Bull 2X Shares |  | 30348838 | 225969172 | 55313372 | —  |
|  Direxion Daily Uranium Industry Bull 2X Shares | 24647386 |  | 49386671 | 12545367 | (29201)  |
| Direxion Daily XOM Bear 1X Shares |  |  | 2407338 |  | (83074)  |
| Direxion Daily XOM Bull 2X Shares |  | 497352 | 2613185 | 190377 |  |

---

For further detail on each asset class, see each Fund's Schedule of Investments.

\* Total return swap contracts are valued at the unrealized appreciation/(depreciation). 

225<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

The Funds also follow authoritative accounting standards, which require additional disclosure regarding fair value measurements. Specifically, these standards require reporting entities to disclose a) the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements, for Level 2 or Level 3 positions, and b) purchases and sales on a gross basis in the Level 3 rollforward rather than as one net number. Additionally, reporting entities are required to disclose quantitative information about unobservable inputs used in the fair value measurements categorized within Level 3 of the fair value hierarchy.

There were no Level 3 securities held by the Funds or any transfers between levels during the period ended October 31, 2025.

8. VALUATION OF DERIVATIVE INSTRUMENTS

The Funds follow authoritative standards of accounting for derivative instruments, which establish disclosure requirements for derivative instruments. These standards improve financial reporting for derivative instruments by requiring enhanced disclosures that enable investors to understand how and why a fund uses derivative instruments, how derivative instruments are accounted for and how derivative instruments affect a fund's financial position and results of operations.

Certain Funds use derivative instruments as part of their principal investment strategy to achieve their investment objective. For additional discussion on the risks associated with derivative instruments refer to Note 2. As of October 31, 2025, the Funds were invested in swap contracts. At October 31, 2025, the fair values of derivative instruments, by primary risk, were as follows:

**Swap Contracts**

---

| | | |
|:---|:---|:---|
| | **Asset Derivatives<sup>1</sup>**  | **Asset Derivatives<sup>1</sup>**  |
| <br>**Fund** | **Equity Risk** | **Total**  |
| Direxion Daily AAPL Bull 2X Shares | $93325829 | $93325829  |
| Direxion Daily AI and Big Data Bull 2X Shares | 10219893 | 10219893  |
| Direxion Daily AMD Bear 1X Shares | 16140 | 16140  |
| Direxion Daily AMD Bull 2X Shares | 33530872 | 33530872  |
| Direxion Daily AMZN Bull 2X Shares | 71593034 | 71593034  |
| Direxion Daily AVGO Bull 2X Shares | 33864969 | 33864969  |
| Direxion Daily BA Bear 1X Shares | 177772 | 177772  |
| Direxion Daily BA Bull 2X Shares | 264223 | 264223  |
| Direxion Daily Biotech Top 5 Bull 2X ETF | 275714 | 275714  |
| Direxion Daily BRKB Bear 1X Shares | 180127 | 180127  |
| Direxion Daily Crypto Industry Bull 2X Shares | 1403369 | 1403369  |
| Direxion Daily CSCO Bull 2X ETF | 410463 | 410463  |
| Direxion Daily CSI 300 China A Share Bull 2X Shares | 40485093 | 40485093  |
| Direxion Daily CSI China Internet Index Bull 2X Shares | 81589573 | 81589573  |
| Direxion Daily Energy Bear 2X Shares | 500547 | 500547  |
| Direxion Daily Energy Bull 2X Shares | 9359092 | 9359092  |
| Direxion Daily F Bull 2X ETF | 969014 | 969014  |
| Direxion Daily Gold Miners Index Bear 2X Shares | 9351385 | 9351385  |
| Direxion Daily Gold Miners Index Bull 2X Shares | 348456333 | 348456333  |
| Direxion Daily GOOGL Bull 2X Shares | 358756732 | 358756732  |
| Direxion Daily Junior Gold Miners Index Bull 2X Shares | 267625490 | 267625490  |
| Direxion Daily LLY Bear 1X Shares | 2335 | 2335  |
| Direxion Daily LLY Bull 2X Shares | 7152251 | 7152251  |
| Direxion Daily LMT Bull 2X ETF | 959957 | 959957  |
| Direxion Daily Magnificent 7 Bull 2X Shares | 19397377 | 19397377  |
| Direxion Daily META Bear 1X Shares | 969238 | 969238  |
| Direxion Daily MSCI Brazil Bull 2X Shares | 35894494 | 35894494  |
| Direxion Daily MSCI India Bull 2X Shares | 1121705 | 1121705  |

---

226<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| | **Asset Derivatives<sup>1</sup>**  | **Asset Derivatives<sup>1</sup>**  |
| <br>**Fund** | **Equity Risk** | **Total**  |
| Direxion Daily MSFT Bear 1X Shares | $187805 | $187805  |
| Direxion Daily MSFT Bull 2X Shares | 8903588 | 8903588  |
| Direxion Daily MU Bull 2X Shares | 87179160 | 87179160  |
| Direxion Daily NFLX Bear 1X Shares | 522623 | 522623  |
| Direxion Daily NVDA Bull 2X Shares | 173029038 | 173029038  |
| Direxion Daily NYSE FANG+ Bull 2X Shares | 43810339 | 43810339  |
| Direxion Daily PANW Bull 2X Shares | 3979418 | 3979418  |
| Direxion Daily PLTR Bull 2X Shares | 211716982 | 211716982  |
| Direxion Daily QCOM Bull 2X ETF | 961232 | 961232  |
| Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | 9921688 | 9921688  |
| Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares | 31870389 | 31870389  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares | 5098830 | 5098830  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares | 7502092 | 7502092  |
| Direxion Daily Semiconductors Top 5 Bull 2X ETF | 745637 | 745637  |
| Direxion Daily SHOP Bull 2X ETF | 1662513 | 1662513  |
| Direxion Daily Technology Top 5 Bull 2X ETF | 110066 | 110066  |
| Direxion Daily TSLA Bull 2X Shares | 3266118107 | 3266118107  |
| Direxion Daily TSM Bull 2X Shares | 55313372 | 55313372  |
| Direxion Daily Uranium Industry Bull 2X Shares | 12545367 | 12545367  |
| Direxion Daily XOM Bull 2X Shares | 190377 | 190377 |

---

**Swap Contracts**

---

| | | |
|:---|:---|:---|
| | **Liability Derivatives<sup>2</sup>**  | **Liability Derivatives<sup>2</sup>**  |
| <br>**Fund** | **Equity Risk** | **Total**  |
| Direxion Daily AAPL Bear 1X Shares | $2098561 | $2098561  |
| Direxion Daily AI and Big Data Bear 2X Shares | 431083 | 431083  |
| Direxion Daily AI and Big Data Bull 2X Shares | 10380 | 10380  |
| Direxion Daily AMD Bear 1X Shares | 4249649 | 4249649  |
| Direxion Daily AMD Bull 2X Shares | 122 | 122  |
| Direxion Daily AMZN Bear 1X Shares | 581404 | 581404  |
| Direxion Daily AVGO Bear 1X Shares | 1044354 | 1044354  |
| Direxion Daily AVGO Bull 2X Shares | 671849 | 671849  |
| Direxion Daily BA Bear 1X Shares | 71092 | 71092  |
| Direxion Daily BA Bull 2X Shares | 1526521 | 1526521  |
| Direxion Daily BRKB Bull 2X Shares | 6811577 | 6811577  |
| Direxion Daily Crypto Industry Bear 1X Shares | 317259 | 317259  |
| Direxion Daily Crypto Industry Bull 2X Shares | 3645 | 3645  |
| Direxion Daily CSCO Bear 1X ETF | 152526 | 152526  |
| Direxion Daily Energy Bear 2X Shares | 139781 | 139781  |
| Direxion Daily Energy Bull 2X Shares | 161439 | 161439  |
| Direxion Daily Energy Top 5 Bull 2X ETF | 99353 | 99353  |
| Direxion Daily F Bear 1X ETF | 242221 | 242221  |
| Direxion Daily F Bull 2X ETF | 25648 | 25648  |
| Direxion Daily Gold Miners Index Bear 2X Shares | 36076052 | 36076052  |
| Direxion Daily Gold Miners Index Bull 2X Shares | 46182609 | 46182609  |
| Direxion Daily GOOGL Bear 1X Shares | 910328 | 910328  |
| Direxion Daily Junior Gold Miners Index Bear 2X Shares | 23845401 | 23845401  |
| Direxion Daily Junior Gold Miners Index Bull 2X Shares | 17142537 | 17142537  |
| Direxion Daily LLY Bear 1X Shares | 421252 | 421252  |

---

227<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| | **Liability Derivatives<sup>2</sup>**  | **Liability Derivatives<sup>2</sup>**  |
| <br>**Fund** | **Equity Risk** | **Total**  |
| Direxion Daily LMT Bear 1X ETF | $206227 | $206227  |
| Direxion Daily Magnificent 7 Bear 1X Shares | 1875236 | 1875236  |
| Direxion Daily META Bull 2X Shares | 59899635 | 59899635  |
| Direxion Daily MSCI India Bull 2X Shares | 1914679 | 1914679  |
| Direxion Daily MSFT Bear 1X Shares | 36670 | 36670  |
| Direxion Daily MSFT Bull 2X Shares | 3548310 | 3548310  |
| Direxion Daily MU Bear 1X Shares | 2922669 | 2922669  |
| Direxion Daily NFLX Bull 2X Shares | 5553329 | 5553329  |
| Direxion Daily NVDA Bear 1X Shares | 2670403 | 2670403  |
| Direxion Daily PANW Bear 1X Shares | 400540 | 400540  |
| Direxion Daily PLTR Bear 1X Shares | 6040405 | 6040405  |
| Direxion Daily QCOM Bear 1X ETF | 305593 | 305593  |
| Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares | 4140228 | 4140228  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares | 1457048 | 1457048  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares | 6292094 | 6292094  |
| Direxion Daily Semiconductors Top 5 Bear 2X ETF | 389194 | 389194  |
| Direxion Daily Semiconductors Top 5 Bull 2X ETF | 6323 | 6323  |
| Direxion Daily SHOP Bear 1X ETF | 349925 | 349925  |
| Direxion Daily SHOP Bull 2X ETF | 57591 | 57591  |
| Direxion Daily Technology Top 5 Bear 2X ETF | 150529 | 150529  |
| Direxion Daily TSLA Bear 1X Shares | 10992722 | 10992722  |
| Direxion Daily TSM Bear 1X Shares | 552597 | 552597  |
| Direxion Daily Uranium Industry Bull 2X Shares | 29201 | 29201  |
| Direxion Daily XOM Bear 1X Shares | 83074 | 83074 |

---

<sup>1</sup> Statements of Assets and Liabilities location: Unrealized appreciation on swap contracts.

<sup>2</sup> Statements of Assets and Liabilities location: Unrealized depreciation on swap contracts.

Transactions in derivative instruments during the period ended October 31, 2025, by primary risk, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** |  | **Net Realized** <br>**Gain (Loss)<sup>1</sup>** <br>**Equity Risk** | **Net Unrealized** <br>**Appreciation/** <br>(Depreciation)<sup>2</sup> <br>**Equity Risk**  |
| Direxion Daily AAPL Bear 1X Shares | Swap Contracts | $(3119579) | $(1976711)  |
| Direxion Daily AAPL Bull 2X Shares | Swap Contracts | 35696898 | 86801965  |
| Direxion Daily AI and Big Data Bear 2X Shares | Swap Contracts | (1783739) | (287021)  |
| Direxion Daily AI and Big Data Bull 2X Shares | Swap Contracts | (560456) | 9707340  |
| Direxion Daily AMD Bear 1X Shares | Swap Contracts | (5611149) | (4233509)  |
| Direxion Daily AMD Bull 2X Shares | Swap Contracts | 9145542 | 33530750  |
| Direxion Daily AMZN Bear 1X Shares | Swap Contracts | (473435) | (592015)  |
| Direxion Daily AMZN Bull 2X Shares | Swap Contracts | 15154613 | 75187388  |
| Direxion Daily AVGO Bear 1X Shares | Swap Contracts | (4480986) | (1249041)  |
| Direxion Daily AVGO Bull 2X Shares | Swap Contracts | 47535844 | 33687525  |
| Direxion Daily BA Bear 1X Shares | Swap Contracts | (633724) | 106680  |
| Direxion Daily BA Bull 2X Shares | Swap Contracts | 49928 | (1262298)  |
| Direxion Daily Biotech Top 5 Bull 2X ETF | Swap Contracts | (3585) | 275714  |
| Direxion Daily BRKB Bear 1X Shares | Swap Contracts | (262861) | 180127  |
| Direxion Daily BRKB Bull 2X Shares | Swap Contracts | (5652357) | (6811577)  |
| Direxion Daily Crypto Industry Bear 1X Shares | Swap Contracts | (625250) | (466618)  |
| Direxion Daily Crypto Industry Bull 2X Shares | Swap Contracts | 266617 | 1430606  |
| Direxion Daily CSCO Bear 1X ETF | Swap Contracts | (51045) | (152526)  |

---

228<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund** |  | **Net Realized** <br>**Gain (Loss)<sup>1</sup>** <br>**Equity Risk** | **Net Unrealized** <br>**Appreciation/** <br>(Depreciation)<sup>2</sup> <br>**Equity Risk**  |
| Direxion Daily CSCO Bull 2X Shares | Swap Contracts | $(236269) | &nbsp;&nbsp; $410463  |
| Direxion Daily CSI 300 China A Share Bull 2X Shares | Swap Contracts | (79099490) | &nbsp;&nbsp; 89174470  |
| Direxion Daily CSI China Internet Index Bull 2X Shares | Swap Contracts | 22676767 | &nbsp;&nbsp; 36867254  |
| Direxion Daily Energy Bear 2X Shares | Swap Contracts | 2332699 | &nbsp;&nbsp; (1863859)  |
| Direxion Daily Energy Bull 2X Shares | Swap Contracts | (10781014) | &nbsp;&nbsp; (1744993)  |
| Direxion Daily Energy Top 5 Bull 2X ETF | Swap Contracts | (15415) | &nbsp;&nbsp; (99353)  |
| Direxion Daily F Bear 1X ETF | Swap Contracts | (205777) | &nbsp;&nbsp; (242221)  |
| Direxion Daily F Bull 2X Shares | Swap Contracts | (40457) | &nbsp;&nbsp; 943366  |
| Direxion Daily Gold Miners Index Bear 2X Shares | Swap Contracts | (112938849) | &nbsp;&nbsp; (15459828)  |
| Direxion Daily Gold Miners Index Bull 2X Shares | Swap Contracts | 362462585 | &nbsp;&nbsp; 122770302  |
| Direxion Daily GOOGL Bear 1X Shares | Swap Contracts | (2517953) | &nbsp;&nbsp; (834948)  |
| Direxion Daily GOOGL Bull 2X Shares | Swap Contracts | 42156842 | &nbsp;&nbsp; 345206184  |
| Direxion Daily Junior Gold Miners Index Bear 2X Shares | Swap Contracts | (74199049) | &nbsp;&nbsp; (11779845)  |
| Direxion Daily Junior Gold Miners Index Bull 2X Shares | Swap Contracts | 197153367 | &nbsp;&nbsp; 124984537  |
| Direxion Daily LLY Bear 1X Shares | Swap Contracts | (480062) | &nbsp;&nbsp; (418917)  |
| Direxion Daily LLY Bull 2X Shares | Swap Contracts | 1467249 | &nbsp;&nbsp; 7152251  |
| Direxion Daily LMT Bear 1X ETF | Swap Contracts | (128987) | &nbsp;&nbsp; (206227)  |
| Direxion Daily LMT Bull 2X ETF | Swap Contracts | 10120 | &nbsp;&nbsp; 959957  |
| Direxion Daily Magnificent 7 Bear 1X Shares | Swap Contracts | (2351292) | &nbsp;&nbsp; (1774025)  |
| Direxion Daily Magnificent 7 Bull 2X Shares | Swap Contracts | 4605437 | &nbsp;&nbsp; 18771166  |
| Direxion Daily META Bear 1X Shares | Swap Contracts | (1271333) | &nbsp;&nbsp; 1172816  |
| Direxion Daily META Bull 2X Shares | Swap Contracts | 15772308 | &nbsp;&nbsp; (63632888)  |
| Direxion Daily MSCI Brazil Bull 2X Shares | Swap Contracts | (26968237) | &nbsp;&nbsp; 47108967  |
| Direxion Daily MSCI India Bull 2X Shares | Swap Contracts | 656008 | &nbsp;&nbsp; (10314637)  |
| Direxion Daily MSFT Bear 1X Shares | Swap Contracts | (2011797) | &nbsp;&nbsp; (352258)  |
| Direxion Daily MSFT Bull 2X Shares | Swap Contracts | 17089063 | &nbsp;&nbsp; 15894245  |
| Direxion Daily MU Bear 1X Shares | Swap Contracts | (2304138) | &nbsp;&nbsp; (3002781)  |
| Direxion Daily MU Bull 2X Shares | Swap Contracts | 13114909 | &nbsp;&nbsp; 87708873  |
| Direxion Daily NFLX Bear 1X Shares | Swap Contracts | (2821562) | &nbsp;&nbsp; 633576  |
| Direxion Daily NFLX Bull 2X Shares | Swap Contracts | 14151832 | &nbsp;&nbsp; (5937606)  |
| Direxion Daily NVDA Bear 1X Shares | Swap Contracts | (14192239) | &nbsp;&nbsp; (1659926)  |
| Direxion Daily NVDA Bull 2X Shares | Swap Contracts | 248871243 | &nbsp;&nbsp; 63692609  |
| Direxion Daily NYSE FANG+ Bull 2X Shares | Swap Contracts | 16419165 | &nbsp;&nbsp; 31555271  |
| Direxion Daily PANW Bear 1X Shares | Swap Contracts | (276342) | &nbsp;&nbsp; (400540)  |
| Direxion Daily PANW Bull 2X Shares | Swap Contracts | 523025 | &nbsp;&nbsp; 3979418  |
| Direxion Daily PLTR Bear 1X Shares | Swap Contracts | (23615280) | &nbsp;&nbsp; (6040405)  |
| Direxion Daily PLTR Bull 2X Shares | Swap Contracts | 344056884 | &nbsp;&nbsp; 211716982  |
| Direxion Daily QCOM Bear 1X Shares | Swap Contracts | (223535) | &nbsp;&nbsp; (305593)  |
| Direxion Daily QCOM Bull 2X Shares | Swap Contracts | (200302) | &nbsp;&nbsp; 961232  |
|  Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | Swap Contracts | (898466) | &nbsp;&nbsp; 7215956  |
| Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares | Swap Contracts | (27735028) | &nbsp;&nbsp; 3654350  |
| Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares | Swap Contracts | 16642455 | &nbsp;&nbsp; 11114971  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares | Swap Contracts | 11057898 | &nbsp;&nbsp; (5512771)  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares | Swap Contracts | (44871274) | &nbsp;&nbsp; 21008030  |
| Direxion Daily Semiconductors Top 5 Bear 2X ETF | Swap Contracts | (414919) | &nbsp;&nbsp; (389194)  |
| Direxion Daily Semiconductors Top 5 Bull 2X ETF | Swap Contracts | (44394) | &nbsp;&nbsp; 739314  |
| Direxion Daily SHOP Bear 1X ETF | Swap Contracts | (673772) | &nbsp;&nbsp; (349925)  |
| Direxion Daily SHOP Bull 2X ETF | Swap Contracts | 1296507 | &nbsp;&nbsp; 1604922  |

---

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**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund** |  | **Net Realized** <br>**Gain (Loss)<sup>1</sup>** <br>**Equity Risk** | **Net Unrealized** <br>**Appreciation/** <br>(Depreciation)<sup>2</sup> <br>**Equity Risk**  |
| Direxion Daily Technology Top 5 Bear 2X ETF | Swap Contracts | $(70142) | $(150529)  |
| Direxion Daily Technology Top 5 Bull 2X ETF | Swap Contracts | (6906) | 110066  |
| Direxion Daily TSLA Bear 1X Shares | Swap Contracts | (41346161) | (10867084)  |
| Direxion Daily TSLA Bull 2X Shares | Swap Contracts | 1299749371 | 2847256270  |
| Direxion Daily TSM Bear 1X Shares | Swap Contracts | (506260) | (559267)  |
| Direxion Daily TSM Bull 2X Shares | Swap Contracts | 16044178 | 56056858  |
| Direxion Daily Uranium Industry Bull 2X Shares | Swap Contracts | (11313) | 11960932  |
| Direxion Daily XOM Bear 1X Shares | Swap Contracts | (91016) | (83074)  |
| Direxion Daily XOM Bull 2X Shares | Swap Contracts | (146385) | 190377 |

---

<sup>1</sup> Statements of Operations location: Net realized gain (loss) on swap contracts.

<sup>2</sup> Statements of Operations location: Change in net unrealized appreciation (depreciation) on swap contracts.

For the period ended October 31, 2025, the volume of the derivatives held by the Funds was as follows:

---

| | | |
|:---|:---|:---|
|  | **Quarterly Average Gross Notional Amounts**  | **Quarterly Average Gross Notional Amounts**  |
|  | **Long Total Return** <br>**Swap Contracts** | **Short Total Return** <br>**Swap Contracts**  |
| Direxion Daily AAPL Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $32319572  |
| Direxion Daily AAPL Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp; 275342918 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily AI and Big Data Bear 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3838959  |
| Direxion Daily AI and Big Data Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp; 23505430 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily AMD Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7677772  |
| Direxion Daily AMD Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp; 40475923 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily AMZN Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6462133  |
| Direxion Daily AMZN Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp; 458120237 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily AVGO Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5750286  |
| Direxion Daily AVGO Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp; 119250572 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily BA Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1619208  |
| Direxion Daily BA Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp; 16785557 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily Biotech Top 5 Bull 2X ETF | &nbsp;&nbsp;&nbsp;&nbsp; 2654630 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily BRKB Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2373922  |
| Direxion Daily BRKB Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp; 71148676 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily Crypto Industry Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2192498  |
| Direxion Daily Crypto Industry Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp; 6021092 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily CSCO Bear 1X ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1545025  |
| Direxion Daily CSCO Bull 2X ETF | &nbsp;&nbsp;&nbsp;&nbsp; 4711674 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily CSI 300 China A Share Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp; 329326083 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily CSI China Internet Index Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp; 423424908 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily Energy Bear 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42088368  |
| Direxion Daily Energy Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp; 295593296 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily Energy Top 5 Bull 2X ETF | &nbsp;&nbsp;&nbsp;&nbsp; 1843987 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily F Bear 1X ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1456123  |
| Direxion Daily F Bull 2X ETF | &nbsp;&nbsp;&nbsp;&nbsp; 3789984 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily Gold Miners Index Bear 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 207625778  |
| Direxion Daily Gold Miners Index Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp; 769665022 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily GOOGL Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5787063  |
| Direxion Daily GOOGL Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp; 564506408 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily Junior Gold Miners Index Bear 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 111479150  |

---

230<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Quarterly Average Gross Notional Amounts**  | **Quarterly Average Gross Notional Amounts**  |
|  | **Long Total Return** <br>**Swap Contracts** | **Short Total Return** <br>**Swap Contracts**  |
| Direxion Daily Junior Gold Miners Index Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp; $430751099 | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
| Direxion Daily LLY Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2519810  |
| Direxion Daily LLY Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp; 10728017 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily LMT Bear 1X ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 979445  |
| Direxion Daily LMT Bull 2X ETF | &nbsp;&nbsp;&nbsp;&nbsp; 4323792 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily Magnificent 7 Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6421248  |
| Direxion Daily Magnificent 7 Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp; 116152096 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily META Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9109433  |
| Direxion Daily META Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp; 424189059 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily MSCI Brazil Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp; 158179567 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily MSCI India Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp; 115729243 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily MSFT Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9142223  |
| Direxion Daily MSFT Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp; 325498653 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily MU Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8303548  |
| Direxion Daily MU Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp; 109996579 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily NFLX Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7527540  |
| Direxion Daily NFLX Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp; 114994952 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily NVDA Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32363114  |
| Direxion Daily NVDA Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp; 1077702958 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily NYSE FANG+ Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp; 144224493 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily PANW Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2153673  |
| Direxion Daily PANW Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp; 10712767 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily PLTR Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25842582  |
| Direxion Daily PLTR Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp; 495519821 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily QCOM Bear 1X ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1693422  |
| Direxion Daily QCOM Bull 2X ETF | &nbsp;&nbsp;&nbsp;&nbsp; 5998679 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp; 40324585 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 142916903  |
| Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp; 165857104 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 98580306  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp; 350006076 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily Semiconductors Top 5 Bear 2X ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1504029  |
| Direxion Daily Semiconductors Top 5 Bull 2X ETF | &nbsp;&nbsp;&nbsp;&nbsp; 4690690 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily SHOP Bear 1X ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1301417  |
| Direxion Daily SHOP Bull 2X ETF | &nbsp;&nbsp;&nbsp;&nbsp; 7593975 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily Technology Top 5 Bear 2X ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2202159  |
| Direxion Daily Technology Top 5 Bull 2X ETF | &nbsp;&nbsp;&nbsp;&nbsp; 3571884 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily TSLA Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 67316836  |
| Direxion Daily TSLA Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp; 8885762156 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily TSM Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3648511  |
| Direxion Daily TSM Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp; 213596497 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily Uranium Industry Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp; 24099886 | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| Direxion Daily XOM Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1804708  |
| Direxion Daily XOM Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp; 3990833 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

The Funds utilize this volume of derivatives in order to obtain leverage in order to meet the investment objectives of -100%, 200%, or -200% daily performance of their respective index.

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**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

9. PRINCIPAL RISKS

Below are some of the principal risks of investing in the Funds. Please refer to the Funds' prospectus for a full discussion.

**Counterparty Risk – A Fund will be subject to credit risk with respect to the amount it expects to receive from counterparties to financial instruments entered into by the Fund. The Funds' counterparties are generally required to post collateral to the Funds to the extent of the Funds' daily exposure to such counterparties. However, to the extent any such collateral is insufficient, the Funds will be exposed to counterparty risk as described in this paragraph. In addition, there may be a delay associated with realization by the Funds of the collateral posted by such counterparties in the event of counterparty default or bankruptcy. A Fund may be negatively impacted if a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties. A Fund may experience significant delays in obtaining any recovery in bankruptcy or other reorganization proceeding, and a Fund may obtain only limited recovery or may obtain no recovery in such circumstances.** 

**Daily Index Correlation/Tracking Risk – A number of factors may affect a Fund's ability to achieve a high degree of correlation with its benchmark, and there can be no guarantee that a Fund will achieve a high degree of correlation. A failure to achieve a high degree of correlation may prevent a Fund from achieving its investment objective. A number of factors may adversely affect a Fund's correlation with its benchmark, including fees, expenses, transaction costs, costs associated with the use of leveraged investment techniques, income items, accounting standards, and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. A Fund may not have investment exposure to all securities in its underlying benchmark index, or its weighting of investment exposure to such stocks or industries may be different from that of the index. In addition, a Fund may invest in securities or financial instruments not included in the index underlying its benchmark. A Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to its benchmark. Activities surrounding annual index reconstitutions and other index rebalancing or reconstitution events may hinder the Funds' ability to meet their daily investment objective on that day. Each Fund seeks to rebalance its portfolio daily to keep leverage consistent with its daily investment objective.** 

Certain Funds are "leveraged" funds in the sense that they have investment objectives to match a multiple of the performance of an index on a given day. These Funds are subject to all of the correlation risks described above. In addition, there is a special form of correlation risk that derives from these Funds' use of leverage, which is that for periods greater than one day, the use of leverage tends to cause the performance of a Fund to be either greater than or less than the index performance times the stated multiple in the fund objective, before accounting for fees and fund expenses. In general, given a particular index return, increased volatility of the index will cause a decrease in the performance relative to the index performance times the stated fund multiple.

**Derivatives Risk – The Fund's investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund's other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.** 

In addition, the Fund's investments in derivatives are subject to the following risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Swap Agreements.* Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities representing a particular index or an ETF that seeks to track an index. Swaps are subject to counterparty, valuation and leveraging risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Futures Contracts.* Futures contracts are typically exchange-traded contracts that call for the future delivery of an asset at a certain price and date, or cash settlement of the terms of the contract. There may be an imperfect correlation between the changes in market value of the securities held by the Fund and the prices of futures contracts. Futures contracts are subject to liquidity risks; there may not be a liquid secondary market for the futures contracts and the Fund may not be able to enter into a closing transaction. Exchanges may also limit the number of positions that can be held

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**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

or controlled by the Fund or the Adviser, thus limiting the ability of the Fund to implement its leveraged investment strategy. Futures markets are highly volatile and the use of futures may increase the Fund's volatility. Futures contracts are also subject to leverage risk.

**Foreign Securities Risk – Investments in foreign securities directly or indirectly through investments in exchange traded funds which track foreign securities involve greater risks than investing in domestic securities. As a result, the Funds' returns and net asset values may be affected to a large degree by fluctuations in currency exchange rates, political, diplomatic or economic conditions and regulatory requirements in other countries. The laws, accounting and financial reporting standards in foreign countries may require less disclosure than required in the U.S., and therefore there may be less public information available about foreign companies. Investments in foreign emerging markets present a greater risk than investing in foreign issuers in general. The risk of political or social upheaval is greater in emerging markets. In addition, there may be risks of an economy's dependence on revenues from particular commodities, currency transfer restrictions, a limited number of potential buyers for such securities and delays and disruption in securities settlement procedures.** 

**Leverage Risk – Leverage offers a means of magnifying market movements into larger changes in an investment's value and provides greater investment exposure than an unleveraged investment. Swap and futures contracts may be used to create leverage. Certain Funds employ leveraged investment techniques to achieve its investment objective.** 

**Liquidity Risk – In certain circumstances, such as the disruption of the orderly markets for the securities or financial instruments in which a Fund invests, a Fund might not be able to dispose of certain holdings quickly or at prices that represent fair market value in the judgment of the Adviser. Additionally, certain counterparties may have the ability to demand repayment at any time, thereby exposing the Fund to the risk that it may be required to liquidate investments at an inopportune time. This may prevent a Fund from limiting losses, realizing gains or from achieving a high correlation or inverse correlation with its underlying index.** 

**Sector Concentration Risk – The risk of concentrating investments in a limited number of issuers in a particular industry is that a Fund will be more susceptible to the risks associated with that industry than a Fund that does not concentrate its investments.** 

10. NEW ACCOUNTING PRONOUNCEMENT

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements.

In this reporting period, the Trust adopted Financial Accounting Standards Board ASU 2023-07, Segment Reporting (Topic 280). Adoption of the enhanced standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision maker ("CODM") when assessing segment performance and making decisions about segment resources. Each Fund included herein is deemed to be an individual reporting segment and Officers of the Direxion Shares ETF Trust, collectively act as CODM. The CODM monitors the operating results of the Trust as a whole and each Fund's long-term strategic asset allocation is guided by each Fund's investment objective and principal investment strategies as described in its prospectus and executed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in the Trust's financial statements.

In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures. Adoption of the new standard impacted financial statements disclosures only and did not affect any Fund's financial position or the results of its operations.

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**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

11. ADDITIONAL INFORMATION

On November 4, 2024, and September 29, 2025, shares of the following Funds were adjusted to reflect a reverse stock split. The effect of the reverse stock split was to decrease the number of shares outstanding and increase the net asset value. The reverse stock split has no impact on the net assets of the Fund or the value of a shareholder's investment in the Fund. A summary of the reverse stock splits is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Funds** | **Effective** <br>**Date** | **Rate** | **Net Asset** <br>**Value Before** <br>**Split** | **Net Asset** <br>**Value After** <br>**Split** | **Shares** <br>**Outstanding** <br>**Before Split** | **Shares** <br>**Outstanding** <br>**After Split**  |
|  Direxion Daily Gold Miners Index Bear 2X Shares | 11/04/2024 | 1:10 | &nbsp;&nbsp;&nbsp;&nbsp;5.29 | &nbsp;&nbsp;&nbsp;&nbsp;52.90 | 18410171 | &nbsp;&nbsp; 1841017  |
| Direxion Daily NVDA Bear 1X Shares | 09/29/2025 | 1:10 | &nbsp;&nbsp;&nbsp;&nbsp;4.10 | &nbsp;&nbsp;&nbsp;&nbsp;41.00 | 6975001 | &nbsp;&nbsp; 697500 |

---

12. SUBSEQUENT EVENTS

Management has performed an evaluation of subsequent events through the date of the financial statements were issued and has determined that no items require recognition or disclosure besides those noted below.

On December 9, 2025, certain Funds declared capital gain distributions with an ex-date of December 10, 2025 and payable date of December 17, 2025. The specific Funds and per share amounts of the distributions are listed below.

---

| | |
|:---|:---|
| **Funds** | **Per Share** <br>**Short Term** <br>**Capital Gain** <br>**Distribution**  |
| Direxion Daily AAPL Bull 2X Shares | &nbsp;&nbsp; $2.17239  |
| Direxion Daily AI and Big Data Bull 2X Shares | 1.06213  |
| Direxion Daily AMD Bull 2X Shares | 6.70210  |
| Direxion Daily AMZN Bull 2X Shares | 1.20267  |
| Direxion Daily AVGO Bull 2X Shares | 12.18125  |
| Direxion Daily BA Bull 2X Shares | 0.12039  |
| Direxion Daily Biotech Top 5 Bull 2X ETF | 0.31143  |
| Direxion Daily Crypto Industry Bull 2X Shares | 0.93497  |
| Direxion Daily GOOGL Bull 2X Shares | 2.85053  |
| Direxion Daily LLY Bull 2X Shares | 2.75962  |
| Direxion Daily LMT Bull 2X ETF | 0.64875  |
| Direxion Daily Magnificent 7 Bull 2X Shares | 5.30835  |
| Direxion Daily META Bull 2X Shares | 0.10937  |
| Direxion Daily MSFT Bull 2X Shares | 2.30023  |
| Direxion Daily MU Bull 2X Shares | 3.63207  |
| Direxion Daily NFLX Bull 2X Shares | 1.35997  |
| Direxion Daily NVDA Bull 2X Shares | 4.43886  |
| Direxion Daily NYSE FANG+ Bull 2X Shares | 22.73427  |
| Direxion Daily PANW Bull 2X Shares | 1.48958  |
| Direxion Daily PLTR Bull 2X Shares | 15.77642  |
| Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares | 1.90575  |
| Direxion Daily Semiconductors Top 5 Bull 2X ETF | 0.59627  |
| Direxion Daily SHOP Bull 2X ETF | 5.55870  |
| Direxion Daily Technology Top 5 Bear 2X ETF | 0.03694  |
| Direxion Daily TSLA Bull 2X Shares | 0.57939  |
| Direxion Daily TSM Bull 2X Shares | 3.10834  |
| Direxion Daily Uranium Industry Bull 2X Shares | 2.34655 |

---

234<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

On December 22, 2025, certain Funds declared income distributions with an ex-date of December 23, 2025 and payable date of December 31, 2025. The specific Funds and per share amounts of the distributions are listed below.

---

| | |
|:---|:---|
| **Funds** | **Per Share** <br>**Income** <br>**Distribution**  |
| Direxion Daily AAPL Bear 1X Shares | &nbsp;&nbsp; $0.10846  |
| Direxion Daily AAPL Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.18581  |
| Direxion Daily AI and Big Data Bear 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.04846  |
| Direxion Daily AMD Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.15694  |
| Direxion Daily AMD Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.31713  |
| Direxion Daily AMZN Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.07738  |
| Direxion Daily AMZN Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.25002  |
| Direxion Daily AVGO Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.13072  |
| Direxion Daily AVGO Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.15843  |
| Direxion Daily BA Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.11731  |
| Direxion Daily BA Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.19481  |
| Direxion Daily Biotech Top 5 Bull 2X ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.10111  |
| Direxion Daily BRKB Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.11677  |
| Direxion Daily BRKB Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.21091  |
| Direxion Daily Crypto Industry Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.18897  |
| Direxion Daily Crypto Industry Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.00274  |
| Direxion Daily CSCO Bear 1X ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.14691  |
| Direxion Daily CSCO Bull 2X ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.18774  |
| Direxion Daily CSI 300 China A Share Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.15380  |
| Direxion Daily Energy Bear 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.07868  |
| Direxion Daily Energy Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.26537  |
| Direxion Daily Energy Top 5 Bull 2X ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.15978  |
| Direxion Daily F Bear 1X ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.26541  |
| Direxion Daily F Bull 2X ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.20295  |
| Direxion Daily Gold Miners Index Bear 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.06541  |
| Direxion Daily Gold Miners Index Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.21568  |
| Direxion Daily GOOGL Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.06418  |
| Direxion Daily GOOGL Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.34414  |
| Direxion Daily Junior Gold Miners Index Bear 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.02243  |
| Direxion Daily Junior Gold Miners Index Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.07102  |
| Direxion Daily LLY Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.61729  |
| Direxion Daily LLY Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.13209  |
| Direxion Daily LMT Bear 1X ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.23992  |
| Direxion Daily LMT Bull 2X ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.20353  |
| Direxion Daily Magnificent 7 Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.14585  |
| Direxion Daily Magnificent 7 Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.00976  |
| Direxion Daily META Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.13300  |
| Direxion Daily META Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.20902  |
| Direxion Daily MSCI Brazil Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;1.09392  |
| Direxion Daily MSCI India Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.20369  |
| Direxion Daily MSFT Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.08200  |
| Direxion Daily MSFT Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.26703  |
| Direxion Daily MU Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.03814  |
| Direxion Daily MU Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.37748  |
| Direxion Daily NFLX Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.16168  |
| Direxion Daily NFLX Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.17012  |

---

235<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**October 31, 2025(Continued)** 

---

| | |
|:---|:---|
| **Funds** | **Per Share** <br>**Income** <br>**Distribution**  |
| Direxion Daily NVDA Bear 1X Shares | &nbsp;&nbsp; $0.33783  |
| Direxion Daily NVDA Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.71958  |
| Direxion Daily NYSE FANG+ Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.17774  |
| Direxion Daily PANW Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.39541  |
| Direxion Daily PANW Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.11823  |
| Direxion Daily PLTR Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.04942  |
| Direxion Daily PLTR Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.55776  |
| Direxion Daily QCOM Bear 1X ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.18507  |
| Direxion Daily QCOM Bull 2X ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.20711  |
| Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.05907  |
| Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.07532  |
| Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.10223  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.03134  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.11179  |
| Direxion Daily Semiconductors Top 5 Bear 2X ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.18948  |
| Direxion Daily Semiconductors Top 5 Bull 2X ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.13731  |
| Direxion Daily SHOP Bear 1X ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.16224  |
| Direxion Daily SHOP Bull 2X ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.17951  |
| Direxion Daily Technology Top 5 Bear 2X ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.18117  |
| Direxion Daily Technology Top 5 Bull 2X ETF | &nbsp;&nbsp;&nbsp;&nbsp;0.07296  |
| Direxion Daily TSLA Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.04946  |
| Direxion Daily TSLA Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.11222  |
| Direxion Daily TSM Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.10924  |
| Direxion Daily TSM Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.26240  |
| Direxion Daily Uranium Industry Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.18727  |
| Direxion Daily XOM Bear 1X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.16922  |
| Direxion Daily XOM Bull 2X Shares | &nbsp;&nbsp;&nbsp;&nbsp;0.18602 |

---

236<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders of Direxion Daily AAPL Bear 1X Shares, Direxion Daily AAPL Bull 2X Shares, Direxion Daily AI and Big Data Bear 2X Shares, Direxion Daily AI and Big Data Bull 2X Shares, Direxion Daily AMD Bear 1X Shares, Direxion Daily AMD Bull 2X Shares, Direxion Daily AMZN Bear 1X Shares, Direxion Daily AMZN Bull 2X Shares, Direxion Daily AVGO Bear 1X Shares, Direxion Daily AVGO Bull 2X Shares, Direxion Daily BA Bear 1X Shares, Direxion Daily BA Bull 2X Shares, Direxion Daily Biotech Top 5 Bull 2X ETF, Direxion Daily BRKB Bear 1X Shares, Direxion Daily BRKB Bull 2X Shares, Direxion Daily Crypto Industry Bear 1X Shares, Direxion Daily Crypto Industry Bull 2X Shares, Direxion Daily CSCO Bear 1X ETF, Direxion Daily CSCO Bull 2X ETF, Direxion Daily CSI 300 China A Share Bull 2X Shares, Direxion Daily CSI China Internet Index Bull 2X Shares, Direxion Daily Energy Bear 2X Shares, Direxion Daily Energy Bull 2X Shares, Direxion Daily Energy Top 5 Bull 2X ETF, Direxion Daily F Bear 1X ETF, Direxion Daily F Bull 2X ETF, Direxion Daily Gold Miners Index Bear 2X Shares, Direxion Daily Gold Miners Index Bull 2X Shares, Direxion Daily GOOGL Bear 1X Shares, Direxion Daily GOOGL Bull 2X Shares, Direxion Daily Junior Gold Miners Index Bear 2X Shares, Direxion Daily Junior Gold Miners Index Bull 2X Shares, Direxion Daily LLY Bear 1X Shares, Direxion Daily LLY Bull 2X Shares, Direxion Daily LMT Bear 1X ETF, Direxion Daily LMT Bull 2X ETF, Direxion Daily Magnificent 7 Bear 1X Shares, Direxion Daily Magnificent 7 Bull 2X Shares, Direxion Daily META Bear 1X Shares, Direxion Daily META Bull 2X Shares, Direxion Daily MSCI Brazil Bull 2X Shares, Direxion Daily MSCI India Bull 2X Shares, Direxion Daily MSFT Bear 1X Shares, Direxion Daily MSFT Bull 2X Shares, Direxion Daily MU Bear 1X Shares, Direxion Daily MU Bull 2X Shares, Direxion Daily NFLX Bear 1X Shares, Direxion Daily NFLX Bull 2X Shares, Direxion Daily NVDA Bear 1X Shares, Direxion Daily NVDA Bull 2X Shares, Direxion Daily NYSE FANG+ Bull 2X Shares, Direxion Daily PANW Bear 1X Shares, Direxion Daily PANW Bull 2X Shares, Direxion Daily PLTR Bear 1X Shares, Direxion Daily PLTR Bull 2X Shares, Direxion Daily QCOM Bear 1X ETF, Direxion Daily QCOM Bull 2X ETF, Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares, Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares, Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares, Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares, Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares, Direxion Daily Semiconductors Top 5 Bear 2X ETF, Direxion Daily Semiconductors Top 5 Bull 2X ETF, Direxion Daily SHOP Bear 1X ETF, Direxion Daily SHOP Bull 2X ETF, Direxion Daily Technology Top 5 Bear 2X ETF, Direxion Daily Technology Top 5 Bull 2X ETF, Direxion Daily TSLA Bear 1X Shares, Direxion Daily TSLA Bull 2X Shares, Direxion Daily TSM Bear 1X Shares, Direxion Daily TSM Bull 2X Shares, Direxion Daily Uranium Industry Bull 2X Shares, Direxion Daily XOM Bear 1X Shares, Direxion Daily XOM Bull 2X Shares and the Board of Trustees of Direxion Shares ETF Trust.

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities of Direxion Daily AAPL Bear 1X Shares, Direxion Daily AAPL Bull 2X Shares, Direxion Daily AI and Big Data Bear 2X Shares, Direxion Daily AI and Big Data Bull 2X Shares, Direxion Daily AMD Bear 1X Shares, Direxion Daily AMD Bull 2X Shares, Direxion Daily AMZN Bear 1X Shares, Direxion Daily AMZN Bull 2X Shares, Direxion Daily AVGO Bear 1X Shares, Direxion Daily AVGO Bull 2X Shares, Direxion Daily BA Bear 1X Shares, Direxion Daily BA Bull 2X Shares, Direxion Daily Biotech Top 5 Bull 2X ETF, Direxion Daily BRKB Bear 1X Shares, Direxion Daily BRKB Bull 2X Shares, Direxion Daily Crypto Industry Bear 1X Shares, Direxion Daily Crypto Industry Bull 2X Shares, Direxion Daily CSCO Bear 1X ETF, Direxion Daily CSCO Bull 2X ETF, Direxion Daily CSI 300 China A Share Bull 2X Shares, Direxion Daily CSI China Internet Index Bull 2X Shares, Direxion Daily Energy Bear 2X Shares, Direxion Daily Energy Bull 2X Shares, Direxion Daily Energy Top 5 Bull 2X ETF, Direxion Daily F Bear 1X ETF, Direxion Daily F Bull 2X ETF, Direxion Daily Gold Miners Index Bear 2X Shares, Direxion Daily Gold Miners Index Bull 2X Shares, Direxion Daily GOOGL Bear 1X Shares, Direxion Daily GOOGL Bull 2X Shares, Direxion Daily Junior Gold Miners Index Bear 2X Shares, Direxion Daily Junior Gold Miners Index Bull 2X Shares, Direxion Daily LLY Bear 1X Shares, Direxion Daily LLY Bull 2X Shares, Direxion Daily LMT Bear 1X ETF, Direxion Daily LMT Bull 2X ETF, Direxion Daily Magnificent 7 Bear 1X Shares, Direxion Daily Magnificent 7 Bull 2X Shares, Direxion Daily META Bear 1X Shares, Direxion Daily META Bull 2X Shares, Direxion Daily MSCI Brazil Bull 2X Shares, Direxion Daily MSCI India Bull 2X Shares, Direxion Daily MSFT Bear 1X Shares, Direxion Daily MSFT Bull 2X Shares, Direxion Daily MU Bear 1X Shares, Direxion Daily MU Bull 2X Shares, Direxion Daily NFLX Bear 1X Shares, Direxion Daily NFLX Bull 2X Shares, Direxion Daily NVDA Bear 1X Shares, Direxion Daily NVDA Bull 2X Shares, Direxion Daily NYSE FANG+ Bull 2X Shares, Direxion Daily PANW Bear 1X Shares, Direxion Daily PANW Bull 2X Shares, Direxion Daily PLTR Bear 1X Shares, Direxion Daily PLTR Bull 2X Shares, Direxion Daily QCOM Bear 1X ETF, Direxion Daily QCOM Bull 2X ETF, Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares, Direxion Daily S&P 500<sup>®</sup> Bear

237<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)** 

1X Shares, Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares, Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares, Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares, Direxion Daily Semiconductors Top 5 Bear 2X ETF, Direxion Daily Semiconductors Top 5 Bull 2X ETF, Direxion Daily SHOP Bear 1X ETF, Direxion Daily SHOP Bull 2X ETF, Direxion Daily Technology Top 5 Bear 2X ETF, Direxion Daily Technology Top 5 Bull 2X ETF, Direxion Daily TSLA Bear 1X Shares, Direxion Daily TSLA Bull 2X Shares, Direxion Daily TSM Bear 1X Shares, Direxion Daily TSM Bull 2X Shares, Direxion Daily Uranium Industry Bull 2X Shares, Direxion Daily XOM Bear 1X Shares and Direxion Daily XOM Bull 2X Shares (collectively referred to as the "Funds"), (75 of the funds constituting Direxion Shares ETF Trust (the "Trust")), including the schedules of investments, as of October 31, 2025, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (75 of the funds constituting Direxion Shares ETF Trust) at October 31, 2025, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

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| | | | |
|:---|:---|:---|:---|
| **Individual Fund Constituting the Direxion Shares ETF Trust** | **Statement of Operations** | **Statements of** <br>**Changes in** <br>**Net Assets** | **Financial Highlights**  |
|  Direxion Daily CSI 300 China A Share Bull 2X Shares<br>Direxion Daily CSI China Internet Index Bull 2X Shares<br>Direxion Daily Energy Bear 2X Shares<br>Direxion Daily Energy Bull 2X Shares<br>Direxion Daily Gold Miners Index Bear 2X Shares<br>Direxion Daily Gold Miners Index Bull 2X Shares<br>Direxion Daily Junior Gold Miners Index Bear 2X Shares <br>Direxion Daily Junior Gold Miners Index Bull 2X Shares<br>Direxion Daily MSCI Brazil Bull 2X Shares<br>Direxion Daily MSCI India Bull 2X Shares<br>Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares<br>Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares<br>Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares<br>Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares<br>Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares  | For the year ended October 31, 2025 | For each of the two years in the period ended October 31, 2025 | For each of the five years in the period ended October 31, 2025  |
| Direxion Daily NYSE FANG+ Bull 2X Shares  | For the year ended October 31, 2025 | For each of the two years in the period ended October 31, 2025 | For each of the four years in the period ended October 31, 2025 and the period from September 30, 2021 (commencement of operations) through October 31, 2021  |
| Direxion Daily AAPL Bear 1X Shares<br>Direxion Daily AAPL Bull 2X Shares <br>Direxion Daily TSLA Bear 1X Shares<br>Direxion Daily TSLA Bull 2X Shares  | For the year ended October 31, 2025 | For each of the two years in the period ended October 31, 2025 | For each of the three years in the period ended October 31, 2025 and the period from August 9, 2022 (commencement of operations) through October 31, 2022  |
| Direxion Daily AMZN Bear 1X Shares<br>Direxion Daily AMZN Bull 2X Shares <br>Direxion Daily GOOGL Bear 1X Shares<br>Direxion Daily GOOGL Bull 2X Shares <br>Direxion Daily MSFT Bear 1X Shares<br>Direxion Daily MSFT Bull 2X Shares  | For the year ended October 31, 2025 | For each of the two years in the period ended October 31, 2025 | For each of the three years in the period ended October 31, 2025 and the period from September 7, 2022 (commencement of operations) through October 31, 2022  |

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238<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)** 

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| | | | |
|:---|:---|:---|:---|
| **Individual Fund Constituting the Direxion Shares ETF Trust** | **Statement of Operations** | **Statements of** <br>**Changes in** <br>**Net Assets** | **Financial Highlights**  |
| Direxion Daily NVDA Bear 1X Shares<br>Direxion Daily NVDA Bull 2X Shares  | For the year ended October 31, 2025 | For each of the two years in the period ended October 31, 2025 | For each of two years ended October 31, 2025 and the period from September 13, 2023 (commencement of operations) through October 31, 2023  |
| Direxion Daily Magnificent 7 Bear 1X Shares <br>Direxion Daily Magnificent 7 Bull 2X Shares | For the year ended October 31, 2025 | For the year ended October 31, 2025 and the period from March 7, 2024 (commencement of operations) through October 31, 2024  | For the year ended October 31, 2025 and the period from March 7, 2024 (commencement of operations) through October 31, 2024  |
| Direxion Daily AI and Big Data Bear 2X Shares <br>Direxion Daily AI and Big Data Bull 2X Shares | For the year ended October 31, 2025 | For the year ended October 31, 2025 and the period from May 15, 2024 (commencement of operations) through October 31, 2024  | For the year ended October 31, 2025 and the period from May 15, 2024 (commencement of operations) through October 31, 2024  |
| Direxion Daily META Bear 1X Shares <br>Direxion Daily META Bull 2X Shares | For the year ended October 31, 2025 | For the year ended October 31, 2025 and the period from June 5, 2024 (commencement of operations) through October 31, 2024  | For the year ended October 31, 2025 and the period from June 5, 2024 (commencement of operations) through October 31, 2024  |
| Direxion Daily Uranium Industry Bull 2X Shares | For the year ended October 31, 2025 | For the year ended October 31, 2025 and the period from June 26, 2024 (commencement of operations) through October 31, 2024  | For the year ended October 31, 2025 and the period from June 26, 2024 (commencement of operations) through October 31, 2024  |
| Direxion Daily Crypto Industry Bear 1X Shares<br>Direxion Daily Crypto Industry Bull 2X Shares | For the year ended October 31, 2025 | For the year ended October 31, 2025 and the period from July 17, 2024 (commencement of operations) through October 31, 2024  | For the year ended October 31, 2025 and the period from July 17, 2024 (commencement of operations) through October 31, 2024  |
| Direxion Daily NFLX Bear 1X Shares<br>Direxion Daily NFLX Bull 2X Shares<br>Direxion Daily TSM Bear 1X Shares<br>Direxion Daily TSM Bull 2X Shares | For the year ended October 31, 2025 | For the year ended October 31, 2025 and the period from October 3, 2024 (commencement of operations) through October 31, 2024  | For the year ended October 31, 2025 and the period from October 3, 2024 (commencement of operations) through October 31, 2024  |
| Direxion Daily AVGO Bear 1X Shares<br>Direxion Daily AVGO Bull 2X Shares <br>Direxion Daily MU Bear 1X Shares <br>Direxion Daily MU Bull 2X share | For the year ended October 31, 2025 | For the year ended October 31, 2025 and the period from October 10, 2024 (commencement of operations) through October 31, 2024  | For the year ended October 31, 2025 and the period from October 10, 2024 (commencement of operations) through October 31, 2024  |
| Direxion Daily BRKB Bear 1X Shares<br>Direxion Daily BRKB Bull 2X Shares<br>Direxion Daily PLTR Bear 1X Shares<br>Direxion Daily PLTR Bull 2X Shares | For the period from December 11, 2024 (commencement of operations) through October 31, 2025  | For the period from December 11, 2024 (commencement of operations) through October 31, 2025  | For the period from December 11, 2024 (commencement of operations) through October 31, 2025  |
| Direxion Daily AMD Bear 1X Shares <br>Direxion Daily AMD Bull 2X Shares | For the period from February 12, 2025 (commencement of operations) through October 31, 2025  | For the period from February 12, 2025 (commencement of operations) through October 31, 2025  | For the period from February 12, 2025 (commencement of operations) through October 31, 2025  |
| Direxion Daily LLY Bear 1X Shares<br>Direxion Daily LLY Bull 2X Shares<br>Direxion Daily PANW Bear 1X Shares<br>Direxion Daily PANW Bull 2X Shares | For the period from March 26, 2025 (commencement of operations) through October 31, 2025  | For the period from March 26, 2025 (commencement of operations) through October 31, 2025  | For the period from March 26, 2025 (commencement of operations) through October 31, 2025  |
| Direxion Daily BA Bear 1X Shares<br>Direxion Daily BA Bull 2X Shares <br>Direxion Daily XOM Bear 1X Shares<br>Direxion Daily XOM Bull 2X Shares | For the period from April 23, 2025 (commencement of operations) through October 31, 2025  | For the period from April 23, 2025 (commencement of operations) through October 31, 2025  | For the period from April 23, 2025 (commencement of operations) through October 31, 2025  |
| Direxion Daily CSCO Bear 1X ETF<br>Direxion Daily CSCO Bull 2X ETF <br>Direxion Daily QCOM Bear 1X ETF<br>Direxion Daily QCOM Bull 2X ETF | For the period from June 25, 2025 (commencement of operations) through October 31, 2025  | For the period from June 25, 2025 (commencement of operations) through October 31, 2025  | For the period from June 25, 2025 (commencement of operations) through October 31, 2025  |
| Direxion Daily F Bear 1X ETF <br>Direxion Daily F Bull 2X ETF | For the period from July 23, 2025 (commencement of operations) through October 31, 2025  | For the period from July 23, 2025 (commencement of operations) through October 31, 2025  | For the period from July 23, 2025 (commencement of operations) through October 31, 2025  |

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239<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)** 

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| | | | |
|:---|:---|:---|:---|
| **Individual Fund Constituting the Direxion Shares ETF Trust** | **Statement of Operations** | **Statements of** <br>**Changes in** <br>**Net Assets** | **Financial Highlights**  |
| Direxion Daily LMT Bear 1X ETF<br>Direxion Daily LMT Bull 2X ETF<br>Direxion Daily SHOP Bear 1X ETF<br>Direxion Daily SHOP Bull 2X ETF | For the period from August 6, 2025 (commencement of operations) through October 31, 2025  | For the period from August 6, 2025 (commencement of operations) through October 31, 2025  | For the period from August 6, 2025 (commencement of operations) through October 31, 2025  |
| Direxion Daily Biotech Top 5 Bull 2X ETF<br>Direxion Daily Energy Top 5 Bull 2X ETF <br>Direxion Daily Semiconductors Top 5 Bear 2X ETF<br>Direxion Daily Semiconductors Top 5 Bull 2X ETF<br>Direxion Daily Technology Top 5 Bear 2X ETF<br>Direxion Daily Technology Top 5 Bull 2X ETF | For the period from October 1, 2025 (commencement of operations) through October 31, 2025 | For the period from October 1, 2025 (commencement of operations) through October 31, 2025 | For the period from October 1, 2025 (commencement of operations) through October 31, 2025 |

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**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](sign_19953.jpg)

We have served as the auditor of one or more of the Direxion investment companies since 2001.

Minneapolis, Minnesota

December 23, 2025

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**Direxion Shares ETF Trust** 

**ADDITIONAL INFORMATION (Unaudited)** 

**FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS** 

Information regarding how often shares of the Funds traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Funds is available on the Funds' website www.direxion.com.

**FEDERAL TAX STATUS OF DIVIDENDS DECLARED DURING THE TAX YEAR** 

For Federal income tax purposes, dividends from short-term capital gains are classified as ordinary income. The percentage of ordinary income distribution designated as qualifying for the corporate dividend received deduction ("DRD"), the individual qualified dividend rate ("QDI"), the qualified interest income rate ("QII"), and the qualified short-term gain rate ("QSTG") is presented below.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **DRD** | **QDI** | **QII** | **QSTG**  |
| Direxion Daily AAPL Bear 1X Shares | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily AAPL Bull 2X Shares | 0.23% | 0.23% | 0.00% | 71.84%  |
| Direxion Daily AI and Big Data Bear 2X Shares | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily AI and Big Data Bull 2X Shares | 8.26% | 8.26% | 0.00% | 100.00%  |
| Direxion Daily AMD Bear 1X Shares | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily AMD Bull 2X Shares | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily AMZN Bear 1X Shares | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily AMZN Bull 2X Shares | 0.00% | 0.00% | 0.00% | 30.55%  |
| Direxion Daily AVGO Bear 1X Shares | 0.00% | 0.00% | 0.00% | 10.33%  |
| Direxion Daily AVGO Bull 2X Shares | 0.23% | 0.23% | 0.00% | 0.00%  |
| Direxion Daily BA Bear 1X Shares | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily BA Bull 2X Shares | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily Biotech Top 5 Bull 2X ETF | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily BRKB Bear 1X Shares | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily BRKB Bull 2X Shares | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily Crypto Industry Bear 1X Shares | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily Crypto Industry Bull 2X Shares | 2.82% | 2.82% | 0.00% | 0.00%  |
| Direxion Daily CSCO Bear 1X ETF | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily CSCO Bull 2X ETF | 17.84% | 17.84% | 0.00% | 0.00%  |
| Direxion Daily CSI 300 China A Share Bull 2X Shares | 23.56% | 23.56% | 0.00% | 0.00%  |
| Direxion Daily CSI China Internet Index Bull 2X Shares | 65.90% | 65.90% | 0.00% | 0.00%  |
| Direxion Daily Energy Bear 2X Shares | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily Energy Bull 2X Shares | 94.87% | 94.87% | 0.00% | 0.00%  |
| Direxion Daily Energy Top 5 Bull 2X ETF | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily F Bear 1X ETF | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily F Bull 2X ETF | 20.89% | 20.89% | 0.00% | 0.00%  |
| Direxion Daily Gold Miners Index Bear 2X Shares | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily Gold Miners Index Bull 2X Shares | 76.43% | 76.43% | 0.00% | 0.00%  |
| Direxion Daily GOOGL Bear 1X Shares | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily GOOGL Bull 2X Shares | 0.19% | 0.19% | 0.00% | 16.10%  |
| Direxion Daily Junior Gold Miners Index Bear 2X Shares | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily Junior Gold Miners Index Bull 2X Shares | 49.40% | 49.40% | 0.00% | 0.00%  |
| Direxion Daily LLY Bear 1X Shares | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily LLY Bull 2X Shares | 0.22% | 0.22% | 0.00% | 0.00%  |
| Direxion Daily LMT Bear 1X ETF | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily LMT Bull 2X ETF | 3.48% | 3.48% | 0.00% | 0.00%  |
| Direxion Daily Magnificent 7 Bear 1X Shares | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily Magnificent 7 Bull 2X Shares | 0.88% | 0.88% | 0.00% | 88.81%  |
| Direxion Daily META Bear 1X Shares | 0.00% | 0.00% | 0.00% | 0.00%  |

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**Direxion Shares ETF Trust** 

**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **DRD** | **QDI** | **QII** | **QSTG**  |
| Direxion Daily META Bull 2X Shares | 0.14% | 0.14% | 0.00% | 0.00%  |
| Direxion Daily MSCI Brazil Bull 2X Shares | 88.97% | 88.97% | 0.00% | 0.00%  |
| Direxion Daily MSCI India Bull 2X Shares | 4.91% | 4.91% | 0.00% | 46.34%  |
| Direxion Daily MSFT Bear 1X Shares | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily MSFT Bull 2X Shares | 0.91% | 0.91% | 0.00% | 49.79%  |
| Direxion Daily MU Bear 1X Shares | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily MU Bull 2X Shares | 0.09% | 0.09% | 0.00% | 0.00%  |
| Direxion Daily NFLX Bear 1X Shares | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily NFLX Bull 2X Shares | 0.00% | 0.00% | 0.00% | 2.11%  |
| Direxion Daily NVDA Bear 1X Shares | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily NVDA Bull 2X Shares | 0.01% | 0.01% | 0.00% | 85.11%  |
| Direxion Daily NYSE FANG+ Bull 2X Shares | 1.13% | 1.13% | 0.00% | 0.00%  |
| Direxion Daily PANW Bear 1X Shares | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily PANW Bull 2X Shares | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily PLTR Bear 1X Shares | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily PLTR Bull 2X Shares | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily QCOM Bear 1X ETF | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily QCOM Bull 2X ETF | 0.00% | 0.00% | 0.00% | 0.00%  |
|  Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares | 11.09% | 11.09% | 0.00% | 0.00%  |
| Direxion Daily S&P 500<sup>®</sup> Bear 1X Shares | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily S&P 500<sup>®</sup> Bull 2X Shares | 6.88% | 6.88% | 0.00% | 0.00%  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares | 76.53% | 76.53% | 0.00% | 0.00%  |
| Direxion Daily Semiconductors Top 5 Bear 2X ETF | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily Semiconductors Top 5 Bull 2X ETF | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily SHOP Bear 1X ETF | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily SHOP Bull 2X ETF | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily Technology Top 5 Bear 2X ETF | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily Technology Top 5 Bull 2X ETF | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily TSLA Bear 1X Shares | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily TSLA Bull 2X Shares | 0.00% | 0.00% | 0.00% | 26.06%  |
| Direxion Daily TSM Bear 1X Shares | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily TSM Bull 2X Shares | 0.65% | 0.65% | 0.00% | 0.00%  |
| Direxion Daily Uranium Industry Bull 2X Shares | 1.55% | 1.55% | 0.00% | 47.61%  |
| Direxion Daily XOM Bear 1X Shares | 0.00% | 0.00% | 0.00% | 0.00%  |
| Direxion Daily XOM Bull 2X Shares | 0.00% | 0.00% | 0.00% | 0.00% |

---

The Funds are designating as long-term capital gain dividends, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Funds related to net capital gain to zero for the tax year ended October 31, 2025. To the extent necessary to fully distribute such capital gain, the Funds also designate earnings and profits distributed to shareholders on the redemption of shares.

**DISCLOSURE OF PORTFOLIO HOLDINGS** 

Each Fund files its complete schedule of portfolio holdings for their first and third fiscal quarters with the Securities and Exchange Commission ("SEC") on Part F of Form N-PORT. The Funds' Part F of Form N-PORT is available without charge, upon request, by calling 1-800-850-0511. Furthermore, you may obtain the Part F of Form N-PORT on the SEC's website at www.sec.gov.

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**Direxion Shares ETF Trust** 

**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

**PROXY VOTING POLICIES AND PROCEDURES** 

A description of the policies and procedures the Funds use to determine how to vote proxies related to portfolio securities is provided in the SAI. The SAI is available without charge upon request by calling 1-800-850-0511, by accessing the SEC's website at www.sec.gov or by accessing the Funds' website at www.direxion.com. Information on how the Funds voted proxies related to portfolio securities during the period ended October 31, 2025, is available without charge, upon request, by calling 1-800-850-0511 or by accessing the website of the SEC.

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**Direxion Shares ETF Trust** 

**FORM N-CSR ITEMS (Unaudited)** 

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END INVESTMENT COMPANIES** 

There were no changes in or disagreements with accountants during the period covered by this report.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END INVESTMENT COMPANIES** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS FOR OPEN-END INVESTMENT COMPANIES** 

The Trust, together with other affiliated trusts, pay each Independent Trustee an aggregate fee consisting of a $225,000 annual retainer (paid in monthly increments) for services provided as a Board member. Such fees are allocated between the Funds and other affiliated funds. Each Fund's share of these fees, together with reimbursable expenses of the Trustees, is reflected on the Statements of Operations as "Trustees fees and expenses".

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** 

Consistent with the Investment Company Act of 1940, as amended (the "1940 Act"), the Board of Trustees (the "Board") of the Direxion Shares ETF Trust (the "ETF Trust") annually considers the renewal of the Investment Advisory Agreement (the "Agreement") between Rafferty Asset Management, LLC (the "Adviser") and the ETF Trust, on behalf of Direxion Daily AAPL Bear 1X Shares, Direxion Daily AAPL Bull 2X Shares, Direxion Daily AI and Big Data Bear 2X Shares, Direxion Daily AI and Big Data Bull 2X Shares, Direxion Daily AMD Bear 1X Shares, Direxion Daily AMD Bull 2X Shares, Direxion Daily AMZN Bear 1X Shares, Direxion Daily AMZN Bull 2X Shares, Direxion Daily AVGO Bear 1X Shares, Direxion Daily AVGO Bull 2X Shares, Direxion Daily BA Bear 1X Shares, Direxion Daily BA Bull 2X Shares, Direxion Daily BRKB Bear 1X Shares, Direxion Daily BRKB Bull 2X Shares, Direxion Daily Crypto Industry Bear 1X Shares, Direxion Daily Crypto Industry Bull 2X Shares, Direxion Daily CSI 300 China A Share Bull 2X Shares, Direxion Daily CSI China Internet Index Bull 2X Shares, Direxion Daily Energy Bear 2X Shares, Direxion Daily Energy Bull 2X Shares, Direxion Daily Gold Miners Index Bear 2X Shares, Direxion Daily Gold Miners Index Bull 2X Shares, Direxion Daily GOOGL Bear 1X Shares, Direxion Daily GOOGL Bull 2X Shares, Direxion Daily Junior Gold Miners Index Bear 2X Shares, Direxion, Daily Junior Gold Miners Index Bull 2X Shares, Direxion Daily LLY Bear 1X Shares, Direxion Daily LLY Bull 2X Shares, Direxion Daily Magnificent 7 Bear 1X Shares, Direxion Daily Magnificent 7 Bull 2X Shares, Direxion Daily META Bear 1X Shares, Direxion Daily META Bull 2X Shares, Direxion Daily MSCI Brazil Bull 2X Shares, Direxion Daily MSCI India Bull 2X Shares, Direxion Daily MSFT Bear 1X Shares, Direxion Daily MSFT Bull 2X Shares, Direxion Daily MU Bear 1X Shares, Direxion Daily MU Bull 2X Shares, Direxion Daily NFLX Bear 1X Shares, Direxion Daily NFLX Bull 2X Shares, Direxion Daily NVDA Bear 1X Shares, Direxion Daily NVDA Bull 2X Shares, Direxion Daily NYSE FANG+ Bull 2X Shares, Direxion Daily PANW Bear 1X Shares, Direxion Daily PANW Bull 2X Shares, Direxion Daily PLTR Bear 1X Shares, Direxion Daily PLTR Bull 2X Shares, Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares, Direxion Daily S&P 500® Bear 1X Shares, Direxion Daily S&P 500® Bull 2X Shares, Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares, Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares, Direxion Daily TSLA Bear 1X Shares, Direxion Daily TSLA Bull 2X Shares, Direxion Daily TSM Bear 1X Shares, Direxion Daily TSM Bull 2X Shares, Direxion Daily Uranium Industry Bull 2X Shares, Direxion Daily XOM Bear 1X Shares and Direxion Daily XOM Bull 2X Shares, each a series of the ETF Trust. Each series of the ETF Trust is referred to herein as a "Fund" and collectively as the "Funds." Funds that seek to provide daily leveraged or inverse exposure to an index are referred to as the "Leveraged Funds," and they include 2X Funds and 1X Bear Funds. Funds that seek to provide daily leveraged or inverse exposure to a single security are actively managed by the Adviser and are referred to as "Single Stock Funds."

At a meeting held on August 20, 2025, the Board, including those members of the Board ("Trustees") who are not "interested persons" of the ETF Trust as defined in the 1940 Act (the "Independent Trustees"), approved the renewal of the Agreement on behalf of each Fund. The Independent Trustees had previously considered information pertaining to the renewal of the Agreement for each Fund outside the presence of the Adviser's representatives in executive sessions held on August 6, and August 20, 2025. The Board, including the Independent Trustees, determined that the terms of the Agreement for each Fund were fair and reasonable and that the renewal of the Agreement would be in the best interests of each Fund's shareholders.

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**FORM N-CSR ITEMS (Unaudited)(Continued)** 

In considering whether to renew the Agreement, the Board requested, and the Adviser provided, information that the Board and Adviser reasonably believed to be necessary to evaluate the Agreement. Among other information, the Board obtained and reviewed the following about each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;• Information regarding the advisory services provided
 by the Adviser to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;• The investment objectives of the Fund, which
 require daily rebalancing and the utilization of complex financial instruments that are not typical of traditional index-tracking exchange-traded
 funds ("ETFs");

&nbsp;&nbsp;&nbsp;&nbsp;• The level of attention and services required
 by the Adviser due to the large and frequent trading activity of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;• Information about the professional qualifications
 of the Adviser's management team and those employees primarily responsible for providing investment advisory services to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;• Information regarding the Fund's contractual
 advisory fee rate for the prior year;

&nbsp;&nbsp;&nbsp;&nbsp;• Information regarding advisory fees earned,
 and reimbursements and waivers made, by the Adviser in connection with providing services to the Fund for the prior year or since inception,
 if shorter, given the expense cap provided by the Adviser under the Operating Expense Limitation Agreement ("Expense Cap Agreement");

&nbsp;&nbsp;&nbsp;&nbsp;• Information regarding the services provided
 by, and the fees paid by the Fund to, the Adviser under the Management Services Agreement for the prior year as separate and distinct
 from the fees paid and the services provided under the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;• Fund performance information, including the
 Fund's tracking error relative to its underlying index or single security, as applicable, both on a statistical and model basis;

&nbsp;&nbsp;&nbsp;&nbsp;• Comparative industry fee data, including a
 comparison of the Fund to other funds that have a similar asset size, investment objective and, if applicable, industry focus (each, a
 "Peer Fund" and collectively, its "Peer Group"), which the Adviser expanded to reflect the growing number of Peer
 Funds;

&nbsp;&nbsp;&nbsp;&nbsp;• Information regarding the estimated costs investors
 would incur if they sought to implement independently the Fund's strategy within their personal portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;• Information regarding the consolidated financial
 condition and profitability of the Fund to the Adviser, including the extent to which economies of scale are shared with the Fund through
 reimbursements and waivers, including the Expense Cap Agreement and breakpoints; and

&nbsp;&nbsp;&nbsp;&nbsp;• Information regarding how the Adviser monitors
 the Fund's compliance with regulatory requirements and Trust procedures.

With respect to each Fund, the Board considered that it had also received information relevant to its consideration quarterly and, most recently, throughout the past year at executive sessions and Board meetings in connection with its routine oversight of the Fund, including information bearing on the Fund's performance. In this regard, the Trustees considered that they receive at least quarterly reports on each Fund's performance and information bearing on the Adviser's and Fund's regulatory compliance. The Board received a memorandum from legal counsel regarding its responsibilities with respect to the proposed renewal of the Agreement and participated in a question-and-answer session with representatives of the Adviser. The Board carefully evaluated the relevant information, and the Independent Trustees were advised by independent legal counsel with respect to their deliberations.

For each Fund, the Board considered, among other matters, the following factors to the extent applicable: (1) the nature, extent, and quality of the services provided by the Adviser; (2) the investment performance; (3) the profit earned or loss experienced by the Adviser in connection with its provision of advisory services to the Fund; (4) the extent to which economies of scale might be realized as the Fund grows and to which the advisory fee rate and/or net expense ratio reflects these economies of scale for the benefit of the Fund's shareholders; (5) how the Agreement compares in terms of services and fees with the advisory arrangements of Peer Funds; and (6) other benefits derived or anticipated to be derived and identified by the Adviser from its relationship with the Fund. The Board did not identify any particular information that was determinative to its renewal of the Agreement, and each Trustee may have afforded different weight to different factors.

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**FORM N-CSR ITEMS (Unaudited)(Continued)** 

**<u>Nature, Extent and Quality of Services Provided</u>*.* The Board reviewed, among other things, the Adviser's business, assets under management, financial resources and capitalization, quality and quantity of personnel, experience, the variety and complexity of its investment strategies, brokerage practices, the adequacy of its risk and compliance systems and processes, and its reinvestment in each of these areas of the business. The Board reviewed the scope of services to be provided by the Adviser to each Fund under the Agreement and considered there would be no significant differences between the scope of services provided during the past year and those to be provided in the upcoming year. The Board also considered the Adviser's representation that it would continue to provide services to each Fund that are of materially the same quality as the services that have been provided to the Fund in the past, and it considered the appropriate scope of the services in light of the relevant Fund's operations and the evolving competitive and regulatory landscape.** 

For each Fund, the Board considered the quality of the Adviser's personnel, operations, systems and processes required to manage the Fund effectively. The Board considered that the Adviser's systems and processes have been consistently enhanced over time and may not be present at other investment advisers. The Board also considered the Adviser's augmentation of its staff over time, including in key management, legal, and technology roles. In addition, the Board considered, as applicable: (1) the Adviser's success in achieving the Fund's daily leveraged investment objective, including its ability to adapt to changes in the level of assets under management; (2) the techniques the Adviser has developed and uses in managing the Fund's leverage, such as index optimization and representative sampling strategies as well as the extent to which the Fund requires the Adviser to negotiate and enter into specialized agreements and hone skills for trading and monitoring complex financial instruments; (3) the size, professional experience and skills of the Adviser's portfolio management, trading, risk, compliance, and legal staff, as well as the Adviser's ability to recruit, train, and retain personnel with the experience and expertise necessary to operate the Fund; (4) information regarding the Adviser's management, including risk management, of derivatives trading on behalf of the Fund, including the selection of swap counterparties and the negotiation of favorable derivatives contract terms; (5) the difficulty inherent in managing leveraged and inverse strategies in a tax efficient manner and the Adviser's ability to do so; and (6) the Adviser's adherence to its and the Trust's compliance policies and procedures. The Board considered that the Adviser oversees all aspects of the operation of each Fund.

**<u>Comparison of Advisory Services and Fees</u>. The Board considered the fairness and reasonableness of the investment advisory fee rate charged to each Fund by the Adviser in light of the investment advisory services provided by the Adviser. In this regard, the Board considered the ability of investors to achieve independently the investment objective of the applicable Fund and the costs to investors of seeking to do so by utilizing a margin account or other means. The Board reviewed information provided by the Adviser comparing the hypothetical cost for shareholders to replicate the Funds' leveraged and inverse investment strategies by means other than through an investment in the applicable Fund. The Board considered that an investor would need to devote significant time to managing his or her portfolio in order to implement independently any Fund's investment strategy and that, in most cases, seeking to do so would be more expensive than investing in the applicable Fund, even cost-prohibitive in certain cases. From this perspective, the Board considered the cost effectiveness for investors of investing and trading in Fund shares to achieve certain investment objectives.** 

The Board further considered the fairness and reasonableness of the investment advisory fee rate payable to the Adviser by each Fund in light of fee rates paid by other registered investment companies offering strategies similar in nature to the Fund. In this regard, the Board reviewed information prepared by the Adviser, using data provided by Morningstar, Inc., to compare each Fund's contractual advisory fee rates, expense cap, and gross and net expense ratios with those of Peer Funds. The Board considered the historical difficulty in compiling broad and diverse Peer Groups for the Funds because, by design, each Fund is unique and, therefore, few (if any) fund complexes have funds with substantially similar investment objectives and operations. They observed, however, that recent regulatory changes have resulted in more ETF sponsors operating and offering leveraged, inverse, and single-stock strategies, and that this development allows the Board to consider information from broader Peer Groups for the Funds than in the past.

The Board considered that the Peer Group reports included the contractual advisory fee rate and net and gross expense ratios for each Fund and each Peer Fund. More specifically, the Board considered that each Leveraged Fund had an advisory fee rate that was equal to or below each of the median and average of its Peer Group. The Board also considered that each Leveraged Fund, other than the Direxion Daily Uranium Industry Bull 2X Shares, Direxion Daily Magnificent 7 Bull 2X Shares and the Direxion Daily NYSE FANG+ Bull 2X Shares, had a net expense ratio that was equal to or below each of the median and average of its Peer Group for the 12-month period ended June 30, 2025. The

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**Direxion Shares ETF Trust** 

**FORM N-CSR ITEMS (Unaudited)(Continued)** 

Board considered that the Direxion Daily Uranium Industry Bull 2X Shares, Direxion Daily Magnificent 7 Bull 2X Shares and the Direxion Daily NYSE FANG+ Bull 2X Shares each had a net expense ratio that was equal to the median of its Peer Group, and above the average of its Peer Group for the 12-month period ended June 30, 2025. The Board also considered that each Single Stock Fund had an advisory fee rate that was below each of the median and average of its Peer Group, and a net expense ratio that was below each of the median and average of its Peer Group. The Board considered that the Adviser had agreed to limit the total expenses of each Fund (subject to certain exclusions) for the next year by contractually agreeing to pay certain expenses of the Fund under the Expense Cap Agreement. Additionally, the Board considered that the Adviser had agreed to breakpoints in its investment advisory fee rate schedule at various average daily net asset levels for the Funds under the Advisory Fee Waiver Agreement (the "Fee Waiver Agreement").

**<u>Performance of the Funds</u>. In evaluating the performance of each Fund, the Board considered reports provided to it in anticipation of the meeting, as well as performance reports provided at regular Board meetings throughout the year. The Board considered the extent to which each Fund tracked the daily leveraged or inverse performance of its underlying index or single-security, as applicable. The Board considered that, given the investment objectives of each Fund, such tracking error provided a more meaningful indicia of the quality of the Adviser's services than a Fund's total return, but observed that certain Funds' total returns were high, including where not highly correlated with the model return. Thus, to evaluate each Fund's tracking of its underlying index or single-security, as applicable, the Trustees reviewed two measures of tracking error – namely, the correlation of each Fund's returns to model performance returns ("Tracking Difference"), and the standard deviation of the daily Tracking Differences ("Statistical Tracking Error") for each of the last two years, or since inception if a Fund did not have two full years of operations. They also reviewed a qualitative tracking error analysis provided by the Adviser. The Board considered that each Fund's Tracking Difference and Statistical Tracking Error were within expected ranges, particularly in light of higher interest rates. In addition, the Board considered the total return of each Fund for the one-year period ended June 30, 2025. After reviewing the performance of the Funds, the Board concluded that the performance of each Fund was satisfactory.** 

**<u>Costs of Services Provided to the Funds and Profits Realized by the Adviser</u>. The Board reviewed information about and considered the profitability of each Fund to the Adviser based on the effective advisory fee rate paid under the Agreement, given waivers and the expense cap, as applicable, and the overall profitability of the Adviser, as reflected in the Adviser's profitability analysis. In reviewing these materials, the Board considered information provided by the Adviser concerning the methodology it uses to determine its expenses applicable to each Fund. The Board considered that the Adviser had recently reviewed and refined its expense allocation methodology.** 

In order to assess the reasonableness of the profitability of each Fund to the Adviser, the Board considered the significant drivers of cost for the Adviser including, but not limited to, its acceptance of entrepreneurial risk, its expenditure of intellectual capital, its dedication of personnel resources to daily portfolio management activities (such as creation and redemption activity and the daily rebalancing of the Funds), regulatory compliance, and risk mitigation. Further, the Board considered that the assets under management in the Funds and the Adviser's annual profitability may be more variable than the assets under management and profitability of other advisers in light of the tactical nature of the strategies pursued by most of the Funds and in light of other advisers having more diversified financial services businesses lines.

**<u>Economies of Scale</u>. The Board considered the Adviser's advisory fee rate schedule for each Fund as set forth in the Agreement and, when applicable, modified by the breakpoints included in the Fee Waiver Agreement. The Board considered that the Fee Waiver Agreement resulted in the Direxion Daily TSLA Bull 2X Shares, paying a reduced advisory fee rate and that the Fee Waiver Agreement applies to each Fund. The Board also considered the Adviser's explanation as to why the breakpoints in the Fee Waiver Agreement are appropriate and allow the Funds to share in economies of scale. In this regard, among other information, the Board considered that a report examining the Adviser's approach to sharing economies of scale with the Funds had previously been provided by a consultant and that the report indicated that breakpoints are not ubiquitous in the fund industry, particularly among ETFs. The Board further considered that, according to the report, many funds (including ETFs) that do have breakpoints in their advisory fee schedules do not achieve sufficient asset levels for the breakpoints to actually reduce the advisory fee rates. In this regard, the Board noted that the breakpoints in the Fee Waiver Agreement reduce the advisory fee rate charged to Funds with respect to assets in excess of certain thresholds beginning at $1.5 billion in average daily net assets. The Board considered that the breakpoints in the Fee Waiver Agreement further reduce the advisory fee rate as average daily net assets grow, with the highest waiver tier applicable to average daily net assets equal to and above $3.0 billion. Further,** 

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**Direxion Shares ETF Trust** 

**FORM N-CSR ITEMS (Unaudited)(Continued)** 

the Board compared the breakpoints applicable to the Funds under the Fee Waiver Agreement to those, if any, of Peer Funds, and considered that the Funds' breakpoints are generally more favorable than those applicable to Peer Funds.

**<u>Other Benefits</u>. The Board considered indirect and "fall-out" benefits that the Adviser or its affiliates may derive from its relationship with the Funds. In this regard, the Board considered that each Fund pays a fee to the Adviser under the Management Services Agreement, and such payment is a fall-out benefit. The Board also considered that the Adviser may leverage its personnel and infrastructure to manage other accounts and may leverage its relationships in the financial services industry, which are partially a function of its activities on behalf of the Funds, to build relationships in the industry for itself and its affiliates, which may benefit business lines that are not related to the Funds.** 

**<u>Conclusion</u>. Based on, but not limited to, the above considerations, the Board, including the Independent Trustees, determined that the Agreement is fair and reasonable to each Fund in light of the nature, extent and quality of the services to be performed, the fee rates to be paid, the Adviser's expenses and profitability, the ability of various Funds to share in potential economies of scale, and such other matters as the Board considered relevant in the exercise of its business judgment. Accordingly, the Board concluded that the continuation of the Agreement was in the best interests of each Fund and its shareholders. On this basis, the Board voted in favor of the renewal of the Agreement with respect to each Fund.**

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**Direxion Shares ETF Trust** 

**FORM N-CSR ITEMS (Unaudited)(Continued)** 

**New Fund Investment Advisory Agreement Approval** 

Provided below is a summary of certain of the factors the Board of Trustees (the "Board") of the Direxion Shares ETF Trust (the "Trust"), including the trustees who are not "interested persons" as defined in the Investment Company Act of 1940, (the "Independent Trustees"), considered in approving the Investment Advisory Agreement (the "Agreement") between Rafferty Asset Management, LLC (the "Adviser") and the Trust, on behalf of the Direxion Daily Biotech Top 5 Bull 2X ETF, Direxion Daily Energy Top 5 Bull 2X ETF, Direxion Daily F Bear 1X ETF, Direxion Daily F Bull 2X ETF, Direxion Daily Semiconductors Top 5 Bear 2X ETF, Direxion Daily Semiconductors Top 5 Bull 2X ETF, Direxion Daily SHOP Bear 1X ETF, Direxion Daily SHOP Bull 2X ETF, Direxion Daily Technology Top 5 Bear 2X ETF and Direxion Daily Technology Top 5 Bull 2X ETF at the February 12, 2025 meeting, and the Direxion Daily CSCO Bear 1X ETF, Direxion Daily CSCO Bull 2X ETF, Direxion Daily LMT Bear 1X ETF, Direxion Daily LMT Bull 2X ETF, Direxion Daily QCOM Bear 1X ETF and Direxion Daily QCOM Bull 2X ETF at the November 21, 2024 meeting, each a series of the Trust. Each series of the Trust listed above is referred to herein as a "Fund" and collectively as the "Funds." The Direxion Daily F Bear 1X ETF, Direxion Daily F Bull 2X ETF, Direxion Daily SHOP Bear 1X ETF, Direxion Daily SHOP Bull 2X ETF, Direxion Daily CSCO Bear 1X ETF, Direxion Daily CSCO Bull 2X ETF, Direxion Daily LMT Bear 1X ETF, Direxion Daily LMT Bull 2X ETF, Direxion Daily QCOM Bear 1X ETF and Direxion Daily QCOM Bull 2X ETF are each a "Single Stock ETF" and together are the "Single Stock ETFs." The Board, including the trustees who are not "interested persons" of the Trust as defined in the Investment Company Act of 1940 Act, as amended (the "Independent Trustees"), unanimously approved the Agreement on behalf of the Funds. The Board, including the Independent Trustees, determined that the terms of the Agreement for the Funds were fair and reasonable and in the best interests of shareholders.

For each Fund, the Board considered, among other matters, the following factors to the extent applicable: (1) the nature, extent, and quality of the services to be provided by the Adviser to the Fund; (2) the projected profitability to the Adviser of the Fund based upon the services to be provided; (3) the extent to which economies of scale might be realized as the Fund grows; (4) the fees proposed for the Fund and whether fee levels reflect economies of scale, if any, for the benefit of the Fund's shareholders; (5) a comparison of the services to be provided and the fees to be charged to the Fund with the services provided and fees charged by other exchange-traded fund ("ETF") sponsors to ETFs with similar strategies ("Peer Funds"); and (6) other benefits anticipated to be derived and identified by the Adviser from its relationship with the Fund. The Board did not identify any particular information that was most relevant to its consideration to approve the Agreement with respect to each Fund, and each Trustee may have afforded different weight or importance to different factors.

**<u>Nature, Extent and Quality of Services Provided</u>. The Board considered the nature, extent and quality of the services to be provided under the Agreement by the Adviser, including in light of each Fund seeking investment returns that provide leveraged or inverse (leveraged) exposure to an underlying index or a single security, as applicable. For each Single Stock ETF, the Board considered the Adviser's process for identifying appropriate single securities for the Funds, including based on their liquidity, volatility, trading volumes and underlying company's market capitalization. The Board also considered the narrowness of each Single Stock ETF's market exposure, the likelihood of it impacting the Fund's ability to issue and redeem creation units and the concurrent nature of trading in the Fund's shares and the single security's shares under applicable stock exchange listing rules. The Board considered that each Single Stock ETF is actively-managed and invests primarily in swap contracts with swap counterparties to pursue its strategy.**

Based on written materials received, a presentation from senior representatives of the Adviser and a discussion with the Adviser regarding its personnel, operations and financial condition, the Board considered the quality of the services to be provided by the Adviser under the Agreement. In this regard, the Board considered information regarding the experience, qualifications and professional background of the portfolio managers and other personnel at the Adviser with principal responsibility for the Funds, as well as the capacity and integrity of the Adviser's senior management and staff. The Board noted that the Adviser has provided services to the ETF Trust since its inception date and has developed an expertise in managing funds with investment strategies that trade significant amounts of derivatives, including swap contracts. The Board considered the Adviser's compliance history and compliance program, as well as its representation that it has the financial resources and appropriate staffing to manage the Funds and to meet its fee waiver and expense obligations to them. The Board considered that the Adviser will oversee all aspects of the Funds' operation, including oversight of the Funds' service providers, and provide compliance services to the Funds. The Board observed that because the Funds had not commenced operations, they did not have any performance history. Under the totality of the

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**Direxion Shares ETF Trust** 

**FORM N-CSR ITEMS (Unaudited)(Continued)** 

circumstances, the Board determined, in the exercise of its business judgment, that the nature, extent and quality of the services to be provided by the Adviser to the Funds under the Agreement were fair and reasonable.

**<u>Costs of Services Provided to the New Funds and Profits Realized</u>. The Board considered the fairness and reasonableness of the investment advisory fee rates to be paid to the Adviser by the Funds in light of the investment advisory services to be provided by the Adviser. The Board considered the fees to be paid to the Adviser on an annual basis, including as limited by the Operating Expense Limitation Agreement. The Board considered that the proposed advisory fee rate and net expense ratio for each Fund were similar to those of Peer Funds and to those of other series of the Trust that pursue similar investment objectives and implement similar investment strategies. The Board also considered that, on behalf of each leveraged Fund, the Adviser manages more than the Fund's net assets due to the leveraged exposure.** 

The Board considered the overall profitability of the Adviser's investment business and, because the Funds had not commenced operations and the Adviser had no profit data related to the Funds, the Board considered a break-even analysis provided by the Adviser for the Funds. The Board considered the significant drivers of cost for the Adviser including, but not limited to, intellectual capital, portfolio rebalancing, regulatory compliance, and entrepreneurial risk. Based on these considerations, the Board determined that, in the exercise of its reasonable business judgment, the costs of the services to be provided and any profits that may be realized under the Agreement were not excessive.

**<u>Economies of Scale</u>. The Board considered whether economies of scale may be realized by each Fund as it grows larger and the extent to which any such economies are reflected in contractual fee rates. In this regard, the Board considered the potential impact of the Advisory Fee Waiver Agreement on the Funds, which is designed to impose breakpoints on the advisory fee rate paid to the Adviser with respect to each Fund. Noting that the Funds had not yet commenced operations and did not yet have any assets, however, the Board concluded that economies of scale were not a material factor for the Board to consider in approving the agreement.**

**<u>Other Benefits</u>. The Board considered the Adviser's representations that its relationship with the Funds may enable it to attract assets to other funds. The Board also considered that the Adviser's overall business with brokerage firms may allow it to negotiate lower commission rates and get better execution for all of its portfolio trades. Based on these and other considerations, including the fact that the Adviser does not manage any client accounts other than the various series of the Trust, the Board determined that such benefits to the Adviser would likely not be material and, overall, would be reasonable.** 

**<u>Conclusion</u>. Following the above considerations, the Board did not identify any single factor as being of paramount importance, and different Trustees may have given different weight to different factors. The Board reviewed a memorandum from counsel discussing the legal standards applicable to its consideration of the Agreement. Based on its review, including consideration of each of the factors referenced above, and its consideration of information received throughout the year from the Adviser regarding the Adviser's operations and quality of service, the Board determined, in the exercise of its business judgment, that the advisory arrangements, as outlined in the Agreement, were fair and reasonable in light of the services to be performed, expenses to be incurred and such other matters as the Board considered relevant. Accordingly, the Board, including the Independent Trustees, unanimously approved the Agreement on behalf of the Funds.**

250<br>

![](direxioncover20074.jpg)

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**Table of Contents** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedules of Investments](#zsoi) | [1](#zsoi) |
| [Statements of Assets and Liabilities](#zsal) | [110](#zsal) |
| [Statements of Operations](#zsop) | [120](#zsop) |
| [Statements of Changes in Net Assets](#zscna) | [130](#zscna) |
| [Financial Highlights](#zfihi) | [150](#zfihi) |
| [Notes to the Financial Statements](#znotes) | [158](#znotes) |
| [Report of Independent Registered Public Accounting Firm](#zrep) | [196](#zrep) |
| [Additional Information (Unaudited)](#zadd) | [198](#zadd) |
| [Form N-CSR Items (Unaudited)](#zitem) | [200](#zitem) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY 20+ YEAR TREASURY BEAR 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 100.6%**<br>|  |
|  | **Money Market Funds — 100.6%**<br>|  |
| 83545463 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $83545463  |
| 9123267 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 9123267  |
| 76347635 | &nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Treasury Instruments Fund Institutional <br>Shares, 3.89%<sup>(a)</sup> | 76347635  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $169,016,365)<sup>(b)</sup>** | $169016365  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $169,016,365) — 100.6%** | $169016365  |
|  | Liabilities in Excess of Other Assets — (0.6)% | (982525)  |
|  | **TOTAL NET ASSETS — 100.0%** | $168033840 |

---

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 October 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 $105,584,939. 

**SHORT TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| SOFR + 0.5900% | Total return of iShares 20+ Year Treasury Bond ETF | BNP Paribas | 12/05/2025 | 617602 | $57027440 | &nbsp;&nbsp; $1565198  |
| SOFR + 0.5000% | Total return of iShares 20+ Year Treasury Bond ETF | Goldman Sachs | 12/10/2025 | 503449 | 46539504 | &nbsp;&nbsp; 1388614  |
| SOFR + 0.4500% | Total return of iShares 20+ Year Treasury Bond ETF | Bank of America Merrill Lynch | 12/11/2025 | 1124706 | 103697893 | &nbsp;&nbsp; 3007019  |
| SOFR + 0.3300% | Total return of iShares 20+ Year Treasury Bond ETF | J.P. Morgan | 12/16/2025 | 841941 | 75900981 | &nbsp;&nbsp; 290164  |
| SOFR + 0.0500% | Total return of iShares 20+ Year Treasury Bond ETF | UBS Securities LLC | 12/17/2025 | 737122 | 66812738 | &nbsp;&nbsp; 476705  |
| SOFR + 0.4800% | Total return of iShares 20+ Year Treasury Bond ETF | Citibank N.A. | 12/22/2025 | 1758407 | 154906537 | &nbsp;&nbsp; (2590677)  |
|  |  |  |  |  | $504885093 | &nbsp;&nbsp; $4137023 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

1<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY 20+ YEAR TREASURY BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **INVESTMENT COMPANIES — 71.9%**<br>|  |
| 35934513 | iShares 20+ Year Treasury Bond ETF<sup>(a)(b)</sup> | $3244527179  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES**<br>**(Cost $3,171,612,427)** | $3244527179  |
|  | **SHORT TERM INVESTMENTS — 27.3%**<br>|  |
|  | **Money Market Funds — 27.3%**<br>|  |
| 347083742 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(c)(d)</sup> | $347083742  |
| 350000500 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(c)</sup> | 350000500  |
| 157460000 | &nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Government Fund Institutional <br>Shares, 4.05%<sup>(c)</sup> | 157460000  |
| 268326903 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(c)</sup> | 268326903  |
| 110000000 | JPMorgan 100% U.S. Treasury Securities Money Market Fund Institutional Shares, 3.89%<sup>(c)</sup> | 110000000  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $1,232,871,145)** | $1232871145  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $4,404,483,572) — 99.2%<sup>(e)</sup>** | $4477398324  |
|  | Other Assets in Excess of Liabilities — 0.8% | 37083666  |
|  | **TOTAL NET ASSETS — 100.0%** | $4514481990 |

---

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 October 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 $4,378,693,231. 

The accompanying notes are an integral part of these financial statements.

2<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY 20+ YEAR TREASURY BULL 3X SHARES** 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of iShares 20+ Year Treasury Bond ETF | SOFR + 0.7900% | BNP Paribas | 12/05/2025 | 11121434 | $954895610 | $45126782  |
|  Total return of iShares 20+ Year Treasury Bond ETF | SOFR + 0.7000% | Goldman Sachs | 12/10/2025 | 17086434 | 1466936538 | 69034872  |
|  Total return of iShares 20+ Year Treasury Bond ETF | SOFR + 0.7500% | Nomura | 12/10/2025 | 4000000 | 345366797 | 14530584  |
|  Total return of iShares 20+ Year Treasury Bond ETF | SOFR + 0.6500% | Bank of America Merrill Lynch | 12/11/2025 | 19250000 | 1756335441 | (35297293)  |
|  Total return of iShares 20+ Year Treasury Bond ETF | SOFR + 0.5500% | J.P. Morgan | 12/16/2025 | 13034706 | 1174847063 | (6436128)  |
|  Total return of iShares 20+ Year Treasury Bond ETF | SOFR + 0.7700% | UBS Securities LLC | 12/17/2025 | 11922956 | 1066832105 | 1788050  |
|  Total return of iShares 20+ Year Treasury Bond ETF | SOFR + 0.7900% | Citibank N.A. | 12/22/2025 | 19000000 | 1691223408 | 2599189  |
|  Total return of iShares 20+ Year Treasury Bond ETF | SOFR + 0.8000% | Barclays | 12/22/2025 | 18650000 | 1622168485 | 53248331  |
|  |  |  |  |  | $10078605447 | $144594387 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

3<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY 7-10 YEAR TREASURY BEAR 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 102.9%**<br>|  |
|  | **Money Market Funds — 102.9%**<br>|  |
| 7948029 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $7948029  |
| 280066 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 280066  |
| 1842652 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 1842652  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $10,070,747)<sup>(b)</sup>** | $10070747  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $10,070,747) — 102.9%** | $10070747  |
|  | Liabilities in Excess of Other Assets — (2.9)% | (281091)  |
|  | **TOTAL NET ASSETS — 100.0%** | $9789656 |

---

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 October 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 $5,917,887. 

**SHORT TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| SOFR + 0.4500% | Total return of iShares 7-10 Year Treasury Bond ETF | BNP Paribas | 12/05/2025 | 182686 | $17322615 | &nbsp;&nbsp;&nbsp; $(197902)  |
| SOFR + 0.3800% | Total return of iShares 7-10 Year Treasury Bond ETF | J.P. Morgan | 12/16/2025 | 102066 | 9715012 | &nbsp;&nbsp;&nbsp; (117648)  |
| SOFR + 0.4500% | Total return of iShares 7-10 Year Treasury Bond ETF | Barclays | 12/22/2025 | 18491 | 1794715 | &nbsp;&nbsp;&nbsp; 8667  |
|  |  |  |  |  | $28832342 | &nbsp;&nbsp;&nbsp; $(306883) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

4<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY 7-10 YEAR TREASURY BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **INVESTMENT COMPANIES — 71.4%**<br>|  |
| 373865 | iShares 7-10 Year Treasury Bond ETF<sup>(a)(b)</sup> | $36208826  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES**<br>**(Cost $35,852,708)** | $36208826  |
|  | **SHORT TERM INVESTMENTS — 34.1%**<br>|  |
|  | **Money Market Funds — 34.1%**<br>|  |
| 14692918 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(c)(d)</sup> | $14692918  |
| 81 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(c)</sup> | 81  |
| 2606239 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(c)</sup> | 2606239  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $17,299,238)** | $17299238  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $53,151,946) — 105.5%<sup>(e)</sup>** | $53508064  |
|  | Liabilities in Excess of Other Assets — (5.5)% | (2805931)  |
|  | **TOTAL NET ASSETS — 100.0%** | $50702133 |

---

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 October 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 $40,430,359. 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of iShares 7-10 Year Treasury Bond ETF | SOFR + 0.7500% | BNP Paribas | 12/05/2025 | 373373 | $35462968 | $223319  |
|  Total return of iShares 7-10 Year Treasury Bond ETF | SOFR + 0.8000% | Bank of America Merrill Lynch | 12/11/2025 | 167639 | 15840209 | 168189  |
|  Total return of iShares 7-10 Year Treasury Bond ETF | SOFR + 0.6000% | J.P. Morgan | 12/16/2025 | 329593 | 30831755 | 725530  |
|  Total return of iShares 7-10 Year Treasury Bond ETF | SOFR + 0.6800% | Barclays | 12/22/2025 | 326075 | 30562491 | 742040  |
|  |  |  |  |  | $112697423 | $1859078 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY AEROSPACE & DEFENSE BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 67.4%**<br>|  |
|  | **Administrative and Support Services — 0.1%**<br>|  |
| 5503 | V2X, Inc.<sup>(a)</sup> | $314166  |
|  | **Computer and Electronic Product Manufacturing — 17.1%**<br>|  |
| 40012 | L3Harris Technologies, Inc. | 11567469  |
| 20599 | Leonardo DRS, Inc. | 753099  |
| 14075 | Mercury Systems, Inc.<sup>(a)(b)</sup> | 1089546  |
| 7587 | Moog, Inc. Class A | 1554197  |
| 19018 | Northrop Grumman Corp. | 11096052  |
| 233049 | RTX Corp. | 41599247  |
|  |  | 67659610  |
|  | **Electrical Equipment, Appliance, and Component Manufacturing — 2.7%**<br>|  |
| 14752 | Axon Enterprise, Inc.<sup>(a)</sup> | 10801857  |
|  | **Fabricated Metal Product Manufacturing — 2.9%**<br>|  |
| 24397 | BWX Technologies, Inc. | 5211443  |
| 10057 | Curtiss-Wright Corp. | 5991257  |
| 11828 | Smith & Wesson Brands, Inc. | 113371  |
| 4314 | Sturm, Ruger & Co, Inc.<sup>(b)</sup> | 182957  |
|  |  | 11499028  |
|  | **Machinery Manufacturing — 14.5%**<br>|  |
| 184631 | GE Aerospace | 57041747  |
|  | **Management of Companies and Enterprises — 0.4%**<br>|  |
| 20486 | Karman Holdings, Inc.<sup>(a)(b)</sup> | 1725741  |
|  | **Merchant Wholesalers, Durable Goods — 1.2%**<br>|  |
| 21237 | Hexcel Corp.<sup>(b)</sup> | 1516322  |
| 10474 | Huntington Ingalls Industries, Inc. | 3372837  |
|  |  | 4889159  |
|  | **Miscellaneous Manufacturing — 1.1%**<br>|  |
| 7706 | Cadre Holdings, Inc.<sup>(b)</sup> | 327197  |
| 47568 | Textron, Inc. | 3843970  |
|  |  | 4171167  |
|  | **Primary Metal Manufacturing — 5.1%**<br>|  |
| 36790 | Allegheny Technologies, Inc.<sup>(a)</sup> | 3641106  |
| 13306 | Carpenter Technology Corp. | 4203365  |
| 60003 | Howmet Aerospace, Inc. | 12357618  |
|  |  | 20202089  |
|  | **Professional, Scientific, and Technical Services — 0.3%**<br>|  |
| 6147 | VSE Corp. | 1110640  |
|  | **Repair and Maintenance — 0.3%**<br>|  |
| 37497 | StandardAero, Inc.<sup>(a)</sup> | 1083288  |

---

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY AEROSPACE & DEFENSE BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Textile Mills — 0.0%<sup>(†)</sup>**<br>|  |
| 1412 | National Presto Industries, Inc. | $151042  |
|  | **Transportation Equipment Manufacturing — 21.7%**<br>|  |
| 10258 | AAR Corp.<sup>(a)</sup> | 863826  |
| 8492 | AeroVironment, Inc.<sup>(a)(b)</sup> | 3141276  |
| 141183 | Archer Aviation, Inc.<sup>(a)(b)</sup> | 1584073  |
| 95973 | Boeing Co.<sup>(a)</sup> | 19292492  |
| 3665 | Ducommun, Inc.<sup>(a)</sup> | 336264  |
| 34139 | General Dynamics Corp. | 11774541  |
| 10727 | HEICO Corp.<sup>(b)</sup> | 3408719  |
| 20642 | HEICO Corp. Class A | 5113643  |
| 45056 | Kratos Defense & Security Solutions, Inc.<sup>(a)(b)</sup> | 4082073  |
| 9497 | Loar Holdings, Inc.<sup>(a)</sup> | 751498  |
| 23775 | Lockheed Martin Corp. | 11694447  |
| 113317 | Rocket Lab Corp.<sup>(a)(b)</sup> | 7136705  |
| 31342 | Spirit AeroSystems Holdings, Inc.<sup>(a)</sup> | 1149938  |
| 8567 | TransDigm Group, Inc. | 11210005  |
| 16007 | Woodward, Inc. | 4195596  |
|  |  | 85735096  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $209,502,082)** | $266384630  |
|  | **SHORT TERM INVESTMENTS — 31.6%**<br>|  |
|  | **Money Market Funds — 31.6%**<br>|  |
| 85037725 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(c)(d)</sup> | $85037725  |
| 13913833 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(c)</sup> | 13913833  |
| 1260000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(c)</sup> | 1260000  |
| 24544770 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(c)</sup> | 24544770  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $124,756,328)** | $124756328  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $334,258,410) — 99.0%<sup>(e)</sup>** | $391140958  |
|  | Other Assets in Excess of Liabilities — 1.0% | 3852128  |
|  | **TOTAL NET ASSETS — 100.0%** | $394993086 |

---

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

---

| | |
|:---|:---|
| <sup>(†)</sup><br>| Less than 0.005%.  |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at October 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 $305,612,943. 

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY AEROSPACE & DEFENSE BULL 3X SHARES** 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of Dow Jones U.S. Select Aerospace & Defense Index | SOFR + 0.7900% | BNP Paribas | 12/05/2025 | &nbsp;&nbsp;&nbsp; 542 | $25844332 | $3412798  |
|  Total return of Dow Jones U.S. Select Aerospace & Defense Index | SOFR + 0.8500% | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp;&nbsp; 2244 | 88919800 | 31775527  |
|  Total return of Dow Jones U.S. Select Aerospace & Defense Index | SOFR + 0.8500% | Nomura | 12/10/2025 | &nbsp;&nbsp;&nbsp; 3177 | 162483068 | 9699652  |
|  Total return of Dow Jones U.S. Select Aerospace & Defense Index | SOFR + 0.7500% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 4125 | 190646449 | 31932783  |
|  Total return of Dow Jones U.S. Select Aerospace & Defense Index | SOFR + 0.7500% | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp;&nbsp; 1847 | 70490334 | 28180968  |
|  Total return of Dow Jones U.S. Select Aerospace & Defense Index | SOFR + 0.9000% | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp;&nbsp; 2471 | 128832049 | 5591555  |
|  Total return of Dow Jones U.S. Select Aerospace & Defense Index | SOFR + 0.7000% | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 2431 | 90047763 | 40196723  |
|  |  |  |  |  | $757263795 | $150790006 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY CONSUMER DISCRETIONARY BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **COMMON STOCKS — 75.5%**<br>|  |
|  | **Accommodation — 3.7%**<br>|  |
| 1787 | Airbnb, Inc. Class A<sup>(a)</sup> | $226127  |
| 980 | Hilton Worldwide Holdings, Inc. | 251821  |
| 1287 | Las Vegas Sands Corp. | 76383  |
| 938 | Marriott International, Inc. Class C | 244424  |
| 850 | MGM Resorts International<sup>(a)</sup> | 27226  |
| 352 | Wynn Resorts Ltd. | 41884  |
|  |  | 867865  |
|  | **Administrative and Support Services — 4.2%**<br>|  |
| 135 | Booking Holdings, Inc. | 685495  |
| 1052 | Royal Caribbean Cruises Ltd. ADR (Liberia) | 301745  |
|  |  | 987240  |
|  | **Apparel Manufacturing — 0.4%**<br>|  |
| 618 | Deckers Outdoor Corp.<sup>(a)</sup> | 50367  |
| 161 | Ralph Lauren Corp. | 51465  |
|  |  | 101832  |
|  | **Building Material and Garden Equipment and Supplies Dealers — 7.6%**<br>|  |
| 2334 | Lowe's Companies, Inc. | 555795  |
| 2928 | The Home Depot, Inc. | 1111440  |
| 2207 | Tractor Supply Co. | 119421  |
|  |  | 1786656  |
|  | **Clothing, Clothing Accessories, Shoe, and Jewelry Retailers — 4.0%**<br>|  |
| 454 | Lululemon Athletica, Inc.<sup>(a)</sup> | 77425  |
| 1362 | Ross Stores, Inc. | 216449  |
| 4647 | TJX Companies, Inc. | 651231  |
|  |  | 945105  |
|  | **Construction of Buildings — 2.0%**<br>|  |
| 1155 | D.R. Horton, Inc. | 172187  |
| 948 | Lennar Corp. Class A | 117334  |
| 12 | NVR, Inc.<sup>(a)</sup> | 86530  |
| 822 | PulteGroup, Inc. | 98533  |
|  |  | 474584  |
|  | **Food Services and Drinking Places — 8.5%**<br>|  |
| 5585 | Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 176989  |
| 487 | Darden Restaurants, Inc. | 87733  |
| 130 | Domino's Pizza, Inc. | 51800  |
| 1542 | DoorDash, Inc.<sup>(a)</sup> | 392238  |
| 2539 | McDonald's Corp. | 757714  |
| 4735 | Starbucks Corp. | 382919  |
| 1156 | Yum! Brands, Inc. | 159771  |
|  |  | 2009164  |
|  | **Funds, Trusts, and Other Financial Vehicles — 0.6%**<br>|  |
| 682 | Garmin Ltd. ADR (Switzerland) | 145907  |

---

The accompanying notes are an integral part of these financial statements.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY CONSUMER DISCRETIONARY BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** |  |
|  | **Furniture, Home Furnishings, Electronics, and Appliance Retailers — 0.3%** | **Furniture, Home Furnishings, Electronics, and Appliance Retailers — 0.3%** |
| 819 | Best Buy Co., Inc. | $67273  |
|  | **General Merchandise Retailers — 19.0%**<br>|  |
| 17237 | Amazon.com, Inc.<sup>(a)</sup> | 4209620  |
| 1904 | eBay, Inc. | 154815  |
| 512 | Williams—Sonoma, Inc. | 99502  |
|  |  | 4463937  |
|  | **Health and Personal Care Retailers — 0.4%**<br>|  |
| 187 | Ulta Beauty, Inc.<sup>(a)</sup> | 97218  |
|  | **Leather and Allied Product Manufacturing — 1.8%**<br>|  |
| 4949 | NIKE, Inc. Class B | 319656  |
| 867 | Tapestry, Inc. | 95214  |
|  |  | 414870  |
|  | **Management of Companies and Enterprises — 0.2%**<br>|  |
| 1882 | Norwegian Cruise Line Holdings Ltd. ADR<sup>(a)</sup> | 42194  |
|  | **Merchant Wholesalers, Durable Goods — 0.7%**<br>|  |
| 579 | Genuine Parts Co. | 73713  |
| 1072 | LKQ Corp. | 34261  |
| 217 | Mohawk Industries, Inc.<sup>(a)</sup> | 24660  |
| 137 | Pool Corp. | 36587  |
|  |  | 169221  |
|  | **Miscellaneous Manufacturing — 0.2%**<br>|  |
| 555 | Hasbro, Inc. | 42352  |
|  | **Motor Vehicle and Parts Dealers — 2.5%**<br>|  |
| 70 | AutoZone, Inc.<sup>(a)</sup> | 257210  |
| 3534 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 333751  |
|  |  | 590961  |
|  | **Support Activities for Transportation — 0.5%**<br>|  |
| 492 | Expedia, Inc. | 108240  |
|  | **Transportation Equipment Manufacturing — 18.4%**<br>|  |
| 907 | Aptiv PLC ADR<sup>(a)</sup> | 73558  |
| 16282 | Ford Motor Co. | 213782  |
| 3966 | General Motors Co. | 274011  |
| 8259 | Tesla, Inc.<sup>(a)</sup> | 3770729  |
|  |  | 4332080  |
|  | **Water Transportation — 0.5%**<br>|  |
| 4522 | Carnival Corp. ADR (Panama)<sup>(a)</sup> | 130369  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $14,831,281)** | $17777068  |

---

The accompanying notes are an integral part of these financial statements.

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY CONSUMER DISCRETIONARY BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 30.0%** | **SHORT TERM INVESTMENTS — 30.0%** |
|  | **Money Market Funds — 30.0%** | **Money Market Funds — 30.0%** |
| 2026013 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(b)</sup> | $2026013  |
| 79463 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(b)</sup> | 79463  |
| 4943544 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(b)</sup> | 4943544  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $7,049,020)** | $7049020  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $21,880,301) — 105.5%<sup>(c)</sup>** | $24826088  |
|  | Liabilities in Excess of Other Assets — (5.5)% | (1292351)  |
|  | **TOTAL NET ASSETS — 100.0%** | $23533737 |

---

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 October 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 $16,405,637. 

ADR - American Depository Receipt

**LONG TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of Consumer Discretionary Select Sector Index | SOFR + 0.7500% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 5604 | $11173173 | $2142789  |
|  Total return of Consumer Discretionary Select Sector Index | SOFR + 0.6000% | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp;&nbsp; 4972 | 9438194 | 2417752  |
|  Total return of Consumer Discretionary Select Sector Index | SOFR + 0.7000% | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 6161 | 12256835 | 2386262  |
|  Total return of Consumer Discretionary Select Sector Index | SOFR + 0.8000% | J.P. Morgan | 09/29/2026 | &nbsp;&nbsp;&nbsp; 5052 | 11941717 | 204117  |
|  |  |  |  |  | $44809919 | $7150920 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Dow Jones Internet Bear 3X Shares** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 119.5%**<br>|  |
|  | **Money Market Funds — 119.5%**<br>|  |
| 4894870 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $4894870  |
| 7541421 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 7541421  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $12,436,291)<sup>(b)</sup>** | $12436291  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $12,436,291) — 119.5%** | $12436291  |
|  | Liabilities in Excess of Other Assets — (19.5)% | (2033108)  |
|  | **TOTAL NET ASSETS — 100.0%** | $10403183 |

---

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 October 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 $8,882,086. 

**SHORT TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**<br>(Depreciation)  |
| SOFR + 0.6000% | Total return of Dow Jones Internet Composite Index | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 9645 | $11203809 | &nbsp;&nbsp; $(1086824)  |
| SOFR + 0.4800% | Total return of Dow Jones Internet Composite Index | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp;&nbsp; 3721 | 4848497 | &nbsp;&nbsp; 33481  |
| SOFR + 0.1500% | Total return of Dow Jones Internet Composite Index | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp;&nbsp; 3997 | 4471099 | &nbsp;&nbsp; (633290)  |
| SOFR + 0.5000% | Total return of Dow Jones Internet Composite Index | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp;&nbsp; 6650 | 8221232 | &nbsp;&nbsp; (342738)  |
|  |  |  |  |  | $28744637 | &nbsp;&nbsp; $(2029371) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

12<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY DOW JONES INTERNET BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 69.3%** | **COMMON STOCKS — 69.3%** |
|  | **Accommodation — 1.4%** | **Accommodation — 1.4%** |
| 16619 | Airbnb, Inc. Class A<sup>(a)</sup> | $2102968  |
|  | **Administrative and Support Services — 7.0%**<br>|  |
| 826 | Booking Holdings, Inc. | 4194213  |
| 12118 | Cloudflare, Inc.<sup>(a)</sup> | 3069489  |
| 24984 | Roblox Corp.<sup>(a)</sup> | 2841181  |
|  |  | 10104883  |
|  | **Amusement, Gambling, and Recreation Industries — 0.4%**<br>|  |
| 19230 | DraftKings, Inc.<sup>(a)</sup> | 588246  |
|  | **Computer and Electronic Product Manufacturing — 15.1%**<br>|  |
| 23282 | Alphabet, Inc. | 6546665  |
| 18691 | Alphabet, Inc. Class C | 5267498  |
| 29994 | Arista Networks, Inc.<sup>(a)</sup> | 4729754  |
| 74594 | Cisco Systems, Inc. | 5453567  |
|  |  | 21997484  |
|  | **Educational Services — 0.3%**<br>|  |
| 1538 | Duolingo, Inc.<sup>(a)</sup> | 416244  |
|  | **Food Services and Drinking Places — 2.5%**<br>|  |
| 14338 | DoorDash, Inc.<sup>(a)</sup> | 3647157  |
|  | **General Merchandise Retailers — 8.3%**<br>|  |
| 43616 | Amazon.com, Inc.<sup>(a)</sup> | 10651900  |
| 17701 | eBay, Inc. | 1439268  |
|  |  | 12091168  |
|  | **Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) — 0.2%**<br>|  |
| 14350 | MARA Holdings, Inc.<sup>(a)(b)</sup> | 262175  |
|  | **Merchant Wholesalers, Durable Goods — 1.0%**<br>|  |
| 34456 | Copart, Inc.<sup>(a)</sup> | 1481953  |
|  | **Motion Picture and Sound Recording Industries — 6.2%**<br>|  |
| 8004 | Netflix, Inc.<sup>(a)</sup> | 8955355  |
|  | **Motor Vehicle and Parts Dealers — 1.1%**<br>|  |
| 5349 | Carvana Co.<sup>(a)</sup> | 1639683  |
|  | **Performing Arts, Spectator Sports, and Related Industries — 1.1%**<br>|  |
| 6808 | Flutter Entertainment PLC ADR (Ireland)<sup>(a)</sup> | 1583473  |
|  | **Professional, Scientific, and Technical Services — 14.8%**  | **Professional, Scientific, and Technical Services — 14.8%**  |
| 6401 | Atlassian Corp.<sup>(a)</sup> | 1084457  |
| 5476 | Ciena Corp.<sup>(a)</sup> | 1040002  |
| 8467 | CoreWeave, Inc.<sup>(a)</sup> | 1132123  |
| 2225 | F5 Networks, Inc.<sup>(a)</sup> | 563036  |
| 5363 | GoDaddy, Inc.<sup>(a)</sup> | 713976  |

---

The accompanying notes are an integral part of these financial statements.

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY DOW JONES INTERNET BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
|  | **Professional, Scientific, and Technical Services — (Continued)**  | **Professional, Scientific, and Technical Services — (Continued)**  |
| 13360 | Meta Platforms, Inc. | $8661956  |
| 10384 | Nutanix, Inc.<sup>(a)</sup> | 739756  |
| 1940 | Paycom Software, Inc. | 362955  |
| 12924 | Snowflake, Inc.<sup>(a)</sup> | 3552549  |
| 3256 | VeriSign, Inc. | 780789  |
| 8366 | Workday, Inc.<sup>(a)</sup> | 2007171  |
| 10082 | Zoom Video Communications, Inc.<sup>(a)</sup> | 879453  |
|  |  | 21518223  |
|  | **Publishing Industries — 8.1%**<br>|  |
| 5554 | Akamai Technologies, Inc.<sup>(a)</sup> | 417105  |
| 5610 | Box, Inc.<sup>(a)</sup> | 180025  |
| 11308 | Confluent, Inc.<sup>(a)</sup> | 264268  |
| 12521 | Datadog, Inc.<sup>(a)</sup> | 2038544  |
| 7827 | DocuSign, Inc.<sup>(a)</sup> | 572467  |
| 7169 | Dropbox, Inc.<sup>(a)</sup> | 207901  |
| 2040 | HubSpot, Inc.<sup>(a)</sup> | 1003517  |
| 6475 | Okta, Inc.<sup>(a)</sup> | 592657  |
| 18637 | Salesforce, Inc. | 4853261  |
| 5823 | Veeva Systems, Inc.<sup>(a)</sup> | 1695657  |
|  |  | 11825402  |
|  | **Telecommunications — 1.8%**<br>|  |
| 37005 | PayPal Holdings, Inc.<sup>(a)</sup> | 2563336  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $79,025,457)** | $100777750  |
|  | **SHORT TERM INVESTMENTS — 26.2%**<br>|  |
|  | **Money Market Funds — 26.2%**<br>|  |
| 23653893 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(c)</sup> | $23653893  |
| 14462081 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(c)</sup> | 14462081  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $38,115,974)** | $38115974  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $117,141,431) — 95.5%<sup>(d)</sup>** | $138893724  |
|  | Other Assets in Excess of Liabilities — 4.5% | 6492030  |
|  | **TOTAL NET ASSETS — 100.0%** | $145385754 |

---

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 October 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 $85,494,289.

ADR - American Depository Receipt

The accompanying notes are an integral part of these financial statements.

14<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY DOW JONES INTERNET BULL 3X SHARES** 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of Dow Jones Internet Composite Index | SOFR + 0.8000% | Bank of America Merrill Lynch | 12/11/2025 | 52301 | $56364975 | $10250016  |
|  Total return of Dow Jones Internet Composite Index | SOFR + 0.5500% | UBS Securities LLC | 12/17/2025 | 121837 | 123937433 | 31127842  |
|  Total return of Dow Jones Internet Composite Index | SOFR + 0.8500% | Citibank N.A. | 12/22/2025 | 29939 | 33567723 | 3922394  |
|  Total return of Dow Jones Internet Composite Index | SOFR + 0.7500% | J.P. Morgan | 09/01/2026 | 53974 | 67902038 | 1727196  |
|  |  |  |  |  | $281772169 | $47027448 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

15<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY FINANCIAL BEAR 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 92.5%**<br>|  |
|  | **Money Market Funds — 92.5%**<br>|  |
| 52798880 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $52798880  |
| 41466674 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 41466674  |
| 27395813 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 27395813  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $121,661,367)<sup>(b)</sup>** | $121661367  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $121,661,367) — 92.5%** | $121661367  |
|  | Other Assets in Excess of Liabilities — 7.5% | 9863354  |
|  | **TOTAL NET ASSETS — 100.0%** | $131524721 |

---

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 October 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 $70,165,835. 

**SHORT TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| SOFR + 0.5500% | Total return of Financial Select Sector Index | Goldman Sachs | 12/10/2025 | 245817 | $159471525 | &nbsp;&nbsp; $1668744  |
| SOFR + 0.5800% | Total return of Financial Select Sector Index | Bank of America Merrill Lynch | 12/11/2025 | 69255 | 45017810 | &nbsp;&nbsp; 386773  |
| SOFR + 0.4800% | Total return of Financial Select Sector Index | Societe Generale | 12/12/2025 | 158000 | 96082959 | &nbsp;&nbsp; (2979256)  |
| SOFR + 0.6000% | Total return of Financial Select Sector Index | J.P. Morgan | 12/16/2025 | 126260 | 81687086 | &nbsp;&nbsp; 1088459  |
| SOFR + 0.3500% | Total return of Financial Select Sector Index | UBS Securities LLC | 12/17/2025 | 12218 | 7635334 | &nbsp;&nbsp; (72781)  |
|  |  |  |  |  | $389894714 | &nbsp;&nbsp; $91939 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY FINANCIAL BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 76.5%** | **COMMON STOCKS — 76.5%** |
|  | **Administrative and Support Services — 7.4%**<br>|  |
| 23805 | Ameriprise Financial, Inc. | $10778190  |
| 17831 | Corpay, Inc.<sup>(a)</sup> | 4642301  |
| 9546 | FactSet Research System, Inc. | 2546873  |
| 38955 | Moody's Corp. | 18710086  |
| 428933 | Visa, Inc. Class A | 146154630  |
|  |  | 182832080  |
|  | **Chemical Manufacturing — 0.9%**<br>|  |
| 144541 | IntercontinentalExchange, Inc. | 21144903  |
|  | **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services — 0.4%**<br>|  |
| 137263 | Fiserv, Inc.<sup>(a)</sup> | 9154070  |
|  | **Credit Intermediation and Related Activities — 31.7%**<br>|  |
| 137058 | American Express Co. | 49440932  |
| 1720695 | Bank of America Corp. | 91971148  |
| 178080 | Bank of New York Mellon Corp. | 19220174  |
| 161483 | Capital One Financial Corp. | 35524645  |
| 464842 | Citigroup, Inc. | 47055956  |
| 108917 | Citizens Financial Group, Inc. | 5540608  |
| 57109 | Coinbase Global, Inc.<sup>(a)</sup> | 19632932  |
| 131905 | Fidelity National Information Services, Inc. | 8246701  |
| 167131 | Fifth Third Bancorp<sup>(b)</sup> | 6955992  |
| 61260 | Global Payments, Inc. | 4763578  |
| 397088 | Huntington Bancshares, Inc. | 6131039  |
| 694334 | JPMorgan Chase & Co. | 216021194  |
| 235349 | KeyCorp | 4139789  |
| 39458 | M&T Bank Corp. | 7255142  |
| 208446 | MasterCard, Inc. Class A | 115060107  |
| 48289 | Northern Trust Corp. | 6213346  |
| 99441 | PNC Financial Services Group, Inc. | 18152954  |
| 225318 | Regions Financial Corp. | 5452696  |
| 71636 | State Street Corp. | 8285420  |
| 93947 | Synchrony Financial | 6987778  |
| 325594 | Truist Financial Corp. | 14531260  |
| 392952 | U.S. Bancorp | 18342999  |
| 808897 | Wells Fargo & Co. | 70349772  |
|  |  | 785276162  |
|  | **Funds, Trusts, and Other Financial Vehicles — 0.2%**<br>|  |
| 55480 | T. Rowe Price Group, Inc. | 5688364  |
|  | **Insurance Carriers and Related Activities — 18.2%** | **Insurance Carriers and Related Activities — 18.2%** |
| 121544 | Aflac, Inc. | 13028301  |
| 66540 | Allstate Corp. | 12743741  |
| 139891 | American International Group, Inc. | 11045793  |
| 93858 | Arch Capital Group Ltd. ADR | 8100884  |

---

The accompanying notes are an integral part of these financial statements.

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY FINANCIAL BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
|  | **Insurance Carriers and Related Activities — (Continued)** | **Insurance Carriers and Related Activities — (Continued)** |
| 64735 | Arthur J. Gallagher & Co. | $16150735  |
| 12739 | Assurant, Inc. | 2697101  |
| 463033 | Berkshire Hathaway, Inc. Class B<sup>(a)</sup> | 221116779  |
| 73984 | Brown & Brown, Inc. | 5899484  |
| 93628 | Chubb Limited ADR (Switzerland) | 25929338  |
| 39483 | Cincinnati Financial Corp. | 6103677  |
| 6415 | Erie Indemnity Co. Class A<sup>(b)</sup> | 1877286  |
| 10591 | Everest Re Group Ltd. ADR | 3331081  |
| 20454 | Globe Life, Inc. | 2689906  |
| 42949 | Loews Corp. | 4276002  |
| 124140 | Marsh & McLennan Companies, Inc. | 22115541  |
| 141057 | MetLife, Inc. | 11259170  |
| 51188 | Principal Financial Group, Inc. | 4301840  |
| 148020 | Progressive Corp. | 30492120  |
| 88882 | Prudential Financial, Inc. | 9243728  |
| 70997 | The Hartford Insurance Group, Inc. | 8816408  |
| 56847 | Travelers Companies, Inc. | 15270241  |
| 75661 | W.R. Berkley Corp. | 5397656  |
| 24634 | Willis Towers Watson PLC ADR (Ireland) | 7712905  |
|  |  | 449599717  |
|  | **Management of Companies and Enterprises — 0.7%**<br>|  |
| 54448 | Aon PLC ADR (United Kingdom) | 18549345  |
|  | **Professional, Scientific, and Technical Services — 0.1%**<br>|  |
| 18388 | Jack Henry & Associates, Inc. | 2738709  |
|  | **Publishing Industries — 0.4%**<br>|  |
| 138773 | Block, Inc.<sup>(a)</sup> | 10538421  |
|  | &nbsp;&nbsp;&nbsp; **Securities, Commodity Contracts, and Other Financial Investments and Related** <br>**Activities — 15.8%** | &nbsp;&nbsp;&nbsp; **Securities, Commodity Contracts, and Other Financial Investments and Related** <br>**Activities — 15.8%** |
| 116189 | Apollo Global Management, Inc. | 14443455  |
| 36363 | Blackrock, Inc. | 39374220  |
| 26410 | Cboe Global Markets, Inc. | 6487352  |
| 430855 | Charles Schwab Corp. | 40724415  |
| 90998 | CME Group, Inc. | 24159059  |
| 77352 | Franklin Resources, Inc. | 1748929  |
| 76441 | Goldman Sachs Group, Inc. | 60340232  |
| 112428 | Interactive Brokers Group, Inc. Class A | 7910434  |
| 112608 | Invesco Ltd. ADR | 2668810  |
| 173225 | KKR & Co., Inc. | 20497714  |
| 306347 | Morgan Stanley | 50240908  |
| 19538 | MSCI, Inc. Class A | 11499090  |
| 114461 | NASDAQ OMX Group, Inc. | 9785271  |
| 44805 | Raymond James Financial, Inc. | 7109209  |
| 195432 | Robinhood Markets, Inc.<sup>(a)</sup> | 28685509  |

---

The accompanying notes are an integral part of these financial statements.

18<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY FINANCIAL BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
|  | &nbsp;&nbsp;&nbsp; **Securities, Commodity Contracts, and Other Financial Investments and Related** <br>**Activities — (Continued)** | &nbsp;&nbsp;&nbsp; **Securities, Commodity Contracts, and Other Financial Investments and Related** <br>**Activities — (Continued)** |
| 78911 | S&P Global, Inc. | $38446228  |
| 186120 | The Blackstone Group, Inc. | 27292637  |
|  |  | 391413472  |
|  | **Telecommunications — 0.7%**<br>|  |
| 241240 | PayPal Holdings, Inc.<sup>(a)</sup> | 16710695  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $1,636,774,951)** | $1893645938  |
|  | **SHORT TERM INVESTMENTS — 22.8%**<br>|  |
|  | **Money Market Funds — 22.8%**<br>|  |
| 263341009 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(c)(d)</sup>  | $263341009  |
| 50139277 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(c)</sup>  | 50139277  |
| 412680 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(c)</sup>  | 412680  |
| 249665510 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(c)</sup>  | 249665510  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $563,558,476)** | $563558476  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $2,200,333,427) — 99.3%<sup>(e)</sup>** | $2457204414  |
|  | Other Assets in Excess of Liabilities — 0.7% | 17877475  |
|  | **TOTAL NET ASSETS — 100.0%** | $2475081889 |

---

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 October 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 $1,976,790,503.

ADR - American Depository Receipt

The accompanying notes are an integral part of these financial statements.

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY FINANCIAL BULL 3X SHARES** 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be**<br>**Received at Termination** | **Terms of Payments**<br>**to be Paid at Termination** | **Counterparty** | **Termination**<br>**Date** | **Contracts** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation**  |
|  Total return of Financial Select Sector Index | SOFR + 0.7500% | BNP Paribas | 12/05/2025 | 758694 | $468202162 | $7439685  |
|  Total return of Financial Select Sector Index | SOFR + 0.7500% | Goldman Sachs | 12/10/2025 | 911089 | 559013049 | 20760779  |
|  Total return of Financial Select Sector Index | SOFR + 0.7800% | Bank of America Merrill Lynch | 12/11/2025 | 451360 | 268680466 | 17998764  |
|  Total return of Financial Select Sector Index | SOFR + 0.8000% | Societe Generale | 12/12/2025 | 511605 | 311117232 | 8749789  |
|  Total return of Financial Select Sector Index | SOFR + 0.8000% | J.P. Morgan | 12/16/2025 | 586293 | 361853224 | 12960578  |
|  Total return of Financial Select Sector Index | SOFR + 0.6500% | UBS Securities LLC | 12/17/2025 | 1908484 | 1137321606 | 64495237  |
|  Total return of Financial Select Sector Index | SOFR + 0.6500% | Citibank N.A. | 12/22/2025 | 2807781 | 1781219283 | 9635692  |
|  Total return of Financial Select Sector Index | SOFR + 0.7500% | Barclays | 12/22/2025 | 637948 | 381422730 | 18347654  |
|  |  |  |  |  | $5268829752 | $160388178 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

20<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY FTSE CHINA BEAR 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 118.8%**<br>|  |
|  | **Money Market Funds — 118.8%**<br>|  |
| 184146448 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $184146448  |
| 21066418 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 21066418  |
| 73217003 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 73217003  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $278,429,869)<sup>(b)</sup>** | $278429869  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $278,429,869) — 118.8%** | $278429869  |
|  | Liabilities in Excess of Other Assets — (18.8)% | (44063125)  |
|  | **TOTAL NET ASSETS — 100.0%** | $234366744 |

---

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 October 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 $209,958,135. 

**SHORT TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be**<br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation** <br>(Depreciation)  |
| SOFR + 0.0000% | Total return of iShares China Large-Cap ETF | BNP Paribas | 12/05/2025 | 5734765 | $183845797 | $(41899777)  |
| SOFR + 0.6800% | Total return of iShares China Large-Cap ETF | Goldman Sachs | 12/10/2025 | 3381894 | 136670486 | 2610958  |
| SOFR + 0.5800% | Total return of iShares China Large-Cap ETF | Bank of America Merrill Lynch | 12/11/2025 | 7044238 | 278383535 | 1375774  |
| SOFR + 0.1300% | Total return of iShares China Large-Cap ETF | UBS Securities LLC | 12/17/2025 | 1545448 | 56318046 | (4506059)  |
|  |  |  |  |  | $655217864 | $(42419104) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

21<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY FTSE CHINA BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **INVESTMENT COMPANIES — 54.1%**<br>|  |
| 12790135 | iShares China Large-Cap ETF <sup>(a)</sup> | $507896261  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $487,412,943)** | $507896261  |
|  | **SHORT TERM INVESTMENTS — 44.6%**<br>|  |
|  | **Money Market Funds — 44.6%**<br>|  |
| 245272982 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(b)</sup> | $245272982  |
| 24090000 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(b)</sup> | 24090000  |
| 95000000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(b)</sup> | 95000000  |
| 54758437 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(b)</sup> | 54758437  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $419,121,419)** | $419121419  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $906,534,362) — 98.7%<sup>(c)</sup>** | $927017680  |
|  | Other Assets in Excess of Liabilities — 1.3% | 12108058  |
|  | **TOTAL NET ASSETS — 100.0%** | $939125738 |

---

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 October 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 $666,901,318. 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be**<br>**Received at Termination** | **Terms of Payments**<br>**to be Paid at Termination** | **Counterparty** | **Termination**<br>**Date** | **Contracts** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation**  |
|  Total return of iShares China Large-Cap ETF | SOFR + 1.2500% | BNP Paribas | 12/05/2025 | 2672914 | $80935836 | $22742245  |
|  Total return of iShares China Large-Cap ETF | SOFR + 1.1000% | Goldman Sachs | 12/10/2025 | 9876863 | 379679541 | 10605174  |
|  Total return of iShares China Large-Cap ETF | SOFR + 3.0000% | Nomura | 12/10/2025 | 1000000 | 30240000 | 8006228  |
|  Total return of iShares China Large-Cap ETF | SOFR + 1.1500% | Bank of America Merrill Lynch | 12/11/2025 | 2394091 | 75312284 | 16912712  |
|  Total return of iShares China Large-Cap ETF | SOFR + 1.1500% | Societe Generale | 12/12/2025 | 5250000 | 160597499 | 45042203  |
|  Total return of iShares China Large-Cap ETF | SOFR + 0.7700% | UBS Securities LLC | 12/17/2025 | 20026645 | 618608204 | 162945559  |
|  Total return of iShares China Large-Cap ETF | SOFR + 1.2000% | Citibank N.A. | 12/22/2025 | 4985286 | 152075443 | 42209944  |
|  Total return of iShares China Large-Cap ETF | SOFR + 0.8000% | Barclays | 12/22/2025 | 11955246 | 363663620 | 101244896  |
|  |  |  |  |  | $1861112427 | $409708961 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

22<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily FTSE Europe Bull 3X Shares** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **INVESTMENT COMPANIES — 48.5%**<br>|  |
| 199147 | Vanguard FTSE Europe ETF<sup>(a)</sup> | $15991503  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $15,171,049)** | $15991503  |
|  | **SHORT TERM INVESTMENTS — 52.9%**<br>|  |
|  | **Money Market Funds — 52.9%**<br>|  |
| 8292794 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(b)</sup> | $8292794  |
| 3438353 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(b)</sup> | 3438353  |
| 5720713 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(b)</sup> | 5720713  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $17,451,860)** | $17451860  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $32,622,909) — 101.4%<sup>(c)</sup>** | $33443363  |
|  | Liabilities in Excess of Other Assets — (1.4)% | (444683)  |
|  | **TOTAL NET ASSETS — 100.0%** | $32998680 |

---

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 October 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 $17,974,991. 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be**<br>**Received at Termination** | **Terms of Payments**<br>**to be Paid at Termination** | **Counterparty** | **Termination**<br>**Date** | **Contracts** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation**  |
|  Total return of Vanguard FTSE Europe ETF | SOFR + 0.5000% | BNP Paribas | 12/05/2025 | 119680 | $9307099 | $241469  |
|  Total return of Vanguard FTSE Europe ETF | SOFR + 0.5000% | Goldman Sachs | 12/10/2025 | 321068 | 22108165 | 3490812  |
|  Total return of Vanguard FTSE Europe ETF | SOFR + 0.6000% | J.P. Morgan | 12/16/2025 | 128366 | 8625978 | 1604212  |
|  Total return of Vanguard FTSE Europe ETF | SOFR + 0.7400% | UBS Securities LLC | 12/17/2025 | 201616 | 13723331 | 2333333  |
|  Total return of Vanguard FTSE Europe ETF | SOFR + 0.7500% | Citibank N.A. | 12/22/2025 | 262961 | 17488949 | 3422786  |
|  |  |  |  |  | $71253522 | $11092612 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Healthcare Bull 3X Shares** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **COMMON STOCKS — 68.8%**<br>|  |
|  | **Ambulatory Health Care Services — 0.9%**<br>|  |
| 863 | DaVita, Inc.<sup>(a)</sup> | $102714  |
| 2005 | Labcorp Holdings, Inc. | 509190  |
| 1308 | Molina Healthcare, Inc.<sup>(a)</sup> | 200203  |
| 2699 | Quest Diagnostics, Inc. | 474889  |
| 28139 | Viatris, Inc. | 291520  |
|  |  | 1578516  |
|  | **Chemical Manufacturing — 27.9%**<br>|  |
| 42639 | AbbVie, Inc. | 9297008  |
| 12994 | Amgen, Inc. | 3877799  |
| 3538 | Biogen, Inc.<sup>(a)</sup> | 545807  |
| 3783 | Bio-Techne Corp.<sup>(b)</sup> | 236702  |
| 49127 | Bristol-Myers Squibb Co. | 2263281  |
| 19189 | Eli Lilly & Co. | 16557421  |
| 29948 | Gilead Sciences, Inc. | 3587471  |
| 3959 | Incyte Corp.<sup>(a)</sup> | 370087  |
| 60286 | Merck & Co., Inc. | 5183390  |
| 137227 | Pfizer, Inc. | 3382646  |
| 2460 | Regeneron Pharmaceuticals, Inc. | 1603428  |
| 6188 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 2633427  |
| 10697 | Zoetis, Inc. | 1541331  |
|  |  | 51079798  |
|  | **Computer and Electronic Product Manufacturing — 6.2%**<br>|  |
| 6856 | Agilent Technologies, Inc. | 1003444  |
| 15381 | Danaher Corp. | 3312760  |
| 11019 | GE HealthCare Technologies, Inc. | 825874  |
| 5368 | Hologic, Inc.<sup>(a)</sup> | 396749  |
| 2801 | Revvity, Inc. | 262146  |
| 9114 | Thermo Fisher Scientific, Inc. | 5171192  |
| 1437 | Waters Corp.<sup>(a)</sup> | 502375  |
|  |  | 11474540  |
|  | **Health and Personal Care Retailers — 1.3%**<br>|  |
| 30612 | CVS Health Corp. | 2392328  |
|  | **Hospitals — 1.1%**<br>|  |
| 3954 | HCA Healthcare, Inc. | 1817575  |
| 1361 | Universal Health Services, Inc. Class B | 295350  |
|  |  | 2112925  |
|  | **Insurance Carriers and Related Activities — 6.5%**<br>|  |
| 11262 | Centene Corp.<sup>(a)</sup> | 398337  |
| 6443 | Cigna Corp. | 1574734  |
| 5435 | Elevance Health, Inc. | 1723982  |
| 2903 | Humana, Inc. | 807585  |
| 21860 | UnitedHealth Group, Inc. | 7466502  |
|  |  | 11971140  |

---

The accompanying notes are an integral part of these financial statements.

24<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Healthcare Bull 3X Shares** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | **Machinery Manufacturing — 0.4%**<br>|  |
| 497 | Mettler-Toledo International, Inc.<sup>(a)</sup> | $703896  |
|  | **Management of Companies and Enterprises — 2.8%**<br>|  |
| 42007 | Abbott Laboratories | 5192905  |
|  | **Merchant Wholesalers, Durable Goods — 0.1%**<br>|  |
| 2489 | Henry Schein, Inc.<sup>(a)</sup> | 157305  |
|  | **Merchant Wholesalers, Nondurable Goods — 2.8%**<br>|  |
| 5764 | Cardinal Health, Inc. | 1099598  |
| 4680 | Cencora, Inc. | 1580951  |
| 3002 | McKesson Corp. | 2435643  |
|  |  | 5116192  |
|  | **Miscellaneous Manufacturing — 17.1%**<br>|  |
| 1627 | Align Technology, Inc.<sup>(a)</sup> | 224331  |
| 12397 | Baxter International, Inc. | 228973  |
| 6918 | Becton, Dickinson & Co. | 1236316  |
| 35763 | Boston Scientific Corp.<sup>(a)</sup> | 3602049  |
| 9464 | DexCom, Inc.<sup>(a)</sup> | 550994  |
| 14171 | Edwards Lifesciences Corp.<sup>(a)</sup> | 1168399  |
| 1699 | Insulet Corp.<sup>(a)</sup> | 531804  |
| 8651 | Intuitive Surgical, Inc.<sup>(a)</sup> | 4622056  |
| 58128 | Johnson & Johnson | 10978635  |
| 30925 | Medtronic PLC ADR (Ireland) | 2804897  |
| 3533 | ResMed, Inc. | 872227  |
| 3557 | Solventum Corp.<sup>(a)</sup> | 245575  |
| 2376 | Steris PLC ADR (Ireland) | 560023  |
| 8304 | Stryker Corp. | 2958217  |
| 4816 | The Cooper Companys, Inc.<sup>(a)</sup> | 336687  |
| 4782 | Zimmer Biomet Holdings, Inc. | 480878  |
|  |  | 31402061  |
|  | **Plastics and Rubber Products Manufacturing — 0.3%**<br>|  |
| 1735 | West Pharmaceutical Services, Inc. | 489391  |
|  | **Professional, Scientific, and Technical Services — 1.4%**<br>|  |
| 1188 | Charles River Laboratories International, Inc.<sup>(a)</sup> | 213923  |
| 1931 | IDEXX Laboratories, Inc.<sup>(a)</sup> | 1215584  |
| 4103 | IQVIA Holdings, Inc.<sup>(a)</sup> | 888135  |
| 8359 | Moderna, Inc.<sup>(a)</sup> | 227031  |
|  |  | 2544673  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $110,312,902)** | $126215670  |

---

The accompanying notes are an integral part of these financial statements.

25<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Healthcare Bull 3X Shares** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 29.6%**<br>|  |
|  | **Money Market Funds — 29.6%**<br>|  |
| 22608280 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(c)(d)</sup> | $22608280  |
| 5447 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(c)</sup> | 5447  |
| 31573394 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(c)</sup> | 31573394  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $54,187,121)** | $54187121  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $164,500,023) — 98.4%<sup>(e)</sup>** | $180402791  |
|  | Other Assets in Excess of Liabilities — 1.6% | 2894445  |
|  | **TOTAL NET ASSETS — 100.0%** | $183297236 |

---

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 October 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 $137,396,028. 

ADR - American Depository Receipt

**Direxion Daily Healthcare Bull 3X Shares** 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be**<br>**Received at Termination** | **Terms of Payments**<br>**to be Paid at Termination** | **Counterparty** | **Termination**<br>**Date** | **Contracts** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation**  |
|  Total return of Health Care Select Sector Index | SOFR + 0.7500% | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp; 84593 | $119052839 | $2051237  |
|  Total return of Health Care Select Sector Index | SOFR + 0.6000% | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp; 40486 | 55875882 | 1551609  |
|  Total return of Health Care Select Sector Index | SOFR + 0.6500% | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp; 96578 | 129189596 | 10640537  |
|  Total return of Health Care Select Sector Index | SOFR + 0.7000% | Barclays | 12/22/2025 | &nbsp;&nbsp; 69175 | 92360618 | 7074069  |
|  |  |  |  |  | $396478935 | $21317452 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

26<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Homebuilders & Supplies Bull 3X Shares** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **COMMON STOCKS — 71.1%** | **COMMON STOCKS — 71.1%** |
|  | **Building Material and Garden Equipment and Supplies Dealers — 6.7%**<br>|  |
| 81565 | Lowe's Companies, Inc. | $19423074  |
| 102575 | MasterBrand, Inc.<sup>(a)(b)</sup> | 1295522  |
| 52604 | The Home Depot, Inc. | 19967952  |
|  |  | 40686548  |
|  | **Construction of Buildings — 39.6%**<br>|  |
| 42156 | Beazer Homes USA, Inc.<sup>(a)</sup> | 944294  |
| 39866 | Century Communities, Inc. | 2368040  |
| 428012 | D.R. Horton, Inc. | 63808029  |
| 44498 | Dream Finders Home, Inc.<sup>(a)(b)</sup> | 881060  |
| 47069 | Green Brick Partners , Inc.<sup>(a)</sup> | 3047247  |
| 7038 | Hovnanian Enterprises, Inc.<sup>(a)</sup> | 846179  |
| 105047 | KB Home | 6557034  |
| 14053 | Lennar Corp. | 1658957  |
| 351364 | Lennar Corp. Class A<sup>(b)</sup> | 43488322  |
| 31312 | LGI Homes, Inc.<sup>(a)(b)</sup> | 1277843  |
| 40739 | M/I Homes, Inc.<sup>(a)</sup> | 5100115  |
| 109842 | Meritage Homes Corp. | 7420926  |
| 4432 | NVR, Inc.<sup>(a)</sup> | 31958354  |
| 304573 | PulteGroup, Inc. | 36509166  |
| 152586 | Taylor Morrison Home Corp.<sup>(a)</sup> | 9043772  |
| 151567 | Toll Brothers, Inc. | 20453967  |
| 135078 | TRI Pointe Group, Inc.<sup>(a)</sup> | 4302234  |
|  |  | 239665539  |
|  | **Furniture and Related Product Manufacturing — 0.3%**<br>|  |
| 11776 | American Woodmark Corp.<sup>(a)</sup> | 750484  |
| 33315 | La-Z-Boy, Inc.<sup>(b)</sup> | 1056086  |
|  |  | 1806570  |
|  | **Furniture, Home Furnishings, Electronics, and Appliance Retailers — 1.1%**<br>|  |
| 43592 | Arhaus, Inc.<sup>(a)</sup> | 436792  |
| 18728 | Ethan Allen Interiors, Inc. | 452656  |
| 87167 | Floor & Decor Holdings, Inc. Class A<sup>(a)</sup> | 5446194  |
|  |  | 6335642  |
|  | **Machinery Manufacturing — 0.5%**<br>|  |
| 161364 | Hayward Holdings, Inc.<sup>(a)</sup> | 2738347  |
|  | **Merchant Wholesalers, Durable Goods — 6.0%**<br>|  |
| 89478 | Builders FirstSource, Inc.<sup>(a)</sup> | 10394659  |
| 97163 | Fortune Brands Innovations, Inc. | 4935880  |
| 31661 | Griffon Corp. | 2343231  |
| 109552 | Leggett & Platt, Inc. | 1023216  |
| 25870 | Lennox International, Inc. | 13064350  |
| 42237 | Mohawk Industries, Inc.<sup>(a)</sup> | 4799813  |
|  |  | 36561149  |

---

The accompanying notes are an integral part of these financial statements.

27<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Homebuilders & Supplies Bull 3X Shares** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
|  | **Merchant Wholesalers, Nondurable Goods — 3.5%**<br>|  |
| 60822 | The Sherwin Williams Co. | 20979941  |
|  | **Nonmetallic Mineral Product Manufacturing — 2.4%**<br>|  |
| 26269 | Eagle Materials, Inc. | 5577434  |
| 67686 | Owens Corning | 8617105  |
| 36998 | Quanex Building Products Corp. | 525741  |
|  |  | 14720280  |
|  | **Primary Metal Manufacturing — 0.2%**<br>|  |
| 23887 | Gibraltar Industries, Inc.<sup>(a)</sup> | 1490310  |
|  | **Professional, Scientific, and Technical Services — 1.0%**<br>|  |
| 33685 | Simpson Manufacturing Co., Inc. | 5945402  |
|  | **Specialty Trade Contractors — 4.5%**<br>|  |
| 35218 | Installed Building Products, Inc.<sup>(b)</sup> | 8742164  |
| 43187 | TopBuild Corp.<sup>(a)</sup> | 18245644  |
|  |  | 26987808  |
|  | **Wood Product Manufacturing — 5.3%**<br>|  |
| 12230 | Cavco Industries, Inc.<sup>(a)</sup> | 6479454  |
| 87248 | Champion Homes, Inc.<sup>(a)</sup> | 5952931  |
| 69121 | JELD-WEN Holding, Inc.<sup>(a)</sup> | 299985  |
| 169456 | Masco Corp. | 10973971  |
| 86800 | Trex Company, Inc.<sup>(a)</sup> | 4194176  |
| 47408 | UFP Industries, Inc. | 4367699  |
|  |  | 32268216  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $439,534,251)** | $430185752  |
|  | **SHORT TERM INVESTMENTS — 30.0%**<br>|  |
|  | **Money Market Funds — 30.0%**<br>|  |
| 139358932 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(c)</sup>  | $139358932  |
| 15200000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(c)</sup>  | 15200000  |
| 27343476 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(c)</sup>  | 27343476  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $181,902,408)** | $181902408  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $621,436,659) — 101.1%<sup>(d)</sup>** | $612088160  |
|  | Liabilities in Excess of Other Assets — (1.1)% | (6621783)  |
|  | **TOTAL NET ASSETS — 100.0%** | $605466377 |

---

The accompanying notes are an integral part of these financial statements.

28<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Homebuilders & Supplies Bull 3X Shares** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at October 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 $513,576,092. 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be**<br>**Received at Termination** | **Terms of Payments**<br>**to be Paid at Termination** | **Counterparty** | **Termination**<br>**Date** | **Contracts** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation**<br>(Depreciation)  |
|  Total return of Dow Jones U.S. Select Home Construction Index | SOFR + 0.9000% | BNP Paribas | 12/05/2025 | &nbsp;&nbsp; 20446 | $381837384 | $(13506921)  |
|  Total return of Dow Jones U.S. Select Home Construction Index | SOFR + 0.8500% | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp; 5723 | 95716216 | 6733086  |
|  Total return of Dow Jones U.S. Select Home Construction Index | SOFR + 0.6700% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 19586 | 343182751 | 8174675  |
|  Total return of Dow Jones U.S. Select Home Construction Index | SOFR + 0.7500% | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp; 15516 | 271464458 | 7637104  |
|  Total return of Dow Jones U.S. Select Home Construction Index | SOFR + 0.7000% | Barclays | 12/22/2025 | &nbsp;&nbsp; 14971 | 252224947 | 16758588  |
|  |  |  |  |  | $1344425756 | $25796532 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

29<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Industrials Bull 3X Shares** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **COMMON STOCKS — 67.5%**<br>|  |
|  | **Administrative and Support Services — 6.6%**<br>|  |
| 463 | Allegion PLC ADR (Ireland) | $76752  |
| 2184 | Automatic Data Processing, Inc. | 568495  |
| 632 | Broadridge Financial Solutions, Inc. | 139293  |
| 668 | Equifax, Inc. | 141015  |
| 1515 | Rollins, Inc. | 87279  |
| 11246 | Uber Technologies, Inc.<sup>(a)</sup> | 1085239  |
| 1998 | Waste Management, Inc. | 399140  |
|  |  | 2497213  |
|  | **Air Transportation — 1.2%**<br>|  |
| 3498 | Delta Air Lines, Inc. | 200715  |
| 2832 | Southwest Airlines Co.<sup>(b)</sup> | 85810  |
| 1746 | United Continental Holdings, Inc.<sup>(a)</sup> | 164194  |
|  |  | 450719  |
|  | **Apparel Manufacturing — 0.9%**<br>|  |
| 1848 | Cintas Corp. | 338683  |
|  | **Building Material and Garden Equipment and Supplies Dealers — 0.2%**<br>|  |
| 281 | Snap-on, Inc. | 94290  |
|  | **Computer and Electronic Product Manufacturing — 7.1%**<br>|  |
| 1245 | AMETEK, Inc. | 251627  |
| 1825 | Fortive Corp. | 91870  |
| 1009 | L3Harris Technologies, Inc. | 291702  |
| 726 | Northrop Grumman Corp. | 423585  |
| 2116 | Otis Worldwide Corp. | 196280  |
| 7218 | RTX Corp. | 1288413  |
| 1338 | Veralto Corp. | 132034  |
|  |  | 2675511  |
|  | **Couriers and Messengers — 1.8%**<br>|  |
| 1170 | FedEx Corp. | 296969  |
| 3969 | United Parcel Service, Inc. Class B | 382691  |
|  |  | 679660  |
|  | **Electrical Equipment, Appliance, and Component Manufacturing — 2.8%**<br>|  |
| 616 | A.O. Smith Corp. | 40650  |
| 423 | Axon Enterprise, Inc.<sup>(a)</sup> | 309733  |
| 3035 | Emerson Electric Co. | 423595  |
| 316 | Generac Holdings, Inc.<sup>(a)</sup> | 53095  |
| 606 | Rockwell Automation, Inc. | 223226  |
|  |  | 1050299  |
|  | **Fabricated Metal Product Manufacturing — 0.4%**<br>|  |
| 885 | Pentair PLC ADR (Ireland) | 94120  |
| 835 | Stanley Black & Decker, Inc. | 56546  |
|  |  | 150666  |

---

The accompanying notes are an integral part of these financial statements.

30<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Industrials Bull 3X Shares** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | **Machinery Manufacturing — 15.8%**<br>|  |
| 4313 | Carrier Global Corp. | $256580  |
| 2527 | Caterpillar, Inc. | 1458736  |
| 743 | Cummins, Inc. | 325196  |
| 1359 | Deere & Co. | 627355  |
| 5719 | GE Aerospace | 1766885  |
| 406 | IDEX Corp. | 69613  |
| 1951 | Ingersoll Rand, Inc. | 148920  |
| 290 | Nordson Corp. | 67266  |
| 689 | Parker Hannifin Corp. | 532480  |
| 1200 | Trane Technologies PLC ADR (Ireland) | 538380  |
| 1312 | Xylem, Inc. | 197915  |
|  |  | 5989326  |
|  | **Merchant Wholesalers, Durable Goods — 3.8%**<br>|  |
| 597 | Builders FirstSource, Inc.<sup>(a)</sup> | 69354  |
| 4798 | Copart, Inc.<sup>(a)</sup> | 206362  |
| 6189 | Fastenal Co. | 254677  |
| 287 | Hubbell, Inc. | 134890  |
| 212 | Huntington Ingalls Industries, Inc. | 68268  |
| 3529 | Johnson Controls International PLC ADR (Ireland) | 403682  |
| 172 | Lennox International, Inc. | 86860  |
| 237 | W.W. Grainger, Inc. | 232023  |
|  |  | 1456116  |
|  | **Merchant Wholesalers, Nondurable Goods — 0.9%**<br>|  |
| 1430 | Illinois Tool Works, Inc. | 348806  |
|  | **Miscellaneous Manufacturing — 1.8%**<br>|  |
| 2872 | 3M Co. | 478188  |
| 740 | Dover Corp. | 134281  |
| 962 | Textron, Inc. | 77739  |
|  |  | 690208  |
|  | **National Security and International Affairs — 0.3%**<br>|  |
| 692 | Leidos Holdings, Inc. | 131805  |
|  | **Primary Metal Manufacturing — 1.2%**<br>|  |
| 2174 | Howmet Aerospace, Inc. | 447735  |
|  | **Professional, Scientific, and Technical Services — 3.5%**<br>|  |
| 2099 | Eaton Corporation PLC ADR (Ireland) | 800894  |
| 645 | Jacobs Solutions, Inc. | 100498  |
| 1749 | Paychex, Inc. | 204686  |
| 270 | Paycom Software, Inc. | 50514  |
| 753 | Verisk Analytics, Inc. Class A | 164726  |
|  |  | 1321318 |

---

The accompanying notes are an integral part of these financial statements.

31<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Industrials Bull 3X Shares** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | **Publishing Industries — 0.2%**<br>|  |
| 861 | Dayforce, Inc.<sup>(a)</sup> | $59185  |
|  | **Rail Transportation — 2.8%**<br>|  |
| 10054 | CSX Corp. | 362145  |
| 3198 | Union Pacific Corp. | 704743  |
|  |  | 1066888  |
|  | **Rental and Leasing Services — 0.8%**<br>|  |
| 347 | United Rentals, Inc. | 302299  |
|  | **Specialty Trade Contractors — 1.4%**<br>|  |
| 242 | EMCOR Group, Inc. | 163539  |
| 803 | Quanta Services, Inc. | 360651  |
|  |  | 524190  |
|  | **Support Activities for Transportation — 1.6%**<br>|  |
| 637 | C.H. Robinson Worldwide, Inc. | 98091  |
| 732 | Expeditors International of Washington, Inc. | 89231  |
| 413 | J.B. Hunt Transport Services, Inc. | 69739  |
| 1210 | Norfolk Southern Corp. | 342890  |
|  |  | 599951  |
|  | **Transportation Equipment Manufacturing — 8.9%**<br>|  |
| 4078 | Boeing Co.<sup>(a)</sup> | 819759  |
| 1361 | General Dynamics Corp. | 469409  |
| 3423 | Honeywell International, Inc. | 689153  |
| 1108 | Lockheed Martin Corp. | 545003  |
| 2832 | Paccar, Inc. | 278669  |
| 304 | TransDigm Group, Inc. | 397787  |
| 922 | Wabtec Corp. | 188494  |
|  |  | 3388274  |
|  | **Truck Transportation — 0.4%**<br>|  |
| 997 | Old Dominion Freight Line, Inc. | 139999  |
|  | **Utilities — 2.3%**<br>|  |
| 1468 | GE Vernova, Inc. | 858985  |
|  | **Waste Management and Remediation Services — 0.6%**<br>|  |
| 1095 | Republic Services, Inc. | 228023  |
|  | **Wood Product Manufacturing — 0.2%**<br>|  |
| 1130 | Masco Corp. | 73179  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $22,046,773)** | $25563328  |

---

The accompanying notes are an integral part of these financial statements.

32<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Industrials Bull 3X Shares** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 31.3%**<br>|  |
|  | **Money Market Funds — 31.3%**<br>|  |
| 7224356 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(c)(d)</sup> | $7224356  |
| 61 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(c)</sup> | 61  |
| 4636513 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(c)</sup> | 4636513  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $11,860,930)** | $11860930  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $33,907,703) — 98.8%<sup>(e)</sup>** | $37424258  |
|  | Other Assets in Excess of Liabilities — 1.2% | 443485  |
|  | **TOTAL NET ASSETS — 100.0%** | $37867743 |

---

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 October 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 $25,620,868. 

ADR - American Depository Receipt

**LONG TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be**<br>**Received at Termination** | **Terms of Payments**<br>**to be Paid at Termination** | **Counterparty** | **Termination**<br>**Date** | **Contracts** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation**  |
|  Total return of Industrials Select Sector Index | SOFR + 0.7000% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 4627 | $7145333 | $70380  |
|  Total return of Industrials Select Sector Index | SOFR + 0.7500% | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp; 12983 | 17398702 | 2464861  |
|  Total return of Industrials Select Sector Index | SOFR + 0.6000% | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp; 15601 | 21270523 | 2646274  |
|  Total return of Industrials Select Sector Index | SOFR + 0.8000% | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp; 12700 | 16585904 | 2828779  |
|  Total return of Industrials Select Sector Index | SOFR + 0.7000% | Barclays | 12/22/2025 | &nbsp;&nbsp; 10412 | 13339151 | 2679155  |
|  |  |  |  |  | $75739613 | $10689449 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

33<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY MID CAP BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **COMMON STOCKS — 75.5%** | **COMMON STOCKS — 75.5%** |
|  | **Accommodation — 0.7%**<br>|  |
| 1025 | Boyd Gaming Corp. | $79817  |
| 357 | Choice Hotels International, Inc. | 33187  |
| 1066 | Hilton Grand Vacations, Inc.<sup>(a)</sup> | 44186  |
| 731 | Hyatt Hotels Corp. Class A<sup>(b)</sup> | 100447  |
| 3454 | Park Hotels & Resorts, Inc.<sup>(b)</sup> | 35541  |
| 1122 | Travel + Leisure Co.<sup>(b)</sup> | 70439  |
| 642 | Vail Resorts, Inc.<sup>(b)</sup> | 95228  |
| 1319 | Wyndham Hotels & Resorts, Inc. | 96854  |
|  |  | 555699  |
|  | **Administrative and Support Services — 1.2%**<br>|  |
| 1059 | MasTec, Inc.<sup>(a)</sup> | 216205  |
| 3207 | RB Global, Inc. ADR | 318199  |
| 3366 | TransUnion | 273252  |
| 2521 | Warner Music Group Corp. Class A | 80571  |
|  |  | 888227  |
|  | **Air Transportation — 0.3%**<br>|  |
| 1992 | Alaska Air Group, Inc.<sup>(a)</sup> | 83126  |
| 11400 | American Airlines Group, Inc.<sup>(a)</sup> | 149682  |
|  |  | 232808  |
|  | **Ambulatory Health Care Services — 0.3%**<br>|  |
| 383 | Medpace Holdings, Inc.<sup>(a)</sup> | 224021  |
|  | **Apparel Manufacturing — 0.3%**<br>|  |
| 2057 | Capri Holdings Ltd. ADR<sup>(a)</sup> | 42683  |
| 445 | Columbia Sportswear Co. | 22085  |
| 831 | PVH Corp. | 65092  |
| 3263 | Under Armour, Inc. Class A<sup>(a)(b)</sup> | 15042  |
| 2095 | Under Armour, Inc. Class C<sup>(a)(b)</sup> | 9302  |
| 5669 | VF Corp. | 79593  |
|  |  | 233797  |
|  | **Beverage and Tobacco Product Manufacturing — 0.2%**<br>|  |
| 137 | Boston Beer Co., Inc. Class A<sup>(a)</sup> | 28357  |
| 1036 | Coca-Cola Consolidated, Inc. | 135074  |
|  |  | 163431  |
|  | **Broadcasting and Content Providers — 0.1%**<br>|  |
| 492 | Nexstar Media Group, Inc.<sup>(b)</sup> | 96299  |
|  | **Building Material and Garden Equipment and Supplies Dealers — 0.1%**<br>|  |
| 979 | Knife River Corp.<sup>(a)</sup> | 59190  |

---

The accompanying notes are an integral part of these financial statements.

34<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY MID CAP BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
|  | **Chemical Manufacturing — 3.4%**<br>|  |
| 790 | Ashland, Inc. | $38631  |
| 1582 | Avient Corp. | 50735  |
| 3318 | BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 177745  |
| 919 | Cabot Corp. | 62014  |
| 6330 | Coty, Inc. Class A<sup>(a)</sup> | 25130  |
| 8584 | Elanco Animal Health, Inc.<sup>(a)(b)</sup> | 190136  |
| 2021 | Halozyme Therapeutics, Inc.<sup>(a)(b)</sup> | 131749  |
| 3572 | Hims & Hers Health, Inc.<sup>(a)(b)</sup> | 162383  |
| 1048 | Jazz Pharmaceuticals PLC ADR (Ireland)<sup>(a)</sup> | 144247  |
| 1175 | Lantheus Holdings, Inc.<sup>(a)</sup> | 67786  |
| 1714 | Neurocrine Biosciences, Inc.<sup>(a)</sup> | 245462  |
| 135 | NewMarket Corp. | 103666  |
| 1981 | Olin Corp. | 41007  |
| 2377 | Perrigo Co. PLC ADR (Ireland) | 49299  |
| 914 | Repligen Corp.<sup>(a)</sup> | 136241  |
| 7433 | Roivant Sciences Ltd. ADR (Ireland)<sup>(a)</sup> | 148586  |
| 2218 | RPM International, Inc. | 242383  |
| 768 | Scotts Miracle-Gro Co. | 41103  |
| 781 | United Therapeutics Corp.<sup>(a)</sup> | 347881  |
| 576 | Westlake Chemical Corp. | 39634  |
|  |  | 2445818  |
|  | **Clothing, Clothing Accessories, Shoe, and Jewelry Retailers — 0.3%**<br>|  |
| 823 | Abercrombie & Fitch Co. Class A<sup>(a)</sup> | 59709  |
| 3656 | Bath & Body Works, Inc. | 89499  |
| 3932 | Gap, Inc. | 89846  |
|  |  | 239054  |
|  | **Computer and Electronic Product Manufacturing — 4.5%** | **Computer and Electronic Product Manufacturing — 4.5%** |
| 1964 | Amkor Technology, Inc.<sup>(b)</sup> | 63398  |
| 315 | Bio-Rad Laboratories, Inc. Class A<sup>(a)(b)</sup> | 100658  |
| 1914 | Bruker Corp.<sup>(b)</sup> | 74531  |
| 887 | Cirrus Logic, Inc.<sup>(a)</sup> | 117661  |
| 2901 | Cognex Corp. | 120072  |
| 1057 | Dolby Laboratories, Inc. | 70100  |
| 2323 | EchoStar Corp.<sup>(a)(b)</sup> | 173923  |
| 619 | Fabrinet ADR (Thailand)<sup>(a)</sup> | 272713  |
| 6485 | Flex Ltd. ADR (Singapore)<sup>(a)</sup> | 405442  |
| 2656 | Illumina, Inc.<sup>(a)</sup> | 328122  |
| 1833 | Iridium Communications, Inc. | 35102  |
| 2365 | Lattice Semiconductor Corp.<sup>(a)(b)</sup> | 172550  |
| 943 | LivaNova PLC ADR (United Kingdom)<sup>(a)</sup> | 49630  |
| 1206 | Lumentum Holdings, Inc.<sup>(a)(b)</sup> | 243081  |
| 1107 | MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 163980  |

---

The accompanying notes are an integral part of these financial statements.

35<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY MID CAP BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
|  | **Computer and Electronic Product Manufacturing — (Continued)** | **Computer and Electronic Product Manufacturing — (Continued)** |
| 798 | Masimo Corp.<sup>(a)(b)</sup> | $112239  |
| 1160 | MKS, Inc. | 166704  |
| 969 | Power Integrations, Inc. | 40591  |
| 1859 | Rambus, Inc.<sup>(a)</sup> | 191180  |
| 2516 | Sensata Technologies Holdings PLC ADR (United Kingdom) | 80084  |
| 764 | Universal Display Corp. | 112522  |
| 2535 | Vontier Corp. | 97598  |
|  |  | 3191881  |
|  | **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services — 2.1%**<br>|  |
| 2142 | Allegro MicroSystems, Inc.<sup>(a)</sup> | 64089  |
| 757 | ASGN, Inc.<sup>(a)</sup> | 33883  |
| 2686 | Coherent Corp.<sup>(a)</sup> | 354445  |
| 773 | Concentrix Corp.<sup>(b)</sup> | 31160  |
| 2791 | ExlService Holdings, Inc.<sup>(a)</sup> | 109128  |
| 3994 | Kyndryl Holdings, Inc.<sup>(a)</sup> | 115506  |
| 622 | Novanta, Inc. ADR<sup>(a)</sup> | 79000  |
| 847 | Onto Innovation, Inc.<sup>(a)</sup> | 114311  |
| 5364 | Pure Storage, Inc.<sup>(a)</sup> | 529427  |
| 592 | WEX, Inc.<sup>(a)</sup> | 86361  |
|  |  | 1517310  |
|  | **Construction of Buildings — 0.8%**<br>|  |
| 11779 | Avantor, Inc.<sup>(a)(b)</sup> | 139228  |
| 1176 | KB Home | 73406  |
| 1708 | Taylor Morrison Home Corp.<sup>(a)</sup> | 101233  |
| 1696 | Toll Brothers, Inc. | 228875  |
|  |  | 542742  |
|  | **Credit Intermediation and Related Activities — 4.6%** | **Credit Intermediation and Related Activities — 4.6%** |
| 4839 | Ally Financial, Inc. | 188576  |
| 2823 | Associated Banc-Corp. | 69926  |
| 1829 | Bank OZK | 82287  |
| 3219 | Cadence Bank | 121485  |
| 5167 | Columbia Banking System, Inc. | 138475  |
| 2221 | Comerica, Inc. | 169906  |
| 2144 | Commerce Bancshares, Inc. | 112839  |
| 2381 | East West Bancorp, Inc. | 241910  |
| 698 | Euronet Worldwide, Inc.<sup>(a)</sup> | 52950  |
| 6205 | F.N.B. Corp. | 97543  |
| 2250 | First Financial Bankshares, Inc. | 69502  |
| 8773 | First Horizon National Corp. | 187391  |
| 5170 | Flagstar Bank NA<sup>(b)</sup> | 59041  |
| 1464 | Hancock Whitney Corp. | 83609  |

---

The accompanying notes are an integral part of these financial statements.

36<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY MID CAP BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
|  | **Credit Intermediation and Related Activities — (Continued)** | **Credit Intermediation and Related Activities — (Continued)** |
| 934 | International Bancshares Corp. | $61999  |
| 6026 | Old National Bancorp | 123111  |
| 1329 | Pinnacle Financial Partners, Inc. | 113244  |
| 1641 | Prosperity Bancshares, Inc. | 108011  |
| 1749 | SouthState Bank Corp. | 155049  |
| 2398 | Synovus Financial Corp. | 107047  |
| 791 | Texas Capital Bancshares, Inc.<sup>(a)</sup> | 66317  |
| 1233 | UMB Financial Corp. | 131783  |
| 2442 | United Bankshares, Inc. | 87399  |
| 8317 | Valley National Bancorp<sup>(b)</sup> | 90406  |
| 2871 | Webster Financial Corp. | 163762  |
| 1789 | Western Alliance Bancorp | 138379  |
| 1157 | Wintrust Financial Corp. | 150433  |
| 2551 | Zions Bancorp | 132933  |
|  |  | 3305313  |
|  | **Educational Services — 0.5%**<br>|  |
| 686 | Duolingo, Inc.<sup>(a)(b)</sup> | 185659  |
| 59 | Graham Holdings Co. Class B | 59715  |
| 479 | Grand Canyon Education, Inc.<sup>(a)</sup> | 90196  |
|  |  | 335570  |
|  | **Electrical Equipment, Appliance, and Component Manufacturing — 0.9%**<br>|  |
| 524 | Acuity Brands, Inc. | 191286  |
| 438 | IPG Photonics Corp.<sup>(a)(b)</sup> | 37282  |
| 428 | Littelfuse, Inc. | 104137  |
| 1147 | Regal Rexnord Corp. | 161601  |
| 666 | Synaptics, Inc.<sup>(a)</sup> | 47246  |
| 966 | Whirlpool Corp.<sup>(b)</sup> | 69195  |
|  |  | 610747  |
|  | **Fabricated Metal Product Manufacturing — 2.8%**<br>|  |
| 3742 | Axalta Coating Systems Ltd. ADR<sup>(a)</sup> | 106535  |
| 1579 | BWX Technologies, Inc. | 337290  |
| 763 | Chart Industries, Inc.<sup>(a)</sup> | 152310  |
| 1988 | Crown Holdings, Inc.<sup>(b)</sup> | 193194  |
| 651 | Curtiss-Wright Corp. | 387820  |
| 1913 | Mueller Industries, Inc. | 202529  |
| 543 | RBC Bearings, Inc.<sup>(a)</sup> | 232692  |
| 1534 | Silgan Holdings, Inc.<sup>(b)</sup> | 59243  |
| 1095 | Timken Co.<sup>(b)</sup> | 85969  |
| 341 | Valmont Industries, Inc. | 140980  |
| 474 | Watts Water Technologies, Inc. | 129212  |
|  |  | 2027774  |

---

The accompanying notes are an integral part of these financial statements.

37<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY MID CAP BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
|  | **Food and Beverage Retailers — 1.4%**<br>|  |
| 6964 | Albertsons Companies, Inc. Class A | $123193  |
| 2763 | Celsius Holdings, Inc.<sup>(a)</sup> | 166416  |
| 2704 | Performance Food Group Co.<sup>(a)</sup> | 261585  |
| 1688 | Sprouts Farmers Market, Inc.<sup>(a)</sup> | 133284  |
| 3890 | US Foods Holding Corp.<sup>(a)</sup> | 282492  |
|  |  | 966970  |
|  | **Food Manufacturing — 0.5%**<br>|  |
| 3648 | Flowers Foods, Inc. | 43521  |
| 1109 | Ingredion, Inc. | 127990  |
| 739 | Pilgrim's Pride Corp.<sup>(b)</sup> | 28156  |
| 826 | Post Holdings, Inc.<sup>(a)</sup> | 85846  |
| 352 | The Marzetti Company | 55190  |
|  |  | 340703  |
|  | **Food Services and Drinking Places — 1.3%**<br>|  |
| 642 | Casey's General Stores, Inc. | 329468  |
| 1723 | Cava Group, Inc.<sup>(a)(b)</sup> | 92577  |
| 1045 | Manhattan Associates, Inc.<sup>(a)</sup> | 190263  |
| 1148 | Texas Roadhouse, Inc. | 187790  |
| 482 | Wingstop, Inc.<sup>(b)</sup> | 104415  |
|  |  | 904513  |
|  | **Forestry and Logging — 0.1%**<br>|  |
| 2450 | Rayonier, Inc.<sup>(b)</sup> | 54072  |
|  | **Funds, Trusts, and Other Financial Vehicles — 1.6%**<br>|  |
| 1909 | Agree Realty Corp.<sup>(b)</sup> | 139376  |
| 11093 | Annaly Capital Management, Inc. | 234839  |
| 4500 | Carlyle Group, Inc.<sup>(b)</sup> | 239940  |
| 920 | EastGroup Properties, Inc. | 160567  |
| 2288 | First Industrial Realty Trust, Inc. | 126481  |
| 6075 | Healthcare Realty Trust, Inc.<sup>(b)</sup> | 107649  |
| 1623 | SEI Investments Co. | 130830  |
|  |  | 1139682  |
|  | **Furniture, Home Furnishings, Electronics, and Appliance Retailers — 0.4%**<br>|  |
| 1861 | Floor & Decor Holdings, Inc. Class A<sup>(a)</sup> | 116275  |
| 7110 | GameStop Corp. Class A<sup>(a)(b)</sup> | 158482  |
| 265 | RH<sup>(a)</sup> | 45710  |
|  |  | 320467  |
|  | **General Merchandise Retailers — 1.5%** | **General Merchandise Retailers — 1.5%** |
| 2177 | BellRing Brands, Inc.<sup>(a)</sup> | 65593  |
| 2281 | BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 201321  |
| 1077 | Burlington Stores, Inc.<sup>(a)</sup> | 294656  |
| 1025 | e.l.f. Beauty, Inc.<sup>(a)(b)</sup> | 125193  |

---

The accompanying notes are an integral part of these financial statements.

38<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY MID CAP BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
|  | **General Merchandise Retailers — (Continued)** | **General Merchandise Retailers — (Continued)** |
| 675 | FirstCash Holdings, Inc. | $106988  |
| 951 | Five Below, Inc.<sup>(a)</sup> | 149564  |
| 4692 | Macy's, Inc. | 91447  |
|  |  | 1034762  |
|  | **Health and Personal Care Retailers — 0.9%**<br>|  |
| 2357 | Doximity, Inc. Class A<sup>(a)</sup> | 155562  |
| 2871 | Envista Holdings Corp.<sup>(a)</sup> | 58425  |
| 2804 | Option Care Health, Inc.<sup>(a)(b)</sup> | 72988  |
| 674 | Penumbra, Inc.<sup>(a)</sup> | 153247  |
| 1450 | Planet Fitness, Inc. Class A<sup>(a)</sup> | 131501  |
| 3043 | Sotera Health Co.<sup>(a)</sup> | 50514  |
|  |  | 622237  |
|  | **Heavy and Civil Engineering Construction — 0.4%**<br>|  |
| 3277 | Core & Main, Inc. Class A<sup>(a)</sup> | 170994  |
| 2226 | KBR, Inc. | 95362  |
|  |  | 266356  |
|  | **Hospitals — 0.7%**<br>|  |
| 1740 | Encompass Health Corp. | 198099  |
| 1526 | Tenet Healthcare Corp.<sup>(a)</sup> | 315104  |
|  |  | 513203  |
|  | **Insurance Carriers and Related Activities — 3.5%** | **Insurance Carriers and Related Activities — 3.5%** |
| 1196 | American Financial Group, Inc. | 157489  |
| 987 | Brighthouse Financial, Inc.<sup>(a)</sup> | 56328  |
| 1675 | CNO Financial Group, Inc. | 67034  |
| 5175 | Equitable Holdings, Inc. | 255645  |
| 1702 | Essent Group Ltd. ADR | 103090  |
| 1759 | First American Financial Corp. | 109955  |
| 618 | Hanover Insurance Group, Inc. | 105604  |
| 1084 | Kemper Corp. | 48769  |
| 382 | Kinsale Capital Group, Inc.<sup>(b)</sup> | 152598  |
| 3983 | MGIC Investment Corp. | 109214  |
| 3949 | Old Republic International Corp. | 155828  |
| 560 | Primerica, Inc. | 145527  |
| 1142 | Reinsurance Group of America, Inc. | 208369  |
| 813 | RenaissanceRe Holdings Ltd. ADR | 206575  |
| 1587 | RLI Corp. | 93570  |
| 1947 | Ryan Specialty Holdings, Inc.<sup>(b)</sup> | 106696  |
| 1051 | Selective Insurance Group, Inc. | 79182  |
| 2707 | Unum Group | 198748  |
| 1666 | Voya Financial, Inc. | 124050  |
|  |  | 2484271  |
|  | **Leather and Allied Product Manufacturing — 0.1%**<br>|  |
| 944 | Crocs, Inc.<sup>(a)</sup> | 77115  |

---

The accompanying notes are an integral part of these financial statements.

39<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY MID CAP BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
|  | **Machinery Manufacturing — 3.7%**<br>|  |
| 1169 | AAON, Inc.<sup>(b)</sup> | $115018  |
| 1070 | AGCO Corp.<sup>(b)</sup> | 110381  |
| 685 | Belden, Inc. | 83467  |
| 1129 | Brunswick Corp. | 74638  |
| 845 | Crane Company | 160550  |
| 853 | Crane NXT Co. | 53952  |
| 2013 | Donaldson Co., Inc. | 169595  |
| 647 | EnerSys | 81626  |
| 986 | Esab Corp. | 115185  |
| 2260 | Flowserve Corp. | 154245  |
| 2863 | Graco, Inc. | 234107  |
| 1348 | ITT, Inc. | 249474  |
| 953 | Lincoln Electric Holdings, Inc. | 223431  |
| 806 | Middleby Corp.<sup>(a)</sup> | 100129  |
| 6416 | NOV, Inc. | 93674  |
| 1106 | Oshkosh Corp. | 136359  |
| 7101 | TechnipFMC PLC ADR (United Kingdom) | 293626  |
| 1133 | Terex Corp.<sup>(b)</sup> | 52141  |
| 1705 | Toro Co.<sup>(a)</sup> | 127415  |
|  |  | 2629013  |
|  | **Management of Companies and Enterprises — 0.7%**<br>|  |
| 15344 | CNH Industrial NV ADR (United Kingdom) | 160958  |
| 1111 | Cullen/Frost Bankers, Inc. | 136808  |
| 2222 | Glacier Bancorp, Inc.<sup>(b)</sup> | 90769  |
| 3167 | Home Bancshares, Inc. | 84591  |
|  |  | 473126  |
|  | **Merchant Wholesalers, Durable Goods — 2.3%** | **Merchant Wholesalers, Durable Goods — 2.3%** |
| 658 | Applied Industrial Technologies, Inc. | 169165  |
| 890 | Arrow Electronics, Inc.<sup>(a)</sup> | 99280  |
| 1449 | Avnet, Inc. | 70204  |
| 2619 | Entegris, Inc.<sup>(b)</sup> | 239822  |
| 2074 | Fortune Brands Innovations, Inc. | 105359  |
| 1375 | Hexcel Corp.<sup>(b)</sup> | 98175  |
| 2851 | Jefferies Financial Group, Inc. | 150618  |
| 789 | MSC Industrial Direct Co., Inc. | 66994  |
| 1325 | TD SYNNEX Corp. | 207349  |
| 603 | Watsco, Inc.<sup>(b)</sup> | 221910  |
| 841 | WESCO International, Inc. | 218265  |
|  |  | 1647141  |
|  | **Merchant Wholesalers, Nondurable Goods — 0.2%**<br>|  |
| 2747 | HF Sinclair Corp. | 141745  |

---

The accompanying notes are an integral part of these financial statements.

40<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY MID CAP BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
|  | **Miscellaneous Manufacturing — 0.8%**<br>|  |
| 3447 | Dentsply Sirona, Inc. | $43467  |
| 1946 | Globus Medical, Inc. Class A<sup>(a)</sup> | 117519  |
| 832 | Haemonetics Corp.<sup>(a)</sup> | 41608  |
| 1450 | Light & Wonder, Inc. Class A<sup>(a)</sup> | 105415  |
| 5567 | Mattel, Inc.<sup>(a)</sup> | 102321  |
| 636 | MSA Safety, Inc. | 99871  |
| 1403 | YETI Holdings, Inc.<sup>(a)(b)</sup> | 47688  |
|  |  | 557889  |
|  | **Motor Vehicle and Parts Dealers — 0.4%**<br>|  |
| 489 | AutoNation, Inc.<sup>(a)</sup> | 97736  |
| 303 | Murphy USA, Inc.<sup>(b)</sup> | 108535  |
| 319 | Penske Automotive Group, Inc.<sup>(b)</sup> | 51062  |
|  |  | 257333  |
|  | **Nonmetallic Mineral Product Manufacturing — 0.4%**<br>|  |
| 561 | Eagle Materials, Inc. | 119111  |
| 1445 | Owens Corning | 183963  |
|  |  | 303074  |
|  | **Nursing and Residential Care Facilities — 0.2%**<br>|  |
| 990 | The Ensign Group, Inc.<sup>(b)</sup> | 178299  |
|  | **Oil and Gas Extraction — 1.3%**<br>|  |
| 5071 | Antero Resources Corp.<sup>(a)</sup> | 156745  |
| 989 | Chord Energy Corp. | 89722  |
| 2443 | CNX Resources Corp.<sup>(a)(b)</sup> | 82231  |
| 2022 | Matador Resources Co. | 79788  |
| 2318 | Murphy Oil Corp.<sup>(b)</sup> | 65600  |
| 1037 | ONE Gas, Inc. | 83157  |
| 4115 | Range Resources Corp. | 146288  |
| 2915 | Viper Energy, Inc. | 109488  |
| 1241 | Weatherford International PLC ADR | 91449  |
|  |  | 904468  |
|  | **Paper Manufacturing — 0.3%**<br>|  |
| 5118 | Graphic Packaging Holding Company | 81837  |
| 1228 | PotlatchDeltic Corp. | 49120  |
| 1704 | Sonoco Products Co. | 69131  |
|  |  | 200088  |
|  | **Performing Arts, Spectator Sports, and Related Industries — 0.2%**<br>|  |
| 1151 | Churchill Downs, Inc. | 114179  |
|  | **Personal and Laundry Services — 0.3%**<br>|  |
| 2423 | Service Corporation International | 202345  |

---

The accompanying notes are an integral part of these financial statements.

41<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY MID CAP BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
|  | **Petroleum and Coal Products Manufacturing — 0.4%**<br>|  |
| 737 | Carlisle Cos., Inc. | $239562  |
| 1419 | PBF Energy, Inc. Class A | 48487  |
|  |  | 288049  |
|  | **Pipeline Transportation — 0.4%**<br>|  |
| 1755 | DT Midstream, Inc. | 192155  |
| 1639 | PNM Resources, Inc. | 93095  |
|  |  | 285250  |
|  | **Plastics and Rubber Products Manufacturing — 0.5%**<br>|  |
| 1236 | Advanced Drainage Systems, Inc. | 173102  |
| 1138 | AptarGroup, Inc. | 132020  |
| 4942 | Goodyear Tire & Rubber Co.<sup>(a)(b)</sup> | 34050  |
|  |  | 339172  |
|  | **Primary Metal Manufacturing — 1.6%**<br>|  |
| 4473 | Alcoa Corp. | 164562  |
| 2381 | Allegheny Technologies, Inc.<sup>(a)</sup> | 235648  |
| 861 | Carpenter Technology Corp. | 271990  |
| 1934 | Commercial Metals Co.<sup>(b)</sup> | 114802  |
| 909 | Reliance, Inc. | 256729  |
| 567 | Silicon Laboratories, Inc.<sup>(a)</sup> | 74322  |
|  |  | 1118053  |
|  | **Printing and Related Support Activities — 0.2%**<br>|  |
| 12081 | Permian Resources Corp. | 151737  |
|  | **Professional, Scientific, and Technical Services — 4.4%** | **Professional, Scientific, and Technical Services — 4.4%** |
| 2288 | AECOM | 307393  |
| 6395 | API Group Corp.<sup>(a)</sup> | 235464  |
| 380 | CACI International, Inc. Class A<sup>(a)</sup> | 213655  |
| 2442 | Ciena Corp.<sup>(a)</sup> | 463785  |
| 2067 | Cytokinetics, Inc.<sup>(a)</sup> | 131441  |
| 4651 | Exelixis, Inc.<sup>(a)</sup> | 179854  |
| 873 | Exponent, Inc. | 61817  |
| 2793 | Fluor Corp.<sup>(a)</sup> | 136215  |
| 549 | FTI Consulting, Inc.<sup>(a)</sup> | 90590  |
| 2800 | Genpact Ltd. ADR | 106820  |
| 2313 | H&R Block, Inc. | 115049  |
| 618 | Insperity, Inc. | 27266  |
| 974 | Maximus, Inc. | 80959  |
| 4632 | Nutanix, Inc.<sup>(a)</sup> | 329984  |
| 923 | Parsons Corp.<sup>(a)(b)</sup> | 76738  |
| 772 | Paylocity Holding Corp.<sup>(a)</sup> | 109060  |
| 1596 | Pegasystems, Inc. | 101585  |

---

The accompanying notes are an integral part of these financial statements.

42<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY MID CAP BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
|  | **Professional, Scientific, and Technical Services — (Continued)** | **Professional, Scientific, and Technical Services — (Continued)** |
| 810 | Science Applications International Corp. | $75905  |
| 719 | Simpson Manufacturing Co., Inc. | 126904  |
| 4540 | Tetra Tech, Inc. | 145189  |
|  |  | 3115673  |
|  | **Publishing Industries — 3.9%**<br>|  |
| 395 | Appfolio, Inc. Class A<sup>(a)</sup> | 100500  |
| 2574 | Bentley Systems, Inc.<sup>(b)</sup> | 130836  |
| 1584 | Bill.com Holdings, Inc.<sup>(a)(b)</sup> | 78662  |
| 643 | Blackbaud, Inc.<sup>(a)</sup> | 41178  |
| 768 | CommVault Systems, Inc.<sup>(a)</sup> | 106921  |
| 3491 | DocuSign, Inc.<sup>(a)</sup> | 255332  |
| 3198 | Dropbox, Inc.<sup>(a)</sup> | 92742  |
| 5209 | Dynatrace, Inc.<sup>(a)</sup> | 263419  |
| 1455 | Guidewire Software, Inc.<sup>(a)</sup> | 339946  |
| 2556 | NEXTracker, Inc. Class A<sup>(a)</sup> | 258718  |
| 2888 | Okta, Inc.<sup>(a)</sup> | 264339  |
| 624 | Qualys, Inc.<sup>(a)</sup> | 76914  |
| 1163 | Shift4 Payments, Inc.<sup>(a)(b)</sup> | 80363  |
| 1020 | Spire, Inc.<sup>(b)</sup> | 88128  |
| 2800 | The New York Times Co. Class A | 159572  |
| 2651 | Twilio, Inc.<sup>(a)</sup> | 357567  |
| 4845 | ZoomInfo Technologies, Inc.<sup>(a)</sup> | 54361  |
|  |  | 2749498  |
|  | **Real Estate — 4.0%** | **Real Estate — 4.0%** |
| 5630 | American Homes 4 Rent Class A | 177908  |
| 5289 | Brixmor Property Group, Inc. | 138360  |
| 1947 | Corporate Office Properties Trust | 54847  |
| 2902 | Cousins Properties, Inc. | 75249  |
| 1315 | EPR Properties | 64461  |
| 3348 | Equity Lifestyle Properties, Inc. | 204395  |
| 4890 | Gaming & Leisure Properties, Inc. | 218387  |
| 4033 | Independence Realty Trust, Inc. | 64246  |
| 819 | Jones Lang LaSalle, Inc.<sup>(a)</sup> | 249869  |
| 1880 | Kilroy Realty Corp.<sup>(b)</sup> | 79430  |
| 3799 | Kite Realty Group Trust | 84110  |
| 1500 | Lamar Advertising Co. Class A<sup>(b)</sup> | 177885  |
| 478 | Marriott Vacations Worldwide Corp.<sup>(b)</sup> | 31538  |
| 3262 | National Retail Properties, Inc. | 131981  |
| 1220 | National Storage Affiliates Trust | 35490  |
| 5097 | Omega Healthcare Investors, Inc. | 214227  |
| 4080 | Rexford Industrial Realty, Inc.<sup>(b)</sup> | 168586  |
| 4143 | Sabra Health Care REIT, Inc. | 73828  |

---

The accompanying notes are an integral part of these financial statements.

43<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY MID CAP BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
|  | **Real Estate — (Continued)** | **Real Estate — (Continued)** |
| 3226 | STAG Industrial, Inc.<sup>(b)</sup> | $123459  |
| 5963 | Starwood Property Trust, Inc.<sup>(b)</sup> | 108407  |
| 2787 | Vornado Realty Trust | 105739  |
| 3784 | WP Carey, Inc. | 249744  |
|  |  | 2832146  |
|  | **Religious, Grantmaking, Civic, Professional, and Similar Organizations — 0.2%**<br>|  |
| 1494 | HealthEquity, Inc.<sup>(a)</sup> | 141303  |
|  | **Rental and Leasing Services — 0.4%**<br>|  |
| 292 | Avis Budget Group, Inc.<sup>(a)(b)</sup> | 39732  |
| 615 | GATX Corp. | 96463  |
| 705 | Ryder System, Inc. | 119307  |
|  |  | 255502  |
|  | **Repair and Maintenance — 0.1%**<br>|  |
| 2196 | Valvoline, Inc.<sup>(a)(b)</sup> | 72490  |
|  | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 2.7%**<br>|  |
| 491 | Affiliated Managers Group, Inc. | 116838  |
| 4541 | Aramark Corp. | 172013  |
| 252 | Chemed Corporation | 108688  |
| 667 | Evercore, Inc. Class A | 196472  |
| 1277 | Federated Hermes, Inc. Class B | 61909  |
| 4413 | Fidelity National Financial, inc. | 243774  |
| 699 | Hamilton Lane, Inc. Class A | 79658  |
| 939 | Houlihan Lokey, Inc. | 168156  |
| 2156 | Janus Henderson Group PLC ADR (United Kingdom) | 93915  |
| 423 | Morningstar, Inc. | 89803  |
| 2781 | nVent Electric PLC ADR (Ireland) | 318007  |
| 3602 | SLM Corp. | 96714  |
| 1765 | Stifel Financial Corp. | 209029  |
|  |  | 1954976  |
|  | **Specialty Trade Contractors — 1.1%**<br>|  |
| 608 | Comfort Systems USA, Inc. | 587073  |
| 483 | TopBuild Corp.<sup>(a)</sup> | 204058  |
|  |  | 791131  |
|  | &nbsp;&nbsp;&nbsp; **Sporting Goods, Hobby, Musical Instrument, Book, and Miscellaneous** <br>**Retailers — 0.7%**<br>|  |
| 3851 | Chewy, Inc. Class A<sup>(a)</sup> | 129856  |
| 1155 | Dick's Sporting Goods, Inc. | 255775  |
| 1060 | Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 128058  |
|  |  | 513689  |

---

The accompanying notes are an integral part of these financial statements.

44<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY MID CAP BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
|  | **Support Activities for Mining — 1.2%**<br>|  |
| 1441 | Civitas Resources, Inc.<sup>(b)</sup> | $41544  |
| 9843 | Cleveland-Cliffs, Inc.<sup>(a)</sup> | 122348  |
| 2325 | MP Materials Corp.<sup>(a)(b)</sup> | 146684  |
| 4441 | Ovintiv, Inc. | 166582  |
| 1396 | Royal Gold, Inc. | 244007  |
| 1107 | Southwest Gas Holdings, Inc. | 88007  |
| 1144 | Valaris Ltd. ADR<sup>(a)(b)</sup> | 64201  |
|  |  | 873373  |
|  | **Support Activities for Transportation — 0.7%**<br>|  |
| 1978 | GXO Logistics, Inc.<sup>(a)</sup> | 111183  |
| 720 | The Brink's Co. | 80035  |
| 2035 | XPO, Inc.<sup>(a)</sup> | 292776  |
|  |  | 483994  |
|  | **Telecommunications — 0.2%**<br>|  |
| 4325 | Frontier Communications Parent, Inc.<sup>(a)</sup> | 163312  |
|  | **Textile Product Mills — 0.4%**<br>|  |
| 3626 | Somnigroup International, Inc.<sup>(b)</sup> | 287687  |
|  | **Transportation Equipment Manufacturing — 1.9%**<br>|  |
| 550 | AeroVironment, Inc.<sup>(a)(b)</sup> | 203451  |
| 1221 | Autoliv, Inc. | 142613  |
| 3792 | Gentex Corp. | 88922  |
| 2100 | Harley-Davidson, Inc. | 56658  |
| 2916 | Kratos Defense & Security Solutions, Inc.<sup>(a)(b)</sup> | 264190  |
| 919 | Lear Corp. | 96173  |
| 923 | Polaris Industries, Inc. | 61010  |
| 919 | Thor Industries, Inc. | 95898  |
| 471 | Visteon Corp. | 50472  |
| 1036 | Woodward, Inc. | 271546  |
|  |  | 1330933  |
|  | **Truck Transportation — 0.7%**<br>|  |
| 2804 | Knight-Swift Transportation Holdings, Inc. Class A | 126517  |
| 443 | Lithia Motors, Inc. Class A | 139137  |
| 3186 | Maplebear, Inc.<sup>(a)</sup> | 117436  |
| 460 | Saia, Inc.<sup>(a)</sup> | 134550  |
|  |  | 517640  |
|  | **Utilities — 2.3%** | **Utilities — 2.3%** |
| 1000 | ALLETE, Inc. | 67330  |
| 5787 | Antero Midstream Corporation | 99826  |
| 1259 | Black Hills Corp. | 79858  |
| 4846 | Essential Utilities, Inc. | 189139  |
| 934 | IDACORP, Inc.<sup>(b)</sup> | 120505  |

---

The accompanying notes are an integral part of these financial statements.

45<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY MID CAP BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares**<br>|  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
|  | **Utilities — (Continued)** | **Utilities — (Continued)** |
| 1561 | National Fuel Gas Co. | $123179  |
| 1736 | New Jersey Resources Corp. | 76905  |
| 1061 | NorthWestern Corp. | 63310  |
| 3480 | OGE Energy Corp. | 153607  |
| 1049 | Ormat Technologies, Inc. | 111582  |
| 1893 | Portland General Electric Co. | 86472  |
| 789 | Talen Energy Corp.<sup>(a)</sup> | 315426  |
| 3713 | UGI Corp.<sup>(b)</sup> | 124126  |
|  |  | 1611265  |
|  | **Warehousing and Storage — 0.3%**<br>|  |
| 3940 | CubeSmart | 148420  |
| 599 | Landstar System, Inc. | 76929  |
|  |  | 225349  |
|  | **Waste Management and Remediation Services — 0.4%**<br>|  |
| 871 | Clean Harbors, Inc.<sup>(a)</sup> | 183354  |
| 2733 | Darling Ingredients, Inc.<sup>(a)</sup> | 87593  |
|  |  | 270947  |
|  | **Water Transportation — 0.1%**<br>|  |
| 964 | Kirby Corp.<sup>(a)</sup> | 99755  |
|  | **Wood Product Manufacturing — 0.4%**<br>|  |
| 451 | Greif, Inc. Class A | 25657  |
| 1095 | Louisiana-Pacific Corp. | 95385  |
| 1853 | Trex Company, Inc.<sup>(a)</sup> | 89537  |
| 1012 | UFP Industries, Inc. | 93236  |
|  |  | 303815  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $47,930,202)** | $53779471  |
|  | **SHORT TERM INVESTMENTS — 26.7%**<br>|  |
|  | **Money Market Funds — 26.7%**<br>|  |
| 11280136 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(c)(d)</sup> | $11280136  |
| 7711280 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(c)</sup> | 7711280  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $18,991,416)** | $18991416  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $66,921,618) — 102.2%<sup>(e)</sup>** | $72770887  |
|  | Liabilities in Excess of Other Assets — (2.2)% | (1572001)  |
|  | **TOTAL NET ASSETS — 100.0%** | $71198886 |

---

The accompanying notes are an integral part of these financial statements.

46<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY MID CAP BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at October 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 $47,926,830.

ADR - American Depository Receipt

**LONG TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be**<br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination**<br>**Date** | **Contracts** | **Notional**<br>**Amount** | **Unrealized**<br>**Appreciation**  |
|  Total return of S&P MidCap 400<sup>®</sup> Index | SOFR + 0.8500% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 3983 | $12552652 | $311978  |
|  Total return of S&P MidCap 400<sup>®</sup> Index | SOFR + 0.7500% | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp; 7880 | 22840924 | 2278631  |
|  Total return of S&P MidCap 400<sup>®</sup> Index | SOFR + 0.5500% | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp; 18175 | 53109230 | 4978558  |
|  Total return of S&P MidCap 400<sup>®</sup> Index | SOFR + 0.8000% | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp; 19193 | 57043598 | 4245050  |
|  |  |  |  |  | $145546404 | $11814217 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

47<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily MSCI Emerging Markets Bear 3X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 141.7%**<br>|  |
|  | **Money Market Funds — 141.7%**<br>|  |
| 9264795 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $9264795  |
| 10250799 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 10250799  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $19,515,594)<sup>(b)</sup>** | $19515594  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $19,515,594) — 141.7%** | $19515594  |
|  | Liabilities in Excess of Other Assets — (41.7)% | (5741503)  |
|  | **TOTAL NET ASSETS — 100.0%** | $13774091 |

---

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 October 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 $13,382,608. 

**Short Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| SOFR + 0.2700% | Total return of iShares MSCI Emerging Markets ETF | J.P. Morgan | 12/15/2025 | 300000 | $12197982 | &nbsp;&nbsp; $(4216005)  |
| SOFR + 0.0800% | Total return of iShares MSCI Emerging Markets ETF | UBS Securities LLC | 12/17/2025 | 200000 | 9349938 | &nbsp;&nbsp; (1622564)  |
| SOFR + 0.5300% | Total return of iShares MSCI Emerging Markets ETF | Citibank N.A. | 12/22/2025 | 247234 | 13700695 | &nbsp;&nbsp; 33282  |
|  |  |  |  |  | $35248615 | &nbsp;&nbsp; $(5805287) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

48<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily MSCI Emerging Markets Bull 3X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **INVESTMENT COMPANIES — 7.2%**<br>|  |
| 153059 | iShares MSCI Emerging Markets ETF<sup>(a)(b)</sup> | $8464163  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $8,195,815)** | $8464163  |
|  | **SHORT TERM INVESTMENTS — 94.3%**<br>|  |
|  | **Money Market Funds — 94.3%**<br>|  |
| 49630481 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(c)(d)</sup> | $49630481  |
| 16810000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(c)</sup> | 16810000  |
| 45090900 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(c)</sup> | 45090900  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $111,531,381)** | $111531381  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $119,727,196) — 101.5%<sup>(e)</sup>** | $119995544  |
|  | Liabilities in Excess of Other Assets — (1.5)% | (1785445)  |
|  | **TOTAL NET ASSETS — 100.0%** | $118210099 |

---

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 October 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 $69,793,067. 

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of iShares MSCI Emerging Markets ETF | SOFR + 0.4900% | J.P. Morgan | 12/16/2025 | 964610 | $42171755 | &nbsp;&nbsp; $10488288  |
|  Total return of iShares MSCI Emerging Markets ETF | SOFR + 0.6400% | UBS Securities LLC | 12/17/2025 | 1154618 | 51771439 | &nbsp;&nbsp; 11054990  |
|  Total return of iShares MSCI Emerging Markets ETF | SOFR + 0.7900% | Citibank N.A. | 12/22/2025 | 2640641 | 147110110 | &nbsp;&nbsp; (1169613)  |
|  Total return of iShares MSCI Emerging Markets ETF | SOFR + 0.8000% | Barclays | 12/22/2025 | 1500000 | 62881968 | &nbsp;&nbsp; 18451120  |
|  |  |  |  |  | $303935272 | &nbsp;&nbsp; $38824785 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

49<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily MSCI Mexico Bull 3X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **INVESTMENT COMPANIES — 44.3%**<br>|  |
| 132000 | iShares MSCI Mexico ETF<sup>(a)(b)</sup> | $8781960  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $8,339,265)** | $8781960  |
|  | **SHORT TERM INVESTMENTS — 83.3%**<br>|  |
|  | **Money Market Funds — 83.3%**<br>|  |
| 10607801 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(c)(d)</sup> | $10607801  |
| 226661 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(c)</sup> | 226661  |
| 600000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(c)</sup> | 600000  |
| 5057736 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(c)</sup> | 5057736  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $16,492,198)** | $16492198  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $24,831,463) — 127.6%<sup>(e)</sup>** | $25274158  |
|  | Liabilities in Excess of Other Assets — (27.6)% | (5467307)  |
|  | **TOTAL NET ASSETS — 100.0%** | $19806851 |

---

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 October 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 $11,298,355. 

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of iShares MSCI Mexico ETF | SOFR + 0.7500% | Goldman Sachs | 12/10/2025 | 140000 | $6943071 | $2278854  |
|  Total return of iShares MSCI Mexico ETF | SOFR + (0.7000)% | J.P. Morgan | 12/16/2025 | 250000 | 13064642 | 3714446  |
|  Total return of iShares MSCI Mexico ETF | SOFR + 0.6500% | UBS Securities LLC | 12/17/2025 | 254006 | 12603778 | 4016709  |
|  Total return of iShares MSCI Mexico ETF | SOFR + 0.7500% | Citibank N.A. | 12/22/2025 | 66942 | 4224093 | 200524  |
|  Total return of iShares MSCI Mexico ETF | SOFR + 0.7500% | Barclays | 12/22/2025 | 50196 | 3241162 | 87744  |
|  |  |  |  |  | $40076746 | $10298277 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

50<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily MSCI South Korea Bull 3X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **INVESTMENT COMPANIES — 50.9%**<br>|  |
| 1263033 | iShares MSCI South Korea ETF<sup>(a)</sup> | $122514201  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES** <br>**(Cost $105,122,238)** | $122514201  |
|  | **SHORT TERM INVESTMENTS — 44.6%**<br>|  |
|  | **Money Market Funds — 44.6%**<br>|  |
| 11100601 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(b)</sup> | $11100601  |
| 19200000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(b)</sup> | 19200000  |
| 76978986 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(b)</sup> | 76978986  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $107,279,587)** | $107279587  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $212,401,825) — 95.5%<sup>(c)</sup>** | $229793788  |
|  | Other Assets in Excess of Liabilities — 4.5% | 10808212  |
|  | **TOTAL NET ASSETS — 100.0%** | $240602000 |

---

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 October 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 $150,045,996. 

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of iShares MSCI South Korea ETF | SOFR + 0.6000% | Bank of America Merrill Lynch | 12/11/2025 | 1443533 | $77936438 | $59625920  |
|  Total return of iShares MSCI South Korea ETF | SOFR + 0.8500% | Citibank N.A. | 12/22/2025 | 1417249 | 89075598 | 46377653  |
|  Total return of iShares MSCI South Korea ETF | SOFR + 0.7000% | Barclays | 12/22/2025 | 1064823 | 83511854 | 19170017  |
|  Total return of iShares MSCI South Korea ETF | SOFR + 0.7000% | J.P. Morgan | 11/27/2026 | 2252821 | 211122189 | 7290612  |
|  |  |  |  |  | $461646079 | $132464202 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

51<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Pharmaceutical & Medical Bull 3X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 69.5%**<br>|  |
|  | **Administrative and Support Services — 1.8%**<br>|  |
| 5699 | Royalty Pharma PLC ADR (United Kingdom) | $213941  |
|  | **Ambulatory Health Care Services — 3.6%**<br>|  |
| 1661 | Axsome Therapeutics, Inc.<sup>(a)</sup> | 224218  |
| 20136 | Viatris, Inc. | 208609  |
|  |  | 432827  |
|  | **Chemical Manufacturing — 53.2%**<br>|  |
| 7253 | ALT5 Sigma Corp.<sup>(a)(b)</sup> | 18277  |
| 14725 | Amneal Pharmaceuticals, Inc.<sup>(a)</sup> | 159324  |
| 4573 | Amphastar Pharmaceuticals, Inc.<sup>(a)</sup> | 116611  |
| 8492 | Amylxy Pharmaceuticals, Inc.<sup>(a)</sup> | 118294  |
| 2116 | ANI Pharmaceuticals, Inc.<sup>(a)</sup> | 191710  |
| 10227 | Avadel Pharmaceuticals PLC ADR<sup>(a)</sup> | 193188  |
| 4373 | Bristol-Myers Squibb Co. | 201464  |
| 3011 | Collegium Pharmaceutical, Inc.<sup>(a)</sup> | 108396  |
| 2879 | Corcept Therapeutics, Inc.<sup>(a)</sup> | 211520  |
| 14290 | CorMedix, Inc.<sup>(a)(b)</sup> | 159048  |
| 5892 | Crinetics Pharmaceuticals, Inc.<sup>(a)</sup> | 256302  |
| 7390 | Edgewise Therapeutics, Inc.<sup>(a)</sup> | 135089  |
| 11249 | Elanco Animal Health, Inc.<sup>(a)</sup> | 249165  |
| 274 | Eli Lilly & Co. | 236424  |
| 5490 | Enliven Therapeutics, Inc.<sup>(a)</sup> | 128576  |
| 26937 | Esperion Therapeutics, Inc.<sup>(a)</sup> | 80003  |
| 11920 | Evolus, Inc.<sup>(a)</sup> | 77003  |
| 6209 | Harmony Biosciences Holdings, Inc.<sup>(a)</sup> | 177391  |
| 9874 | Innoviva, Inc.<sup>(a)</sup> | 179707  |
| 1625 | Jazz Pharmaceuticals PLC ADR (Ireland)<sup>(a)</sup> | 223665  |
| 3141 | LENZ Therapeutics, Inc.<sup>(a)(b)</sup> | 93350  |
| 1242 | Ligand Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 237607  |
| 2454 | Merck & Co., Inc. | 210995  |
| 2093 | Nektar Therapeutics<sup>(a)</sup> | 135898  |
| 15800 | Ocular Therapeutix, Inc.<sup>(a)</sup> | 184228  |
| 20096 | Organon & Co. | 135648  |
| 5989 | Pacira BioSciences, Inc.<sup>(a)</sup> | 128045  |
| 9321 | Perrigo Co. PLC ADR (Ireland) | 193318  |
| 8392 | Pfizer, Inc. | 206863  |
| 7968 | Phathom Pharmaceuticals, Inc.<sup>(a)</sup> | 107966  |
| 2241 | Phibro Animal Health Corp. | 94256  |
| 3170 | Prestige Consumer Healthcare, Inc.<sup>(a)</sup> | 192102  |
| 4462 | Supernus Pharmaceuticals, Inc.<sup>(a)</sup> | 245990  |
| 3795 | Tarsus Pharmaceuticals, Inc.<sup>(a)</sup> | 261134  |
| 7992 | Terns Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 66014  |
| 1916 | Theravance Biopharma, Inc. ADR<sup>(a)(b)</sup> | 28089  |
| 15848 | Wave Life Sciences Ltd. ADR (Singapore)<sup>(a)</sup> | 143266  |
| 16601 | Xeris Biopharma Holdings, Inc.<sup>(a)</sup> | 161030  |
| 11326 | Zevra Therapeutics, Inc.<sup>(a)</sup> | 115299  |

---

The accompanying notes are an integral part of these financial statements.

52<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Pharmaceutical & Medical Bull 3X Shares** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | **Chemical Manufacturing — (Continued)**<br>|  |
| 1380 | Zoetis, Inc. | $198844  |
|  |  | 6361099  |
|  | **Miscellaneous Manufacturing — 2.5%**<br>|  |
| 5898 | EyePoint Pharmaceuticals, Inc.<sup>(a)</sup> | 77205  |
| 1173 | Johnson & Johnson | 221544  |
|  |  | 298749  |
|  | **Professional, Scientific, and Technical Services — 5.3%**<br>|  |
| 12866 | Arvinas, Inc.<sup>(a)</sup> | 130461  |
| 4358 | Harrow, Inc.<sup>(a)(b)</sup> | 164602  |
| 7555 | Liquidia Corp.<sup>(a)(b)</sup> | 184040  |
| 12935 | Trevi Therapeutics, Inc.<sup>(a)</sup> | 150822  |
|  |  | 629925  |
|  | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 1.7%**<br>|  |
| 38049 | Nuvation Bio, Inc.<sup>(a)(b)</sup> | 198616  |
|  | **Support Activities for Mining — 1.4%**<br>|  |
| 12085 | Mind Medicine MindMed, Inc. ADR (Canada)<sup>(a)</sup> | 171607  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $7,176,020)** | $8306764  |
|  | **SHORT TERM INVESTMENTS — 33.1%**<br>|  |
|  | **Money Market Funds — 33.1%**<br>|  |
| 1370667 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(c)(d)</sup> | $1370667  |
| 1240000 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(c)</sup> | 1240000  |
| 1353743 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(c)</sup> | 1353743  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $3,964,410)** | $3964410  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $11,140,430) — 102.6%<sup>(e)</sup>** | $12271174  |
|  | Liabilities in Excess of Other Assets — (2.6)% | (306018)  |
|  | **TOTAL NET ASSETS — 100.0%** | $11965156 |

---

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 October 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 $8,643,336.

ADR - American Depository Receipt

The accompanying notes are an integral part of these financial statements.

53<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Pharmaceutical & Medical Bull 3X Shares** 

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of S&P Pharmaceuticals Select Industry Index | SOFR + 0.6000% | UBS Securities LLC  | 12/17/2025 | &nbsp;&nbsp;&nbsp; 1079 | $4790977 | $1245574  |
|  Total return of S&P Pharmaceuticals Select Industry Index | SOFR + 0.8500% | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp;&nbsp; 1853 | 10441868 | 145785  |
|  Total return of S&P Pharmaceuticals Select Industry Index | SOFR + 0.7000% | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 1921 | 8554869 | 2198546  |
|  |  |  |  |  | $23787714 | $3589905 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

54<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Real Estate Bear 3X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 99.7%**<br>|  |
|  | **Money Market Funds — 99.7%**<br>|  |
| 20279620 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $20279620  |
| 23363768 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 23363768  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $43,643,388)<sup>(b)</sup>** | $43643388  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $43,643,388) — 99.7%** | $43643388  |
|  | Other Assets in Excess of Liabilities — 0.3% | 129848  |
|  | **TOTAL NET ASSETS — 100.0%** | $43773236 |

---

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 October 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 $27,104,144. 

**Short Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
| SOFR + 0.8000% | Total return of Real Estate Select Sector Index | Bank of America Merrill Lynch | 12/11/2025 | 191581 | $39121459 | $906943  |
| SOFR + 0.5500% | Total return of Real Estate Select Sector Index | J.P. Morgan | 12/16/2025 | 341508 | 71222160 | 3482983  |
| SOFR + (0.1000)% | Total return of Real Estate Select Sector Index | UBS Securities LLC | 12/17/2025 | 121548 | 24880323 | 598036  |
|  |  |  |  |  | $135223942 | $4987962 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

55<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Real Estate Bull 3X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 74.4%**<br>|  |
|  | **Accommodation — 0.8%**<br>|  |
| 27423 | Host Hotels & Resorts, Inc. | $439316  |
|  | **Administrative and Support Services — 2.4%**<br>|  |
| 12666 | Iron Mountain, Inc. | 1303965  |
|  | **Professional, Scientific, and Technical Services — 2.2%**<br>|  |
| 9101 | Extra Space Storage, Inc. | 1215348  |
|  | **Real Estate — 60.0%**<br>|  |
| 6677 | Alexandria Real Estate Equities, Inc. | 388735  |
| 16028 | American Tower Corp. | 2868691  |
| 6098 | AvalonBay Communities, Inc. | 1060564  |
| 6319 | BXP, Inc. | 449850  |
| 4583 | Camden Property Trust | 455917  |
| 11603 | CBRE Group, Inc. Class A<sup>(a)</sup> | 1768645  |
| 18675 | Crown Castle, Inc. | 1684859  |
| 10974 | Digital Realty Trust, Inc. | 1870079  |
| 14903 | Equity Residential | 885834  |
| 2763 | Essex Property Trust, Inc. | 695641  |
| 3365 | Federal Realty Investment Trust | 323679  |
| 29803 | Healthpeak Properties, Inc. | 534964  |
| 24187 | Invitation Homes, Inc. | 680864  |
| 29043 | Kimco Realty Corp. | 600028  |
| 5022 | Mid-America Apartment Communities, Inc. | 643971  |
| 31769 | Prologis, Inc. | 3942215  |
| 6535 | Public Storage | 1820390  |
| 31737 | Realty Income Corp. | 1840111  |
| 7009 | Regency Centers Corp. | 483271  |
| 11176 | Simon Property Group, Inc. | 1964294  |
| 12931 | UDR, Inc. | 435645  |
| 19491 | Ventas, Inc. | 1438241  |
| 45732 | VICI Properties, Inc. | 1371503  |
| 22897 | Welltower, Inc. | 4145273  |
| 30942 | Weyerhaeuser Co. | 711666  |
|  |  | 33064930  |
|  | **Telecommunications — 6.7%**<br>|  |
| 3351 | Equinix, Inc. | 2834979  |
| 4606 | SBA Communications Corp. | 881957  |
|  |  | 3716936  |
|  | **Web Search Portals, Libraries, Archives, and Other Information Services — 2.3%** | **Web Search Portals, Libraries, Archives, and Other Information Services — 2.3%** |
| 18168 | CoStar Group, Inc.<sup>(a)</sup> | 1250140  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $42,461,043)** | $40990635  |

---

The accompanying notes are an integral part of these financial statements.

56<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Real Estate Bull 3X Shares** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 27.1%**<br>|  |
|  | **Money Market Funds — 27.1%**<br>|  |
| 9376091 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(b)</sup> | $9376091  |
| 5541501 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(b)</sup> | 5541501  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $14,917,592)** | $14917592  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $57,378,635) — 101.5%<sup>(c)</sup>** | $55908227  |
|  | Liabilities in Excess of Other Assets — (1.5)% | (824821)  |
|  | **TOTAL NET ASSETS — 100.0%** | $55083406 |

---

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 October 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 $44,567,423. 

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of Real Estate Select Sector Index  | SOFR + 1.0000% | Bank of America Merrill Lynch | 12/11/2025 | 188498 | $38288658 | &nbsp;&nbsp;&nbsp; $(708937)  |
|  Total return of Real Estate Select Sector Index | SOFR + 0.7500% | J.P. Morgan | 12/16/2025 | 273188 | 54601289 | &nbsp;&nbsp;&nbsp; (154683)  |
|  Total return of Real Estate Select Sector Index | SOFR + 0.2100% | UBS Securities LLC | 12/17/2025 | 157757 | 30726100 | &nbsp;&nbsp;&nbsp; 773253  |
|  |  |  |  |  | $123616047 | &nbsp;&nbsp;&nbsp; $(90367) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

57<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Regional Banks Bull 3X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 69.8%**<br>|  |
|  | **Credit Intermediation and Related Activities — 63.0%**<br>|  |
| 17040 | 1st Source Corp. | $1012858  |
| 39579 | Amalgamated Financial Corp. | 1078924  |
| 38367 | Amerant Bancorp, Inc. | 643415  |
| 78505 | Ameris Bancorp | 5622528  |
| 280463 | Associated Banc-Corp. | 6947069  |
| 239259 | Atlantic Union Bankshares Corp. | 7780703  |
| 67331 | Axos Financial, Inc.<sup>(a)</sup> | 5250471  |
| 21953 | BancFirst Corp. | 2389804  |
| 27780 | Bank First Corp.<sup>(b)</sup> | 3392494  |
| 75576 | Bank of Hawaii Corp. | 4907150  |
| 170554 | Bank OZK<sup>(b)</sup> | 7673224  |
| 149667 | BankUnited, Inc. | 5998653  |
| 42151 | Banner Corp. | 2545499  |
| 95404 | Beacon Financial Corp. | 2322133  |
| 41214 | BOK Financial Corp. | 4310160  |
| 12061 | Burke & Herbert Financial Services Corp. | 709910  |
| 321860 | Cadence Bank | 12146996  |
| 12964 | Camden National Corp. | 494577  |
| 148964 | Capitol Federal Financial, Inc. | 899743  |
| 78927 | Cathay General Bancorp | 3587232  |
| 231531 | Citizens Financial Group, Inc. | 11777982  |
| 21400 | City Holding Co.<sup>(b)</sup> | 2522632  |
| 24485 | Coastal Financial Corp.<sup>(a)</sup> | 2607652  |
| 457500 | Columbia Banking System, Inc. | 12261000  |
| 157660 | Commerce Bancshares, Inc. | 8297646  |
| 51688 | Community Bank System, Inc. | 2867650  |
| 10404 | Community Trust Bancorp, Inc. | 532633  |
| 58359 | ConnectOne Bancorp, Inc. | 1404118  |
| 56117 | Customers Bancorp, Inc.<sup>(a)</sup> | 3766573  |
| 157387 | CVB Financial Corp. | 2891199  |
| 46532 | Dime Community Bancshares, Inc. | 1221465  |
| 93557 | Eagle Bancorp, Inc. | 1567080  |
| 111082 | East West Bancorp, Inc. | 11285931  |
| 305739 | Eastern Bankshares, Inc.<sup>(b)</sup> | 5359605  |
| 32530 | Enterprise Financial Services Corp. | 1703596  |
| 732336 | F.N.B. Corp. | 11512322  |
| 73257 | FB Financial Corp.<sup>(b)</sup> | 3956611  |
| 27445 | Financial Institutions, Inc. | 780261  |
| 45703 | First Bancorp | 2218424  |
| 220305 | First BanCorp ADR | 4293744  |
| 111037 | First Busey Corp. | 2482787  |
| 104908 | First Commonwealth Financial Corp. | 1604043  |
| 80807 | First Financial Bancorp | 1891692  |
| 113435 | First Financial Bankshares, Inc. | 3504007  |
| 9974 | First Financial Corp. | 531814  |
| 223542 | First Hawaiian, Inc. | 5483485  |

---

The accompanying notes are an integral part of these financial statements.

58<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Regional Banks Bull 3X Shares** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  |
|  | **Credit Intermediation and Related Activities — (Continued)**  | **Credit Intermediation and Related Activities — (Continued)**  |
| 528909 | First Horizon National Corp. | $11297496  |
| 55578 | First Merchants Corp. | 1971907  |
| 950528 | Flagstar Bank NA<sup>(b)</sup> | 10855030  |
| 48835 | Flushing Finanicial Corp. | 667574  |
| 307262 | Fulton Financial Corp. | 5337141  |
| 9924 | Great Southern Bancorp, Inc. | 552767  |
| 139466 | Hancock Whitney Corp. | 7964903  |
| 29851 | Hanmi Financial Corp. Class A | 788066  |
| 52334 | HarborOne Bancorp, Inc. | 633241  |
| 101373 | Heritage Commerce Corp. | 1054279  |
| 32407 | Heritage Financial Corp. | 719111  |
| 82037 | Hilltop Holdings, Inc. | 2649795  |
| 172395 | Hope Bancorp, Inc. | 1808424  |
| 36664 | Horizon Bancorp, Inc. | 571958  |
| 679257 | Huntington Bancshares, Inc. | 10487728  |
| 69762 | Independent Bank Corp. (Massachusetts) | 4694285  |
| 15255 | Independent Bank Corp. (Michigan) | 461006  |
| 41654 | International Bancshares Corp. | 2764993  |
| 73422 | Kearny Financial Corp. | 469167  |
| 29991 | Lakeland Financial Corp.<sup>(b)</sup> | 1710987  |
| 45780 | Live Oak Bancshares, Inc. | 1425589  |
| 60533 | M&T Bank Corp. | 11130203  |
| 15102 | Mercantile Bank Corp. | 662223  |
| 38455 | Meta Financial Group, Inc. | 2617247  |
| 18583 | Mid Penn Bancorp, Inc. | 528686  |
| 26250 | Midland States Bancorp, Inc. | 384300  |
| 23000 | MidWestOne Financial Group, Inc. | 850770  |
| 39984 | NBT Bancorp, Inc. | 1618152  |
| 15082 | Nicolet Bankshares, Inc. | 1781787  |
| 18212 | Northeast Bank<sup>(b)</sup> | 1571331  |
| 38996 | Northfield Bancorp, Inc. | 398539  |
| 62083 | OceanFirst Financial Corp.<sup>(b)</sup> | 1128669  |
| 50308 | OFG Bancorp ADR | 1944907  |
| 533378 | Old National Bancorp | 10896913  |
| 41407 | Old Second Bancorp, Inc. | 743256  |
| 28022 | Origin Bancorp, Inc. | 971243  |
| 29467 | Orrstown Financial Services, Inc. | 980662  |
| 12490 | Park National Corp. | 1900853  |
| 18475 | Peapack-Gladstone Financial Corp. | 467417  |
| 33657 | Peoples Bancorp, Inc. | 962590  |
| 122793 | Pinnacle Financial Partners, Inc. | 10463192  |
| 95996 | Popular, Inc. ADR | 10700674  |
| 15268 | Preferred Bank | 1377937  |
| 178189 | Prosperity Bancshares, Inc. | 11728400  |
| 121238 | Provident Financial Services, Inc. | 2217443  |
| 443627 | Regions Financial Corp. | 10735773  |

---

The accompanying notes are an integral part of these financial statements.

59<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Regional Banks Bull 3X Shares** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**  | **COMMON STOCKS — (Continued)**  |
|  | **Credit Intermediation and Related Activities — (Continued)**  | **Credit Intermediation and Related Activities — (Continued)**  |
| 118877 | Renasant Corp. | $3997834  |
| 28181 | S&T Bancorp, Inc. | 1032552  |
| 121695 | Seacoast Banking Corp. of Florida | 3687359  |
| 26870 | Shore Bancshares, Inc. | 419441  |
| 171012 | Simmons First National Corp. | 2972189  |
| 23129 | Southside Bancshares, Inc. | 650387  |
| 118301 | SouthState Bank Corp. | 10487384  |
| 55587 | Stellar Bancorp, Inc. | 1635925  |
| 233470 | Synovus Financial Corp. | 10422101  |
| 89672 | Texas Capital Bancshares, Inc.<sup>(a)</sup> | 7518100  |
| 68259 | TFS Financial Corp. | 907845  |
| 109320 | The Bancorp, Inc.<sup>(a)</sup> | 7146248  |
| 6794 | The Hingham Institution for Savings<sup>(b)</sup> | 1999202  |
| 10594 | Third Coast Bancshares, Inc.<sup>(a)</sup> | 389330  |
| 8804 | Tompkins Financial Corp. | 558702  |
| 56759 | Towne Bank | 1845235  |
| 19262 | TriCo Bancshares | 851958  |
| 41917 | Triumph Financial, Inc.<sup>(a)</sup> | 2282800  |
| 265860 | Truist Financial Corp. | 11865332  |
| 17518 | TrustCo Bank Corp. NY | 660604  |
| 55375 | Trustmark Corp. | 2061058  |
| 98334 | UMB Financial Corp. | 10509938  |
| 147291 | United Bankshares, Inc. | 5271545  |
| 131778 | United Community Banks, Inc. | 3847918  |
| 22519 | Univest Financial Corp. | 661158  |
| 1120045 | Valley National Bancorp<sup>(b)</sup> | 12174889  |
| 92570 | WaFd, Inc. | 2687307  |
| 27064 | Washington Trust Bancorp, Inc. | 737223  |
| 194546 | Webster Financial Corp. | 11096904  |
| 109656 | WesBanco, Inc. | 3300646  |
| 27494 | Westamerica Bancorp | 1310089  |
| 135116 | Western Alliance Bancorp | 10451223  |
| 80122 | Wintrust Financial Corp. | 10417462  |
| 70548 | WSFS Financial Corp. | 3674845  |
| 206894 | Zions Bancorp | 10781246  |
|  |  | 506002088  |
|  | **Management of Companies and Enterprises — 6.6%**<br>|  |
| 418173 | Banc of California, Inc. | 7096396  |
| 46053 | Byline Bancorp, Inc. | 1231457  |
| 32503 | Central Pacific Financial Corp. | 926661  |
| 21782 | Columbia Financial, Inc.<sup>(a)</sup> | 321284  |
| 85422 | Cullen/Frost Bankers, Inc. | 10518865  |
| 14763 | Equity Bancshares, Inc. | 598049  |
| 21247 | Esquire Financial Holdings, Inc. | 1992969  |
| 141119 | First Foundation, Inc.<sup>(a)</sup> | 767687  |

---

The accompanying notes are an integral part of these financial statements.

60<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Regional Banks Bull 3X Shares** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** | **COMMON STOCKS — (Continued)** |
|  | **Management of Companies and Enterprises — (Continued)**  | **Management of Companies and Enterprises — (Continued)**  |
| 163272 | First Interstate BancSystem, Inc. | $5102250  |
| 24269 | FirstSun Capital Bancorp<sup>(a)(b)</sup> | 826117  |
| 154314 | Glacier Bancorp, Inc.<sup>(b)</sup> | 6303727  |
| 200194 | Home Bancshares, Inc. | 5347182  |
| 15851 | Metropolitan Bank Holding Corp. | 1050446  |
| 59245 | National Bank Holdings Corp. | 2112677  |
| 59312 | NB Bancorp, Inc.<sup>(b)</sup> | 1071768  |
| 47928 | Northrim BanCorp, Inc. | 1053457  |
| 169085 | Northwest Bancshares, Inc. | 1979985  |
| 43608 | ServisFirst Bancshares, Inc. | 3064334  |
| 25025 | Stock Yards Bancorp, Inc. | 1627125  |
|  |  | 52992436  |
|  | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 0.2%**<br>|  |
| 20431 | QCR Holdings, Inc. | 1519862  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $552,026,863)**  | $560514386  |
|  | **SHORT TERM INVESTMENTS — 33.7%**<br>|  |
|  | **Money Market Funds — 33.7%**<br>|  |
| 50714322 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(c)(d)</sup> | $50714322  |
| 96935420 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(c)</sup> | 96935420  |
| 15127676 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(c)</sup> | 15127676  |
| 108028965 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(c)</sup> | 108028965  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $270,806,383)** | $270806383  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $822,833,246) — 103.5%<sup>(e)</sup>** | $831320769  |
|  | Liabilities in Excess of Other Assets — (3.5)% | (28436009)  |
|  | **TOTAL NET ASSETS — 100.0%**  | $802884760 |

---

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 October 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 $530,472,133.

ADR - American Depository Receipt

The accompanying notes are an integral part of these financial statements.

61<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Regional Banks Bull 3X Shares** 

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of S&P Regional Banks Select Industry Index | SOFR + 0.8500% | Goldman Sachs | 12/10/2025 | 189809 | $352907446 | $677089  |
|  Total return of S&P Regional Banks Select Industry Index | SOFR + 0.7800% | Bank of America Merrill Lynch | 12/11/2025 | 146116 | 273228813 | 856830  |
|  Total return of S&P Regional Banks Select Industry Index | SOFR + 0.5500% | Societe Generale | 12/12/2025 | 65000 | 132368599 | (12584209)  |
|  Total return of S&P Regional Banks Select Industry Index | SOFR + 0.8500% | J.P. Morgan | 12/16/2025 | 195666 | 376071518 | (10286726)  |
|  Total return of S&P Regional Banks Select Industry Index | SOFR + 0.6500% | UBS Securities LLC | 12/17/2025 | 127835 | 243529330 | (5432889)  |
|  Total return of S&P Regional Banks Select Industry Index | SOFR + 0.6500% | Citibank N.A. | 12/22/2025 | 145032 | 250479256 | 20782935  |
|  Total return of S&P Regional Banks Select Industry Index | SOFR + 0.7500% | Barclays | 12/22/2025 | 110000 | 177433273 | 28373884  |
|  |  |  |  |  | $1806018235 | $22386914 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

62<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY RETAIL BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 76.6%**<br>|  |
|  | **Administrative and Support Services — 1.0%**<br>|  |
| 13807 | Revolve Group, Inc.<sup>(a)</sup> | $305411  |
|  | **Building Material and Garden Equipment and Supplies Dealers — 1.0%**<br>|  |
| 5542 | Tractor Supply Co. | 299878  |
|  | **Clothing, Clothing Accessories, Shoe, and Jewelry Retailers — 16.7%**<br>|  |
| 3362 | Abercrombie & Fitch Co. Class A<sup>(a)</sup> | 243913  |
| 6718 | Academy Sports & Outdoors, Inc. | 321725  |
| 16827 | American Eagle Outfitters, Inc. | 281179  |
| 11502 | Bath & Body Works, Inc. | 281569  |
| 1765 | Boot Barn Holdings, Inc.<sup>(a)(b)</sup> | 334732  |
| 17503 | Caleres, Inc.<sup>(b)</sup> | 193233  |
| 13456 | Gap, Inc. | 307470  |
| 2171 | Ross Stores, Inc. | 345015  |
| 8380 | Shoe Carnival, Inc.<sup>(b)</sup> | 153605  |
| 3540 | Signet Jewelers Ltd. ADR | 349929  |
| 54539 | Stitch Fix, Inc.<sup>(a)</sup> | 228519  |
| 5417 | The Buckle, Inc. | 296852  |
| 36476 | The RealReal, Inc.<sup>(a)(b)</sup> | 445372  |
| 2317 | TJX Companies, Inc. | 324704  |
| 4591 | Urban Outfitters, Inc.<sup>(a)</sup> | 296625  |
| 12624 | Victoria's Secret & Co.<sup>(a)</sup> | 444996  |
|  |  | 4849438  |
|  | **Food and Beverage Retailers — 6.1%**<br>|  |
| 17462 | Albertsons Companies, Inc. Class A | 308903  |
| 18445 | Grocery Outlet Holding Corp.<sup>(a)</sup> | 251037  |
| 3583 | Ingles Markets, Inc. | 247585  |
| 4832 | Kroger Co. | 307460  |
| 6016 | Natural Grocers by Vitamin Cottage, Inc. | 193053  |
| 2416 | Sprouts Farmers Market, Inc.<sup>(a)</sup> | 190767  |
| 4308 | Weis Markets, Inc.<sup>(b)</sup> | 272869  |
|  |  | 1771674  |
|  | **Food Services and Drinking Places — 1.1%**<br>|  |
| 601 | Casey's General Stores, Inc. | 308427  |
|  | **Furniture, Home Furnishings, Electronics, and Appliance Retailers — 2.2%**<br>|  |
| 4229 | Best Buy Co., Inc. | 347370  |
| 13291 | GameStop Corp. Class A<sup>(a)(b)</sup> | 296257  |
|  |  | 643627  |
|  | **General Merchandise Retailers — 17.8%**<br>|  |
| 1407 | Amazon.com, Inc.<sup>(a)</sup> | 343617  |
| 3324 | BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 293376  |
| 1157 | Burlington Stores, Inc.<sup>(a)</sup> | 316544  |
| 340 | Costco Wholesale Corp. | 309893  |
| 570 | Dillard's, Inc. Class A | 342046  |

---

The accompanying notes are an integral part of these financial statements.

63<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY RETAIL BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | **General Merchandise Retailers — (Continued)**<br>|  |
| 3042 | Dollar General Corp. | $300124  |
| 3277 | Dollar Tree, Inc.<sup>(a)</sup> | 324816  |
| 3549 | eBay, Inc. | 288569  |
| 5602 | Etsy, Inc.<sup>(a)(b)</sup> | 347324  |
| 2219 | Five Below, Inc.<sup>(a)</sup> | 348982  |
| 20195 | Kohl's Corp. | 328573  |
| 19009 | Macy's, Inc. | 370485  |
| 2917 | PriceSmart, Inc. | 335280  |
| 3568 | Target Corp. | 330825  |
| 3226 | Walmart, Inc. | 326407  |
| 653 | Winmark Corp. | 263270  |
|  |  | 5170131  |
|  | **Health and Personal Care Retailers — 3.5%**<br>|  |
| 4819 | Guardian Pharmacy Services, Inc.<sup>(a)</sup> | 135125  |
| 22140 | Sally Beauty Holdings, Inc.<sup>(a)</sup> | 334535  |
| 628 | Ulta Beauty, Inc.<sup>(a)</sup> | 326485  |
| 11992 | Warby Parker, Inc.<sup>(a)</sup> | 234923  |
|  |  | 1031068  |
|  | **Merchant Wholesalers, Durable Goods — 0.3%**<br>|  |
| 4530 | America's Car-Mart, Inc.<sup>(a)(b)</sup> | 100747  |
|  | **Miscellaneous Manufacturing — 1.3%**<br>|  |
| 14320 | National Vision Holdings, Inc.<sup>(a)(b)</sup> | 368740  |
|  | **Motor Vehicle and Parts Dealers — 12.3%**<br>|  |
| 5478 | Advance Auto Parts, Inc.<sup>(b)</sup> | 258178  |
| 1311 | Asbury Automotive Group, Inc.<sup>(a)</sup> | 307561  |
| 1451 | AutoNation, Inc.<sup>(a)</sup> | 290011  |
| 78 | AutoZone, Inc.<sup>(a)</sup> | 286606  |
| 5471 | CarMax, Inc.<sup>(a)</sup> | 229290  |
| 886 | Carvana Co.<sup>(a)</sup> | 271594  |
| 73398 | EVgo, Inc.<sup>(a)</sup> | 301666  |
| 688 | Group 1 Automotive, Inc. | 273507  |
| 9648 | MarineMax, Inc.<sup>(a)(b)</sup> | 238981  |
| 861 | Murphy USA, Inc.<sup>(b)</sup> | 308410  |
| 3082 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 291064  |
| 1759 | Penske Automotive Group, Inc.<sup>(b)</sup> | 281563  |
| 3990 | Sonic Automotive, Inc. | 253485  |
|  |  | 3591916  |
|  | **Professional, Scientific, and Technical Services — 1.0%**<br>|  |
| 14288 | Groupon, Inc.<sup>(a)(b)</sup> | 287617  |
|  | **Rental and Leasing Services — 0.9%**<br>|  |
| 12870 | Upbound Group, Inc. | 249421  |

---

The accompanying notes are an integral part of these financial statements.

64<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY RETAIL BULL 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | **Repair and Maintenance — 0.9%**<br>|  |
| 8228 | Valvoline, Inc.<sup>(a)(b)</sup> | $271606  |
|  | **Sporting Goods, Hobby, Musical Instrument, Book, and Miscellaneous Retailers — 8.6%**<br>|  |
| 4445 | Build-A-Bear Workshop, Inc.<sup>(b)</sup> | 241008  |
| 19211 | Camping World Holdings, Inc. | 252817  |
| 9225 | Chewy, Inc. Class A<sup>(a)</sup> | 311067  |
| 1427 | Dick's Sporting Goods, Inc. | 316009  |
| 15811 | Monro, Inc.<sup>(b)</sup> | 231631  |
| 2497 | Ollie's Bargain Outlet Holdings, Inc.<sup>(a)</sup> | 301663  |
| 19207 | Savers Value Village, Inc.<sup>(a)</sup> | 176896  |
| 14696 | The ODP Corp.<sup>(a)</sup> | 409724  |
| 29992 | ThredUp, Inc.<sup>(a)</sup> | 263630  |
|  |  | 2504445  |
|  | **Truck Transportation — 1.9%**<br>|  |
| 962 | Lithia Motors, Inc. Class A | 302145  |
| 6893 | Maplebear, Inc.<sup>(a)</sup> | 254076  |
|  |  | 556221  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $19,580,584)** | $22310367  |
|  | **SHORT TERM INVESTMENTS — 23.9%**<br>|  |
|  | **Money Market Funds — 23.9%**<br>|  |
| 5479625 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(c)(d)</sup> | $5479625  |
| 1469870 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(c)</sup> | 1469870  |
| 1889 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(c)</sup> | 1889  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $6,951,384)** | $6951384  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $26,531,968) — 100.5%<sup>(e)</sup>** | $29261751  |
|  | Liabilities in Excess of Other Assets — (0.5)% | (139026)  |
|  | **TOTAL NET ASSETS — 100.0%** | $29122725 |

---

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 October 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 $19,721,682. 

ADR - American Depository Receipt

The accompanying notes are an integral part of these financial statements.

65<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY RETAIL BULL 3X SHARES** 

**LONG TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of S&P Retail Select Industry<sup>®</sup> Index | SOFR + 0.7500% | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp;&nbsp; 545 | $4608542 | &nbsp;&nbsp; $19145  |
|  Total return of S&P Retail Select Industry<sup>®</sup> Index | SOFR + 0.5000% | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp;&nbsp; 5046 | 35635499 | &nbsp;&nbsp; 6888841  |
|  Total return of S&P Retail Select Industry<sup>®</sup> Index | SOFR + 0.8000% | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp;&nbsp; 874 | 7428182 | &nbsp;&nbsp; (4778)  |
|  Total return of S&P Retail Select Industry<sup>®</sup> Index | SOFR + 0.7000% | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 1116 | 8175339 | &nbsp;&nbsp; 1218777  |
|  |  |  |  |  | $55847562 | &nbsp;&nbsp; $8121985 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

66<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION DAILY S&P 500<sup>®</sup> BEAR 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 122.8%**<br>|  |
|  | **Money Market Funds — 122.8%**<br>|  |
| 192525693 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $192525693  |
| 17227576 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 17227576  |
| 194913324 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 194913324  |
| 142090253 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 142090253  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $546,756,846)<sup>(b)</sup>** | $546756846  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $546,756,846) — 122.8%** | $546756846  |
|  | Liabilities in Excess of Other Assets — (22.8)% | (101543816)  |
|  | **TOTAL NET ASSETS — 100.0%** | $445213030 |

---

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 October 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 $394,025,183. 

**SHORT TOTAL RETURN SWAP CONTRACTS** 

**October 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
| SOFR + 0.2000%<br> Total return of S&P 500<sup>®</sup> Index | BNP Paribas | 12/05/2025 | &nbsp;&nbsp; 13748 | $83677065 | $(7771446)  |
| SOFR + 0.5000%<br> Total return of S&P 500<sup>®</sup> Index | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp; 21744 | 147432689 | (1106235)  |
| SOFR + 0.5000%<br> Total return of S&P 500<sup>®</sup> Index | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 50338 | 332695352 | (10672505)  |
| SOFR + 0.4900%<br> Total return of S&P 500<sup>®</sup> Index | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp; 16147 | 97706950 | (9562263)  |
| SOFR + 0.2500%<br> Total return of S&P 500<sup>®</sup> Index | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp; 8951 | 54159010 | (5435115)  |
| SOFR + 0.4000%<br> Total return of S&P 500<sup>®</sup> Index | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp; 6616 | 39292307 | (5000543)  |
| SOFR + 0.4800%<br> Total return of S&P 500<sup>®</sup> Index | Barclays | 12/22/2025 | &nbsp;&nbsp; 77729 | 434476600 | (90214242)  |
|  |  |  |  | $1189439973 | $(129762349) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

67<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P 500<sup>®</sup> Bull 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 71.4%**<br>|  |
|  | **Accommodation — 0.3%**<br>|  |
| 31901 | Airbnb, Inc. Class A<sup>(a)</sup> | $4036753  |
| 17485 | Hilton Worldwide Holdings, Inc. | 4492946  |
| 47547 | Host Hotels & Resorts, Inc. | 761703  |
| 22969 | Las Vegas Sands Corp. | 1363210  |
| 16758 | Marriott International, Inc. Class C | 4366800  |
| 15183 | MGM Resorts International<sup>(a)</sup> | 486311  |
| 6284 | Wynn Resorts Ltd. | 747733  |
|  |  | 16255456  |
|  | **Administrative and Support Services — 1.9%**<br>|  |
| 6384 | Allegion PLC ADR (Ireland) | 1058276  |
| 171409 | Amcor PLC ADR (United Kingdom) | 1354131  |
| 7007 | Ameriprise Financial, Inc. | 3172559  |
| 30121 | Automatic Data Processing, Inc. | 7840496  |
| 2409 | Booking Holdings, Inc. | 12232276  |
| 8714 | Broadridge Financial Solutions, Inc. | 1920566  |
| 5250 | Corpay, Inc.<sup>(a)</sup> | 1366837  |
| 9207 | Equifax, Inc. | 1943598  |
| 2810 | FactSet Research System, Inc. | 749708  |
| 5631 | Gartner, Inc.<sup>(a)</sup> | 1398402  |
| 21955 | Iron Mountain, Inc. | 2260267  |
| 11718 | Live Nation Entertainment, Inc.<sup>(a)</sup> | 1752193  |
| 17889 | Match Group, Inc. | 578530  |
| 11469 | Moody's Corp. | 5508561  |
| 22958 | Paramount Skydance Corp. | 353324  |
| 20903 | Rollins, Inc. | 1204222  |
| 18787 | Royal Caribbean Cruises Ltd. ADR (Liberia) | 5388675  |
| 155061 | Uber Technologies, Inc.<sup>(a)</sup> | 14963386  |
| 126294 | Visa, Inc. Class A | 43033418  |
| 27552 | Waste Management, Inc. | 5504063  |
|  |  | 113583488  |
|  | **Air Transportation — 0.1%**<br>|  |
| 48232 | Delta Air Lines, Inc. | 2767552  |
| 39052 | Southwest Airlines Co. | 1183276  |
| 24076 | United Continental Holdings, Inc.<sup>(a)</sup> | 2264107  |
|  |  | 6214935  |
|  | **Ambulatory Health Care Services — 0.1%**<br>|  |
| 2663 | DaVita, Inc.<sup>(a)</sup> | 316950  |
| 6177 | Labcorp Holdings, Inc. | 1568711  |
| 4029 | Molina Healthcare, Inc.<sup>(a)</sup> | 616679  |
| 8319 | Quest Diagnostics, Inc. | 1463728  |
| 86689 | Viatris, Inc. | 898098  |
|  |  | 4864166  |
|  | **Amusement, Gambling, and Recreation Industries — 0.2%**<br>|  |
| 133684 | The Walt Disney Co. | 15055492  |

---

The accompanying notes are an integral part of these financial statements.

68<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P 500<sup>®</sup> Bull 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Apparel Manufacturing — 0.1%**<br>|  |
| 25467 | Cintas Corp. | $4667337  |
| 11028 | Deckers Outdoor Corp.<sup>(a)</sup> | 898782  |
| 2876 | Ralph Lauren Corp. | 919342  |
|  |  | 6485461  |
|  | **Beverage and Tobacco Product Manufacturing — 0.8%**<br>|  |
| 124905 | Altria Group, Inc. | 7042144  |
| 10613 | Constellation Brands, Inc. Class A | 1394336  |
| 101012 | Keurig Dr Pepper, Inc. | 2743486  |
| 12592 | Molson Coors Brewing Co. Class B | 550522  |
| 52998 | Monster Beverage Corp.<sup>(a)</sup> | 3541856  |
| 101805 | PepsiCo, Inc. | 14872693  |
| 115734 | Philip Morris International, Inc. | 16703888  |
|  |  | 46848925  |
|  | **Broadcasting and Content Providers — 0.3%**<br>|  |
| 6904 | Charter Communications, Inc.<sup>(a)(b)</sup> | 1614431  |
| 273825 | Comcast Corp. Class A | 7621919  |
| 15613 | FOX Corp. Class A | 1009380  |
| 9850 | FOX Corp. Class B | 575339  |
| 5132 | TKO Group Holdings, Inc. | 966869  |
| 184087 | Warner Bros Discovery, Inc.<sup>(a)</sup> | 4132753  |
|  |  | 15920691  |
|  | **Building Material and Garden Equipment and Supplies Dealers — 0.7%**<br>|  |
| 41667 | Lowe's Companies, Inc. | 9922163  |
| 3884 | Snap-on, Inc. | 1303276  |
| 73983 | The Home Depot, Inc. | 28083207  |
| 39408 | Tractor Supply Co. | 2132367  |
|  |  | 41441013  |
|  | **Chemical Manufacturing — 3.9%**<br>|  |
| 131347 | AbbVie, Inc. | 28638900  |
| 16549 | Air Products & Chemicals, Inc. | 4014622  |
| 8754 | Albemarle Corp. | 859905  |
| 40029 | Amgen, Inc. | 11945854  |
| 10899 | Biogen, Inc.<sup>(a)</sup> | 1681389  |
| 11656 | Bio-Techne Corp.<sup>(b)</sup> | 729316  |
| 151342 | Bristol-Myers Squibb Co. | 6972326  |
| 12044 | CF Industries Holdings, Inc. | 1003145  |
| 18116 | Church & Dwight Co., Inc. | 1588592  |
| 9101 | Clorox Co. | 1023498  |
| 60095 | Colgate-Palmolive Co. | 4630320  |
| 31130 | DuPont de Nemours, Inc. | 2541765  |
| 8535 | Eastman Chemical Co. | 508003  |
| 18980 | Ecolab, Inc. | 4866472  |
| 59119 | Eli Lilly & Co. | 51011420  |
| 92263 | Gilead Sciences, Inc. | 11052185  |

---

The accompanying notes are an integral part of these financial statements.

69<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P 500<sup>®</sup> Bull 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | **Chemical Manufacturing — (Continued)**<br>|  |
| 12195 | Incyte Corp.<sup>(a)</sup> | $1139989  |
| 42568 | IntercontinentalExchange, Inc. | 6227273  |
| 19053 | International Flavors & Fragrances, Inc. | 1199767  |
| 142696 | Kenvue, Inc. | 2050542  |
| 24668 | Kimberly-Clark Corp. | 2953006  |
| 34873 | Linde PLC ADR (Ireland) | 14587376  |
| 19128 | LyondellBasell Industries N.V. Class A ADR (Netherlands) | 887922  |
| 185721 | Merck & Co., Inc. | 15968292  |
| 23602 | Mosaic Co. | 647875  |
| 422742 | Pfizer, Inc. | 10420590  |
| 16787 | PPG Industries, Inc. | 1640929  |
| 174163 | Procter & Gamble Co. | 26188890  |
| 7578 | Regeneron Pharmaceuticals, Inc. | 4939340  |
| 19061 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 8111790  |
| 32957 | Zoetis, Inc. | 4748774  |
|  |  | 234780067  |
|  | **Clothing, Clothing Accessories, Shoe, and Jewelry Retailers — 0.3%**<br>|  |
| 8106 | Lululemon Athletica, Inc.<sup>(a)</sup> | 1382397  |
| 24317 | Ross Stores, Inc. | 3864458  |
| 82958 | TJX Companies, Inc. | 11625734  |
|  |  | 16872589  |
|  | **Computer and Electronic Product Manufacturing — 21.9%**<br>|  |
| 120658 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 30902927  |
| 21118 | Agilent Technologies, Inc. | 3090830  |
| 432503 | Alphabet, Inc. | 121615519  |
| 347219 | Alphabet, Inc. Class C | 97853259  |
| 17178 | AMETEK, Inc. | 3471846  |
| 90771 | Amphenol Corp. Class A | 12648031  |
| 36905 | Analog Devices, Inc. | 8640568  |
| 1103432 | Apple, Inc. | 298334910  |
| 76633 | Arista Networks, Inc.<sup>(a)</sup> | 12084258  |
| 349720 | Broadcom, Inc. | 129267004  |
| 294438 | Cisco Systems, Inc. | 21526362  |
| 47390 | Danaher Corp. | 10206858  |
| 22545 | Dell Technologies, Inc. | 3652515  |
| 7977 | First Solar, Inc.<sup>(a)</sup> | 2129380  |
| 48429 | Fortinet, Inc.<sup>(a)</sup> | 4185718  |
| 25153 | Fortive Corp. | 1266202  |
| 33937 | GE HealthCare Technologies, Inc. | 2543578  |
| 16539 | Hologic, Inc.<sup>(a)</sup> | 1222397  |
| 69841 | HP, Inc. | 1932500  |
| 325448 | Intel Corp.<sup>(a)</sup> | 13014666  |
| 69265 | International Business Machines Corp. | 21292754  |
| 7982 | Jabil Circuit, Inc. | 1763144  |
| 12799 | Keysight Technologies, Inc.<sup>(a)</sup> | 2341705  |

---

The accompanying notes are an integral part of these financial statements.

70<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P 500<sup>®</sup> Bull 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Computer and Electronic Product Manufacturing — (Continued)** <br>|  |
| 13918 | L3Harris Technologies, Inc. | $4023694  |
| 94113 | Lam Research Corp. | 14819033  |
| 40133 | Microchip Technology, Inc. | 2505102  |
| 83201 | Micron Technology, Inc. | 18617888  |
| 3562 | Monolithic Power Systems, Inc. | 3579810  |
| 12390 | Motorola Solutions, Inc. | 5039137  |
| 14877 | NetApp, Inc. | 1752213  |
| 10009 | Northrop Grumman Corp. | 5839751  |
| 1814219 | NVIDIA Corp. | 367361205  |
| 18751 | NXP Semiconductors NV ADR (Netherlands) | 3921209  |
| 30396 | ON Semiconductor Corp.<sup>(a)</sup> | 1522232  |
| 29178 | Otis Worldwide Corp. | 2706551  |
| 49663 | Palto Alto Networks, Inc.<sup>(a)</sup> | 10937779  |
| 80197 | Qualcomm, Inc. | 14507637  |
| 8629 | Revvity, Inc. | 807588  |
| 8001 | Roper Technologies, Inc. | 3569646  |
| 99521 | RTX Corp. | 17764499  |
| 15811 | Seagate Technology Holdings PLC ADR (Ireland) | 4045719  |
| 11033 | Skyworks Solutions, Inc. | 857485  |
| 37282 | Super Micro Computer, Inc.<sup>(a)</sup> | 1937173  |
| 3489 | Teledyne Technologies, Inc.<sup>(a)</sup> | 1838075  |
| 11825 | Teradyne, Inc. | 2149312  |
| 67602 | Texas Instruments, Inc. | 10915019  |
| 28083 | Thermo Fisher Scientific, Inc. | 15934013  |
| 17685 | Trimble, Inc.<sup>(a)</sup> | 1410379  |
| 18453 | Veralto Corp. | 1820942  |
| 4424 | Waters Corp.<sup>(a)</sup> | 1546630  |
| 25796 | Western Digital Corp. | 3874817  |
| 3779 | Zebra Technologies Corp. Class A<sup>(a)</sup> | 1017496  |
|  |  | 1331608965  |
|  | **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services — 0.0%<sup>(†)</sup>**<br>|  |
| 40417 | Fiserv, Inc.<sup>(a)</sup> | 2695410  |
|  | **Construction of Buildings — 0.1%**<br>|  |
| 20614 | D.R. Horton, Inc. | 3073135  |
| 16925 | Lennar Corp. Class A | 2094807  |
| 217 | NVR, Inc.<sup>(a)</sup> | 1564748  |
| 14667 | PulteGroup, Inc. | 1758134  |
|  |  | 8490824  |
|  | **Couriers and Messengers — 0.2%**<br>|  |
| 16138 | FedEx Corp. | 4096147  |
| 54730 | United Parcel Service, Inc. Class B | 5277067  |
|  |  | 9373214 |

---

The accompanying notes are an integral part of these financial statements.

71<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P 500<sup>®</sup> Bull 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Credit Intermediation and Related Activities — 3.8%**<br>|  |
| 40351 | American Express Co. | $14555816  |
| 506676 | Bank of America Corp. | 27081832  |
| 52438 | Bank of New York Mellon Corp. | 5659633  |
| 47553 | Capital One Financial Corp. | 10461185  |
| 136879 | Citigroup, Inc. | 13856261  |
| 32079 | Citizens Financial Group, Inc. | 1631859  |
| 16819 | Coinbase Global, Inc.<sup>(a)</sup> | 5782036  |
| 38839 | Fidelity National Information Services, Inc. | 2428214  |
| 49217 | Fifth Third Bancorp | 2048412  |
| 18041 | Global Payments, Inc. | 1402868  |
| 116966 | Huntington Bancshares, Inc. | 1805955  |
| 204450 | JPMorgan Chase & Co. | 63608484  |
| 69296 | KeyCorp | 1218917  |
| 11621 | M&T Bank Corp. | 2136753  |
| 61371 | MasterCard, Inc. Class A | 33876178  |
| 14215 | Northern Trust Corp. | 1829044  |
| 29288 | PNC Financial Services Group, Inc. | 5346524  |
| 66353 | Regions Financial Corp. | 1605743  |
| 21093 | State Street Corp. | 2439616  |
| 27670 | Synchrony Financial | 2058095  |
| 95871 | Truist Financial Corp. | 4278723  |
| 115712 | U.S. Bancorp | 5401436  |
| 238189 | Wells Fargo & Co. | 20715297  |
|  |  | 231228881  |
|  | **Electrical Equipment, Appliance, and Component Manufacturing — 0.2%**<br>|  |
| 8494 | A.O. Smith Corp. | 560519  |
| 5834 | Axon Enterprise, Inc.<sup>(a)</sup> | 4271830  |
| 41850 | Emerson Electric Co. | 5841005  |
| 4364 | Generac Holdings, Inc.<sup>(a)</sup> | 733239  |
| 8362 | Rockwell Automation, Inc. | 3080226  |
|  |  | 14486819  |
|  | **Fabricated Metal Product Manufacturing — 0.1%**<br>|  |
| 20235 | Ball Corp. | 951045  |
| 17064 | Nucor Corp. | 2560453  |
| 12186 | Pentair PLC ADR (Ireland) | 1295981  |
| 11516 | Stanley Black & Decker, Inc. | 779864  |
|  |  | 5587343  |
|  | **Food and Beverage Retailers — 0.0%<sup>(†)</sup>**<br>|  |
| 45228 | Kroger Co. | 2877858  |
|  | **Food Manufacturing — 0.6%**<br>|  |
| 35731 | Archer-Daniels-Midland Co. | 2162797  |
| 287994 | Coca-Cola Co. | 19842787  |
| 39761 | General Mills, Inc. | 1853260  |
| 21665 | Hormel Foods Corp. | 467747  |

---

The accompanying notes are an integral part of these financial statements.

72<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P 500<sup>®</sup> Bull 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Food Manufacturing — (Continued)** <br>|  |
| 19995 | Kellanova | $1660785  |
| 10365 | Lamb Weston Holdings, Inc. | 639831  |
| 18818 | McCormick & Co, Inc. | 1207363  |
| 96216 | Mondelez International, Inc. | 5528571  |
| 14628 | The Campbell's Company<sup>(b)</sup> | 440742  |
| 11011 | The Hershey Co. | 1867796  |
| 7937 | The J.M. Smucker Co. | 821876  |
| 63356 | The Kraft Heinz Co. | 1566794  |
| 21243 | Tyson Foods, Inc. Class A | 1092103  |
|  |  | 39152452  |
|  | **Food Services and Drinking Places — 0.6%**<br>|  |
| 99700 | Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 3159493  |
| 8709 | Darden Restaurants, Inc. | 1568927  |
| 27522 | DoorDash, Inc.<sup>(a)</sup> | 7000771  |
| 53056 | McDonald's Corp. | 15833502  |
| 84514 | Starbucks Corp. | 6834647  |
| 20635 | Yum! Brands, Inc. | 2851963  |
|  |  | 37249303  |
|  | **Funds, Trusts, and Other Financial Vehicles — 0.1%**<br>|  |
| 12165 | Garmin Ltd. ADR (Switzerland) | 2602580  |
| 16343 | T. Rowe Price Group, Inc. | 1675648  |
|  |  | 4278228  |
|  | **Furniture, Home Furnishings, Electronics, and Appliance Retailers — 0.0%<sup>(†)</sup>** | **Furniture, Home Furnishings, Electronics, and Appliance Retailers — 0.0%<sup>(†)</sup>** |
| 14612 | Best Buy Co., Inc. | 1200230  |
|  | **Gasoline Stations and Fuel Dealers — 0.4%**<br>|  |
| 143104 | Chevron Corp. | 22570363  |
|  | **General Merchandise Retailers — 4.1%**<br>|  |
| 721607 | Amazon.com, Inc.<sup>(a)</sup> | 176230861  |
| 32979 | Costco Wholesale Corp. | 30058710  |
| 16369 | Dollar General Corp. | 1614966  |
| 14431 | Dollar Tree, Inc.<sup>(a)</sup> | 1430401  |
| 33968 | eBay, Inc. | 2761938  |
| 33788 | Target Corp. | 3132823  |
| 326352 | Walmart, Inc. | 33020295  |
| 9149 | Williams-Sonoma, Inc.<sup>(b)</sup> | 1778017  |
|  |  | 250028011  |
|  | **Health and Personal Care Retailers — 0.2%**<br>|  |
| 94301 | CVS Health Corp. | 7369623  |
| 3338 | Ulta Beauty, Inc.<sup>(a)</sup> | 1735360  |
|  |  | 9104983  |

---

The accompanying notes are an integral part of these financial statements.

73<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P 500<sup>®</sup> Bull 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | **Hospitals — 0.1%**<br>|  |
| 12177 | HCA Healthcare, Inc. | $5597523  |
| 4191 | Universal Health Services, Inc. Class B | 909489  |
|  |  | 6507012  |
|  | **Insurance Carriers and Related Activities — 2.8%**<br>|  |
| 35793 | Aflac, Inc. | 3836652  |
| 19596 | Allstate Corp. | 3753026  |
| 41191 | American International Group, Inc. | 3252441  |
| 27634 | Arch Capital Group Ltd. ADR | 2385091  |
| 19058 | Arthur J. Gallagher & Co. | 4754780  |
| 3748 | Assurant, Inc. | 793527  |
| 136347 | Berkshire Hathaway, Inc. Class B<sup>(a)</sup> | 65111146  |
| 21786 | Brown & Brown, Inc. | 1737216  |
| 34691 | Centene Corp.<sup>(a)</sup> | 1227021  |
| 27565 | Chubb Limited ADR (Switzerland) | 7633851  |
| 19846 | Cigna Corp. | 4850561  |
| 11628 | Cincinnati Financial Corp. | 1797572  |
| 16749 | Elevance Health, Inc. | 5312783  |
| 1892 | Erie Indemnity Co. Class A | 553675  |
| 3121 | Everest Re Group Ltd. ADR | 981617  |
| 6022 | Globe Life, Inc. | 791953  |
| 8932 | Humana, Inc. | 2484793  |
| 12645 | Loews Corp. | 1258936  |
| 36559 | Marsh & McLennan Companies, Inc. | 6512986  |
| 41528 | MetLife, Inc. | 3314765  |
| 15071 | Principal Financial Group, Inc. | 1266567  |
| 43590 | Progressive Corp. | 8979540  |
| 26175 | Prudential Financial, Inc. | 2722200  |
| 20908 | The Hartford Insurance Group, Inc. | 2596355  |
| 16746 | Travelers Companies, Inc. | 4498311  |
| 67334 | UnitedHealth Group, Inc. | 22998601  |
| 22278 | W.R. Berkley Corp. | 1589312  |
| 7252 | Willis Towers Watson PLC ADR (Ireland) | 2270601  |
|  |  | 169265879  |
|  | **Leather and Allied Product Manufacturing — 0.1%**<br>|  |
| 88326 | NIKE, Inc. Class B | 5704976  |
| 15472 | Tapestry, Inc. | 1699135  |
|  |  | 7404111  |
|  | **Machinery Manufacturing — 1.7%**<br>|  |
| 59669 | Applied Materials, Inc. | 13908844  |
| 73298 | Baker Hughes Co. | 3548356  |
| 59487 | Carrier Global Corp. | 3538882  |
| 34832 | Caterpillar, Inc. | 20107120  |
| 10244 | Cummins, Inc. | 4483594  |
| 18723 | Deere & Co. | 8643098  |
| 78847 | GE Aerospace | 24359781  |

---

The accompanying notes are an integral part of these financial statements.

74<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P 500<sup>®</sup> Bull 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | **Machinery Manufacturing — (Continued)**<br>|  |
| 5597 | IDEX Corp. | $959662  |
| 26897 | Ingersoll Rand, Inc. | 2053048  |
| 1533 | Mettler-Toledo International, Inc.<sup>(a)</sup> | 2171173  |
| 3991 | Nordson Corp. | 925712  |
| 9507 | Parker Hannifin Corp. | 7347295  |
| 16545 | Trane Technologies PLC ADR (Ireland) | 7422914  |
| 18090 | Xylem, Inc. | 2728876  |
|  |  | 102198355  |
|  | **Management of Companies and Enterprises — 0.4%**<br>|  |
| 129403 | Abbott Laboratories | 15996799  |
| 16033 | Aon PLC ADR (United Kingdom) | 5462123  |
| 10415 | Bunge Global SA ADR (Switzerland) | 985259  |
| 33591 | Norwegian Cruise Line Holdings Ltd. ADR<sup>(a)</sup> | 753110  |
| 38821 | Smurfit WestRock PLC ADR (Ireland) | 1433271  |
|  |  | 24630562  |
|  | **Merchant Wholesalers, Durable Goods — 0.7%**<br>|  |
| 8217 | Builders FirstSource, Inc.<sup>(a)</sup> | 954569  |
| 66139 | Copart, Inc.<sup>(a)</sup> | 2844638  |
| 85328 | Fastenal Co. | 3511247  |
| 10346 | Genuine Parts Co. | 1317149  |
| 7662 | Henry Schein, Inc.<sup>(a)</sup> | 484238  |
| 3952 | Hubbell, Inc. | 1857440  |
| 2916 | Huntington Ingalls Industries, Inc. | 939010  |
| 48651 | Johnson Controls International PLC ADR (Ireland) | 5565188  |
| 9810 | KLA-Tencor Corp. | 11857740  |
| 2377 | Lennox International, Inc. | 1200385  |
| 19126 | LKQ Corp. | 611267  |
| 3886 | Mohawk Industries, Inc.<sup>(a)</sup> | 441605  |
| 2442 | Pool Corp. | 652161  |
| 21973 | TE Connectivity PLC ADR (Ireland) | 5427551  |
| 3270 | W.W. Grainger, Inc. | 3201330  |
|  |  | 40865518  |
|  | **Merchant Wholesalers, Nondurable Goods — 0.5%**<br>|  |
| 13090 | Brown Forman Corp. Class B | 356441  |
| 17756 | Cardinal Health, Inc. | 3387312  |
| 14419 | Cencora, Inc. | 4870882  |
| 35618 | ConAgra Brands, Inc. | 612273  |
| 2324 | Domino's Pizza, Inc. | 926021  |
| 19726 | Illinois Tool Works, Inc. | 4811566  |
| 9247 | McKesson Corp. | 7502461  |
| 35501 | Sysco Corp. | 2637014  |
| 17242 | The Sherwin Williams Co. | 5947456  |
|  |  | 31051426  |

---

The accompanying notes are an integral part of these financial statements.

75<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P 500<sup>®</sup> Bull 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | **Mining (except Oil and Gas) — 0.3%**<br>|  |
| 106750 | Freeport-McMoRan Copper & Gold, Inc. | $4451475  |
| 4482 | Martin Marietta Materials, Inc. | 2747914  |
| 81672 | Newmont Corp. | 6612982  |
| 9820 | Vulcan Materials Co. | 2842890  |
|  |  | 16655261  |
|  | **Miscellaneous Manufacturing — 1.8%**<br>|  |
| 39602 | 3M Co. | 6593733  |
| 5010 | Align Technology, Inc.<sup>(a)</sup> | 690779  |
| 38193 | Baxter International, Inc. | 705425  |
| 21313 | Becton, Dickinson & Co. | 3808846  |
| 110168 | Boston Scientific Corp.<sup>(a)</sup> | 11096121  |
| 29155 | DexCom, Inc.<sup>(a)</sup> | 1697404  |
| 10194 | Dover Corp. | 1849803  |
| 43651 | Edwards Lifesciences Corp.<sup>(a)</sup> | 3599025  |
| 17415 | Estee Lauder Companies, Inc. Class A | 1683856  |
| 9912 | Hasbro, Inc. | 756385  |
| 5233 | Insulet Corp.<sup>(a)</sup> | 1637981  |
| 26653 | Intuitive Surgical, Inc.<sup>(a)</sup> | 14240165  |
| 179065 | Johnson & Johnson | 33820007  |
| 95256 | Medtronic PLC ADR (Ireland) | 8639719  |
| 10884 | ResMed, Inc. | 2687042  |
| 10957 | Solventum Corp.<sup>(a)</sup> | 756471  |
| 7319 | Steris PLC ADR (Ireland) | 1725088  |
| 25579 | Stryker Corp. | 9112263  |
| 13250 | Textron, Inc. | 1070733  |
| 14835 | The Cooper Companys, Inc.<sup>(a)</sup> | 1037115  |
| 14736 | Zimmer Biomet Holdings, Inc. | 1481852  |
|  |  | 108689813  |
|  | **Motion Picture and Sound Recording Industries — 0.6%**<br>|  |
| 31584 | Netflix, Inc.<sup>(a)</sup> | 35338074  |
|  | **Motor Vehicle and Parts Dealers — 0.2%**<br>|  |
| 1243 | AutoZone, Inc.<sup>(a)</sup> | 4567316  |
| 63097 | O'Reilly Automotive, Inc.<sup>(a)</sup> | 5958881  |
|  |  | 10526197  |
|  | **National Security and International Affairs — 0.0%<sup>(†)</sup>**<br>|  |
| 9543 | Leidos Holdings, Inc. | 1817655  |
|  | **Nonmetallic Mineral Product Manufacturing — 0.1%**<br>|  |
| 57965 | Corning, Inc. | 5163522  |
|  | **Oil and Gas Extraction — 0.9%**<br>|  |
| 26603 | APA Corp. | 602558  |
| 56747 | Coterra Energy, Inc. | 1342634  |
| 47203 | Devon Energy Corp. | 1533626  |
| 13995 | Diamondback Energy, Inc. | 2003944  |

---

The accompanying notes are an integral part of these financial statements.

76<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P 500<sup>®</sup> Bull 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | **Oil and Gas Extraction — (Continued)**<br>|  |
| 63455 | Dominion Energy, Inc.<sup>(b)</sup> | $3724174  |
| 40601 | EOG Resources, Inc. | 4297210  |
| 46404 | EQT Corp. | 2486326  |
| 17709 | Expand Energy Corp. | 1829517  |
| 316991 | Exxon Mobil Corp. | 36251091  |
| 53432 | Occidental Petroleum Corp. | 2201398  |
|  |  | 56272478  |
|  | **Paper Manufacturing — 0.0%<sup>(†)</sup>**<br>|  |
| 6652 | Packaging Corp of America | 1302196  |
|  | **Performing Arts, Spectator Sports, and Related Industries — 0.1%**<br>|  |
| 16750 | Electronic Arts, Inc. | 3351005  |
|  | **Petroleum and Coal Products Manufacturing — 0.3%**<br>|  |
| 92852 | ConocoPhillips | 8250829  |
| 22604 | Marathon Petroleum Corp. | 4405746  |
| 30056 | Phillips 66 | 4091824  |
| 23097 | Valero Energy Corp. | 3916327  |
|  |  | 20664726  |
|  | **Pipeline Transportation — 0.1%**<br>|  |
| 16004 | Targa Resources Corp. | 2465256  |
| 90790 | Williams Companies, Inc. | 5254017  |
|  |  | 7719273  |
|  | **Plastics and Rubber Products Manufacturing — 0.0%<sup>(†)</sup>**<br>|  |
| 5796 | Avery Dennison Corp. | 1013662  |
| 5342 | West Pharmaceutical Services, Inc. | 1506818  |
|  |  | 2520480  |
|  | **Primary Metal Manufacturing — 0.1%**<br>|  |
| 29970 | Howmet Aerospace, Inc. | 6172321  |
| 10296 | Steel Dynamics, Inc. | 1614413  |
|  |  | 7786734  |
|  | **Professional, Scientific, and Technical Services — 4.3%**<br>|  |
| 46305 | Accenture PLC Class A ADR (Ireland) | 11580881  |
| 20132 | AppLovin Corp.<sup>(a)</sup> | 12830728  |
| 9733 | CDW Corp. | 1551148  |
| 3657 | Charles River Laboratories International, Inc.<sup>(a)</sup> | 658516  |
| 36313 | Cognizant Technology Solutions Corp. Class A | 2646491  |
| 28949 | Eaton Corporation PLC ADR (Ireland) | 11045780  |
| 4139 | EPAM Systems, Inc.<sup>(a)</sup> | 676892  |
| 15780 | Extra Space Storage, Inc. | 2107261  |
| 4277 | F5 Networks, Inc.<sup>(a)</sup> | 1082295  |
| 10301 | GoDaddy, Inc.<sup>(a)</sup> | 1371372  |
| 5950 | IDEXX Laboratories, Inc.<sup>(a)</sup> | 3745585  |
| 39256 | International Paper Co. | 1516852  |

---

The accompanying notes are an integral part of these financial statements.

77<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P 500<sup>®</sup> Bull 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | **Professional, Scientific, and Technical Services — (Continued)**<br>|  |
| 27231 | Interpublic Group of Companies, Inc. | $698748  |
| 12637 | IQVIA Holdings, Inc.<sup>(a)</sup> | 2735405  |
| 5412 | Jack Henry & Associates, Inc. | 806063  |
| 8887 | Jacobs Solutions, Inc. | 1384684  |
| 161264 | Meta Platforms, Inc. | 104555514  |
| 25750 | Moderna, Inc.<sup>(a)</sup> | 699370  |
| 14406 | Omnicom Group, Inc.<sup>(b)</sup> | 1080738  |
| 123227 | Oracle Corp. | 32360643  |
| 169100 | Palantir Technologies, Inc.<sup>(a)</sup> | 33899477  |
| 24110 | Paychex, Inc. | 2821593  |
| 3720 | Paycom Software, Inc. | 695975  |
| 8905 | PTC, Inc.<sup>(a)</sup> | 1767999  |
| 15462 | ServiceNow, Inc.<sup>(a)</sup> | 14213907  |
| 11802 | Solstice Advanced Materials, Inc.<sup>(a)</sup> | 531916  |
| 12893 | Take-Two Interactive Software, Inc.<sup>(a)</sup> | 3305378  |
| 33134 | The Trade Desk, Inc.<sup>(a)</sup> | 1665978  |
| 6258 | VeriSign, Inc. | 1500668  |
| 10392 | Verisk Analytics, Inc. Class A | 2273354  |
| 16061 | Workday, Inc.<sup>(a)</sup> | 3853355  |
|  |  | 261664566  |
|  | **Publishing Industries — 6.2%**<br>|  |
| 31537 | Adobe, Inc.<sup>(a)</sup> | 10732357  |
| 10659 | Akamai Technologies, Inc.<sup>(a)</sup> | 800491  |
| 15909 | Autodesk, Inc.<sup>(a)</sup> | 4794018  |
| 40861 | Block, Inc.<sup>(a)</sup> | 3102984  |
| 20259 | Cadence Design Systems, Inc.<sup>(a)</sup> | 6861521  |
| 18534 | CrowdStrike Holdings, Inc.<sup>(a)</sup> | 10064147  |
| 24032 | Datadog, Inc.<sup>(a)</sup> | 3912650  |
| 11872 | Dayforce, Inc.<sup>(a)</sup> | 816081  |
| 1780 | Fair Isaac Corp.<sup>(a)</sup> | 2953963  |
| 41668 | Gen Digital, Inc. | 1098369  |
| 97563 | Hewlett Packard Enterprise Co. | 2382488  |
| 20737 | Intuit, Inc. | 13842984  |
| 552684 | Microsoft Corp. | 286185302  |
| 27985 | News Corp. Class A | 741603  |
| 8313 | News Corp. Class B | 253297  |
| 71083 | Salesforce, Inc. | 18510724  |
| 13758 | Synopsys, Inc.<sup>(a)</sup> | 6243656  |
| 3216 | Tyler Technologies, Inc.<sup>(a)</sup> | 1531652  |
|  |  | 374828287  |
|  | **Rail Transportation — 0.2%**<br>|  |
| 138610 | CSX Corp. | 4992732  |
| 44090 | Union Pacific Corp. | 9716113  |
|  |  | 14708845  |

---

The accompanying notes are an integral part of these financial statements.

78<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P 500<sup>®</sup> Bull 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | **Real Estate — 1.1%**<br>|  |
| 11577 | Alexandria Real Estate Equities, Inc. | $674013  |
| 34816 | American Tower Corp. | 6231368  |
| 10573 | AvalonBay Communities, Inc. | 1838856  |
| 10950 | BXP, Inc.<sup>(b)</sup> | 779530  |
| 7949 | Camden Property Trust | 790766  |
| 21794 | CBRE Group, Inc. Class A<sup>(a)</sup> | 3322059  |
| 32368 | Crown Castle, Inc. | 2920241  |
| 23836 | Digital Realty Trust, Inc. | 4061893  |
| 25840 | Equity Residential | 1535930  |
| 4789 | Essex Property Trust, Inc. | 1205727  |
| 5834 | Federal Realty Investment Trust | 561172  |
| 51670 | Healthpeak Properties, Inc. | 927476  |
| 41926 | Invitation Homes, Inc. | 1180217  |
| 50356 | Kimco Realty Corp. | 1040355  |
| 8711 | Mid-America Apartment Communities, Inc. | 1117012  |
| 68995 | Prologis, Inc. | 8561590  |
| 11741 | Public Storage | 3270573  |
| 67986 | Realty Income Corp. | 3941828  |
| 12148 | Regency Centers Corp. | 837605  |
| 24275 | Simon Property Group, Inc. | 4266574  |
| 22423 | UDR, Inc. | 755431  |
| 33796 | Ventas, Inc. | 2493807  |
| 79287 | VICI Properties, Inc. | 2377817  |
| 49727 | Welltower, Inc. | 9002576  |
| 53648 | Weyerhaeuser Co. | 1233904  |
|  |  | 64928320  |
|  | **Rental and Leasing Services — 0.1%**<br>|  |
| 4785 | United Rentals, Inc. | 4168596  |
|  | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 1.9%**<br>|  |
| 34216 | Apollo Global Management, Inc. | 4253391  |
| 10709 | Blackrock, Inc. | 11595812  |
| 7775 | Cboe Global Markets, Inc. | 1909851  |
| 126869 | Charles Schwab Corp. | 11991658  |
| 26792 | CME Group, Inc. | 7113008  |
| 52699 | Dow, Inc. | 1256871  |
| 22781 | Franklin Resources, Inc. | 515078  |
| 22512 | Goldman Sachs Group, Inc. | 17770298  |
| 33103 | Interactive Brokers Group, Inc. Class A | 2329127  |
| 33149 | Invesco Ltd. ADR | 785631  |
| 51008 | KKR & Co., Inc. | 6035777  |
| 90214 | Morgan Stanley | 14795096  |
| 5749 | MSCI, Inc. Class A | 3383574  |
| 33711 | NASDAQ OMX Group, Inc. | 2881953  |
| 13196 | Raymond James Financial, Inc. | 2093809  |

---

The accompanying notes are an integral part of these financial statements.

79<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P 500<sup>®</sup> Bull 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities — (Continued)**<br>|  |
| 57552 | Robinhood Markets, Inc.<sup>(a)</sup> | $8447483  |
| 23231 | S&P Global, Inc. | 11318376  |
| 54809 | The Blackstone Group, Inc. | 8037192  |
|  |  | 116513985  |
|  | **Specialty Trade Contractors — 0.1%**<br>|  |
| 3326 | EMCOR Group, Inc. | 2247644  |
| 11086 | Quanta Services, Inc. | 4979055  |
|  |  | 7226699  |
|  | **Support Activities for Agriculture and Forestry — 0.1%**<br>|  |
| 50493 | Corteva, Inc. | 3102290  |
|  | **Support Activities for Mining — 0.1%**<br>|  |
| 63386 | Halliburton Co. | 1701280  |
| 110934 | SLB Ltd. ADR | 4000280  |
|  |  | 5701560  |
|  | **Support Activities for Transportation — 0.2%**<br>|  |
| 8782 | C.H. Robinson Worldwide, Inc. | 1352340  |
| 8791 | Expedia, Inc. | 1934020  |
| 10088 | Expeditors International of Washington, Inc. | 1229727  |
| 5684 | J.B. Hunt Transport Services, Inc. | 959801  |
| 16679 | Norfolk Southern Corp. | 4726495  |
|  |  | 10202383  |
|  | **Telecommunications — 0.8%**<br>|  |
| 531651 | AT&T, Inc. | 13158362  |
| 7275 | Equinix, Inc. | 6154723  |
| 71039 | PayPal Holdings, Inc.<sup>(a)</sup> | 4920872  |
| 7987 | SBA Communications Corp. | 1529351  |
| 35970 | T-Mobile US, Inc. | 7555498  |
| 313497 | Verizon Communications, Inc. | 12458371  |
|  |  | 45777177  |
|  | **Transportation Equipment Manufacturing — 2.5%**<br>|  |
| 16190 | Aptiv PLC ADR<sup>(a)</sup> | 1313009  |
| 56222 | Boeing Co.<sup>(a)</sup> | 11301746  |
| 290651 | Ford Motor Co. | 3816248  |
| 18777 | General Dynamics Corp. | 6476187  |
| 70797 | General Motors Co. | 4891365  |
| 47210 | Honeywell International, Inc. | 9504789  |
| 15277 | Lockheed Martin Corp. | 7514451  |
| 39047 | Paccar, Inc. | 3842225  |
| 208640 | Tesla, Inc.<sup>(a)</sup> | 95256678  |
| 4188 | TransDigm Group, Inc. | 5480040  |
| 12718 | Wabtec Corp. | 2600068  |
|  |  | 151996806  |

---

The accompanying notes are an integral part of these financial statements.

80<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P 500<sup>®</sup> Bull 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | **Truck Transportation — 0.0%<sup>(†)</sup>**<br>|  |
| 13750 | Old Dominion Freight Line, Inc. | $1930775  |
|  | **Utilities — 1.9%**<br>|  |
| 52942 | AES Corp. | 734306  |
| 19104 | Alliant Energy Corp. | 1276529  |
| 20109 | Ameren Corp. | 2051520  |
| 39769 | American Electric Power Co., Inc. | 4782620  |
| 14498 | American Water Works Co., Inc. | 1861978  |
| 11941 | Atmos Energy Corp.<sup>(b)</sup> | 2050509  |
| 48541 | CenterPoint Energy, Inc. | 1856208  |
| 22255 | CMS Energy Corp. | 1636855  |
| 26814 | Consolidated Edison, Inc. | 2611952  |
| 23225 | Constellation Energy Corp.<sup>(b)</sup> | 8755825  |
| 15432 | DTE Energy Co. | 2091653  |
| 57807 | Duke Energy Corp. | 7185410  |
| 28614 | Edison International | 1584643  |
| 33180 | Entergy Corp. | 3188266  |
| 17109 | Evergy, Inc. | 1314142  |
| 27590 | Eversource Energy | 2036418  |
| 75097 | Exelon Corp. | 3463474  |
| 38642 | FirstEnergy Corp. | 1770963  |
| 20240 | GE Vernova, Inc. | 11843234  |
| 145390 | Kinder Morgan, Inc. | 3807764  |
| 153115 | NextEra Energy, Inc. | 12463561  |
| 35013 | NiSource, Inc. | 1474398  |
| 14386 | NRG Energy, Inc. | 2472378  |
| 46826 | ONEOK, Inc. | 3137342  |
| 163421 | PG&E Corp. | 2608199  |
| 8878 | Pinnacle West Capital Corp.<sup>(b)</sup> | 785881  |
| 54977 | PPL Corp.<sup>(b)</sup> | 2007760  |
| 37106 | Public Service Enterprise Group, Inc. | 2989259  |
| 48513 | Sempra Energy | 4460285  |
| 81795 | Southern Co. | 7692002  |
| 1440 | Texas Pacific Land Corp. | 1358467  |
| 23687 | Vistra Corp. | 4460262  |
| 23929 | WEC Energy Group, Inc. | 2673587  |
| 43977 | Xcel Energy, Inc. | 3569613  |
|  |  | 118057263  |
|  | **Waste Management and Remediation Services — 0.1%**<br>|  |
| 15087 | Republic Services, Inc. | 3141717  |
|  | **Water Transportation — 0.0% <sup>(†)</sup>**<br>|  |
| 80725 | Carnival Corp. ADR (Panama)<sup>(a)</sup> | 2327302 |

---

The accompanying notes are an integral part of these financial statements.

81<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P 500<sup>®</sup> Bull 3X SHARES** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | &nbsp;&nbsp;&nbsp; **Web Search Portals, Libraries, Archives, and Other Information** <br>**Services — 0.0%<sup>(†)</sup>**<br>|  |
| 31498 | CoStar Group, Inc.<sup>(a)</sup> | $2167377  |
|  | **Wood Product Manufacturing — 0.0%<sup>(†)</sup>**<br>|  |
| 15573 | Masco Corp. | 1008507  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $3,800,987,315)** | $4337437899  |
|  | **SHORT TERM INVESTMENTS — 28.8%**<br>|  |
|  | **Money Market Funds — 28.8%**<br>|  |
| 654224404 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(c)(d)</sup> | $654224404  |
| 855068566 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(c)</sup> | 855068566  |
| 201505 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(c)</sup> | 201505  |
| 240615220 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(c)</sup> | 240615220  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $1,750,109,695)** | $1750109695  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $5,551,097,010) — 100.2%<sup>(e)</sup>** | $6087547594  |
|  | Liabilities in Excess of Other Assets — (0.2)% | (11352821)  |
|  | **TOTAL NET ASSETS — 100.0%**  | $6076194773 |

---

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

---

| | |
|:---|:---|
| <sup>(†)</sup><br>| Less than 0.005%. |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at October 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 $4,393,837,301.

ADR - American Depository Receipt

The accompanying notes are an integral part of these financial statements.

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**Direxion Daily S&P 500<sup>®</sup> Bull 3X SHARES** 

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of S&P 500<sup>®</sup> Index | SOFR + 0.8000% | BNP Paribas | 12/05/2025 | 70960 | $458954649 | $18988652  |
|  Total return of S&P 500<sup>®</sup> Index | SOFR + 0.7000% | Goldman Sachs | 12/10/2025 | 251612 | 1510762215 | 194221782  |
|  Total return of S&P 500<sup>®</sup> Index | SOFR + 0.7000% | Bank of America Merrill Lynch | 12/11/2025 | 274071 | 1571847775 | 277448293  |
|  Total return of S&P 500<sup>®</sup> Index | SOFR + 0.6700% | J.P. Morgan | 12/16/2025 | 277265 | 1789388912 | 84832759  |
|  Total return of S&P 500<sup>®</sup> Index | SOFR + 0.6500% | UBS Securities LLC | 12/17/2025 | 314886 | 1946634648 | 154163280  |
|  Total return of S&P 500<sup>®</sup> Index | SOFR + 0.6300% | Citibank N.A. | 12/22/2025 | 627381 | 3789917781 | 440138607  |
|  Total return of S&P 500<sup>®</sup> Index | SOFR + 0.7100% | Barclays | 12/22/2025 | 214629 | 1131297288 | 314002086  |
|  |  |  |  |  | $12198803268 | $1483795459 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

83<br>

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**Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 147.0%**<br>|  |
|  | **Money Market Funds — 147.0%**<br>|  |
| 23660949 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $23660949  |
| 3840489 | &nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Government Fund Institutional Shares, <br>4.05%<sup>(a)</sup> | 3840489  |
| 16922495 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 16922495  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $44,423,933)<sup>(b)</sup>** | $44423933  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $44,423,933) — 147.0%** | $44423933  |
|  | Liabilities in Excess of Other Assets — (47.0)% | (14203497)  |
|  | **TOTAL NET ASSETS — 100.0%** | $30220436 |

---

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 October 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 $31,183,476. 

**Short Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
| SOFR + 0.2000%<br> Total return of S&P 500<sup>®</sup> High Beta Index | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 518 | $11230355 | $(2548599)  |
| SOFR + 0.5900%<br> Total return of S&P 500<sup>®</sup> High Beta Index | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 830 | 20225217 | (2137688)  |
| SOFR + (0.1000)%<br> Total return of S&P 500<sup>®</sup> High Beta Index | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 917 | 16574672 | (8040795)  |
| SOFR + 0.5700%<br> Total return of S&P 500<sup>®</sup> High Beta Index | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 400 | 8616452 | (2108922)  |
| SOFR + 0.4500%<br> Total return of S&P 500<sup>®</sup> High Beta Index | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 677 | 18002059 | (343011)  |
|  |  |  |  | $74648755 | $(15179015) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

84<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 58.2%** <br>|  |
|  | **Accommodation — 0.9%** <br>|  |
| 2046 | Airbnb, Inc. Class A<sup>(a)</sup> | $258901  |
| 8457 | MGM Resorts International<sup>(a)</sup> | 270878  |
|  |  | 529779  |
|  | **Administrative and Support Services — 0.9%** <br>|  |
| 874 | Corpay, Inc.<sup>(a)</sup> | 227546  |
| 1040 | Royal Caribbean Cruises Ltd. ADR (Liberia) | 298303  |
|  |  | 525849  |
|  | **Air Transportation — 1.8%** <br>|  |
| 6417 | Delta Air Lines, Inc. | 368207  |
| 8399 | Southwest Airlines Co.<sup>(b)</sup> | 254490  |
| 4491 | United Continental Holdings, Inc.<sup>(a)</sup> | 422334  |
|  |  | 1045031  |
|  | **Apparel Manufacturing — 0.9%** <br>|  |
| 2691 | Deckers Outdoor Corp.<sup>(a)</sup> | 219317  |
| 932 | Ralph Lauren Corp. | 297923  |
|  |  | 517240  |
|  | **Broadcasting and Content Providers — 0.9%** <br>|  |
| 25676 | Warner Bros Discovery, Inc.<sup>(a)</sup> | 576426  |
|  | **Chemical Manufacturing — 1.8%** <br>|  |
| 5001 | Albemarle Corp. | 491248  |
| 4926 | Bio-Techne Corp. | 308220  |
| 3602 | DuPont de Nemours, Inc. | 294103  |
|  |  | 1093571  |
|  | **Computer and Electronic Product Manufacturing — 20.1%** <br>|  |
| 2392 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 612639  |
| 2470 | Amphenol Corp. Class A | 344170  |
| 1519 | Analog Devices, Inc. | 355644  |
| 2522 | Arista Networks, Inc.<sup>(a)</sup> | 397694  |
| 1319 | Broadcom, Inc. | 487542  |
| 2914 | Dell Technologies, Inc. | 472097  |
| 17527 | Intel Corp.<sup>(a)</sup> | 700905  |
| 1247 | Jabil Circuit, Inc. | 275450  |
| 1666 | Keysight Technologies, Inc.<sup>(a)</sup> | 304811  |
| 3951 | Lam Research Corp. | 622124  |
| 6627 | Microchip Technology, Inc. | 413657  |
| 3941 | Micron Technology, Inc. | 881878  |
| 601 | Monolithic Power Systems, Inc. | 604005  |
| 2453 | NetApp, Inc. | 288914  |
| 2331 | NVIDIA Corp. | 472004  |
| 1742 | NXP Semiconductors NV ADR (Netherlands) | 364287  |
| 8713 | ON Semiconductor Corp.<sup>(a)</sup> | 436347  |
| 1438 | Palto Alto Networks, Inc.<sup>(a)(b)</sup> | 316705  |
| 2149 | Qualcomm, Inc. | 388754  |

---

The accompanying notes are an integral part of these financial statements.

85<br>

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**Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | **Computer and Electronic Product Manufacturing — (Continued)**<br>|  |
| 1861 | Seagate Technology Holdings PLC ADR (Ireland) | $476193  |
| 4924 | Skyworks Solutions, Inc. | 382693  |
| 8769 | Super Micro Computer, Inc.<sup>(a)</sup> | 455637  |
| 3522 | Teradyne, Inc. | 640159  |
| 1536 | Texas Instruments, Inc. | 248003  |
| 3206 | Trimble, Inc.<sup>(a)</sup> | 255679  |
| 4537 | Western Digital Corp. | 681503  |
| 1009 | Zebra Technologies Corp. Class A<sup>(a)</sup> | 271673  |
|  |  | 12151167  |
|  | **Credit Intermediation and Related Activities — 4.7%** <br>|  |
| 921 | American Express Co. | 332232  |
| 1424 | Capital One Financial Corp. | 313266  |
| 2825 | Citigroup, Inc. | 285975  |
| 5433 | Citizens Financial Group, Inc. | 276376  |
| 1576 | Coinbase Global, Inc.<sup>(a)</sup> | 541797  |
| 2876 | Global Payments, Inc. | 223638  |
| 15498 | Huntington Bancshares, Inc. | 239289  |
| 14783 | KeyCorp | 260033  |
| 4744 | Synchrony Financial | 352859  |
|  |  | 2825465  |
|  | **Electrical Equipment, Appliance, and Component Manufacturing — 0.4%** <br>|  |
| 1936 | Emerson Electric Co. | 270208  |
|  | **Fabricated Metal Product Manufacturing — 0.9%** <br>|  |
| 1801 | Nucor Corp. | 270240  |
| 4138 | Stanley Black & Decker, Inc. | 280225  |
|  |  | 550465  |
|  | **Food Services and Drinking Places — 0.4%** <br>|  |
| 959 | DoorDash, Inc.<sup>(a)</sup> | 243941  |
|  | **General Merchandise Retailers — 0.9%** <br>|  |
| 1234 | Amazon.com, Inc.<sup>(a)</sup> | 301367  |
| 1397 | Williams-Sonoma, Inc. | 271493  |
|  |  | 572860  |
|  | **Leather and Allied Product Manufacturing — 0.4%** <br>|  |
| 2204 | Tapestry, Inc. | 242043  |
|  | **Machinery Manufacturing — 1.2%**<br>|  |
| 1914 | Applied Materials, Inc. | 446153  |
| 403 | Parker Hannifin Corp. | 311451  |
|  |  | 757604  |
|  | **Management of Companies and Enterprises — 0.5%**<br>|  |
| 14195 | Norwegian Cruise Line Holdings Ltd. ADR<sup>(a)</sup> | 318252 |

---

The accompanying notes are an integral part of these financial statements.

86<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | **Merchant Wholesalers, Durable Goods — 0.8%**<br>|  |
| 399 | KLA-Tencor Corp. | $482287  |
|  | **Mining (except Oil and Gas) — 0.5%**<br>|  |
| 7698 | Freeport-McMoRan Copper & Gold, Inc. | 321007  |
|  | **Miscellaneous Manufacturing — 1.4%**<br>|  |
| 1966 | Align Technology, Inc.<sup>(a)</sup> | 271072  |
| 2938 | Estee Lauder Companies, Inc. Class A | 284075  |
| 527 | Intuitive Surgical, Inc.<sup>(a)</sup> | 281566  |
|  |  | 836713  |
|  | **Oil and Gas Extraction — 1.0%**<br>|  |
| 16756 | APA Corp.<sup>(b)</sup> | 379523  |
| 7596 | Devon Energy Corp. | 246794  |
|  |  | 626317  |
|  | **Primary Metal Manufacturing — 0.5%**<br>|  |
| 1431 | Howmet Aerospace, Inc. | 294714  |
|  | **Professional, Scientific, and Technical Services — 3.9%**<br>|  |
| 1848 | Charles River Laboratories International, Inc.<sup>(a)</sup> | 332769  |
| 809 | Eaton Corporation PLC ADR (Ireland) | 308682  |
| 350 | Meta Platforms, Inc. | 226923  |
| 9911 | Moderna, Inc.<sup>(a)(b)</sup> | 269183  |
| 1125 | Oracle Corp. | 295436  |
| 2364 | Palantir Technologies, Inc.<sup>(a)</sup> | 473911  |
| 299 | ServiceNow, Inc.<sup>(a)</sup> | 274865  |
| 3621 | The Trade Desk, Inc.<sup>(a)</sup> | 182064  |
|  |  | 2363833  |
|  | **Publishing Industries — 3.7%**<br>|  |
| 4419 | Block, Inc.<sup>(a)</sup> | 335579  |
| 801 | Cadence Design Systems, Inc.<sup>(a)</sup> | 271291  |
| 694 | CrowdStrike Holdings, Inc.<sup>(a)</sup> | 376849  |
| 1924 | Datadog, Inc.<sup>(a)</sup> | 313246  |
| 4950 | Dayforce, Inc.<sup>(a)</sup> | 340263  |
| 16036 | Hewlett Packard Enterprise Co. | 391599  |
| 471 | Synopsys, Inc.<sup>(a)</sup> | 213749  |
|  |  | 2242576  |
|  | **Rental and Leasing Services — 0.5%**<br>|  |
| 320 | United Rentals, Inc. | 278778  |
|  | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 3.5%**<br>|  |
| 2446 | Apollo Global Management, Inc. | 304062  |
| 11510 | Dow, Inc. | 274514  |
| 382 | Goldman Sachs Group, Inc. | 301539  |
| 14459 | Invesco Ltd. ADR | 342678  |
| 2596 | KKR & Co., Inc. | 307185  |

---

The accompanying notes are an integral part of these financial statements.

87<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities — (Continued)**<br>|  |
| 1944 | Morgan Stanley | $318816  |
| 1836 | The Blackstone Group, Inc. | 269231  |
|  |  | 2118025  |
|  | **Specialty Trade Contractors — 0.5%**<br>|  |
| 664 | Quanta Services, Inc. | 298222  |
|  | **Support Activities for Transportation — 0.6%**<br>|  |
| 1548 | Expedia, Inc. | 340560  |
|  | **Transportation Equipment Manufacturing — 1.1%**<br>|  |
| 1504 | Tesla, Inc.<sup>(a)</sup> | 686666  |
|  | **Utilities — 2.9%**<br>|  |
| 999 | Constellation Energy Corp. | 376623  |
| 525 | GE Vernova, Inc. | 307199  |
| 2268 | NRG Energy, Inc. | 389778  |
| 301 | Texas Pacific Land Corp.<sup>(b)</sup> | 283957  |
| 2090 | Vistra Corp. | 393547  |
|  |  | 1751104  |
|  | **Water Transportation — 0.6%**<br>|  |
| 12244 | Carnival Corp. ADR (Panama)<sup>(a)</sup> | 352995  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $27,924,291)** | $35213698  |
|  | **SHORT TERM INVESTMENTS — 40.6%**<br>|  |
|  | **Money Market Funds — 40.6%**<br>|  |
| 13763611 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(c)(d)</sup> | $13763611  |
| 5850286 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(c)</sup> | 5850286  |
| 4941428 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(c)</sup> | 4941428  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $24,555,325)** | $24555325  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $52,479,616) — 98.8%<sup>(e)</sup>** | $59769023  |
|  | Other Assets in Excess of Liabilities — 1.2% | 760893  |
|  | **TOTAL NET ASSETS — 100.0%**  | $60529916 |

---

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 October 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 $32,250,424.

ADR - American Depository Receipt

The accompanying notes are an integral part of these financial statements.

88<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares** 

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of S&P 500<sup>®</sup> High Beta Index | SOFR + 0.8000% | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp;&nbsp; 597 | $12593782 | $3379741  |
|  Total return of S&P 500<sup>®</sup> High Beta Index | SOFR + 0.2800% | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp;&nbsp; 2084 | 38107396 | 17725485  |
|  Total return of S&P 500<sup>®</sup> High Beta Index | SOFR + 0.7700% | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp;&nbsp; 1103 | 18414772 | 11122548  |
|  Total return of S&P 500<sup>®</sup> High Beta Index | SOFR + 0.6800% | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 1611 | 41277014 | 2255104  |
|  |  |  |  |  | $110392964 | $34482878 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

89<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P Biotech Bear 3X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 144.3%**<br>|  |
|  | **Money Market Funds — 144.3%**<br>|  |
| 32043925 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $32043925  |
| 1798517 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 1798517  |
| 24448405 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 24448405  |
| 51092002 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 51092002  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $109,382,849)<sup>(b)</sup>** | $109382849  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $109,382,849) — 144.3%** | $109382849  |
|  | Liabilities in Excess of Other Assets — (44.3)% | (33579398)  |
|  | **TOTAL NET ASSETS — 100.0%** | $75803451 |

---

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 October 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 $80,921,821. 

**Short Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
| SOFR + 0.6300% | Total return of S&P Biotechnology Select Industry Index | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp;&nbsp; 970 | $8275510 | $(239485)  |
| SOFR + 0.4800% | Total return of S&P Biotechnology Select Industry Index | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp;&nbsp; 2146 | 15815110 | (2449748)  |
| SOFR + 0.3900% | Total return of S&P Biotechnology Select Industry Index | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp;&nbsp; 7283 | 52129143 | (11104449)  |
| SOFR + 0.1000% | Total return of S&P Biotechnology Select Industry Index | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp;&nbsp; 1189 | 7724068 | (2499437)  |
| SOFR + 0.5500% | Total return of S&P Biotechnology Select Industry Index | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp;&nbsp; 8195 | 65347171 | (6142388)  |
| SOFR + 0.5300% | Total return of S&P Biotechnology Select Industry Index | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 6089 | 38421090 | (14252522)  |
|  |  |  |  |  | $187712092 | $(36688029) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

90<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P Biotech Bull 3X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 66.9%**<br>|  |
|  | **Administrative and Support Services — 0.1%**<br>|  |
| 158002 | Tango Therapeutics, Inc.<sup>(a)(b)</sup> | $1281395  |
|  | **Ambulatory Health Care Services — 2.2%**<br>|  |
| 133103 | ARS Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 1192603  |
| 100576 | CareDx, Inc.<sup>(a)</sup> | 1508640  |
| 47917 | Keros Therapeutics, Inc.<sup>(a)(b)</sup> | 729297  |
| 51549 | Natera, Inc.<sup>(a)</sup> | 10254642  |
| 102768 | Veracyte, Inc.<sup>(a)(b)</sup> | 3707869  |
|  |  | 17393051  |
|  | **Chemical Manufacturing — 48.0%**<br>|  |
| 41357 | AbbVie, Inc. | 9017480  |
| 212059 | Acadia Pharmaceuticals Inc.<sup>(a)</sup> | 4813739  |
| 387248 | ADMA Biologics, Inc.<sup>(a)</sup> | 5994599  |
| 74172 | Agios Pharmaceuticals, Inc.<sup>(a)</sup> | 3207197  |
| 523944 | Akebia Therapeutics, Inc.<sup>(a)</sup> | 1157916  |
| 195608 | Alkermes PLC ADR (Ireland)<sup>(a)</sup> | 6005166  |
| 18651 | Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 8505602  |
| 169827 | Altimmune, Inc.<sup>(a)</sup> | 687799  |
| 31426 | Amgen, Inc. | 9378461  |
| 411796 | Amicus Therapeutics, Inc.<sup>(a)</sup> | 3718518  |
| 57634 | Arbutus Biopharma Corp. ADR (Canada)<sup>(a)(b)</sup> | 272609  |
| 53539 | Arcellx, Inc.<sup>(a)</sup> | 4831895  |
| 39202 | Arcturus Therapeutics Holdings, Inc.<sup>(a)</sup> | 390844  |
| 75734 | Arcus Biosciences, Inc.<sup>(a)(b)</sup> | 1493474  |
| 161244 | Arcutis Biotherapeutics, Inc.<sup>(a)</sup> | 4081086  |
| 124369 | Arrowhead Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 5272002  |
| 185506 | aTyr Pharma, Inc.<sup>(a)(b)</sup> | 160648  |
| 188627 | Avidity Biosciences, Inc.<sup>(a)</sup> | 13175596  |
| 149125 | Beam Therapeutics, Inc.<sup>(a)(b)</sup> | 3729616  |
| 401571 | BioCryst Pharmaceuticals, Inc.<sup>(a)</sup> | 2939500  |
| 61369 | Biogen, Inc.<sup>(a)</sup> | 9467396  |
| 177853 | Biohaven Ltd. ADR<sup>(a)</sup> | 3059072  |
| 160598 | BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 8603235  |
| 165261 | BridgeBio Pharma, Inc.<sup>(a)(b)</sup> | 10351949  |
| 170757 | Catalyst Pharmaceuticals, Inc.<sup>(a)</sup> | 3632001  |
| 105971 | Celldex Therapeutics, Inc.<sup>(a)</sup> | 2832605  |
| 34224 | Cidara Therapeutics, Inc.<sup>(a)</sup> | 3738630  |
| 161793 | Cogent Biosciences, Inc.<sup>(a)</sup> | 2637226  |
| 77155 | Compass Therapeutics, Inc.<sup>(a)</sup> | 288560  |
| 198853 | Denali Therapeutics, Inc.<sup>(a)</sup> | 3237327  |
| 18846 | Dianthus Therapeutics, Inc.<sup>(a)</sup> | 659233  |
| 102451 | Emergent BioSolutions Inc.<sup>(a)</sup> | 1278588  |
| 159801 | Exact Sciences Corp.<sup>(a)</sup> | 10337527  |
| 1072475 | Geron Corp.<sup>(a)</sup> | 1351318  |
| 75937 | Gilead Sciences, Inc. | 9096493  |

---

The accompanying notes are an integral part of these financial statements.

91<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P Biotech Bull 3X Shares** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | **Chemical Manufacturing — (Continued)**<br>|  |
| 46763 | GRAIL, Inc.<sup>(a)(b)</sup> | $4298923  |
| 115468 | Halozyme Therapeutics, Inc.<sup>(a)</sup> | 7527359  |
| 491964 | ImmunityBio, Inc.<sup>(a)(b)</sup> | 1180714  |
| 94037 | Immunome, Inc.<sup>(a)</sup> | 1511175  |
| 101478 | Incyte Corp.<sup>(a)</sup> | 9486163  |
| 59972 | Insmed, Inc.<sup>(a)</sup> | 11370691  |
| 199080 | Intellia Therapeutics, Inc.<sup>(a)</sup> | 2512390  |
| 136755 | Ionis Pharmaceuticals, Inc.<sup>(a)</sup> | 10160896  |
| 82852 | Janux Therapeutics, Inc.<sup>(a)</sup> | 2378681  |
| 62832 | KalVista Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 685497  |
| 37663 | Krystal Biotech, Inc.<sup>(a)</sup> | 7438819  |
| 20349 | Madrigal Pharmaceuticals, Inc.<sup>(a)</sup> | 8524196  |
| 227717 | MannKind Corp.<sup>(a)</sup> | 1272938  |
| 112501 | Metsera, Inc.<sup>(a)</sup> | 7092063  |
| 34451 | Mineralys Therapeutics, Inc.<sup>(a)</sup> | 1407668  |
| 36021 | Mirum Pharmaceuticals, Inc.<sup>(a)</sup> | 2616926  |
| 122629 | Myriad Genetics, Inc.<sup>(a)</sup> | 985937  |
| 61963 | Neurocrine Biosciences, Inc.<sup>(a)</sup> | 8873721  |
| 281053 | Novavax, Inc.<sup>(a)(b)</sup> | 2360845  |
| 93061 | ORIC Pharmaceuticals, Inc.<sup>(a)</sup> | 1224683  |
| 13900 | Oruka Therapeutics, Inc.<sup>(a)(b)</sup> | 391563  |
| 109817 | PTC Therapeutics, Inc.<sup>(a)</sup> | 7501599  |
| 15744 | Regeneron Pharmaceuticals, Inc. | 10261939  |
| 71612 | REGENXBIO, Inc.<sup>(a)</sup> | 914485  |
| 118073 | Replimune Group, Inc.<sup>(a)</sup> | 1148850  |
| 57506 | Rezolute, Inc.<sup>(a)</sup> | 535956  |
| 60599 | Rhythm Pharmaceuticals, Inc.<sup>(a)</sup> | 6893742  |
| 14872 | Rigel Pharmaceuticals, Inc.<sup>(a)</sup> | 469658  |
| 509344 | Roivant Sciences Ltd. ADR (Ireland)<sup>(a)</sup> | 10181787  |
| 291383 | Sana Biotechnology, Inc.<sup>(a)(b)</sup> | 1442346  |
| 190427 | Sarepta Therapeutics, Inc.<sup>(a)(b)</sup> | 4572152  |
| 153758 | Scholar Rock Holding Corp.<sup>(a)(b)</sup> | 4554312  |
| 100551 | Soleno Therapeutics, Inc.<sup>(a)</sup> | 6753005  |
| 64873 | Spyre Therapeutics, Inc.<sup>(a)(b)</sup> | 1586794  |
| 38415 | Stoke Therapeutics, Inc.<sup>(a)(b)</sup> | 1153987  |
| 368789 | Summit Therapeutics, Inc.<sup>(a)(b)</sup> | 6973800  |
| 154205 | Syndax Pharmaceuticals, Inc.<sup>(a)</sup> | 2112609  |
| 260723 | Taysha Gene Therapies, Inc.<sup>(a)</sup> | 1293186  |
| 230572 | TG Therapeutics, Inc.<sup>(a)</sup> | 8019294  |
| 98130 | Travere Therapeutics, Inc.<sup>(a)</sup> | 3450251  |
| 124243 | Twist Bioscience Corp.<sup>(a)</sup> | 4086352  |
| 170143 | Ultragenyx Pharmaceutical, Inc.<sup>(a)</sup> | 5886948  |
| 90092 | uniQure N.V. ADR (Netherlands)<sup>(a)</sup> | 6098327  |
| 22079 | United Therapeutics Corp.<sup>(a)</sup> | 9834649  |
| 95135 | Vera Therapeutics, Inc.<sup>(a)</sup> | 2707542  |

---

The accompanying notes are an integral part of these financial statements.

92<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P Biotech Bull 3X Shares** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)** <br>|  |
|  | **Chemical Manufacturing — (Continued)** <br>|  |
| 99871 | Verastem, Inc.<sup>(a)(b)</sup> | $943781  |
| 75219 | Vericel Corp.<sup>(a)</sup> | 2637178  |
| 22524 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 9585539  |
| 216797 | Viking Therapeutics, Inc.<sup>(a)(b)</sup> | 8255630  |
| 74008 | Viridian Therapeutics, Inc.<sup>(a)</sup> | 1748809  |
| 75976 | Xencor, Inc.<sup>(a)</sup> | 1117607  |
|  |  | 385428869  |
|  | **Hospitals — 0.6%**<br>|  |
| 52169 | Nuvalent, Inc.<sup>(a)</sup> | 5181425  |
|  | **Merchant Wholesalers, Durable Goods — 0.6%**<br>|  |
| 231828 | Dyne Therapeutics, Inc.<sup>(a)</sup> | 5234676  |
|  | **Merchant Wholesalers, Nondurable Goods — 2.9%**<br>|  |
| 146609 | Akero Therapeutics, Inc.<sup>(a)</sup> | 7946208  |
| 40856 | Praxis Precision Medicines, Inc.<sup>(a)</sup> | 8120539  |
| 81357 | Protagonist Therapeutics, Inc.<sup>(a)(b)</sup> | 6396287  |
| 164811 | Relay Therapeutics, Inc.<sup>(a)</sup> | 1176750  |
|  |  | 23639784  |
|  | **Miscellaneous Manufacturing — 0.1%**<br>|  |
| 72021 | MiMedx Group, Inc.<sup>(a)</sup> | 550961  |
|  | **Professional, Scientific, and Technical Services — 11.5%**<br>|  |
| 32714 | AnaptysBio, Inc.<sup>(a)</sup> | 1196678  |
| 117897 | Anavex Life Sciences Corp.<sup>(a)(b)</sup> | 939639  |
| 183049 | Apellis Pharmaceuticals, Inc.<sup>(a)</sup> | 3930062  |
| 71539 | Apogee Therapeutics, Inc.<sup>(a)</sup> | 4048392  |
| 342265 | Ardelyx, Inc.<sup>(a)</sup> | 2074126  |
| 37360 | ArriVent Biopharma, Inc.<sup>(a)(b)</sup> | 699753  |
| 8762 | Celcuity, Inc.<sup>(a)</sup> | 676076  |
| 67072 | CG Oncology, Inc.<sup>(a)</sup> | 2902206  |
| 167764 | Crispr Therapeutics AG ADR (Switzerland)<sup>(a)</sup> | 10735218  |
| 44288 | Cullinan Therapeutics, Inc.<sup>(a)</sup> | 383534  |
| 110955 | Cytokinetics, Inc.<sup>(a)(b)</sup> | 7055629  |
| 138719 | Day One Biopharmaceuticals, Inc.<sup>(a)</sup> | 1032069  |
| 178539 | Dynavax Technologies Corp.<sup>(a)(b)</sup> | 1831810  |
| 232157 | Exelixis, Inc.<sup>(a)</sup> | 8977511  |
| 101291 | IDEAYA Biosciences, Inc.<sup>(a)</sup> | 3227131  |
| 123110 | Kura Oncology, Inc.<sup>(a)</sup> | 1264340  |
| 74260 | Kymera Therapeutics, Inc.<sup>(a)(b)</sup> | 4592238  |
| 360027 | Moderna, Inc.<sup>(a)</sup> | 9778333  |
| 100516 | Nurix Therapeutics, Inc.<sup>(a)</sup> | 1300677  |
| 111695 | Precigen, Inc.<sup>(a)(b)</sup> | 462417  |
| 815694 | Recursion Pharmaceuticals, Inc.<sup>(a)(b)</sup> | 4502631  |
| 195537 | Revolution Medicines, Inc.<sup>(a)</sup> | 11505397  |
| 37536 | Upstream Bio, Inc.<sup>(a)(b)</sup> | 970306  |

---

The accompanying notes are an integral part of these financial statements.

93<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P Biotech Bull 3X Shares** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | **Professional, Scientific, and Technical Services — (Continued)**<br>|  |
| 162464 | Vaxcyte, Inc.<sup>(a)</sup> | $7356370  |
| 124808 | Vir Biotechnology, Inc.<sup>(a)</sup> | 743856  |
|  |  | 92186399  |
|  | **Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 0.8%**<br>|  |
| 40560 | Disc Medicine, Inc.<sup>(a)</sup> | 3497083  |
| 110761 | Immunovant, Inc.<sup>(a)(b)</sup> | 2733582  |
|  |  | 6230665  |
|  | **Support Activities for Transportation — 0.1%**<br>|  |
| 525142 | Iovance Biotherapeutics, Inc.<sup>(a)(b)</sup> | 1034530  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $476,438,649)** | $538161755  |
|  | **SHORT TERM INVESTMENTS — 33.6%**<br>|  |
|  | **Money Market Funds — 33.6%**<br>|  |
| 73945693 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(c)(d)</sup> | $73945693  |
| 7220000 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(c)</sup> | 7220000  |
| 91541150 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(c)</sup> | 91541150  |
| 97147721 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(c)</sup> | 97147721  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $269,854,564)**  | $269854564  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $746,293,213) — 100.5%<sup>(e)</sup>** | $808016319  |
|  | Liabilities in Excess of Other Assets — (0.5)% | (4033914)  |
|  | **TOTAL NET ASSETS — 100.0%** | $803982405 |

---

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 October 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 $498,670,905. 

ADR - American Depository Receipt

The accompanying notes are an integral part of these financial statements.

94<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily S&P Biotech Bull 3X Shares** 

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of S&P Biotechnology Select Industry Index | SOFR + 0.9500% | BNP Paribas | 12/05/2025 | &nbsp;&nbsp; 4129 | $31786528 | $3043011  |
|  Total return of S&P Biotechnology Select Industry Index | SOFR + 0.8500% | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp; 22507 | 171305928 | 23176197  |
|  Total return of S&P Biotechnology Select Industry Index | SOFR + 0.6800% | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 35845 | 245062929 | 60623279  |
|  Total return of S&P Biotechnology Select Industry Index | SOFR + 0.6000% | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp; 36207 | 244961710 | 70057923  |
|  Total return of S&P Biotechnology Select Industry Index | SOFR + 0.5400% | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp; 25717 | 151771425 | 70213016  |
|  Total return of S&P Biotechnology Select Industry Index | SOFR + 0.8400% | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp; 15133 | 115019358 | 17101032  |
|  Total return of S&P Biotechnology Select Industry Index | SOFR + 0.7700% | Barclays | 12/22/2025 | &nbsp;&nbsp; 73635 | 442531308 | 193976352  |
|  |  |  |  |  | $1402439186 | $438190810 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

95<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Semiconductor Bear 3X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 137.8%**<br>|  |
|  | **Money Market Funds — 137.8%**<br>|  |
| 667357316 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $667357316  |
| 193260623 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 193260623  |
| 161825261 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 161825261  |
| 664807427 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 664807427  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $1,687,250,627)<sup>(b)</sup>** | $1687250627  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $1,687,250,627) — 137.8%** | $1687250627  |
|  | Liabilities in Excess of Other Assets — (37.8)% | (462537655)  |
|  | **TOTAL NET ASSETS — 100.0%** | $1224712972 |

---

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 October 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 $1,254,556,905. 

**Short Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Depreciation**  |
| SOFR + 0.1500% | Total return of ICE Semiconductor Index | BNP Paribas | 12/05/2025 | 238124 | $338118625 | $(33922102)  |
| SOFR + 0.6800% | Total return of ICE Semiconductor Index | Goldman Sachs | 12/10/2025 | 218562 | 264851346 | (72783025)  |
| SOFR + 0.7800% | Total return of ICE Semiconductor Index | Bank of America Merrill Lynch | 12/11/2025 | 498606 | 637956088 | (137694906)  |
| SOFR + 0.3300% | Total return of ICE Semiconductor Index | Societe Generale | 12/12/2025 | 100000 | 116066000 | (36692274)  |
| SOFR + 0.6200% | Total return of ICE Semiconductor Index | J.P. Morgan | 12/16/2025 | 407674 | 581117066 | (55692535)  |
| SOFR + 0.3500% | Total return of ICE Semiconductor Index | UBS Securities LLC | 12/17/2025 | 244919 | 310245811 | (67877886)  |
| SOFR + 0.6900% | Total return of ICE Semiconductor Index | Citibank N.A. | 12/22/2025 | 357195 | 548369625 | (9800297)  |
| SOFR + 0.6800% | Total return of ICE Semiconductor Index | Barclays | 12/22/2025 | 282458 | 364453306 | (75306751)  |
|  |  |  |  |  | $3161177867 | $(489769776) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

96<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Semiconductor Bull 3X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 68.9%**<br>|  |
|  | **Computer and Electronic Product Manufacturing — 54.7%**<br>|  |
| 3641511 | Advanced Micro Devices, Inc.<sup>(a)</sup> | $932663797  |
| 1178146 | Analog Devices, Inc. | 275839323  |
| 4350255 | ASE Technology Holding Co., Ltd. ADR (Taiwan) | 69647583  |
| 1045059 | Astera Labs, Inc.<sup>(a)</sup> | 195091614  |
| 1991122 | Broadcom, Inc. | 735978425  |
| 1231103 | Credo Technology Group Holding Ltd. ADR<sup>(a)</sup> | 230979545  |
| 11671014 | Intel Corp.<sup>(a)</sup> | 466723850  |
| 2956217 | Lam Research Corp. | 465485929  |
| 461509 | MACOM Technology Solutions Holdings, Inc.<sup>(a)</sup> | 68363328  |
| 4347686 | Microchip Technology, Inc. | 271382560  |
| 2488435 | Micron Technology, Inc. | 556837100  |
| 353748 | Monolithic Power Systems, Inc. | 355516740  |
| 3400096 | NVIDIA Corp. | 688485439  |
| 1261128 | NXP Semiconductors NV ADR (Netherlands) | 263727087  |
| 3347030 | ON Semiconductor Corp.<sup>(a)</sup> | 167619262  |
| 2751752 | Qualcomm, Inc. | 497791937  |
| 878733 | Rambus, Inc.<sup>(a)</sup> | 90368902  |
| 1216041 | Skyworks Solutions, Inc. | 94510707  |
| 1702173 | STMicroelectronics NV ADR (Netherlands) | 41652173  |
| 1217943 | Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) ADR | 365906615  |
| 1305026 | Teradyne, Inc. | 237201526  |
| 2183706 | Texas Instruments, Inc. | 352581171  |
| 6074191 | United Microelectronics Corp. ADR (Taiwan)<sup>(b)</sup> | 46832013  |
|  |  | 7471186626  |
|  | **Machinery Manufacturing — 6.7%**<br>|  |
| 1841924 | Applied Materials, Inc. | 429352484  |
| 379222 | ASML Holding NV ADR (Netherlands) | 401683319  |
| 242204 | Nova Ltd. ADR (Israel)<sup>(a)(b)</sup> | 83473187  |
|  |  | 914508990  |
|  | **Management of Companies and Enterprises — 0.5%**<br>|  |
| 353140 | ARM Holdings PLC ADR (United Kingdom)<sup>(a)</sup> | 59970235  |
|  | **Merchant Wholesalers, Durable Goods — 3.8%**<br>|  |
| 1240993 | Entegris, Inc.<sup>(b)</sup> | 113637729  |
| 339414 | KLA-Tencor Corp. | 410263278  |
|  |  | 523901007  |
|  | **Professional, Scientific, and Technical Services — 3.2%**<br>|  |
| 4710234 | Marvell Technology, Inc. | 441537335  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $7,912,628,047)** | $9411104193  |

---

The accompanying notes are an integral part of these financial statements.

97<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Semiconductor Bull 3X Shares** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 30.4%**<br>|  |
|  | **Money Market Funds — 30.4%**<br>|  |
| 1067068196 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(c)(d)</sup> | $1067068196  |
| 1766700000 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(c)</sup> | 1766700000  |
| 2 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(c)</sup> | 2  |
| 563842040 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(c)</sup> | 563842040  |
| 762000000 | JPMorgan 100% U.S. Treasury Securities Money Market Fund Institutional Shares, 3.89%<sup>(c)</sup> | 762000000  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $4,159,610,238)** | $4159610238  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $12,072,238,285) — 99.3%<sup>(e)</sup>** | $13570714431  |
|  | Other Assets in Excess of Liabilities — 0.7% | 96292838  |
|  | **TOTAL NET ASSETS — 100.0%**  | $13667007269 |

---

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 October 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 $11,778,877,489. 

ADR - American Depository Receipt

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of ICE Semiconductor Index | SOFR + 0.9900% | BNP Paribas | 12/05/2025 | 1416262 | $1695364119 | $507498197  |
|  Total return of ICE Semiconductor Index | SOFR + 0.9400% | Goldman Sachs | 12/10/2025 | 3118965 | 3310375882 | 1509495899  |
|  Total return of ICE Semiconductor Index | SOFR + 0.9800% | Bank of America Merrill Lynch | 12/11/2025 | 6244377 | 7712511018 | 1952362478  |
|  Total return of ICE Semiconductor Index | SOFR + 0.5300% | Societe Generale | 12/12/2025 | 100000 | 116066000 | 36440982  |
|  Total return of ICE Semiconductor Index | SOFR + 0.9200% | J.P. Morgan | 12/16/2025 | 1334531 | 1514583045 | 557442602  |
|  Total return of ICE Semiconductor Index | SOFR + 0.7300% | UBS Securities LLC | 12/17/2025 | 1427148 | 1521701194 | 695373804  |
|  Total return of ICE Semiconductor Index | SOFR + 0.9400% | Citibank N.A. | 12/22/2025 | 2475190 | 3646952652 | 220784407  |
|  Total return of ICE Semiconductor Index | SOFR + 0.9200% | Barclays | 12/22/2025 | 4067504 | 4884258803 | 1408302015  |
|  |  |  |  |  | $24401812713 | $6887700384 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

98<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Small Cap Bear 3X Shares** 

**SCHEDULE OF INVESTMENTS** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT TERM INVESTMENTS — 113.8%**<br>|  |
|  | **Money Market Funds — 113.8%**<br>|  |
| 177193495 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $177193495  |
| 19820000 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 19820000  |
| 57826234 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 57826234  |
| 118647722 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 118647722  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS**<br>**(Cost $373,487,451)<sup>(b)</sup>** | $373487451  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $373,487,451) — 113.8%** | $373487451  |
|  | Liabilities in Excess of Other Assets — (13.8)% | (45339367)  |
|  | **TOTAL NET ASSETS — 100.0%** | $328148084 |

---

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 October 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 $240,343,474. 

**Short Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| SOFR + 0.3400%<br> Total return of Russell 2000<sup>®</sup> Index | BNP Paribas | 12/05/2025 | &nbsp;&nbsp; 50737 | $118942517 | $(3682035)  |
| SOFR + 0.4500%<br> Total return of Russell 2000<sup>®</sup> Index | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 75696 | 188251967 | 853004  |
| SOFR + 0.2000%<br> Total return of Russell 2000<sup>®</sup> Index | Societe Generale | 12/12/2025 | &nbsp;&nbsp; 51000 | 120461540 | (2343605)  |
| SOFR + 0.3300%<br> Total return of Russell 2000<sup>®</sup> Index | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp; 14095 | 33079485 | (849825)  |
| SOFR + 0.1100%<br> Total return of Russell 2000<sup>®</sup> Index | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp; 41705 | 101953197 | (1254179)  |
| SOFR + 0.3000%<br> Total return of Russell 2000<sup>®</sup> Index | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp; 86204 | 191755111 | (18539612)  |
| SOFR + 0.3000%<br> Total return of Russell 2000<sup>®</sup> Index | Barclays | 12/22/2025 | &nbsp;&nbsp; 77617 | 170057040 | (20567118)  |
|  |  |  |  | $924500857 | $(46383370) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

99<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Small Cap Bull 3X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **INVESTMENT COMPANIES — 71.4%**<br>|  |
| 5919569 | iShares Russell 2000 ETF<sup>(a)(b)</sup> | $1457575474  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENT COMPANIES**<br>**(Cost $1,262,208,321)** | $1457575474  |
|  | **SHORT TERM INVESTMENTS — 45.7%**<br>|  |
|  | **Money Market Funds — 45.7%**<br>|  |
| 552627289 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(c)(d)</sup> | $552627289  |
| 19490000 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(c)</sup> | 19490000  |
| 362397507 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(c)</sup> | 362397507  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $934,514,796)** | $934514796  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS**<br>**(Cost $2,196,723,117) — 117.1%<sup>(e)</sup>** | $2392090270  |
|  | Liabilities in Excess of Other Assets — (17.1)% | (348496851)  |
|  | **TOTAL NET ASSETS — 100.0%** | $2043593419 |

---

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 October 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 $1,422,043,095. 

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of Russell 2000<sup>®</sup> Index | SOFR + 0.6900% | BNP Paribas | 12/05/2025 | 160270 | $371496875 | $20298431  |
|  Total return of Russell 2000<sup>®</sup> Index | SOFR + 0.6500% | Bank of America Merrill Lynch | 12/11/2025 | 271548 | 622963599 | 40697760  |
|  Total return of Russell 2000<sup>®</sup> Index | SOFR + 0.4100% | Societe Generale | 12/12/2025 | 55000 | 129909505 | 2285688  |
|  Total return of Russell 2000<sup>®</sup> Index | SOFR + 0.5500% | J.P. Morgan | 12/16/2025 | 471639 | 1020711028 | 135181165  |
|  Total return of Russell 2000<sup>®</sup> Index | SOFR + 0.5600% | UBS Securities LLC | 12/17/2025 | 76949 | 163277073 | 24332837  |
|  Total return of Russell 2000<sup>®</sup> Index | SOFR + 0.5500% | Citibank N.A. | 12/22/2025 | 419190 | 822923725 | 201691209  |
|  Total return of Russell 2000<sup>®</sup> Index | SOFR + 0.5400% | Barclays | 12/22/2025 | 430229 | 837845965 | 213963864  |
|  |  |  |  |  | $3969127770 | $638450954 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

100<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Technology Bear 3X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — 140.4%**<br>|  |
|  | **Money Market Funds — 140.4%**<br>|  |
| 73884348 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $73884348  |
| 8628688 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(a)</sup> | 8628688  |
| 23401409 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(a)</sup> | 23401409  |
| 25532023 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | 25532023  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $131,446,468)<sup>(b)</sup>** | $131446468  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $131,446,468) — 140.4%** | $131446468  |
|  | Liabilities in Excess of Other Assets — (40.4)% | (37794654)  |
|  | **TOTAL NET ASSETS — 100.0%** | $93651814 |

---

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 October 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 $98,038,354. 

**Short Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized**<br>**Depreciation**  |
| SOFR + 0.3500% | &nbsp;&nbsp;&nbsp; Total return of Technology <br>Select Sector Index | BNP Paribas | 12/05/2025 | &nbsp;&nbsp; 31748 | $84502725 | $(10907585)  |
| SOFR + 0.5100% | &nbsp;&nbsp;&nbsp; Total return of Technology <br>Select Sector Index | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp; 4462 | 11688726 | (1703354)  |
| SOFR + 0.5300% | &nbsp;&nbsp;&nbsp; Total return of Technology <br>Select Sector Index | Bank of America Merrill Lynch | 12/11/2025 | &nbsp;&nbsp; 9545 | 28480438 | (404545)  |
| SOFR + 0.3300% | &nbsp;&nbsp;&nbsp; Total return of Technology <br>Select Sector Index | Societe Generale | 12/12/2025 | &nbsp;&nbsp; 5000 | 12148702 | (2553246)  |
| SOFR + 0.6000% | &nbsp;&nbsp;&nbsp; Total return of Technology <br>Select Sector Index | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp; 4397 | 10578566 | (2333274)  |
| SOFR + 0.2500% | &nbsp;&nbsp;&nbsp; Total return of Technology <br>Select Sector Index | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp; 5973 | 14427841 | (3151985)  |
| SOFR + 0.3500% | &nbsp;&nbsp;&nbsp; Total return of Technology <br>Select Sector Index | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp; 11456 | 28256963 | (6013608)  |
| SOFR + 0.4500% | &nbsp;&nbsp;&nbsp; Total return of Technology <br>Select Sector Index | Barclays | 12/22/2025 | &nbsp;&nbsp; 20227 | 48736539 | (11113764)  |
|  |  |  |  |  | $238820500 | $(38181361) |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

101<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Technology Bull 3X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 71.1%**<br>|  |
|  | **Administrative and Support Services — 0.1%**<br>|  |
| 22000 | Gartner, Inc.<sup>(a)</sup> | $5463480  |
|  | **Computer and Electronic Product Manufacturing — 43.4%**<br>|  |
| 471462 | Advanced Micro Devices, Inc.<sup>(a)</sup> | 120750847  |
| 354693 | Amphenol Corp. Class A | 49422923  |
| 144173 | Analog Devices, Inc. | 33755225  |
| 1544675 | Apple, Inc. | 417633780  |
| 299414 | Arista Networks, Inc.<sup>(a)</sup> | 47214594  |
| 489562 | Broadcom, Inc. | 180956802  |
| 1150446 | Cisco Systems, Inc. | 84109107  |
| 88086 | Dell Technologies, Inc. | 14270813  |
| 31163 | First Solar, Inc.<sup>(a)</sup> | 8318651  |
| 189219 | Fortinet, Inc.<sup>(a)</sup> | 16354198  |
| 272873 | HP, Inc. | 7550396  |
| 1271594 | Intel Corp.<sup>(a)</sup> | 50851044  |
| 270623 | International Business Machines Corp. | 83192216  |
| 31184 | Jabil Circuit, Inc. | 6888234  |
| 49999 | Keysight Technologies, Inc.<sup>(a)</sup> | 9147817  |
| 367687 | Lam Research Corp. | 57895995  |
| 156784 | Microchip Technology, Inc. | 9786457  |
| 325125 | Micron Technology, Inc. | 72753221  |
| 13915 | Monolithic Power Systems, Inc. | 13984575  |
| 48400 | Motorola Solutions, Inc. | 19684764  |
| 58136 | NetApp, Inc. | 6847258  |
| 2539694 | NVIDIA Corp. | 514262638  |
| 73246 | NXP Semiconductors NV ADR (Netherlands) | 15317204  |
| 118815 | ON Semiconductor Corp.<sup>(a)</sup> | 5950255  |
| 194046 | Palto Alto Networks, Inc.<sup>(a)</sup> | 42736691  |
| 313325 | Qualcomm, Inc. | 56680493  |
| 31267 | Roper Technologies, Inc. | 13949772  |
| 61789 | Seagate Technology Holdings PLC ADR (Ireland) | 15810569  |
| 43124 | Skyworks Solutions, Inc. | 3351597  |
| 145649 | Super Micro Computer, Inc.<sup>(a)</sup> | 7567922  |
| 13619 | Teledyne Technologies, Inc.<sup>(a)</sup> | 7174762  |
| 46216 | Teradyne, Inc. | 8400220  |
| 264122 | Texas Instruments, Inc. | 42645138  |
| 69135 | Trimble, Inc.<sup>(a)</sup> | 5513516  |
| 100784 | Western Digital Corp. | 15138765  |
| 14772 | Zebra Technologies Corp. Class A<sup>(a)</sup> | 3977361  |
|  |  | 2069845820  |
|  | **Machinery Manufacturing — 1.1%**<br>|  |
| 233136 | Applied Materials, Inc. | 54344002  |

---

The accompanying notes are an integral part of these financial statements.

102<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Technology Bull 3X Shares** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | **Merchant Wholesalers, Durable Goods — 1.4%**<br>|  |
| 38340 | KLA-Tencor Corp. | $46343092  |
| 85838 | TE Connectivity PLC ADR (Ireland) | 21202844  |
|  |  | 67545936  |
|  | **Nonmetallic Mineral Product Manufacturing — 0.4%**<br>|  |
| 226467 | Corning, Inc. | 20173680  |
|  | **Professional, Scientific, and Technical Services — 9.4%**<br>|  |
| 180948 | Accenture PLC Class A ADR (Ireland) | 45255095  |
| 78650 | AppLovin Corp.<sup>(a)</sup> | 50126004  |
| 38071 | CDW Corp. | 6067375  |
| 141879 | Cognizant Technology Solutions Corp. Class A | 10340142  |
| 16175 | EPAM Systems, Inc.<sup>(a)</sup> | 2645260  |
| 16689 | F5 Networks, Inc.<sup>(a)</sup> | 4223151  |
| 40221 | GoDaddy, Inc.<sup>(a)</sup> | 5354622  |
| 416877 | Oracle Corp. | 109476069  |
| 660706 | Palantir Technologies, Inc.<sup>(a)</sup> | 132451732  |
| 34807 | PTC, Inc.<sup>(a)</sup> | 6910582  |
| 60426 | ServiceNow, Inc.<sup>(a)</sup> | 55548413  |
| 24423 | VeriSign, Inc. | 5856635  |
| 62749 | Workday, Inc.<sup>(a)</sup> | 15054740  |
|  |  | 449309820  |
|  | **Publishing Industries — 15.3%**<br>|  |
| 123242 | Adobe, Inc.<sup>(a)</sup> | 41940485  |
| 41657 | Akamai Technologies, Inc.<sup>(a)</sup> | 3128441  |
| 62170 | Autodesk, Inc.<sup>(a)</sup> | 18734308  |
| 79165 | Cadence Design Systems, Inc.<sup>(a)</sup> | 26812394  |
| 72409 | CrowdStrike Holdings, Inc.<sup>(a)</sup> | 39318811  |
| 93919 | Datadog, Inc.<sup>(a)</sup> | 15290952  |
| 6970 | Fair Isaac Corp.<sup>(a)</sup> | 11566924  |
| 162813 | Gen Digital, Inc. | 4291751  |
| 381223 | Hewlett Packard Enterprise Co. | 9309466  |
| 81043 | Intuit, Inc. | 54100255  |
| 773687 | Microsoft Corp. | 400622865  |
| 277735 | Salesforce, Inc. | 72324971  |
| 53754 | Synopsys, Inc.<sup>(a)</sup> | 24394640  |
| 12564 | Tyler Technologies, Inc.<sup>(a)</sup> | 5983731  |
|  |  | 727819994  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $2,604,409,316)** | $3394502732  |
|  | **SHORT TERM INVESTMENTS — 29.2%**<br>|  |
|  | **Money Market Funds — 29.2%**<br>|  |
| 256278463 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(b)</sup> | $256278463  |
| 153215323 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(b)</sup> | 153215323  |
| 125219394 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(b)</sup> | 125219394  |

---

The accompanying notes are an integral part of these financial statements.

103<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Technology Bull 3X Shares** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — (Continued)**<br>|  |
|  | **Money Market Funds —- (Continued)**<br>|  |
| 857658734 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(b)</sup> | $857658734  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $1,392,371,914)** | $1392371914  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $3,996,781,230) — 100.3%<sup>(c)</sup>** | $4786874646  |
|  | Liabilities in Excess of Other Assets — (0.3)% | (12607586)  |
|  | **TOTAL NET ASSETS — 100.0%** | $4774267060 |

---

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 October 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 $3,003,817,045. 

ADR - American Depository Receipt

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of Technology Select Sector Index | SOFR + 0.8000% | BNP Paribas | 12/05/2025 | 412821 | $963183874 | $269853930  |
|  Total return of Technology Select Sector Index | SOFR + 0.6800% | Goldman Sachs | 12/10/2025 | 518677 | 1314873307 | 238884623  |
|  Total return of Technology Select Sector Index | SOFR + 0.7300% | Bank of America Merrill Lynch | 12/11/2025 | 911459 | 2553415923 | 190925761  |
|  Total return of Technology Select Sector Index | SOFR + 0.7400% | Societe Generale | 12/12/2025 | 100000 | 242974000 | 50182181  |
|  Total return of Technology Select Sector Index | SOFR + 0.8000% | J.P. Morgan | 12/16/2025 | 233667 | 560045292 | 141065516  |
|  Total return of Technology Select Sector Index | SOFR + 0.6500% | UBS Securities LLC | 12/17/2025 | 331364 | 694426063 | 292711804  |
|  Total return of Technology Select Sector Index | SOFR + 0.6900% | Citibank N.A. | 12/22/2025 | 624584 | 1431077750 | 431632895  |
|  Total return of Technology Select Sector Index | SOFR + 0.7000% | Barclays | 12/22/2025 | 477407 | 1061483641 | 359358370  |
|  |  |  |  |  | $8821479850 | $1974615080 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

104<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Transportation Bull 3X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 65.0%**<br>|  |
|  | **Administrative and Support Services — 14.8%**<br>|  |
| 2347 | RXO, Inc.<sup>(a)(b)</sup> | $41612  |
| 21132 | Uber Technologies, Inc.<sup>(a)</sup> | 2039238  |
|  |  | 2080850  |
|  | **Air Transportation — 8.8%**<br>|  |
| 1650 | Alaska Air Group, Inc.<sup>(a)</sup> | 68854  |
| 193 | Allegiant Travel Co.<sup>(a)(b)</sup> | 12001  |
| 9444 | American Airlines Group, Inc.<sup>(a)</sup> | 124000  |
| 6486 | Delta Air Lines, Inc. | 372167  |
| 1208 | Frontier Group Holdings, Inc.<sup>(a)</sup> | 4663  |
| 4164 | JetBlue Airways Corp.<sup>(a)(b)</sup> | 17489  |
| 578 | SkyWest, Inc.<sup>(a)</sup> | 58077  |
| 7517 | Southwest Airlines Co. | 227765  |
| 3704 | United Continental Holdings, Inc.<sup>(a)</sup> | 348324  |
|  |  | 1233340  |
|  | **Couriers and Messengers — 8.2%**<br>|  |
| 1764 | FedEx Corp. | 447739  |
| 7300 | United Parcel Service, Inc. Class B | 703866  |
|  |  | 1151605  |
|  | **Management of Companies and Enterprises — 0.6%**<br>|  |
| 763 | Sun Country Airlines Holdings, Inc.<sup>(a)</sup> | 9370  |
| 1440 | U-Haul Holding Co. | 69825  |
|  |  | 79195  |
|  | **Merchant Wholesalers, Nondurable Goods — 0.1%**<br>|  |
| 1648 | FTAI Infrastructure, Inc. | 8800  |
|  | **Rail Transportation — 13.2%**<br>|  |
| 12423 | CSX Corp. | 447476  |
| 6407 | Union Pacific Corp. | 1411911  |
|  |  | 1859387  |
|  | **Rental and Leasing Services — 1.0%**<br>|  |
| 242 | Avis Budget Group, Inc.<sup>(a)(b)</sup> | 32929  |
| 1779 | Hertz Global Holdings, Inc.<sup>(a)(b)</sup> | 9126  |
| 584 | Ryder System, Inc. | 98831  |
|  |  | 140886  |
|  | **Support Activities for Transportation — 10.8%**<br>|  |
| 1690 | C.H. Robinson Worldwide, Inc. | 260243  |
| 1943 | Expeditors International of Washington, Inc. | 236852  |
| 313 | Forward Air Corp.<sup>(a)</sup> | 5887  |
| 1638 | GXO Logistics, Inc.<sup>(a)</sup> | 92072  |
| 868 | Hub Group, Inc. | 31968  |
| 1095 | J.B. Hunt Transport Services, Inc. | 184902  |
| 455 | Matson, Inc. | 45932  |

---

The accompanying notes are an integral part of these financial statements.

105<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Transportation Bull 3X Shares** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — (Continued)**<br>|  |
|  | **Support Activities for Transportation — (Continued)**<br>|  |
| 1462 | Norfolk Southern Corp. | $414302  |
| 1686 | XPO, Inc.<sup>(a)</sup> | 242565  |
|  |  | 1514723  |
|  | **Transit and Ground Passenger Transportation — 0.8%**<br>|  |
| 5695 | Lyft, Inc.<sup>(a)</sup> | 116520  |
|  | **Transportation Equipment Manufacturing — 0.9%**<br>|  |
| 7473 | Joby Aviation, Inc.<sup>(a)</sup> | 129582  |
|  | **Truck Transportation — 4.7%**<br>|  |
| 326 | ArcBest Corp. | 24228  |
| 215 | Covenant Logistics Group Inc. | 4337  |
| 654 | Heartland Express, Inc. | 5101  |
| 2323 | Knight-Swift Transportation Holdings, Inc. Class A | 104814  |
| 829 | Marten Transport Ltd. | 8497  |
| 2647 | Old Dominion Freight Line, Inc. | 371692  |
| 381 | Saia, Inc.<sup>(a)</sup> | 111442  |
| 713 | Schneider National, Inc. | 15237  |
| 856 | Werner Enterprises, Inc. | 22427  |
|  |  | 667775  |
|  | **Warehousing and Storage — 0.4%**<br>|  |
| 496 | Landstar System, Inc. | 63701  |
|  | **Water Transportation — 0.7%**<br>|  |
| 541 | Genco Shipping & Trading Ltd. ADR | 9219  |
| 799 | Kirby Corp.<sup>(a)</sup> | 82680  |
|  |  | 91899  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $8,262,582)** | $9138263  |
|  | **SHORT TERM INVESTMENTS — 30.6%**<br>|  |
|  | **Money Market Funds — 30.6%**<br>|  |
| 1587758 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(c)(d)</sup> | $1587758  |
| 1406392 | Dreyfus Treasury Securities Cash Management Institutional Shares, 3.87%<sup>(c)</sup> | 1406392  |
| 879793 | Goldman Sachs Financial Square Government Fund Institutional Shares, 4.05%<sup>(c)</sup> | 879793  |
| 425622 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(c)</sup> | 425622  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $4,299,565)** | $4299565  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $12,562,147) — 95.6%<sup>(e)</sup>** | $13437828  |
|  | Other Assets in Excess of Liabilities — 4.4% | 613490  |
|  | **TOTAL NET ASSETS — 100.0%** | $14051318 |

---

The accompanying notes are an integral part of these financial statements.

106<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Transportation Bull 3X Shares** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> A portion of this security represents a security on loan.

<sup>(c)</sup> Represents annualized seven-day yield at October 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 $10,140,162. 

ADR - American Depository Receipt

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation**  |
|  Total return of S&P Transportation Select Industry FMC Capped Index | SOFR + 0.8500% | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp;&nbsp; 1622 | $9939187 | $602165  |
|  Total return of S&P Transportation Select Industry FMC Capped Index | SOFR + 0.9500% | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp;&nbsp; 1334 | 7445781 | 1213283  |
|  Total return of S&P Transportation Select Industry FMC Capped Index | SOFR + 0.7000% | Barclays | 12/22/2025 | &nbsp;&nbsp;&nbsp; 2050 | 13137140 | 307320  |
|  |  |  |  |  | $30522108 | $2122768 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

107<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Utilities Bull 3X Shares** 

**Schedule of Investments** 

**October 31, 2025** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **COMMON STOCKS — 77.9%**<br>|  |
|  | **Oil and Gas Extraction — 2.9%**<br>|  |
| 16879 | Dominion Energy, Inc. | $990629  |
|  | **Utilities — 75.0%**<br>|  |
| 14083 | AES Corp. | 195331  |
| 5083 | Alliant Energy Corp. | 339646  |
| 5347 | Ameren Corp. | 545501  |
| 10577 | American Electric Power Co., Inc. | 1271990  |
| 3859 | American Water Works Co., Inc. | 495611  |
| 3175 | Atmos Energy Corp. | 545211  |
| 12912 | CenterPoint Energy, Inc. | 493755  |
| 5921 | CMS Energy Corp. | 435490  |
| 7134 | Consolidated Edison, Inc. | 694923  |
| 6180 | Constellation Energy Corp. | 2329860  |
| 4106 | DTE Energy Co. | 556527  |
| 15380 | Duke Energy Corp. | 1911734  |
| 7611 | Edison International | 421497  |
| 8830 | Entergy Corp. | 848475  |
| 4552 | Evergy, Inc. | 349639  |
| 7339 | Eversource Energy | 541692  |
| 19976 | Exelon Corp. | 921293  |
| 10279 | FirstEnergy Corp. | 471087  |
| 40730 | NextEra Energy, Inc. | 3315422  |
| 9314 | NiSource, Inc. | 392213  |
| 3826 | NRG Energy, Inc. | 657536  |
| 43470 | PG&E Corp. | 693781  |
| 2363 | Pinnacle West Capital Corp. | 209173  |
| 14627 | PPL Corp. | 534178  |
| 9870 | Public Service Enterprise Group, Inc. | 795127  |
| 12904 | Sempra Energy | 1186394  |
| 21758 | Southern Co. | 2046122  |
| 6299 | Vistra Corp. | 1186102  |
| 6366 | WEC Energy Group, Inc. | 711273  |
| 11697 | Xcel Energy, Inc. | 949445  |
|  |  | 26046028  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $23,938,729)** | $27036657  |
|  | **SHORT TERM INVESTMENTS — 25.0%**<br>|  |
|  | **Money Market Funds — 25.0%**<br>|  |
| 4545219 | Dreyfus Government Cash Management Institutional Shares, 4.00%<sup>(a)</sup> | $4545219  |
| 2532813 | &nbsp;&nbsp;&nbsp; Dreyfus Treasury Securities Cash Management Institutional Shares, <br>3.87%<sup>(a)</sup> | 2532813  |
| 1605328 | &nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Government Fund Institutional Shares, <br>4.05%<sup>(a)</sup> | 1605328  |

---

The accompanying notes are an integral part of these financial statements.

108<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Daily Utilities Bull 3X Shares** 

**Schedule of Investments** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value**  |
|  | **SHORT TERM INVESTMENTS — (Continued)**<br>|  |
|  | **Money Market Funds — (Continued)**<br>|  |
| 8237 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.89%<sup>(a)</sup> | $8237  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT TERM INVESTMENTS** <br>**(Cost $8,691,597)** | $8691597  |
|  | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS** <br>**(Cost $32,630,326) — 102.9%<sup>(b)</sup>** | $35728254  |
|  | Liabilities in Excess of Other Assets — (2.9)% | (1006071)  |
|  | **TOTAL NET ASSETS — 100.0%** | $34722183 |

---

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 October 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 $27,657,860. 

**Long Total Return Swap Contracts** 

**October 31, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be** <br>**Received at Termination** | **Terms of Payments** <br>**to be Paid at Termination** | **Counterparty** | **Termination** <br>**Date** | **Contracts** | **Notional** <br>**Amount** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
|  Total return of Utilities Select Sector Index | SOFR + 0.7500% | Goldman Sachs | 12/10/2025 | &nbsp;&nbsp; 14276 | $12159360 | &nbsp;&nbsp; $571133  |
|  Total return of Utilities Select Sector Index | SOFR + 0.7000% | J.P. Morgan | 12/16/2025 | &nbsp;&nbsp; 20774 | 16893884 | &nbsp;&nbsp; 1693518  |
|  Total return of Utilities Select Sector Index | SOFR + 0.4500% | UBS Securities LLC | 12/17/2025 | &nbsp;&nbsp; 30651 | 24035654 | &nbsp;&nbsp; 3223025  |
|  Total return of Utilities Select Sector Index | SOFR + 0.8500% | Citibank N.A. | 12/22/2025 | &nbsp;&nbsp; 500 | 470189 | &nbsp;&nbsp; (20396)  |
|  Total return of Utilities Select Sector Index | SOFR + 0.7000% | Barclays | 12/22/2025 | &nbsp;&nbsp; 19361 | 16050084 | &nbsp;&nbsp; 1244639  |
|  |  |  |  |  | $69609171 | &nbsp;&nbsp; $6711919 |

---

SOFR - Secured Overnight Financing Rate was 4.27% as of October 31, 2025.

The accompanying notes are an integral part of these financial statements.

109<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion** <br>**Daily 20+** <br>**Year Treasury** <br>**Bear 3X** <br>**Shares** | **Direxion** <br>**Daily 20+** <br>**Year Treasury** <br>**Bull 3X** <br>**Shares** | **Direxion** <br>**Daily 7-10** <br>**Year Treasury** <br>**Bear 3X** <br>**Shares** | **Direxion** <br>**Daily 7-10** <br>**Year Treasury** <br>**Bull 3X** <br>**Shares**  |
| **ASSETS:**<br>|  |  |  |  |
|  Investments, at fair value (including securities loaned\*) (Note 2) | $169016365 | $4477398324 | $10070747 | $53508064  |
| Cash |  | 11063567 |  | —  |
| Receivable for Fund shares sold |  | 1243 |  | 390  |
| Receivable for investments sold |  | 81252900 |  | —  |
| Dividend and interest receivable | 572190 | 4720169 | 35855 | 55263  |
| Due from broker for swap contracts |  | 717421 |  | 80188  |
| Unrealized appreciation on swap contracts | 6727700 | 186327808 | 8667 | 1859078  |
| Prepaid expenses and other assets | 31813 | 74298 | 5701 | 2344  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 176348068 | 4761555730 | 10120970 | 55505327  |
| **LIABILITIES:**<br>|  |  |  |  |
| Collateral for securities loaned (Note 2) |  | 2 |  | 1313375  |
| Payable for Fund shares redeemed |  | 4143719 |  | 1300059  |
| Unrealized depreciation on swap contracts | 2590677 | 41733421 | 315550 | —  |
| Due to Adviser, net (Note 6) | 59115 | 1535099 | 8157 | 23003  |
| Due to broker for swap contracts | 5620000 | 198126133 | 1134 | 2150000  |
| Accrued expenses and other liabilities | 44436 | 1535366 | 6473 | 16757  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 8314228 | 247073740 | 331314 | 4803194  |
| **NET ASSETS** | $168033840 | $4514481990 | $9789656 | $50702133  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $833591483 | $6616629465 | $55798659 | $68506291  |
| Total distributable loss | (665557643) | (2102147475) | (46009003) | (17804158)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $168033840 | $4514481990 | $9789656 | $50702133  |
|  **CALCULATION OF NET ASSET VALUE PER SHARE:**<br>|  |  |  |  |
| Net assets | $168033840 | $4514481990 | $9789656 | $50702133  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 4947044 | 108948386 | 750000 | 1950000  |
|  Net assets value, redemption price and offering price per share | $33.97 | $41.44 | $13.05 | $26.00  |
| Cost of Investments | $169016365 | $4404483572 | $10070747 | $53151946  |
| \*Value of securities loaned | $— | $1276896 | $— | $2137758 |

---

The accompanying notes are an integral part of these financial statements.

110<br>

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**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Aerospace &** <br>**Defense** <br>**Bull 3X Shares** | **Direxion Daily** <br>**Consumer** <br>**Discretionary** <br>**Bull 3X Shares** | **Direxion Daily** <br>**Dow Jones** <br>**Internet** <br>**Bear 3X Shares** | **Direxion Daily** <br>**Dow Jones** <br>**Internet** <br>**Bull 3X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
|  Investments, at fair value (including securities loaned\*) (Note 2) | $391140958 | $24826088 | $12436291 | $138893724  |
| Receivable for Fund shares sold |  | 785 |  | —  |
| Dividend and interest receivable | 474592 | 30909 | 42284 | 150401  |
| Due from broker for swap contracts |  | 97358 |  | —  |
| Unrealized appreciation on swap contracts | 150790006 | 7150920 | 33481 | 47027448  |
| Prepaid expenses and other assets | 8599 | 2156 | 14944 | 6758  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 542414155 | 32108216 | 12527000 | 186078331  |
| **LIABILITIES:**<br>|  |  |  |  |
| Collateral for securities loaned (Note 2) | 133153 |  |  | —  |
| Payable for Fund shares redeemed |  | 2614834 |  | —  |
| Unrealized depreciation on swap contracts |  |  | 2062852 | —  |
| Due to Adviser, net (Note 6) | 143898 | 19229 | 8102 | 52766  |
| Due to broker for swap contracts | 147018001 | 5930024 | 49647 | 40584000  |
| Accrued expenses and other liabilities | 126017 | 10392 | 3216 | 55811  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 147421069 | 8574479 | 2123817 | 40692577  |
| **NET ASSETS** | $394993086 | $23533737 | $10403183 | $145385754  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $171630888 | $32141004 | $81339941 | $172827651  |
| Total distributable earnings (loss) | 223362198 | (8607267) | (70936758) | (27441897)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $394993086 | $23533737 | $10403183 | $145385754  |
| &nbsp;&nbsp;&nbsp; **CALCULATION OF NET ASSET VALUE** <br>**PER SHARE:**<br>|  |  |  |  |
| Net assets | $394993086 | $23533737 | $10403183 | $145385754  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 5350001 | 450001 | 596780 | 4400001  |
|  Net assets value, redemption price and offering price per share | $73.83 | $52.30 | $17.43 | $33.04  |
| Cost of Investments | $334258410 | $21880301 | $12436291 | $117141431  |
| \*Value of securities loaned | $8407027 | $— | $— | $249759 |

---

The accompanying notes are an integral part of these financial statements.

111<br>

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**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Financial** <br>**Bear 3X Shares** | **Direxion Daily** <br>**Financial** <br>**Bull 3X Shares** | **Direxion Daily** <br>**FTSE China** <br>**Bear 3X Shares** | **Direxion Daily** <br>**FTSE China** <br>**Bull 3X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
|  Investments, at fair value (including securities loaned\*) (Note 2) | $121661367 | $2457204414 | $278429869 | $927017680  |
| Receivable for Fund shares sold | 13240911 |  |  | —  |
| Receivable for investments sold |  |  |  | 39701000  |
| Dividend and interest receivable | 407237 | 3392731 | 1000188 | 1650146  |
| Due from broker for swap contracts |  | 740 |  | 27  |
| Unrealized appreciation on swap contracts | 3143976 | 160388178 | 3986732 | 409708961  |
| Prepaid expenses and other assets | 10857 | 92230 | 8932 | 28575  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 138464348 | 2621078293 | 283425721 | 1378106389  |
| **LIABILITIES:**<br>|  |  |  |  |
| Collateral for securities loaned (Note 2) |  | 8848 |  | —  |
| Unrealized depreciation on swap contracts | 3052037 |  | 46405836 | —  |
| Due to Adviser, net (Note 6) | 43481 | 898533 | 86779 | 367176  |
| Due to broker for swap contracts | 3800000 | 144050002 | 2449182 | 438024680  |
| Accrued expenses and other liabilities | 44109 | 1039021 | 117180 | 588795  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 6939627 | 145996404 | 49058977 | 438980651  |
| **NET ASSETS** | $131524721 | $2475081889 | $234366744 | $939125738  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $3431751925 | $2074274727 | $616497351 | $1381228841  |
| Total distributable earnings (loss) | (3300227204) | 400807162 | (382130607) | (442103103)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $131524721 | $2475081889 | $234366744 | $939125738  |
|  **CALCULATION OF NET ASSET VALUE PER SHARE:**<br>|  |  |  |  |
| Net assets | $131524721 | $2475081889 | $234366744 | $939125738  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 2979993 | 15399289 | 10009937 | 19792767  |
|  Net assets value, redemption price and offering price per share | $44.14 | $160.73 | $23.41 | $47.45  |
| Cost of Investments | $121661367 | $2200333427 | $278429869 | $906534362  |
| \*Value of securities loaned | $— | $1031201 | $— | $— |

---

The accompanying notes are an integral part of these financial statements.

112<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**FTSE Europe** <br>**Bull 3X Shares** | **Direxion Daily** <br>**Healthcare** <br>**Bull 3X Shares** | **Direxion Daily** <br>**Homebuilders &** <br>**Supplies** <br>**Bull 3X Shares** | **Direxion Daily** <br>**Industrials** <br>**Bull 3X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
|  Investments, at fair value (including securities loaned\*) (Note 2) | $33443363 | $180402791 | $612088160 | $37424258  |
| Receivable for Fund shares sold |  |  | 25438 | —  |
| Receivable for investments sold |  |  |  | 41665  |
| Dividend and interest receivable | 58970 | 346455 | 856192 | 54811  |
| Due from broker for swap contracts |  |  | 5063991 | —  |
| Unrealized appreciation on swap contracts | 11092612 | 21317452 | 39303453 | 10689449  |
| Prepaid expenses and other assets | 4107 | 9478 | 9855 | 2637  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 44599052 | 202076176 | 657347089 | 48212820  |
| **LIABILITIES:**<br>|  |  |  |  |
| Unrealized depreciation on swap contracts |  |  | 13506921 | —  |
| Due to Adviser, net (Note 6) | 15598 | 68505 | 244032 | 15732  |
| Due to broker for swap contracts | 11578226 | 18638738 | 37901001 | 10313000  |
| Accrued expenses and other liabilities | 6548 | 71697 | 228758 | 16345  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 11600372 | 18778940 | 51880712 | 10345077  |
| **NET ASSETS** | $32998680 | $183297236 | $605466377 | $37867743  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $38754818 | $216544020 | $799724150 | $23921024  |
| Total distributable earnings (loss) | (5756138) | (33246784) | (194257773) | 13946719  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $32998680 | $183297236 | $605466377 | $37867743  |
| &nbsp;&nbsp;&nbsp; **CALCULATION OF NET ASSET VALUE** <br>**PER SHARE:**<br>|  |  |  |  |
| Net assets | $32998680 | $183297236 | $605466377 | $37867743  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 900001 | 2000008 | 10300000 | 500001  |
|  Net assets value, redemption price and offering price per share | $36.67 | $91.65 | $58.78 | $75.74  |
| Cost of Investments | $32622909 | $164500023 | $621436659 | $33907703  |
| \*Value of securities loaned | $— | $40051 | $4075671 | $241 |

---

The accompanying notes are an integral part of these financial statements.

113<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Mid Cap** <br>**Bull 3X Shares** | **Direxion Daily** <br>**MSCI Emerging** <br>**Markets** <br>**Bear 3X Shares** | **Direxion Daily** <br>**MSCI Emerging** <br>**Markets** <br>**Bull 3X Shares** | **Direxion Daily** <br>**MSCI Mexico** <br>**Bull 3X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
|  Investments, at fair value (including securities loaned\*) (Note 2) | $72770887 | $19515594 | $119995544 | $25274158  |
| Receivable for Fund shares sold | 736 |  | 14461 | —  |
| Dividend and interest receivable | 95178 | 61825 | 349061 | 38820  |
| Unrealized appreciation on swap contracts | 11814217 | 33282 | 39994398 | 10298277  |
| Prepaid expenses and other assets | 4052 | 12248 | 11236 | 8729  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 84685070 | 19622949 | 160364700 | 35619984  |
| **LIABILITIES:**<br>|  |  |  |  |
| Collateral for securities loaned (Note 2) | 181278 |  | 374552 | 5355751  |
| Payable for Fund shares redeemed | 2454910 |  |  | —  |
| Payable for investments purchased | 18549 |  |  | —  |
| Unrealized depreciation on swap contracts |  | 5838569 | 1169613 | —  |
| Due to Adviser, net (Note 6) | 30134 | 6110 | 39813 | 15747  |
| Due to broker for swap contracts | 10764120 |  | 40556717 | 10436345  |
| Accrued expenses and other liabilities | 37193 | 4179 | 13906 | 5290  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 13486184 | 5848858 | 42154601 | 15813133  |
| **NET ASSETS** | $71198886 | $13774091 | $118210099 | $19806851  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $79638235 | $366397570 | $337745483 | $17063151  |
| Total distributable earnings (loss) | (8439349) | (352623479) | (219535384) | 2743700  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $71198886 | $13774091 | $118210099 | $19806851  |
| &nbsp;&nbsp;&nbsp; **CALCULATION OF NET ASSET VALUE** <br>**PER SHARE:**<br>|  |  |  |  |
| Net assets | $71198886 | $13774091 | $118210099 | $19806851  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 1450132 | 384439 | 2131598 | 916025  |
|  Net assets value, redemption price and offering price per share | $49.10 | $35.83 | $55.46 | $21.62  |
| Cost of Investments | $66921618 | $19515594 | $119727196 | $24831463  |
| \*Value of securities loaned | $3697131 | $— | $365838 | $5191594 |

---

The accompanying notes are an integral part of these financial statements.

114<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**MSCI South** <br>**Korea** <br>**Bull 3X Shares** | **Direxion Daily** <br>**Pharmaceutical** <br>**& Medical** <br>**Bull 3X Shares** | **Direxion Daily** <br>**Real Estate** <br>**Bear 3X Shares** | **Direxion Daily** <br>**Real Estate** <br>**Bull 3X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
|  Investments, at fair value (including securities loaned\*) (Note 2) | $229793788 | $12271174 | $43643388 | $55908227  |
| Receivable for Fund shares sold |  |  |  | 321  |
| Dividend and interest receivable | 292748 | 14612 | 140115 | 61622  |
| Due from broker for swap contracts |  |  | 32 | —  |
| Unrealized appreciation on swap contracts | 132464202 | 3589905 | 4987962 | 773253  |
| Prepaid expenses and other assets | 3065 | 17482 | 37840 | 4704  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 362553803 | 15893173 | 48809337 | 56748127  |
| **LIABILITIES:**<br>|  |  |  |  |
| Collateral for securities loaned (Note 2) |  | 314538 |  | —  |
| Unrealized depreciation on swap contracts |  |  |  | 863620  |
| Due to Adviser, net (Note 6) | 116877 | 8463 | 14961 | 26437  |
| Due to broker for swap contracts | 121801051 | 3601309 | 5010751 | 760078  |
| Accrued expenses and other liabilities | 33875 | 3707 | 10389 | 14586  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 121951803 | 3928017 | 5036101 | 1664721  |
| **NET ASSETS** | $240602000 | $11965156 | $43773236 | $55083406  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $111694880 | $21771583 | $236340893 | $76884290  |
| Total distributable earnings (loss) | 128907120 | (9806427) | (192567657) | (21800884)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $240602000 | $11965156 | $43773236 | $55083406  |
| &nbsp;&nbsp;&nbsp; **CALCULATION OF NET ASSET VALUE** <br>**PER SHARE:**<br>|  |  |  |  |
| Net assets | $240602000 | $11965156 | $43773236 | $55083406  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 1329924 | 1350001 | 1684045 | 6250000  |
|  Net assets value, redemption price and offering price per share | $180.91 | $8.86 | $25.99 | $8.81  |
| Cost of Investments | $212401825 | $11140430 | $43643388 | $57378635  |
| \*Value of securities loaned | $— | $466738 | $— | $— |

---

The accompanying notes are an integral part of these financial statements.

115<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Regional Banks** <br>**Bull 3X Shares** | **Direxion Daily** <br>**Retail** <br>**Bull 3X Shares** | **Direxion Daily** <br>**S&P 500®** <br>**Bear 3X Shares** | **Direxion Daily** <br>**S&P 500®** <br>**Bull 3X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
|  Investments, at fair value (including securities loaned\*) (Note 2) | $831320769 | $29261751 | $546756846 | $6087547594  |
| Cash |  |  |  | 10645530  |
| Receivable for Fund shares sold |  |  | 26677193 | 16816  |
| Dividend and interest receivable | 1035059 | 39293 | 1906734 | 7396026  |
| Due from broker for swap contracts |  |  |  | 45  |
| Unrealized appreciation on swap contracts | 50690738 | 8126763 |  | 1483795459  |
| Prepaid expenses and other assets | 18933 | 27338 | 42901 | 118954  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 883065499 | 37455145 | 575383674 | 7589520424  |
| **LIABILITIES:**<br>|  |  |  |  |
| Collateral for securities loaned (Note 2) | 2204601 | 56821 |  | —  |
| Payable for Fund shares redeemed |  |  |  | 56053399  |
| Unrealized depreciation on swap contracts | 28303824 | 4778 | 129762349 | —  |
| Due to Adviser, net (Note 6) | 292851 | 22694 | 159951 | 1816321  |
| Due to broker for swap contracts | 49170713 | 8240040 | 44986 | 1452904024  |
| Accrued expenses and other liabilities | 208750 | 8087 | 203358 | 2551907  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 80180739 | 8332420 | 130170644 | 1513325651  |
| **NET ASSETS** | $802884760 | $29122725 | $445213030 | $6076194773  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $927509742 | $111469724 | $4133616102 | $4624256201  |
| Total distributable earnings (loss) | (124624982) | (82346999) | (3688403072) | 1451938572  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $802884760 | $29122725 | $445213030 | $6076194773  |
| &nbsp;&nbsp;&nbsp; **CALCULATION OF NET ASSET VALUE** <br>**PER SHARE:**<br>|  |  |  |  |
| Net assets | $802884760 | $29122725 | $445213030 | $6076194773  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 9823935 | 3571105 | 12517252 | 27100002  |
|  Net assets value, redemption price and offering price per share | $81.73 | $8.16 | $35.57 | $224.21  |
| Cost of Investments | $822833246 | $26531968 | $546756846 | $5551097010  |
| \*Value of securities loaned | $14522200 | $1737488 | $— | $3453669 |

---

The accompanying notes are an integral part of these financial statements.

116<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**S&P 500®** <br>**High Beta** <br>**Bear 3X Shares** | **Direxion Daily** <br>**S&P 500®** <br>**High Beta** <br>**Bull 3X Shares** | **Direxion Daily** <br>**S&P Biotech** <br>**Bear 3X Shares** | **Direxion Daily** <br>**S&P Biotech** <br>**Bull 3X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
|  Investments, at fair value (including securities loaned\*) (Note 2) | $44423933 | $59769023 | $109382849 | $808016319  |
| Receivable for Fund shares sold | 827888 |  | 2800813 | 2626  |
| Dividend and interest receivable | 151689 | 87040 | 364363 | 1254698  |
| Unrealized appreciation on swap contracts |  | 34482878 |  | 438190810  |
| Prepaid expenses and other assets | 11199 | 4208 | 5285 | 40653  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 45414709 | 94343149 | 112553310 | 1247505106  |
| **LIABILITIES:**<br>|  |  |  |  |
| Collateral for securities loaned (Note 2) |  |  |  | 19026842  |
| Payable for Fund shares redeemed |  |  |  | 297407  |
| Unrealized depreciation on swap contracts | 15179015 |  | 36688029 | —  |
| Due to Adviser, net (Note 6) | 9350 | 35861 | 28373 | 279028  |
| Due to broker for swap contracts |  | 33765001 | 1 | 423582063  |
| Accrued expenses and other liabilities | 5908 | 12371 | 33456 | 337361  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 15194273 | 33813233 | 36749859 | 443522701  |
| **NET ASSETS** | $30220436 | $60529916 | $75803451 | $803982405  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $231178956 | $28786971 | $473561681 | $2125250920  |
| Total distributable earnings (loss) | (200958520) | 31742945 | (397758230) | (1321268515)  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $30220436 | $60529916 | $75803451 | $803982405  |
|  **CALCULATION OF NET ASSET VALUE PER SHARE:**<br>|  |  |  |  |
| Net assets | $30220436 | $60529916 | $75803451 | $803982405  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 5475454 | 914370 | 2706480 | 6124486  |
|  Net assets value, redemption price and offering price per share | $5.52 | $66.20 | $28.01 | $131.27  |
| Cost of Investments | $44423933 | $52479616 | $109382849 | $746293213  |
| \*Value of securities loaned | $— | $866174 | $— | $33390199 |

---

The accompanying notes are an integral part of these financial statements.

117<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Semiconductor** <br>**Bear 3X Shares** | **Direxion Daily** <br>**Semiconductor** <br>**Bull 3X Shares** | **Direxion Daily** <br>**Small Cap** <br>**Bear 3X Shares** | **Direxion Daily** <br>**Small Cap** <br>**Bull 3X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
|  Investments, at fair value (including securities loaned\*) (Note 2) | $1687250627 | $13570714431 | $373487451 | $2392090270  |
| Cash |  | 6621892 |  | 9929646  |
| Receivable for Fund shares sold | 22450111 | 3465697 | 1929253 | 1868  |
| Receivable for investments sold |  | 9861155 |  | —  |
| Dividend and interest receivable | 6081592 | 17442404 | 1269602 | 2281818  |
| Due from broker for swap contracts |  | 24181319 |  | 7102  |
| Unrealized appreciation on swap contracts |  | 6887700384 | 853004 | 638450954  |
| Prepaid expenses and other assets | 30302 | 244162 | 23614 | 68227  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 1715812632 | 20520231444 | 377562924 | 3042829885  |
| **LIABILITIES:**<br>|  |  |  |  |
| Collateral for securities loaned (Note 2) |  | 40132995 |  | 373888674  |
| Payable for Fund shares redeemed |  |  |  | 26766  |
| Unrealized depreciation on swap contracts | 489769776 |  | 47236374 | —  |
| Due to Adviser, net (Note 6) | 442628 | 3967689 | 116690 | 767138  |
| Due to broker for swap contracts | 573306 | 6805347080 | 1945969 | 623675767  |
| Accrued expenses and other liabilities | 313950 | 3776411 | 115807 | 878121  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 491099660 | 6853224175 | 49414840 | 999236466  |
| **NET ASSETS** | $1224712972 | $13667007269 | $328148084 | $2043593419  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $5632900205 | $7447616306 | $4332130644 | $1961416581  |
| Total distributable earnings (loss) | (4408187233) | 6219390963 | (4003982560) | 82176838  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $1224712972 | $13667007269 | $328148084 | $2043593419  |
|  **CALCULATION OF NET ASSET VALUE PER SHARE:**<br>|  |  |  |  |
| Net assets | $1224712972 | $13667007269 | $328148084 | $2043593419  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 368236522 | 285900060 | 42522797 | 43750002  |
|  Net assets value, redemption price and offering price per share | $3.33 | $47.80 | $7.72 | $46.71  |
| Cost of Investments | $1687250627 | $12072238285 | $373487451 | $2196723117  |
| \*Value of securities loaned | $— | $42216610 | $— | $480989461 |

---

The accompanying notes are an integral part of these financial statements.

118<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**Statements of Assets and Liabilities** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Technology** <br>**Bear 3X Shares** | **Direxion Daily** <br>**Technology** <br>**Bull 3X Shares** | **Direxion Daily** <br>**Transportation** <br>**Bull 3X Shares** | **Direxion Daily** <br>**Utilities** <br>**Bull 3X Shares**  |
| **ASSETS:**<br>|  |  |  |  |
|  Investments, at fair value (including securities loaned\*) (Note 2) | $131446468 | $4786874646 | $13437828 | $35728254  |
| Cash |  | 51456018 |  | —  |
| Receivable for Fund shares sold | 1577330 | 4421 |  | —  |
| Dividend and interest receivable | 465455 | 5068281 | 17137 | 40019  |
| Unrealized appreciation on swap contracts |  | 1974615080 | 2122768 | 6732315  |
| Prepaid expenses and other assets | 7229 | 94397 | 17097 | 2669  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 133496482 | 6818112843 | 15594830 | 42503257  |
| **LIABILITIES:**<br>|  |  |  |  |
| Collateral for securities loaned (Note 2) |  |  | 10739 | —  |
| Payable for Fund shares redeemed | 1576857 | 14545377 |  | —  |
| Unrealized depreciation on swap contracts | 38181361 |  |  | 20396  |
| Due to Adviser, net (Note 6) | 37406 | 1426298 | 10591 | 16849  |
| Due to broker for swap contracts | 10806 | 2026411848 | 1518000 | 7726733  |
| Accrued expenses and other liabilities | 38238 | 1462260 | 4182 | 17096  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 39844668 | 2043845783 | 1543512 | 7781074  |
| **NET ASSETS** | $93651814 | $4774267060 | $14051318 | $34722183  |
| **Net Assets Consist of:**<br>|  |  |  |  |
| Capital stock | $691856352 | $2470828576 | $14835876 | $26530839  |
| Total distributable earnings (loss) | (598204538) | 2303438484 | (784558) | 8191344  |
| &nbsp;&nbsp;&nbsp; **Net assets** | $93651814 | $4774267060 | $14051318 | $34722183  |
| &nbsp;&nbsp;&nbsp; **CALCULATION OF NET ASSET VALUE** <br>**PER SHARE:**<br>|  |  |  |  |
| Net assets | $93651814 | $4774267060 | $14051318 | $34722183  |
|  Shares outstanding (unlimited shares of beneficial interest authorized, par value) | 5939102 | 32400000 | 500001 | 750001  |
|  Net assets value, redemption price and offering price per share | $15.77 | $147.35 | $28.10 | $46.30  |
| Cost of Investments | $131446468 | $3996781230 | $12562147 | $32630326  |
| \*Value of securities loaned | $— | $— | $65424 | $— |

---

The accompanying notes are an integral part of these financial statements.

119<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended October 31, 2025** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**20+ Year** <br>**Treasury** <br>**Bear 3X Shares** | **Direxion Daily** <br>**20+ Year** <br>**Treasury** <br>**Bull 3X Shares** | **Direxion Daily** <br>**7-10 Year** <br>**Treasury** <br>**Bear 3X Shares** | **Direxion Daily** <br>**7-10 Year** <br>**Treasury** <br>**Bull 3X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | $— | $161592780 | &nbsp;&nbsp; $— | $1348111  |
| Interest income | 7752737 | 74346723 | &nbsp;&nbsp; 508402 | 734801  |
| Securities lending income |  | 35332 | &nbsp;&nbsp; — | 2741  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 7752737 | 235974835 | &nbsp;&nbsp; 508402 | 2085653  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 1375172 | 38642641 | &nbsp;&nbsp; 89054 | 386929  |
| Interest expense | 910982 | 3609150 | &nbsp;&nbsp; 12466 | 29871  |
| Management service fees (Note 6) | 89257 | 2508063 | &nbsp;&nbsp; 5788 | 25111  |
| Licensing fees | 55007 | 1545706 | &nbsp;&nbsp; 10000 | 15477  |
| Professional fees | 21892 | 303938 | &nbsp;&nbsp; 9910 | 13018  |
| Reports to shareholders | 13809 | 388010 | &nbsp;&nbsp; 894 | 3885  |
| Exchange listing fees | 6161 | 4531 | &nbsp;&nbsp; 6161 | 6161  |
| Pricing fees | 4000 | 4000 | &nbsp;&nbsp; 4000 | 4000  |
| Trustees' fees and expenses | 3825 | 107446 | &nbsp;&nbsp; 252 | 1075  |
| Fund servicing fees | 27777 | 972946 | &nbsp;&nbsp; — | 5372  |
| Insurance fees | 2530 | 71098 | &nbsp;&nbsp; 167 | 724  |
| Other | 7510 | 252304 | &nbsp;&nbsp; 487 | 2166  |
| &nbsp;&nbsp;&nbsp; Total expenses | 2517922 | 48409833 | &nbsp;&nbsp; 139179 | 493789  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) |  |  | &nbsp;&nbsp; 3215 | 29253  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) |  |  | &nbsp;&nbsp; (17126) | (3062)  |
| &nbsp;&nbsp;&nbsp; Less: Investment advisory fees waived (Note 6) |  | (5804704) | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 2517922 | 42605129 | &nbsp;&nbsp; 125268 | 519980  |
| **Net investment income** | 5234815 | 193369706 | &nbsp;&nbsp; 383134 | 1565673  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities |  | (265788120) | &nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions |  | 87490025 | &nbsp;&nbsp; — | (100012)  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 27573306 | (574525346) | &nbsp;&nbsp; 153302 | (2133925)  |
| Net realized gain (loss) | 27573306 | (752823441) | &nbsp;&nbsp; 153302 | (2233937)  |
| Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities |  | 72120195 | &nbsp;&nbsp; — | 853751  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (21907478) | 126403643 | &nbsp;&nbsp; (817828) | 2727610  |
| Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | (21907478) | 198523838 | &nbsp;&nbsp; (817828) | 3581361  |
| **Net realized and unrealized gain (loss)** | 5665828 | (554299603) | &nbsp;&nbsp; (664526) | 1347424  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $10900643 | $(360929897) | &nbsp;&nbsp; $(281392) | $2913097 |

---

The accompanying notes are an integral part of these financial statements.

120<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Aerospace &** <br>**Defense** <br>**Bull 3X Shares** | **Direxion Daily** <br>**Consumer** <br>**Discretionary** <br>**Bull 3X Shares** | **Direxion Daily** <br>**Dow Jones** <br>**Internet** <br>**Bear 3X Shares** | **Direxion Daily** <br>**Dow Jones** <br>**Internet** <br>**Bull 3X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | $2080943 | $148849 | $— | $316220  |
| Interest income | 3113489 | 419726 | 555068 | 2330108  |
| Securities lending income | 5531 | 7 |  | 549  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 5199963 | 568582 | 555068 | 2646877  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 1804362 | 182096 | 89223 | 1143897  |
| Interest expense | 2268010 | 162482 | 30707 | 1061783  |
| Management service fees (Note 6) | 116925 | 11827 | 5802 | 74213  |
| Licensing fees | 192465 | 14336 | 10000 | 122016  |
| Professional fees | 27744 | 11742 | 11408 | 22563  |
| Reports to shareholders | 18098 | 1828 | 896 | 11485  |
| Exchange listing fees | 6161 | 6161 | 6161 | 6161  |
| Pricing fees | 4000 | 4000 | 4001 | 4001  |
| Trustees' fees and expenses | 4987 | 506 | 248 | 3180  |
| Fund servicing fees | 36869 | 1173 |  | 22448  |
| Insurance fees | 3312 | 335 | 171 | 2108  |
| Other | 9759 | 992 | 572 | 6242  |
| &nbsp;&nbsp;&nbsp; Total expenses | 4492692 | 397478 | 159189 | 2480097  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) |  | 3207 | 3644 | 6  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) |  | (7549) | (19111) | (6)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 4492692 | 393136 | 143722 | 2480097  |
| **Net investment income** | 707271 | 175446 | 411346 | 166780  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | (1771398) | (1564631) |  | (1982873)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 24220968 | 3005673 |  | 14057954  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 65934370 | 4485704 | (11133244) | 34131220  |
| Net realized gain (loss) | 88383940 | 5926746 | (11133244) | 46206301  |
| Change in net unrealized appreciation on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | 42064399 | 1325413 |  | 10590019  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 121756061 | 3430907 | 315570 | 20170694  |
| Change in net unrealized appreciation | 163820460 | 4756320 | 315570 | 30760713  |
| **Net realized and unrealized gain (loss)** | 252204400 | 10683066 | (10817674) | 76967014  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $252911671 | $10858512 | $(10406328) | $77133794 |

---

The accompanying notes are an integral part of these financial statements.

121<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Financial** <br>**Bear 3X Shares** | **Direxion Daily** <br>**Financial** <br>**Bull 3X Shares** | **Direxion Daily** <br>**FTSE China** <br>**Bear 3X Shares** | **Direxion Daily** <br>**FTSE China** <br>**Bull 3X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | $— | $27670862 | $— | $18357192  |
| Interest income | 4863238 | 32488290 | 10937996 | 30759497  |
| Securities lending income |  | 3642 |  | 2120  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 4863238 | 60162794 | 10937996 | 49118809  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 795022 | 19145697 | 1727645 | 10429513  |
| Interest expense | 145083 | 13472488 | 605044 | 12373773  |
| Management service fees (Note 6) | 51588 | 1242258 | 112154 | 677201  |
| Licensing fees | 62592 | 1507333 | 200637 | 1211214  |
| Professional fees | 24593 | 166288 | 24353 | 91637  |
| Reports to shareholders | 7981 | 192222 | 17346 | 104747  |
| Exchange listing fees | 6161 | 6161 | 6161 | 7856  |
| Pricing fees | 4000 | 4001 | 4001 | 4000  |
| Trustees' fees and expenses | 2207 | 53200 | 4799 | 29053  |
| Fund servicing fees | 14464 | 398376 | 34798 | 220946  |
| Insurance fees | 1462 | 35218 | 3178 | 19198  |
| Other | 5729 | 104437 | 11254 | 73368  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1120882 | 36327679 | 2751370 | 25242506  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) |  |  | 9930 | —  |
| &nbsp;&nbsp;&nbsp; Less: Investment advisory fees waived (Note 6) |  | (829339) |  | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 1120882 | 35498340 | 2761300 | 25242506  |
| **Net investment income** | 3742356 | 24664454 | 8176696 | 23876303  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities |  | (72064139) |  | (128845931)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions |  | 206750867 |  | 213624641  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (65256744) | 763848647 | (111469707) | (73085656)  |
| Net realized gain (loss) | (65256744) | 898535375 | (111469707) | 11693054  |
| Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities |  | 31487401 |  | 21029348  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 25047108 | (510539502) | (70987946) | 613335900  |
| Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | 25047108 | (479052101) | (70987946) | 634365248  |
| **Net realized and unrealized gain (loss)** | (40209636) | 419483274 | (182457653) | 646058302  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(36467280) | $444147728 | $(174280957) | $669934605 |

---

The accompanying notes are an integral part of these financial statements.

122<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**FTSE Europe** <br>**Bull 3X Shares** | **Direxion Daily** <br>**Healthcare** <br>**Bull 3X Shares** | **Direxion Daily** <br>**Homebuilders** <br>**& Supplies** <br>**Bull 3X Shares** | **Direxion Daily** <br>**Industrials** <br>**Bull 3X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | $600260 | $2198883 | $3308235 | $375449  |
| Interest income | 667972 | 1745606 | 6224832 | 495215  |
| Securities lending income | 21737 | 174 | 8105 | 63  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1289969 | 3944663 | 9541172 | 870727  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 245184 | 1189173 | 2826242 | 271364  |
| Interest expense | 229976 | 395489 | 2333897 | 282322  |
| Management service fees (Note 6) | 15922 | 77158 | 183126 | 17623  |
| Licensing fees | 10678 | 93623 | 301466 | 21364  |
| Professional fees | 12753 | 21260 | 35223 | 12846  |
| Reports to shareholders | 2462 | 11936 | 28349 | 2724  |
| Exchange listing fees | 6161 | 6161 | 6161 | 6161  |
| Pricing fees | 4000 | 4001 | 4000 | 4000  |
| Trustees' fees and expenses | 685 | 3300 | 7802 | 755  |
| Fund servicing fees | 1644 | 21669 | 57366 | 3119  |
| Insurance fees | 454 | 2206 | 5189 | 500  |
| Other | 1336 | 6472 | 15286 | 1479  |
| &nbsp;&nbsp;&nbsp; Total expenses | 531255 | 1832448 | 5804107 | 624257  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) | 13057 |  |  | 4820  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) | (3770) |  |  | (3029)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 540542 | 1832448 | 5804107 | 626048  |
| **Net investment income** | 749427 | 2112215 | 3737065 | 244679  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | (932644) | (15969119) | (56376481) | (1787774)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 2443033 | 6377937 | 31242608 | 3012563  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 1547836 | (17518050) | (152203498) | 5548369  |
| Net realized gain (loss) | 3058225 | (27109232) | (177337371) | 6773158  |
| Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | 563565 | 9532550 | (17438594) | 1310730  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 10156222 | 3784724 | (57647744) | 1442533  |
| Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | 10719787 | 13317274 | (75086338) | 2753263  |
| **Net realized and unrealized gain (loss)** | 13778012 | (13791958) | (252423709) | 9526421  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $14527439 | $(11679743) | $(248686644) | $9771100 |

---

The accompanying notes are an integral part of these financial statements.

123<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Mid Cap** <br>**Bull 3X Shares** | **Direxion Daily** <br>**MSCI Emerging** <br>**Markets** <br>**Bear 3X Shares** | **Direxion Daily** <br>**MSCI Emerging** <br>**Markets** <br>**Bull 3X Shares** | **Direxion Daily** <br>**MSCI Mexico** <br>**Bull 3X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | $887554 | $— | $248388 | $551544  |
| Less: Foreign Withholding Tax | (1093) |  |  | —  |
| Interest income | 1241543 | 802814 | 3172993 | 529466  |
| Securities lending income | 2703 |  | 2080 | 19313  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 2130707 | 802814 | 3423461 | 1100323  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 619087 | 124735 | 594825 | 161241  |
| Interest expense | 354106 | 23553 | 537016 | 165367  |
| Management service fees (Note 6) | 40173 | 8111 | 38569 | 10479  |
| Licensing fees | 66036 | 67500 | 80948 | 8599  |
| Professional fees | 16404 | 10146 | 16888 | 11360  |
| Reports to shareholders | 6216 | 1253 | 5968 | 1619  |
| Exchange listing fees | 6161 | 6161 | 6161 | 6161  |
| Pricing fees | 4000 | 4000 | 4000 | 4000  |
| Trustees' fees and expenses | 1722 | 347 | 1647 | 448  |
| Fund servicing fees | 9869 |  | 7548 | 622  |
| Insurance fees | 1149 | 237 | 1091 | 303  |
| Other | 3443 | 683 | 3225 | 1159  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1128366 | 246726 | 1297886 | 371358  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) | 13296 | 4218 | 14618 | 3437  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) | (3380) | (69393) | (22043) | (5189)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 1138282 | 181551 | 1290461 | 369606  |
| **Net investment income** | 992425 | 621263 | 2133000 | 730717  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | (3812334) |  | (375099) | (879536)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 1602041 |  | 806319 | 1942876  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (10351578) | (5624614) | 11197537 | (1988085)  |
| Net realized gain (loss) | (12561871) | (5624614) | 11628757 | (924745)  |
| Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | 3313688 |  | 437223 | 965146  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 608264 | (6274828) | 29505063 | 14683007  |
| Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | 3921952 | (6274828) | 29942286 | 15648153  |
| **Net realized and unrealized gain (loss)** | (8639919) | (11899442) | 41571043 | 14723408  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(7647494) | $(11278179) | $43704043 | $15454125 |

---

The accompanying notes are an integral part of these financial statements.

124<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**MSCI South** <br>**Korea** <br>**Bull 3X Shares** | **Direxion Daily** <br>**Pharmaceutical** <br>**& Medical** <br>**Bull 3X Shares** | **Direxion Daily** <br>**Real Estate** <br>**Bear 3X Shares** | **Direxion Daily** <br>**Real Estate** <br>**Bull 3X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | $1591487 | $111400 | $— | $1603996  |
| Interest income | 2215892 | 145456 | 2187769 | 988324  |
| Securities lending income |  | 3398 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 3807379 | 260254 | 2187769 | 2592320  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 808059 | 87942 | 378322 | 503901  |
| Interest expense | 781378 | 51564 | 132406 | 296774  |
| Management service fees (Note 6) | 52383 | 5715 | 24561 | 32702  |
| Licensing fees | 72621 | 20000 | 29785 | 39672  |
| Professional fees | 16866 | 9897 | 14935 | 14658  |
| Reports to shareholders | 8102 | 883 | 3799 | 5060  |
| Exchange listing fees | 10087 | 6161 | 6161 | 6161  |
| Pricing fees | 4000 | 4000 | 4000 | 4000  |
| Trustees' fees and expenses | 2232 | 248 | 1053 | 1402  |
| Fund servicing fees | 14521 |  | 6697 | 7225  |
| Insurance fees | 1467 | 164 | 714 | 938  |
| Other | 4741 | 469 | 2199 | 2779  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1776457 | 187043 | 604632 | 915272  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) | 35356 | 3055 | 10419 | 21743  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) | (6893) | (27140) | (3437) | (1966)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 1804920 | 162958 | 611614 | 935049  |
| **Net investment income** | 2002459 | 97296 | 1576155 | 1657271  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | (4758284) | (1420290) |  | (935626)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 17807686 | 1464869 |  | 4400171  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 13169049 | (1588218) | (12644097) | 6015255  |
| Net realized gain (loss) | 26218451 | (1543639) | (12644097) | 9479800  |
| Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | 18558100 | 328494 |  | (5756524)  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 139759775 | 1208182 | 15065450 | (23599615)  |
| Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | 158317875 | 1536676 | 15065450 | (29356139)  |
| **Net realized and unrealized gain (loss)** | 184536326 | (6963) | 2421353 | (19876339)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $186538785 | $90333 | $3997508 | $(18219068) |

---

The accompanying notes are an integral part of these financial statements.

125<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Regional Banks** <br>**Bull 3X Shares** | **Direxion Daily** <br>**Retail** <br>**Bull 3X Shares** | **Direxion Daily** <br>**S&P 500®** <br>**Bear 3X Shares** | **Direxion Daily** <br>**S&P 500®** <br>**Bull 3X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | $14580735 | $391654 | $— | $46764971  |
| Less: Foreign Withholding Tax | (59897) |  |  | (24573)  |
| Interest income | 10508868 | 561267 | 19448631 | 70393440  |
| Securities lending income | 28639 | 5714 |  | 9369  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 25058345 | 958635 | 19448631 | 117143207  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 5253915 | 290514 | 3096012 | 38313786  |
| Interest expense | 5523738 | 288259 | 954310 | 26114941  |
| Management service fees (Note 6) | 340801 | 18850 | 200902 | 2485100  |
| Licensing fees | 280209 | 20000 | 330241 | 4086804  |
| Professional fees | 53364 | 13488 | 37784 | 315589  |
| Reports to shareholders | 52736 | 2917 | 31083 | 384557  |
| Exchange listing fees | 6161 | 6161 | 4712 | 4411  |
| Pricing fees | 4000 | 4000 | 4000 | 4000  |
| Trustees' fees and expenses | 14582 | 813 | 8598 | 106354  |
| Fund servicing fees | 105585 | 2908 | 70458 | 1008630  |
| Insurance fees | 9677 | 539 | 5695 | 70440  |
| Other | 28595 | 1587 | 20683 | 208564  |
| &nbsp;&nbsp;&nbsp; Total expenses | 11673363 | 650036 | 4764478 | 73103176  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) |  | 1069 |  | —  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) |  | (1069) |  | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Investment advisory fees waived <br>(Note 6) |  |  |  | (5717010)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 11673363 | 650036 | 4764478 | 67386166  |
| **Net investment income** | 13384982 | 308599 | 14684153 | 49757041  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | (77840944) | (4371919) |  | (263994147)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 114119309 | 3766180 |  | 475515890  |
| &nbsp;&nbsp;&nbsp; Swap contracts | 189634299 | (1534086) | (173717660) | 776135954  |
| Futures contracts |  |  |  | 131420502  |
| Net realized gain (loss) | 225912664 | (2139825) | (173717660) | 1119078199  |
| Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities | (47989618) | 2506992 |  | 409116764  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (258177880) | 5554486 | (91161680) | 528302198  |
| Futures contracts |  |  |  | (16603003)  |
| Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | (306167498) | 8061478 | (91161680) | 920815959  |
| **Net realized and unrealized gain (loss)** | (80254834) | 5921653 | (264879340) | 2039894158  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(66869852) | $6230252 | $(250195187) | $2089651199 |

---

The accompanying notes are an integral part of these financial statements.

126<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**S&P 500®** <br>**High Beta** <br>**Bear 3X Shares** | **Direxion Daily** <br>**S&P 500®** <br>**High Beta** <br>**Bull 3X Shares** | **Direxion Daily** <br>**S&P Biotech** <br>**Bear 3X Shares** | **Direxion Daily** <br>**S&P Biotech** <br>**Bull 3X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | $— | $317301 | $— | $1103745  |
| Less: Foreign Withholding Tax |  | (1130) |  | —  |
| Interest income | 1355577 | 691947 | 2753368 | 12709734  |
| Securities lending income |  | 455 |  | 369183  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1355577 | 1008573 | 2753368 | 14182662  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 198496 | 361184 | 455546 | 5261855  |
| Interest expense | 98183 | 489848 | 374908 | 3543589  |
| Management service fees (Note 6) | 12898 | 23419 | 29541 | 341342  |
| Licensing fees | 21173 | 38526 | 48592 | 561265  |
| Professional fees | 12609 | 15178 | 15872 | 53630  |
| Reports to shareholders | 1993 | 3625 | 4573 | 52816  |
| Exchange listing fees | 6161 | 6161 | 4955 | 5703  |
| Pricing fees | 4000 | 4001 | 4000 | 4000  |
| Trustees' fees and expenses | 550 | 1002 | 1261 | 14605  |
| Fund servicing fees | 2024 | 5068 | 8203 | 111058  |
| Insurance fees | 373 | 660 | 835 | 9675  |
| Excise tax |  | 388 |  | —  |
| Other | 1167 | 1964 | 3173 | 28655  |
| &nbsp;&nbsp;&nbsp; Total expenses | 359627 | 951024 | 951459 | 9988193  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) | 3170 | 8014 | 7177 | —  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) | (13186) | (11303) | (6703) | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 349611 | 947735 | 951933 | 9988193  |
| **Net investment income** | 1005966 | 60838 | 1801435 | 4194469  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities |  | (4316151) |  | (169393275)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions |  | 8683776 |  | 146300145  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (20595785) | 2922356 | 15067783 | (108291271)  |
| Net realized gain (loss) | (20595785) | 7289981 | 15067783 | (131384401)  |
| Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities |  | 6860184 |  | 85331258  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (12891903) | 31757552 | (41345172) | 248263031  |
| Change in net unrealized appreciation <br>&nbsp;&nbsp;&nbsp;&nbsp;(depreciation) | (12891903) | 38617736 | (41345172) | 333594289  |
| **Net realized and unrealized gain (loss)** | (33487688) | 45907717 | (26277389) | 202209888  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(32481722) | $45968555 | $(24475954) | $206404357 |

---

The accompanying notes are an integral part of these financial statements.

127<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Semiconductor** <br>**Bear 3X Shares** | **Direxion Daily** <br>**Semiconductor** <br>**Bull 3X Shares** | **Direxion Daily** <br>**Small Cap** <br>**Bear 3X Shares** | **Direxion Daily** <br>**Small Cap** <br>**Bull 3X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | $— | $83824460 | $— | $16076365  |
| Less: Foreign Withholding Tax |  | (3461495) |  | —  |
| Interest income | 47465954 | 151573464 | 12958840 | 33059934  |
| Securities lending income |  | 3385062 |  | 322142  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 47465954 | 235321491 | 12958840 | 49458441  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 6982672 | 81708288 | 2173911 | 15718003  |
| Interest expense | 2901773 | 74727487 | 1928311 | 10101128  |
| Management service fees (Note 6) | 452476 | 5297540 | 141061 | 1019574  |
| Licensing fees | 279307 | 3268332 | 173913 | 1257440  |
| Professional fees | 65683 | 669103 | 30127 | 129478  |
| Reports to shareholders | 70087 | 820012 | 21823 | 157806  |
| Exchange listing fees | 3625 | 3624 | 5559 | 4834  |
| Pricing fees | 4001 | 4000 | 4001 | 4000  |
| Trustees' fees and expenses | 19351 | 226603 | 6035 | 43670  |
| Fund servicing fees | 148906 | 2532794 | 42178 | 332873  |
| Insurance fees | 12837 | 150181 | 3998 | 28912  |
| Other | 53119 | 444284 | 15298 | 85721  |
| &nbsp;&nbsp;&nbsp; Total expenses | 10993837 | 169852248 | 4546215 | 28883439  |
| &nbsp;&nbsp;&nbsp; Less: Investment advisory fees waived (Note 6) | (144) | (17288877) |  | (345761)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 10993693 | 152563371 | 4546215 | 28537678  |
| **Net investment income** | 36472261 | 82758120 | 8412625 | 20920763  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities |  | (2234885103) |  | (141458439)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions |  | 4115651504 |  | 194761589  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (996214031) | 2300820679 | (96549144) | (98598224)  |
| Net realized gain (loss) | (996214031) | 4181587080 | (96549144) | (45295074)  |
|  Change in net unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities |  | 1224844051 |  | 93025244  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (615377006) | 6663078716 | (31220665) | 400050636  |
|  Change in net unrealized appreciation (depreciation) | (615377006) | 7887922767 | (31220665) | 493075880  |
| **Net realized and unrealized gain (loss)** | (1611591037) | 12069509847 | (127769809) | 447780806  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(1575118776) | $12152267967 | $(119357184) | $468701569 |

---

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**DIREXION SHARES ETF TRUST** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily** <br>**Technology** <br>**Bear 3X Shares** | **Direxion Daily** <br>**Technology** <br>**Bull 3X Shares** | **Direxion Daily** <br>**Transportation** <br>**Bull 3X Shares** | **Direxion Daily** <br>**Utilities** <br>**Bull 3X Shares**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | $— | $15958693 | $174685 | $816421  |
| Less: Foreign Withholding Tax |  | (36198) |  | —  |
| Interest income | 3987984 | 48001267 | 224072 | 466403  |
| Securities lending income |  | 6212 | 315 | 48  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 3987984 | 63929974 | 399072 | 1282872  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fees (Note 6) | 641582 | 24372718 | 125182 | 285955  |
| Interest expense | 318619 | 24733130 | 64748 | 285799  |
| Management service fees (Note 6) | 41626 | 1580199 | 8133 | 18558  |
| Licensing fees | 50497 | 1918854 | 20000 | 22513  |
| Professional fees | 16865 | 202613 | 10983 | 12507  |
| Reports to shareholders | 6441 | 244533 | 1257 | 2871  |
| Exchange listing fees | 6161 | 10269 | 6161 | 6161  |
| Pricing fees | 4000 | 4001 | 4001 | 4000  |
| Trustees' fees and expenses | 1780 | 67522 | 350 | 794  |
| Fund servicing fees | 12930 | 514927 |  | 3283  |
| Insurance fees | 1196 | 44774 | 232 | 532  |
| Other | 4381 | 132253 | 684 | 1560  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1106078 | 53825793 | 241731 | 644533  |
| &nbsp;&nbsp;&nbsp; Recoupment of expenses to Adviser (Note 6) |  |  | 3237 | 5938  |
| &nbsp;&nbsp;&nbsp; Less: Reimbursement of expenses from Adviser (Note 6) |  |  | (21656) | (2463)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Investment advisory fees waived <br>(Note 6) |  | (1999391) |  | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 1106078 | 51826402 | 223312 | 648008  |
| **Net investment income** | 2881906 | 12103572 | 175760 | 634864  |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |  |  |
| Net realized gain (loss) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities |  | (131435581) | (1492975) | (1025169)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions |  | 230319570 | 1935295 | 2107243  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (57665479) | 383040616 | (2007002) | 16723192  |
| Net realized gain (loss) | (57665479) | 481924605 | (1564682) | 17805266  |
|  Change in net unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities |  | 582467568 | (294196) | 1422062  |
| &nbsp;&nbsp;&nbsp; Swap contracts | (42853074) | 1405670298 | 922490 | (13343580)  |
|  Change in net unrealized appreciation (depreciation) | (42853074) | 1988137866 | 628294 | (11921518)  |
| **Net realized and unrealized gain (loss)** | (100518553) | 2470062471 | (936388) | 5883748  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(97636647) | $2482166043 | $(760628) | $6518612 |

---

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily 20+ Year** <br>**Treasury Bear 3X Shares** | **Direxion Daily 20+ Year** <br>**Treasury Bear 3X Shares** | **Direxion Daily 20+ Year** <br>**Treasury Bull 3X Shares**  | **Direxion Daily 20+ Year** <br>**Treasury Bull 3X Shares**  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $5234815 | $8521496 | $193369706 | $165170888  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 27573306 | (84727793) | (752823441) | (481990690)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (21907478) | (35851867) | 198523838 | 747707057  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 10900643 | (112058164) | (360929897) | 430887255  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (5421314) | (9322553) | (194820204) | (160750393)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (5421314) | (9322553) | (194820204) | (160750393)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 302022912 | 2349060046 | 3226985855 | 12461286545  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (317294708) | (2453063679) | (4219212857) | (8968495310)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 95188 | 1572279 | 985261 | 2442361  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | (15176608) | (102431354) | (991241741) | 3495233596  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in net** <br>**assets** | (9697279) | (223812071) | (1546991842) | 3765370458  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 177731119 | 401543190 | 6061473832 | 2296103374  |
| &nbsp;&nbsp;&nbsp; End of year | $168033840 | $177731119 | $4514481990 | $6061473832  |
| **CHANGES IN SHARES OUTSTANDING** | **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of <br>year | 5147044 | 7797044 | 126198386 | 57830000  |
| &nbsp;&nbsp;&nbsp; Shares sold | 8300000 | 67650000 | 80550000 | 236425000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (8500000) | (70300000) | (97800000) | (168056614)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year** | 4947044 | 5147044 | 108948386 | 126198386 |

---

The accompanying notes are an integral part of these financial statements.

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**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily 7-10 Year** <br>**Treasury Bear 3X Shares** | **Direxion Daily 7-10 Year** <br>**Treasury Bear 3X Shares** | **Direxion Daily 7-10 Year** <br>**Treasury Bull 3X Shares**  | **Direxion Daily 7-10 Year** <br>**Treasury Bull 3X Shares**  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $383134 | $663079 | $1565673 | $1466477  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 153302 | 1891636 | (2233937) | (1118015)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (817828) | (6176265) | 3581361 | 7999329  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (281392) | (3621550) | 2913097 | 8347791  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (406054) | (715511) | (1573124) | (1486393)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (406054) | (715511) | (1573124) | (1486393)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 5520412 | 7143989 | 29068677 | 43372533  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (9792203) | (17695600) | (32508232) | (41736665)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 2938 | 5309 | 9160 | 10569  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | (4268853) | (10546302) | (3430395) | 1646437  |
| **Total increase (decrease) in net assets** | (4956299) | (14883363) | (2090422) | 8507835  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 14745955 | 29629318 | 52792555 | 44284720  |
| &nbsp;&nbsp;&nbsp; End of year | $9789656 | $14745955 | $50702133 | $52792555  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year | 1050000 | 1800000 | 2100000 | 1950000  |
| &nbsp;&nbsp;&nbsp; Shares sold | 400000 | 500000 | 1150000 | 1650000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (700000) | (1250000) | (1300000) | (1500000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year** | 750000 | 1050000 | 1950000 | 2100000 |

---

The accompanying notes are an integral part of these financial statements.

131<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily Aerospace &** <br>**Defense Bull 3X Shares** | **Direxion Daily Aerospace &** <br>**Defense Bull 3X Shares** | **Direxion Daily Consumer** <br>**Discretionary Bull 3X Shares**  | **Direxion Daily Consumer** <br>**Discretionary Bull 3X Shares**  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $707271 | $2355683 | $175446 | $271627  |
| &nbsp;&nbsp;&nbsp; Net realized gain | 88383940 | 65174203 | 5926746 | 7518574  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation | 163820460 | 43298484 | 4756320 | 9706732  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 252911671 | 110828370 | 10858512 | 17496933  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (21298295) | (2077148) | (186171) | (266362)  |
| &nbsp;&nbsp;&nbsp; Return of capital |  |  | (9556)  |  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (21298295) | (2077148) | (195727) | (266362)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 155985037 | 40869864 | 2996796 | 2383352  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (179621757) | (118032980) | (13058908) | (21610377)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 46365 | 24752 | 2873 | 4492  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets resulting from capital transactions** | (23590355) | (77138364) | (10059239) | (19222533)  |
| **Total increase (decrease) in net assets** | 208023021 | 31612858 | 603546 | (1991962)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 186970065 | 155357207 | 22930191 | 24922153  |
| &nbsp;&nbsp;&nbsp; End of year | $394993086 | $186970065 | $23533737 | $22930191  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year | 5950001 | 9500001 | 600001 | 1150001  |
| &nbsp;&nbsp;&nbsp; Shares sold | 2700000 | 1350000 | 100000 | 100000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (3300000) | (4900000) | (250000) | (650000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year** | 5350001 | 5950001 | 450001 | 600001 |

---

The accompanying notes are an integral part of these financial statements.

132<br>

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**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily Dow Jones** <br>**Internet Bear 3X Shares<sup>1</sup>** | **Direxion Daily Dow Jones** <br>**Internet Bear 3X Shares<sup>1</sup>** | **Direxion Daily Dow Jones** <br>**Internet Bull 3X Shares**  | **Direxion Daily Dow Jones** <br>**Internet Bull 3X Shares**  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $411346 | $949955 | $166780 | $(23308)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (11133244) | (22875904) | 46206301 | 122547695  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 315570 | (3874887) | 30760713 | 16436559  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (10406328) | (25800836) | 77133794 | 138960946  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (442625) | (1078267) | (154537) | —  |
| &nbsp;&nbsp;&nbsp; Return of capital  | —  | —  | (237252)  | —  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (442625) | (1078267) | (391789) | —  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 13252505 | 41575860 | 12634569 | 30848130  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (9130215) | (34232422) | (78862921) | (153623373)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 2736 | 10270 | 19265 | 32983  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | 4125026 | 7353708 | (66209087) | (122742260)  |
| **Total increase (decrease) in net assets** | (6723927) | (19525395) | 10532918 | 16218686  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 17127110 | 36652505 | 134852836 | 118634150  |
| &nbsp;&nbsp;&nbsp; End of year | $10403183 | $17127110 | $145385754 | $134852836  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year | 346995 | 231995 | 6600001 | 13750001  |
| &nbsp;&nbsp;&nbsp; Shares sold | 500000 | 575000 | 550000 | 1850000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (250215) | (460000) | (2750000) | (9000000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year** | 596780 | 346995 | 4400001 | 6600001 |

---

<sup>1</sup> Effective November 4, 2024, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split.

The accompanying notes are an integral part of these financial statements.

133<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily Financial** <br>**Bear 3X Shares<sup>1</sup>** | **Direxion Daily Financial** <br>**Bear 3X Shares<sup>1</sup>** | **Direxion Daily Financial** <br>**Bull 3X Shares**  | **Direxion Daily Financial** <br>**Bull 3X Shares**  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $3742356 | $6460140 | $24664454 | $26909433  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (65256744) | (99496728) | 898535375 | 856150641  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 25047108 | (56008541) | (479052101) | 1094151753  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (36467280) | (149045129) | 444147728 | 1977211827  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (3973001) | (6527992) | (24082233) | (29119868)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (3973001) | (6527992) | (24082233) | (29119868)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 355710291 | 1300328127 | 1969543540 | 1245752570  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (312155117) | (1184411043) | (2289247027) | (2252694744)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 93642 | 355324 | 609684 | 535777  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | 43648816 | 116272408 | (319093803) | (1006406397)  |
| **Total increase (decrease) in net assets** | 3208535 | (39300713) | 100971692 | 941685562  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 128316186 | 167616899 | 2374110197 | 1432424635  |
| &nbsp;&nbsp;&nbsp; End of year | $131524721 | $128316186 | $2475081889 | $2374110197  |
|  **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year | 1745335 | 775335 | 17149289 | 26799289  |
| &nbsp;&nbsp;&nbsp; Shares sold | 7000000 | 10185000 | 11950000 | 13050000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (5765342) | (9215000) | (13700000) | (22700000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year** | 2979993 | 1745335 | 15399289 | 17149289 |

---

<sup>1</sup> Effective September 29, 2025, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split.

The accompanying notes are an integral part of these financial statements.

134<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily FTSE China** <br>**Bear 3X Shares<sup>1</sup>** | **Direxion Daily FTSE China** <br>**Bear 3X Shares<sup>1</sup>** | **Direxion Daily FTSE China** <br>**Bull 3X Shares**  | **Direxion Daily FTSE China** <br>**Bull 3X Shares**  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $8176696 | $6108210 | $23876303 | $22756675  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (111469707) | (100693444) | 11693054 | (9619915)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (70987946) | 6661370 | 634365248 | (64464717)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (174280957) | (87923864) | 669934605 | (51327957)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (8199014) | (5609445) | (25870732) | (21768257)  |
| &nbsp;&nbsp;&nbsp; Return of capital |  |  | (2879095) |  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (8199014) | (5609445) | (28749827) | (21768257)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 1236610413 | 1293303648 | 185777928 | 2579332385  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (1004548093) | (1139625705) | (1904530350) | (1132836355)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 301333 | 341887 | 747575 | 14490359  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | 232363653 | 154019830 | (1718004847) | 1460986389  |
| **Total increase (decrease) in net assets** | 49883682 | 60486521 | (1076820069) | 1387890175  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 184483062 | 123996541 | 2015945807 | 628055632  |
| &nbsp;&nbsp;&nbsp; End of year | $234366744 | $184483062 | $939125738 | $2015945807  |
|  **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of <br>year | 2501367 | 513867 | 61092767 | 25042767  |
| &nbsp;&nbsp;&nbsp; Shares sold | 30900000 | 10320000 | 5850000 | 84050000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (23391430) | (8332500) | (47150000) | (48000000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year** | 10009937 | 2501367 | 19792767 | 61092767 |

---

<sup>1</sup> Effective November 4, 2024, the Fund had a 1:20 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:20 stock split.

The accompanying notes are an integral part of these financial statements.

135<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily FTSE Europe** <br>**Bull 3X Shares** | **Direxion Daily FTSE Europe** <br>**Bull 3X Shares** | **Direxion Daily Healthcare** <br>**Bull 3X Shares**  | **Direxion Daily Healthcare** <br>**Bull 3X Shares**  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $749427 | $640156 | $2112215 | $2172749  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 3058225 | 6185685 | (27109232) | 5377132  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 10719787 | 2844458 | 13317274 | 63996255  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 14527439 | 9670299 | (11679743) | 71546136  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (762109) | (699054) | (1880143) | (2549412)  |
| &nbsp;&nbsp;&nbsp; Return of capital | (5819) |  |  | (2143)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (767928) | (699054) | (1880143) | (2551555)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 34932753 | 4085054 | 129362497 | 11362108  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (37561297) | (8715207) | (86424872) | (80544553)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 8855 | 1998 | 23346 | 19070  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | (2619689) | (4628155) | 42960971 | (69163375)  |
| **Total increase (decrease) in net assets** | 11139822 | 4343090 | 29401085 | (168794)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 21858858 | 17515768 | 153896151 | 154064945  |
| &nbsp;&nbsp;&nbsp; End of year | $32998680 | $21858858 | $183297236 | $153896151  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year | 900001 | 1100001 | 1350008 | 1950008  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1250000 | 150000 | 1600000 | 100000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (1250000) | (350000) | (950000) | (700000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year** | 900001 | 900001 | 2000008 | 1350008 |

---

The accompanying notes are an integral part of these financial statements.

136<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily Homebuilders &** <br>**Supplies Bull 3X Shares** | **Direxion Daily Homebuilders &** <br>**Supplies Bull 3X Shares** | **Direxion Daily Industrials** <br>**Bull 3X Shares**  | **Direxion Daily Industrials** <br>**Bull 3X Shares**  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $3737065 | $1365901 | $244679 | $344964  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (177337371) | 217739079 | 6773158 | 7539342  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (75086338) | 59300635 | 2753263 | 14446912  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (248686644) | 278405615 | 9771100 | 22331218  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (3905558) | (1197408) | (2195188) | (331010)  |
| &nbsp;&nbsp;&nbsp; Return of capital | (7997) |  |  |  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (3913555) | (1197408) | (2195188) | (331010)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 1002070402 | 236073974 | 6205608 | 13931367  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (472472996) | (334550672) | (12926326) | (18667117)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 109982 | 68545 | 2585 | 3734  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | 529707388 | (98408153) | (6718133) | (4732016)  |
| **Total increase in net assets** | 277107189 | 178800054 | 857779 | 17268192  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 328359188 | 149559134 | 37009964 | 19741772  |
| &nbsp;&nbsp;&nbsp; End of year | $605466377 | $328359188 | $37867743 | $37009964  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year | 2550000 | 3400000 | 600001 | 700001  |
| &nbsp;&nbsp;&nbsp; Shares sold | 13450000 | 2000000 | 100000 | 300000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (5700000) | (2850000) | (200000) | (400000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year** | 10300000 | 2550000 | 500001 | 600001 |

---

The accompanying notes are an integral part of these financial statements.

137<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily Mid Cap** <br>**Bull 3X Shares** | **Direxion Daily Mid Cap** <br>**Bull 3X Shares** | **Direxion Daily MSCI Emerging** <br>**Markets Bear 3X Shares<sup>1</sup>**  | **Direxion Daily MSCI Emerging** <br>**Markets Bear 3X Shares<sup>1</sup>**  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $992425 | $1026649 | $621263 | $823979  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (12561871) | 12400838 | (5624614) | (7688934)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 3921952 | 21357253 | (6274828) | (4222853)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (7647494) | 34784740 | (11278179) | (11087808)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (986221) | (1139996) | (620822) | (876879)  |
| &nbsp;&nbsp;&nbsp; Return of capital | (7150) |  |  |  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (993371) | (1139996) | (620822) | (876879)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 43915541 | 158173809 | 40763981 | 25497054  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (46460042) | (149058478) | (31891427) | (24931937)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 12957 | 37987 | 9566 | 7480  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | (2531544) | 9153318 | 8882120 | 572597  |
| **Total increase (decrease) in net assets** | (11172409) | 42798062 | (3016881) | (11392090)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 82371295 | 39573233 | 16790972 | 28183062  |
| &nbsp;&nbsp;&nbsp; End of year | $71198886 | $82371295 | $13774091 | $16790972  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year | 1550132 | 1400132 | 209523 | 184523  |
| &nbsp;&nbsp;&nbsp; Shares sold | 850000 | 3150000 | 705000 | 240000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (950000) | (3000000) | (530084) | (215000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year** | 1450132 | 1550132 | 384439 | 209523 |

---

<sup>1</sup> Effective September 29, 2025, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split.

The accompanying notes are an integral part of these financial statements.

138<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily MSCI Emerging** <br>**Markets Bull 3X Shares** | **Direxion Daily MSCI Emerging** <br>**Markets Bull 3X Shares** | **Direxion Daily MSCI Mexico** <br>**Bull 3X Shares**  | **Direxion Daily MSCI Mexico** <br>**Bull 3X Shares**  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $2133000 | $2979031 | $730717 | $536961  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 11628757 | 4414925 | (924745) | (5764550)  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 29942286 | 26408297 | 15648153 | (4031027)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 43704043 | 33802253 | 15454125 | (9258616)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (2229310) | (3081697) | (783139) | (491027)  |
| &nbsp;&nbsp;&nbsp; Return of capital |  |  | (26251) |  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (2229310) | (3081697) | (809390) | (491027)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 44037969 | 49600858 | 17249877 | 37515556  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (50021254) | (62657346) | (36935486) | (13468682)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 12204 | 14824 | 7905 | 3342  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | (5971081) | (13041664) | (19677704) | 24050216  |
| **Total increase (decrease) in net assets** | 35503652 | 17678892 | (5032969) | 14300573  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 82706447 | 65027555 | 24839820 | 10539247  |
| &nbsp;&nbsp;&nbsp; End of year | $118210099 | $82706447 | $19806851 | $24839820  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year | 2431598 | 2881598 | 2066025 | 566025  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1200000 | 1550000 | 1500000 | 2250000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (1500000) | (2000000) | (2650000) | (750000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year** | 2131598 | 2431598 | 916025 | 2066025 |

---

The accompanying notes are an integral part of these financial statements.

139<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily MSCI South** <br>**Korea Bull 3X Shares<sup>1</sup>** | **Direxion Daily MSCI South** <br>**Korea Bull 3X Shares<sup>1</sup>** | **Direxion Daily Pharmaceutical &** <br>**Medical Bull 3X Shares**  | **Direxion Daily Pharmaceutical &** <br>**Medical Bull 3X Shares**  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $2002459 | $959553 | $97296 | $216209  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 26218451 | 4484121 | (1543639) | 133597  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation | 158317875 | 230282 | 1536676 | 7091853  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 186538785 | 5673956 | 90333 | 7441659  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (2065447) | (970525) | (107317) | (221030)  |
| &nbsp;&nbsp;&nbsp; Return of capital | (46735) |  |  |  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (2112182) | (970525) | (107317) | (221030)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 155020212 | 79679151 | 6526405 | 11773287  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (156575554) | (52751531) | (9318520) | (12404588)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 34592 | 12120 | 2020 | 2700  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | (1520750) | 26939740 | (2790095) | (628601)  |
| **Total increase (decrease) in net assets** | 182905853 | 31643171 | (2807079) | 6592028  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 57696147 | 26052976 | 14772235 | 8180207  |
| &nbsp;&nbsp;&nbsp; End of year | $240602000 | $57696147 | $11965156 | $14772235  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year | 1035000 | 475000 | 1650001 | 1600001  |
| &nbsp;&nbsp;&nbsp; Shares sold | 2905000 | 1200000 | 1200000 | 1700000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (2610076) | (640000) | (1500000) | (1650000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year** | 1329924 | 1035000 | 1350001 | 1650001 |

---

<sup>1</sup> Effective February 10, 2025, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split.

The accompanying notes are an integral part of these financial statements.

140<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily Real Estate** <br>**Bear 3X Shares** | **Direxion Daily Real Estate** <br>**Bear 3X Shares** | **Direxion Daily Real Estate** <br>**Bull 3X Shares**  | **Direxion Daily Real Estate** <br>**Bull 3X Shares**  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $1576155 | $3538315 | $1657271 | $2138367  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (12644097) | (47746100) | 9479800 | 2625106  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 15065450 | (48922997) | (29356139) | 43667147  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | 3997508 | (93130782) | (18219068) | 48430620  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (1783069) | (3854456) | (1375769) | (1897536)  |
| &nbsp;&nbsp;&nbsp; Return of capital |  |  | (136053) | (104343)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (1783069) | (3854456) | (1511822) | (2001879)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 8697950 | 334872148 | 25588634 | 55846289  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (33506698) | (323587303) | (47404823) | (50377351)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 10052 | 97076 | 10497 | 10992  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | (24798696) | 11381921 | (21805692) | 5479930  |
| **Total increase (decrease) in net assets** | (22584257) | (85603317) | (41536582) | 51908671  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 66357493 | 151960810 | 96619988 | 44711317  |
| &nbsp;&nbsp;&nbsp; End of year | $43773236 | $66357493 | $55083406 | $96619988  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year | 2584045 | 2334045 | 8100000 | 7300000  |
| &nbsp;&nbsp;&nbsp; Shares sold | 350000 | 8000000 | 2700000 | 5950000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (1250000) | (7750000) | (4550000) | (5150000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year** | 1684045 | 2584045 | 6250000 | 8100000 |

---

The accompanying notes are an integral part of these financial statements.

141<br>

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**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily Regional Banks** <br>**Bull 3X Shares** | **Direxion Daily Regional Banks** <br>**Bull 3X Shares** | **Direxion Daily Retail** <br>**Bull 3X Shares**  | **Direxion Daily Retail** <br>**Bull 3X Shares**  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $13384982 | $18469771 | $308599 | $667000  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 225912664 | 343059316 | (2139825) | 19505410  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (306167498) | 369631528 | 8061478 | 6868023  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (66869852) | 731160615 | 6230252 | 27040433  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (12995321) | (18854004) | (334722) | (698835)  |
| &nbsp;&nbsp;&nbsp; Return of capital |  |  | (32400) |  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (12995321) | (18854004) | (367122) | (698835)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 1015168394 | 937670554 | 25954024 | 34649148  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (895535798) | (1335137365) | (43471205) | (59193535)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 203305 | 293603 | 11519 | 13827  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | 119835901 | (397173208) | (17505662) | (24530560)  |
| **Total increase (decrease) in net assets** | 39970728 | 315133403 | (11642532) | 1811038  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 762914032 | 447780629 | 40765257 | 38954219  |
| &nbsp;&nbsp;&nbsp; End of year | $802884760 | $762914032 | $29122725 | $40765257  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year | 6973935 | 9973935 | 4871105 | 7621105  |
| &nbsp;&nbsp;&nbsp; Shares sold | 11300000 | 12950000 | 3600000 | 4100000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (8450000) | (15950000) | (4900000) | (6850000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year** | 9823935 | 6973935 | 3571105 | 4871105 |

---

The accompanying notes are an integral part of these financial statements.

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**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily S&P 500<sup>®</sup>** <br>**Bear 3X Shares<sup>1</sup>** | **Direxion Daily S&P 500<sup>®</sup>** <br>**Bear 3X Shares<sup>1</sup>** | **Direxion Daily S&P 500<sup>®</sup>** <br>**Bull 3X Shares**  | **Direxion Daily S&P 500<sup>®</sup>** <br>**Bull 3X Shares**  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $14684153 | $25344974 | $49757041 | $40687561  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (173717660) | (351457650) | 1119078199 | 1639702297  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (91161680) | (150052216) | 920815959 | 1221622789  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (250195187) | (476164892) | 2089651199 | 2902012647  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (14948245) | (26415736) | (50861159) | (39739010)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (14948245) | (26415736) | (50861159) | (39739010)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 1351677755 | 2080772133 | 7138211637 | 8725894453  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (1143381050) | (1768756462) | (8009639674) | (9309585771)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 343009 | 1326302 | 2127879 | 2837580  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | 208639714 | 313341973 | (869300158) | (580853738)  |
| **Total increase (decrease) in net assets** | (56503718) | (189238655) | 1169489882 | 2281419899  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 501716748 | 690955403 | 4906704891 | 2625284992  |
| &nbsp;&nbsp;&nbsp; End of year | $445213030 | $501716748 | $6076194773 | $4906704891  |
| **CHANGES IN SHARES OUTSTANDING** | **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of <br>year | 7277692 | 4077692 | 31150002 | 36400002  |
| &nbsp;&nbsp;&nbsp; Shares sold | 24645000 | 21190000 | 44800000 | 74600000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (19405440) | (17990000) | (48850000) | (79850000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year** | 12517252 | 7277692 | 27100002 | 31150002 |

---

<sup>1</sup> Effective September 29, 2025, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split.

The accompanying notes are an integral part of these financial statements.

143<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily S&P 500<sup>®</sup>** <br>**High Beta Bear 3X Shares** | **Direxion Daily S&P 500<sup>®</sup>** <br>**High Beta Bear 3X Shares** | **Direxion Daily S&P 500<sup>®</sup>** <br>**High Beta Bull 3X Shares**  | **Direxion Daily S&P 500<sup>®</sup>** <br>**High Beta Bull 3X Shares**  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $1005966 | $1609897 | $60838 | $681610  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (20595785) | (20736858) | 7289981 | 34108089  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (12891903) | (20988628) | 38617736 | 17133141  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (32481722) | (40115589) | 45968555 | 51922840  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (980052) | (1760835) | (253568) | (684425)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (980052) | (1760835) | (253568) | (684425)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 94402813 | 71603904 | 50400785 | 27106274  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (60580094) | (61523668) | (74710089) | (98444169)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 18174 | 18457 | 18618 | 22138  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | 33840893 | 10098693 | (24290686) | (71315757)  |
| **Total increase (decrease) in net assets** | 379119 | (31777731) | 21424301 | (20077342)  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 29841317 | 61619048 | 39105615 | 59182957  |
| &nbsp;&nbsp;&nbsp; End of year | $30220436 | $29841317 | $60529916 | $39105615  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year | 1425454 | 1025454 | 964370 | 2814370  |
| &nbsp;&nbsp;&nbsp; Shares sold | 8400000 | 2600000 | 1800000 | 700000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (4350000) | (2200000) | (1850000) | (2550000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year** | 5475454 | 1425454 | 914370 | 964370 |

---

The accompanying notes are an integral part of these financial statements.

144<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily S&P Biotech** <br>**Bear 3X Shares<sup>1</sup>** | **Direxion Daily S&P Biotech** <br>**Bear 3X Shares<sup>1</sup>** | **Direxion Daily S&P Biotech** <br>**Bull 3X Shares**  | **Direxion Daily S&P Biotech** <br>**Bull 3X Shares**  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $1801435 | $4474520 | $4194469 | $2687049  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 15067783 | (46441054) | (131384401) | 405246921  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (41345172) | (17914515) | 333594289 | 430346652  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (24475954) | (59881049) | 206404357 | 838280622  |
|  **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (1799540) | (4302906) | (4028978) | (4277465)  |
| &nbsp;&nbsp;&nbsp; Return of capital |  |  |  | (1053048)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (1799540) | (4302906) | (4028978) | (5330513)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 649812505 | 1021935854 | 1103013386 | 1568713191  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (625757018) | (942123153) | (1389164625) | (2192242411)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 187725 | 282637 | 330886 | 501573  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | 24243212 | 80095338 | (285820353) | (623027647)  |
| **Total increase (decrease) in net assets** | (2032282) | 15911383 | (83444974) | 209922462  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 77835733 | 61924350 | 887427379 | 677504917  |
| &nbsp;&nbsp;&nbsp; End of year | $75803451 | $77835733 | $803982405 | $887427379  |
|  **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of <br>year | 1261602 | 231602 | 7424486 | 12445580  |
| &nbsp;&nbsp;&nbsp; Shares sold | 10955000 | 12785000 | 15950000 | 13985000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (9510122) | (11755000) | (17250000) | (19006094)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year** | 2706480 | 1261602 | 6124486 | 7424486 |

---

<sup>1</sup> Effective September 29, 2025, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split.

The accompanying notes are an integral part of these financial statements.

145<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily Semiconductor** <br>**Bear 3X Shares** | **Direxion Daily Semiconductor** <br>**Bear 3X Shares** | **Direxion Daily Semiconductor** <br>**Bull 3X Shares**  | **Direxion Daily Semiconductor** <br>**Bull 3X Shares**  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $36472261 | $38158402 | $82758120 | $80266131  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (996214031) | (952672495) | 4181587080 | 5954291958  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (615377006) | (111617494) | 7887922767 | 538143503  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (1575118776) | (1026131587) | 12152267967 | 6572701592  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (33058208) | (38472872) | (96576367) | (76014041)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (33058208) | (38472872) | (96576367) | (76014041)  |
| **CAPITAL SHARE TRANSACTIONS:** | **CAPITAL SHARE TRANSACTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 9130810382 | 8057514286 | 18088343855 | 25562714730  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (7157876937) | (6848285720) | (26410156422) | (27548978143)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 2147363 | 3079340 | 6110520 | 7043432  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | 1975080808 | 1212307906 | (8315702047) | (1979219981)  |
| **Total increase in net assets** | 366903824 | 147703447 | 3739989553 | 4517467570  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 857809148 | 710105701 | 9927017716 | 5409550146  |
| &nbsp;&nbsp;&nbsp; End of year | $1224712972 | $857809148 | $13667007269 | $9927017716  |
| **CHANGES IN SHARES OUTSTANDING** | **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of <br>year | 37086522 | 5242344 | 331650060 | 362550060  |
| &nbsp;&nbsp;&nbsp; Shares sold | 851300000 | 245680000 | 1013700000 | 703950000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (520150000) | (213835822) | (1059450000) | (734850000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year** | 368236522 | 37086522 | 285900060 | 331650060 |

---

The accompanying notes are an integral part of these financial statements.

146<br>

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**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily Small Cap** <br>**Bear 3X Shares** | **Direxion Daily Small Cap** <br>**Bear 3X Shares** | **Direxion Daily Small Cap** <br>**Bull 3X Shares**  | **Direxion Daily Small Cap** <br>**Bull 3X Shares**  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $8412625 | $15497432 | $20920763 | $26063611  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (96549144) | (206762166) | (45295074) | 561345294  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (31220665) | (93150575) | 493075880 | 612634156  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (119357184) | (284415309) | 468701569 | 1200043061  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (8683587) | (15633570) | (27201564) | (24512275)  |
| &nbsp;&nbsp;&nbsp; Return of capital |  |  | (1245439) |  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (8683587) | (15633570) | (28447003) | (24512275)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 1343020031 | 4956622532 | 2922684620 | 8692020177  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (1231447791) | (4642261009) | (3479262822) | (8983594745)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 369434 | 1392678 | 919495 | 2440243  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | 111941674 | 315754201 | (555658707) | (289134325)  |
| **Total increase (decrease) in net assets** | (16099097) | 15705322 | (115404141) | 886396461  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 344247181 | 328541859 | 2158997560 | 1272601099  |
| &nbsp;&nbsp;&nbsp; End of year | $328148084 | $344247181 | $2043593419 | $2158997560  |
| **CHANGES IN SHARES OUTSTANDING** | **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of <br>year | 24372797 | 8622797 | 51700002 | 55900002  |
| &nbsp;&nbsp;&nbsp; Shares sold | 119800000 | 251150000 | 79600000 | 234650000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (101650000) | (235400000) | (87550000) | (238850000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year** | 42522797 | 24372797 | 43750002 | 51700002 |

---

The accompanying notes are an integral part of these financial statements.

147<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily Technology** <br>**Bear 3X Shares<sup>1</sup>** | **Direxion Daily Technology** <br>**Bear 3X Shares<sup>1</sup>** | **Direxion Daily Technology** <br>**Bull 3X Shares**  | **Direxion Daily Technology** <br>**Bull 3X Shares**  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $2881906 | $4629283 | $12103572 | $11931572  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (57665479) | (93687980) | 481924605 | 1125093884  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | (42853074) | (1329015) | 1988137866 | 738176319  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (97636647) | (90387712) | 2482166043 | 1875201775  |
| **DISTRIBUTIONS TO SHAREHOLDERS:** | **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (2796074) | (4898417) | (17186694) | (11519235)  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (2796074) | (4898417) | (17186694) | (11519235)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 369311437 | 1353262080 | 1095480126 | 3339904681  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (276665101) | (1271502400) | (1869698012) | (4136493265)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 82985 | 381449 | 492485 | 958422  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from capital transactions** | 92729321 | 82141129 | (773725401) | (795630162)  |
| **Total increase (decrease) in net assets** | (7703400) | (13145000) | 1691253948 | 1068052378  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 101355214 | 114500214 | 3083013112 | 2014960734  |
| &nbsp;&nbsp;&nbsp; End of year | $93651814 | $101355214 | $4774267060 | $3083013112  |
| **CHANGES IN SHARES OUTSTANDING** | **CHANGES IN SHARES OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding, beginning of <br>year | 1825026 | 710026 | 37650000 | 47550000  |
| &nbsp;&nbsp;&nbsp; Shares sold | 10535000 | 16115000 | 13800000 | 47350000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (6420924) | (15000000) | (19050000) | (57250000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year** | 5939102 | 1825026 | 32400000 | 37650000 |

---

<sup>1</sup> Effective November 4, 2024, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split.

The accompanying notes are an integral part of these financial statements.

148<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Statements of Changes in Net Assets(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Direxion Daily Transportation** <br>**Bull 3X Shares** | **Direxion Daily Transportation** <br>**Bull 3X Shares** | **Direxion Daily Utilities** <br>**Bull 3X Shares**  | **Direxion Daily Utilities** <br>**Bull 3X Shares**  |
|  | **Year Ended October 31,** | **Year Ended October 31,** | **Year Ended October 31,**  | **Year Ended October 31,**  |
|  | **2025** | **2024** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $175760 | $353344 | $634864 | $939627  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (1564682) | 6134094 | 17805266 | 11316701  |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) | 628294 | 6707483 | (11921518) | 25163378  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | (760628) | 13194921 | 6518612 | 37419706  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net distributions to shareholders | (182165) | (367458) | (622214) | (1032613)  |
| &nbsp;&nbsp;&nbsp; Return of capital | (42) |  |  |  |
| &nbsp;&nbsp;&nbsp; **Total distributions** | (182207) | (367458) | (622214) | (1032613)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 7900559 | 6686797 | 23752084 | 61115484  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (14150174) | (15701082) | (50219088) | (80071150)  |
| &nbsp;&nbsp;&nbsp; Transaction fees (Note 4) | 3217 | 3141 | 12884 | 16773  |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets resulting from capital transactions** | (6246398) | (9011144) | (26454120) | (18938893)  |
| **Total increase (decrease) in net assets** | (7189233) | 3816319 | (20557722) | 17448200  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 21240551 | 17424232 | 55279905 | 37831705  |
| &nbsp;&nbsp;&nbsp; End of year | $14051318 | $21240551 | $34722183 | $55279905  |
| **CHANGES IN SHARES OUTSTANDING**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year | 650001 | 900001 | 1450001 | 2100001  |
| &nbsp;&nbsp;&nbsp; Shares sold | 350000 | 250000 | 650000 | 2300000  |
| &nbsp;&nbsp;&nbsp; Shares repurchased | (500000) | (500000) | (1350000) | (2950000)  |
| &nbsp;&nbsp;&nbsp; **Shares outstanding, end of year** | 500001 | 650001 | 750001 | 1450001 |

---

The accompanying notes are an integral part of these financial statements.

149<br>

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**Direxion Shares ETF Trust** 

**Financial Highlights** 

**October 31, 2025** 

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | |
|  | <br>**Net** <br>**Asset** <br>**Value,** <br>**Beginning** <br>**of** <br>**Year** | <br>**Net**<br>**Investment** <br>**Income** <br>(Loss) <sup>1,2</sup> | <br>**Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain** <br>(Loss) <br>**on** <br>**Investments<sup>4</sup>** | <br>**Net** <br>**Increase** <br>(Decrease) <br>**in Net** <br>**Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | <br>**Dividends** <br>**from Net** <br>**Investment** <br>**Income** | <br>**Distributions** <br>**from** <br>**Realized** <br>**Capital** <br>**Gains** | <br>**Distributions** <br>**from** <br>**Return** <br>**of Capital** | <br>**Total** <br>**Distributions** | <br>**Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Year**<br>| <br>**Total** <br>**Return<sup>5</sup>** | <br>**Net** <br>**Assets,** <br>**End of** <br>**Year** <br>**(,000)**<br>| **Net** <br>**Expenses<sup>2,6</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment<sup>2</sup>** | **Net** <br>**Expenses<sup>3,6</sup>** | **Total** <br>**Expenses<sup>3</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment<sup>3</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>8</sup>**  |
| **Direxion Daily 20+ Year Treasury Bear 3X Shares**  | **Direxion Daily 20+ Year Treasury Bear 3X Shares**  | **Direxion Daily 20+ Year Treasury Bear 3X Shares**  | **Direxion Daily 20+ Year Treasury Bear 3X Shares**  | **Direxion Daily 20+ Year Treasury Bear 3X Shares**  | **Direxion Daily 20+ Year Treasury Bear 3X Shares**  | **Direxion Daily 20+ Year Treasury Bear 3X Shares**  | **Direxion Daily 20+ Year Treasury Bear 3X Shares**  | **Direxion Daily 20+ Year Treasury Bear 3X Shares**  | **Direxion Daily 20+ Year Treasury Bear 3X Shares**  | **Direxion Daily 20+ Year Treasury Bear 3X Shares**  | **Direxion Daily 20+ Year Treasury Bear 3X Shares**  | **Direxion Daily 20+ Year Treasury Bear 3X Shares**  | **Direxion Daily 20+ Year Treasury Bear 3X Shares**  | **Direxion Daily 20+ Year Treasury Bear 3X Shares**  | **Direxion Daily 20+ Year Treasury Bear 3X Shares**  | **Direxion Daily 20+ Year Treasury Bear 3X Shares**  | **Direxion Daily 20+ Year Treasury Bear 3X Shares**  | **Direxion Daily 20+ Year Treasury Bear 3X Shares**  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | $34.53 | &nbsp;&nbsp; $1.06 | &nbsp;&nbsp; $(0.53) | $0.53 | &nbsp;&nbsp; $(1.09) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1.09) | $33.97 | 1.32% | $168034 | &nbsp;&nbsp;&nbsp; 1.38% | &nbsp;&nbsp;&nbsp; 1.38% | &nbsp;&nbsp;&nbsp;&nbsp; 2.85% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 3.35% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 51.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp; (16.74) | (15.49) | &nbsp;&nbsp; (1.48) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.48) | 34.53 | -29.79% | 177731 | &nbsp;&nbsp;&nbsp; 1.39% | &nbsp;&nbsp;&nbsp; 1.39% | &nbsp;&nbsp;&nbsp;&nbsp; 3.78% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; 4.31% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 39.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | 11.61 | 12.56 | &nbsp;&nbsp; (0.87) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.87) | 51.50 | 33.09% | 401543 | &nbsp;&nbsp;&nbsp; 1.52% | &nbsp;&nbsp;&nbsp; 1.52% | &nbsp;&nbsp;&nbsp;&nbsp; 3.05% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 3.70% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 14.33 | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | 25.47 | 25.48 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 39.81 | 177.78% | 688650 | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.06% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 13.95 | &nbsp;&nbsp; (0.14) | 0.52 | 0.38 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 14.33 | 2.74% | 325333 | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; (0.86)% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; (0.86)% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily 20+ Year Treasury Bull 3X Shares** | **Direxion Daily 20+ Year Treasury Bull 3X Shares** | **Direxion Daily 20+ Year Treasury Bull 3X Shares** | **Direxion Daily 20+ Year Treasury Bull 3X Shares** | **Direxion Daily 20+ Year Treasury Bull 3X Shares** | **Direxion Daily 20+ Year Treasury Bull 3X Shares** | **Direxion Daily 20+ Year Treasury Bull 3X Shares** | **Direxion Daily 20+ Year Treasury Bull 3X Shares** | **Direxion Daily 20+ Year Treasury Bull 3X Shares** | **Direxion Daily 20+ Year Treasury Bull 3X Shares** | **Direxion Daily 20+ Year Treasury Bull 3X Shares** | **Direxion Daily 20+ Year Treasury Bull 3X Shares** | **Direxion Daily 20+ Year Treasury Bull 3X Shares** | **Direxion Daily 20+ Year Treasury Bull 3X Shares** | **Direxion Daily 20+ Year Treasury Bull 3X Shares** | **Direxion Daily 20+ Year Treasury Bull 3X Shares** | **Direxion Daily 20+ Year Treasury Bull 3X Shares** | **Direxion Daily 20+ Year Treasury Bull 3X Shares** | **Direxion Daily 20+ Year Treasury Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 48.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp; (6.54) | (5.01) | &nbsp;&nbsp; (1.58) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.58) | 41.44 | -10.28% | 4514482 | &nbsp;&nbsp;&nbsp; 0.83% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 3.75% | &nbsp;&nbsp;&nbsp; 0.76% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 3.82% | &nbsp;&nbsp;&nbsp; 142%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 39.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | 8.28 | 10.02 | &nbsp;&nbsp; (1.69) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.69) | 48.03 | 24.58% | 6061474 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 1.11% | &nbsp;&nbsp;&nbsp;&nbsp; 3.23% | &nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; 3.48% | &nbsp;&nbsp;&nbsp; 172%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 70.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp; (30.84) | (28.61) | &nbsp;&nbsp; (1.79) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.79) | 39.70 | -41.97% | 2296103 | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 3.31% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 3.34% | &nbsp;&nbsp;&nbsp; 119%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 281.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp; (211.50) | (210.10) | &nbsp;&nbsp; (0.80) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.80) | 70.10 | -74.89% | 437185 | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp; 8%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 358.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp; (70.10) | (69.80) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp; (6.90) | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp; (7.30) | 281.00 | -19.90% | 359735 | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 0.11% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 0.11% | &nbsp;&nbsp;&nbsp; 33%  |
| **Direxion Daily 7-10 Year Treasury Bear 3X Shares** | **Direxion Daily 7-10 Year Treasury Bear 3X Shares** | **Direxion Daily 7-10 Year Treasury Bear 3X Shares** | **Direxion Daily 7-10 Year Treasury Bear 3X Shares** | **Direxion Daily 7-10 Year Treasury Bear 3X Shares** | **Direxion Daily 7-10 Year Treasury Bear 3X Shares** | **Direxion Daily 7-10 Year Treasury Bear 3X Shares** | **Direxion Daily 7-10 Year Treasury Bear 3X Shares** | **Direxion Daily 7-10 Year Treasury Bear 3X Shares** | **Direxion Daily 7-10 Year Treasury Bear 3X Shares** | **Direxion Daily 7-10 Year Treasury Bear 3X Shares** | **Direxion Daily 7-10 Year Treasury Bear 3X Shares** | **Direxion Daily 7-10 Year Treasury Bear 3X Shares** | **Direxion Daily 7-10 Year Treasury Bear 3X Shares** | **Direxion Daily 7-10 Year Treasury Bear 3X Shares** | **Direxion Daily 7-10 Year Treasury Bear 3X Shares** | **Direxion Daily 7-10 Year Treasury Bear 3X Shares** | **Direxion Daily 7-10 Year Treasury Bear 3X Shares** | **Direxion Daily 7-10 Year Treasury Bear 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 14.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp; (0.95) | (0.50) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.49) | 13.05 | -3.66% | 9790 | &nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp;&nbsp;&nbsp; 3.23% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp;&nbsp; 3.33% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 16.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp; (2.32) | (1.77) | &nbsp;&nbsp; (0.65) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.65) | 14.04 | -10.51% | 14746 | &nbsp;&nbsp;&nbsp; 1.33% | &nbsp;&nbsp;&nbsp; 1.40% | &nbsp;&nbsp;&nbsp;&nbsp; 3.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; 4.33% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 14.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | 2.22 | 2.66 | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.41) | 16.46 | 19.45% | 29629 | &nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp;&nbsp;&nbsp; 3.30% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 3.64% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 8.71 | &nbsp;&nbsp; (0.00)<sup>9</sup> | 5.50 | 5.50 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 14.21 | 63.15% | 56135 | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; 0.04% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.10% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 8.10 | &nbsp;&nbsp; (0.08) | 0.69 | 0.61 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 8.71 | 7.53% | 29623 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily 7-10 Year Treasury Bull 3X Shares** | **Direxion Daily 7-10 Year Treasury Bull 3X Shares** | **Direxion Daily 7-10 Year Treasury Bull 3X Shares** | **Direxion Daily 7-10 Year Treasury Bull 3X Shares** | **Direxion Daily 7-10 Year Treasury Bull 3X Shares** | **Direxion Daily 7-10 Year Treasury Bull 3X Shares** | **Direxion Daily 7-10 Year Treasury Bull 3X Shares** | **Direxion Daily 7-10 Year Treasury Bull 3X Shares** | **Direxion Daily 7-10 Year Treasury Bull 3X Shares** | **Direxion Daily 7-10 Year Treasury Bull 3X Shares** | **Direxion Daily 7-10 Year Treasury Bull 3X Shares** | **Direxion Daily 7-10 Year Treasury Bull 3X Shares** | **Direxion Daily 7-10 Year Treasury Bull 3X Shares** | **Direxion Daily 7-10 Year Treasury Bull 3X Shares** | **Direxion Daily 7-10 Year Treasury Bull 3X Shares** | **Direxion Daily 7-10 Year Treasury Bull 3X Shares** | **Direxion Daily 7-10 Year Treasury Bull 3X Shares** | **Direxion Daily 7-10 Year Treasury Bull 3X Shares** | **Direxion Daily 7-10 Year Treasury Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 25.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | 0.85 | 1.60 | &nbsp;&nbsp; (0.74) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.74) | 26.00 | 6.58% | 50702 | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 3.03% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 3.09% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 22.71 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | 2.42 | 3.22 | &nbsp;&nbsp; (0.79) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.79) | 25.14 | 13.93% | 52793 | &nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; 3.04% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 3.16% | &nbsp;&nbsp;&nbsp; 42%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 28.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp; (5.96) | (5.23) | &nbsp;&nbsp; (0.63) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.63) | 22.71 | -18.77% | 44285 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 2.54% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 2.57% | &nbsp;&nbsp;&nbsp; 55%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 51.86 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp; (23.49) | (23.29) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 28.57 | -44.91% | 24282 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.48% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 65.11 | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (7.29) | (7.51) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5.18) | &nbsp;&nbsp;&nbsp; (0.56) | &nbsp;&nbsp;&nbsp; (5.74) | 51.86 | -12.64% | 23339 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp;&nbsp; (0.40)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp;&nbsp; (0.40)% | &nbsp;&nbsp;&nbsp; 6%  |
| **Direxion Daily Aerospace & Defense Bull 3X Shares** | **Direxion Daily Aerospace & Defense Bull 3X Shares** | **Direxion Daily Aerospace & Defense Bull 3X Shares** | **Direxion Daily Aerospace & Defense Bull 3X Shares** | **Direxion Daily Aerospace & Defense Bull 3X Shares** | **Direxion Daily Aerospace & Defense Bull 3X Shares** | **Direxion Daily Aerospace & Defense Bull 3X Shares** | **Direxion Daily Aerospace & Defense Bull 3X Shares** | **Direxion Daily Aerospace & Defense Bull 3X Shares** | **Direxion Daily Aerospace & Defense Bull 3X Shares** | **Direxion Daily Aerospace & Defense Bull 3X Shares** | **Direxion Daily Aerospace & Defense Bull 3X Shares** | **Direxion Daily Aerospace & Defense Bull 3X Shares** | **Direxion Daily Aerospace & Defense Bull 3X Shares** | **Direxion Daily Aerospace & Defense Bull 3X Shares** | **Direxion Daily Aerospace & Defense Bull 3X Shares** | **Direxion Daily Aerospace & Defense Bull 3X Shares** | **Direxion Daily Aerospace & Defense Bull 3X Shares** | **Direxion Daily Aerospace & Defense Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 31.42 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | 46.08 | 46.21 | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp; (3.57) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3.80) | 73.83 | 165.58% | 394993 | &nbsp;&nbsp;&nbsp; 1.86% | &nbsp;&nbsp;&nbsp; 1.86% | &nbsp;&nbsp;&nbsp;&nbsp; 0.30% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp; 90%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 16.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | 15.03 | 15.39 | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.32) | 31.42 | 94.57% | 186970 | &nbsp;&nbsp;&nbsp; 1.41% | &nbsp;&nbsp;&nbsp; 1.41% | &nbsp;&nbsp;&nbsp;&nbsp; 1.38% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 1.87% | &nbsp;&nbsp;&nbsp; 52%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 18.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp; (1.79) | (1.55) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.22) | 16.35 | -8.70% | 155357 | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp;&nbsp; 1.23% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 1.51% | &nbsp;&nbsp;&nbsp; 32%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 20.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp; (2.12) | (2.08) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.38) | 18.12 | -10.07% | 194780 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 0.19% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.23% | &nbsp;&nbsp;&nbsp; 77%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 8.87 | &nbsp;&nbsp; (0.03) | 11.75 | 11.72 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01) | 20.58 | 132.19% | 280890 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; (0.17)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; (0.16)% | &nbsp;&nbsp;&nbsp; 64%  |
| **Direxion Daily Consumer Discretionary Bull 3X Shares** | **Direxion Daily Consumer Discretionary Bull 3X Shares** | **Direxion Daily Consumer Discretionary Bull 3X Shares** | **Direxion Daily Consumer Discretionary Bull 3X Shares** | **Direxion Daily Consumer Discretionary Bull 3X Shares** | **Direxion Daily Consumer Discretionary Bull 3X Shares** | **Direxion Daily Consumer Discretionary Bull 3X Shares** | **Direxion Daily Consumer Discretionary Bull 3X Shares** | **Direxion Daily Consumer Discretionary Bull 3X Shares** | **Direxion Daily Consumer Discretionary Bull 3X Shares** | **Direxion Daily Consumer Discretionary Bull 3X Shares** | **Direxion Daily Consumer Discretionary Bull 3X Shares** | **Direxion Daily Consumer Discretionary Bull 3X Shares** | **Direxion Daily Consumer Discretionary Bull 3X Shares** | **Direxion Daily Consumer Discretionary Bull 3X Shares** | **Direxion Daily Consumer Discretionary Bull 3X Shares** | **Direxion Daily Consumer Discretionary Bull 3X Shares** | **Direxion Daily Consumer Discretionary Bull 3X Shares** | **Direxion Daily Consumer Discretionary Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 38.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | 14.13 | 14.46 | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; (0.38) | 52.30 | 38.05% | 23534 | &nbsp;&nbsp;&nbsp; 1.62% | &nbsp;&nbsp;&nbsp; 1.64% | &nbsp;&nbsp;&nbsp;&nbsp; 0.72% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 1.39% | &nbsp;&nbsp;&nbsp; 63%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 21.67 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | 16.56 | 16.88 | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.33) | 38.22 | 78.00% | 22930 | &nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 72%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 23.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp; (1.87) | (1.72) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.09) | 21.67 | -7.37% | 24922 | &nbsp;&nbsp;&nbsp; 1.47% | &nbsp;&nbsp;&nbsp; 1.50% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp; 99%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 92.11 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (68.51) | (68.63) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 23.48 | -74.51% | 24653 | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp;&nbsp; (0.25)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; (0.17)% | &nbsp;&nbsp;&nbsp; 149%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 36.13 | &nbsp;&nbsp; (0.33) | 56.31 | 55.98 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 92.11 | 154.94% | 55264 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; (0.54)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; (0.53)% | &nbsp;&nbsp;&nbsp; 18%  |

---

The accompanying notes are an integral part of these financial statements.

150<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Financial Highlights** 

**October 31, 2025(Continued)** 

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | |
|  | <br>**Net** <br>**Asset** <br>**Value,** <br>**Beginning** <br>**of** <br>**Year** | <br>**Net**<br>**Investment** <br>**Income** <br>(Loss) <sup>1,2</sup> | <br>**Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain** <br>(Loss) <br>**on** <br>**Investments<sup>4</sup>** | <br>**Net** <br>**Increase** <br>(Decrease) <br>**in Net** <br>**Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | <br>**Dividends** <br>**from Net** <br>**Investment** <br>**Income** | <br>**Distributions** <br>**from** <br>**Realized** <br>**Capital** <br>**Gains** | <br>**Distributions** <br>**from** <br>**Return** <br>**of Capital** | <br>**Total** <br>**Distributions** | <br>**Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Year**<br>| <br>**Total** <br>**Return<sup>5</sup>** | <br>**Net** <br>**Assets,** <br>**End of** <br>**Year** <br>**(,000)**<br>| **Net** <br>**Expenses<sup>2,6</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment<sup>2</sup>** | **Net** <br>**Expenses<sup>3,6</sup>** | **Total** <br>**Expenses<sup>3</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment<sup>3</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>8</sup>**  |
| **Direxion Daily Dow Jones Internet Bear 3X Shares<sup>11</sup>** | **Direxion Daily Dow Jones Internet Bear 3X Shares<sup>11</sup>** | **Direxion Daily Dow Jones Internet Bear 3X Shares<sup>11</sup>** | **Direxion Daily Dow Jones Internet Bear 3X Shares<sup>11</sup>** | **Direxion Daily Dow Jones Internet Bear 3X Shares<sup>11</sup>** | **Direxion Daily Dow Jones Internet Bear 3X Shares<sup>11</sup>** | **Direxion Daily Dow Jones Internet Bear 3X Shares<sup>11</sup>** | **Direxion Daily Dow Jones Internet Bear 3X Shares<sup>11</sup>** | **Direxion Daily Dow Jones Internet Bear 3X Shares<sup>11</sup>** | **Direxion Daily Dow Jones Internet Bear 3X Shares<sup>11</sup>** | **Direxion Daily Dow Jones Internet Bear 3X Shares<sup>11</sup>** | **Direxion Daily Dow Jones Internet Bear 3X Shares<sup>11</sup>** | **Direxion Daily Dow Jones Internet Bear 3X Shares<sup>11</sup>** | **Direxion Daily Dow Jones Internet Bear 3X Shares<sup>11</sup>** | **Direxion Daily Dow Jones Internet Bear 3X Shares<sup>11</sup>** | **Direxion Daily Dow Jones Internet Bear 3X Shares<sup>11</sup>** | **Direxion Daily Dow Jones Internet Bear 3X Shares<sup>11</sup>** | **Direxion Daily Dow Jones Internet Bear 3X Shares<sup>11</sup>** | **Direxion Daily Dow Jones Internet Bear 3X Shares<sup>11</sup>** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | $49.36 | &nbsp;&nbsp; $0.97 | &nbsp;&nbsp; $(31.89) | $(30.92) | &nbsp;&nbsp; $(1.01) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1.01) | $17.43 | -63.35% | $10403 | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp; 1.34% | &nbsp;&nbsp;&nbsp;&nbsp; 3.46% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.08% | &nbsp;&nbsp;&nbsp;&nbsp; 3.72% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 158.00 | &nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp; (107.99) | (104.55) | &nbsp;&nbsp; (4.09) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4.09) | 49.36 | -66.86% | 17127 | &nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp;&nbsp; 4.77% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; 4.89% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 382.20 | &nbsp;&nbsp;&nbsp;&nbsp;6.90 | &nbsp;&nbsp; (224.90) | (218.00) | &nbsp;&nbsp; (6.20) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6.20) | 158.00 | -57.09% | 36653 | &nbsp;&nbsp;&nbsp; 1.44% | &nbsp;&nbsp;&nbsp; 1.46% | &nbsp;&nbsp;&nbsp;&nbsp; 3.50% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 3.99% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 143.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | 236.70 | 238.40 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.10) | 382.20 | 165.69% | 56183 | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp; 1.11% | &nbsp;&nbsp;&nbsp;&nbsp; 0.49% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 442.30 | &nbsp;&nbsp; (1.80) | &nbsp;&nbsp; (296.60) | (298.40) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 143.90 | -67.47% | 4604 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.56% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.56% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily Dow Jones Internet Bull 3X Shares** | **Direxion Daily Dow Jones Internet Bull 3X Shares** | **Direxion Daily Dow Jones Internet Bull 3X Shares** | **Direxion Daily Dow Jones Internet Bull 3X Shares** | **Direxion Daily Dow Jones Internet Bull 3X Shares** | **Direxion Daily Dow Jones Internet Bull 3X Shares** | **Direxion Daily Dow Jones Internet Bull 3X Shares** | **Direxion Daily Dow Jones Internet Bull 3X Shares** | **Direxion Daily Dow Jones Internet Bull 3X Shares** | **Direxion Daily Dow Jones Internet Bull 3X Shares** | **Direxion Daily Dow Jones Internet Bull 3X Shares** | **Direxion Daily Dow Jones Internet Bull 3X Shares** | **Direxion Daily Dow Jones Internet Bull 3X Shares** | **Direxion Daily Dow Jones Internet Bull 3X Shares** | **Direxion Daily Dow Jones Internet Bull 3X Shares** | **Direxion Daily Dow Jones Internet Bull 3X Shares** | **Direxion Daily Dow Jones Internet Bull 3X Shares** | **Direxion Daily Dow Jones Internet Bull 3X Shares** | **Direxion Daily Dow Jones Internet Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 20.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | 12.65 | 12.68 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; (0.07) | 33.04 | 62.15% | 145386 | &nbsp;&nbsp;&nbsp; 1.63% | &nbsp;&nbsp;&nbsp; 1.63% | &nbsp;&nbsp;&nbsp;&nbsp; 0.11% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.81% | &nbsp;&nbsp;&nbsp; 60%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 8.63 | &nbsp;&nbsp; — | 11.80 | 11.80 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 20.43 | 136.73% | 134853 | &nbsp;&nbsp;&nbsp; 1.80% | &nbsp;&nbsp;&nbsp; 1.78% | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 0.84% | &nbsp;&nbsp;&nbsp; 61%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 7.21 | &nbsp;&nbsp; (0.00)<sup>9</sup> | 1.42 | 1.42 | &nbsp;&nbsp; (0.00)<sup>9</sup> | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00)<sup>9</sup> | 8.63 | 19.70% | 118634 | &nbsp;&nbsp;&nbsp; 1.70% | &nbsp;&nbsp;&nbsp; 1.68% | &nbsp;&nbsp;&nbsp;&nbsp; (0.04)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp; 110%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 86.93 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (76.60) | (76.67) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3.05) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3.05) | 7.21 | -91.32% | 103100 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; (0.39)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; (0.36)% | &nbsp;&nbsp;&nbsp; 55%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 45.47 | &nbsp;&nbsp; (0.62) | 42.08 | 41.46 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 86.93 | 91.18% | 99968 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; (0.81)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; (0.80)% | &nbsp;&nbsp;&nbsp; 65%  |
| **Direxion Daily Financial Bear 3X Shares<sup>13</sup>** | **Direxion Daily Financial Bear 3X Shares<sup>13</sup>** | **Direxion Daily Financial Bear 3X Shares<sup>13</sup>** | **Direxion Daily Financial Bear 3X Shares<sup>13</sup>** | **Direxion Daily Financial Bear 3X Shares<sup>13</sup>** | **Direxion Daily Financial Bear 3X Shares<sup>13</sup>** | **Direxion Daily Financial Bear 3X Shares<sup>13</sup>** | **Direxion Daily Financial Bear 3X Shares<sup>13</sup>** | **Direxion Daily Financial Bear 3X Shares<sup>13</sup>** | **Direxion Daily Financial Bear 3X Shares<sup>13</sup>** | **Direxion Daily Financial Bear 3X Shares<sup>13</sup>** | **Direxion Daily Financial Bear 3X Shares<sup>13</sup>** | **Direxion Daily Financial Bear 3X Shares<sup>13</sup>** | **Direxion Daily Financial Bear 3X Shares<sup>13</sup>** | **Direxion Daily Financial Bear 3X Shares<sup>13</sup>** | **Direxion Daily Financial Bear 3X Shares<sup>13</sup>** | **Direxion Daily Financial Bear 3X Shares<sup>13</sup>** | **Direxion Daily Financial Bear 3X Shares<sup>13</sup>** | **Direxion Daily Financial Bear 3X Shares<sup>13</sup>** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 73.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp; (28.94) | (27.15) | &nbsp;&nbsp; (2.21) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.21) | 44.14 | -37.34% | 131525 | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp;&nbsp; 3.53% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 3.67% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 216.20 | &nbsp;&nbsp;&nbsp;&nbsp;5.00 | &nbsp;&nbsp; (142.60) | (137.60) | &nbsp;&nbsp; (5.10) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5.10) | 73.50 | -64.30% | 128316 | &nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp;&nbsp; 4.81% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 4.95% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 205.00 | &nbsp;&nbsp;&nbsp;&nbsp;6.10 | 11.00 | 17.10 | &nbsp;&nbsp; (5.90) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5.90) | 216.20 | 8.57% | 167617 | &nbsp;&nbsp;&nbsp; 1.35% | &nbsp;&nbsp;&nbsp; 1.33% | &nbsp;&nbsp;&nbsp;&nbsp; 3.25% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 3.67% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 183.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | 21.60 | 21.70 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 205.00 | 11.84% | 190690 | &nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.05% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 0.14% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 1180.00 | &nbsp;&nbsp; (3.30) | &nbsp;&nbsp; (993.40) | (996.70) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 183.30 | -84.47% | 130234 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily Financial Bull 3X Shares** | **Direxion Daily Financial Bull 3X Shares** | **Direxion Daily Financial Bull 3X Shares** | **Direxion Daily Financial Bull 3X Shares** | **Direxion Daily Financial Bull 3X Shares** | **Direxion Daily Financial Bull 3X Shares** | **Direxion Daily Financial Bull 3X Shares** | **Direxion Daily Financial Bull 3X Shares** | **Direxion Daily Financial Bull 3X Shares** | **Direxion Daily Financial Bull 3X Shares** | **Direxion Daily Financial Bull 3X Shares** | **Direxion Daily Financial Bull 3X Shares** | **Direxion Daily Financial Bull 3X Shares** | **Direxion Daily Financial Bull 3X Shares** | **Direxion Daily Financial Bull 3X Shares** | **Direxion Daily Financial Bull 3X Shares** | **Direxion Daily Financial Bull 3X Shares** | **Direxion Daily Financial Bull 3X Shares** | **Direxion Daily Financial Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 138.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | 22.26 | 23.82 | &nbsp;&nbsp; (1.53) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.53) | 160.73 | 17.19% | 2475082 | &nbsp;&nbsp;&nbsp; 1.39% | &nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 1.49% | &nbsp;&nbsp;&nbsp; 66%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 53.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | 85.08 | 86.32 | &nbsp;&nbsp; (1.33) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.33) | 138.44 | 162.48% | 2374110 | &nbsp;&nbsp;&nbsp; 1.57% | &nbsp;&nbsp;&nbsp; 1.59% | &nbsp;&nbsp;&nbsp;&nbsp; 1.23% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 1.93% | &nbsp;&nbsp;&nbsp; 19%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 73.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp; (20.02) | (18.77) | &nbsp;&nbsp; (1.41) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.41) | 53.45 | -25.79% | 1432425 | &nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp; 1.13% | &nbsp;&nbsp;&nbsp;&nbsp; 1.85% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 2.08% | &nbsp;&nbsp;&nbsp; 80%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 144.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp; (70.93) | (70.12) | &nbsp;&nbsp; (0.70) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.70) | 73.63 | -48.61% | 1892223 | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.82% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 0.84% | &nbsp;&nbsp;&nbsp; 109%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 33.61 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | 110.82 | 111.34 | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.50) | 144.45 | 332.26% | 3582160 | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 0.56% | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 0.57% | &nbsp;&nbsp;&nbsp; 70%  |
| **Direxion Daily FTSE China Bear 3X Shares<sup>10</sup>** | **Direxion Daily FTSE China Bear 3X Shares<sup>10</sup>** | **Direxion Daily FTSE China Bear 3X Shares<sup>10</sup>** | **Direxion Daily FTSE China Bear 3X Shares<sup>10</sup>** | **Direxion Daily FTSE China Bear 3X Shares<sup>10</sup>** | **Direxion Daily FTSE China Bear 3X Shares<sup>10</sup>** | **Direxion Daily FTSE China Bear 3X Shares<sup>10</sup>** | **Direxion Daily FTSE China Bear 3X Shares<sup>10</sup>** | **Direxion Daily FTSE China Bear 3X Shares<sup>10</sup>** | **Direxion Daily FTSE China Bear 3X Shares<sup>10</sup>** | **Direxion Daily FTSE China Bear 3X Shares<sup>10</sup>** | **Direxion Daily FTSE China Bear 3X Shares<sup>10</sup>** | **Direxion Daily FTSE China Bear 3X Shares<sup>10</sup>** | **Direxion Daily FTSE China Bear 3X Shares<sup>10</sup>** | **Direxion Daily FTSE China Bear 3X Shares<sup>10</sup>** | **Direxion Daily FTSE China Bear 3X Shares<sup>10</sup>** | **Direxion Daily FTSE China Bear 3X Shares<sup>10</sup>** | **Direxion Daily FTSE China Bear 3X Shares<sup>10</sup>** | **Direxion Daily FTSE China Bear 3X Shares<sup>10</sup>** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 73.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp; (50.13) | (48.88) | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.46) | 23.41 | -67.12% | 234367 | &nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp;&nbsp; 3.55% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 3.81% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 241.40 | &nbsp;&nbsp;&nbsp;&nbsp;6.23 | &nbsp;&nbsp; (165.22) | (158.99) | &nbsp;&nbsp; (8.66) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8.66) | 73.75 | -67.92% | 184483 | &nbsp;&nbsp;&nbsp; 1.34% | &nbsp;&nbsp;&nbsp; 1.32% | &nbsp;&nbsp;&nbsp;&nbsp; 4.19% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 4.58% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 763.20 | &nbsp;&nbsp;&nbsp;&nbsp;6.80 | &nbsp;&nbsp; (522.00) | (515.20) | &nbsp;&nbsp; (6.60) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6.60) | 241.40 | -67.40% | 123997 | &nbsp;&nbsp;&nbsp; 1.58% | &nbsp;&nbsp;&nbsp; 1.58% | &nbsp;&nbsp;&nbsp;&nbsp; 3.29% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 3.92% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 337.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | 425.60 | 426.00 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 763.20 | 126.33% | 168948 | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp;&nbsp; 0.09% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 418.20 | &nbsp;&nbsp; (2.80) | &nbsp;&nbsp; (78.20) | (81.00) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 337.20 | -19.37% | 66230 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily FTSE China Bull 3X Shares** | **Direxion Daily FTSE China Bull 3X Shares** | **Direxion Daily FTSE China Bull 3X Shares** | **Direxion Daily FTSE China Bull 3X Shares** | **Direxion Daily FTSE China Bull 3X Shares** | **Direxion Daily FTSE China Bull 3X Shares** | **Direxion Daily FTSE China Bull 3X Shares** | **Direxion Daily FTSE China Bull 3X Shares** | **Direxion Daily FTSE China Bull 3X Shares** | **Direxion Daily FTSE China Bull 3X Shares** | **Direxion Daily FTSE China Bull 3X Shares** | **Direxion Daily FTSE China Bull 3X Shares** | **Direxion Daily FTSE China Bull 3X Shares** | **Direxion Daily FTSE China Bull 3X Shares** | **Direxion Daily FTSE China Bull 3X Shares** | **Direxion Daily FTSE China Bull 3X Shares** | **Direxion Daily FTSE China Bull 3X Shares** | **Direxion Daily FTSE China Bull 3X Shares** | **Direxion Daily FTSE China Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 33.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | 14.50 | 15.13 | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp; (0.68) | 47.45 | 46.60% | 939126 | &nbsp;&nbsp;&nbsp; 1.82% | &nbsp;&nbsp;&nbsp; 1.82% | &nbsp;&nbsp;&nbsp;&nbsp; 1.72% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 2.61% | &nbsp;&nbsp;&nbsp; 147%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 25.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | 7.97 | 8.51 | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.59) | 33.00 | 35.26% | 2015946 | &nbsp;&nbsp;&nbsp; 1.53% | &nbsp;&nbsp;&nbsp; 1.53% | &nbsp;&nbsp;&nbsp;&nbsp; 2.32% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 2.93% | &nbsp;&nbsp;&nbsp; 274%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 19.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | 5.21 | 6.07 | &nbsp;&nbsp; (0.94) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.94) | 25.08 | 28.74% | 628056 | &nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp;&nbsp; 2.23% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 2.43% | &nbsp;&nbsp;&nbsp; 126%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 223.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp; (204.20) | (203.50) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.35) | 19.95 | -91.06% | 217357 | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 0.78% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp; 102%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 335.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp; (109.60) | (109.00) | &nbsp;&nbsp; (2.80) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.80) | 223.80 | -32.82% | 482288 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.17% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.17% | &nbsp;&nbsp;&nbsp; 50%  |

---

The accompanying notes are an integral part of these financial statements.

151<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Financial Highlights** 

**October 31, 2025(Continued)** 

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | |
|  | <br>**Net** <br>**Asset** <br>**Value,** <br>**Beginning** <br>**of** <br>**Year** | <br>**Net**<br>**Investment** <br>**Income** <br>(Loss) <sup>1,2</sup> | <br>**Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain** <br>(Loss) <br>**on** <br>**Investments<sup>4</sup>** | <br>**Net** <br>**Increase** <br>(Decrease) <br>**in Net** <br>**Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | <br>**Dividends** <br>**from Net** <br>**Investment** <br>**Income** | <br>**Distributions** <br>**from** <br>**Realized** <br>**Capital** <br>**Gains** | <br>**Distributions** <br>**from** <br>**Return** <br>**of Capital** | <br>**Total** <br>**Distributions** | <br>**Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Year**<br>| <br>**Total** <br>**Return<sup>5</sup>** | <br>**Net** <br>**Assets,** <br>**End of** <br>**Year** <br>**(,000)**<br>| **Net** <br>**Expenses<sup>2,6</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment<sup>2</sup>** | **Net** <br>**Expenses<sup>3,6</sup>** | **Total** <br>**Expenses<sup>3</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment<sup>3</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>8</sup>**  |
| **Direxion Daily FTSE Europe Bull 3X Shares** | **Direxion Daily FTSE Europe Bull 3X Shares** | **Direxion Daily FTSE Europe Bull 3X Shares** | **Direxion Daily FTSE Europe Bull 3X Shares** | **Direxion Daily FTSE Europe Bull 3X Shares** | **Direxion Daily FTSE Europe Bull 3X Shares** | **Direxion Daily FTSE Europe Bull 3X Shares** | **Direxion Daily FTSE Europe Bull 3X Shares** | **Direxion Daily FTSE Europe Bull 3X Shares** | **Direxion Daily FTSE Europe Bull 3X Shares** | **Direxion Daily FTSE Europe Bull 3X Shares** | **Direxion Daily FTSE Europe Bull 3X Shares** | **Direxion Daily FTSE Europe Bull 3X Shares** | **Direxion Daily FTSE Europe Bull 3X Shares** | **Direxion Daily FTSE Europe Bull 3X Shares** | **Direxion Daily FTSE Europe Bull 3X Shares** | **Direxion Daily FTSE Europe Bull 3X Shares** | **Direxion Daily FTSE Europe Bull 3X Shares** | **Direxion Daily FTSE Europe Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | $24.29 | &nbsp;&nbsp; $0.69 | &nbsp;&nbsp; $12.34 | &nbsp;&nbsp; $13.03 | &nbsp;&nbsp; $(0.64) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(0.01) | &nbsp;&nbsp;&nbsp; $(0.65) | $36.67 | 54.49% | &nbsp;&nbsp; $32999 | &nbsp;&nbsp;&nbsp; 1.65% | &nbsp;&nbsp;&nbsp; 1.62% | &nbsp;&nbsp;&nbsp;&nbsp; 2.30% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 3.00% | &nbsp;&nbsp;&nbsp; 41%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 15.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;8.42 | 9.08 | &nbsp;&nbsp; (0.71) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.71) | 24.29 | 56.86% | &nbsp;&nbsp; 21859 | &nbsp;&nbsp;&nbsp; 1.41% | &nbsp;&nbsp;&nbsp; 1.41% | &nbsp;&nbsp;&nbsp;&nbsp; 2.68% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 3.14% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 12.83 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;3.11 | 3.59 | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.50) | 15.92 | 27.29% | &nbsp;&nbsp; 17516 | &nbsp;&nbsp;&nbsp; 1.48% | &nbsp;&nbsp;&nbsp; 1.48% | &nbsp;&nbsp;&nbsp;&nbsp; 2.36% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 2.89% | &nbsp;&nbsp;&nbsp; 15%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 38.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp; (25.53) | &nbsp;&nbsp; (25.25) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.26) | 12.83 | -66.00% | &nbsp;&nbsp; 17965 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; 1.16% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 14.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;23.85 | 24.00 | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.14) | 38.34 | 165.99% | &nbsp;&nbsp; 47924 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.45% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 0.46% | &nbsp;&nbsp;&nbsp; 51%  |
| **Direxion Daily Healthcare Bull 3X Shares** | **Direxion Daily Healthcare Bull 3X Shares** | **Direxion Daily Healthcare Bull 3X Shares** | **Direxion Daily Healthcare Bull 3X Shares** | **Direxion Daily Healthcare Bull 3X Shares** | **Direxion Daily Healthcare Bull 3X Shares** | **Direxion Daily Healthcare Bull 3X Shares** | **Direxion Daily Healthcare Bull 3X Shares** | **Direxion Daily Healthcare Bull 3X Shares** | **Direxion Daily Healthcare Bull 3X Shares** | **Direxion Daily Healthcare Bull 3X Shares** | **Direxion Daily Healthcare Bull 3X Shares** | **Direxion Daily Healthcare Bull 3X Shares** | **Direxion Daily Healthcare Bull 3X Shares** | **Direxion Daily Healthcare Bull 3X Shares** | **Direxion Daily Healthcare Bull 3X Shares** | **Direxion Daily Healthcare Bull 3X Shares** | **Direxion Daily Healthcare Bull 3X Shares** | **Direxion Daily Healthcare Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 114.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp; (22.47) | &nbsp;&nbsp; (21.27) | &nbsp;&nbsp; (1.08) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.08) | 91.65 | -18.60% | &nbsp;&nbsp; 183297 | &nbsp;&nbsp;&nbsp; 1.16% | &nbsp;&nbsp;&nbsp; 1.16% | &nbsp;&nbsp;&nbsp;&nbsp; 1.33% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 1.58% | &nbsp;&nbsp;&nbsp; 1%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 79.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;35.22 | 36.52 | &nbsp;&nbsp; (1.53) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00)<sup>9</sup> | &nbsp;&nbsp;&nbsp; (1.53) | 114.00 | 46.26% | &nbsp;&nbsp; 153896 | &nbsp;&nbsp;&nbsp; 1.49% | &nbsp;&nbsp;&nbsp; 1.49% | &nbsp;&nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 1.73% | &nbsp;&nbsp;&nbsp; 23%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 108.91 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp; (30.04) | &nbsp;&nbsp; (28.28) | &nbsp;&nbsp; (1.62) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.62) | 79.01 | -26.23% | &nbsp;&nbsp; 154065 | &nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 1.74% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 1.84% | &nbsp;&nbsp;&nbsp; 18%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 123.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp; (15.12) | &nbsp;&nbsp; (14.72) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.33) | 108.91 | -11.85% | &nbsp;&nbsp; 196030 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.38% | &nbsp;&nbsp;&nbsp; 16%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 55.70 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;68.31 | 68.27 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01) | 123.96 | 122.57% | &nbsp;&nbsp; 254116 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; (0.05)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; (0.04)% | &nbsp;&nbsp;&nbsp; 2%  |
| **Direxion Daily Homebuilders & Supplies Bull 3X Shares** | **Direxion Daily Homebuilders & Supplies Bull 3X Shares** | **Direxion Daily Homebuilders & Supplies Bull 3X Shares** | **Direxion Daily Homebuilders & Supplies Bull 3X Shares** | **Direxion Daily Homebuilders & Supplies Bull 3X Shares** | **Direxion Daily Homebuilders & Supplies Bull 3X Shares** | **Direxion Daily Homebuilders & Supplies Bull 3X Shares** | **Direxion Daily Homebuilders & Supplies Bull 3X Shares** | **Direxion Daily Homebuilders & Supplies Bull 3X Shares** | **Direxion Daily Homebuilders & Supplies Bull 3X Shares** | **Direxion Daily Homebuilders & Supplies Bull 3X Shares** | **Direxion Daily Homebuilders & Supplies Bull 3X Shares** | **Direxion Daily Homebuilders & Supplies Bull 3X Shares** | **Direxion Daily Homebuilders & Supplies Bull 3X Shares** | **Direxion Daily Homebuilders & Supplies Bull 3X Shares** | **Direxion Daily Homebuilders & Supplies Bull 3X Shares** | **Direxion Daily Homebuilders & Supplies Bull 3X Shares** | **Direxion Daily Homebuilders & Supplies Bull 3X Shares** | **Direxion Daily Homebuilders & Supplies Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 128.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp; (69.93) | &nbsp;&nbsp; (69.22) | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00)<sup>9</sup> | &nbsp;&nbsp;&nbsp; (0.77) | 58.78 | -53.80% | &nbsp;&nbsp; 605466 | &nbsp;&nbsp;&nbsp; 1.54% | &nbsp;&nbsp;&nbsp; 1.54% | &nbsp;&nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 1.61% | &nbsp;&nbsp;&nbsp; 63%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 43.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;84.76 | 85.29 | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.51) | 128.77 | 193.80% | &nbsp;&nbsp; 328359 | &nbsp;&nbsp;&nbsp; 1.95% | &nbsp;&nbsp;&nbsp; 1.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.46% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 1.50% | &nbsp;&nbsp;&nbsp; 70%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 26.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;17.82 | 17.96 | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.20) | 43.99 | 68.45% | &nbsp;&nbsp; 149559 | &nbsp;&nbsp;&nbsp; 2.10% | &nbsp;&nbsp;&nbsp; 2.10% | &nbsp;&nbsp;&nbsp;&nbsp; 0.28% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 1.45% | &nbsp;&nbsp;&nbsp; 108%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 83.28 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (57.04) | &nbsp;&nbsp; (57.05) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 26.23 | -68.50% | &nbsp;&nbsp; 131145 | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; (0.01)% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp; 98%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 39.58 | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;43.95 | 43.70 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 83.28 | 110.41% | &nbsp;&nbsp; 383075 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; (0.37)% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; (0.35)% | &nbsp;&nbsp;&nbsp; 95%  |
| **Direxion Daily Industrials Bull 3X Shares** | **Direxion Daily Industrials Bull 3X Shares** | **Direxion Daily Industrials Bull 3X Shares** | **Direxion Daily Industrials Bull 3X Shares** | **Direxion Daily Industrials Bull 3X Shares** | **Direxion Daily Industrials Bull 3X Shares** | **Direxion Daily Industrials Bull 3X Shares** | **Direxion Daily Industrials Bull 3X Shares** | **Direxion Daily Industrials Bull 3X Shares** | **Direxion Daily Industrials Bull 3X Shares** | **Direxion Daily Industrials Bull 3X Shares** | **Direxion Daily Industrials Bull 3X Shares** | **Direxion Daily Industrials Bull 3X Shares** | **Direxion Daily Industrials Bull 3X Shares** | **Direxion Daily Industrials Bull 3X Shares** | **Direxion Daily Industrials Bull 3X Shares** | **Direxion Daily Industrials Bull 3X Shares** | **Direxion Daily Industrials Bull 3X Shares** | **Direxion Daily Industrials Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 61.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;17.31 | 17.74 | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp; (3.22) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3.68) | 75.74 | 30.04% | &nbsp;&nbsp; 37868 | &nbsp;&nbsp;&nbsp; 1.73% | &nbsp;&nbsp;&nbsp; 1.73% | &nbsp;&nbsp;&nbsp;&nbsp; 0.68% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 1.46% | &nbsp;&nbsp;&nbsp; 44%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 28.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;33.44 | 33.97 | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.49) | 61.68 | 120.91% | &nbsp;&nbsp; 37010 | &nbsp;&nbsp;&nbsp; 1.56% | &nbsp;&nbsp;&nbsp; 1.56% | &nbsp;&nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 1.68% | &nbsp;&nbsp;&nbsp; 20%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 29.04 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp; (0.83) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.51) | 28.20 | -1.42% | &nbsp;&nbsp; 19742 | &nbsp;&nbsp;&nbsp; 1.26% | &nbsp;&nbsp;&nbsp; 1.30% | &nbsp;&nbsp;&nbsp;&nbsp; 1.47% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; 1.78% | &nbsp;&nbsp;&nbsp; 21%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 45.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp; (16.33) | &nbsp;&nbsp; (16.21) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.12) | 29.04 | -35.71% | &nbsp;&nbsp; 18873 | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.33% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; 0.35% | &nbsp;&nbsp;&nbsp; 20%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 18.48 | &nbsp;&nbsp; (0.00)<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;26.96 | 26.96 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07) | 45.37 | 146.14% | &nbsp;&nbsp; 63520 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; (0.01)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; 3%  |
| **Direxion Daily Mid Cap Bull 3X Shares** | **Direxion Daily Mid Cap Bull 3X Shares** | **Direxion Daily Mid Cap Bull 3X Shares** | **Direxion Daily Mid Cap Bull 3X Shares** | **Direxion Daily Mid Cap Bull 3X Shares** | **Direxion Daily Mid Cap Bull 3X Shares** | **Direxion Daily Mid Cap Bull 3X Shares** | **Direxion Daily Mid Cap Bull 3X Shares** | **Direxion Daily Mid Cap Bull 3X Shares** | **Direxion Daily Mid Cap Bull 3X Shares** | **Direxion Daily Mid Cap Bull 3X Shares** | **Direxion Daily Mid Cap Bull 3X Shares** | **Direxion Daily Mid Cap Bull 3X Shares** | **Direxion Daily Mid Cap Bull 3X Shares** | **Direxion Daily Mid Cap Bull 3X Shares** | **Direxion Daily Mid Cap Bull 3X Shares** | **Direxion Daily Mid Cap Bull 3X Shares** | **Direxion Daily Mid Cap Bull 3X Shares** | **Direxion Daily Mid Cap Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 53.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp; (4.04) | &nbsp;&nbsp; (3.45) | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00)<sup>9</sup> | &nbsp;&nbsp;&nbsp; (0.59) | 49.10 | -6.44% | &nbsp;&nbsp; 71199 | &nbsp;&nbsp;&nbsp; 1.38% | &nbsp;&nbsp;&nbsp; 1.37% | &nbsp;&nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 1.63% | &nbsp;&nbsp;&nbsp; 48%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 28.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;24.97 | 25.60 | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.72) | 53.14 | 90.91% | &nbsp;&nbsp; 82371 | &nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp; 1.41% | &nbsp;&nbsp;&nbsp;&nbsp; 1.32% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 1.80% | &nbsp;&nbsp;&nbsp; 129%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 36.77 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp; (8.65) | &nbsp;&nbsp; (8.12) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.39) | 28.26 | -22.31% | &nbsp;&nbsp; 39573 | &nbsp;&nbsp;&nbsp; 1.23% | &nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp;&nbsp; 1.39% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 1.67% | &nbsp;&nbsp;&nbsp; 17%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 67.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp; (30.47) | &nbsp;&nbsp; (30.32) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 36.77 | -45.19% | &nbsp;&nbsp; 47801 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 0.34% | &nbsp;&nbsp;&nbsp; 54%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 22.89 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;44.29 | 44.21 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01) | 67.09 | 193.19% | &nbsp;&nbsp; 90584 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; (0.14)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; (0.13)% | &nbsp;&nbsp;&nbsp; 33%  |
| **Direxion Daily MSCI Emerging Markets Bear 3X Shares<sup>13</sup>** | **Direxion Daily MSCI Emerging Markets Bear 3X Shares<sup>13</sup>** | **Direxion Daily MSCI Emerging Markets Bear 3X Shares<sup>13</sup>** | **Direxion Daily MSCI Emerging Markets Bear 3X Shares<sup>13</sup>** | **Direxion Daily MSCI Emerging Markets Bear 3X Shares<sup>13</sup>** | **Direxion Daily MSCI Emerging Markets Bear 3X Shares<sup>13</sup>** | **Direxion Daily MSCI Emerging Markets Bear 3X Shares<sup>13</sup>** | **Direxion Daily MSCI Emerging Markets Bear 3X Shares<sup>13</sup>** | **Direxion Daily MSCI Emerging Markets Bear 3X Shares<sup>13</sup>** | **Direxion Daily MSCI Emerging Markets Bear 3X Shares<sup>13</sup>** | **Direxion Daily MSCI Emerging Markets Bear 3X Shares<sup>13</sup>** | **Direxion Daily MSCI Emerging Markets Bear 3X Shares<sup>13</sup>** | **Direxion Daily MSCI Emerging Markets Bear 3X Shares<sup>13</sup>** | **Direxion Daily MSCI Emerging Markets Bear 3X Shares<sup>13</sup>** | **Direxion Daily MSCI Emerging Markets Bear 3X Shares<sup>13</sup>** | **Direxion Daily MSCI Emerging Markets Bear 3X Shares<sup>13</sup>** | **Direxion Daily MSCI Emerging Markets Bear 3X Shares<sup>13</sup>** | **Direxion Daily MSCI Emerging Markets Bear 3X Shares<sup>13</sup>** | **Direxion Daily MSCI Emerging Markets Bear 3X Shares<sup>13</sup>** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 80.10 | &nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp; (44.26) | &nbsp;&nbsp; (41.82) | &nbsp;&nbsp; (2.45) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.45) | 35.83 | -53.44% | &nbsp;&nbsp; 13774 | &nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp; 1.48% | &nbsp;&nbsp;&nbsp;&nbsp; 3.74% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.34% | &nbsp;&nbsp;&nbsp;&nbsp; 3.88% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 152.70 | &nbsp;&nbsp;&nbsp;&nbsp;4.40 | &nbsp;&nbsp; (72.20) | &nbsp;&nbsp; (67.80) | &nbsp;&nbsp; (4.80) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4.80) | 80.10 | -44.83% | &nbsp;&nbsp; 16791 | &nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp; 1.52% | &nbsp;&nbsp;&nbsp;&nbsp; 4.32% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp;&nbsp;&nbsp; 4.55% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 209.50 | &nbsp;&nbsp;&nbsp;&nbsp;4.40 | &nbsp;&nbsp; (57.10) | &nbsp;&nbsp; (52.70) | &nbsp;&nbsp; (4.10) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4.10) | 152.70 | -24.78% | &nbsp;&nbsp; 28183 | &nbsp;&nbsp;&nbsp; 1.41% | &nbsp;&nbsp;&nbsp; 1.61% | &nbsp;&nbsp;&nbsp;&nbsp; 3.36% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp;&nbsp; 3.82% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 90.30 | &nbsp;&nbsp; (0.00)<sup>9</sup> | &nbsp;&nbsp;&nbsp;&nbsp;119.20 | 119.20 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 209.50 | 132.00% | &nbsp;&nbsp; 56453 | &nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp; 1.23% | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.08% | &nbsp;&nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 172.50 | &nbsp;&nbsp; (0.80) | &nbsp;&nbsp; (81.40) | &nbsp;&nbsp; (82.20) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 90.30 | -47.65% | &nbsp;&nbsp; 26590 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0%  |

---

The accompanying notes are an integral part of these financial statements.

152<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Financial Highlights** 

**October 31, 2025(Continued)** 

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | |
|  | <br>**Net** <br>**Asset** <br>**Value,** <br>**Beginning** <br>**of** <br>**Year** | <br>**Net**<br>**Investment** <br>**Income** <br>(Loss) <sup>1,2</sup> | <br>**Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain** <br>(Loss) <br>**on** <br>**Investments<sup>4</sup>** | <br>**Net** <br>**Increase** <br>(Decrease) <br>**in Net** <br>**Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | <br>**Dividends** <br>**from Net** <br>**Investment** <br>**Income** | <br>**Distributions** <br>**from** <br>**Realized** <br>**Capital** <br>**Gains** | <br>**Distributions** <br>**from** <br>**Return** <br>**of Capital** | <br>**Total** <br>**Distributions** | <br>**Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Year**<br>| <br>**Total** <br>**Return<sup>5</sup>** | <br>**Net** <br>**Assets,** <br>**End of** <br>**Year** <br>**(,000)**<br>| **Net** <br>**Expenses<sup>2,6</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment<sup>2</sup>** | **Net** <br>**Expenses<sup>3,6</sup>** | **Total** <br>**Expenses<sup>3</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment<sup>3</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>8</sup>**  |
| **Direxion Daily MSCI Emerging Markets Bull 3X Shares** | **Direxion Daily MSCI Emerging Markets Bull 3X Shares** | **Direxion Daily MSCI Emerging Markets Bull 3X Shares** | **Direxion Daily MSCI Emerging Markets Bull 3X Shares** | **Direxion Daily MSCI Emerging Markets Bull 3X Shares** | **Direxion Daily MSCI Emerging Markets Bull 3X Shares** | **Direxion Daily MSCI Emerging Markets Bull 3X Shares** | **Direxion Daily MSCI Emerging Markets Bull 3X Shares** | **Direxion Daily MSCI Emerging Markets Bull 3X Shares** | **Direxion Daily MSCI Emerging Markets Bull 3X Shares** | **Direxion Daily MSCI Emerging Markets Bull 3X Shares** | **Direxion Daily MSCI Emerging Markets Bull 3X Shares** | **Direxion Daily MSCI Emerging Markets Bull 3X Shares** | **Direxion Daily MSCI Emerging Markets Bull 3X Shares** | **Direxion Daily MSCI Emerging Markets Bull 3X Shares** | **Direxion Daily MSCI Emerging Markets Bull 3X Shares** | **Direxion Daily MSCI Emerging Markets Bull 3X Shares** | **Direxion Daily MSCI Emerging Markets Bull 3X Shares** | **Direxion Daily MSCI Emerging Markets Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | $34.01 | &nbsp;&nbsp; $0.97 | &nbsp;&nbsp; $21.49 | $22.46 | &nbsp;&nbsp; $(1.01) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1.01) | $55.46 | 67.62% | &nbsp;&nbsp; $118210 | &nbsp;&nbsp;&nbsp; 1.63% | &nbsp;&nbsp;&nbsp; 1.64% | &nbsp;&nbsp;&nbsp;&nbsp; 2.69% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 3.37% | &nbsp;&nbsp;&nbsp; 347%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 22.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | 11.49 | 12.59 | &nbsp;&nbsp; (1.15) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.15) | 34.01 | 56.23% | &nbsp;&nbsp; 82706 | &nbsp;&nbsp;&nbsp; 1.45% | &nbsp;&nbsp;&nbsp; 1.41% | &nbsp;&nbsp;&nbsp;&nbsp; 3.56% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 4.06% | &nbsp;&nbsp;&nbsp; 220%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 21.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | 0.75 | 1.86 | &nbsp;&nbsp; (0.93) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.93) | 22.57 | 7.70% | &nbsp;&nbsp; 65028 | &nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp;&nbsp;&nbsp; 3.66% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 3.86% | &nbsp;&nbsp;&nbsp; 320%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 81.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp; (60.00) | (59.63) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 21.64 | -73.37% | &nbsp;&nbsp; 49367 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 0.74% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp; 262%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 59.82 | &nbsp;&nbsp; (0.15) | 21.73 | 21.58 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; (0.13) | 81.27 | 36.04% | &nbsp;&nbsp; 169181 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; (0.16)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; (0.15)% | &nbsp;&nbsp;&nbsp; 87%  |
| **Direxion Daily MSCI Mexico Bull 3X Shares** | **Direxion Daily MSCI Mexico Bull 3X Shares** | **Direxion Daily MSCI Mexico Bull 3X Shares** | **Direxion Daily MSCI Mexico Bull 3X Shares** | **Direxion Daily MSCI Mexico Bull 3X Shares** | **Direxion Daily MSCI Mexico Bull 3X Shares** | **Direxion Daily MSCI Mexico Bull 3X Shares** | **Direxion Daily MSCI Mexico Bull 3X Shares** | **Direxion Daily MSCI Mexico Bull 3X Shares** | **Direxion Daily MSCI Mexico Bull 3X Shares** | **Direxion Daily MSCI Mexico Bull 3X Shares** | **Direxion Daily MSCI Mexico Bull 3X Shares** | **Direxion Daily MSCI Mexico Bull 3X Shares** | **Direxion Daily MSCI Mexico Bull 3X Shares** | **Direxion Daily MSCI Mexico Bull 3X Shares** | **Direxion Daily MSCI Mexico Bull 3X Shares** | **Direxion Daily MSCI Mexico Bull 3X Shares** | **Direxion Daily MSCI Mexico Bull 3X Shares** | **Direxion Daily MSCI Mexico Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 12.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | 9.62 | 10.09 | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; (0.49) | 21.62 | 87.18% | &nbsp;&nbsp; 19807 | &nbsp;&nbsp;&nbsp; 1.72% | &nbsp;&nbsp;&nbsp; 1.73% | &nbsp;&nbsp;&nbsp;&nbsp; 3.40% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 4.17% | &nbsp;&nbsp;&nbsp; 75%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 18.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp; (6.58) | (6.02) | &nbsp;&nbsp; (0.58) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.58) | 12.02 | -33.99% | &nbsp;&nbsp; 24840 | &nbsp;&nbsp;&nbsp; 1.22% | &nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp;&nbsp; 2.79% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 3.06% | &nbsp;&nbsp;&nbsp; 56%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 17.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | 1.10 | 1.57 | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.44) | 18.62 | 8.49% | &nbsp;&nbsp; 10539 | &nbsp;&nbsp;&nbsp; 2.12% | &nbsp;&nbsp;&nbsp; 2.20% | &nbsp;&nbsp;&nbsp;&nbsp; 1.88% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 3.05% | &nbsp;&nbsp;&nbsp; 71%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 16.62 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | 0.83 | 1.04 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.17) | 17.49 | 6.35% | &nbsp;&nbsp; 11650 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp;&nbsp; 1.27% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp;&nbsp; 1.30% | &nbsp;&nbsp;&nbsp; 25%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 6.40 | &nbsp;&nbsp; (0.01) | 10.27 | 10.26 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.04) | 16.62 | 160.49% | &nbsp;&nbsp; 15225 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; (0.04)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; (0.03)% | &nbsp;&nbsp;&nbsp; 180%  |
| **Direxion Daily MSCI South Korea Bull 3X Shares<sup>12</sup>** | **Direxion Daily MSCI South Korea Bull 3X Shares<sup>12</sup>** | **Direxion Daily MSCI South Korea Bull 3X Shares<sup>12</sup>** | **Direxion Daily MSCI South Korea Bull 3X Shares<sup>12</sup>** | **Direxion Daily MSCI South Korea Bull 3X Shares<sup>12</sup>** | **Direxion Daily MSCI South Korea Bull 3X Shares<sup>12</sup>** | **Direxion Daily MSCI South Korea Bull 3X Shares<sup>12</sup>** | **Direxion Daily MSCI South Korea Bull 3X Shares<sup>12</sup>** | **Direxion Daily MSCI South Korea Bull 3X Shares<sup>12</sup>** | **Direxion Daily MSCI South Korea Bull 3X Shares<sup>12</sup>** | **Direxion Daily MSCI South Korea Bull 3X Shares<sup>12</sup>** | **Direxion Daily MSCI South Korea Bull 3X Shares<sup>12</sup>** | **Direxion Daily MSCI South Korea Bull 3X Shares<sup>12</sup>** | **Direxion Daily MSCI South Korea Bull 3X Shares<sup>12</sup>** | **Direxion Daily MSCI South Korea Bull 3X Shares<sup>12</sup>** | **Direxion Daily MSCI South Korea Bull 3X Shares<sup>12</sup>** | **Direxion Daily MSCI South Korea Bull 3X Shares<sup>12</sup>** | **Direxion Daily MSCI South Korea Bull 3X Shares<sup>12</sup>** | **Direxion Daily MSCI South Korea Bull 3X Shares<sup>12</sup>** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 55.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | 125.01 | 126.11 | &nbsp;&nbsp; (0.88) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; (0.90) | 180.91 | 231.64% | &nbsp;&nbsp; 240602 | &nbsp;&nbsp;&nbsp; 1.68% | &nbsp;&nbsp;&nbsp; 1.65% | &nbsp;&nbsp;&nbsp;&nbsp; 1.85% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 2.58% | &nbsp;&nbsp;&nbsp; 81%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 54.80 | &nbsp;&nbsp;&nbsp;&nbsp;1.90 | 1.20 | 3.10 | &nbsp;&nbsp; (2.20) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.20) | 55.70 | 4.21% | &nbsp;&nbsp; 57696 | &nbsp;&nbsp;&nbsp; 1.34% | &nbsp;&nbsp;&nbsp; 1.35% | &nbsp;&nbsp;&nbsp;&nbsp; 2.45% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 2.84% | &nbsp;&nbsp;&nbsp; 82%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 60.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp; (5.30) | (3.90) | &nbsp;&nbsp; (1.30) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.30) | 54.80 | -7.30% | &nbsp;&nbsp; 26053 | &nbsp;&nbsp;&nbsp; 1.32% | &nbsp;&nbsp;&nbsp; 1.37% | &nbsp;&nbsp;&nbsp;&nbsp; 1.67% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp;&nbsp; 2.04% | &nbsp;&nbsp;&nbsp; 73%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 261.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp; (200.40) | (199.30) | &nbsp;&nbsp; (1.40) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.50) | &nbsp;&nbsp;&nbsp; (1.90) | 60.00 | -76.86% | &nbsp;&nbsp; 20094 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 0.78% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp;&nbsp; 0.79% | &nbsp;&nbsp;&nbsp; 27%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 166.60 | &nbsp;&nbsp; (2.70) | 97.30 | 94.60 | &nbsp;&nbsp; (0.00)<sup>9</sup> | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00)<sup>9</sup> | 261.20 | 56.80% | &nbsp;&nbsp; 47022 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; (0.73)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; (0.72)% | &nbsp;&nbsp;&nbsp; 97%  |
| **Direxion Daily Pharmaceutical & Medical Bull 3X Shares** | **Direxion Daily Pharmaceutical & Medical Bull 3X Shares** | **Direxion Daily Pharmaceutical & Medical Bull 3X Shares** | **Direxion Daily Pharmaceutical & Medical Bull 3X Shares** | **Direxion Daily Pharmaceutical & Medical Bull 3X Shares** | **Direxion Daily Pharmaceutical & Medical Bull 3X Shares** | **Direxion Daily Pharmaceutical & Medical Bull 3X Shares** | **Direxion Daily Pharmaceutical & Medical Bull 3X Shares** | **Direxion Daily Pharmaceutical & Medical Bull 3X Shares** | **Direxion Daily Pharmaceutical & Medical Bull 3X Shares** | **Direxion Daily Pharmaceutical & Medical Bull 3X Shares** | **Direxion Daily Pharmaceutical & Medical Bull 3X Shares** | **Direxion Daily Pharmaceutical & Medical Bull 3X Shares** | **Direxion Daily Pharmaceutical & Medical Bull 3X Shares** | **Direxion Daily Pharmaceutical & Medical Bull 3X Shares** | **Direxion Daily Pharmaceutical & Medical Bull 3X Shares** | **Direxion Daily Pharmaceutical & Medical Bull 3X Shares** | **Direxion Daily Pharmaceutical & Medical Bull 3X Shares** | **Direxion Daily Pharmaceutical & Medical Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 8.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp; (0.08) | (0.02) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.07) | 8.86 | 0.01% | &nbsp;&nbsp; 11965 | &nbsp;&nbsp;&nbsp; 1.39% | &nbsp;&nbsp;&nbsp; 1.60% | &nbsp;&nbsp;&nbsp;&nbsp; 0.83% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.16% | &nbsp;&nbsp;&nbsp;&nbsp; 1.27% | &nbsp;&nbsp;&nbsp; 88%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 5.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | 3.85 | 3.96 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.12) | 8.95 | 77.94% | &nbsp;&nbsp; 14772 | &nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp;&nbsp; 1.46% | &nbsp;&nbsp;&nbsp;&nbsp; 1.53% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp;&nbsp; 1.87% | &nbsp;&nbsp;&nbsp; 67%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 10.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp; (5.04) | (4.91) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.14) | 5.11 | -48.91% | &nbsp;&nbsp; 8180 | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp; 1.37% | &nbsp;&nbsp;&nbsp;&nbsp; 1.54% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.26% | &nbsp;&nbsp;&nbsp;&nbsp; 1.65% | &nbsp;&nbsp;&nbsp; 51%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 18.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp; (7.95) | (7.92) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.03) | 10.16 | -43.75% | &nbsp;&nbsp; 11173 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 1.11% | &nbsp;&nbsp;&nbsp;&nbsp; 0.25% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.08% | &nbsp;&nbsp;&nbsp;&nbsp; 0.28% | &nbsp;&nbsp;&nbsp; 189%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 15.76 | &nbsp;&nbsp; (0.09) | 2.44 | 2.35 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 18.11 | 14.91% | &nbsp;&nbsp; 31693 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp;&nbsp; (0.39)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp;&nbsp; (0.39)% | &nbsp;&nbsp;&nbsp; 115%  |
| **Direxion Daily Real Estate Bear 3X Shares** | **Direxion Daily Real Estate Bear 3X Shares** | **Direxion Daily Real Estate Bear 3X Shares** | **Direxion Daily Real Estate Bear 3X Shares** | **Direxion Daily Real Estate Bear 3X Shares** | **Direxion Daily Real Estate Bear 3X Shares** | **Direxion Daily Real Estate Bear 3X Shares** | **Direxion Daily Real Estate Bear 3X Shares** | **Direxion Daily Real Estate Bear 3X Shares** | **Direxion Daily Real Estate Bear 3X Shares** | **Direxion Daily Real Estate Bear 3X Shares** | **Direxion Daily Real Estate Bear 3X Shares** | **Direxion Daily Real Estate Bear 3X Shares** | **Direxion Daily Real Estate Bear 3X Shares** | **Direxion Daily Real Estate Bear 3X Shares** | **Direxion Daily Real Estate Bear 3X Shares** | **Direxion Daily Real Estate Bear 3X Shares** | **Direxion Daily Real Estate Bear 3X Shares** | **Direxion Daily Real Estate Bear 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 25.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.82 | 0.42 | 1.24 | &nbsp;&nbsp; (0.93) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.93) | 25.99 | 4.85% | &nbsp;&nbsp; 43773 | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp;&nbsp; 3.13% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 3.39% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 65.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp; (39.29) | (37.92) | &nbsp;&nbsp; (1.51) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.51) | 25.68 | -58.72% | &nbsp;&nbsp; 66357 | &nbsp;&nbsp;&nbsp; 1.58% | &nbsp;&nbsp;&nbsp; 1.54% | &nbsp;&nbsp;&nbsp;&nbsp; 3.84% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 4.47% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 60.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.62 | 4.40 | 6.02 | &nbsp;&nbsp; (1.62) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.62) | 65.11 | 10.65% | &nbsp;&nbsp; 151961 | &nbsp;&nbsp;&nbsp; 1.44% | &nbsp;&nbsp;&nbsp; 1.40% | &nbsp;&nbsp;&nbsp;&nbsp; 3.24% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 3.73% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 41.07 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | 19.27 | 19.64 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 60.71 | 47.82% | &nbsp;&nbsp; 205433 | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 0.75% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 0.81% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 153.40 | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (111.69) | (112.33) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 41.07 | -73.23% | &nbsp;&nbsp; 19926 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily Real Estate Bull 3X Shares** | **Direxion Daily Real Estate Bull 3X Shares** | **Direxion Daily Real Estate Bull 3X Shares** | **Direxion Daily Real Estate Bull 3X Shares** | **Direxion Daily Real Estate Bull 3X Shares** | **Direxion Daily Real Estate Bull 3X Shares** | **Direxion Daily Real Estate Bull 3X Shares** | **Direxion Daily Real Estate Bull 3X Shares** | **Direxion Daily Real Estate Bull 3X Shares** | **Direxion Daily Real Estate Bull 3X Shares** | **Direxion Daily Real Estate Bull 3X Shares** | **Direxion Daily Real Estate Bull 3X Shares** | **Direxion Daily Real Estate Bull 3X Shares** | **Direxion Daily Real Estate Bull 3X Shares** | **Direxion Daily Real Estate Bull 3X Shares** | **Direxion Daily Real Estate Bull 3X Shares** | **Direxion Daily Real Estate Bull 3X Shares** | **Direxion Daily Real Estate Bull 3X Shares** | **Direxion Daily Real Estate Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 11.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp; (3.14) | (2.89) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; (0.23) | 8.81 | -24.37% | &nbsp;&nbsp; 55083 | &nbsp;&nbsp;&nbsp; 1.39% | &nbsp;&nbsp;&nbsp; 1.36% | &nbsp;&nbsp;&nbsp;&nbsp; 2.47% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 2.91% | &nbsp;&nbsp;&nbsp; 15%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 6.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.27 | 5.79 | 6.06 | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; (0.25) | 11.93 | 99.78% | &nbsp;&nbsp; 96620 | &nbsp;&nbsp;&nbsp; 1.38% | &nbsp;&nbsp;&nbsp; 1.34% | &nbsp;&nbsp;&nbsp;&nbsp; 2.75% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 3.18% | &nbsp;&nbsp;&nbsp; 48%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 9.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp; (3.77) | (3.48) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00)<sup>9</sup> | &nbsp;&nbsp;&nbsp; (0.25) | 6.12 | -36.09% | &nbsp;&nbsp; 44711 | &nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp;&nbsp; 3.09% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 3.29% | &nbsp;&nbsp;&nbsp; 45%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 26.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp; (15.16) | (14.91) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp; (1.13) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.38) | 9.85 | -60.04% | &nbsp;&nbsp; 47268 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 1.27% | &nbsp;&nbsp;&nbsp; 84%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 9.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | 17.08 | 17.30 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.19) | 26.14 | 192.60% | &nbsp;&nbsp; 147704 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp; 20%  |

---

The accompanying notes are an integral part of these financial statements.

153<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Financial Highlights** 

**October 31, 2025(Continued)** 

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | |
|  | <br>**Net** <br>**Asset** <br>**Value,** <br>**Beginning** <br>**of** <br>**Year** | <br>**Net**<br>**Investment** <br>**Income** <br>(Loss) <sup>1,2</sup> | <br>**Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain** <br>(Loss) <br>**on** <br>**Investments<sup>4</sup>** | <br>**Net** <br>**Increase** <br>(Decrease) <br>**in Net** <br>**Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | <br>**Dividends** <br>**from Net** <br>**Investment** <br>**Income** | <br>**Distributions** <br>**from** <br>**Realized** <br>**Capital** <br>**Gains** | <br>**Distributions** <br>**from** <br>**Return** <br>**of Capital** | <br>**Total** <br>**Distributions** | <br>**Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Year**<br>| <br>**Total** <br>**Return<sup>5</sup>** | <br>**Net** <br>**Assets,** <br>**End of** <br>**Year** <br>**(,000)**<br>| **Net** <br>**Expenses<sup>2,6</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment<sup>2</sup>** | **Net** <br>**Expenses<sup>3,6</sup>** | **Total** <br>**Expenses<sup>3</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment<sup>3</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>8</sup>**  |
| **Direxion Daily Regional Banks Bull 3X Shares** | **Direxion Daily Regional Banks Bull 3X Shares** | **Direxion Daily Regional Banks Bull 3X Shares** | **Direxion Daily Regional Banks Bull 3X Shares** | **Direxion Daily Regional Banks Bull 3X Shares** | **Direxion Daily Regional Banks Bull 3X Shares** | **Direxion Daily Regional Banks Bull 3X Shares** | **Direxion Daily Regional Banks Bull 3X Shares** | **Direxion Daily Regional Banks Bull 3X Shares** | **Direxion Daily Regional Banks Bull 3X Shares** | **Direxion Daily Regional Banks Bull 3X Shares** | **Direxion Daily Regional Banks Bull 3X Shares** | **Direxion Daily Regional Banks Bull 3X Shares** | **Direxion Daily Regional Banks Bull 3X Shares** | **Direxion Daily Regional Banks Bull 3X Shares** | **Direxion Daily Regional Banks Bull 3X Shares** | **Direxion Daily Regional Banks Bull 3X Shares** | **Direxion Daily Regional Banks Bull 3X Shares** | **Direxion Daily Regional Banks Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | $109.40 | &nbsp;&nbsp; $1.89 | &nbsp;&nbsp; $(27.77) | $(25.88) | &nbsp;&nbsp; $(1.79) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1.79) | $81.73 | -23.85% | $802885 | &nbsp;&nbsp;&nbsp; 1.67% | &nbsp;&nbsp;&nbsp; 1.67% | &nbsp;&nbsp;&nbsp;&nbsp; 1.91% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 2.70% | &nbsp;&nbsp;&nbsp; 152%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 44.90 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | 64.40 | 66.43 | &nbsp;&nbsp; (1.93) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.93) | 109.40 | 149.84% | 762914 | &nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp;&nbsp; 2.52% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 3.08% | &nbsp;&nbsp;&nbsp; 138%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 299.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp; (254.52) | (252.64) | &nbsp;&nbsp; (1.76) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.76) | 44.90 | -84.66% | 447781 | &nbsp;&nbsp;&nbsp; 1.38% | &nbsp;&nbsp;&nbsp; 1.38% | &nbsp;&nbsp;&nbsp;&nbsp; 2.67% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 3.15% | &nbsp;&nbsp;&nbsp; 149%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 510.20 | &nbsp;&nbsp;&nbsp;&nbsp;3.70 | &nbsp;&nbsp; (211.00) | (207.30) | &nbsp;&nbsp; (3.60) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3.60) | 299.30 | -40.71% | 212433 | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 138%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 131.90 | &nbsp;&nbsp;&nbsp;&nbsp;2.80 | 378.30 | 381.10 | &nbsp;&nbsp; (2.80) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.80) | 510.20 | 290.09% | 441276 | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp; 147%  |
| **Direxion Daily Retail Bull 3X Shares** | **Direxion Daily Retail Bull 3X Shares** | **Direxion Daily Retail Bull 3X Shares** | **Direxion Daily Retail Bull 3X Shares** | **Direxion Daily Retail Bull 3X Shares** | **Direxion Daily Retail Bull 3X Shares** | **Direxion Daily Retail Bull 3X Shares** | **Direxion Daily Retail Bull 3X Shares** | **Direxion Daily Retail Bull 3X Shares** | **Direxion Daily Retail Bull 3X Shares** | **Direxion Daily Retail Bull 3X Shares** | **Direxion Daily Retail Bull 3X Shares** | **Direxion Daily Retail Bull 3X Shares** | **Direxion Daily Retail Bull 3X Shares** | **Direxion Daily Retail Bull 3X Shares** | **Direxion Daily Retail Bull 3X Shares** | **Direxion Daily Retail Bull 3X Shares** | **Direxion Daily Retail Bull 3X Shares** | **Direxion Daily Retail Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 8.37 | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp; (0.21) | (0.14) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; (0.07) | 8.16 | -1.61% | 29123 | &nbsp;&nbsp;&nbsp; 1.67% | &nbsp;&nbsp;&nbsp; 1.67% | &nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 1.54% | &nbsp;&nbsp;&nbsp; 71%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 5.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | 3.27 | 3.38 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.12) | 8.37 | 65.88% | 40765 | &nbsp;&nbsp;&nbsp; 1.48% | &nbsp;&nbsp;&nbsp; 1.48% | &nbsp;&nbsp;&nbsp;&nbsp; 1.32% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 1.88% | &nbsp;&nbsp;&nbsp; 67%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 8.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp; (3.03) | (2.92) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.11) | 5.11 | -36.13% | 38954 | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp; 1.20% | &nbsp;&nbsp;&nbsp;&nbsp; 1.54% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 1.82% | &nbsp;&nbsp;&nbsp; 146%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 41.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp; (33.83) | (33.70) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.11) | 8.14 | -80.48% | 51020 | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 0.74% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 0.77% | &nbsp;&nbsp;&nbsp; 83%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 8.58 | &nbsp;&nbsp; (0.09) | 33.46 | 33.37 | &nbsp;&nbsp; (0.00)<sup>9</sup> | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00)<sup>9</sup> | 41.95 | 389.07% | 128839 | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; (0.24)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; (0.22)% | &nbsp;&nbsp;&nbsp; 112%  |
| **Direxion Daily S&P 500® Bear 3X Shares<sup>13</sup>** | **Direxion Daily S&P 500® Bear 3X Shares<sup>13</sup>** | **Direxion Daily S&P 500® Bear 3X Shares<sup>13</sup>** | **Direxion Daily S&P 500® Bear 3X Shares<sup>13</sup>** | **Direxion Daily S&P 500® Bear 3X Shares<sup>13</sup>** | **Direxion Daily S&P 500® Bear 3X Shares<sup>13</sup>** | **Direxion Daily S&P 500® Bear 3X Shares<sup>13</sup>** | **Direxion Daily S&P 500® Bear 3X Shares<sup>13</sup>** | **Direxion Daily S&P 500® Bear 3X Shares<sup>13</sup>** | **Direxion Daily S&P 500® Bear 3X Shares<sup>13</sup>** | **Direxion Daily S&P 500® Bear 3X Shares<sup>13</sup>** | **Direxion Daily S&P 500® Bear 3X Shares<sup>13</sup>** | **Direxion Daily S&P 500® Bear 3X Shares<sup>13</sup>** | **Direxion Daily S&P 500® Bear 3X Shares<sup>13</sup>** | **Direxion Daily S&P 500® Bear 3X Shares<sup>13</sup>** | **Direxion Daily S&P 500® Bear 3X Shares<sup>13</sup>** | **Direxion Daily S&P 500® Bear 3X Shares<sup>13</sup>** | **Direxion Daily S&P 500® Bear 3X Shares<sup>13</sup>** | **Direxion Daily S&P 500® Bear 3X Shares<sup>13</sup>** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 68.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp; (33.13) | (31.28) | &nbsp;&nbsp; (2.05) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2.05) | 35.57 | -46.43% | 445213 | &nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp;&nbsp; 3.56% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 3.79% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 169.40 | &nbsp;&nbsp;&nbsp;&nbsp;4.20 | &nbsp;&nbsp; (100.30) | (96.10) | &nbsp;&nbsp; (4.40) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4.40) | 68.90 | -57.19% | 501717 | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 4.62% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 4.74% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 226.60 | &nbsp;&nbsp;&nbsp;&nbsp;5.80 | &nbsp;&nbsp; (57.50) | (51.70) | &nbsp;&nbsp; (5.50) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5.50) | 169.40 | -22.66% | 690955 | &nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp;&nbsp; 1.15% | &nbsp;&nbsp;&nbsp;&nbsp; 3.49% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 3.72% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 187.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | 38.40 | 38.80 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 226.60 | 20.66% | 887711 | &nbsp;&nbsp;&nbsp; 1.08% | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp;&nbsp; 0.20% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.33% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 610.00 | &nbsp;&nbsp; (2.70) | &nbsp;&nbsp; (419.50) | (422.20) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 187.80 | -69.21% | 388357 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; (0.92)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; (0.92)% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily S&P 500® Bull 3X Shares** | **Direxion Daily S&P 500® Bull 3X Shares** | **Direxion Daily S&P 500® Bull 3X Shares** | **Direxion Daily S&P 500® Bull 3X Shares** | **Direxion Daily S&P 500® Bull 3X Shares** | **Direxion Daily S&P 500® Bull 3X Shares** | **Direxion Daily S&P 500® Bull 3X Shares** | **Direxion Daily S&P 500® Bull 3X Shares** | **Direxion Daily S&P 500® Bull 3X Shares** | **Direxion Daily S&P 500® Bull 3X Shares** | **Direxion Daily S&P 500® Bull 3X Shares** | **Direxion Daily S&P 500® Bull 3X Shares** | **Direxion Daily S&P 500® Bull 3X Shares** | **Direxion Daily S&P 500® Bull 3X Shares** | **Direxion Daily S&P 500® Bull 3X Shares** | **Direxion Daily S&P 500® Bull 3X Shares** | **Direxion Daily S&P 500® Bull 3X Shares** | **Direxion Daily S&P 500® Bull 3X Shares** | **Direxion Daily S&P 500® Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 157.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | 66.69 | 68.36 | &nbsp;&nbsp; (1.67) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.67) | 224.21 | 43.75% | 6076195 | &nbsp;&nbsp;&nbsp; 1.32% | &nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 0.81% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 1.49% | &nbsp;&nbsp;&nbsp; 71%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 72.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | 85.38 | 86.63 | &nbsp;&nbsp; (1.23) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.23) | 157.52 | 120.50% | 4906705 | &nbsp;&nbsp;&nbsp; 1.57% | &nbsp;&nbsp;&nbsp; 1.67% | &nbsp;&nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 0.81% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 1.74% | &nbsp;&nbsp;&nbsp; 29%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 65.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | 6.12 | 6.99 | &nbsp;&nbsp; (0.84) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.84) | 72.12 | 10.54% | 2625285 | &nbsp;&nbsp;&nbsp; 1.31% | &nbsp;&nbsp;&nbsp; 1.35% | &nbsp;&nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 1.53% | &nbsp;&nbsp;&nbsp; 65%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 130.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp; (64.36) | (64.14) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.19) | 65.97 | -49.27% | 2546628 | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 0.23% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.26% | &nbsp;&nbsp;&nbsp; 113%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 48.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | 82.25 | 82.38 | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.16) | 130.30 | 171.57% | 3348750 | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 0.14% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 0.15% | &nbsp;&nbsp;&nbsp; 28%  |
| **Direxion Daily S&P 500® High Beta Bear 3X Shares** | **Direxion Daily S&P 500® High Beta Bear 3X Shares** | **Direxion Daily S&P 500® High Beta Bear 3X Shares** | **Direxion Daily S&P 500® High Beta Bear 3X Shares** | **Direxion Daily S&P 500® High Beta Bear 3X Shares** | **Direxion Daily S&P 500® High Beta Bear 3X Shares** | **Direxion Daily S&P 500® High Beta Bear 3X Shares** | **Direxion Daily S&P 500® High Beta Bear 3X Shares** | **Direxion Daily S&P 500® High Beta Bear 3X Shares** | **Direxion Daily S&P 500® High Beta Bear 3X Shares** | **Direxion Daily S&P 500® High Beta Bear 3X Shares** | **Direxion Daily S&P 500® High Beta Bear 3X Shares** | **Direxion Daily S&P 500® High Beta Bear 3X Shares** | **Direxion Daily S&P 500® High Beta Bear 3X Shares** | **Direxion Daily S&P 500® High Beta Bear 3X Shares** | **Direxion Daily S&P 500® High Beta Bear 3X Shares** | **Direxion Daily S&P 500® High Beta Bear 3X Shares** | **Direxion Daily S&P 500® High Beta Bear 3X Shares** | **Direxion Daily S&P 500® High Beta Bear 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 20.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp; (15.32) | (14.89) | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.52) | 5.52 | -72.63% | 30220 | &nbsp;&nbsp;&nbsp; 1.32% | &nbsp;&nbsp;&nbsp; 1.36% | &nbsp;&nbsp;&nbsp;&nbsp; 3.80% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; 4.17% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 60.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp; (39.13) | (37.96) | &nbsp;&nbsp; (1.20) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.20) | 20.93 | -63.40% | 29841 | &nbsp;&nbsp;&nbsp; 1.22% | &nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp;&nbsp; 4.45% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 4.72% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 86.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp; (26.40) | (24.65) | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.46) | 60.09 | -28.08% | 61619 | &nbsp;&nbsp;&nbsp; 1.44% | &nbsp;&nbsp;&nbsp; 1.45% | &nbsp;&nbsp;&nbsp;&nbsp; 3.46% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 3.95% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 90.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp; (4.50) | (4.40) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 86.20 | -4.86% | 66428 | &nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp;&nbsp;&nbsp; 0.13% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; 0.32% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 1010.00 | &nbsp;&nbsp; (1.50) | &nbsp;&nbsp; (917.90) | (919.40) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 90.60 | -91.03% | 23626 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily S&P 500® High Beta Bull 3X Shares** | **Direxion Daily S&P 500® High Beta Bull 3X Shares** | **Direxion Daily S&P 500® High Beta Bull 3X Shares** | **Direxion Daily S&P 500® High Beta Bull 3X Shares** | **Direxion Daily S&P 500® High Beta Bull 3X Shares** | **Direxion Daily S&P 500® High Beta Bull 3X Shares** | **Direxion Daily S&P 500® High Beta Bull 3X Shares** | **Direxion Daily S&P 500® High Beta Bull 3X Shares** | **Direxion Daily S&P 500® High Beta Bull 3X Shares** | **Direxion Daily S&P 500® High Beta Bull 3X Shares** | **Direxion Daily S&P 500® High Beta Bull 3X Shares** | **Direxion Daily S&P 500® High Beta Bull 3X Shares** | **Direxion Daily S&P 500® High Beta Bull 3X Shares** | **Direxion Daily S&P 500® High Beta Bull 3X Shares** | **Direxion Daily S&P 500® High Beta Bull 3X Shares** | **Direxion Daily S&P 500® High Beta Bull 3X Shares** | **Direxion Daily S&P 500® High Beta Bull 3X Shares** | **Direxion Daily S&P 500® High Beta Bull 3X Shares** | **Direxion Daily S&P 500® High Beta Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 40.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | 25.78 | 25.83 | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.18) | 66.20 | 64.05% | 60530 | &nbsp;&nbsp;&nbsp; 1.97% | &nbsp;&nbsp;&nbsp; 1.98% | &nbsp;&nbsp;&nbsp;&nbsp; 0.12% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp; 165%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 21.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | 19.52 | 19.98 | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.46) | 40.55 | 94.90% | 39106 | &nbsp;&nbsp;&nbsp; 1.31% | &nbsp;&nbsp;&nbsp; 1.30% | &nbsp;&nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 1.53% | &nbsp;&nbsp;&nbsp; 112%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 25.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp; (4.48) | (4.30) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.18) | 21.03 | -17.09% | 59183 | &nbsp;&nbsp;&nbsp; 1.42% | &nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp; 147%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 75.48 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (49.90) | (49.97) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 25.51 | -66.20% | 69235 | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; (0.16)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; (0.10)% | &nbsp;&nbsp;&nbsp; 144%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 14.43 | &nbsp;&nbsp; (0.01) | 61.10 | 61.09 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.04) | 75.48 | 423.32% | 110529 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; (0.01)% | &nbsp;&nbsp;&nbsp; 151%  |

---

The accompanying notes are an integral part of these financial statements.

154<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Financial Highlights** 

**October 31, 2025(Continued)** 

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | |
|  | <br>**Net** <br>**Asset** <br>**Value,** <br>**Beginning** <br>**of** <br>**Year** | <br>**Net**<br>**Investment** <br>**Income** <br>(Loss) <sup>1,2</sup> | <br>**Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain** <br>(Loss) <br>**on** <br>**Investments<sup>4</sup>** | <br>**Net** <br>**Increase** <br>(Decrease) <br>**in Net** <br>**Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | <br>**Dividends** <br>**from Net** <br>**Investment** <br>**Income** | <br>**Distributions** <br>**from** <br>**Realized** <br>**Capital** <br>**Gains** | <br>**Distributions** <br>**from** <br>**Return** <br>**of Capital** | <br>**Total** <br>**Distributions** | <br>**Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Year**<br>| <br>**Total** <br>**Return<sup>5</sup>** | <br>**Net** <br>**Assets,** <br>**End of** <br>**Year** <br>**(,000)**<br>| **Net** <br>**Expenses<sup>2,6</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment<sup>2</sup>** | **Net** <br>**Expenses<sup>3,6</sup>** | **Total** <br>**Expenses<sup>3</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment<sup>3</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>8</sup>**  |
| **Direxion Daily S&P Biotech Bear 3X Shares<sup>13</sup>** | **Direxion Daily S&P Biotech Bear 3X Shares<sup>13</sup>** | **Direxion Daily S&P Biotech Bear 3X Shares<sup>13</sup>** | **Direxion Daily S&P Biotech Bear 3X Shares<sup>13</sup>** | **Direxion Daily S&P Biotech Bear 3X Shares<sup>13</sup>** | **Direxion Daily S&P Biotech Bear 3X Shares<sup>13</sup>** | **Direxion Daily S&P Biotech Bear 3X Shares<sup>13</sup>** | **Direxion Daily S&P Biotech Bear 3X Shares<sup>13</sup>** | **Direxion Daily S&P Biotech Bear 3X Shares<sup>13</sup>** | **Direxion Daily S&P Biotech Bear 3X Shares<sup>13</sup>** | **Direxion Daily S&P Biotech Bear 3X Shares<sup>13</sup>** | **Direxion Daily S&P Biotech Bear 3X Shares<sup>13</sup>** | **Direxion Daily S&P Biotech Bear 3X Shares<sup>13</sup>** | **Direxion Daily S&P Biotech Bear 3X Shares<sup>13</sup>** | **Direxion Daily S&P Biotech Bear 3X Shares<sup>13</sup>** | **Direxion Daily S&P Biotech Bear 3X Shares<sup>13</sup>** | **Direxion Daily S&P Biotech Bear 3X Shares<sup>13</sup>** | **Direxion Daily S&P Biotech Bear 3X Shares<sup>13</sup>** | **Direxion Daily S&P Biotech Bear 3X Shares<sup>13</sup>** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | $61.70 | &nbsp;&nbsp; $1.75 | $(33.00) | $(31.25) | &nbsp;&nbsp; $(2.44) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(2.44) | $28.01 | -52.92% | $75803 | &nbsp;&nbsp;&nbsp; 1.57% | &nbsp;&nbsp;&nbsp; 1.57% | &nbsp;&nbsp;&nbsp;&nbsp; 2.96% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; 3.58% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 267.40 | 3.10 | (205.80) | (202.70) | &nbsp;&nbsp; (3.00) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3.00) | 61.70 | -76.03% | 77836 | &nbsp;&nbsp;&nbsp; 1.38% | &nbsp;&nbsp;&nbsp; 1.36% | &nbsp;&nbsp;&nbsp;&nbsp; 4.13% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 4.56% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 201.80 | 5.10 | 66.50 | 71.60 | &nbsp;&nbsp; (6.00) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6.00) | 267.40 | 37.01% | 61924 | &nbsp;&nbsp;&nbsp; 1.61% | &nbsp;&nbsp;&nbsp; 1.60% | &nbsp;&nbsp;&nbsp;&nbsp; 3.18% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 3.84% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 213.30 | 1.70 | (13.20) | (11.50) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 201.80 | -5.39% | 189975 | &nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 0.63% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 545.10 | &nbsp;&nbsp; (2.00) | (329.80) | (331.80) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 213.30 | -60.87% | 47267 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily S&P Biotech Bull 3X Shares** | **Direxion Daily S&P Biotech Bull 3X Shares** | **Direxion Daily S&P Biotech Bull 3X Shares** | **Direxion Daily S&P Biotech Bull 3X Shares** | **Direxion Daily S&P Biotech Bull 3X Shares** | **Direxion Daily S&P Biotech Bull 3X Shares** | **Direxion Daily S&P Biotech Bull 3X Shares** | **Direxion Daily S&P Biotech Bull 3X Shares** | **Direxion Daily S&P Biotech Bull 3X Shares** | **Direxion Daily S&P Biotech Bull 3X Shares** | **Direxion Daily S&P Biotech Bull 3X Shares** | **Direxion Daily S&P Biotech Bull 3X Shares** | **Direxion Daily S&P Biotech Bull 3X Shares** | **Direxion Daily S&P Biotech Bull 3X Shares** | **Direxion Daily S&P Biotech Bull 3X Shares** | **Direxion Daily S&P Biotech Bull 3X Shares** | **Direxion Daily S&P Biotech Bull 3X Shares** | **Direxion Daily S&P Biotech Bull 3X Shares** | **Direxion Daily S&P Biotech Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 119.53 | 0.46 | 11.71 | 12.17 | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.43) | 131.27 | 10.53% | 803982 | &nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp;&nbsp; 0.59% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp; 107%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 54.44 | 0.29 | 65.32 | 65.61 | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp; (0.52) | 119.53 | 120.56% | 887427 | &nbsp;&nbsp;&nbsp; 1.79% | &nbsp;&nbsp;&nbsp; 1.79% | &nbsp;&nbsp;&nbsp;&nbsp; 0.25% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 1.13% | &nbsp;&nbsp;&nbsp; 179%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 148.40 | 0.77 | (94.52) | (93.75) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.21) | 54.44 | -63.25% | 677505 | &nbsp;&nbsp;&nbsp; 1.26% | &nbsp;&nbsp;&nbsp; 1.26% | &nbsp;&nbsp;&nbsp;&nbsp; 0.68% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp; 83%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 1065.00 | &nbsp;&nbsp; (1.20) | (915.40) | (916.60) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 148.40 | -86.07% | 1159847 | &nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp;&nbsp; (0.51)% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; (0.36)% | &nbsp;&nbsp;&nbsp; 148%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 1070.40 | &nbsp;&nbsp; (11.40) | 6.00 | (5.40) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 1065.00 | -0.50% | 772796 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; (0.82)% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; (0.81)% | &nbsp;&nbsp;&nbsp; 169%  |
| **Direxion Daily Semiconductor Bear 3X Shares** | **Direxion Daily Semiconductor Bear 3X Shares** | **Direxion Daily Semiconductor Bear 3X Shares** | **Direxion Daily Semiconductor Bear 3X Shares** | **Direxion Daily Semiconductor Bear 3X Shares** | **Direxion Daily Semiconductor Bear 3X Shares** | **Direxion Daily Semiconductor Bear 3X Shares** | **Direxion Daily Semiconductor Bear 3X Shares** | **Direxion Daily Semiconductor Bear 3X Shares** | **Direxion Daily Semiconductor Bear 3X Shares** | **Direxion Daily Semiconductor Bear 3X Shares** | **Direxion Daily Semiconductor Bear 3X Shares** | **Direxion Daily Semiconductor Bear 3X Shares** | **Direxion Daily Semiconductor Bear 3X Shares** | **Direxion Daily Semiconductor Bear 3X Shares** | **Direxion Daily Semiconductor Bear 3X Shares** | **Direxion Daily Semiconductor Bear 3X Shares** | **Direxion Daily Semiconductor Bear 3X Shares** | **Direxion Daily Semiconductor Bear 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 23.13 | 0.34 | (19.54) | (19.20) | &nbsp;&nbsp; (0.60) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.60) | 3.33 | -85.04% | 1224713 | &nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp;&nbsp; 3.92% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 4.23% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 135.50 | 1.51 | (112.26) | (110.75) | &nbsp;&nbsp; (1.62) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.62) | 23.13 | -82.13% | 857809 | &nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp; 1.14% | &nbsp;&nbsp;&nbsp;&nbsp; 4.76% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; 5.04% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 595.50 | 6.20 | (460.80) | (454.60) | &nbsp;&nbsp; (5.40) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5.40) | 135.50 | -76.38% | 710106 | &nbsp;&nbsp;&nbsp; 1.13% | &nbsp;&nbsp;&nbsp; 1.13% | &nbsp;&nbsp;&nbsp;&nbsp; 4.05% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 4.30% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 575.00 | 2.00 | 18.50 | 20.50 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 595.50 | 3.57% | 590971 | &nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp; 1.08% | &nbsp;&nbsp;&nbsp;&nbsp; 0.41% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 0.61% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 3749.00 | &nbsp;&nbsp; (8.00) | (3166.00) | (3174.00) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 575.00 | -84.66% | 145418 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily Semiconductor Bull 3X Shares** | **Direxion Daily Semiconductor Bull 3X Shares** | **Direxion Daily Semiconductor Bull 3X Shares** | **Direxion Daily Semiconductor Bull 3X Shares** | **Direxion Daily Semiconductor Bull 3X Shares** | **Direxion Daily Semiconductor Bull 3X Shares** | **Direxion Daily Semiconductor Bull 3X Shares** | **Direxion Daily Semiconductor Bull 3X Shares** | **Direxion Daily Semiconductor Bull 3X Shares** | **Direxion Daily Semiconductor Bull 3X Shares** | **Direxion Daily Semiconductor Bull 3X Shares** | **Direxion Daily Semiconductor Bull 3X Shares** | **Direxion Daily Semiconductor Bull 3X Shares** | **Direxion Daily Semiconductor Bull 3X Shares** | **Direxion Daily Semiconductor Bull 3X Shares** | **Direxion Daily Semiconductor Bull 3X Shares** | **Direxion Daily Semiconductor Bull 3X Shares** | **Direxion Daily Semiconductor Bull 3X Shares** | **Direxion Daily Semiconductor Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 29.93 | 0.18 | 17.91 | 18.09 | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.22) | 47.80 | 61.13% | 13667007 | &nbsp;&nbsp;&nbsp; 1.40% | &nbsp;&nbsp;&nbsp; 1.56% | &nbsp;&nbsp;&nbsp;&nbsp; 0.76% | &nbsp;&nbsp;&nbsp; 0.71% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp;&nbsp; 1.45% | &nbsp;&nbsp;&nbsp; 250%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 14.92 | 0.30 | 15.02 | 15.32 | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.31) | 29.93 | 102.08% | 9927018 | &nbsp;&nbsp;&nbsp; 1.38% | &nbsp;&nbsp;&nbsp; 1.62% | &nbsp;&nbsp;&nbsp;&nbsp; 0.80% | &nbsp;&nbsp;&nbsp; 0.62% | &nbsp;&nbsp;&nbsp; 0.86% | &nbsp;&nbsp;&nbsp;&nbsp; 1.56% | &nbsp;&nbsp;&nbsp; 145%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 8.89 | 0.13 | 6.03 | 6.16 | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.13) | 14.92 | 69.26% | 5409550 | &nbsp;&nbsp;&nbsp; 1.51% | &nbsp;&nbsp;&nbsp; 1.67% | &nbsp;&nbsp;&nbsp;&nbsp; 0.78% | &nbsp;&nbsp;&nbsp; 0.72% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp;&nbsp; 1.57% | &nbsp;&nbsp;&nbsp; 97%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 47.62 | 0.12 | (38.77) | (38.65) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.08) | 8.89 | -81.24% | 3474072 | &nbsp;&nbsp;&nbsp; 0.85% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; 0.51% | &nbsp;&nbsp;&nbsp; 0.77% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 0.59% | &nbsp;&nbsp;&nbsp; 241%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 16.59 | &nbsp;&nbsp; (0.00)<sup>9</sup> | 31.05 | 31.05 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02) | 47.62 | 187.22% | 4155099 | &nbsp;&nbsp;&nbsp; 0.83% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; (0.01)% | &nbsp;&nbsp;&nbsp; 0.82% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; —% | &nbsp;&nbsp;&nbsp; 170%  |
| **Direxion Daily Small Cap Bear 3X Shares** | **Direxion Daily Small Cap Bear 3X Shares** | **Direxion Daily Small Cap Bear 3X Shares** | **Direxion Daily Small Cap Bear 3X Shares** | **Direxion Daily Small Cap Bear 3X Shares** | **Direxion Daily Small Cap Bear 3X Shares** | **Direxion Daily Small Cap Bear 3X Shares** | **Direxion Daily Small Cap Bear 3X Shares** | **Direxion Daily Small Cap Bear 3X Shares** | **Direxion Daily Small Cap Bear 3X Shares** | **Direxion Daily Small Cap Bear 3X Shares** | **Direxion Daily Small Cap Bear 3X Shares** | **Direxion Daily Small Cap Bear 3X Shares** | **Direxion Daily Small Cap Bear 3X Shares** | **Direxion Daily Small Cap Bear 3X Shares** | **Direxion Daily Small Cap Bear 3X Shares** | **Direxion Daily Small Cap Bear 3X Shares** | **Direxion Daily Small Cap Bear 3X Shares** | **Direxion Daily Small Cap Bear 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 14.12 | 0.33 | (6.30) | (5.97) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.43) | 7.72 | -43.51% | 328148 | &nbsp;&nbsp;&nbsp; 1.57% | &nbsp;&nbsp;&nbsp; 1.57% | &nbsp;&nbsp;&nbsp;&nbsp; 2.90% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 3.57% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 38.10 | 0.70 | (23.95) | (23.25) | &nbsp;&nbsp; (0.73) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.73) | 14.12 | -61.41% | 344247 | &nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp;&nbsp;&nbsp; 4.03% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 4.42% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 32.33 | 0.99 | 5.76 | 6.75 | &nbsp;&nbsp; (0.98) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.98) | 38.10 | 21.75% | 328542 | &nbsp;&nbsp;&nbsp; 1.30% | &nbsp;&nbsp;&nbsp; 1.30% | &nbsp;&nbsp;&nbsp;&nbsp; 3.45% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 3.85% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 26.89 | 0.01 | 5.43 | 5.44 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 32.33 | 20.23% | 547165 | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp; 0.04% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 0.12% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 124.40 | &nbsp;&nbsp; (0.33) | (97.18) | (97.51) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 26.89 | -78.38% | 504783 | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; (0.91)% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; (0.91)% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily Small Cap Bull 3X Shares** | **Direxion Daily Small Cap Bull 3X Shares** | **Direxion Daily Small Cap Bull 3X Shares** | **Direxion Daily Small Cap Bull 3X Shares** | **Direxion Daily Small Cap Bull 3X Shares** | **Direxion Daily Small Cap Bull 3X Shares** | **Direxion Daily Small Cap Bull 3X Shares** | **Direxion Daily Small Cap Bull 3X Shares** | **Direxion Daily Small Cap Bull 3X Shares** | **Direxion Daily Small Cap Bull 3X Shares** | **Direxion Daily Small Cap Bull 3X Shares** | **Direxion Daily Small Cap Bull 3X Shares** | **Direxion Daily Small Cap Bull 3X Shares** | **Direxion Daily Small Cap Bull 3X Shares** | **Direxion Daily Small Cap Bull 3X Shares** | **Direxion Daily Small Cap Bull 3X Shares** | **Direxion Daily Small Cap Bull 3X Shares** | **Direxion Daily Small Cap Bull 3X Shares** | **Direxion Daily Small Cap Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 41.76 | 0.38 | 5.07 | 5.45 | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; (0.50) | 46.71 | 13.36% | 2043593 | &nbsp;&nbsp;&nbsp; 1.36% | &nbsp;&nbsp;&nbsp; 1.38% | &nbsp;&nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 0.88% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 1.48% | &nbsp;&nbsp;&nbsp; 188%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 22.77 | 0.46 | 18.96 | 19.42 | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.43) | 41.76 | 85.49% | 2158998 | &nbsp;&nbsp;&nbsp; 1.27% | &nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp; 0.87% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 1.59% | &nbsp;&nbsp;&nbsp; 222%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 38.28 | 0.48 | (15.61) | (15.13) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.38) | 22.77 | -39.82% | 1272601 | &nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 1.76% | &nbsp;&nbsp;&nbsp; 102%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 93.14 | 0.11 | (54.92) | (54.81) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.05) | 38.28 | -58.86% | 1217463 | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 0.22% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 0.25% | &nbsp;&nbsp;&nbsp; 114%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 32.03 | &nbsp;&nbsp; (0.23) | 61.35 | 61.12 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01) | 93.14 | 190.83% | 1499519 | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; (0.28)% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; (0.27)% | &nbsp;&nbsp;&nbsp; 62%  |

---

The accompanying notes are an integral part of these financial statements.

155<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Financial Highlights** 

**October 31, 2025(Continued)** 

---

| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | | | | | | | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | **RATIOS TO AVERAGE NET ASSETS<sup>7</sup>** | |
|  | <br>**Net** <br>**Asset** <br>**Value,** <br>**Beginning** <br>**of** <br>**Year** | <br>**Net**<br>**Investment** <br>**Income** <br>(Loss) <sup>1,2</sup> | <br>**Net** <br>**Realized** <br>**and** <br>**Unrealized** <br>**Gain** <br>(Loss) <br>**on** <br>**Investments<sup>4</sup>** | <br>**Net** <br>**Increase** <br>(Decrease) <br>**in Net** <br>**Asset** <br>**Value** <br>**Resulting** <br>**from** <br>**Operations** | <br>**Dividends** <br>**from Net** <br>**Investment** <br>**Income** | <br>**Distributions** <br>**from** <br>**Realized** <br>**Capital** <br>**Gains** | <br>**Distributions** <br>**from** <br>**Return** <br>**of Capital** | <br>**Total** <br>**Distributions** | <br>**Net** <br>**Asset** <br>**Value,** <br>**End of** <br>**Year**<br>| <br>**Total** <br>**Return<sup>5</sup>** | <br>**Net** <br>**Assets,** <br>**End of** <br>**Year** <br>**(,000)**<br>| **Net** <br>**Expenses<sup>2,6</sup>** | **Total** <br>**Expenses<sup>2</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment<sup>2</sup>** | **Net** <br>**Expenses<sup>3,6</sup>** | **Total** <br>**Expenses<sup>3</sup>** | **Net** <br>**Investment** <br>**Income** <br>(Loss) <br>**after** <br>**Expense** <br>**Reimbursement/**<br>**Recoupment<sup>3</sup>** | <br>**Portfolio** <br>**Turnover** <br>**Rate<sup>8</sup>**  |
| **Direxion Daily Technology Bear 3X Shares<sup>11</sup>** | **Direxion Daily Technology Bear 3X Shares<sup>11</sup>** | **Direxion Daily Technology Bear 3X Shares<sup>11</sup>** | **Direxion Daily Technology Bear 3X Shares<sup>11</sup>** | **Direxion Daily Technology Bear 3X Shares<sup>11</sup>** | **Direxion Daily Technology Bear 3X Shares<sup>11</sup>** | **Direxion Daily Technology Bear 3X Shares<sup>11</sup>** | **Direxion Daily Technology Bear 3X Shares<sup>11</sup>** | **Direxion Daily Technology Bear 3X Shares<sup>11</sup>** | **Direxion Daily Technology Bear 3X Shares<sup>11</sup>** | **Direxion Daily Technology Bear 3X Shares<sup>11</sup>** | **Direxion Daily Technology Bear 3X Shares<sup>11</sup>** | **Direxion Daily Technology Bear 3X Shares<sup>11</sup>** | **Direxion Daily Technology Bear 3X Shares<sup>11</sup>** | **Direxion Daily Technology Bear 3X Shares<sup>11</sup>** | **Direxion Daily Technology Bear 3X Shares<sup>11</sup>** | **Direxion Daily Technology Bear 3X Shares<sup>11</sup>** | **Direxion Daily Technology Bear 3X Shares<sup>11</sup>** | **Direxion Daily Technology Bear 3X Shares<sup>11</sup>** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | $55.54 | &nbsp;&nbsp; $1.07 | $(39.55) | $(38.48) | &nbsp;&nbsp; $(1.29) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1.29) | $15.77 | -70.61% | $93652 | &nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp;&nbsp; 1.29% | &nbsp;&nbsp;&nbsp;&nbsp; 3.37% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 3.74% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 161.30 | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | (105.61) | (102.51) | &nbsp;&nbsp; (3.25) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3.25) | 55.54 | -63.99% | 101355 | &nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp; 1.10% | &nbsp;&nbsp;&nbsp;&nbsp; 4.35% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp;&nbsp; 4.54% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 419.80 | &nbsp;&nbsp;&nbsp;&nbsp;7.80 | (260.10) | (252.30) | &nbsp;&nbsp; (6.20) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6.20) | 161.30 | -60.23% | 114500 | &nbsp;&nbsp;&nbsp; 1.31% | &nbsp;&nbsp;&nbsp; 1.28% | &nbsp;&nbsp;&nbsp;&nbsp; 3.86% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; 4.22% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 371.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | 47.00 | 48.20 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 419.80 | 12.97% | 159535 | &nbsp;&nbsp;&nbsp; 1.08% | &nbsp;&nbsp;&nbsp; 1.07% | &nbsp;&nbsp;&nbsp;&nbsp; 0.31% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 0.44% | &nbsp;&nbsp;&nbsp; 0%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 1478.00 | &nbsp;&nbsp; (5.70) | (1100.70) | (1106.40) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 371.60 | -74.86% | 66942 | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; (0.93)% | &nbsp;&nbsp;&nbsp; 0%  |
| **Direxion Daily Technology Bull 3X Shares** | **Direxion Daily Technology Bull 3X Shares** | **Direxion Daily Technology Bull 3X Shares** | **Direxion Daily Technology Bull 3X Shares** | **Direxion Daily Technology Bull 3X Shares** | **Direxion Daily Technology Bull 3X Shares** | **Direxion Daily Technology Bull 3X Shares** | **Direxion Daily Technology Bull 3X Shares** | **Direxion Daily Technology Bull 3X Shares** | **Direxion Daily Technology Bull 3X Shares** | **Direxion Daily Technology Bull 3X Shares** | **Direxion Daily Technology Bull 3X Shares** | **Direxion Daily Technology Bull 3X Shares** | **Direxion Daily Technology Bull 3X Shares** | **Direxion Daily Technology Bull 3X Shares** | **Direxion Daily Technology Bull 3X Shares** | **Direxion Daily Technology Bull 3X Shares** | **Direxion Daily Technology Bull 3X Shares** | **Direxion Daily Technology Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 81.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | 65.59 | 65.92 | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.46) | 147.35 | 81.00% | 4774267 | &nbsp;&nbsp;&nbsp; 1.59% | &nbsp;&nbsp;&nbsp; 1.66% | &nbsp;&nbsp;&nbsp;&nbsp; 0.37% | &nbsp;&nbsp;&nbsp; 0.83% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 1.13% | &nbsp;&nbsp;&nbsp; 94%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 42.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | 39.50 | 39.79 | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.28) | 81.89 | 93.90% | 3083013 | &nbsp;&nbsp;&nbsp; 1.64% | &nbsp;&nbsp;&nbsp; 1.70% | &nbsp;&nbsp;&nbsp;&nbsp; 0.38% | &nbsp;&nbsp;&nbsp; 0.83% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp;&nbsp; 1.19% | &nbsp;&nbsp;&nbsp; 134%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 25.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | 16.70 | 16.87 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.17) | 42.38 | 65.90% | 2014961 | &nbsp;&nbsp;&nbsp; 1.71% | &nbsp;&nbsp;&nbsp; 1.72% | &nbsp;&nbsp;&nbsp;&nbsp; 0.46% | &nbsp;&nbsp;&nbsp; 0.89% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp;&nbsp; 1.28% | &nbsp;&nbsp;&nbsp; 56%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 71.11 | &nbsp;&nbsp; (0.02) | (45.13) | (45.15) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.28) | 25.68 | -63.77% | 1368795 | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp;&nbsp; (0.05)% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; (0.01)% | &nbsp;&nbsp;&nbsp; 96%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 25.58 | &nbsp;&nbsp; (0.14) | 45.86 | 45.72 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.19) | 71.11 | 179.53% | 3061359 | &nbsp;&nbsp;&nbsp; 0.91% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; (0.29)% | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp;&nbsp; (0.28)% | &nbsp;&nbsp;&nbsp; 25%  |
| **Direxion Daily Transportation Bull 3X Shares** | **Direxion Daily Transportation Bull 3X Shares** | **Direxion Daily Transportation Bull 3X Shares** | **Direxion Daily Transportation Bull 3X Shares** | **Direxion Daily Transportation Bull 3X Shares** | **Direxion Daily Transportation Bull 3X Shares** | **Direxion Daily Transportation Bull 3X Shares** | **Direxion Daily Transportation Bull 3X Shares** | **Direxion Daily Transportation Bull 3X Shares** | **Direxion Daily Transportation Bull 3X Shares** | **Direxion Daily Transportation Bull 3X Shares** | **Direxion Daily Transportation Bull 3X Shares** | **Direxion Daily Transportation Bull 3X Shares** | **Direxion Daily Transportation Bull 3X Shares** | **Direxion Daily Transportation Bull 3X Shares** | **Direxion Daily Transportation Bull 3X Shares** | **Direxion Daily Transportation Bull 3X Shares** | **Direxion Daily Transportation Bull 3X Shares** | **Direxion Daily Transportation Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 32.68 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | (4.57) | (4.28) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.00)<sup>9</sup> | &nbsp;&nbsp;&nbsp; (0.30) | 28.10 | -13.01% | 14051 | &nbsp;&nbsp;&nbsp; 1.34% | &nbsp;&nbsp;&nbsp; 1.45% | &nbsp;&nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp;&nbsp; 1.44% | &nbsp;&nbsp;&nbsp; 85%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 19.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | 13.34 | 13.80 | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.48) | 32.68 | 71.31% | 21241 | &nbsp;&nbsp;&nbsp; 1.18% | &nbsp;&nbsp;&nbsp; 1.24% | &nbsp;&nbsp;&nbsp;&nbsp; 1.48% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 1.71% | &nbsp;&nbsp;&nbsp; 53%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 22.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | (2.79) | (2.41) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.37) | 19.36 | -11.24% | 17424 | &nbsp;&nbsp;&nbsp; 1.21% | &nbsp;&nbsp;&nbsp; 1.26% | &nbsp;&nbsp;&nbsp;&nbsp; 1.47% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp;&nbsp; 1.73% | &nbsp;&nbsp;&nbsp; 89%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 48.54 | &nbsp;&nbsp; (0.01) | (26.39) | (26.40) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 22.14 | -54.39% | 23243 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp;&nbsp; (0.03)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)% | &nbsp;&nbsp;&nbsp; 54%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 18.08 | &nbsp;&nbsp; (0.09) | 30.56 | 30.47 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.01) | 48.54 | 168.57% | 89798 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp;&nbsp; (0.24)% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; (0.23)% | &nbsp;&nbsp;&nbsp; 49%  |
| **Direxion Daily Utilities Bull 3X Shares** | **Direxion Daily Utilities Bull 3X Shares** | **Direxion Daily Utilities Bull 3X Shares** | **Direxion Daily Utilities Bull 3X Shares** | **Direxion Daily Utilities Bull 3X Shares** | **Direxion Daily Utilities Bull 3X Shares** | **Direxion Daily Utilities Bull 3X Shares** | **Direxion Daily Utilities Bull 3X Shares** | **Direxion Daily Utilities Bull 3X Shares** | **Direxion Daily Utilities Bull 3X Shares** | **Direxion Daily Utilities Bull 3X Shares** | **Direxion Daily Utilities Bull 3X Shares** | **Direxion Daily Utilities Bull 3X Shares** | **Direxion Daily Utilities Bull 3X Shares** | **Direxion Daily Utilities Bull 3X Shares** | **Direxion Daily Utilities Bull 3X Shares** | **Direxion Daily Utilities Bull 3X Shares** | **Direxion Daily Utilities Bull 3X Shares** | **Direxion Daily Utilities Bull 3X Shares** |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2025 | 38.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | 8.21 | 8.83 | &nbsp;&nbsp; (0.65) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.65) | 46.30 | 23.67% | 34722 | &nbsp;&nbsp;&nbsp; 1.70% | &nbsp;&nbsp;&nbsp; 1.69% | &nbsp;&nbsp;&nbsp;&nbsp; 1.66% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.94% | &nbsp;&nbsp;&nbsp;&nbsp; 2.41% | &nbsp;&nbsp;&nbsp; 48%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2024 | 18.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | 20.17 | 20.70 | &nbsp;&nbsp; (0.60) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.60) | 38.12 | 116.98% | 55280 | &nbsp;&nbsp;&nbsp; 1.60% | &nbsp;&nbsp;&nbsp; 1.58% | &nbsp;&nbsp;&nbsp;&nbsp; 2.08% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 0.93% | &nbsp;&nbsp;&nbsp;&nbsp; 2.73% | &nbsp;&nbsp;&nbsp; 48%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2023 | 29.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | (11.26) | (10.57) | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.59) | 18.02 | -36.82% | 37832 | &nbsp;&nbsp;&nbsp; 1.06% | &nbsp;&nbsp;&nbsp; 1.12% | &nbsp;&nbsp;&nbsp;&nbsp; 2.76% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.01% | &nbsp;&nbsp;&nbsp;&nbsp; 2.87% | &nbsp;&nbsp;&nbsp; 27%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2022 | 32.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | (3.10) | (2.64) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.59) | 29.18 | -8.50% | 21883 | &nbsp;&nbsp;&nbsp; 1.08% | &nbsp;&nbsp;&nbsp; 1.17% | &nbsp;&nbsp;&nbsp;&nbsp; 1.25% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp;&nbsp;&nbsp; 1.38% | &nbsp;&nbsp;&nbsp; 63%  |
| &nbsp;&nbsp;&nbsp; For the Year Ended October 31, 2021 | 26.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | 5.70 | 6.01 | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.36) | 32.41 | 22.72% | 37274 | &nbsp;&nbsp;&nbsp; 0.96% | &nbsp;&nbsp;&nbsp; 1.03% | &nbsp;&nbsp;&nbsp;&nbsp; 1.04% | &nbsp;&nbsp;&nbsp; 0.95% | &nbsp;&nbsp;&nbsp; 1.02% | &nbsp;&nbsp;&nbsp;&nbsp; 1.05% | &nbsp;&nbsp;&nbsp; 69% |

---

<sup>1</sup> Net investment income (loss) per share represents net investment income divided by the daily average shares of beneficial interest outstanding throughout each year.

<sup>2</sup> Includes interest expense and extraordinary expenses, which comprise of tax and litigation expenses.

<sup>3</sup> Excludes interest expense and extraordinary expenses which comprise of excise tax and litigation expenses.

<sup>4</sup> In certain instances, due to the timing of sales and redemptions of capital shares, the net realized and realized gain (loss) per share is not in accordance with the Fund's changes in net realized and unrealized gain (loss) on investments, in-kind redemptions, futures, and swaps for the year.

<sup>5</sup> Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period. Total return calculated for a period of less than one year is not annualized. The total return would have been lower if certain expenses had not been reimbursed/waived or recouped by the Adviser.

<sup>6</sup> Net expenses include effects of any reimbursement/waiver or recoupment.

<sup>7</sup> For periods less than a year, these ratios are annualized.

<sup>8</sup> Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares. Portfolio turnover rate does not include effects of turnover of the swap and future contracts portfolio. Short-term securities with maturities less than or equal to 365 days are also excluded from portfolio turnover calculation.

The accompanying notes are an integral part of these financial statements.

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**Direxion Shares ETF Trust** 

**Financial Highlights** 

**October 31, 2025(Continued)** 

<sup>9</sup> Between $(0.005) and $0.005.

<sup>10</sup> Effective November 4, 2024, the Fund had a 1:20 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:20 stock split.

<sup>11</sup> Effective November 4, 2024, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split.

<sup>12</sup> Effective February 10, 2025, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split.

<sup>13</sup> Effective September 29, 2025, the Fund had a 1:10 reverse stock split. Share amounts for all periods have been adjusted to give effect to the 1:10 stock split. 

The accompanying notes are an integral part of these financial statements.

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025** 

1. ORGANIZATION

The Direxion Shares ETF Trust (the "Trust") is a Delaware statutory trust formed on April 23, 2008 and is registered with the Securities and Exchange Commission ("SEC") as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust is a registered investment company that has 118 separate series (each, a "Fund" and together the "Funds"). 40 of these Funds are included in this report:

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| | |
|:---|:---|
| **Bull Funds** | **Bear Funds**  |
| Direxion Daily 20+ Year Treasury Bull 3X Shares | Direxion Daily 20+ Year Treasury Bear 3X Shares  |
| Direxion Daily 7-10 Year Treasury Bull 3X Shares | Direxion Daily 7-10 Year Treasury Bear 3X Shares  |
| Direxion Daily Aerospace & Defense Bull 3X Shares | Direxion Daily Dow Jones Internet Bear 3X Shares  |
| Direxion Daily Consumer Discretionary Bull 3X Shares | Direxion Daily Financial Bear 3X Shares  |
| Direxion Daily Dow Jones Internet Bull 3X Shares | Direxion Daily FTSE China Bear 3X Shares  |
| Direxion Daily Financial Bull 3X Shares | Direxion Daily MSCI Emerging Markets Bear 3X Shares  |
| Direxion Daily FTSE China Bull 3X Shares | Direxion Daily Real Estate Bear 3X Shares  |
| Direxion Daily FTSE Europe Bull 3X Shares | Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares  |
| Direxion Daily Healthcare Bull 3X Shares | Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares  |
| Direxion Daily Homebuilders & Supplies Bull 3X Shares | Direxion Daily S&P Biotech Bear 3X Shares  |
| Direxion Daily Industrials Bull 3X Shares | Direxion Daily Semiconductor Bear 3X Shares  |
| Direxion Daily Mid Cap Bull 3X Shares | Direxion Daily Small Cap Bear 3X Shares  |
| Direxion Daily MSCI Emerging Markets Bull 3X Shares | Direxion Daily Technology Bear 3X Shares  |
| Direxion Daily MSCI Mexico Bull 3X Shares |  |
| Direxion Daily MSCI South Korea Bull 3X Shares |  |
| Direxion Daily Pharmaceutical & Medical Bull 3X Shares |  |
| Direxion Daily Real Estate Bull 3X Shares |  |
| Direxion Daily Regional Banks Bull 3X Shares |  |
| Direxion Daily Retail Bull 3X Shares |  |
| Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares |  |
| Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares |  |
| Direxion Daily S&P Biotech Bull 3X Shares |  |
| Direxion Daily Semiconductor Bull 3X Shares |  |
| Direxion Daily Small Cap Bull 3X Shares |  |
| Direxion Daily Technology Bull 3X Shares |  |
| Direxion Daily Transportation Bull 3X Shares |  |
| Direxion Daily Utilities Bull 3X Shares |  |

---

The Trust has evaluated the structure, objective and activities of the Funds and determined that they meet the characteristics of an investment company. As such, these financial statements have applied the guidance as set forth in the Accounting Standards Codification ("ASC") 946, "Financial Services - Investment Companies".

Rafferty Asset Management, LLC (the "Adviser") has registered as a commodity pool operator ("CPO") and the Funds are considered commodity pools under the Commodity Exchange Act (the "CEA"). Accordingly, the Adviser is subject to registration and regulation as a CPO under the CEA and must comply with various regulatory requirements under the CEA and the rules and regulations of the Commodity Futures Trading Commission and the National Futures Association, including investor protection requirements, antifraud provisions, disclosure requirements and reporting and recordkeeping requirements.

Each Fund's investment objective is to seek daily investment results, before fees and expenses, that correspond to the performance of a particular index or benchmark. The Funds with the word "Bull" in their name attempt to provide investment results that correlate positively to the return of an index or benchmark. The Funds with the word "Bear" in their name attempt to provide investment results that correlate negatively to the return of an index or benchmark. The correlations sought by the Bull Funds are a multiple of 300% of the return of the target index or benchmark and a multiple of -300% of the return of the target index or benchmark for the Bear Funds.

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Funds** | **Index or Benchmark** | **Daily Target**  |
| Direxion Daily 20+ Year Treasury Bear 3X Shares |  | -300%  |
| Direxion Daily 20+ Year Treasury Bull 3X Shares | ICE U.S. Treasury 20+ Year Bond Index | 300% |
| Direxion Daily 7-10 Year Treasury Bear 3X Shares |  | -300%  |
| Direxion Daily 7-10 Year Treasury Bull 3X Shares | ICE U.S. Treasury 7-10 Year Bond Index | 300%  |
| Direxion Daily Aerospace & Defense Bull 3X Shares | Dow Jones U.S. Select Aerospace & Defense Index | 300%  |
| Direxion Daily Consumer Discretionary Bull 3X Shares | Consumer Discretionary Select Sector Index | 300%  |
| Direxion Daily Dow Jones Internet Bear 3X Shares |  | -300%  |
| Direxion Daily Dow Jones Internet Bull 3X Shares | Dow Jones Internet Composite Index | 300%  |
| Direxion Daily Financial Bear 3X Shares |  | -300% |
| Direxion Daily Financial Bull 3X Shares | Financials Select Sector Index | 300%  |
| Direxion Daily FTSE China Bear 3X Shares |  | -300%  |
| Direxion Daily FTSE China Bull 3X Shares | FTSE China 50 Index | 300%  |
| Direxion Daily FTSE Europe Bull 3X Shares | FTSE Developed Europe All Cap Index | 300%  |
| Direxion Daily Healthcare Bull 3X Shares | Health Care Select Sector Index | 300%  |
| Direxion Daily Homebuilders & Supplies Bull 3X Shares | Dow Jones U.S. Select Home Construction Index | 300%  |
| Direxion Daily Industrials Bull 3X Shares | Industrial Select Sector Index | 300%  |
| Direxion Daily Mid Cap Bull 3X Shares | S&P Mid Cap 400<sup>®</sup> Index | 300%  |
| Direxion Daily MSCI Emerging Markets Bear 3X Shares |  | -300%  |
| Direxion Daily MSCI Emerging Markets Bull 3X Shares | MSCI Emerging Markets Index<sup>SM</sup> | 300%  |
| Direxion Daily MSCI Mexico Bull 3X Shares | MSCI Mexico IMI 25/50 Index | 300%  |
| Direxion Daily MSCI South Korea Bull 3X Shares | MSCI Korea 25/50 Index | 300%  |
| Direxion Daily Pharmaceutical & Medical Bull 3X Shares | S&P Pharmaceuticals Select Industry Index | 300%  |
| Direxion Daily Real Estate Bear 3X Shares |  | -300%  |
| Direxion Daily Real Estate Bull 3X Shares | Real Estate Select Sector Index | 300%  |
| Direxion Daily Regional Banks Bull 3X Shares | S&P Regional Banks Select Industry Index | 300%  |
| Direxion Daily Retail Bull 3X Shares | S&P Retail Select Industry<sup>®</sup> Index | 300%  |
| Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares |  | -300%  |
| Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares | S&P 500<sup>®</sup> Index | 300%  |
| Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares |  | -300%  |
| Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares | S&P 500<sup>®</sup> High Beta Index | 300%  |
| Direxion Daily S&P Biotech Bear 3X Shares |  | -300%  |
| Direxion Daily S&P Biotech Bull 3X Shares | S&P Biotechnology Select Industry Index | 300%  |
| Direxion Daily Semiconductor Bear 3X Shares |  | -300%  |
| Direxion Daily Semiconductor Bull 3X Shares | NYSE Semiconductor Index | 300%  |
| Direxion Daily Small Cap Bear 3X Shares |  | -300%  |
| Direxion Daily Small Cap Bull 3X Shares | Russell 2000<sup>®</sup> Index | 300%  |
| Direxion Daily Technology Bear 3X Shares |  | -300%  |
| Direxion Daily Technology Bull 3X Shares | Technology Select Sector Index | 300%  |
| Direxion Daily Transportation Bull 3X Shares | S&P Transportation Select Industry FMC Capped Index | 300%  |
| Direxion Daily Utilities Bull 3X Shares | Utilities Select Sector Index | 300% |

---

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with U.S. generally accepted accounting principles ("GAAP").

159<br>

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Investment Valuation – The Net Asset Value ("NAV") per share of each Fund is determined daily, as of the close of regular trading on the New York Stock Exchange ("NYSE") (normally at 4:00 p.m. Eastern time), each day the NYSE is open for business. On days that the Securities Industry and Financial Markets Association ("SIFMA") recommends that the bond markets close all day, Direxion Daily 7-10 Year Treasury Bull 3X Shares, Direxion Daily 7-10 Year Treasury Bear 3X Shares, Direxion Daily 20+ Year Treasury Bull 3X Shares and Direxion Daily 20+ Year Treasury Bear 3X Shares (the "Fixed Income Funds") do not calculate their NAVs, even if the NYSE is open for business. Similarly, on days that SIFMA recommends that the bond markets close early, each of the Fixed Income Funds calculate its NAV as of the time of the recommended close, usually 2:00 p.m. Eastern time, rather than the close of regular trading on the NYSE. A security listed or traded on an exchange, domestic or foreign, is valued at its last sales price on the principal exchange on which it is traded prior to the time when assets are valued. If no sale is reported at that time, the mean of the last bid and asked prices is used. Securities primarily traded on the NASDAQ® Global Market ("NASDAQ") for which market quotations are readily available are valued using the NASDAQ® Official Closing Price ("NOCP") provided by NASDAQ each business day. Over the Counter ("OTC") securities held by a Fund will be valued at the last sales price or, if no sales price is reported, the mean of the last bid and asked price is used. The portfolio securities of a Fund that are listed on national exchanges are valued at the last sales price of such securities; if no sales price is reported, the mean of the last bid and asked price is used. Swap contracts are valued using the closing price of the underlying reference entity or the closing value of the underlying reference index. The Funds valued their investments in money market funds based on their daily net asset values. Futures contracts are valued at settlement price established on the exchange on which they are traded, if that settlement price reflects trading prior to the Valuation Time. If the settlement price established by the exchange reflects trading after the Valuation Time, then the last sales price prior to Valuation time will be used. Securities, swap or future contracts are fair valued as determined by the Adviser under the supervision of the Board of Trustees (the "Board") in the following scenarios: a) reliable market quotations are not readily available; b) the Funds' pricing service does not provide a valuation for such securities; c) the Funds' pricing service provides valuation that in the judgment of the Adviser does not represent fair value; or d) the Fund or Adviser believes the market price is stale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Swap Contracts – Each Fund may enter into equity swap contacts. Standard equity swap contracts are between two parties that agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross amount to be exchanged is calculated with respect to a "notional amount" (i.e. the return on or increase in value of a particular dollar amount invested in a "basket" of securities representing a particular index or industry sector). Each Fund enters into master netting agreements with counterparties to mitigate counterparty credit risk in derivative contracts. A Fund does not offset fair value amounts for derivatives contracts and related cash collateral on the Statement of Assets and Liabilities arising from derivative contracts executed with the same counterparties under such master netting agreements. The Fund's obligations are accrued daily and offset by any amounts owed to the Fund.

In a "long" equity swap agreement, the counterparty will generally agree to pay the Fund the amount, if any, by which the notional amount of the swap contract would have increased in value if the Fund had been invested in the particular securities, plus dividends that would have been received on those securities. The Fund will agree to pay the counterparty a floating rate of interest on the notional amount of the swap contract plus the amount, if any, by which the notional amount would have decreased in value had it been invested in such securities plus, in certain instances, commissions or trading spreads on the notional amounts. Thus, the return on the swap contract should be the gain or loss on the notional amount plus dividends on the securities less the interest and commission paid by the Fund on the notional amount. Payments may be made at the conclusion of the contract or periodically during its term. In certain instances, market factors such as the interest rate environment and the demand to borrow the securities underlying the swap agreement can cause a scenario in which the counterparty will pay the Fund interest. These swap contracts do not include the delivery of securities by the Funds to the counterparty. The net amount of the excess, if any, of the Fund's obligations owed over its entitlement with respect to each swap is accrued on a daily basis and an amount of cash or liquid assets having an aggregate net asset value at least equal to such accrued excess is maintained in a segregated account by the Fund's custodian. Until a swap contract is settled in cash, the gain or loss on the notional amount plus dividends on the securities less the interest paid by the Fund on the notional amount are recorded as "unrealized gains or losses on swaps" and when cash is exchanged, the gain or loss is recorded as "realized gains or losses on swaps."

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

Each Fund may enter into swap contracts that provide the opposite return of the underlying benchmark or security ("short" the index or security). The operations are similar to that of the swaps disclosed above except that the counterparty pays interest to the Fund on the notional amount outstanding and the dividends on the underlying securities reduce the return of the swap. However, in certain instances, market factors such as the interest rate environment and the demand to borrow the securities underlying the swap agreement can cause a scenario in which the Fund will pay the counterparty interest. These amounts are netted with any unrealized appreciation or depreciation to determine the value of the swap. The Funds will typically enter into equity swap agreements to obtain leverage in order to meet their objectives.

Accounting Standards Update No. 2013-01 "Disclosures about Offsetting Assets and Liabilities" ("ASU 2013-01"), requires entities to disclose (i) gross and net information about both instruments and transactions eligible for offset in the financial statements, and (ii) instruments and transactions subject to an agreement similar to a master netting agreement. ASU 2013-01 is limited in scope to recognized derivative instruments accounted for under ASC 815 "Derivatives and Hedging", to the extent they are offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement.

In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives, including swap contracts, and typically contains, among other things, collateral posting terms, netting and rights of set-off provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and receivables to create a single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

Collateral requirements generally differ by type of derivative. Collateral terms are contract-specific for OTC derivatives (e.g. swaps). Generally, for transactions traded under an ISDA Master Agreement, the collateral requirements are calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Generally, the amount of collateral due from or to the counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to a Fund from its derivative counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance.

For financial reporting purposes, the Funds elect to not offset assets and liabilities subject to an ISDA Master Agreement, if any, in the Statements of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statements of Assets and Liabilities. As of October 31, 2025, the impact of netting of assets and liabilities and the offsetting of collateral pledged or received based on contractual netting/set-off provisions in the ISDA Master Agreement are detailed in the following tables.

In the event of the counterparty's default, bankruptcy or any other event for which the counterparty cannot meet its obligations, a Fund bears the risk of loss equal to the amount of the daily appreciation owed to the Fund. This obligation represents the daily gain accrued to the Fund from the close of business day prior to this event to the day on which this event occurs and the counterparty can no longer meet its obligations. A Fund will enter into swap agreements only with large, well-capitalized and established financial institutions. The creditworthiness of each of the firms that is a party to a swap agreement is monitored by the Adviser. Shareholders may obtain swap counterparty financial statements at www.sec.gov. Swap contracts are subject to credit risk. Credit risk occurs when the financial condition of an issuer of a security or instrument may cause it to default or become unable to pay interest or principal due on the security. The counterparty to a swap contract might default on its obligations. In addition, the Funds have agreements with certain counterparties with which it trades swap contracts that contain credit risk-related contingent features that could be triggered subject to certain circumstances. Such circumstances include agreed upon net asset value and performance-based thresholds. The maximum exposure to the Funds in regard to potential counterparty default and credit-risk related contingent features at October 31, 2025 is detailed in the following tables. If such credit risk-related contingencies were triggered, the counterparties would have the option to terminate any positions open under the master netting agreement.

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

**Description: Swap Contract** 

**Counterparty: Bank of America Merrill Lynch** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| | | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount**  |
|  Direxion Daily 20+ Year Treasury Bear 3X Shares | $3007019 | $— | $2690000 | $317019 | $— | &nbsp;&nbsp; $— | $— | $—  |
|  Direxion Daily 20+ Year Treasury Bull 3X Shares |  |  |  |  | 35297293 | &nbsp;&nbsp; — | 35297293<sup>1</sup> | —  |
|  Direxion Daily 7-10 Year Treasury Bull 3X Shares | 168189 |  | 168189<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Aerospace & Defense Bull 3X Shares | 31932783 |  | 31480000 | 452783 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Consumer Discretionary Bull 3X Shares | 2142789 |  | 1800000 | 342789 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Dow Jones Internet Bear 3X Shares |  |  |  |  | 1086824 | &nbsp;&nbsp; — | 1086824<sup>1</sup> | —  |
|  Direxion Daily Dow Jones Internet Bull 3X Shares | 10250016 |  | 8970000 | 1280016 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Financial Bear 3X Shares | 386773 |  | 386773<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Financial Bull 3X Shares | 17998764 |  | 17470000 | 528764 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily FTSE China Bear 3X Shares | 1375774 |  |  | 1375774 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily FTSE China Bull 3X Shares | 16912712 |  | 16912712<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Homebuilders & Supplies Bull 3X Shares | 8174675 |  | 7680000 | 494675 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Industrials Bull 3X Shares | 70380 |  | 70380<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Mid Cap Bull 3X Shares | 311978 |  | 160000 | 151978 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily MSCI South Korea Bull 3X Shares | 59625920 |  | 57130000 | 2495920 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Real Estate Bear 3X Shares | 906943 |  | 900000 | 6943 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Real Estate Bull 3X Shares |  |  |  |  | 708937 | &nbsp;&nbsp; — | 708937<sup>1</sup> | —  |
|  Direxion Daily Regional Banks Bull 3X Shares | 856830 |  | 540000 | 316830 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares |  |  |  |  | 10672505 | &nbsp;&nbsp; — | 10672505<sup>1</sup> | —  |
|  Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares | 277448293 |  | 272640000 | 4808293 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares |  |  |  |  | 2548599 | &nbsp;&nbsp; — | 2548599<sup>1</sup> | —  |
|  Direxion Daily S&P Biotech Bear 3X Shares |  |  |  |  | 2449748 | &nbsp;&nbsp; — | 2449748<sup>1</sup> | —  |
|  Direxion Daily S&P Biotech Bull 3X Shares | 60623279 |  | 58280000 | 2343279 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Semiconductor Bear 3X Shares |  |  |  |  | 137694906 | &nbsp;&nbsp; — | 137694906<sup>1</sup>  | —  |

---

162<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| | | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount**  |
|  Direxion Daily Semiconductor Bull 3X Shares | $1952362478 | $— | $1916980000 | $35382478 | $— | &nbsp;&nbsp; $— | $— | $—  |
|  Direxion Daily Small Cap Bear 3X Shares | 853004 |  | 853004<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Small Cap Bull 3X Shares | 40697760 |  | 37360000 | 3337760 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Technology Bear 3X Shares |  |  |  |  | 404545 | &nbsp;&nbsp; — | 404545<sup>1</sup> | —  |
|  Direxion Daily Technology Bull 3X Shares | 190925761 |  | 185990000 | 4935761 |  | &nbsp;&nbsp; — |  |  |

---

<sup>1</sup> The amount of collateral shown has been limited such that the net amount cannot be less than zero.

<sup>2</sup> The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty. 

**Description: Swap Contract** 

**Counterparty: BNP Paribas** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged**  | **Net** <br>**Amount**  |
|  Direxion Daily 20+ Year Treasury Bear 3X Shares | $1565198 | $— | $1410000 | $155198 | $— | $— | $— | $—  |
|  Direxion Daily 20+ Year Treasury Bull 3X Shares | 45126782 |  | 45126782<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily 7-10 Year Treasury Bear 3X Shares |  |  |  |  | 197902 |  | 197902<sup>1</sup> | —  |
|  Direxion Daily 7-10 Year Treasury Bull 3X Shares | 223319 |  | 223319<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Aerospace & Defense Bull 3X Shares | 3412798 |  | 3060000 | 352798 |  |  |  | —  |
|  Direxion Daily Financial Bull 3X Shares | 7439685 |  | 6550000 | 889685 |  |  |  | —  |
|  Direxion Daily FTSE China Bear 3X Shares |  |  |  |  | 41899777 |  | 41899777<sup>1</sup> | —  |
|  Direxion Daily FTSE China Bull 3X Shares | 22742245 |  | 22742245<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily FTSE Europe Bull 3X Shares | 241469 |  | 241469<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Homebuilders & Supplies Bull 3X Shares |  |  |  |  | 13506921 |  | 13506921<sup>1</sup> | —  |
|  Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares |  |  |  |  | 7771446 |  | 7771446<sup>1</sup> | —  |
|  Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares | 18988652 |  | 17750000 | 1238652 |  |  |  | —  |
|  Direxion Daily S&P Biotech Bull 3X Shares | 3043011 |  | 2770000 | 273011 |  |  |  | —  |

---

163<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged**  | **Net** <br>**Amount**  |
|  Direxion Daily Semiconductor Bear 3X Shares | $— | $— | $— | $— | $33922102 | $— | $33922102<sup>1</sup>  | $—  |
|  Direxion Daily Semiconductor Bull 3X Shares | 507498197 | —  | 507498197<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Small Cap Bear 3X Shares |  |  |  |  | 3682035 |  | 3682035<sup>1</sup> | —  |
|  Direxion Daily Small Cap Bull 3X Shares | 20298431 |  | 18170000 | 2128431 |  |  |  | —  |
|  Direxion Daily Technology Bear 3X Shares |  |  |  |  | 10907585 |  | 10907585<sup>1</sup>  | —  |
|  Direxion Daily Technology Bull 3X Shares | 269853930 |  | 269290000 | 563930 |  |  |  |  |

---

<sup>1</sup> The amount of collateral shown has been limited such that the net amount cannot be less than zero.

<sup>2</sup> The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty. 

**Description: Swap Contract** 

**Counterparty: Barclays** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged**  | **Net** <br>**Amount**  |
|  Direxion Daily 20+ Year Treasury Bull 3X Shares | $53248331 | $— | $53248331<sup>1</sup> | $— | $— | $— | $— | $—  |
|  Direxion Daily 7-10 Year Treasury Bear 3X Shares | 8667 |  |  | 8667 |  |  |  | —  |
|  Direxion Daily 7-10 Year Treasury Bull 3X Shares | 742040 |  | 742040<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Aerospace & Defense Bull 3X Shares | 40196723 |  | 39930000 | 266723 |  |  |  | —  |
|  Direxion Daily Consumer Discretionary Bull 3X Shares | 2386262 |  | 2010000 | 376262 |  |  |  | —  |
|  Direxion Daily Financial Bull 3X Shares | 18347654 |  | 17600000 | 747654 |  |  |  | —  |
|  Direxion Daily FTSE China Bull 3X Shares | 101244896 |  | 101244896<sup>1</sup>  |  |  |  |  | —  |
|  Direxion Daily Healthcare Bull 3X Shares | 7074069 |  | 6960000 | 114069 |  |  |  | —  |
|  Direxion Daily Homebuilders & Supplies Bull 3X Shares | 16758588 |  | 16380000 | 378588 |  |  |  | —  |
|  Direxion Daily Industrials Bull 3X Shares | 2679155 |  | 2540000 | 139155 |  |  |  | —  |
|  Direxion Daily MSCI Emerging Markets Bull 3X Shares | 18451120 |  | 18451120<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily MSCI Mexico Bull 3X Shares | 87744 |  | 50000 | 37744 |  |  |  | —  |

---

164<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged**  | **Net** <br>**Amount**  |
|  Direxion Daily MSCI South Korea Bull 3X Shares | $19170017 | &nbsp;&nbsp; $— | $17330000 | $1840017 | $— | $— | $— | $—  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Pharmaceutical & Medical Bull <br>3X Shares | 2198546 | &nbsp;&nbsp; — | 2070000 | 128546 |  |  |  | —  |
|  Direxion Daily Regional Banks Bull 3X Shares | 28373884 | &nbsp;&nbsp; — | 27900000 | 473884 |  |  |  | —  |
|  Direxion Daily Retail Bull 3X Shares | 1218777 | &nbsp;&nbsp; — | 1218777<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares |  | &nbsp;&nbsp; — |  |  | 90214242 |  | 90214242<sup>1</sup>  | —  |
|  Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares | 314002086 | &nbsp;&nbsp; — | 310220000 | 3782086 |  |  |  | —  |
|  Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares |  | &nbsp;&nbsp; — |  |  | 343011 |  | 343011<sup>1</sup> | —  |
|  Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares | 2255104 | &nbsp;&nbsp; — | 1960000 | 295104 |  |  |  | —  |
|  Direxion Daily S&P Biotech Bear 3X Shares |  | &nbsp;&nbsp; — |  |  | 14252522 |  | 14252522<sup>1</sup>  | —  |
|  Direxion Daily S&P Biotech Bull 3X Shares | 193976352 | &nbsp;&nbsp; — | 189150000 | 4826352 |  |  |  | —  |
|  Direxion Daily Semiconductor Bear 3X Shares |  | &nbsp;&nbsp; — |  |  | 75306751 |  | 75306751<sup>1</sup>  | —  |
|  Direxion Daily Semiconductor Bull 3X Shares | 1408302015 | &nbsp;&nbsp; — | 1385270000 | 23032015 |  |  |  | —  |
|  Direxion Daily Small Cap Bear 3X Shares |  | &nbsp;&nbsp; — |  |  | 20567118 |  | 20567118<sup>1</sup>  | —  |
|  Direxion Daily Small Cap Bull 3X Shares | 213963864 | &nbsp;&nbsp; — | 208230000 | 5733864 |  |  |  | —  |
|  Direxion Daily Technology Bear 3X Shares |  | &nbsp;&nbsp; — |  |  | 11113764 |  | 11113764<sup>1</sup>  | —  |
|  Direxion Daily Technology Bull 3X Shares | 359358370 | &nbsp;&nbsp; — | 358700000 | 658370 |  |  |  | —  |
|  Direxion Daily Transportation Bull 3X Shares | 307320 | &nbsp;&nbsp; — |  | 307320 |  |  |  | —  |
|  Direxion Daily Utilities Bull 3X Shares | 1244639 | &nbsp;&nbsp; — | 1244639<sup>1</sup> |  |  |  |  |  |

---

<sup>1</sup> The amount of collateral shown has been limited such that the net amount cannot be less than zero.

<sup>2</sup> The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty. 

165<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

**Description: Swap Contract** 

**Counterparty: Citibank N.A.** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged**  | **Net** <br>**Amount**  |
|  Direxion Daily 20+ Year Treasury Bear 3X Shares | $— | $— | $— | $— | $2590677 | $— | $2590677<sup>1</sup> | $—  |
|  Direxion Daily 20+ Year Treasury Bull 3X Shares | 2599189 |  | 2599189<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Aerospace & Defense Bull 3X Shares | 5591555 |  | 4458001 | 1133554 |  |  |  | —  |
|  Direxion Daily Dow Jones Internet Bear 3X Shares |  |  |  |  | 342738 |  | 342738<sup>1</sup> | —  |
|  Direxion Daily Dow Jones Internet Bull 3X Shares | 3922394 |  | 3194000 | 728394 |  |  |  | —  |
|  Direxion Daily Financial Bull 3X Shares | 9635692 |  | 1 | 9635691 |  |  |  | —  |
|  Direxion Daily FTSE China Bull 3X Shares | 42209944 |  | 42209944<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily FTSE Europe Bull 3X Shares | 3422786 |  | 3422786<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Healthcare Bull 3X Shares | 10640537 |  | 7909000 | 2731537 |  |  |  | —  |
|  Direxion Daily Homebuilders & Supplies Bull 3X Shares | 7637104 |  | 7251001 | 386103 |  |  |  | —  |
|  Direxion Daily Industrials Bull 3X Shares | 2828779 |  | 2473000 | 355779 |  |  |  | —  |
|  Direxion Daily Mid Cap Bull 3X Shares | 4245050 |  | 3872000 | 373050 |  |  |  | —  |
|  Direxion Daily MSCI Emerging Markets Bear 3X Shares | 33282 |  |  | 33282 |  |  |  | —  |
|  Direxion Daily MSCI Emerging Markets Bull 3X Shares |  |  |  |  | 1169613 |  | 1169613<sup>1</sup> | —  |
|  Direxion Daily MSCI Mexico Bull 3X Shares | 200524 |  | 200524<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily MSCI South Korea Bull 3X Shares | 46377653 |  | 43931001 | 2446652 |  |  |  | —  |
|  Direxion Daily Pharmaceutical & Medical Bull 3X Shares | 145785 |  | 145785<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Regional Banks Bull 3X Shares | 20782935 |  | 20470533 | 312402 |  |  |  | —  |
|  Direxion Daily Retail Bull 3X Shares |  |  |  |  | 4778 |  |  | 4778  |
|  Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares |  |  |  |  | 5000543 |  | 5000543<sup>1</sup> | —  |
|  Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares | 440138607 |  | 436638000 | 3500607 |  |  |  | —  |
|  Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares |  |  |  |  | 2108922 |  | 2108922<sup>1</sup> | —  |
|  Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares | 11122548 |  | 10935001 | 187547 |  |  |  | —  |
|  Direxion Daily S&P Biotech Bear 3X Shares |  |  |  |  | 6142388 |  | 6142388<sup>1</sup> | —  |
|  Direxion Daily S&P Biotech Bull 3X Shares | 17101032 |  | 17091389 | 9643 |  |  |  | —  |

---

166<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Net** <br>**Amount**  |
| **Fund Name** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | **Net** <br>**Amount<sup>2</sup>** | **Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged**  | **Net** <br>**Amount**  |
|  Direxion Daily Semiconductor Bear 3X Shares | $— | $— | $— | $— | $9800297 | $— | $9800297<sup>1</sup>  | $—  |
|  Direxion Daily Semiconductor Bull 3X Shares | 220784407 |  | 213048000 | 7736407 |  |  |  | —  |
|  Direxion Daily Small Cap Bear 3X Shares |  |  |  |  | 18539612 |  | 18539612<sup>1</sup>  | —  |
|  Direxion Daily Small Cap Bull 3X Shares | 201691209 |  | 196095001 | 5596208 |  |  |  | —  |
|  Direxion Daily Technology Bear 3X Shares |  |  |  |  | 6013608 |  | 6013608<sup>1</sup> | —  |
|  Direxion Daily Technology Bull 3X Shares | 431632895 |  | 431632895<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Transportation Bull 3X Shares | 1213283 |  | 958000 | 255283 |  |  |  | —  |
|  Direxion Daily Utilities Bull 3X Shares |  |  |  |  | 20396 |  |  | 20396 |

---

<sup>1</sup> The amount of collateral shown has been limited such that the net amount cannot be less than zero.

<sup>2</sup> The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty. 

**Description: Swap Contract** 

**Counterparty: Goldman Sachs** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount**  |
|  Direxion Daily 20+ Year Treasury Bear 3X Shares | $1388614 | $— | $1250000 | $138614 | $— | $— | $— | $—  |
|  Direxion Daily 20+ Year Treasury Bull 3X Shares | 69034872 |  | 58820000 | 10214872 |  |  |  | —  |
|  Direxion Daily Aerospace & Defense Bull 3X Shares | 31775527 |  | 31240000 | 535527 |  |  |  | —  |
|  Direxion Daily Financial Bear 3X Shares | 1668744 |  | 1668744<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Financial Bull 3X Shares | 20760779 |  | 19750000 | 1010779 |  |  |  | —  |
|  Direxion Daily FTSE China Bear 3X Shares | 2610958 |  | 1450000 | 1160958 |  |  |  | —  |
|  Direxion Daily FTSE China Bull 3X Shares | 10605174 |  | 10605174<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily FTSE Europe Bull 3X Shares | 3490812 |  | 3490812<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Homebuilders & Supplies Bull 3X Shares | 6733086 |  | 6590000 | 143086 |  |  |  | —  |
|  Direxion Daily MSCI Mexico Bull 3X Shares | 2278854 |  | 2150000 | 128854 |  |  |  | —  |

---

167<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount**  |
|  Direxion Daily Regional Banks Bull 3X Shares | $677089 | $— | $260000 | $417089 | $— | $— |  | $—  |
|  Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares |  |  |  |  | 1106235 |  | 1106235<sup>1</sup> | —  |
|  Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares | 194221782 |  | 186610000 | 7611782 |  |  |  | —  |
|  Direxion Daily S&P Biotech Bear 3X Shares |  |  |  |  | 239485 |  | 239485<sup>1</sup> | —  |
|  Direxion Daily S&P Biotech Bull 3X Shares | 23176197 |  | 20070000 | 3106197 |  |  |  | —  |
|  Direxion Daily Semiconductor Bear 3X Shares |  |  |  |  | 72783025 |  | 72783025<sup>1</sup>  | —  |
|  Direxion Daily Semiconductor Bull 3X Shares | 1509495899 |  | 1491750000 | 17745899 |  |  |  | —  |
|  Direxion Daily Technology Bear 3X Shares |  |  |  |  | 1703354 |  | 1703354<sup>1</sup> | —  |
|  Direxion Daily Technology Bull 3X Shares | 238884623 |  | 238190000 | 694623 |  |  |  | —  |
|  Direxion Daily Transportation Bull 3X Shares | 602165 |  | 560000 | 42165 |  |  |  | —  |
|  Direxion Daily Utilities Bull 3X Shares | 571133 |  | 571133<sup>1</sup> |  |  |  |  |  |

---

<sup>1</sup> The amount of collateral shown has been limited such that the net amount cannot be less than zero.

<sup>2</sup> The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty. 

**Description: Swap Contract** 

**Counterparty: J.P. Morgan** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount**  |
|  Direxion Daily 20+ Year Treasury Bear 3X Shares | $290164 | $— | $— | $290164 | $— | $— | $— | $—  |
|  Direxion Daily 20+ Year Treasury Bull 3X Shares |  |  |  |  | 6436128 |  | 6436128<sup>1</sup> | —  |
|  Direxion Daily 7-10 Year Treasury Bear 3X Shares |  |  |  |  | 117648 |  | 117648<sup>1</sup> | —  |
|  Direxion Daily 7-10 Year Treasury Bull 3X Shares | 725530 |  | 725530<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Aerospace & Defense Bull 3X Shares | 28180968 |  | 27980000 | 200968 |  |  |  | —  |
|  Direxion Daily Consumer Discretionary Bull 3X Shares | 204117 |  |  | 204117 |  |  |  | —  |
|  Direxion Daily Dow Jones Internet Bear 3X Shares | 33481 |  |  | 33481 |  |  |  | —  |

---

168<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount**  |
|  Direxion Daily Dow Jones Internet Bull 3X Shares | $1727196 | $— | $290000 | $1437196 | $— | $— | $— | $—  |
|  Direxion Daily Financial Bear 3X Shares | 1088459 |  | 1088459<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Financial Bull 3X Shares | 12960578 |  | 12280000 | 680578 |  |  |  | —  |
|  Direxion Daily FTSE Europe Bull 3X Shares | 1604212 |  | 1560000 | 44212 |  |  |  | —  |
|  Direxion Daily Healthcare Bull 3X Shares | 2051237 |  | 2051237<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Industrials Bull 3X Shares | 2464861 |  | 2464861<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Mid Cap Bull 3X Shares | 2278631 |  | 2090000 | 188631 |  |  |  | —  |
|  Direxion Daily MSCI Emerging Markets Bear 3X Shares |  |  |  |  | 4216005 |  | 4216005<sup>1</sup> | —  |
|  Direxion Daily MSCI Emerging Markets Bull 3X Shares | 10488288 |  | 10488288<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily MSCI Mexico Bull 3X Shares | 3714446 |  | 3714446<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily MSCI South Korea Bull 3X Shares | 7290612 |  | 3410000 | 3880612 |  |  |  | —  |
|  Direxion Daily Real Estate Bear 3X Shares | 3482983 |  | 3482983<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Real Estate Bull 3X Shares |  |  |  |  | 154683 |  | 154683<sup>1</sup> | —  |
|  Direxion Daily Regional Banks Bull 3X Shares |  |  |  |  | 10286726 |  | 10286726<sup>1</sup>  | —  |
|  Direxion Daily Retail Bull 3X Shares | 19145 |  |  | 19145 |  |  |  | —  |
|  Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares |  |  |  |  | 9562263 |  | 9562263<sup>1</sup> | —  |
|  Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares | 84832759 |  | 79990000 | 4842759 |  |  |  | —  |
|  Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares |  |  |  |  | 2137688 |  | 2137688<sup>1</sup> | —  |
|  Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares | 3379741 |  | 3379741<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily S&P Biotech Bear 3X Shares |  |  |  |  | 11104449 |  | 11104449<sup>1</sup>  | —  |
|  Direxion Daily S&P Biotech Bull 3X Shares | 70057923 |  | 67690000 | 2367923 |  |  |  | —  |
|  Direxion Daily Semiconductor Bear 3X Shares |  |  |  |  | 55692535 |  | 55692535<sup>1</sup>  | —  |
|  Direxion Daily Semiconductor Bull 3X Shares | 557442602 |  | 549439000 | 8003602 |  |  |  | —  |
|  Direxion Daily Small Cap Bear 3X Shares |  |  |  |  | 849825 |  | 849825<sup>1</sup> | —  |
|  Direxion Daily Small Cap Bull 3X Shares | 135181165 |  | 128930000 | 6251165 |  |  |  | —  |
|  Direxion Daily Technology Bear 3X Shares |  |  |  |  | 2333274 |  | 2333274<sup>1</sup> | —  |

---

169<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount**  |
|  Direxion Daily Technology Bull 3X Shares | $141065516 | $—<br>$141065516<sup>1</sup>  | $— | $— | $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | $—  |
|  Direxion Daily Utilities Bull 3X Shares | 1693518 | —<br>1693518<sup>1</sup> |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; — |  |

---

<sup>1</sup> The amount of collateral shown has been limited such that the net amount cannot be less than zero.

<sup>2</sup> The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty. 

**Description: Swap Contract** 

**Counterparty: Nomura** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount**  |
|  Direxion Daily 20+ Year Treasury Bull 3X Shares | $14530584 | $— | $14530584<sup>1</sup> | $— | $— | $— | $— | $—  |
|  Direxion Daily Aerospace & Defense Bull 3X Shares | 9699652 |  | 8870000 | 829652 |  |  |  | —  |
|  Direxion Daily FTSE China Bull 3X Shares | 8006228 |  | 8006228<sup>1</sup> |  |  |  |  |  |

---

<sup>1</sup> The amount of collateral shown has been limited such that the net amount cannot be less than zero.

<sup>2</sup> The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty. 

**Description: Swap Contract** 

**Counterparty: Societe Generale** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount**  |
|  Direxion Daily Financial Bear 3X Shares | $— | $— | $— | $— | $2979256 | $— | $2979256<sup>1</sup> | $—  |
|  Direxion Daily Financial Bull 3X Shares | 8749789 |  | 8140000 | 609789 |  |  |  | —  |
|  Direxion Daily FTSE China Bull 3X Shares | 45042203 |  | 45042203<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Regional Banks Bull 3X Shares |  |  |  |  | 12584209 |  | 12584209<sup>1</sup> | —  |
|  Direxion Daily Semiconductor Bear 3X Shares |  |  |  |  | 36692274 |  | 36692274<sup>1</sup> | —  |
|  Direxion Daily Semiconductor Bull 3X Shares | 36440982 |  | 35860000 | 580982 |  |  |  | —  |

---

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  | **Liabilities:**  |
| | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount**  |
|  Direxion Daily Small Cap Bear 3X Shares | $— | $— | $— | $— | $2343605 | $— | $2343605<sup>1</sup> | $—  |
|  Direxion Daily Small Cap Bull 3X Shares | 2285688 |  | 1640000 | 645688 |  |  |  | —  |
|  Direxion Daily Technology Bear 3X Shares |  |  |  |  | 2553246 |  | 2553246<sup>1</sup> | —  |
|  Direxion Daily Technology Bull 3X Shares | 50182181 |  | 50030000 | 152181 |  |  |  |  |

---

<sup>1</sup> The amount of collateral shown has been limited such that the net amount cannot be less than zero.

<sup>2</sup> The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty. 

**Description: Swap Contract** 

**Counterparty: UBS Securities LLC**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount** |
|  Direxion Daily 20+ Year Treasury Bear 3X Shares | $476705 | &nbsp;&nbsp; $— | $270000 | $206705 | $— | &nbsp;&nbsp; $— | $— | $—  |
|  Direxion Daily 20+ Year Treasury Bull 3X Shares | 1788050 | &nbsp;&nbsp; — | 1788050<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Consumer Discretionary Bull 3X Shares | 2417752 | &nbsp;&nbsp; — | 2120000 | 297752 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Dow Jones Internet Bear 3X Shares |  | &nbsp;&nbsp; — |  |  | 633290 | &nbsp;&nbsp; — | 633290<sup>1</sup> | —  |
|  Direxion Daily Dow Jones Internet Bull 3X Shares | 31127842 | &nbsp;&nbsp; — | 28130000 | 2997842 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Financial Bear 3X Shares |  | &nbsp;&nbsp; — |  |  | 72781 | &nbsp;&nbsp; — | 72781<sup>1</sup> | —  |
|  Direxion Daily Financial Bull 3X Shares | 64495237 | &nbsp;&nbsp; — | 62260000 | 2235237 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily FTSE China Bear 3X Shares |  | &nbsp;&nbsp; — |  |  | 4506059 | &nbsp;&nbsp; — | 4506059<sup>1</sup> | —  |
|  Direxion Daily FTSE China Bull 3X Shares | 162945559 | &nbsp;&nbsp; — | 162945559<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily FTSE Europe Bull 3X Shares | 2333333 | &nbsp;&nbsp; — | 2333333<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Healthcare Bull 3X Shares | 1551609 | &nbsp;&nbsp; — | 1551609<sup>1</sup> |  |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Industrials Bull 3X Shares | 2646274 | &nbsp;&nbsp; — | 2600000 | 46274 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily Mid Cap Bull 3X Shares | 4978558 | &nbsp;&nbsp; — | 4630000 | 348558 |  | &nbsp;&nbsp; — |  | —  |
|  Direxion Daily MSCI Emerging Markets Bear 3X Shares |  | &nbsp;&nbsp; — |  |  | 1622564 | &nbsp;&nbsp; — | 1622564<sup>1</sup> | —  |

---

171<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | | | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | **Gross Amounts not** <br>**Offset in the Statement** <br>**of Asset and Liabilities** | |
| <br>**Fund Name** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Assets** | **Financial** <br>**Instruments** | **Collateral** <br>**Received** | <br>**Net** <br>**Amount<sup>2</sup>** | <br>**Gross** <br>**Amounts of** <br>**Recognized** <br>**Liabilities** | **Financial** <br>**Instruments** | **Collateral** <br>**Pledged** | <br>**Net** <br>**Amount** |
|  Direxion Daily MSCI Emerging Markets Bull 3X Shares | $11054990 | $— | $11054990<sup>1</sup> | $— | $— | $— | $— | $—  |
|  Direxion Daily MSCI Mexico Bull 3X Shares | 4016709 |  | 4016709<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Pharmaceutical & Medical Bull 3X Shares | 1245574 |  | 1100000 | 145574 |  |  |  | —  |
|  Direxion Daily Real Estate Bear 3X Shares | 598036 |  | 598036<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Real Estate Bull 3X Shares | 773253 |  | 760000 | 13253 |  |  |  | —  |
|  Direxion Daily Regional Banks Bull 3X Shares |  |  |  |  | 5432889 |  | 5432889<sup>1</sup> | —  |
|  Direxion Daily Retail Bull 3X Shares | 6888841 |  | 6888841<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares |  |  |  |  | 5435115 |  | 5435115<sup>1</sup> | —  |
|  Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares | 154163280 |  | 148650000 | 5513280 |  |  |  | —  |
|  Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares |  |  |  |  | 8040795 |  | 8040795<sup>1</sup>  | —  |
|  Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares | 17725485 |  | 17380000 | 345485 |  |  |  | —  |
|  Direxion Daily S&P Biotech Bear 3X Shares |  |  |  |  | 2499437 |  | 2499437<sup>1</sup>  | —  |
|  Direxion Daily S&P Biotech Bull 3X Shares | 70213016 |  | 68530000 | 1683016 |  |  |  | —  |
|  Direxion Daily Semiconductor Bear 3X Shares |  |  |  |  | 67877886 |  | 67877886<sup>1</sup>  | —  |
|  Direxion Daily Semiconductor Bull 3X Shares | 695373804 |  | 687255000 | 8118804 |  |  |  | —  |
|  Direxion Daily Small Cap Bear 3X Shares |  |  |  |  | 1254179 |  | 1254179<sup>1</sup>  | —  |
|  Direxion Daily Small Cap Bull 3X Shares | 24332837 |  | 24332837<sup>1</sup> |  |  |  |  | —  |
|  Direxion Daily Technology Bear 3X Shares |  |  |  |  | 3151985 |  | 3151985<sup>1</sup>  | —  |
|  Direxion Daily Technology Bull 3X Shares | 292711804 |  | 292711804<sup>1</sup>  |  |  |  |  | —  |
|  Direxion Daily Utilities Bull 3X Shares | 3223025 |  | 3223025 <sup>1</sup> |  |  |  |  |  |

---

<sup>1</sup> The amount of collateral shown has been limited such that the net amount cannot be less than zero.

<sup>2</sup> The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Futures Contracts – Each Fund may purchase and sell futures contracts. A Fund may use futures contracts to gain exposure to, or hedge against, changes in the values of commodities, equities, interest rates or foreign currencies. Upon entering into a contract, the Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is effected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as "variation margin" and are recorded by the Fund as unrealized gains and losses. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. As collateral for futures contracts, the Fund is required under the 1940 Act to maintain

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

assets consisting of cash, cash equivalents or liquid securities. This collateral is required to be adjusted daily to reflect the market value of the purchase obligation for long futures contracts or the market value of the instrument underlying the contract, but not less than the market price at which the futures contract was established, for short futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Risks of Futures Contracts, Options on Futures Contracts and Short Positions – The risks inherent in the use of options, futures contracts, options on futures contracts and short positions include 1) adverse changes in the fair value of such instruments; 2) imperfect correlation between the price of options and futures contracts and options thereon and movements in the price of the underlying securities, index or futures contracts; 3) the possible absence of a liquid secondary market for any particular instrument at any time; 4) the possible need to defer closing out certain positions to avoid adverse tax consequences; and 5) the possible non-performance by the counterparty under the terms of the contract. The Funds designate cash, cash equivalents and liquid securities as collateral for written options, futures contracts, options on futures contracts and short positions. The Funds were not invested in any type of options during the period ended October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Risks of Investing in Foreign Securities – Investments in foreign securities involve greater risks than investing in domestic securities. As a result, the Funds' returns and net asset values may be affected to a large degree by fluctuations in currency exchange rates, political, diplomatic or economic conditions and regulatory requirements in other countries. The laws, accounting and financial reporting standards in foreign countries may require less disclosure than required in the U.S., and therefore there may be less public information available about foreign companies. Investments in foreign emerging markets present a greater risk than investing in foreign issuers in general. The risk of political or social upheaval is greater in emerging markets. In addition, there may be risks of an economy's dependence on revenues from particular commodities, currency transfer restrictions, a limited number of potential buyers for such securities and delays and disruption in securities settlement procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Security Transactions – Investment transactions are recorded on the trade date. The Funds determine the gain or loss realized from the investment transactions by comparing the identified cost, which is the same basis used for U.S. Federal income tax purposes, with the net sales proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) Securities Lending – The Funds may lend its investment securities to approved brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of October 31, 2025, all securities on loan were collateralized by cash and/or U.S. government obligations. The cash received as collateral for securities on loan was invested in money market funds, whose maturities are overnight and continuous, and is disclosed in the Schedules of Investments. The securities on loan in each Fund are also disclosed in the Schedule of Investments. The total value of securities loaned and the value of the invested cash collateral are disclosed in the Statements of Assets and Liabilities. Non-cash collateral consists of U.S. Treasury securities and is not disclosed on the Statements of Assets and Liabilities as it is held by the lending agent on behalf of the Funds, and the Funds do not have the ability to sell, reinvest or pledge those securities. Income earned by the Funds from securities lending is disclosed in the Statements of Operations.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Funds are contractually indemnified with the securities lending agent. Furthermore, the Funds require the value of the securities loaned to be computed daily at the close of the market and additional collateral be furnished if required.

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

As of October 31, 2025, the market value of the securities loaned and the payable on collateral received for securities lending were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **Market Value** <br>**of Securities** <br>**Loaned** | **Cash** <br>**Collateral** <br>**Received** | **Non-Cash** <br>**Collateral** <br>**Received** | **Total** <br>**Collateral** <br>**Received**  |
| Direxion Daily 20+ Year Treasury Bull 3X Shares | $1276896 | $2 | $1302626 | $1302628  |
| Direxion Daily 7-10 Year Treasury Bull 3X Shares | 2137758 | 1313375 | 867344 | 2180719  |
| Direxion Daily Aerospace & Defense Bull 3X Shares | 8407027 | 133153 | 8452233 | 8585386  |
| Direxion Daily Dow Jones Internet Bull 3X Shares | 249759 |  | 256207 | 256207  |
| Direxion Daily Financial Bull 3X Shares | 1031201 | 8848 | 1042992 | 1051840  |
| Direxion Daily Healthcare Bull 3X Shares | 40051 |  | 40922 | 40922  |
| Direxion Daily Homebuilders & Supplies Bull 3X Shares | 4075671 |  | 4164318 | 4164318  |
| Direxion Daily Industrials Bull 3X Shares | 241 |  | 246 | 246  |
| Direxion Daily Mid Cap Bull 3X Shares | 3697131 | 181278 | 3605190 | 3786468  |
| Direxion Daily MSCI Emerging Markets Bull 3X Shares | 365838 | 374552 |  | 374552  |
| Direxion Daily MSCI Mexico Bull 3X Shares | 5191594 | 5355751 |  | 5355751  |
| Direxion Daily Pharmaceutical & Medical Bull 3X Shares | 466738 | 314538 | 168257 | 482795  |
| Direxion Daily Regional Banks Bull 3X Shares | 14522200 | 2204601 | 12628614 | 14833215  |
| Direxion Daily Retail Bull 3X Shares | 1737488 | 56821 | 1728822 | 1785643  |
| Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares | 3453669 |  | 3525756 | 3525756  |
| Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares | 866174 |  | 884187 | 884187  |
| Direxion Daily S&P Biotech Bull 3X Shares | 33390199 | 19026842 | 15396416 | 34423258  |
| Direxion Daily Semiconductor Bull 3X Shares | 42216610 | 40132995 | 3091963 | 43224958  |
| Direxion Daily Small Cap Bull 3X Shares | 480989461 | 373888674 | 118659545 | 492548219  |
| Direxion Daily Transportation Bull 3X Shares | 65424 | 10739 | 56321 | 67060 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) Federal Income Taxes – Each Fund intends to make the requisite distributions of income and capital gains to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as a regulated investment company. Therefore, no provision for U.S. Federal income tax has been made by the Funds.

The Funds may be subject to a nondeductible 4% U.S. excise tax calculated as a percentage of certain undistributed amounts of net investment income and net capital gains. Certain Funds paid this excise tax during the period ended October 31, 2025, which is disclosed on the Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Income and Expenses – Interest income, including amortization of premiums and discounts, is recognized on an accrual basis. Distributions are recorded on the ex-dividend date.

The Funds are charged for those expenses that are directly attributable to each series, such as advisory fees and registration costs. Expenses that are not directly attributable to a series are generally allocated among the Trust's series in proportion to their respective average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) Distributions to Shareholders – Each Fund pays dividends from net investment income and distributes net realized capital gains, if any, at least annually. Income and capital gain distributions are determined in accordance with U.S. Federal income tax regulations, which may differ from GAAP. Certain Funds also utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. Distributions to shareholders are recorded on the ex-dividend date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) Guarantees and Indemnifications – In the ordinary course of business, the Funds enter into contracts that contain a variety of indemnification provisions pursuant to which the Funds agree to indemnify third parties upon occurrence of specified events. The Funds' maximum exposure relating to these indemnification agreements is unknown. However, the Funds have not had prior claims or losses in connection with these provisions and believe the risk of loss is remote.

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

3. INCOME TAX AND DISTRIBUTION INFORMATION

The tax character of distributions paid during the periods ended October 31, 2025 and October 31, 2024 are listed below.

The tax character of distributions to shareholders made during the periods may differ from their ultimate characterization for U.S. Federal income tax purposes.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended** <br>**October 31, 2025** <br>**Distributions Paid From:**  | **Year Ended** <br>**October 31, 2025** <br>**Distributions Paid From:**  | **Year Ended** <br>**October 31, 2025** <br>**Distributions Paid From:**  | **Year Ended** <br>**October 31, 2024** <br>**Distributions Paid From:**  | **Year Ended** <br>**October 31, 2024** <br>**Distributions Paid From:**  | **Year Ended** <br>**October 31, 2024** <br>**Distributions Paid From:**  |
| <br>**Funds**  | **Ordinary** <br>**Income**  | **Long Term** <br>**Capital Gains**  | **Return** <br>**of Capital**  | **Ordinary** <br>**Income**  | **Long Term** <br>**Capital Gains**  | **Return** <br>**of Capital**  |
|  Direxion Daily 20+ Year Treasury Bear 3X Shares  | $5421314  | $—  | $—  | $9322553  | $—  | $—  |
|  Direxion Daily 20+ Year Treasury Bull 3X Shares  | 194820204  | —  | —  | 160750393  | —  | —  |
|  Direxion Daily 7-10 Year Treasury Bear 3X Shares  | 406054  | —  | —  | 715511  | —  | —  |
|  Direxion Daily 7-10 Year Treasury Bull 3X Shares  | 1573124  | —  | —  | 1486393  | —  | —  |
|  Direxion Daily Aerospace & Defense Bull 3X Shares  | 21298295  | —  | —  | 2077148  | —  | —  |
|  Direxion Daily Consumer Discretionary Bull 3X Shares  | 186171  | —  | 9556  | 266362  | —  | —  |
|  Direxion Daily Dow Jones Internet Bear 3X Shares  | 442625  | —  | —  | 1078267  | —  | —  |
|  Direxion Daily Dow Jones Internet Bull 3X Shares  | 154537  | —  | 237252  | —  | —  | —  |
|  Direxion Daily Financial Bear 3X Shares  | 3973001  | —  | —  | 6527992  | —  | —  |
|  Direxion Daily Financial Bull 3X Shares  | 24082233  | —  | —  | 29119868  | —  | —  |
|  Direxion Daily FTSE China Bear 3X Shares  | 8199014  | —  | —  | 5609445  | —  | —  |
|  Direxion Daily FTSE China Bull 3X Shares  | 25870732  | —  | 2879095  | 21768257  | —  | —  |
|  Direxion Daily FTSE Europe Bull 3X Shares  | 762109  | —  | 5819  | 699054  | —  | —  |
|  Direxion Daily Healthcare Bull 3X Shares  | 1880143  | —  | —  | 2549412  | —  | 2143  |
|  Direxion Daily Homebuilders & Supplies Bull 3X Shares  | 3905558  | —  | 7997  | 1197408  | —  | —  |
|  Direxion Daily Industrials Bull 3X Shares  | 2195188  | —  | —  | 331010  | —  | —  |
|  Direxion Daily Mid Cap Bull 3X Shares  | 986221  | —  | 7150  | 1139996  | —  | —  |
|  Direxion Daily MSCI Emerging Markets Bear 3X Shares  | 620822  | —  | —  | 876879  | —  | —  |

---

175<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended** <br>**October 31, 2025** <br>**Distributions Paid From:**  | **Year Ended** <br>**October 31, 2025** <br>**Distributions Paid From:**  | **Year Ended** <br>**October 31, 2025** <br>**Distributions Paid From:**  | **Year Ended** <br>**October 31, 2024** <br>**Distributions Paid From:**  | **Year Ended** <br>**October 31, 2024** <br>**Distributions Paid From:**  | **Year Ended** <br>**October 31, 2024** <br>**Distributions Paid From:**  |
| <br>**Funds**  | **Ordinary** <br>**Income**  | **Long Term** <br>**Capital Gains**  | **Return** <br>**of Capital**  | **Ordinary** <br>**Income**  | **Long Term** <br>**Capital Gains**  | **Return** <br>**of Capital**  |
|  Direxion Daily MSCI Emerging Markets Bull 3X Shares  | $2229310  | $—  | $—  | $3081697  | $—  | $—  |
|  Direxion Daily MSCI Mexico Bull 3X Shares  | 783139  | —  | 26251  | 491027  | —  | —  |
|  Direxion Daily MSCI South Korea Bull 3X Shares  | 2065447  | —  | 46735  | 970525  | —  | —  |
|  Direxion Daily Pharmaceutical & Medical Bull 3X Shares  | 107317  | —  | —  | 221030  | —  | —  |
|  Direxion Daily Real Estate Bear 3X Shares  | 1783069  | —  | —  | 3854456  | —  | —  |
|  Direxion Daily Real Estate Bull 3X Shares  | 1375769  | —  | 136053  | 1897536  | —  | 104343  |
|  Direxion Daily Regional Banks Bull 3X Shares  | 12995321  | —  | —  | 18854004  | —  | —  |
|  Direxion Daily Retail Bull 3X Shares  | 334722  | —  | 32400  | 698835  | —  | —  |
|  Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares | 14948245 |  |  | 26415736 |  | —  |
|  Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares | 50861159 |  |  | 39739010 |  | —  |
|  Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares | 980052 |  |  | 1760835 |  | —  |
|  Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares | 253568 |  |  | 684425 |  | —  |
|  Direxion Daily S&P Biotech Bear 3X Shares | 1799540 |  |  | 4302906 |  | —  |
|  Direxion Daily S&P Biotech Bull 3X Shares | 4028978 |  |  | 4277465 |  | 1053048  |
|  Direxion Daily Semiconductor Bear 3X Shares | 33058208 |  |  | 38472872 |  | —  |
|  Direxion Daily Semiconductor Bull 3X Shares | 96576367 |  |  | 76014041 |  | —  |
|  Direxion Daily Small Cap Bear 3X Shares | 8683587 |  |  | 15633570 |  | —  |
|  Direxion Daily Small Cap Bull 3X Shares | 27201564 |  | 1245439 | 24512275 |  | —  |
|  Direxion Daily Technology Bear 3X Shares | 2796074 |  |  | 4898417 |  | —  |
|  Direxion Daily Technology Bull 3X Shares | 17186694 |  |  | 11519235 |  | —  |
|  Direxion Daily Transportation Bull 3X Shares | 182165 |  | 42 | 367458 |  | —  |
|  Direxion Daily Utilities Bull 3X Shares | 622214 |  |  | 1032613 |  |  |

---

176<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

At October 31, 2025, the components of accumulated earnings/(losses) of the Funds on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Funds** | **Net Unrealized** <br>**Appreciation/** <br>(Depreciation) | **Undistributed** <br>**Ordinary** <br>**Income** <br>(Loss) | **Undistributed** <br>**Capital** <br>**Gain (Loss)** | **Other** <br>**Accumulated** <br>**Earnings** <br>(Losses)<sup>1</sup> | **Total** <br>**Accumulated** <br>**Earnings** <br>(Losses)  |
|  Direxion Daily 20+ Year Treasury Bear 3X Shares | $(26331653) | $523273 | $— | $(639749263) | $(665557643)  |
|  Direxion Daily 20+ Year Treasury Bull 3X Shares | (1141348335) | 12890774 |  | (973689914) | (2102147475)  |
|  Direxion Daily 7-10 Year Treasury Bear 3X Shares | (956752) | 35826 |  | (45088077) | (46009003)  |
|  Direxion Daily 7-10 Year Treasury Bull 3X Shares | (483614) | 119572 |  | (17440116) | (17804158)  |
|  Direxion Daily Aerospace & Defense Bull 3X Shares | 194504576 | 28857622 |  |  | 223362198  |
|  Direxion Daily Consumer Discretionary Bull 3X Shares | 2193547 |  |  | (10800814) | (8607267)  |
|  Direxion Daily Dow Jones Internet Bear 3X Shares | (7297040) | 43513 |  | (63683231) | (70936758)  |
|  Direxion Daily Dow Jones Internet Bull 3X Shares | 30078583 |  |  | (57520480) | (27441897)  |
|  Direxion Daily Financial Bear 3X Shares | (47360971) | 404770 |  | (3253271003) | (3300227204)  |
|  Direxion Daily Financial Bull 3X Shares | 217644870 | 183162292 |  |  | 400807162  |
|  Direxion Daily FTSE China Bear 3X Shares | (176299138) | 1062012 |  | (206893481) | (382130607)  |
|  Direxion Daily FTSE China Bull 3X Shares | 181754171 |  |  | (623857274) | (442103103)  |
|  Direxion Daily FTSE Europe Bull 3X Shares | 9693119 |  |  | (15449257) | (5756138)  |
|  Direxion Daily Healthcare Bull 3X Shares | 12201992 | 232072 |  | (45680848) | (33246784)  |
|  Direxion Daily Homebuilders & Supplies Bull 3X Shares | (150283080) |  |  | (43974693) | (194257773)  |
|  Direxion Daily Industrials Bull 3X Shares | 10310232 | 3636487 |  |  | 13946719  |
|  Direxion Daily Mid Cap Bull 3X Shares | (5284079) |  |  | (3155270) | (8439349)  |
|  Direxion Daily MSCI Emerging Markets Bear 3X Shares | (10457466) | 66184 |  | (342232197) | (352623479)  |
|  Direxion Daily MSCI Emerging Markets Bull 3X Shares | 28759949 | 218665 |  | (248513998) | (219535384)  |
|  Direxion Daily MSCI Mexico Bull 3X Shares | 5758127 |  |  | (3014427) | 2743700  |
|  Direxion Daily MSCI South Korea Bull 3X Shares | 143355239 |  |  | (14448119) | 128907120  |
|  Direxion Daily Pharmaceutical & Medical Bull 3X Shares | 1536380 | 45709 |  | (11388516) | (9806427)  |
|  Direxion Daily Real Estate Bear 3X Shares | (12520442) | 131792 |  | (180179007) | (192567657)  |
|  Direxion Daily Real Estate Bull 3X Shares | (15498469) |  |  | (6302415) | (21800884)  |

---

177<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Funds** | **Net Unrealized** <br>**Appreciation/** <br>(Depreciation) | **Undistributed** <br>**Ordinary** <br>**Income** <br>(Loss) | **Undistributed** <br>**Capital** <br>**Gain (Loss)** | **Other** <br>**Accumulated** <br>**Earnings** <br>(Losses)<sup>1</sup> | **Total** <br>**Accumulated** <br>**Earnings** <br>(Losses)  |
|  Direxion Daily Regional Banks Bull 3X Shares | $(125014645) | $389663 | $— | $— | $(124624982)  |
| Direxion Daily Retail Bull 3X Shares | (3798203) |  |  | (78548796) | (82346999)  |
|  Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares | (393120618) | 2004011 |  | (3297286465) | (3688403072)  |
|  Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares | 1451430760 | 507812 |  |  | 1451938572  |
|  Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares | (29413909) | 162383 |  | (171706994) | (200958520)  |
|  Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares | 30380611 | 1362334 |  |  | 31742945  |
|  Direxion Daily S&P Biotech Bear 3X Shares | (55734112) | 353194 |  | (342377312) | (397758230)  |
|  Direxion Daily S&P Biotech Bull 3X Shares | 267891220 | 4388875 |  | (1593548610) | (1321268515)  |
|  Direxion Daily Semiconductor Bear 3X Shares | (1482749022) | 6807350 |  | (2932245561) | (4408187233)  |
|  Direxion Daily Semiconductor Bull 3X Shares | 6219390963 |  |  |  | 6219390963  |
|  Direxion Daily Small Cap Bear 3X Shares | (244807307) | 1279273 |  | (3760454526) | (4003982560)  |
|  Direxion Daily Small Cap Bull 3X Shares | 263231381 |  |  | (181054543) | 82176838  |
|  Direxion Daily Technology Bear 3X Shares | (86023766) | 489091 |  | (512669863) | (598204538)  |
|  Direxion Daily Technology Bull 3X Shares | 2036992645 | 266445839 |  |  | 2303438484  |
|  Direxion Daily Transportation Bull 3X Shares | (273362) |  |  | (511196) | (784558)  |
|  Direxion Daily Utilities Bull 3X Shares | 8178694 | 12650 |  |  | 8191344 |

---

<sup>1</sup> Other Accumulated Earnings (Losses) consist of capital loss carryover and qualified late year losses.

At October 31, 2025, the aggregate gross unrealized appreciation and depreciation of investments for U.S. Federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **Tax Cost of** <br>**Investments** | **Gross** <br>**Unrealized** <br>**Appreciation** | **Gross** <br>**Unrealized** <br>**Depreciation** | **Net Unrealized** <br>**Appreciation** <br>(Depreciation) |
| Direxion Daily 20+ Year Treasury Bear 3X Shares | $199485041 | $6727700 | $(33059353) | $(26331653)  |
| Direxion Daily 20+ Year Treasury Bull 3X Shares | 5763341047 | 261324877 | (1402673212) | (1141348335)  |
| Direxion Daily 7-10 Year Treasury Bear 3X Shares | 10720616 | 8667 | (965419) | (956752)  |
| Direxion Daily 7-10 Year Treasury Bull 3X Shares | 55850756 | 2246250 | (2729864) | (483614)  |
| Direxion Daily Aerospace & Defense Bull 3X Shares | 347426388 | 210285231 | (15780655) | 194504576  |
|  Direxion Daily Consumer Discretionary Bull 3X Shares | 29783461 | 10538848 | (8345301) | 2193547  |
| Direxion Daily Dow Jones Internet Bear 3X Shares | 17703960 | 33481 | (7330521) | (7297040)  |
| Direxion Daily Dow Jones Internet Bull 3X Shares | 155842589 | 71551907 | (41473324) | 30078583  |
| Direxion Daily Financial Bear 3X Shares | 169114277 | 3143976 | (50504947) | (47360971)  |
| Direxion Daily Financial Bull 3X Shares | 2399947722 | 457039539 | (239394669) | 217644870  |

---

178<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **Tax Cost of** <br>**Investments** | **Gross** <br>**Unrealized** <br>**Appreciation** | **Gross** <br>**Unrealized** <br>**Depreciation** | **Net Unrealized** <br>**Appreciation** <br>(Depreciation) |
| Direxion Daily FTSE China Bear 3X Shares | $412309903 | $3986732 | $(180285870) | $(176299138)  |
| Direxion Daily FTSE China Bull 3X Shares | 1154972470 | 432360277 | (250606106) | 181754171  |
| Direxion Daily FTSE Europe Bull 3X Shares | 34842856 | 11913066 | (2219947) | 9693119  |
| Direxion Daily Healthcare Bull 3X Shares | 189518251 | 42322677 | (30120685) | 12201992  |
|  Direxion Daily Homebuilders & Supplies Bull 3X Shares | 788167771 | 50494392 | (200777472) | (150283080)  |
| Direxion Daily Industrials Bull 3X Shares | 37803475 | 15074462 | (4764230) | 10310232  |
| Direxion Daily Mid Cap Bull 3X Shares | 89869183 | 20494404 | (25778483) | (5284079)  |
|  Direxion Daily MSCI Emerging Markets Bear 3X Shares | 24167773 | 33282 | (10490748) | (10457466)  |
|  Direxion Daily MSCI Emerging Markets Bull 3X Shares | 130060380 | 40262746 | (11502797) | 28759949  |
| Direxion Daily MSCI Mexico Bull 3X Shares | 29814308 | 10749329 | (4991202) | 5758127  |
| Direxion Daily MSCI South Korea Bull 3X Shares | 218902751 | 149856165 | (6500926) | 143355239  |
|  Direxion Daily Pharmaceutical & Medical Bull 3X Shares | 14324699 | 5172668 | (3636288) | 1536380  |
| Direxion Daily Real Estate Bear 3X Shares | 61151792 | 4987962 | (17508404) | (12520442)  |
| Direxion Daily Real Estate Bull 3X Shares | 71316329 | 3152058 | (18650527) | (15498469)  |
| Direxion Daily Regional Banks Bull 3X Shares | 978722328 | 73520763 | (198535408) | (125014645)  |
| Direxion Daily Retail Bull 3X Shares | 41181939 | 12284206 | (16082409) | (3798203)  |
| Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares | 810115115 |  | (393120618) | (393120618)  |
| Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares | 6119912293 | 2151488417 | (700057657) | 1451430760  |
| Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares | 58658827 |  | (29413909) | (29413909)  |
| Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares | 63871290 | 42430516 | (12049905) | 30380611  |
| Direxion Daily S&P Biotech Bear 3X Shares | 128428932 |  | (55734112) | (55734112)  |
| Direxion Daily S&P Biotech Bull 3X Shares | 978315909 | 527435549 | (259544329) | 267891220  |
| Direxion Daily Semiconductor Bear 3X Shares | 2680229873 |  | (1482749022) | (1482749022)  |
| Direxion Daily Semiconductor Bull 3X Shares | 14239023852 | 8515081838 | (2295690875) | 6219390963  |
| Direxion Daily Small Cap Bear 3X Shares | 571911388 | 853004 | (245660311) | (244807307)  |
| Direxion Daily Small Cap Bull 3X Shares | 2767309843 | 835748121 | (572516740) | 263231381  |
| Direxion Daily Technology Bear 3X Shares | 179288873 |  | (86023766) | (86023766)  |
| Direxion Daily Technology Bull 3X Shares | 4724497081 | 2807802815 | (770810170) | 2036992645  |
| Direxion Daily Transportation Bull 3X Shares | 15833958 | 3243778 | (3517140) | (273362)  |
| Direxion Daily Utilities Bull 3X Shares | 34261479 | 10118084 | (1939390) | 8178694 |

---

The difference between the book cost of investments and the tax cost of investments is primarily attributable to tax deferral of losses on wash sales and basis adjustments on investments in real estate investment trusts and passive foreign investment companies.

On the Statements of Assets and Liabilities, the following adjustments were made for permanent tax differences between accounting for total distributable earnings and capital stock under GAAP and tax reporting:

---

| | | |
|:---|:---|:---|
| **Funds** | **Total** <br>**Distributable** <br>**Earnings (Loss)** | **Capital Stock**  |
| Direxion Daily 20+ Year Treasury Bear 3X Shares | $— | $—  |
| Direxion Daily 20+ Year Treasury Bull 3X Shares | 163822488 | (163822488)  |
| Direxion Daily 7-10 Year Treasury Bear 3X Shares |  | —  |
| Direxion Daily 7-10 Year Treasury Bull 3X Shares | 340018 | (340018)  |
| Direxion Daily Aerospace & Defense Bull 3X Shares | (64000745) | 64000745  |
| Direxion Daily Consumer Discretionary Bull 3X Shares | (2395745) | 2395745  |

---

179<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Funds** | **Total** <br>**Distributable** <br>**Earnings (Loss)** | **Capital Stock**  |
| Direxion Daily Dow Jones Internet Bear 3X Shares | $— | $—  |
| Direxion Daily Dow Jones Internet Bull 3X Shares | (11721955) | 11721955  |
| Direxion Daily Financial Bear 3X Shares |  | —  |
| Direxion Daily Financial Bull 3X Shares | (870173975) | 870173975  |
| Direxion Daily FTSE China Bear 3X Shares |  | —  |
| Direxion Daily FTSE China Bull 3X Shares | (8680973) | 8680973  |
| Direxion Daily FTSE Europe Bull 3X Shares | (1814938) | 1814938  |
| Direxion Daily Healthcare Bull 3X Shares | (4293777) | 4293777  |
| Direxion Daily Homebuilders & Supplies Bull 3X Shares | (7411052) | 7411052  |
| Direxion Daily Industrials Bull 3X Shares | (5680170) | 5680170  |
| Direxion Daily Mid Cap Bull 3X Shares | (546370) | 546370  |
| Direxion Daily MSCI Emerging Markets Bear 3X Shares |  | —  |
| Direxion Daily MSCI Emerging Markets Bull 3X Shares | (259887) | 259887  |
| Direxion Daily MSCI Mexico Bull 3X Shares | 177011 | (177011)  |
| Direxion Daily MSCI South Korea Bull 3X Shares | (13876955) | 13876955  |
| Direxion Daily Pharmaceutical & Medical Bull 3X Shares | (301458) | 301458  |
| Direxion Daily Real Estate Bear 3X Shares |  | —  |
| Direxion Daily Real Estate Bull 3X Shares | (2480404) | 2480404  |
| Direxion Daily Regional Banks Bull 3X Shares | (265788660) | 265788660  |
| Direxion Daily Retail Bull 3X Shares | (1859671) | 1859671  |
| Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares |  | —  |
| Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares | (1431564271) | 1431564271  |
| Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares |  | —  |
| Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares | (7780236) | 7780236  |
| Direxion Daily S&P Biotech Bear 3X Shares |  | —  |
| Direxion Daily S&P Biotech Bull 3X Shares | 8412461 | (8412461)  |
| Direxion Daily Semiconductor Bear 3X Shares |  | —  |
| Direxion Daily Semiconductor Bull 3X Shares | (2784811088) | 2784811088  |
| Direxion Daily Small Cap Bear 3X Shares |  | —  |
| Direxion Daily Small Cap Bull 3X Shares | (62551929) | 62551929  |
| Direxion Daily Technology Bear 3X Shares |  | —  |
| Direxion Daily Technology Bull 3X Shares | (655795314) | 655795314  |
| Direxion Daily Transportation Bull 3X Shares | (981693) | 981693  |
| Direxion Daily Utilities Bull 3X Shares | (14289962) | 14289962 |

---

GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended October 31, 2025, the permanent differences primarily relate to tax treatment of redemptions in-kind, net operating losses and the utilization of earnings and profits distributed to shareholders on redemption of shares.

In order to meet certain U.S. excise tax distribution requirements, the Funds are required to measure and distribute annually net capital gains realized during a twelve month period ending October 31 and net investment income earned during a twelve month period ending December 31. In connection with this, the Funds are permitted for tax purposes to defer to their next fiscal year qualified late year losses. Qualified late ordinary losses are generally losses incurred between January 1 and the end of their fiscal year, October 31, 2025.

At October 31, 2025, no Funds deferred, on a tax basis, qualified late year losses.

Under current law, the Funds may carry forward net capital losses indefinitely to use to offset capital gains realized in future years and their character is retained as either short-term and/or long-term.

180<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

At October 31, 2025, for U.S. Federal income tax purposes, the following Funds had capital loss carryforwards available to offset future capital gains through the year indicated:

---

| | | | |
|:---|:---|:---|:---|
| **Funds** | **Utilized in** <br>**Current Year** | **Unlimited ST** | **Unlimited LT** |
| Direxion Daily 20+ Year Treasury Bear 3X Shares | $— | $(639749263) | $—  |
| Direxion Daily 20+ Year Treasury Bull 3X Shares |  | (973689914) | —  |
| Direxion Daily 7-10 Year Treasury Bear 3X Shares |  | (45088077) | —  |
| Direxion Daily 7-10 Year Treasury Bull 3X Shares |  | (15697021) | (1743095)  |
| Direxion Daily Aerospace & Defense Bull 3X Shares |  |  | —  |
| Direxion Daily Consumer Discretionary Bull 3X Shares | 9561960 | (8834043) | (1966771)  |
| Direxion Daily Dow Jones Internet Bear 3X Shares |  | (63683231) | —  |
| Direxion Daily Dow Jones Internet Bull 3X Shares | 64626204 | (51400080) | (6120400)  |
| Direxion Daily Financial Bear 3X Shares |  | (3253271003) | —  |
| Direxion Daily Financial Bull 3X Shares |  |  | —  |
| Direxion Daily FTSE China Bear 3X Shares |  | (206893481) | —  |
| Direxion Daily FTSE China Bull 3X Shares |  | (618804742) | (5052532)  |
| Direxion Daily FTSE Europe Bull 3X Shares | 2026990 | (15201092) | (248165)  |
| Direxion Daily Healthcare Bull 3X Shares |  | (32643064) | (13037784)  |
| Direxion Daily Homebuilders & Supplies Bull 3X Shares |  | (43775927) | (198766)  |
| Direxion Daily Industrials Bull 3X Shares |  |  | —  |
| Direxion Daily Mid Cap Bull 3X Shares | 3664441 | (3155270) | —  |
| Direxion Daily MSCI Emerging Markets Bear 3X Shares |  | (342232197) | —  |
| Direxion Daily MSCI Emerging Markets Bull 3X Shares |  | (187477668) | (61036330)  |
| Direxion Daily MSCI Mexico Bull 3X Shares |  | (3014427) | —  |
| Direxion Daily MSCI South Korea Bull 3X Shares | 13873324 | (13471755) | (976364)  |
| Direxion Daily Pharmaceutical & Medical Bull 3X Shares |  | (9981350) | (1407166)  |
| Direxion Daily Real Estate Bear 3X Shares |  | (180179007) | —  |
| Direxion Daily Real Estate Bull 3X Shares |  | (6055393) | (247022)  |
| Direxion Daily Regional Banks Bull 3X Shares |  |  | —  |
| Direxion Daily Retail Bull 3X Shares | 135165 | (67203554) | (11345242)  |
| Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares |  | (3293957039) | (3329426)  |
| Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares |  |  | —  |
| Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares |  | (166137615) | (5569379)  |
| Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares | 6199740 |  | —  |
| Direxion Daily S&P Biotech Bear 3X Shares |  | (342377312) | —  |
| Direxion Daily S&P Biotech Bull 3X Shares |  | (1423975304) | (169573306)  |
| Direxion Daily Semiconductor Bear 3X Shares |  | (2932245561) | —  |
| Direxion Daily Semiconductor Bull 3X Shares |  |  | —  |
| Direxion Daily Small Cap Bear 3X Shares |  | (3760454526) | —  |
| Direxion Daily Small Cap Bull 3X Shares | 168355410 | (179241737) | (1812806)  |
| Direxion Daily Technology Bear 3X Shares |  | (512669863) | —  |
| Direxion Daily Technology Bull 3X Shares |  |  | —  |
| Direxion Daily Transportation Bull 3X Shares |  | (162962) | (348234)  |
| Direxion Daily Utilities Bull 3X Shares |  |  |  |

---

The Funds follow authoritative financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The Funds have reviewed all open tax years and concluded that there is no effect to the Funds' financial positions or results of operations and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax position taken or expected to be taken on a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During this period, the Funds did not incur any interest or penalties. Open tax years are those years that are open for examination by the relevant income taxing authority. As of October 31, 2025, open U.S. Federal and state income tax

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**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

years include the tax years ended October 31, 2022 through October 31, 2025. The Funds have no examination in progress. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax expense will significantly change in the next twelve months.

4. CREATION AND REDEMPTION TRANSACTIONS AND TRANSACTION FEES

Each Fund issues and redeems shares on a continuous basis at NAV only in large blocks of shares called "Creation Units." A Creation Unit consists of 50,000 shares. Creation Units of the Bull Funds are issued and redeemed in cash and/or in-kind for securities included in the relevant underlying index. Creation Units of the Bear Funds are issued and redeemed for cash. Investors such as market makers, large investors and institutions who wish to deal in Creation Units directly with a Fund must have entered into an authorized participant agreement with the principal underwriter and the transfer agent, or purchase through a dealer that has entered into such an agreement. Transactions in shares for each Fund include both cash and in-kind transactions and are disclosed in detail in the Statements of Changes in Net Assets.

Transaction fees are imposed to cover the costs associated with the issuance and redemption of Creation Units. There is a fixed and a variable component to the total transaction fee. A fixed transaction fee is paid to the transfer agent and is applicable to each creation or redemption transaction, regardless of the number of Creation Units purchased or redeemed. In addition, a variable transaction fee equal to a percentage of the value of each Creation Unit purchased or redeemed is applicable to each creation or redemption transaction and is paid to the Fund. Not all Funds will have a transaction fee associated with capital share activity for the year. Transaction fees received by each Fund are presented in the Capital Share Transaction section of the Statements of Changes in Net Assets and any amount receivable as of October 31, 2025 is included in Receivable for Fund shares sold on the Statements of Assets and Liabilities.

5. INVESTMENT TRANSACTIONS

The table below presents each Fund's investment transactions during the period ended October 31, 2025. Purchases represent the aggregate purchases of investments excluding the cost of in-kind purchases, short-term investment purchases, swaps and futures contracts. Sales represent the aggregate sales of investments excluding proceeds from in-kind sales, short-term investments, swap and future contracts.

Purchases in-kind are the aggregate of all in-kind purchases and sales in-kind are the aggregate of all proceeds from in-kind sales. The transactions for each of these categories are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **Purchases** | **Sales** | **Purchases** <br>**In-Kind** | **Sales** <br>**In-Kind**  |
| Direxion Daily 20+ Year Treasury Bear 3X Shares | $— | $— | $— | $—  |
| Direxion Daily 20+ Year Treasury Bull 3X Shares | 5606750180 | 5251334662 | 1420630905 | 2791416107  |
| Direxion Daily 7-10 Year Treasury Bear 3X Shares |  |  |  | —  |
| Direxion Daily 7-10 Year Treasury Bull 3X Shares | 6635930 |  | 3684393 | 5928478  |
| Direxion Daily Aerospace & Defense Bull 3X Shares | 258982291 | 148611448 | 56354695 | 75581064  |
| Direxion Daily Consumer Discretionary Bull 3X Shares | 20779036 | 9960373 | 3203220 | 10554842  |
| Direxion Daily Dow Jones Internet Bear 3X Shares |  |  |  | —  |
| Direxion Daily Dow Jones Internet Bull 3X Shares | 80198122 | 60538904 | 10387066 | 44016246  |
| Direxion Daily Financial Bear 3X Shares |  |  |  | —  |
| Direxion Daily Financial Bull 3X Shares | 1426934560 | 1208437850 | 616900975 | 760891592  |
| Direxion Daily FTSE China Bear 3X Shares |  |  |  | —  |
| Direxion Daily FTSE China Bull 3X Shares | 1573710719 | 1058858240 | 119186536 | 1495625191  |
| Direxion Daily FTSE Europe Bull 3X Shares | 6891749 | 14954504 | 32947985 | 24432031  |
| Direxion Daily Healthcare Bull 3X Shares | 1243863 | 89034946 | 123149154 | 25586957  |
| Direxion Daily Homebuilders & Supplies Bull 3X Shares | 163152211 | 335566421 | 769616077 | 314482755  |
| Direxion Daily Industrials Bull 3X Shares | 13666928 | 11220886 | 6229957 | 12869375  |
| Direxion Daily Mid Cap Bull 3X Shares | 27254957 | 52942981 | 24127442 | 9789348  |
| Direxion Daily MSCI Emerging Markets Bear 3X Shares |  |  |  | —  |
| Direxion Daily MSCI Emerging Markets Bull 3X Shares | 19821330 | 23588838 | 35447890 | 27765432  |
| Direxion Daily MSCI Mexico Bull 3X Shares | 15413690 | 7303947 | 18193841 | 31689214  |

---

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**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **Purchases** | **Sales** | **Purchases** <br>**In-Kind** | **Sales** <br>**In-Kind**  |
| Direxion Daily MSCI South Korea Bull 3X Shares | $72135785 | $46900611 | $150691819 | $123468016  |
| Direxion Daily Pharmaceutical & Medical Bull 3X Shares | 7746156 | 9474918 | 6644768 | 7873407  |
| Direxion Daily Real Estate Bear 3X Shares |  |  |  | —  |
| Direxion Daily Real Estate Bull 3X Shares | 14323616 | 7239508 | 14359555 | 37578973  |
| Direxion Daily Regional Banks Bull 3X Shares | 774010396 | 779695784 | 680417429 | 635154709  |
| Direxion Daily Retail Bull 3X Shares | 18599580 | 35465533 | 21780318 | 15177345  |
| Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares |  |  |  | —  |
| Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares | 3227247850 | 2625391439 | 2434810498 | 2737698481  |
| Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares |  |  |  | —  |
| Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares | 54058571 | 67421277 | 44413898 | 37924676  |
| Direxion Daily S&P Biotech Bear 3X Shares |  |  |  | —  |
| Direxion Daily S&P Biotech Bull 3X Shares | 506351703 | 780254348 | 970920369 | 845075782  |
| Direxion Daily Semiconductor Bear 3X Shares |  |  |  | —  |
| Direxion Daily Semiconductor Bull 3X Shares | 19300049339 | 18920169041 | 16643005382 | 17686785794  |
| Direxion Daily Small Cap Bear 3X Shares |  |  |  | —  |
| Direxion Daily Small Cap Bull 3X Shares | 2799441250 | 3526056109 | 1691275532 | 1232971683  |
| Direxion Daily Technology Bear 3X Shares |  |  |  | —  |
| Direxion Daily Technology Bull 3X Shares | 2676477543 | 2129431997 | 705545997 | 681021768  |
| Direxion Daily Transportation Bull 3X Shares | 9813016 | 12530984 | 6028143 | 10327394  |
| Direxion Daily Utilities Bull 3X Shares | 13214817 | 18010332 | 22052954 | 21887849 |

---

There were no purchases or sales of long-term U.S. Government securities in the Funds during the period ended October 31, 2025.

6. INVESTMENT ADVISORY AND OTHER AGREEMENTS

Under an Investment Advisory Agreement between the Adviser and the Trust, on behalf of each Fund, the Adviser provides a continuous investment program for each Fund's assets in accordance with its investment objectives, policies and limitations, and oversees the day-to-day operations of each Fund, subject to the supervision of the Trustees. Pursuant to the Advisory Agreement, each Fund pays the Adviser 0.75% at an annual rate based on its average daily net assets.

The Adviser has agreed to waive a portion of its fees based upon the specific breakpoints listed in the table below based on each Fund's daily net assets. For the year ended October 31, 2025, the Adviser waived its fee in certain Funds.

---

| | |
|:---|:---|
| **Net Asset Range** | **Advisory Fee Limit**  |
| $0- $1500000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75%  |
| $1500000000 - $2000000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70%  |
| $2000000000 - $2500000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65%  |
| $2500000000 - $3000000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| Greater than $3,000,000,000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55% |

---

Additionally, the Trust has entered into a Management Services Agreement with the Adviser. Under the Management Services Agreement, the Trust pays the Adviser management service fees of 0.05% on the first $25,000,000,000 of the Trust's daily net assets, 0.0475% on the next $25,000,000,000 of net assets and 0.045% on net assets in excess of $50,000,000,000. This fee compensates the Adviser for performing certain management, administration and compliance functions related to the Trust. This fee is allocated to each Fund based on each Fund's respective average daily net assets.

Each Fund is responsible for its own operating expenses. The Adviser has contractually agreed to waive its fees and/or reimburse each Fund's operating expenses to the extent that they exceed 0.95% of each Fund's respective average daily net assets at least until September 1, 2026. Any expense waiver is subject to recoupment by the Adviser, as applicable, within the following three years if overall expenses fall below these percentage limitations.

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**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

The table below presents amounts that the Adviser recouped, reimbursed and the amounts available for potential recoupment by the Adviser.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Expenses** <br>**Recouped** | **Expenses** <br>**Reimbursed** | **Potential Recoupment Amounts Expiring:** | **Potential Recoupment Amounts Expiring:** | **Potential Recoupment Amounts Expiring:** | **Total Potential** <br>**Recoupment** <br>**Amount**  |
|  | **Expenses** <br>**Recouped** | **Expenses** <br>**Reimbursed** | **October 31,** <br>**2026** | **October 31,** <br>**2027** | **October 31,** <br>**2028**  | **Total Potential** <br>**Recoupment** <br>**Amount**  |
|  Direxion Daily 20+ Year Treasury Bear 3X Shares | $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
|  Direxion Daily 20+ Year Treasury Bull 3X Shares |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily 7-10 Year Treasury Bear 3X Shares | 3215 | &nbsp;&nbsp;&nbsp; 17126 | &nbsp;&nbsp;&nbsp; 7842 | &nbsp;&nbsp;&nbsp; 13374 | &nbsp;&nbsp;&nbsp; 17126 | &nbsp;&nbsp;&nbsp;&nbsp; 38342  |
|  Direxion Daily 7-10 Year Treasury Bull 3X Shares | 29253 | &nbsp;&nbsp;&nbsp; 3062 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2827 | &nbsp;&nbsp;&nbsp;&nbsp; 2827  |
|  Direxion Daily Aerospace & Defense Bull 3X Shares |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily Consumer Discretionary Bull 3X Shares | 3207 | &nbsp;&nbsp;&nbsp; 7549 | &nbsp;&nbsp;&nbsp; 35921 | &nbsp;&nbsp;&nbsp; 5465 | &nbsp;&nbsp;&nbsp; 7549 | &nbsp;&nbsp;&nbsp;&nbsp; 48935  |
|  Direxion Daily Dow Jones Internet Bear 3X Shares | 3644 | &nbsp;&nbsp;&nbsp; 19111 | &nbsp;&nbsp;&nbsp; 15465 | &nbsp;&nbsp;&nbsp; 15719 | &nbsp;&nbsp;&nbsp; 19111 | &nbsp;&nbsp;&nbsp;&nbsp; 50295  |
|  Direxion Daily Dow Jones Internet Bull 3X Shares | 6 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily Financial Bear 3X Shares |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily Financial Bull 3X Shares |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily FTSE China Bear 3X Shares | 9930 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily FTSE China Bull 3X Shares |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily FTSE Europe Bull 3X Shares | 13057 | &nbsp;&nbsp;&nbsp; 3770 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 538 | &nbsp;&nbsp;&nbsp;&nbsp; 538  |
|  Direxion Daily Healthcare Bull 3X Shares |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily Homebuilders & Supplies Bull 3X Shares |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily Industrials Bull 3X Shares | 4820 | &nbsp;&nbsp;&nbsp; 3029 | &nbsp;&nbsp;&nbsp; 44415 | &nbsp;&nbsp;&nbsp; 3474 | &nbsp;&nbsp;&nbsp; 3029 | &nbsp;&nbsp;&nbsp;&nbsp; 50918  |
|  Direxion Daily Mid Cap Bull 3X Shares | 13296 | &nbsp;&nbsp;&nbsp; 3380 | &nbsp;&nbsp;&nbsp; 1409 | &nbsp;&nbsp;&nbsp; 2522 | &nbsp;&nbsp;&nbsp; 3380 | &nbsp;&nbsp;&nbsp;&nbsp; 7311  |
|  Direxion Daily MSCI Emerging Markets Bear 3X Shares | 4218 | &nbsp;&nbsp;&nbsp; 69393 | &nbsp;&nbsp;&nbsp; 70652 | &nbsp;&nbsp;&nbsp; 114708 | &nbsp;&nbsp;&nbsp; 69393 | &nbsp;&nbsp;&nbsp;&nbsp; 254753  |
|  Direxion Daily MSCI Emerging Markets Bull 3X Shares | 14618 | &nbsp;&nbsp;&nbsp; 22043 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2578 | &nbsp;&nbsp;&nbsp; 22043 | &nbsp;&nbsp;&nbsp;&nbsp; 24621  |
|  Direxion Daily MSCI Mexico Bull 3X Shares | 3437 | &nbsp;&nbsp;&nbsp; 5189 | &nbsp;&nbsp;&nbsp; 22387 | &nbsp;&nbsp;&nbsp; 8216 | &nbsp;&nbsp;&nbsp; 5189 | &nbsp;&nbsp;&nbsp;&nbsp; 35792  |
|  Direxion Daily MSCI South Korea Bull 3X Shares | 35356 | &nbsp;&nbsp;&nbsp; 6893 | &nbsp;&nbsp;&nbsp; 6932 | &nbsp;&nbsp;&nbsp; 7006 | &nbsp;&nbsp;&nbsp; 6893 | &nbsp;&nbsp;&nbsp;&nbsp; 20831  |
|  Direxion Daily Pharmaceutical & Medical Bull 3X Shares | 3055 | &nbsp;&nbsp;&nbsp; 27140 | &nbsp;&nbsp;&nbsp; 52651 | &nbsp;&nbsp;&nbsp; 25590 | &nbsp;&nbsp;&nbsp; 27140 | &nbsp;&nbsp;&nbsp;&nbsp; 105381  |

---

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**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Expenses** <br>**Recouped** | **Expenses** <br>**Reimbursed** | **Potential Recoupment Amounts Expiring:** | **Potential Recoupment Amounts Expiring:** | **Potential Recoupment Amounts Expiring:** | **Total Potential** <br>**Recoupment** <br>**Amount**  |
|  | **Expenses** <br>**Recouped** | **Expenses** <br>**Reimbursed** | **October 31,** <br>**2026** | **October 31,** <br>**2027** | **October 31,** <br>**2028**  | **Total Potential** <br>**Recoupment** <br>**Amount**  |
|  Direxion Daily Real Estate Bear 3X Shares | $10419 | &nbsp;&nbsp;&nbsp; $3437 | &nbsp;&nbsp;&nbsp; $9547 | &nbsp;&nbsp;&nbsp; $1809 | &nbsp;&nbsp;&nbsp; $3437 | &nbsp;&nbsp;&nbsp;&nbsp; $14793  |
|  Direxion Daily Real Estate Bull 3X Shares | 21743 | &nbsp;&nbsp;&nbsp; 1966 | &nbsp;&nbsp;&nbsp; 16110 | &nbsp;&nbsp;&nbsp; 1967 | &nbsp;&nbsp;&nbsp; 1966 | &nbsp;&nbsp;&nbsp;&nbsp; 20043  |
|  Direxion Daily Regional Banks Bull 3X Shares |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily Retail Bull 3X Shares | 1069 | &nbsp;&nbsp;&nbsp; 1069 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares | 3170 | &nbsp;&nbsp;&nbsp; 13186 | &nbsp;&nbsp;&nbsp; 14716 | &nbsp;&nbsp;&nbsp; 9792 | &nbsp;&nbsp;&nbsp; 13186 | &nbsp;&nbsp;&nbsp;&nbsp; 37694  |
|  Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares | 8014 | &nbsp;&nbsp;&nbsp; 11303 | &nbsp;&nbsp;&nbsp; 36396 | &nbsp;&nbsp;&nbsp; 2424 | &nbsp;&nbsp;&nbsp; 11303 | &nbsp;&nbsp;&nbsp;&nbsp; 50123  |
|  Direxion Daily S&P Biotech Bear 3X Shares | 7177 | &nbsp;&nbsp;&nbsp; 6703 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5397 | &nbsp;&nbsp;&nbsp; 6703 | &nbsp;&nbsp;&nbsp;&nbsp; 12100  |
|  Direxion Daily S&P Biotech Bull 3X Shares |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily Semiconductor Bear 3X Shares |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily Semiconductor Bull 3X Shares |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily Small Cap Bear 3X Shares |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily Small Cap Bull 3X Shares |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily Technology Bear 3X Shares |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily Technology Bull 3X Shares |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Direxion Daily Transportation Bull 3X Shares | 3237 | &nbsp;&nbsp;&nbsp; 21656 | &nbsp;&nbsp;&nbsp; 34823 | &nbsp;&nbsp;&nbsp; 15726 | &nbsp;&nbsp;&nbsp; 21656 | &nbsp;&nbsp;&nbsp;&nbsp; 72205  |
|  Direxion Daily Utilities Bull 3X Shares | 5938 | &nbsp;&nbsp;&nbsp; 2463 | &nbsp;&nbsp;&nbsp; 30222 | &nbsp;&nbsp;&nbsp; 1423 | &nbsp;&nbsp;&nbsp; 2463 | &nbsp;&nbsp;&nbsp;&nbsp; 34108 |

---

The net amounts receivable (payable) arising from the Investment Advisory Agreement, Management Services Agreement and waiver of any expenses as of October 31, 2025 is presented on the Statement of Assets and Liabilities as "Due from (to) Adviser, net".

The Board has adopted a Distribution and Service Plan (the "Plan") pursuant to Rule 12b-1 under the Investment Company Act of 1940. In accordance with the Plan, each Fund is authorized to charge an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities and shareholder services. No 12b-1 fees were charged by any Fund.

7. FAIR VALUE MEASUREMENTS

The Funds follow authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes of valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels below:

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**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

Level 1 – Quoted prices in active markets for identical securities

Level 2 – Evaluated price based on other significant observable inputs (including quoted prices for similar securities in active markets, quoted prices for identical or similar securities in inactive markets, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – Significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments)

The inputs or methodology used for valuing securities are not an indication of the credit risk associated with investing in those securities.

The following is a summary of the inputs used to value the Funds' net assets as of October 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Asset Class** | **Asset Class** | **Asset Class** | **Asset Class** | **Liability Class**  |
| | **Level 1** | **Level 1** | **Level 1** | **Level 2** | **Level 2**  |
| <br>**Funds** | **Investment** <br>**Companies** | **Common** <br>**Stocks** | **Short Term** <br>**Investments** | **Total Return** <br>**Swap** <br>**Contracts\*** | **Total Return** <br>**Swap** <br>**Contracts\***  |
|  Direxion Daily 20+ Year Treasury Bear 3X Shares | $— | $— | $169016365 | $6727700 | $(2590677)  |
|  Direxion Daily 20+ Year Treasury Bull 3X Shares | 3244527179 |  | 1232871145 | 186327808 | (41733421)  |
|  Direxion Daily 7-10 Year Treasury Bear 3X Shares |  |  | 10070747 | 8667 | (315550)  |
|  Direxion Daily 7-10 Year Treasury Bull 3X Shares | 36208826 |  | 17299238 | 1859078 | —  |
|  Direxion Daily Aerospace & Defense Bull 3X Shares |  | 266384630 | 124756328 | 150790006 | —  |
|  Direxion Daily Consumer Discretionary Bull 3X Shares |  | 17777068 | 7049020 | 7150920 | —  |
|  Direxion Daily Dow Jones Internet Bear 3X Shares |  |  | 12436291 | 33481 | (2062852)  |
|  Direxion Daily Dow Jones Internet Bull 3X Shares |  | 100777750 | 38115974 | 47027448 | —  |
| Direxion Daily Financial Bear 3X Shares |  |  | 121661367 | 3143976 | (3052037)  |
| Direxion Daily Financial Bull 3X Shares |  | 1893645938 | 563558476 | 160388178 | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily FTSE China Bear 3X <br>Shares |  |  | 278429869 | 3986732 | (46405836)  |
| &nbsp;&nbsp;&nbsp; Direxion Daily FTSE China Bull 3X <br>Shares | 507896261 |  | 419121419 | 409708961 | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily FTSE Europe Bull 3X <br>Shares | 15991503 |  | 17451860 | 11092612 | —  |
| Direxion Daily Healthcare Bull 3X Shares |  | 126215670 | 54187121 | 21317452 | —  |
|  Direxion Daily Homebuilders & Supplies Bull 3X Shares |  | 430185752 | 181902408 | 39303453 | (13506921)  |
| Direxion Daily Industrials Bull 3X Shares |  | 25563328 | 11860930 | 10689449 | —  |
| Direxion Daily Mid Cap Bull 3X Shares |  | 53779471 | 18991416 | 11814217 | —  |
|  Direxion Daily MSCI Emerging Markets Bear 3X Shares |  |  | 19515594 | 33282 | (5838569)  |
|  Direxion Daily MSCI Emerging Markets Bull 3X Shares | 8464163 |  | 111531381 | 39994398 | (1169613)  |
| &nbsp;&nbsp;&nbsp; Direxion Daily MSCI Mexico Bull 3X <br>Shares | 8781960 |  | 16492198 | 10298277 | —  |

---

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Asset Class** | **Asset Class** | **Asset Class** | **Asset Class** | **Liability Class**  |
| | **Level 1** | **Level 1** | **Level 1** | **Level 2** | **Level 2**  |
| <br>**Funds** | **Investment** <br>**Companies** | **Common** <br>**Stocks** | **Short Term** <br>**Investments** | **Total Return** <br>**Swap** <br>**Contracts\*** | **Total Return** <br>**Swap** <br>**Contracts\***  |
|  Direxion Daily MSCI South Korea Bull 3X Shares | $122514201 | $— | $107279587 | $132464202 | $—  |
|  Direxion Daily Pharmaceutical & Medical Bull 3X Shares |  | 8306764 | 3964410 | 3589905 | —  |
| Direxion Daily Real Estate Bear 3X Shares |  |  | 43643388 | 4987962 | —  |
| Direxion Daily Real Estate Bull 3X Shares |  | 40990635 | 14917592 | 773253 | (863620)  |
|  Direxion Daily Regional Banks Bull 3X Shares |  | 560514386 | 270806383 | 50690738 | (28303824)  |
| Direxion Daily Retail Bull 3X Shares |  | 22310367 | 6951384 | 8126763 | (4778)  |
| Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares |  |  | 546756846 |  | (129762349)  |
| Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares |  | 4337437899 | 1750109695 | 1483795459 | —  |
|  Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares |  |  | 44423933 |  | (15179015)  |
|  Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares |  | 35213698 | 24555325 | 34482878 | —  |
| Direxion Daily S&P Biotech Bear 3X Shares |  |  | 109382849 |  | (36688029)  |
| Direxion Daily S&P Biotech Bull 3X Shares |  | 538161755 | 269854564 | 438190810 | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Semiconductor Bear 3X <br>Shares |  |  | 1687250627 |  | (489769776)  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Semiconductor Bull 3X <br>Shares |  | 9411104193 | 4159610238 | 6887700384 | —  |
| Direxion Daily Small Cap Bear 3X Shares |  |  | 373487451 | 853004 | (47236374)  |
| Direxion Daily Small Cap Bull 3X Shares | 1457575474 |  | 934514796 | 638450954 | —  |
| Direxion Daily Technology Bear 3X Shares |  |  | 131446468 |  | (38181361)  |
| Direxion Daily Technology Bull 3X Shares |  | 3394502732 | 1392371914 | 1974615080 | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Transportation Bull 3X <br>Shares |  | 9138263 | 4299565 | 2122768 | —  |
| Direxion Daily Utilities Bull 3X Shares |  | 27036657 | 8691597 | 6732315 | (20396) |

---

For further detail on each asset class, see each Fund's Schedule of Investments.

\* Futures contracts and total return swap contracts are valued at the unrealized appreciation/(depreciation). 

The Funds also follow authoritative accounting standards, which require additional disclosure regarding fair value measurements. Specifically, these standards require reporting entities to disclose a) the input and valuation techniques used to measure fair value for both recurring and nonrecurring fair value measurements, for Level 2 or Level 3 positions, b) transfers between all levels on a gross basis (i.e. transfers out must be disclosed separately from transfers in) as well as the reason(s) for the transfers and c) purchases and sales on a gross basis in the Level 3 rollforward rather than as one net number. Additionally, reporting entities are required to disclose quantitative information about unobservable inputs used in the fair value measurements categorized within Level 3 of the fair value hierarchy.

There were no Level 3 securities held by the Funds or any transfers between levels during the period ended October 31, 2025.

8. VALUATION OF DERIVATIVE INSTRUMENTS

The Funds follow authoritative standards of accounting for derivative instruments, which establish disclosure requirements for derivative instruments. These standards improve financial reporting for derivative instruments by requiring enhanced disclosures that enable investors to understand how and why a fund uses derivative instruments, how derivative instruments are accounted for and how derivative instruments affect a fund's financial position and results of operations.

187<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

The Funds use derivative instruments as part of their principal investment strategy to achieve their investment objective. For additional discussion on the risks associated with derivative instruments refer to Note 2. As of October 31, 2025, the Funds were invested in swap contracts. At October 31, 2025, the fair value of derivative instruments, by primary risk, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Asset Derivatives<sup>1</sup>**  | **Asset Derivatives<sup>1</sup>**  | **Asset Derivatives<sup>1</sup>**  |
| <br>**Fund** | **Equity Risk** | **Interest Rate Risk** | **Total**  |
| Direxion Daily 20+ Year Treasury Bear 3X Shares | $— | $6727700 | $6727700  |
| Direxion Daily 20+ Year Treasury Bull 3X Shares |  | 186327808 | 186327808  |
| Direxion Daily 7-10 Year Treasury Bear 3X Shares |  | 8667 | 8667  |
| Direxion Daily 7-10 Year Treasury Bull 3X Shares |  | 1859078 | 1859078  |
| Direxion Daily Aerospace & Defense Bull 3X Shares | 150790006 |  | 150790006  |
| Direxion Daily Consumer Discretionary Bull 3X Shares | 7150920 |  | 7150920  |
| Direxion Daily Dow Jones Internet Bear 3X Shares | 33481 |  | 33481  |
| Direxion Daily Dow Jones Internet Bull 3X Shares | 47027448 |  | 47027448  |
| Direxion Daily Financial Bear 3X Shares | 3143976 |  | 3143976  |
| Direxion Daily Financial Bull 3X Shares | 160388178 |  | 160388178  |
| Direxion Daily FTSE China Bear 3X Shares | 3986732 |  | 3986732  |
| Direxion Daily FTSE China Bull 3X Shares | 409708961 |  | 409708961  |
| Direxion Daily FTSE Europe Bull 3X Shares | 11092612 |  | 11092612  |
| Direxion Daily Healthcare Bull 3X Shares | 21317452 |  | 21317452  |
| Direxion Daily Homebuilders & Supplies Bull 3X Shares | 39303453 |  | 39303453  |
| Direxion Daily Industrials Bull 3X Shares | 10689449 |  | 10689449  |
| Direxion Daily Mid Cap Bull 3X Shares | 11814217 |  | 11814217  |
| Direxion Daily MSCI Emerging Markets Bear 3X Shares | 33282 |  | 33282  |
| Direxion Daily MSCI Emerging Markets Bull 3X Shares | 39994398 |  | 39994398  |
| Direxion Daily MSCI Mexico Bull 3X Shares | 10298277 |  | 10298277  |
| Direxion Daily MSCI South Korea Bull 3X Shares | 132464202 |  | 132464202  |
| Direxion Daily Pharmaceutical & Medical Bull 3X Shares | 3589905 |  | 3589905  |
| Direxion Daily Real Estate Bear 3X Shares | 4987962 |  | 4987962  |
| Direxion Daily Real Estate Bull 3X Shares | 773253 |  | 773253  |
| Direxion Daily Regional Banks Bull 3X Shares | 50690738 |  | 50690738  |
| Direxion Daily Retail Bull 3X Shares | 8126763 |  | 8126763  |
| Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares | 1483795459 |  | 1483795459  |
| Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares | 34482878 |  | 34482878  |
| Direxion Daily S&P Biotech Bull 3X Shares | 438190810 |  | 438190810  |
| Direxion Daily Semiconductor Bull 3X Shares | 6887700384 |  | 6887700384  |
| Direxion Daily Small Cap Bear 3X Shares | 853004 |  | 853004  |
| Direxion Daily Small Cap Bull 3X Shares | 638450954 |  | 638450954  |
| Direxion Daily Technology Bull 3X Shares | 1974615080 |  | 1974615080  |
| Direxion Daily Transportation Bull 3X Shares | 2122768 |  | 2122768  |
| Direxion Daily Utilities Bull 3X Shares | 6732315 |  | 6732315 |

---

<sup>1</sup> Statements of Assets and Liabilities location: Unrealized appreciation on swap contracts.

188<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| | **Liability Derivatives<sup>2</sup>**  | **Liability Derivatives<sup>2</sup>**  | **Liability Derivatives<sup>2</sup>**  |
| <br>**Fund** | **Equity Risk** | **Interest Rate Risk** | **Total**  |
| Direxion Daily 20+ Year Treasury Bear 3X Shares | $— | &nbsp;&nbsp; $2590677 | $2590677  |
| Direxion Daily 20+ Year Treasury Bull 3X Shares |  | &nbsp;&nbsp; 41733421 | 41733421  |
| Direxion Daily 7-10 Year Treasury Bear 3X Shares |  | &nbsp;&nbsp; 315550 | 315550  |
| Direxion Daily Dow Jones Internet Bear 3X Shares | 2062852 | &nbsp;&nbsp; — | 2062852  |
| Direxion Daily Financial Bear 3X Shares | 3052037 | &nbsp;&nbsp; — | 3052037  |
| Direxion Daily FTSE China Bear 3X Shares | 46405836 | &nbsp;&nbsp; — | 46405836  |
| Direxion Daily Homebuilders & Supplies Bull 3X Shares | 13506921 | &nbsp;&nbsp; — | 13506921  |
| Direxion Daily MSCI Emerging Markets Bear 3X Shares | 5838569 | &nbsp;&nbsp; — | 5838569  |
| Direxion Daily MSCI Emerging Markets Bull 3X Shares | 1169613 | &nbsp;&nbsp; — | 1169613  |
| Direxion Daily Real Estate Bull 3X Shares | 863620 | &nbsp;&nbsp; — | 863620  |
| Direxion Daily Regional Banks Bull 3X Shares | 28303824 | &nbsp;&nbsp; — | 28303824  |
| Direxion Daily Retail Bull 3X Shares | 4778 | &nbsp;&nbsp; — | 4778  |
| Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares | 129762349 | &nbsp;&nbsp; — | 129762349  |
| Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares | 15179015 | &nbsp;&nbsp; — | 15179015  |
| Direxion Daily S&P Biotech Bear 3X Shares | 36688029 | &nbsp;&nbsp; — | 36688029  |
| Direxion Daily Semiconductor Bear 3X Shares | 489769776 | &nbsp;&nbsp; — | 489769776  |
| Direxion Daily Small Cap Bear 3X Shares | 47236374 | &nbsp;&nbsp; — | 47236374  |
| Direxion Daily Technology Bear 3X Shares | 38181361 | &nbsp;&nbsp; — | 38181361  |
| Direxion Daily Utilities Bull 3X Shares | 20396 | &nbsp;&nbsp; — | 20396 |

---

<sup>2</sup> Statements of Assets and Liabilities location: Unrealized depreciation on swap contracts.

Transactions in derivative instruments during the period ended October 31, 2025 by primary risk, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |  | **Net Realized Gain (Loss)<sup>1</sup>** | **Net Realized Gain (Loss)<sup>1</sup>** | **Net Unrealized** <br>**Appreciation (Depreciation)<sup>2</sup>**  | **Net Unrealized** <br>**Appreciation (Depreciation)<sup>2</sup>**  |
| <br>**Fund** |  | **Equity Risk** | **Interest** <br>**Rate Risk** | **Equity Risk** | **Interest** <br>**Rate Risk**  |
|  Direxion Daily 20+ Year Treasury Bear 3X Shares | Swap Contracts | $— | $27573306 | $— | $(21907478)  |
| &nbsp;&nbsp;&nbsp; Direxion Daily 20+ Year Treasury Bull 3X <br>Shares | Swap Contracts |  | (574525346) |  | 126403643  |
|  Direxion Daily 7-10 Year Treasury Bear 3X Shares | Swap Contracts |  | 153302 |  | (817828)  |
|  Direxion Daily 7-10 Year Treasury Bull 3X Shares | Swap Contracts |  | (2133925) |  | 2727610  |
|  Direxion Daily Aerospace & Defense Bull 3X Shares | Swap Contracts | 65934370 |  | 121756061 | —  |
|  Direxion Daily Consumer Discretionary Bull 3X Shares | Swap Contracts | 4485704 |  | 3430907 | —  |
|  Direxion Daily Dow Jones Internet Bear 3X Shares | Swap Contracts | (11133244) |  | 315570 | —  |
|  Direxion Daily Dow Jones Internet Bull 3X Shares | Swap Contracts | 34131220 |  | 20170694 | —  |
| Direxion Daily Financial Bear 3X Shares | Swap Contracts | (65256744) |  | 25047108 | —  |
| Direxion Daily Financial Bull 3X Shares | Swap Contracts | 763848647 |  | (510539502) | —  |
|  Direxion Daily FTSE China Bear 3X Shares | Swap Contracts | (111469707) |  | (70987946) | —  |
|  Direxion Daily FTSE China Bull 3X Shares | Swap Contracts | (73085656) |  | 613335900 | —  |
|  Direxion Daily FTSE Europe Bull 3X Shares | Swap Contracts | 1547836 |  | 10156222 | —  |

---

189<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| |  | **Net Realized Gain (Loss)<sup>1</sup>** | **Net Realized Gain (Loss)<sup>1</sup>** | **Net Unrealized** <br>**Appreciation (Depreciation)<sup>2</sup>**  | **Net Unrealized** <br>**Appreciation (Depreciation)<sup>2</sup>**  |
| <br>**Fund** |  | **Equity Risk** | **Interest** <br>**Rate Risk** | **Equity Risk** | **Interest** <br>**Rate Risk**  |
| Direxion Daily Healthcare Bull 3X Shares | Swap Contracts | $(17518050) | $— | $3784724 | $—  |
|  Direxion Daily Homebuilders & Supplies Bull 3X Shares | Swap Contracts | (152203498) |  | (57647744) | —  |
| Direxion Daily Industrials Bull 3X Shares | Swap Contracts | 5548369 |  | 1442533 | —  |
| Direxion Daily Mid Cap Bull 3X Shares | Swap Contracts | (10351578) |  | 608264 | —  |
|  Direxion Daily MSCI Emerging Markets Bear 3X Shares | Swap Contracts | (5624614) |  | (6274828) | —  |
|  Direxion Daily MSCI Emerging Markets Bull 3X Shares | Swap Contracts | 11197537 |  | 29505063 | —  |
|  Direxion Daily MSCI Mexico Bull 3X Shares | Swap Contracts | (1988085) |  | 14683007 | —  |
|  Direxion Daily MSCI South Korea Bull 3X Shares | Swap Contracts | 13169049 |  | 139759775 | —  |
|  Direxion Daily Pharmaceutical & Medical Bull 3X Shares | Swap Contracts | (1588218) |  | 1208182 | —  |
| Direxion Daily Real Estate Bear 3X Shares | Swap Contracts | (12644097) |  | 15065450 | —  |
| Direxion Daily Real Estate Bull 3X Shares | Swap Contracts | 6015255 |  | (23599615) | —  |
|  Direxion Daily Regional Banks Bull 3X Shares | Swap Contracts | 189634299 |  | (258177880) | —  |
| Direxion Daily Retail Bull 3X Shares | Swap Contracts | (1534086) |  | 5554486 | —  |
| Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares | Swap Contracts | (173717660) |  | (91161680) | —  |
| Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares | Swap Contracts | 776135954 |  | 528302198 | —  |
| Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares | Futures Contracts | 131420502 |  | (16603003) | —  |
|  Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares | Swap Contracts | (20595785) |  | (12891903) | —  |
|  Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares | Swap Contracts | 2922356 |  | 31757552 | —  |
|  Direxion Daily S&P Biotech Bear 3X Shares | Swap Contracts | 15067783 |  | (41345172) | —  |
|  Direxion Daily S&P Biotech Bull 3X Shares | Swap Contracts | (108291271) |  | 248263031 | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Semiconductor Bear 3X <br>Shares | Swap Contracts | (996214031) |  | (615377006) | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Semiconductor Bull 3X <br>Shares | Swap Contracts | 2300820679 |  | 6663078716 | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Small Cap Bear 3X <br>Shares | Swap Contracts | (96549144) |  | (31220665) | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Small Cap Bull 3X <br>Shares | Swap Contracts | (98598224) |  | 400050636 | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Technology Bear 3X <br>Shares | Swap Contracts | (57665479) |  | (42853074) | —  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Technology Bull 3X <br>Shares | Swap Contracts | 383040616 |  | 1405670298 | —  |
|  Direxion Daily Transportation Bull 3X Shares | Swap Contracts | (2007002) |  | 922490 | —  |
| Direxion Daily Utilities Bull 3X Shares | Swap Contracts | 16723192 |  | (13343580) |  |

---

<sup>1</sup> Statements of Operations location: Net realized gain (loss) on swap and futures contracts.

<sup>2</sup> Statements of Operations location: Change in net unrealized appreciation (depreciation) on swap and futures contracts.

190<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

For the period ended October 31, 2025, the volume of the derivatives held by the Funds was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Quarterly Average Gross Notional Amounts**  | **Quarterly Average Gross Notional Amounts**  | **Quarterly Average Gross Notional Amounts**  |
|  | **Long Total Return**<br>**Swap Contracts** | **Short Total Return**<br>**Swap Contracts** | **Long Futures**<br>**Contracts**  |
| Direxion Daily 20+ Year Treasury Bear 3X Shares | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $558247898 | $—  |
| Direxion Daily 20+ Year Treasury Bull 3X Shares | &nbsp;&nbsp; 11870615310 | &nbsp;&nbsp;&nbsp; — | —  |
| Direxion Daily 7-10 Year Treasury Bear 3X Shares | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 36179593 | —  |
| Direxion Daily 7-10 Year Treasury Bull 3X Shares | &nbsp;&nbsp; 114949311 | &nbsp;&nbsp;&nbsp; — | —  |
| Direxion Daily Aerospace & Defense Bull 3X Shares | &nbsp;&nbsp; 542495884 | &nbsp;&nbsp;&nbsp; — | —  |
| Direxion Daily Consumer Discretionary Bull 3X Shares | &nbsp;&nbsp; 50238885 | &nbsp;&nbsp;&nbsp; — | —  |
| Direxion Daily Dow Jones Internet Bear 3X Shares | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 33032948 | —  |
| Direxion Daily Dow Jones Internet Bull 3X Shares | &nbsp;&nbsp; 322144142 | &nbsp;&nbsp;&nbsp; — | —  |
| Direxion Daily Financial Bear 3X Shares | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 329042931 | —  |
| Direxion Daily Financial Bull 3X Shares | &nbsp;&nbsp; 5389201793 | &nbsp;&nbsp;&nbsp; — | —  |
| Direxion Daily FTSE China Bear 3X Shares | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 672186199 | —  |
| Direxion Daily FTSE China Bull 3X Shares | &nbsp;&nbsp; 3218780911 | &nbsp;&nbsp;&nbsp; — | —  |
| Direxion Daily FTSE Europe Bull 3X Shares | &nbsp;&nbsp; 68353721 | &nbsp;&nbsp;&nbsp; — | —  |
| Direxion Daily Healthcare Bull 3X Shares | &nbsp;&nbsp; 344880105 | &nbsp;&nbsp;&nbsp; — | —  |
| Direxion Daily Homebuilders & Supplies Bull 3X Shares | &nbsp;&nbsp; 884488212 | &nbsp;&nbsp;&nbsp; — | —  |
| Direxion Daily Industrials Bull 3X Shares | &nbsp;&nbsp; 76583840 | &nbsp;&nbsp;&nbsp; — | —  |
| Direxion Daily Mid Cap Bull 3X Shares | &nbsp;&nbsp; 170289816 | &nbsp;&nbsp;&nbsp; — | —  |
| Direxion Daily MSCI Emerging Markets Bear 3X Shares | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 47539033 | —  |
| Direxion Daily MSCI Emerging Markets Bull 3X Shares | &nbsp;&nbsp; 228290000 | &nbsp;&nbsp;&nbsp; — | —  |
| Direxion Daily MSCI Mexico Bull 3X Shares | &nbsp;&nbsp; 51128566 | &nbsp;&nbsp;&nbsp; — | —  |
| Direxion Daily MSCI South Korea Bull 3X Shares | &nbsp;&nbsp; 261525832 | &nbsp;&nbsp;&nbsp; — | —  |
| Direxion Daily Pharmaceutical & Medical Bull 3X Shares | &nbsp;&nbsp; 27154576 | &nbsp;&nbsp;&nbsp; — | —  |
| Direxion Daily Real Estate Bear 3X Shares | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 154692889 | —  |
| Direxion Daily Real Estate Bull 3X Shares | &nbsp;&nbsp; 152857545 | &nbsp;&nbsp;&nbsp; — | —  |
| Direxion Daily Regional Banks Bull 3X Shares | &nbsp;&nbsp; 1549715652 | &nbsp;&nbsp;&nbsp; — | —  |
| Direxion Daily Retail Bull 3X Shares | &nbsp;&nbsp; 77059816 | &nbsp;&nbsp;&nbsp; — | —  |
| Direxion Daily S&P 500® Bear 3X Shares | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1299325419 | —  |
| Direxion Daily S&P 500® Bull 3X Shares | &nbsp;&nbsp; 10459227038 | &nbsp;&nbsp;&nbsp; — | 401695000  |
| Direxion Daily S&P 500® High Beta Bear 3X Shares | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 72975455 | —  |
| Direxion Daily S&P 500® High Beta Bull 3X Shares | &nbsp;&nbsp; 100850525 | &nbsp;&nbsp;&nbsp; — | —  |
| Direxion Daily S&P Biotech Bear 3X Shares | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 193992694 | —  |
| Direxion Daily S&P Biotech Bull 3X Shares | &nbsp;&nbsp; 1600579292 | &nbsp;&nbsp;&nbsp; — | —  |
| Direxion Daily Semiconductor Bear 3X Shares | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2817443287 | —  |
| Direxion Daily Semiconductor Bull 3X Shares | &nbsp;&nbsp; 23038569281 | &nbsp;&nbsp;&nbsp; — | —  |
| Direxion Daily Small Cap Bear 3X Shares | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 909175198 | —  |
| Direxion Daily Small Cap Bull 3X Shares | &nbsp;&nbsp; 4435737447 | &nbsp;&nbsp;&nbsp; — | —  |
| Direxion Daily Technology Bear 3X Shares | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 259958579 | —  |
| Direxion Daily Technology Bull 3X Shares | &nbsp;&nbsp; 7025993221 | &nbsp;&nbsp;&nbsp; — | —  |
| Direxion Daily Transportation Bull 3X Shares | &nbsp;&nbsp; 36410879 | &nbsp;&nbsp;&nbsp; — | —  |
| Direxion Daily Utilities Bull 3X Shares | &nbsp;&nbsp; 84899953 | &nbsp;&nbsp;&nbsp; — |  |

---

The Funds utilize this volume of derivatives in order to obtain leverage to meet the investment objectives of 300% or -300% daily performance of their respective indices.

191<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

9. PRINCIPAL RISKS

Below are some of the principal risks of investing in the Funds. Please refer to the Funds' prospectus for a full discussion.

**Counterparty Risk – A Fund will be subject to credit risk with respect to the amount it expects to receive from counterparties to financial instruments entered into by the Fund. The Funds' counterparties are generally required to post collateral to the Funds to the extent of the Funds' daily exposure to such counterparties. However, to the extent any such collateral is insufficient, the Funds will be exposed to counterparty risk as described in this paragraph. In addition, there may be a delay associated with realization by the Funds of the collateral posted by such counterparties in the event of counterparty default or bankruptcy. A Fund may be negatively impacted if a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties. A Fund may experience significant delays in obtaining any recovery in bankruptcy or other reorganization proceeding, and a Fund may obtain only limited recovery or may obtain no recovery in such circumstances.** 

**Sector Concentration Risk – The risk of concentrating investments in a limited number of issuers in a particular industry is that a Fund will be more susceptible to the risks associated with that industry than a Fund that does not concentrate its investments.** 

**Daily Index Correlation/Tracking Risk – A number of factors may affect a Fund's ability to achieve a high degree of correlation with its benchmark, and there can be no guarantee that a Fund will achieve a high degree of correlation. A failure to achieve a high degree of correlation may prevent a Fund from achieving its investment objective. A number of factors may adversely affect a Fund's correlation with its benchmark, including fees, expenses, transaction costs, costs associated with the use of leveraged investment techniques, income items, accounting standards, and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. A Fund may not have investment exposure to all securities in its underlying benchmark index, or its weighting of investment exposure to such stocks or industries may be different from that of the index. In addition, a Fund may invest in securities or financial instruments not included in the index underlying its benchmark. A Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to its benchmark. Activities surrounding annual index reconstitutions and other index rebalancing or reconstitution events may hinder the Funds' ability to meet their daily investment objective on that day. Each Fund seeks to rebalance its portfolio daily to keep leverage consistent with its daily investment objective.** 

Certain Funds are "leveraged" funds in the sense that they have investment objectives to match a multiple of the performance of an index on a given day. These Funds are subject to all the correlation risks described above. In addition, there is a special form of correlation risk that derives from these Funds' use of leverage, which is that for periods greater than one day, the use of leverage tends to cause the performance of a Fund to be either greater than or less than the index performance times the stated multiple in the fund objective, before accounting for fees and fund expenses. In general, given a particular index return, increased volatility of the index will cause a decrease in performance relative to the index performance times the stated fund multiple.

**Derivatives Risk – The Fund's investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other investments, including risk related to the market, leverage, imperfect daily correlations with underlying investments or the Fund's other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.** 

In addition, the Fund's investments in derivatives are subject to the following risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Swap Agreements.* Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference assets or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities representing a particular index or an ETF that seeks to track an index. Swaps are subject to counterparty, valuation and leveraging risks.

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Futures Contracts.* Futures contracts are typically exchange-traded contracts that call for the future delivery of an asset at a certain price and date, or cash settlement of the terms of the contract. There may be an imperfect correlation between the changes in market value of the securities held by the Fund and the prices of futures contracts. Futures contracts are subject to liquidity risks; there may not be a liquid secondary market for the futures contracts and the Fund may not be able to enter into a closing transaction. Exchanges may also limit the number of positions that can be held or controlled by the Fund or the Adviser, thus limiting the ability of the Fund to implement its leveraged investment strategy. Futures markets are highly volatile and the use of futures may increase the Fund's volatility. Futures contracts are also subject to leverage risk.

**Foreign Securities Risk – Investments in foreign securities directly or indirectly through investments in exchange traded funds which track foreign securities involve greater risks than investing in domestic securities. As a result, the Funds' returns and net asset values may be affected to a large degree by fluctuations in currency exchange rates, political, diplomatic or economic conditions and regulatory requirements in other countries. The laws, accounting and financial reporting standards in foreign countries may require less disclosure than required in the U.S., and therefore there may be less public information available about foreign companies. Investments in foreign emerging markets present a greater risk than investing in foreign issuers in general. The risk of political or social upheaval is greater in emerging markets. In addition, there may be risks of an economy's dependence on revenues from particular commodities, currency transfer restrictions, a limited number of potential buyers for such securities and delays and disruption in securities settlement procedures.** 

**Leverage Risk – Leverage offers a means of magnifying market movements into larger changes in an investment's value and provides greater investment exposure than an unleveraged investment. Swap and future agreements may be used to create leverage. Each Fund employs leveraged investment techniques to achieve its investment objective.** 

**Liquidity Risk – In certain circumstances, such as the disruption of the orderly markets for the securities or financial instruments in which a Fund invests, a Fund might not be able to dispose of certain holdings quickly or at prices that represent fair market value in the judgment of the Adviser. Additionally, certain counterparties may have the ability to demand repayment at any time, thereby exposing the Fund to the risk that it may be required to liquidate investments at an inopportune time. This may prevent a Fund from limiting losses, realizing gains or from achieving a high correlation or inverse correlation with its underlying index.** 

10. NEW ACCOUNTING PRONOUNCEMENT

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements.

In this reporting period, the Trust adopted Financial Accounting Standards Board ASU 2023-07, Segment Reporting (Topic 280). Adoption of the enhanced standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations. Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision maker ("CODM") when assessing segment performance and making decisions about segment resources. Each Fund included herein is deemed to be an individual reporting segment and Officers of the Direxion Shares ETF Trust, collectively act as CODM. The CODM monitors the operating results of the Trust as a whole and each Fund's long-term strategic asset allocation is guided by each Fund's investment objective and principal investment strategies as described in its prospectus and executed by the Adviser. The financial information provided to and reviewed by the CODM is consistent with that presented in the Trust's financial statements.

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

In this reporting period, the Funds adopted FSB Accounting Standards Update 2023-09, Income Taxes (Topic 740) – Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures. Adoption of the new standard impacted financial statements disclosures only and did not affect any Fund's financial position or the results of its operations.

11. ADDITIONAL INFORMATION

On November 4, 2024, February 10, 2025, and September 29, 2025, shares of the following Funds were adjusted to reflect a reverse stock split. The effect of the reverse stock split was to decrease the number of shares outstanding and increase the net asset value. The reverse stock split has no impact on the net assets of the Fund or the value of a shareholder's investment in the Fund. A summary of the reverse stock splits is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Funds** | **Effective** <br>**Date** | **Rate** | **Net Asset** <br>**Value Before** <br>**Split** | **Net Asset** <br>**Value After** <br>**Split** | **Shares** <br>**Outstanding** <br>**Before Split** | **Shares** <br>**Outstanding** <br>**After Split**  |
|  Direxion Daily Dow Jones Internet Bear 3X Shares | 11/04/2024 | 1:10 | &nbsp;&nbsp;&nbsp;&nbsp;4.78 | &nbsp;&nbsp;&nbsp;&nbsp;47.80 | 3469952 | 346995  |
|  Direxion Daily FTSE China Bear 3X Shares | 11/04/2024 | 1:20 | &nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;&nbsp;73.00 | 48227337 | 2411367  |
| &nbsp;&nbsp;&nbsp; Direxion Daily Technology Bear 3X <br>Shares | 11/04/2024 | 1:10 | &nbsp;&nbsp;&nbsp;&nbsp;5.44 | &nbsp;&nbsp;&nbsp;&nbsp;54.40 | 14900260 | 1490026  |
|  Direxion Daily MSCI South Korea Bull 3X Shares | 2/10/2025 | 1:10 | &nbsp;&nbsp;&nbsp;&nbsp;4.02 | &nbsp;&nbsp;&nbsp;&nbsp;40.20 | 22800001 | 2280000  |
| Direxion Daily Financial Bear 3X Shares | 9/29/2025 | 1:10 | &nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp;&nbsp;40.50 | 25803350 | 2580335  |
|  Direxion Daily MSCI Emerging Markets Bear 3X Shares | 9/29/2025 | 1:10 | &nbsp;&nbsp;&nbsp;&nbsp;4.17 | &nbsp;&nbsp;&nbsp;&nbsp;41.70 | 3345232 | 334523  |
| Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares | 9/29/2025 | 1:10 | &nbsp;&nbsp;&nbsp;&nbsp;3.87 | &nbsp;&nbsp;&nbsp;&nbsp;38.70 | 113676918 | 11367692  |
|  Direxion Daily S&P Biotech Bear 3X Shares | 9/29/2025 | 1:10 | &nbsp;&nbsp;&nbsp;&nbsp;4.33 | &nbsp;&nbsp;&nbsp;&nbsp;43.30 | 16066024 | 1606602 |

---

12. SUBSEQUENT EVENTS

Management has performed an evaluation of subsequent events through the date the financial statements were issued and has determined that no items require recognition or disclosure besides those noted below.

On December 9, 2025, certain Funds declared capital gain distributions with an ex-date of December 10, 2025 and payable date of December 17, 2025. The specific Funds and per share amounts of the distributions are listed below.

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| | |
|:---|:---|
| **Funds** | **Per Share** <br>**Short Term** <br>**Capital Gain** <br>**Distribution**  |
| Direxion Daily Aerospace & Defense Bull 3X Shares | &nbsp;&nbsp; $5.54955  |
| Direxion Daily Financial Bull 3X Shares | &nbsp;&nbsp; 12.09494  |
| Direxion Daily Industrials Bull 3X Shares | &nbsp;&nbsp; 7.27296  |
| Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares | &nbsp;&nbsp; 1.41267  |
| Direxion Daily Technology Bull 3X Shares | &nbsp;&nbsp; 8.03759 |

---

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**Direxion Shares ETF Trust** 

**Notes to the Financial Statements** 

**October 31, 2025(Continued)** 

On December 22, 2025, certain Funds declared income distributions with an ex-date of December 23, 2025 and

payable date of December 31, 2025. The specific Funds and per share amounts of the distributions are listed below.

---

| | |
|:---|:---|
| **Funds** | **Per Share** <br>**Income** <br>**Distribution**  |
| Direxion Daily 20+ Year Treasury Bear 3X Shares | $0.11636  |
| Direxion Daily 20+ Year Treasury Bull 3X Shares | 0.45913  |
| Direxion Daily 7-10 Year Treasury Bear 3X Shares | 0.04777  |
| Direxion Daily 7-10 Year Treasury Bull 3X Shares | 0.24695  |
| Direxion Daily Consumer Discretionary Bull 3X Shares | 0.01545  |
| Direxion Daily Dow Jones Internet Bear 3X Shares | 0.17049  |
| Direxion Daily Financial Bear 3X Shares | 0.16322  |
| Direxion Daily Financial Bull 3X Shares | 0.38735  |
| Direxion Daily FTSE China Bear 3X Shares | 0.28563  |
| Direxion Daily FTSE China Bull 3X Shares | 0.10712  |
| Direxion Daily FTSE Europe Bull 3X Shares | 0.14778  |
| Direxion Daily Healthcare Bull 3X Shares | 0.29121  |
| Direxion Daily Homebuilders & Supplies Bull 3X Shares | 0.05359  |
| Direxion Daily Industrials Bull 3X Shares | 0.03895  |
| Direxion Daily Mid Cap Bull 3X Shares | 0.06428  |
| Direxion Daily MSCI Emerging Markets Bear 3X Shares | 0.19790  |
| Direxion Daily MSCI Emerging Markets Bull 3X Shares | 0.09799  |
| Direxion Daily MSCI Mexico Bull 3X Shares | 0.15744  |
| Direxion Daily MSCI South Korea Bull 3X Shares | 1.47514  |
| Direxion Daily Pharmaceutical & Medical Bull 3X Shares | 0.03265  |
| Direxion Daily Real Estate Bear 3X Shares | 0.09733  |
| Direxion Daily Real Estate Bull 3X Shares | 0.04974  |
| Direxion Daily Regional Banks Bull 3X Shares | 0.62591  |
| Direxion Daily S&P 500® Bear 3X Shares | 0.19342  |
| Direxion Daily S&P 500® Bull 3X Shares | 0.17186  |
| Direxion Daily S&P 500® High Beta Bear 3X Shares | 0.05100  |
| Direxion Daily S&P Biotech Bear 3X Shares | 0.22872  |
| Direxion Daily S&P Biotech Bull 3X Shares | 0.90971  |
| Direxion Daily Semiconductor Bear 3X Shares | 0.04087  |
| Direxion Daily Small Cap Bear 3X Shares | 0.03410  |
| Direxion Daily Small Cap Bull 3X Shares | 0.03033  |
| Direxion Daily Technology Bear 3X Shares | 0.18919  |
| Direxion Daily Transportation Bull 3X Shares | 0.02882  |
| Direxion Daily Utilities Bull 3X Shares | 0.13670 |

---

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**DIREXION SHARES ETF TRUST** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders of Direxion Daily 20+ Year Treasury Bear 3X Shares, Direxion Daily 20+ Year Treasury Bull 3X Shares, Direxion Daily 7-10 Year Treasury Bear 3X Shares, Direxion Daily 7-10 Year Treasury Bull 3X Shares, Direxion Daily Aerospace & Defense Bull 3X Shares, Direxion Daily Consumer Discretionary Bull 3X Shares, Direxion Daily Dow Jones Internet Bear 3X Shares, Direxion Daily Dow Jones Internet Bull 3X Shares, Direxion Daily Financial Bear 3X Shares, Direxion Daily Financial Bull 3X Shares, Direxion Daily FTSE China Bear 3X Shares, Direxion Daily FTSE China Bull 3X Shares, Direxion Daily FTSE Europe Bull 3X Shares, Direxion Daily Healthcare Bull 3X Shares, Direxion Daily Homebuilders & Supplies Bull 3X Shares, Direxion Daily Industrials Bull 3X Shares, Direxion Daily Mid Cap Bull 3X Shares, Direxion Daily MSCI Emerging Markets Bear 3X Shares, Direxion Daily MSCI Emerging Markets Bull 3X Shares, Direxion Daily MSCI Mexico Bull 3X Shares, Direxion Daily MSCI South Korea Bull 3X Shares, Direxion Daily Pharmaceutical & Medical Bull 3X Shares, Direxion Daily Real Estate Bear 3X Shares, Direxion Daily Real Estate Bull 3X Shares, Direxion Daily Regional Banks Bull 3X Shares, Direxion Daily Retail Bull 3X Shares, Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares, Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares, Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares, Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares, Direxion Daily S&P Biotech Bear 3X Shares, Direxion Daily S&P Biotech Bull 3X Shares, Direxion Daily Semiconductor Bear 3X Shares, Direxion Daily Semiconductor Bull 3X Shares, Direxion Daily Small Cap Bear 3X Shares, Direxion Daily Small Cap Bull 3X Shares, Direxion Daily Technology Bear 3X Shares, Direxion Daily Technology Bull 3X Shares, Direxion Daily Transportation Bull 3X Shares, Direxion Daily Utilities Bull 3X Shares and the Board of Trustees of Direxion Shares ETF Trust.

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities of Direxion Daily 20+ Year Treasury Bear 3X Shares, Direxion Daily 20+ Year Treasury Bull 3X Shares, Direxion Daily 7-10 Year Treasury Bear 3X Shares, Direxion Daily 7-10 Year Treasury Bull 3X Shares, Direxion Daily Aerospace & Defense Bull 3X Shares, Direxion Daily Consumer Discretionary Bull 3X Shares, Direxion Daily Dow Jones Internet Bear 3X Shares, Direxion Daily Dow Jones Internet Bull 3X Shares, Direxion Daily Financial Bear 3X Shares, Direxion Daily Financial Bull 3X Shares, Direxion Daily FTSE China Bear 3X Shares, Direxion Daily FTSE China Bull 3X Shares, Direxion Daily FTSE Europe Bull 3X Shares, Direxion Daily Healthcare Bull 3X Shares, Direxion Daily Homebuilders & Supplies Bull 3X Shares, Direxion Daily Industrials Bull 3X Shares, Direxion Daily Mid Cap Bull 3X Shares, Direxion Daily MSCI Emerging Markets Bear 3X Shares, Direxion Daily MSCI Emerging Markets Bull 3X Shares, Direxion Daily MSCI Mexico Bull 3X Shares, Direxion Daily MSCI South Korea Bull 3X Shares, Direxion Daily Pharmaceutical & Medical Bull 3X Shares, Direxion Daily Real Estate Bear 3X Shares, Direxion Daily Real Estate Bull 3X Shares, Direxion Daily Regional Banks Bull 3X Shares, Direxion Daily Retail Bull 3X Shares, Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares, Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares, Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares, Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares, Direxion Daily S&P Biotech Bear 3X Shares, Direxion Daily S&P Biotech Bull 3X Shares, Direxion Daily Semiconductor Bear 3X Shares, Direxion Daily Semiconductor Bull 3X Shares, Direxion Daily Small Cap Bear 3X Shares, Direxion Daily Small Cap Bull 3X Shares, Direxion Daily Technology Bear 3X Shares, Direxion Daily Technology Bull 3X Shares, Direxion Daily Transportation Bull 3X Shares and Direxion Daily Utilities Bull 3X Shares (collectively referred to as the "Funds"), (40 of the funds constituting Direxion Shares ETF Trust (the "Trust")), including the schedules of investments, as of October 31, 2025, and the related statements of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (40 of the funds constituting Direxion Shares ETF Trust) at October 31, 2025, and the results of their operations for the year then ended, changes in net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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**DIREXION SHARES ETF TRUST** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)** 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](sign_20074.jpg)

We have served as the auditor of one or more of the Direxion investment companies since 2001.

Minneapolis, Minnesota

December 23, 2025

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**Direxion Shares ETF Trust** 

**ADDITIONAL INFORMATION (Unaudited)** 

**FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS** 

Information regarding how often shares of the Funds traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Funds is available on the Funds' website www.direxion.com.

**FEDERAL TAX STATUS OF DIVIDENDS DECLARED DURING THE TAX YEAR** 

For Federal income tax purposes, dividends from short-term capital gains are classified as ordinary income. The percentage of ordinary income distribution designated as qualifying for the corporate dividend received deduction ("DRD"), the individual qualified dividend rate ("QDI"), the qualified interest income rate ("QII"), and the qualified short-term gain rate ("QSTG") is presented below.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | **DRD** | **QDI** | **QII** | **QSTG**  |
| Direxion Daily 20+ Year Treasury Bear 3X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily 20+ Year Treasury Bull 3X Shares | 72.46% | 72.46% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily 7-10 Year Treasury Bear 3X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily 7-10 Year Treasury Bull 3X Shares | 83.89% | 83.89% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily Aerospace & Defense Bull 3X Shares | 3.66% | 3.66% | &nbsp;&nbsp; 0.00% | 94.79%  |
| Direxion Daily Consumer Discretionary Bull 3X Shares | 80.69% | 80.69% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily Dow Jones Internet Bear 3X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily Dow Jones Internet Bull 3X Shares | 100.00% | 100.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily Financial Bear 3X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily Financial Bull 3X Shares | 5.64% | 5.64% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily FTSE China Bear 3X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily FTSE China Bull 3X Shares | 74.68% | 74.68% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily FTSE Europe Bull 3X Shares | 72.91% | 72.91% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily Healthcare Bull 3X Shares | 100.00% | 100.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily Homebuilders & Supplies Bull 3X Shares | 51.70% | 51.70% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily Industrials Bull 3X Shares | 6.22% | 6.22% | &nbsp;&nbsp; 0.00% | 88.14%  |
| Direxion Daily Mid Cap Bull 3X Shares | 81.27% | 81.27% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily MSCI Emerging Markets Bear 3X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily MSCI Emerging Markets Bull 3X Shares | 2.91% | 2.91% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily MSCI Mexico Bull 3X Shares | 66.97% | 66.97% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily MSCI South Korea Bull 3X Shares | 67.27% | 67.27% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily Pharmaceutical & Medical Bull 3X Shares | 71.63% | 71.63% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily Real Estate Bear 3X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily Real Estate Bull 3X Shares | 51.13% | 51.13% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily Regional Banks Bull 3X Shares | 6.05% | 6.05% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily Retail Bull 3X Shares | 98.01% | 98.01% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares | 3.86% | 3.86% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily Small Cap Bull 3X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily Small Cap Bear 3X Shares | 9.60% | 9.60% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares | 11.79% | 11.79% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily S&P Biotech Bear 3X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily S&P Biotech Bull 3X Shares | 3.23% | 3.23% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily Semiconductor Bear 3X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily Semiconductor Bull 3X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily Technology Bear 3X Shares | 0.00% | 0.00% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily Technology Bull 3X Shares | 2.32% | 2.32% | &nbsp;&nbsp; 0.00% | 26.34%  |
| Direxion Daily Transportation Bull 3X Shares | 92.76% | 92.76% | &nbsp;&nbsp; 0.00% | 0.00%  |
| Direxion Daily Utilities Bull 3X Shares | 5.97% | 5.97% | &nbsp;&nbsp; 0.00% | 0.00% |

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**Direxion Shares ETF Trust** 

**ADDITIONAL INFORMATION (Unaudited)(Continued)** 

The Funds are designating as long-term capital gain dividends, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Funds related to net capital gain to zero for the tax year ending October 31, 2025. To the extent necessary to fully distribute such capital gain, the Funds also designate earnings and profits distributed to shareholders on the redemption of shares.

**DISCLOSURE OF PORTFOLIO HOLDINGS** 

Each Fund files its complete schedule of portfolio holdings for their first and third fiscal quarters with the Securities and Exchange Commission ("SEC") on Part F of Form N-PORT. The Funds' Part F of Form N-PORT is available without charge, upon request, by calling 1-800-850-0511. Furthermore, you may obtain the Part F of Form N-PORT on the SEC's website at www.sec.gov.

**PROXY VOTING POLICIES AND PROCEDURES** 

A description of the policies and procedures the Funds use to determine how to vote proxies related to portfolio securities is provided in the SAI. The SAI is available without charge upon request by calling 1-800-850-0511, by accessing the SEC's website at www.sec.gov or by accessing the Funds' website at www.direxion.com. Information on how the Funds voted proxies related to portfolio securities during the period ended October 31, 2025, is available without charge, upon request, by calling 1-800-850-0511 or by accessing the website of the SEC.

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**DIREXION SHARES ETF TRUST** 

**FORM N-CSR ITEMS (Unaudited)** 

**ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END INVESTMENT COMPANIES** 

There were no changes in or disagreements with accountants during the period covered by this report.

**ITEM 9. PROXY DISCLOSURES FOR OPEN-END INVESTMENT COMPANIES** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS FOR OPEN-END INVESTMENT COMPANIES** 

The Trust, together with other affiliated trusts, pay each Independent Trustee an aggregate fee consisting of a $225,000 annual retainer (paid in monthly increments) for services provided as a Board member. Such fees are allocated between the Funds and other affiliated funds. Each Fund's share of these fees, together with reimbursable expenses of the Trustees, is reflected on the Statements of Operations as "Trustees fees and expenses".

**ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** 

Consistent with the Investment Company Act of 1940, as amended (the "1940 Act"), the Board of Trustees (the "Board") of the Direxion Shares ETF Trust (the "ETF Trust") annually considers the renewal of the Investment Advisory Agreement (the "Agreement") between Rafferty Asset Management, LLC (the "Adviser") and the ETF Trust, on behalf of the Direxion Daily Mid Cap Bull 3X Shares, Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares, Direxion Daily S&P 500<sup>®</sup> Bear 3X Shares, Direxion Daily Small Cap Bull 3X Shares, Direxion Daily Small Cap Bear 3X Shares, Direxion Daily FTSE China Bull 3X Shares, Direxion Daily FTSE China Bear 3X Shares, Direxion Daily FTSE Europe Bull 3X Shares, Direxion Daily MSCI Emerging Markets Bull 3X Shares, Direxion Daily MSCI Emerging Markets Bear 3X Shares, Direxion Daily MSCI Mexico Bull 3X Shares, Direxion Daily MSCI South Korea Bull 3X Shares, Direxion Daily Aerospace & Defense Bull 3X Shares, Direxion Daily Consumer Discretionary Bull 3X Shares, Direxion Daily Dow Jones Internet Bull 3X Shares, Direxion Daily Dow Jones Internet Bear 3X Shares, Direxion Daily Financial Bull 3X Shares, Direxion Daily Financial Bear 3X Shares, Direxion Daily Healthcare Bull 3X Shares, Direxion Daily Homebuilders & Supplies Bull 3X Shares, Direxion Daily Industrials Bull 3X Shares, Direxion Daily Pharmaceutical & Medical Bull 3X Shares, Direxion Daily Real Estate Bull 3X Shares, Direxion Daily Real Estate Bear 3X Shares, Direxion Daily Regional Banks Bull 3X Shares, Direxion Daily Retail Bull 3X Shares, Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares, Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares, Direxion Daily S&P Biotech Bull 3X Shares, Direxion Daily S&P Biotech Bear 3X Shares, Direxion Daily Semiconductor Bull 3X Shares, Direxion Daily Semiconductor Bear 3X Shares, Direxion Daily Technology Bull 3X Shares, Direxion Daily Technology Bear 3X Shares, Direxion Daily Transportation Bull 3X Shares, Direxion Daily Utilities Bull 3X Shares, Direxion Daily 7-10 Year Treasury Bull 3X Shares, Direxion Daily 7-10 Year Treasury Bear 3X Shares, Direxion Daily 20+ Year Treasury Bull 3X Shares, and the Direxion Daily 20+ Year Treasury Bear 3X Shares, each a series of the ETF Trust. Each series of the ETF Trust listed above is referred to herein as a "Fund" and collectively as the "Funds."

At a meeting held on August 20, 2025, the Board, including those members of the Board ("Trustees") who are not "interested persons" of the ETF Trust as defined in the 1940 Act (the "Independent Trustees"), approved the renewal of the Agreement on behalf of each Fund. The Independent Trustees had previously considered information pertaining to the renewal of the Agreement for each Fund outside the presence of the Adviser's representatives in executive sessions held on August 6, and August 20, 2025. The Board, including the Independent Trustees, determined that the terms of the Agreement for each Fund were fair and reasonable and that the renewal of the Agreement would be in the best interests of each Fund's shareholders.

In considering whether to renew the Agreement for each Fund, the Board requested, and the Adviser provided, information that the Board and Adviser reasonably believed to be necessary to evaluate the Agreement. Among other information, the Board obtained and reviewed the following about each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;• Information regarding the advisory services provided
 by the Adviser to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;• The investment objectives of the Fund, which
 require daily rebalancing and the utilization of complex financial instruments that are not typical of traditional index-tracking exchange-traded
 funds ("ETFs");

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**FORM N-CSR ITEMS (Unaudited)(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;• The level of attention and services required
 by the Adviser due to the large and frequent trading activity of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;• Information about the professional qualifications
 of the Adviser's management team and those employees primarily responsible for providing investment advisory services to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;• Information regarding the Fund's contractual
 advisory fee rate for the prior year;

&nbsp;&nbsp;&nbsp;&nbsp;• Information regarding advisory fees earned,
 and reimbursements and waivers made, by the Adviser in connection with providing services to the Fund for the prior year, given the expense
 cap provided by the Adviser under the Operating Expense Limitation Agreement ("Expense Cap Agreement");

&nbsp;&nbsp;&nbsp;&nbsp;• Information regarding the services provided
 by, and the fees paid by the Fund to, the Adviser under the Management Services Agreement for the prior year as separate and distinct
 from the fees paid and the services provided under the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;• Fund performance information, including the
 Fund's tracking error relative to its underlying index both on a statistical and model basis;

&nbsp;&nbsp;&nbsp;&nbsp;• Comparative industry fee data, including a
 comparison of the Fund to other funds that have a similar asset size, investment objective and, if applicable, industry focus (each, a
 "Peer Fund" and collectively, its "Peer Group"), which the Adviser expanded to reflect the growing number of Peer
 Funds;

&nbsp;&nbsp;&nbsp;&nbsp;• Information regarding the estimated costs investors
 would incur if they sought to implement independently the Fund's strategy within their personal portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;• Information regarding the consolidated financial
 condition and profitability of the Fund to the Adviser, including the extent to which economies of scale are shared with the Fund through
 reimbursements and waivers, including the Expense Cap Agreement and breakpoints; and

&nbsp;&nbsp;&nbsp;&nbsp;• Information regarding how the Adviser monitors
 the Fund's compliance with regulatory requirements and Trust procedures.

With respect to each Fund, the Board considered that it had also received information relevant to its consideration quarterly and, most recently, throughout the past year at executive sessions and Board meetings in connection with its routine oversight of the Fund, including information bearing on the Fund's performance. In this regard, the Trustees considered that they receive at least quarterly reports on each Fund's performance and information bearing on the Adviser's and Fund's regulatory compliance. The Board received a memorandum from legal counsel regarding its responsibilities with respect to the proposed renewal of the Agreement and participated in a question-and-answer session with representatives of the Adviser. The Board carefully evaluated the relevant information, and the Independent Trustees were advised by independent legal counsel with respect to their deliberations.

For each Fund, the Board considered, among other matters, the following factors to the extent applicable: (1) the nature, extent, and quality of the services provided by the Adviser; (2) the investment performance; (3) the profit earned or loss experienced by the Adviser in connection with its provision of advisory services to the Fund; (4) the extent to which economies of scale might be realized as the Fund grows and to which the advisory fee rate and/or net expense ratio reflects these economies of scale for the benefit of the Fund's shareholders; (5) how the Agreement compares in terms of services and fees with the advisory arrangements of Peer Funds; and (6) other benefits derived or anticipated to be derived and identified by the Adviser from its relationship with the Fund. The Board did not identify any particular information that was determinative to its renewal of the Agreement, and each Trustee may have afforded different weight to different factors.

**<u>Nature, Extent and Quality of Services Provided</u>. The Board reviewed, among other things, the Adviser's business, assets under management, financial resources and capitalization, quality and quantity of personnel, experience, the variety and complexity of its investment strategies, brokerage practices, the adequacy of its risk and compliance systems and processes, and its reinvestment in each of these areas of the business. The Board reviewed the scope of services to be provided by the Adviser to each Fund under the Agreement and considered there would be no significant differences between the scope of services provided during the past year and those to be provided in the upcoming year. The Board also considered the Adviser's representation that it would continue to provide services to** 

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**FORM N-CSR ITEMS (Unaudited)(Continued)** 

each Fund that are of materially the same quality as the services that have been provided to the Fund in the past, and it considered the appropriate scope of the services in light of the relevant Fund's operations and the evolving competitive and regulatory landscape.

For each Fund, the Board considered the quality of the Adviser's personnel, operations, systems and processes required to manage the Fund effectively. The Board considered that the Adviser's systems and processes have been consistently enhanced over time and may not be present at other investment advisers. The Board also considered the Adviser's augmentation of its staff over time, including in key management, legal, and technology roles. In addition, the Board considered, as applicable: (1) the Adviser's success in achieving the Fund's daily leveraged investment objective, including its ability to adapt to changes in the level of assets under management; (2) the techniques the Adviser has developed and uses in managing the Fund's leverage, such as index optimization and representative sampling strategies as well as the extent to which the Fund requires the Adviser to negotiate and enter into specialized agreements and hone skills for trading and monitoring complex financial instruments; (3) the size, professional experience and skills of the Adviser's portfolio management, trading, risk, compliance, and legal staff, as well as the Adviser's ability to recruit, train, and retain personnel with the experience and expertise necessary to operate the Fund; (4) information regarding the Adviser's management, including risk management, of derivatives trading on behalf of the Fund, including the selection of swap counterparties and the negotiation of favorable derivatives contract terms; (5) the difficulty inherent in managing leveraged and inverse strategies in a tax efficient manner and the Adviser's ability to do so; and (6) the Adviser's adherence to its and the Trust's compliance policies and procedures. The Board considered that the Adviser oversees all aspects of the operation of each Fund.

**<u>Comparison of Advisory Services and Fees</u>. The Board considered the fairness and reasonableness of the investment advisory fee rate charged to each Fund by the Adviser in light of the investment advisory services provided by the Adviser. In this regard, the Board considered the ability of investors to achieve independently the investment objective of the applicable Fund and the costs to investors of seeking to do so by utilizing a margin account or other means. The Board reviewed information provided by the Adviser comparing the hypothetical cost for shareholders to replicate the Funds' leveraged and inverse investment strategies by means other than through an investment in the applicable Fund. The Board considered that an investor would need to devote significant time to managing his or her portfolio in order to implement independently any Fund's investment strategy and that, in most cases, seeking to do so would be more expensive than investing in the applicable Fund, even cost-prohibitive in certain cases. From this perspective, the Board considered the cost effectiveness for investors of investing and trading in Fund shares to achieve certain investment objectives.** 

The Board further considered the fairness and reasonableness of the investment advisory fee rate payable to the Adviser by each Fund in light of fee rates paid by other registered investment companies offering strategies similar in nature to the Fund. In this regard, the Board reviewed information prepared by the Adviser, using data provided by Morningstar, Inc., to compare each Fund's contractual advisory fee rates, expense cap, and gross and net expense ratios with those of Peer Funds. The Board considered the historical difficulty in compiling broad and diverse Peer Groups for the Funds because, by design, each Fund is unique and, therefore, few (if any) fund complexes have funds with substantially similar investment objectives and operations. They observed, however, that recent regulatory changes have resulted in more ETF sponsors operating and offering leveraged and inverse strategies, and that this development allows the Board to consider information from broader Peer Groups for the Funds than in the past.

The Board considered that the Peer Group reports included the contractual advisory fee rate and net and gross expense ratios for each Fund and each Peer Fund. More specifically, the Board considered that each Fund had an advisory fee rate that was at equal to or below each of the median and average of its Peer Group and each Fund, other than the Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares, Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares, Direxion Daily 7-10 Year Treasury Bull 3X Shares, and the Direxion Daily 7-10 Year Treasury Bear 3X Shares had a net expense ratio that was equal to or below each of the median and average of its Peer Group for the 12-month period ended June 30, 2025. The Board considered that the Direxion Daily S&P 500<sup>®</sup> High Beta Bull 3X Shares, Direxion Daily S&P 500<sup>®</sup> High Beta Bear 3X Shares, Direxion Daily 7-10 Year Treasury Bull 3X Shares, and the Direxion Daily 7-10 Year Treasury Bear 3X Shares each had a net expense ratio that was equal to the median of its Peer Group, and above the average of its Peer Group for the 12-month period ended June 30, 2025. The Board considered that the Adviser had agreed to limit the total expenses of each Fund (subject to certain exclusions) for the next year by contractually agreeing to pay certain expenses of the Fund under the Expense Cap Agreement. Additionally, the Board considered that the

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Adviser had agreed to breakpoints in its investment advisory fee rate schedule at various average daily net asset levels for the Funds under the Advisory Fee Waiver Agreement (the "Fee Waiver Agreement").

**<u>Performance of the Funds</u>. In evaluating the performance of each Fund, the Board considered reports provided to it in anticipation of the meeting, as well as performance reports provided at regular Board meetings throughout the year. The Board considered the extent to which each Fund tracked, as applicable, the daily leveraged or inverse performance of its underlying index. The Board considered that, given the investment objectives of each Fund, such tracking error provided a more meaningful indicia of the quality of the Adviser's services than a Fund's total return, but observed that certain Funds' total returns were high, including where not highly correlated with the model return. Thus, to evaluate each Fund's tracking of its underlying index, the Trustees reviewed two measures of tracking error – namely, the correlation of each Fund's returns to model performance returns ("Tracking Difference"), and the standard deviation of the daily Tracking Differences ("Statistical Tracking Error") for each of the last two years, or since inception if a Fund did not have two full years of operations. They also reviewed a qualitative tracking error analysis provided by the Adviser. The Board considered that each Fund's Tracking Difference and Statistical Tracking Error were within expected ranges, particularly in light of higher interest rates, except for the Direxion Daily 20+ Year Treasury Bear 3X Shares. Further, with respect to the exception, the Board considered the Adviser's explanation that the pricing time for that Fund's reference asset contributed to its Statistical Tracking Error being outside of the expected range. In addition, the Board considered the total return of each Fund for the one-year period ended June 30, 2025. After reviewing the performance of the Funds, the Board concluded that the performance of each Fund was satisfactory.**

**<u>Costs of Services Provided to the Funds and Profits Realized by the Adviser</u>. The Board reviewed information about and considered the profitability of each Fund to the Adviser based on the effective advisory fee rate paid under the Agreement, given waivers, reimbursements and the expense cap, and the overall profitability of the Adviser, as reflected in the Adviser's profitability analysis. In reviewing these materials, the Board considered information provided by the Adviser concerning the methodology it uses to determine its expenses applicable to each Fund. The Board considered that the Adviser had recently reviewed and refined its expense allocation methodology.**

In order to assess the reasonableness of the profitability of each Fund to the Adviser, the Board considered the significant drivers of cost for the Adviser including, but not limited to, its acceptance of entrepreneurial risk, its expenditure of intellectual capital, its dedication of personnel resources to daily portfolio management activities (such as creation and redemption activity and the daily rebalancing of the Funds), regulatory compliance, and risk mitigation. Further, the Board considered that the assets under management in the Funds and the Adviser's annual profitability may be more variable than the assets under management and profitability of other advisers in light of the tactical nature of the strategies pursued by most of the Funds and in light of other advisers having more diversified financial services businesses lines.

**<u>Economies of Scale</u>. The Board considered the Adviser's advisory fee rate schedule for each Fund as set forth in the Agreement and, when applicable, modified by the breakpoints included in the Fee Waiver Agreement. The Board considered that the Fee Waiver Agreement resulted in the Direxion Daily S&P 500<sup>®</sup> Bull 3X Shares, Direxion Daily Small Cap Bull 3X Shares, Direxion Daily Financial Bull 3X Shares, Direxion Daily 20+ Year Treasury Bull 3X Shares, Direxion Daily Technology Bull 3X Shares and the Direxion Daily Semiconductor Bull 3X Shares paying reduced advisory fee rates and that the Fee Waiver Agreement applies to each Fund. The Board also considered the Adviser's explanation as to why the breakpoints in the Fee Waiver Agreement are appropriate and allow the Funds to share in economies of scale. In this regard, among other information, the Board considered that a report examining the Adviser's approach to sharing economies of scale with the Funds had previously been provided by a consultant and that the report indicated that breakpoints are not ubiquitous in the fund industry, particularly among ETFs. The Board further considered that, according to the report, many funds (including ETFs) that do have breakpoints in their advisory fee schedules do not achieve sufficient asset levels for the breakpoints to actually reduce the advisory fee rates. In this regard, the Board noted that the breakpoints in the Fee Waiver Agreement reduce the advisory fee rate charged to Funds with respect to assets in excess of certain thresholds beginning at $1.5 billion in average daily net assets. The Board considered that the breakpoints in the Fee Waiver Agreement further reduce the advisory fee rate as average daily net assets grow, with the highest waiver tier applicable to average daily net assets equal to and above $3.0 billion. Further, the Board compared the breakpoints applicable to the Funds under the Fee Waiver Agreement to those, if any, of Peer Funds, and considered that the Funds' breakpoints are generally more favorable than those applicable to Peer Funds.** 

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**<u>Other Benefits</u>. The Board considered indirect and "fall-out" benefits that the Adviser or its affiliates may derive from its relationship with the Funds. In this regard, the Board considered that each Fund pays a fee to the Adviser under the Management Services Agreement, and such payment is a fall-out benefit. The Board also considered that the Adviser may leverage its personnel and infrastructure to manage other accounts and may leverage its relationships in the financial services industry, which are partially a function of its activities on behalf of the Funds, to build relationships in the industry for itself and its affiliates, which may benefit business lines that are not related to the Funds.**

**<u>Conclusion</u>. Based on, but not limited to, the above considerations, the Board, including the Independent Trustees, determined that the Agreement is fair and reasonable to each Fund in light of the nature, extent and quality of the services to be performed, the fee rates to be paid, the Adviser's expenses and profitability, the ability of various Funds to share in potential economies of scale, and such other matters as the Board considered relevant in the exercise of its business judgment. Accordingly, the Board concluded that the continuation of the Agreement was in the best interests of each Fund and its shareholders. On this basis, the Board voted in favor of the renewal of the Agreement with respect to each Fund.** 

204<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7(a) of this Form.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's
 disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing of this report,
 as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Exchange Act. Based on their review, such officers
 have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this
 report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the
 Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule
 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely
 to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Filed herewith.](dse-efp19599_ex99code.htm)

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a2(a)).* Filed herewith.](dse-efp19599_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](dse-efp19599_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Direxion
 Shares ETF Trust

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Patrick J. Rudnick |
|  | Patrick J. Rudnick, Principal Executive Officer |

---

Date: <u>January 2, 2026</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Patrick J. Rudnick |
|  | Patrick J. Rudnick, Principal Executive Officer |

---

Date: <u>January 2, 2026</u>

---

| | |
|:---|:---|
| By (Signature and Title) | /s/ Corey Noltner |
|  | Corey Noltner, Principal Financial Officer |

---

Date: <u>January 2, 2026</u>

## Ex-99.Codeeth

**EX.99.CODE ETH**

**Direxion Funds**

**Direxion Insurance trust**

**DIREXION sHARES ETF TRUST**

**SARBANES-OXLEY**

**code of ethics for the principal executive officer, principal Financial officer and principal accounting officer**

**<u>Introduction</u>**

Direxion Funds, Direxion Insurance Trust and Direxion Shares ETF Trust (collectively, the "Trust") expect all of the officers to maintain high ethical standards of conduct and to comply with applicable laws and governmental regulations. Officers include, without limitation, the Trust's principal executive officer, principal financial officer and principal accounting officer) (the principal executive officer, principal financial officer and principal accounting officer of the Trust are collectively referred to herein as the "Senior Financial Officers"). In this regard, the Trust requires all of its officers, including the Senior Financial Officers, to adhere to such other rules, codes and guidelines as the Trust may adopt from time to time, including, without limitation, codes of ethics adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940 (collectively, the "Trust Guidelines").

To deter wrongdoing and to promote honest and ethical conduct, compliance with applicable laws and regulations, avoidance of conflicts of interest and full, fair, accurate, timely and understandable disclosure in the Trust's public filings and communications, the Trust has approved this Sarbanes-Oxley Code of Ethics to codify certain standards to which the Senior Financial Officers will be held accountable and certain specific duties and responsibilities applicable to the Senior Financial Officers. As the professional and ethical conduct of the Senior Financial Officers is essential to the proper conduct and success of the Trust's business, the Senior Financial Officers must adhere to the standards, duties and responsibilities set forth in this Sarbanes-Oxley Code of Ethics in addition to adhering to the Trust Guidelines. To the fullest extent possible, the Trust Guidelines and this Sarbanes-Oxley Code of Ethics should be read to supplement one another. If there is a conflict between the Trust Guidelines and this Sarbanes-Oxley Code of Ethics, then this Sarbanes-Oxley Code of Ethics will control.

**<u>Code of Ethics</u>**

*General Standards*

 

The Trust and the Trust's Board of Trustees will hold each Senior Financial Officer accountable for adhering to and advocating the following standards to the best of his or her knowledge and ability:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Act
 in an honest and ethical manner, including in connection with the handling and avoidance
 of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Comply
 with all applicable laws, rules and regulations of federal, state and local governments (both
 United States and foreign) and other applicable regulatory agencies (collectively, the "Laws");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Proactively
 promote full, fair, accurate, timely and understandable disclosure in reports and documents
 that the Trust files with, or submits to, the Securities and Exchange Commission (the "SEC")
 and in other public communications the Trust makes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Proactively
 promote ethical and honest behavior within the Trust, including, without limitation, the
 prompt reporting of violations of, and being accountable for adherence to, this Sarbanes-Oxley
 Code of Ethics.

*Specific Duties and Responsibilities*

 

In adhering to and advocating the standards set forth above, each Senior Financial Officer shall fulfill the following duties and responsibilities to the best of his or her knowledge and ability:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each
 Senior Financial Officer shall handle all conflicts of interest between his or her personal
 and professional relationships in an ethical and honest manner, and shall disclose in advance
 to the Audit Committee of the Trust's Board of Trustees ("Audit Committee")
 the relevant details of any transaction or relationship that reasonably could be expected
 to give rise to an actual or apparent conflict of interest between the Trust and such Senior
 Financial Officer. The Audit Committee shall thereafter take such action with respect to
 the conflict of interest as it shall deem appropriate. It is the general policy of the Trust
 that conflicts of interest should be avoided whenever practicable. For purposes of this Sarbanes-Oxley
 Code of Ethics, a "conflict of interest" will be deemed to be present when an
 individual's private interest interferes in any way, or even appears to interfere,
 with the interests of the Trust as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Each
 Senior Financial Officer will use his or her best efforts to ensure the timely and understandable
 disclosure of information that, in all material respects, is accurate, complete, objective
 and relevant in all reports and documents the Trust files with, or submits to, the SEC or
 in other public communications that the Trust makes. As part of this undertaking, each Senior
 Financial Officer will periodically consider the adequacy and effectiveness of the Trust's
 "internal controls" and "disclosure controls and procedures" (as
 such terms are defined or used in rules proposed or adopted by the SEC).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Each
 Senior Financial Officer will use his or her best efforts to ensure compliance in all material
 respects by such Senior Financial Officer and the Trust with all applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Each
 Senior Financial Officer shall respect the confidentiality of information acquired in the
 course of his or her work and shall not disclose such information, except when the Senior
 Financial Officer believes he or she is authorized or legally obligated to disclose the information.
 No Senior Financial Officer may use confidential information acquired in the course of his
 or her work for his or her personal advantage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. No
 Senior Financial Officer may take or direct or allow any other person to take or direct any
 action to fraudulently influence, coerce, manipulate or mislead the Trust's independent
 auditing firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. No
 Senior Financial Officer may engage the Trust's auditing firm to perform audit or non-audit
 services without the Audit Committee's (or its designee's) preapproval in accordance
 with the Audit Committee's charter.

**<u>Reporting Violations</u>**

If any person believes that a Senior Financial Officer has violated this Sarbanes-Oxley Code of Ethics or the Trust has or is about to violate a Law, or a Senior Financial Officer believes that he or she is being asked to violate this Sarbanes-Oxley Code of Ethics or any Law in the performance of his or her duties for the Trust, then the matter should be promptly reported to the Audit Committee. The Audit Committee will take appropriate steps to maintain the confidentiality of the reporting person's identity, to the extent consistent with the Trust's obligations to investigate and remedy the matter and, if appropriate, to report the matter to government officials. Persons may report violations of this Sarbanes-Oxley Code of Ethics on an anonymous basis. No retribution will be taken against a person for reporting, in good faith, a violation or suspected violation of this Sarbanes-Oxley Code of Ethics.

**<u>Interpretation and Enforcement</u>**

The Audit Committee is responsible for overseeing the interpretation and enforcement of this Sarbanes-Oxley Code of Ethics. When the Audit Committee considers any matter relating to this Sarbanes-Oxley Code of Ethics, it shall act in executive session.

Each Senior Financial Officer will be held accountable for his or her adherence to this Sarbanes-Oxley Code of Ethics by the Trust's Board of Trustees. A Senior Financial Officer's failure to adhere to this Sarbanes-Oxley Code of Ethics will be subject to appropriate disciplinary action, ranging from warnings to possible termination or removal.

Only the Audit Committee may waive or amend this Sarbanes-Oxley Code of Ethics. All waivers and amendments of this Sarbanes-Oxley Code of Ethics must be publicly disclosed in a manner that complies with the requirements of the SEC and other applicable Laws.

Last revised: August 13, 2008

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Patrick J. Rudnick, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Direxion Shares ETF Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented in
 this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | January 2, 2026 | /s/ Patrick J. Rudnick |
|  |  | Patrick J. Rudnick |
|  |  | Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Corey Noltner, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Direxion Shares ETF Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | January 2, 2026 | /s/ Corey Noltner |
|  |  | Corey Noltner |
|  |  | Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Direxion Shares ETF Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Direxion Shares ETF Trust, for the year ended October 31, 2025, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Direxion Shares ETF Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Patrick J. Rudnick | /s/ Corey Noltner |
| Patrick J. Rudnick | Corey Noltner |
| Principal Executive Officer | Principal Financial Officer |
| Direxion Shares ETF Trust | Direxion Shares ETF Trust |

---

Date: <u>January 2, 2026</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Direxion Shares ETF Trust for purposes of Section 18 of the Securities Exchange Act of 1934.