2026-03-05B578315_DirexionAuspiceBroadCommodityStrategyETF_TF

Asset Derivatives¹

Equity Risk

Direxion HCM Tactical Enhanced US ETF

$19,725,124

$19,725,124

2026-03-05B578315_DirexionAuspiceBroadCommodityStrategyETF_TF_TSRSemiAnnual

Table of Contents


			Page
Schedules of Investments			1
Statements of Assets and Liabilities			22
Statements of Operations			23
Statements of Changes in Net Assets			24
Financial Highlights			25
Notes to the Financial Statements			26
Additional Information			39
Form N-CSR Items			40

TABLE OF CONTENTS

DIREXION AUSPICE BROAD COMMODITY STRATEGY ETF (CONSOLIDATED)

SCHEDULE OF INVESTMENTS

April 30, 2026 (Unaudited)


Shares		Fair Value
	SHORT TERM INVESTMENTS — 96.1%
	Money Market Funds — 96.1%
256,832,356	Dreyfus Government Cash Management Institutional Shares, 3.53%^(a)	$256,832,356
	TOTAL SHORT TERM INVESTMENTS (Cost $256,832,356)	$256,832,356
	TOTAL INVESTMENTS (Cost $256,832,356) — 96.1%	$256,832,356
	Other Assets in Excess of Liabilities — 3.9%^(b)	10,397,118
	TOTAL NET ASSETS — 100.0%	$267,229,474

Percentages are stated as a percent of net assets.

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

(a)	Represents annualized seven-day yield at April 30, 2026.

(b)	$8,769,692 of cash is pledged as collateral for futures contracts.

LONG FUTURES CONTRACTS

April 30, 2026 (Unaudited)


Reference Entity	Expiration Date	Number of Contracts	Notional Amount	Variation Margin Receivable/ (Payable), net	Unrealized Appreciation (Depreciation)
Copper	9/28/2026	104	$15,700,100	$124,800	$(239,590)
Corn	9/14/2026	1,394	33,438,575	(226,525)	762,410
Cotton No. 2	12/8/2026	1,208	50,053,480	1,455,640	5,208,560
Gasoline RBOB	9/30/2026	68	7,967,383	35,414	965,237
Gold	6/26/2026	27	12,499,920	183,870	(752,581)
NY Harbor ULSD	5/29/2026	36	6,170,321	(26,762)	1,256,526
Silver	7/29/2026	11	4,071,540	106,700	(165,922)
Soybean	11/13/2026	635	37,242,750	55,563	1,703,694
Wheat	7/14/2026	801	25,501,838	(650,813)	1,495,396
WTI Crude	10/20/2026	63	5,182,380	34,020	626,298
			$197,828,287	$1,091,907	$10,860,028

All futures contracts held by Direxion BCS Fund Ltd. See Note 1.

The accompanying notes are an integral part of these financial statements.

TABLE OF CONTENTS

DIREXION HCM TACTICAL ENHANCED US ETF

SCHEDULE OF INVESTMENTS

April 30, 2026 (Unaudited)


Shares		Fair Value
	COMMON STOCKS — 39.8%
	Accommodation — 0.2%
1,505	Airbnb, Inc. Class A^(a)	$211,242
817	Hilton Worldwide Holdings, Inc.	264,765
2,276	Host Hotels & Resorts, Inc.	48,092
1,077	Las Vegas Sands Corp.	58,815
784	Marriott International, Inc. Class C	283,565
680	MGM Resorts International^(a)	26,479
300	Wynn Resorts Ltd.	32,133
		925,091
	Administrative and Support Services — 0.9%
306	Allegion PLC ADR (Ireland)	42,069
1,639	Amcor PLC ADR (United Kingdom)	62,348
324	Ameriprise Financial, Inc.	153,832
1,432	Automatic Data Processing, Inc.	303,498
2,860	Booking Holdings, Inc.	481,510
412	Broadridge Financial Solutions, Inc.	63,440
250	Corpay, Inc.^(a)	76,617
425	Equifax, Inc.	73,924
129	FactSet Research System, Inc.	29,358
252	Gartner, Inc.^(a)	37,419
1,048	Iron Mountain, Inc.	132,038
562	Live Nation Entertainment, Inc.^(a)	88,762
546	Moody’s Corp.	252,170
1,107	Paramount Skydance Corp.	11,336
741	Qnity Electronics, Inc.	104,229
1,040	Rollins, Inc.	57,959
894	Royal Caribbean Cruises Ltd. ADR (Liberia)	235,801
7,311	Uber Technologies, Inc.^(a)	545,474
5,975	Visa, Inc. Class A	1,970,794
1,316	Waste Management, Inc.	306,036
		5,028,614
	Air Transportation — 0.1%
2,311	Delta Air Lines, Inc.	157,125
1,747	Southwest Airlines Co.	66,246
1,151	United Continental Holdings, Inc.^(a)	103,590
		326,961
	Ambulatory Health Care Services — 0.0%^(†)
116	DaVita, Inc.^(a)	17,996
295	Labcorp Holdings, Inc.	75,756
389	Quest Diagnostics, Inc.	75,544
4,096	Viatris, Inc.	61,194
		230,490

The accompanying notes are an integral part of these financial statements.

TABLE OF CONTENTS

DIREXION HCM TACTICAL ENHANCED US ETF

SCHEDULE OF INVESTMENTS

April 30, 2026 (Unaudited)(Continued)


Shares		Fair Value
	COMMON STOCKS — (Continued)
	Amusement, Gambling, and Recreation Industries — 0.1%
6,296	The Walt Disney Co.	$653,210
	Apparel Manufacturing — 0.1%
1,208	Cintas Corp.	211,050
507	Deckers Outdoor Corp.^(a)	51,815
134	Ralph Lauren Corp.	48,058
		310,923
	Beverage and Tobacco Product Manufacturing — 0.5%
5,966	Altria Group, Inc.	433,430
501	Constellation Brands, Inc. Class A	78,447
4,827	Keurig Dr Pepper, Inc.	141,914
602	Molson Coors Brewing Co. Class B	25,729
2,531	Monster Beverage Corp.^(a)	195,064
4,855	PepsiCo, Inc.	769,469
5,529	Philip Morris International, Inc.	912,672
		2,556,725
	Broadcasting and Content Providers — 0.1%
306	Charter Communications, Inc.^(a)	50,542
12,748	Comcast Corp. Class A	344,706
711	FOX Corp. Class A	45,142
505	FOX Corp. Class B	28,795
237	TKO Group Holdings, Inc.	44,103
8,805	Warner Bros Discovery, Inc.^(a)	238,175
		751,463
	Building Material and Garden Equipment and Supplies Dealers — 0.3%
1,996	Lowe’s Companies, Inc.	476,625
3,539	The Home Depot, Inc.	1,163,623
1,876	Tractor Supply Co.	65,848
		1,706,096
	Chemical Manufacturing — 2.2%
6,281	AbbVie, Inc.	1,327,301
794	Air Products & Chemicals, Inc.	238,240
416	Albemarle Corp.	81,827
1,911	Amgen, Inc.	661,684
523	Biogen, Inc.^(a)	98,994
557	Bio-Techne Corp.	30,813
7,236	Bristol-Myers Squibb Co.	438,429
555	CF Industries Holdings, Inc.	68,931
843	Church & Dwight Co., Inc.	81,822
427	Clorox Co.	41,180
2,861	Colgate-Palmolive Co.	244,215
1,455	DuPont de Nemours, Inc.	66,435
906	Ecolab, Inc.	236,104
2,813	Eli Lilly & Co.	2,629,030

The accompanying notes are an integral part of these financial statements.

TABLE OF CONTENTS

DIREXION HCM TACTICAL ENHANCED US ETF

SCHEDULE OF INVESTMENTS

April 30, 2026 (Unaudited)(Continued)


Shares		Fair Value
	COMMON STOCKS — (Continued)
	Chemical Manufacturing — (Continued)
4,411	Gilead Sciences, Inc.	$577,135
594	Incyte Corp.^(a)	56,590
2,020	IntercontinentalExchange, Inc.	319,342
910	International Flavors & Fragrances, Inc.	63,882
6,809	Kenvue, Inc.	119,362
1,180	Kimberly-Clark Corp.	116,147
1,656	Linde PLC ADR (Ireland)	829,888
915	LyondellBasell Industries N.V. Class A ADR (Netherlands)	68,259
8,817	Merck & Co., Inc.	962,640
1,130	Mosaic Co.	26,295
20,203	Pfizer, Inc.	539,420
800	PPG Industries, Inc.	86,800
8,255	Procter & Gamble Co.	1,214,228
357	Regeneron Pharmaceuticals, Inc.	252,420
903	Vertex Pharmaceuticals, Inc.^(a)	385,924
1,500	Zoetis, Inc.	172,455
		12,035,792
	Clothing, Clothing Accessories, Shoe, and Jewelry Retailers — 0.2%
377	Lululemon Athletica, Inc.^(a)	51,913
1,151	Ross Stores, Inc.	262,186
3,945	TJX Companies, Inc.	618,379
		932,478
	Computer and Electronic Product Manufacturing — 13.6%
5,792	Advanced Micro Devices, Inc.^(a)	2,053,206
1,003	Agilent Technologies, Inc.	115,897
20,685	Alphabet, Inc.	7,959,588
16,617	Alphabet, Inc. Class C	6,346,697
820	AMETEK, Inc.	193,110
4,364	Amphenol Corp. Class A	642,686
1,738	Analog Devices, Inc.	699,128
52,164	Apple, Inc.	14,154,701
2,818	Applied Materials, Inc.	1,111,673
3,668	Arista Networks, Inc.^(a)	633,500
16,848	Broadcom, Inc.	7,032,861
14,037	Cisco Systems, Inc.	1,284,386
2,233	Danaher Corp.	399,595
1,052	Dell Technologies, Inc.	219,815
481	EchoStar Corp.^(a)	59,230
379	First Solar, Inc.^(a)	76,516
2,243	Fortinet, Inc.^(a)	189,107
1,116	Fortive Corp.	66,726
1,617	GE HealthCare Technologies, Inc.	98,378
3,263	HP, Inc.	68,066
16,681	Intel Corp.^(a)	1,576,021

The accompanying notes are an integral part of these financial statements.

TABLE OF CONTENTS

DIREXION HCM TACTICAL ENHANCED US ETF

SCHEDULE OF INVESTMENTS

April 30, 2026 (Unaudited)(Continued)


Shares		Fair Value
	COMMON STOCKS — (Continued)
	Computer and Electronic Product Manufacturing — (Continued)
3,321	International Business Machines Corp.	$767,085
373	Jabil Circuit, Inc.	125,884
609	Keysight Technologies, Inc.^(a)	213,095
662	L3Harris Technologies, Inc.	212,204
4,439	Lam Research Corp.	1,144,641
255	Lumentum Holdings, Inc.^(a)	230,092
1,920	Microchip Technology, Inc.	178,387
3,997	Micron Technology, Inc.	2,067,089
176	Monolithic Power Systems, Inc.	284,136
589	Motorola Solutions, Inc.	258,589
701	NetApp, Inc.	77,650
477	Northrop Grumman Corp.	276,412
86,339	NVIDIA Corp.	17,230,674
894	NXP Semiconductors NV ADR (Netherlands)	262,469
1,403	ON Semiconductor Corp.^(a)	141,436
1,384	Otis Worldwide Corp.	107,786
2,873	Palo Alto Networks, Inc.^(a)	515,186
3,794	Qualcomm, Inc.	681,327
400	Revvity, Inc.	34,648
377	Roper Technologies, Inc.	133,763
4,771	RTX Corp.	840,030
526	Sandisk Corp.^(a)	576,764
778	Seagate Technology Holdings PLC ADR (Ireland)	524,092
536	Skyworks Solutions, Inc.	37,611
1,788	Super Micro Computer, Inc.^(a)	48,991
170	Teledyne Technologies, Inc.^(a)	109,795
558	Teradyne, Inc.	191,656
3,227	Texas Instruments, Inc.	907,045
1,332	Thermo Fisher Scientific, Inc.	637,975
847	Trimble, Inc.^(a)	57,020
883	Veralto Corp.	77,881
1,356	Vertiv Holdings Co.	445,432
347	Waters Corp.^(a)	107,303
1,205	Western Digital Corp.	523,597
178	Zebra Technologies Corp. Class A^(a)	40,274
		75,048,906
	Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services — 0.1%
665	Coherent Corp.^(a)	212,607
1,909	Fiserv, Inc.^(a)	119,599
		332,206
	Construction of Buildings — 0.1%
956	D.R. Horton, Inc.	147,090
770	Lennar Corp. Class A	69,531

The accompanying notes are an integral part of these financial statements.

TABLE OF CONTENTS

DIREXION HCM TACTICAL ENHANCED US ETF

SCHEDULE OF INVESTMENTS

April 30, 2026 (Unaudited)(Continued)


Shares		Fair Value
	COMMON STOCKS — (Continued)
	Construction of Buildings — (Continued)
10	NVR, Inc.^(a)	$63,159
681	PulteGroup, Inc.	83,327
		363,107
	Couriers and Messengers — 0.1%
772	FedEx Corp.	311,355
2,628	United Parcel Service, Inc. Class B	285,927
		597,282
	Credit Intermediation and Related Activities — 2.0%
1,901	American Express Co.	614,118
23,576	Bank of America Corp.	1,260,373
2,445	Bank of New York Mellon Corp.	328,534
2,219	Capital One Financial Corp.	424,495
6,210	Citigroup, Inc.	794,756
1,510	Citizens Financial Group, Inc.	98,225
795	Coinbase Global, Inc.^(a)	149,277
1,839	Fidelity National Information Services, Inc.	85,569
3,201	Fifth Third Bancorp	162,483
847	Global Payments, Inc.	60,950
7,213	Huntington Bancshares, Inc.	120,890
9,582	JPMorgan Chase & Co.	3,001,370
3,329	KeyCorp	73,604
541	M&T Bank Corp.	118,279
2,897	MasterCard, Inc. Class A	1,456,959
661	Northern Trust Corp.	109,951
1,437	PNC Financial Services Group, Inc.	320,451
3,083	Regions Financial Corp.	88,020
990	State Street Corp.	151,311
1,234	Synchrony Financial	94,031
4,487	Truist Financial Corp.	231,080
5,521	U.S. Bancorp	312,820
10,986	Wells Fargo & Co.	903,379
		10,960,925
	Electrical Equipment, Appliance, and Component Manufacturing — 0.1%
397	A.O. Smith Corp.	24,550
281	Axon Enterprise, Inc.^(a)	112,895
2,000	Emerson Electric Co.	280,880
211	Generac Holdings, Inc.^(a)	54,698
397	Rockwell Automation, Inc.	162,337
		635,360
	Fabricated Metal Product Manufacturing — 0.1%
951	Ball Corp.	58,087
815	Nucor Corp.	183,612
582	Pentair PLC ADR (Ireland)	46,973

The accompanying notes are an integral part of these financial statements.

TABLE OF CONTENTS

DIREXION HCM TACTICAL ENHANCED US ETF

SCHEDULE OF INVESTMENTS

April 30, 2026 (Unaudited)(Continued)


Shares		Fair Value
	COMMON STOCKS — (Continued)
	Fabricated Metal Product Manufacturing — (Continued)
187	Snap-on, Inc.	$71,696
552	Stanley Black & Decker, Inc.	43,144
		403,512
	Food and Beverage Retailers — 0.0%^(†)
2,070	Kroger Co.	140,905
	Food Manufacturing — 0.4%
1,710	Archer-Daniels-Midland Co.	127,463
13,757	Coca-Cola Co.	1,083,501
1,894	General Mills, Inc.	66,877
1,033	Hormel Foods Corp.	22,179
901	McCormick & Co, Inc.	45,807
4,554	Mondelez International, Inc.	279,798
697	The Campbell’s Company	14,491
528	The Hershey Co.	98,071
377	The J.M. Smucker Co.	36,957
3,028	The Kraft Heinz Co.	68,614
1,000	Tyson Foods, Inc. Class A	64,070
		1,907,828
	Food Services and Drinking Places — 0.4%
129	Casey’s General Stores, Inc.	106,057
4,625	Chipotle Mexican Grill, Inc.^(a)	157,204
407	Darden Restaurants, Inc.	81,628
1,325	DoorDash, Inc.^(a)	223,461
2,528	McDonald’s Corp.	742,196
4,045	Starbucks Corp.	426,060
985	Yum! Brands, Inc.	157,255
		1,893,861
	Funds, Trusts, and Other Financial Vehicles — 0.0%^(†)
581	Garmin Ltd. ADR (Switzerland)	145,912
780	T. Rowe Price Group, Inc.	80,247
		226,159
	Furniture, Home Furnishings, Electronics, and Appliance Retailers — 0.0%^(†)
690	Best Buy Co., Inc.	41,738
	Gasoline Stations and Fuel Dealers — 0.2%
6,660	Chevron Corp.	1,287,445
	General Merchandise Retailers — 2.4%
34,710	Amazon.com, Inc.^(a)	9,200,233
1,576	Costco Wholesale Corp.	1,598,899
785	Dollar General Corp.	90,966
656	Dollar Tree, Inc.^(a)	63,704
1,604	eBay, Inc.	165,982
1,607	Target Corp.	208,508

The accompanying notes are an integral part of these financial statements.

TABLE OF CONTENTS

DIREXION HCM TACTICAL ENHANCED US ETF

SCHEDULE OF INVESTMENTS

April 30, 2026 (Unaudited)(Continued)


Shares		Fair Value
	COMMON STOCKS — (Continued)
	General Merchandise Retailers — (Continued)
15,576	Walmart, Inc.	$2,054,942
421	Williams-Sonoma, Inc.	76,289
		13,459,523
	Health and Personal Care Retailers — 0.1%
4,521	CVS Health Corp.	376,554
161	Ulta Beauty, Inc.^(a)	86,534
		463,088
	Hospitals — 0.1%
557	HCA Healthcare, Inc.	241,988
199	Universal Health Services, Inc. Class B	33,486
		275,474
	Insurance Carriers and Related Activities — 1.5%
1,655	Aflac, Inc.	188,124
923	Allstate Corp.	200,531
1,904	American International Group, Inc.	142,419
1,269	Arch Capital Group Ltd. ADR^(a)	119,870
913	Arthur J. Gallagher & Co.	188,443
181	Assurant, Inc.	42,765
6,518	Berkshire Hathaway, Inc. Class B^(a)	3,086,925
1,037	Brown & Brown, Inc.	62,376
1,656	Centene Corp.^(a)	88,911
1,290	Chubb Limited ADR (Switzerland)	421,830
935	Cigna Corp.	271,692
556	Cincinnati Financial Corp.	90,962
787	Elevance Health, Inc.	296,242
88	Erie Indemnity Co. Class A	19,266
141	Everest Re Group Ltd. ADR	50,303
283	Globe Life, Inc.	43,667
426	Humana, Inc.	100,723
600	Loews Corp.	67,566
1,722	Marsh & McLennan Companies, Inc.	288,797
1,952	MetLife, Inc.	156,355
701	Principal Financial Group, Inc.	70,738
2,083	Progressive Corp.	419,266
1,236	Prudential Financial, Inc.	121,264
989	The Hartford Insurance Group, Inc.	135,305
772	Travelers Companies, Inc.	235,568
3,221	UnitedHealth Group, Inc.	1,193,316
1,060	W.R. Berkley Corp.	70,840
337	Willis Towers Watson PLC ADR (Ireland)	86,339
		8,260,403

The accompanying notes are an integral part of these financial statements.

TABLE OF CONTENTS

DIREXION HCM TACTICAL ENHANCED US ETF

SCHEDULE OF INVESTMENTS

April 30, 2026 (Unaudited)(Continued)


Shares		Fair Value
	COMMON STOCKS — (Continued)
	Leather and Allied Product Manufacturing — 0.1%
4,233	NIKE, Inc. Class B	$187,776
717	Tapestry, Inc.	103,994
		291,770
	Machinery Manufacturing — 0.9%
3,514	Baker Hughes Co.	244,820
2,790	Carrier Global Corp.	187,404
1,650	Caterpillar, Inc.	1,468,682
494	Cummins, Inc.	331,479
896	Deere & Co.	528,524
3,724	GE Aerospace	1,079,699
267	IDEX Corp.	58,166
1,263	Ingersoll Rand, Inc.	100,863
71	Mettler-Toledo International, Inc.^(a)	90,639
191	Nordson Corp.	55,094
445	Parker Hannifin Corp.	404,692
789	Trane Technologies PLC ADR (Ireland)	388,614
866	Xylem, Inc.	102,327
		5,041,003
	Management of Companies and Enterprises — 0.2%
6,175	Abbott Laboratories	560,628
765	Aon PLC ADR (United Kingdom)	238,412
484	Bunge Global SA ADR (Switzerland)	61,502
1,615	Norwegian Cruise Line Holdings Ltd. ADR^(a)	29,361
1,855	Smurfit WestRock PLC ADR (Ireland)	71,214
		961,117
	Merchant Wholesalers, Durable Goods — 0.4%
391	Builders FirstSource, Inc.^(a)	30,924
3,161	Copart, Inc.^(a)	104,661
4,081	Fastenal Co.	183,359
497	Genuine Parts Co.	53,293
354	Henry Schein, Inc.^(a)	26,405
192	Hubbell, Inc.	97,569
136	Huntington Ingalls Industries, Inc.	49,543
2,173	Johnson Controls International PLC ADR (Ireland)	317,323
469	KLA-Tencor Corp.	820,914
111	Lennox International, Inc.	59,373
114	Pool Corp.	24,318
1,039	TE Connectivity PLC ADR (Ireland)	219,915
159	W.W. Grainger, Inc.	184,655
		2,172,252
	Merchant Wholesalers, Nondurable Goods — 0.3%
607	Brown Forman Corp. Class B	15,642
838	Cardinal Health, Inc.	161,634
689	Cencora, Inc.	212,219

The accompanying notes are an integral part of these financial statements.

TABLE OF CONTENTS

DIREXION HCM TACTICAL ENHANCED US ETF

SCHEDULE OF INVESTMENTS

April 30, 2026 (Unaudited)(Continued)


Shares		Fair Value
	COMMON STOCKS — (Continued)
	Merchant Wholesalers, Nondurable Goods — (Continued)
1,702	ConAgra Brands, Inc.	$24,424
108	Domino’s Pizza, Inc.	36,657
931	Illinois Tool Works, Inc.	240,207
432	McKesson Corp.	352,166
1,704	Sysco Corp.	127,306
821	The Sherwin Williams Co.	264,042
		1,434,297
	Mining (except Oil and Gas) — 0.2%
5,107	Freeport-McMoRan Copper & Gold, Inc.	295,083
216	Martin Marietta Materials, Inc.	133,719
3,879	Newmont Corp.	430,918
473	Vulcan Materials Co.	142,723
		1,002,443
	Miscellaneous Manufacturing — 0.9%
1,870	3M Co.	273,993
239	Align Technology, Inc.^(a)	42,067
1,828	Baxter International, Inc.	32,136
1,009	Becton, Dickinson & Co.	150,381
5,266	Boston Scientific Corp.^(a)	303,374
1,371	DexCom, Inc.^(a)	81,643
482	Dover Corp.	109,130
2,063	Edwards Lifesciences Corp.^(a)	172,261
879	Estee Lauder Companies, Inc. Class A	67,428
477	Hasbro, Inc.	45,716
251	Insulet Corp.^(a)	43,207
1,261	Intuitive Surgical, Inc.^(a)	577,046
8,560	Johnson & Johnson	1,967,516
4,555	Medtronic PLC ADR (Ireland)	368,818
520	ResMed, Inc.	111,181
526	Solventum Corp.^(a)	35,431
347	Steris PLC ADR (Ireland)	75,257
1,223	Stryker Corp.	385,404
618	Textron, Inc.	59,303
694	The Cooper Companys, Inc.^(a)	43,653
702	Zimmer Biomet Holdings, Inc.	57,866
		5,002,811
	Motion Picture and Sound Recording Industries — 0.3%
15,004	Netflix, Inc.^(a)	1,404,524
	Motor Vehicle and Parts Dealers — 0.1%
58	AutoZone, Inc.^(a)	214,834
505	Carvana Co.^(a)	199,879
2,992	O’Reilly Automotive, Inc.^(a)	297,405
		712,118

The accompanying notes are an integral part of these financial statements.

TABLE OF CONTENTS

DIREXION HCM TACTICAL ENHANCED US ETF

SCHEDULE OF INVESTMENTS

April 30, 2026 (Unaudited)(Continued)


Shares		Fair Value
	COMMON STOCKS — (Continued)
	National Security and International Affairs — 0.0%^(†)
458	Leidos Holdings, Inc.	$68,343
	Nonmetallic Mineral Product Manufacturing — 0.1%
2,773	Corning, Inc.	455,437
	Oil and Gas Extraction — 0.6%
1,259	APA Corp.	51,279
2,696	Coterra Energy, Inc.	96,813
2,202	Devon Energy Corp.	113,117
688	Diamondback Energy, Inc.	141,474
1,925	EOG Resources, Inc.	270,597
2,215	EQT Corp.	133,077
848	Expand Energy Corp.	86,623
14,847	Exxon Mobil Corp.	2,291,338
2,552	Occidental Petroleum Corp.	154,600
		3,338,918
	Paper Manufacturing — 0.0%^(†)
317	Packaging Corp of America	67,664
	Performing Arts, Spectator Sports, and Related Industries — 0.0%^(†)
803	Electronic Arts, Inc.	162,503
	Petroleum and Coal Products Manufacturing — 0.2%
4,350	ConocoPhillips	547,143
1,045	Marathon Petroleum Corp.	259,463
1,433	Phillips 66	256,722
1,087	Valero Energy Corp.	274,554
		1,337,882
	Pipeline Transportation — 0.1%
766	Targa Resources Corp.	199,221
4,337	Williams Companies, Inc.	330,957
		530,178
	Plastics and Rubber Products Manufacturing — 0.0%^(†)
275	Avery Dennison Corp.	45,081
257	West Pharmaceutical Services, Inc.	76,480
		121,561
	Primary Metal Manufacturing — 0.1%
1,427	Howmet Aerospace, Inc.	346,818
490	Steel Dynamics, Inc.	112,043
		458,861
	Professional, Scientific, and Technical Services — 1.9%
2,185	Accenture PLC Class A ADR (Ireland)	390,481
962	AppLovin Corp.^(a)	429,389
466	CDW Corp.	63,800
178	Charles River Laboratories International, Inc.^(a)	29,721

The accompanying notes are an integral part of these financial statements.

TABLE OF CONTENTS

DIREXION HCM TACTICAL ENHANCED US ETF

SCHEDULE OF INVESTMENTS

April 30, 2026 (Unaudited)(Continued)


Shares		Fair Value
	COMMON STOCKS — (Continued)
	Professional, Scientific, and Technical Services — (Continued)
503	Ciena Corp.^(a)	$265,373
1,702	Cognizant Technology Solutions Corp. Class A	90,036
1,383	Eaton Corporation PLC ADR (Ireland)	598,853
199	EPAM Systems, Inc.^(a)	22,642
751	Extra Space Storage, Inc.	107,641
203	F5 Networks, Inc.^(a)	65,752
483	GoDaddy, Inc.^(a)	41,920
284	IDEXX Laboratories, Inc.^(a)	159,267
1,875	International Paper Co.	57,037
603	IQVIA Holdings, Inc.^(a)	95,497
257	Jack Henry & Associates, Inc.	39,514
415	Jacobs Solutions, Inc.	53,705
7,773	Meta Platforms, Inc.	4,756,376
1,235	Moderna, Inc.^(a)	56,736
1,120	Omnicom Group, Inc.	85,926
6,025	Oracle Corp.	972,375
8,117	Palantir Technologies, Inc.^(a)	1,129,156
1,149	Paychex, Inc.	106,432
420	PTC, Inc.^(a)	57,246
3,714	ServiceNow, Inc.^(a)	327,983
618	Take-Two Interactive Software, Inc.^(a)	132,104
1,563	The Trade Desk, Inc.^(a)	36,871
293	VeriSign, Inc.	78,717
498	Verisk Analytics, Inc. Class A	91,876
758	Workday, Inc.^(a)	92,779
		10,435,205
	Publishing Industries — 2.5%
1,460	Adobe, Inc.^(a)	359,306
513	Akamai Technologies, Inc.^(a)	52,829
750	Autodesk, Inc.^(a)	177,750
1,943	Block, Inc.^(a)	137,001
966	Cadence Design Systems, Inc.^(a)	318,384
896	CrowdStrike Holdings, Inc.^(a)	399,392
1,167	Datadog, Inc.^(a)	154,266
82	Fair Isaac Corp.^(a)	84,050
1,955	Gen Digital, Inc.	37,712
4,724	Hewlett Packard Enterprise Co.	135,909
987	Intuit, Inc.	383,449
26,382	Microsoft Corp.	10,758,052
1,313	News Corp. Class A	34,558
431	News Corp. Class B	13,137
3,329	Salesforce, Inc.	587,668
678	Synopsys, Inc.^(a)	327,203
156	Tyler Technologies, Inc.^(a)	53,218
		14,013,884

The accompanying notes are an integral part of these financial statements.

TABLE OF CONTENTS

DIREXION HCM TACTICAL ENHANCED US ETF

SCHEDULE OF INVESTMENTS

April 30, 2026 (Unaudited)(Continued)


Shares		Fair Value
	COMMON STOCKS — (Continued)
	Rail Transportation — 0.2%
6,608	CSX Corp.	$300,202
2,109	Union Pacific Corp.	568,333
		868,535
	Real Estate — 0.6%
555	Alexandria Real Estate Equities, Inc.	22,483
1,665	American Tower Corp.	304,212
505	AvalonBay Communities, Inc.	92,415
526	BXP, Inc.	30,750
366	Camden Property Trust	38,437
1,029	CBRE Group, Inc. Class A^(a)	146,869
1,546	Crown Castle, Inc.	137,254
1,149	Digital Realty Trust, Inc.	230,880
1,221	Equity Residential	79,829
231	Essex Property Trust, Inc.	60,802
279	Federal Realty Investment Trust	30,941
2,468	Healthpeak Properties, Inc.	39,908
2,006	Invitation Homes, Inc.	57,713
2,396	Kimco Realty Corp.	56,641
413	Mid-America Apartment Communities, Inc.	53,351
3,303	Prologis, Inc.	469,092
562	Public Storage	169,977
3,270	Realty Income Corp.	210,065
585	Regency Centers Corp.	45,542
1,157	Simon Property Group, Inc.	235,692
1,072	UDR, Inc.	38,957
1,690	Ventas, Inc.	148,483
3,881	VICI Properties, Inc.	113,325
2,478	Welltower, Inc.	538,569
2,557	Weyerhaeuser Co.	62,698
		3,414,885
	Rental and Leasing Services — 0.0%^(†)
226	United Rentals, Inc.	216,924
	Securities, Commodity Contracts, and Other Financial Investments and Related Activities — 1.1%
1,647	Apollo Global Management, Inc.	212,002
729	Ares Management Corp.	85,585
515	Blackrock, Inc.	548,784
370	Cboe Global Markets, Inc.	111,033
5,937	Charles Schwab Corp.	544,067
1,280	CME Group, Inc.	368,410
2,382	CRH PLC ADR (Ireland)	282,076
2,546	Dow, Inc.	103,088
1,094	Franklin Resources, Inc.	32,787
1,069	Goldman Sachs Group, Inc.	987,510

The accompanying notes are an integral part of these financial statements.

TABLE OF CONTENTS

DIREXION HCM TACTICAL ENHANCED US ETF

SCHEDULE OF INVESTMENTS

April 30, 2026 (Unaudited)(Continued)


Shares		Fair Value
	COMMON STOCKS — (Continued)
	Securities, Commodity Contracts, and Other Financial Investments and Related Activities — (Continued)
1,581	Interactive Brokers Group, Inc. Class A	$125,689
1,576	Invesco Ltd. ADR	41,307
2,438	KKR & Co., Inc.	254,381
4,274	Morgan Stanley	814,582
262	MSCI, Inc. Class A	154,949
1,594	NASDAQ OMX Group, Inc.	146,505
623	Raymond James Financial, Inc.	98,633
2,806	Robinhood Markets, Inc.^(a)	204,529
1,090	S&P Global, Inc.	470,041
2,662	The Blackstone Group, Inc.	334,294
		5,920,252
	Specialty Trade Contractors — 0.1%
122	Comfort Systems USA, Inc.	224,510
162	EMCOR Group, Inc.	144,451
532	Quanta Services, Inc.	387,174
		756,135
	Support Activities for Agriculture and Forestry — 0.0%^(†)
2,390	Corteva, Inc.	193,614
	Support Activities for Mining — 0.1%
2,977	Halliburton Co.	125,927
5,316	SLB Ltd. ADR	302,374
		428,301
	Support Activities for Transportation — 0.1%
419	C.H. Robinson Worldwide, Inc.	76,178
413	Expedia, Inc.	102,577
479	Expeditors International of Washington, Inc.	70,839
266	J.B. Hunt Transport Services, Inc.	66,907
800	Norfolk Southern Corp.	252,664
		569,165
	Telecommunications — 0.4%
24,871	AT&T, Inc.	649,879
348	Equinix, Inc.	376,825
3,272	PayPal Holdings, Inc.	164,058
377	SBA Communications Corp.	83,392
1,686	T-Mobile US, Inc.	329,613
14,984	Verizon Communications, Inc.	719,682
		2,323,449
	Transportation Equipment Manufacturing — 1.2%
752	Aptiv PLC ADR^(a)	45,316
2,789	Boeing Co.^(a)	638,765
13,923	Ford Motor Co.	168,190
902	General Dynamics Corp.	310,559

The accompanying notes are an integral part of these financial statements.

TABLE OF CONTENTS

DIREXION HCM TACTICAL ENHANCED US ETF

SCHEDULE OF INVESTMENTS

April 30, 2026 (Unaudited)(Continued)


Shares		Fair Value
	COMMON STOCKS — (Continued)
	Transportation Equipment Manufacturing — (Continued)
3,214	General Motors Co.	$247,124
2,253	Honeywell International, Inc.	482,885
717	Lockheed Martin Corp.	371,384
1,866	Paccar, Inc.	221,681
9,992	Tesla, Inc.^(a)	3,813,247
203	TransDigm Group, Inc.	235,476
606	Wabtec Corp.	163,553
		6,698,180
	Truck Transportation — 0.0%^(†)
653	Old Dominion Freight Line, Inc.	138,717
	Utilities — 1.2%
2,528	AES Corp.	36,530
913	Alliant Energy Corp.	67,042
980	Ameren Corp.	111,377
1,919	American Electric Power Co., Inc.	263,114
691	American Water Works Co., Inc.	88,738
588	Atmos Energy Corp.	111,708
2,322	CenterPoint Energy, Inc.	101,355
1,092	CMS Energy Corp.	83,800
1,281	Consolidated Edison, Inc.	142,819
1,110	Constellation Energy Corp.	347,430
3,034	Dominion Energy, Inc.	195,693
735	DTE Energy Co.	111,492
2,762	Duke Energy Corp.	357,817
1,370	Edison International	95,201
1,605	Entergy Corp.	189,245
820	Evergy, Inc.	67,929
1,330	Eversource Energy	94,031
3,634	Exelon Corp.	167,128
1,846	FirstEnergy Corp.	87,722
956	GE Vernova, Inc.	1,035,788
6,956	Kinder Morgan, Inc.	228,644
7,398	NextEra Energy, Inc.	724,116
1,703	NiSource, Inc.	82,221
751	NRG Energy, Inc.	116,841
2,233	ONEOK, Inc.	206,463
7,811	PG&E Corp.	129,819
422	Pinnacle West Capital Corp.	43,770
2,630	PPL Corp.	98,467
1,774	Public Service Enterprise Group, Inc.	144,865
2,321	Sempra Energy	220,773
3,913	Southern Co.	378,387
208	Texas Pacific Land Corp.	92,283
1,133	Vistra Corp.	178,833

The accompanying notes are an integral part of these financial statements.

TABLE OF CONTENTS

DIREXION HCM TACTICAL ENHANCED US ETF

SCHEDULE OF INVESTMENTS

April 30, 2026 (Unaudited)(Continued)


Shares		Fair Value
	COMMON STOCKS — (Continued)
	Utilities — (Continued)
1,158	WEC Energy Group, Inc.	$136,574
2,102	Xcel Energy, Inc.	174,361
		6,712,376
	Waste Management and Remediation Services — 0.0%^(†)
712	Republic Services, Inc.	148,965
	Water Transportation — 0.0%^(†)
4,088	Carnival Corp. ADR (Panama)	108,373
	Web Search Portals, Libraries, Archives, and Other Information Services — 0.0%^(†)
1,506	CoStar Group, Inc.^(a)	52,123
	Wood Product Manufacturing — 0.0%^(†)
721	Masco Corp.	51,783
	TOTAL COMMON STOCKS (Cost $213,770,192)	$219,370,112
	SHORT TERM INVESTMENTS — 59.4%
	Money Market Funds — 59.4%
228,844,907	Dreyfus Government Cash Management Institutional Shares, 3.53%^(b)	$228,844,907
27,374,835	Dreyfus Treasury Securities Cash Management Institutional Shares, 3.52%^(b)	27,374,835
71,030,000	Goldman Sachs Financial Square Government Fund Institutional Shares, 3.55%^(b)	71,030,000
	TOTAL SHORT TERM INVESTMENTS (Cost $327,249,742)	$327,249,742
	TOTAL INVESTMENTS (Cost $541,019,934) — 99.2%^(c)	$546,619,854
	Other Assets in Excess of Liabilities — 0.8%	4,456,787
	TOTAL NET ASSETS — 100.0%	$551,076,641

Percentages are stated as a percent of net assets.

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

(†)	Less than 0.05%.

(a)	Non-income producing security.

(b)	Represents annualized seven-day yield at April 30, 2026.

(c)	All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $98,404,835.

ADR - American Depository Receipt

The accompanying notes are an integral part of these financial statements.

TABLE OF CONTENTS

DIREXION HCM TACTICAL ENHANCED US ETF

LONG TOTAL RETURN SWAP CONTRACTS

April 30, 2026 (Unaudited)

Terms of Payments to be

Received at Termination

Terms of Payments to be

Paid at Termination

Counterparty

Termination

Date

Contracts

Notional

Amount

Unrealized

Appreciation

Total return of Invesco QQQ Trust Series 1

SOFR + 0.6500%

Barclays

12/22/2026

536,800

$345,927,301

$12,008,956

Total return of Technology Select Sector SPDR Fund

SOFR + 0.6000%

Goldman Sachs

5/18/2027

867,000

130,336,162

7,716,167

$476,263,463

$19,725,124

SOFR - Secured Overnight Financing Rate was 3.63% as of April 30, 2026.

The accompanying notes are an integral part of these financial statements.

TABLE OF CONTENTS

DIREXION NASDAQ-100^® EQUAL WEIGHTED INDEX ETF

SCHEDULE OF INVESTMENTS

April 30, 2026 (Unaudited)


Shares		Fair Value
	COMMON STOCKS — 100.0%
	Accommodation — 2.1%
85,186	Airbnb, Inc. Class A^(a)	$11,956,707
34,242	Marriott International, Inc. Class C	12,384,989
		24,341,696
	Administrative and Support Services — 2.7%
52,466	Automatic Data Processing, Inc.	11,119,644
63,303	Booking Holdings, Inc.	10,657,693
113,818	Pinduoduo, Inc. ADR (China)^(a)	11,368,142
		33,145,479
	Apparel Manufacturing — 0.9%
61,048	Cintas Corp.	10,665,696
	Beverage and Tobacco Product Manufacturing — 3.8%
119,495	Coca-Cola Europacific Partners ADR (United Kingdom)	11,300,642
411,742	Keurig Dr Pepper, Inc.	12,105,215
148,571	Monster Beverage Corp.^(a)	11,450,367
72,967	PepsiCo, Inc.	11,564,540
		46,420,764
	Broadcasting and Content Providers — 2.4%
51,394	Charter Communications, Inc.^(a)(b)	8,488,747
377,267	Comcast Corp. Class A	10,201,300
399,283	Warner Bros Discovery, Inc.^(a)	10,800,605
		29,490,652
	Chemical Manufacturing — 6.2%
35,072	Alnylam Pharmaceuticals, Inc.^(a)	10,854,433
31,477	Amgen, Inc.	10,898,911
79,790	Gilead Sciences, Inc.	10,439,724
80,500	Insmed, Inc.^(a)	10,974,565
22,429	Linde PLC ADR (Ireland)	11,240,069
14,942	Regeneron Pharmaceuticals, Inc.	10,564,890
24,112	Vertex Pharmaceuticals, Inc.^(a)	10,304,987
		75,277,579
	Clothing, Clothing Accessories, Shoe, and Jewelry Retailers — 1.0%
51,837	Ross Stores, Inc.	11,807,950
	Computer and Electronic Product Manufacturing — 27.3%
54,380	Advanced Micro Devices, Inc.^(a)	19,277,166
18,186	Alphabet, Inc.	6,997,973
18,317	Alphabet, Inc. Class C	6,995,995
35,386	Analog Devices, Inc.	14,234,372
44,147	Apple, Inc.	11,979,288
30,664	Applied Materials, Inc.	12,096,641
35,258	Broadcom, Inc.	14,717,747
140,999	Cisco Systems, Inc.	12,901,409
134,500	Fortinet, Inc.^(a)	11,339,695

The accompanying notes are an integral part of these financial statements.

TABLE OF CONTENTS

DIREXION NASDAQ-100^® EQUAL WEIGHTED INDEX ETF

SCHEDULE OF INVESTMENTS

April 30, 2026 (Unaudited)(Continued)


Shares		Fair Value
	COMMON STOCKS — (Continued)
	Computer and Electronic Product Manufacturing — (Continued)
157,193	GE HealthCare Technologies, Inc.	$9,563,622
249,559	Intel Corp.^(a)	23,578,334
47,943	Lam Research Corp.	12,362,582
173,864	Microchip Technology, Inc.	16,153,704
25,885	Micron Technology, Inc.	13,386,687
10,245	Monolithic Power Systems, Inc.	16,539,630
63,391	NVIDIA Corp.	12,650,942
57,208	NXP Semiconductors NV ADR (Netherlands)	16,795,697
67,186	Palto Alto Networks, Inc.^(a)	12,047,794
84,280	Qualcomm, Inc.	15,135,002
30,958	Roper Technologies, Inc.	10,984,208
10,795	Sandisk Corp.^(a)	11,836,825
26,623	Seagate Technology Holdings PLC ADR (Ireland)	17,934,318
58,485	Texas Instruments, Inc.	16,438,964
37,357	Western Digital Corp.	16,232,364
		332,180,959
	Data Processing, Hosting and Related Services — 0.9%
93,756	Shopify, Inc. (Canada)^(a)	11,356,664
	Electrical Equipment, Appliance, and Component Manufacturing — 0.7%
22,065	Axon Enterprise, Inc.^(a)	8,864,834
	Food Manufacturing — 1.9%
194,773	Mondelez International, Inc.	11,966,853
507,572	The Kraft Heinz Co.	11,501,582
		23,468,435
	Food Services and Drinking Places — 2.0%
69,894	DoorDash, Inc.^(a)	11,787,623
118,296	Starbucks Corp.	12,460,118
		24,247,741
	General Merchandise Retailers — 4.1%
53,312	Amazon.com, Inc.^(a)	14,130,879
11,257	Costco Wholesale Corp.	11,420,564
6,695	MercadoLibre, Inc.^(a)	12,001,658
91,986	Walmart, Inc.	12,135,713
		49,688,814
	Machinery Manufacturing — 2.0%
8,316	ASML Holding NV ADR (Netherlands)	11,966,641
181,412	Baker Hughes Co.	12,638,974
		24,605,615
	Management of Companies and Enterprises — 2.4%
82,720	ARM Holdings PLC ADR (United Kingdom)^(a)	17,397,671
177,620	Ferrovial SE ADR (Netherlands)	12,239,794
		29,637,465

The accompanying notes are an integral part of these financial statements.

TABLE OF CONTENTS

DIREXION NASDAQ-100^® EQUAL WEIGHTED INDEX ETF

SCHEDULE OF INVESTMENTS

April 30, 2026 (Unaudited)(Continued)


Shares		Fair Value
	COMMON STOCKS — (Continued)
	Merchant Wholesalers, Durable Goods — 2.9%
333,183	Copart, Inc.^(a)	$11,031,689
250,193	Fastenal Co.	11,241,171
7,305	KLA-Tencor Corp.	12,786,307
		35,059,167
	Miscellaneous Manufacturing — 1.7%
163,528	DexCom, Inc.^(a)	9,738,092
22,908	Intuitive Surgical, Inc.^(a)	10,482,930
		20,221,022
	Motion Picture and Sound Recording Industries — 0.9%
119,239	Netflix, Inc.^(a)	11,161,963
	Motor Vehicle and Parts Dealers — 1.0%
125,411	O’Reilly Automotive, Inc.^(a)	12,465,853
	Oil and Gas Extraction — 1.0%
56,865	Diamondback Energy, Inc.	11,693,150
	Performing Arts, Spectator Sports, and Related Industries — 0.9%
54,603	Electronic Arts, Inc.	11,050,009
	Professional, Scientific, and Technical Services — 10.3%
24,745	AppLovin Corp.^(a)	11,044,931
176,384	Cognizant Technology Solutions Corp. Class A	9,330,714
18,971	IDEXX Laboratories, Inc.^(a)	10,638,937
124,542	Marvell Technology, Inc.	20,568,111
18,443	Meta Platforms, Inc.	11,285,456
72,663	Palantir Technologies, Inc.^(a)	10,108,150
118,296	Paychex, Inc.	10,957,758
54,568	Take-Two Interactive Software, Inc.^(a)	11,664,456
54,264	Verisk Analytics, Inc. Class A	10,011,165
80,524	Workday, Inc.^(a)	9,856,138
72,277	Zscaler, Inc.^(a)	9,445,158
		124,910,974
	Publishing Industries — 9.5%
44,118	Adobe, Inc.^(a)	10,857,440
44,147	Autodesk, Inc.^(a)	10,462,839
38,562	Cadence Design Systems, Inc.^(a)	12,709,650
26,765	CrowdStrike Holdings, Inc.^(a)	11,930,499
87,534	Datadog, Inc.^(a)	11,571,119
24,035	Intuit, Inc.	9,337,597
28,672	Microsoft Corp.	11,691,868
80,700	Strategy, Inc.^(a)(b)	13,351,815
26,051	Synopsys, Inc.^(a)	12,572,213
117,169	Thomson Reuters Corp. (Canada)^(b)	11,211,902
		115,696,942

The accompanying notes are an integral part of these financial statements.

TABLE OF CONTENTS

DIREXION NASDAQ-100^® EQUAL WEIGHTED INDEX ETF

SCHEDULE OF INVESTMENTS

April 30, 2026 (Unaudited)(Continued)


Shares		Fair Value
	COMMON STOCKS — (Continued)
	Rail Transportation — 1.1%
286,828	CSX Corp.	$13,030,596
	Telecommunications — 1.9%
248,768	PayPal Holdings, Inc.	12,473,228
52,514	T-Mobile US, Inc.	10,266,487
		22,739,715
	Transportation Equipment Manufacturing — 2.8%
49,425	Honeywell International, Inc.	10,593,260
98,407	Paccar, Inc.	11,690,752
29,755	Tesla, Inc.^(a)	11,355,401
		33,639,413
	Truck Transportation — 1.0%
59,530	Old Dominion Freight Line, Inc.	12,645,958
	Utilities — 3.9%
87,122	American Electric Power Co., Inc.	11,945,297
38,825	Constellation Energy Corp.	12,152,225
235,754	Exelon Corp.	10,842,326
142,610	Xcel Energy, Inc.	11,829,500
		46,769,348
	Web Search Portals, Libraries, Archives, and Other Information Services — 0.7%
255,204	CoStar Group, Inc.^(a)	8,832,610
	TOTAL COMMON STOCKS (Cost $1,154,889,211)	$1,215,117,063
	SHORT TERM INVESTMENTS — 0.1%
	Money Market Funds — 0.1%
903,793	Dreyfus Government Cash Management Institutional Shares, 3.53%^(c)(d)	$903,793
	TOTAL SHORT TERM INVESTMENTS (Cost $903,793)	$903,793
	TOTAL INVESTMENTS (Cost $1,155,793,004) — 100.1%	$1,216,020,856
	Liabilities in Excess of Other Assets — (0.1)%	(483,974)
	TOTAL NET ASSETS — 100.0%	$1,215,536,882

Percentages are stated as a percent of net assets.

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

(a)	Non-income producing security.

(b)	A portion of this security represents a security on loan.

(c)	Represents annualized seven-day yield at April 30, 2026.

(d)	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.

TABLE OF CONTENTS

DIREXION SHARES ETF TRUST

STATEMENTS OF ASSETS AND LIABILITIES

April 30, 2026 (Unaudited)


	Direxion Auspice Broad Commodity Strategy ETF (Consolidated)	Direxion HCM Tactical Enhanced US ETF	Direxion NASDAQ-100^® Equal Weighted Index ETF
ASSETS:
Investments, at fair value (including securities loaned*) (Note 2)	$256,832,356	$546,619,854	$1,216,020,856
Cash	1	4	8
Due from broker for futures contracts	2,218	—	—
Deposit at broker for futures contracts	8,769,692	—	—
Dividend and interest receivable	715,542	1,244,831	96,314
Due from broker for swap contracts	—	790	—
Variation margin receivable, net	1,091,907	—	—
Unrealized appreciation on swap contracts	—	19,725,124	—
Prepaid expenses and other assets	6,725	5,524	10,089
Total assets	267,418,441	567,596,127	1,216,127,267
LIABILITIES:
Collateral for securities loaned (Note 2)	—	—	4
Payable for Fund shares redeemed	—	—	1,095
Payable for investments purchased	—	2,337	—
Due to Adviser, net (Note 6)	50,028	265,359	198,685
Due to broker for swap contracts	—	16,110,000	—
Accrued operating services fees (Note 6)	42,017	—	48,799
Accrued expenses and other liabilities	96,922	141,790	341,802
Total liabilities	188,967	16,519,486	590,385
NET ASSETS	$267,229,474	$551,076,641	$1,215,536,882
Net Assets Consist of:
Capital stock	$230,514,204	$445,927,060	$1,189,322,233
Total distributable earnings	36,715,270	105,149,581	26,214,649
Net Assets	$267,229,474	$551,076,641	$1,215,536,882
CALCULATION OF NET ASSET VALUE PER SHARE:
Net assets	$267,229,474	$551,076,641	$1,215,536,882
Shares outstanding (unlimited shares of beneficial interest authorized, par value)	7,800,001	14,900,001	11,100,002
Net assets value, redemption price and offering price per share	$34.26	$36.99	$109.51
Cost of Investments	$256,832,356	$541,019,934	$1,155,793,004
*Value of securities loaned	$—	$—	$19,598,660

The accompanying notes are an integral part of these financial statements.

TABLE OF CONTENTS

Direxion Shares ETF Trust

Statements of Operations

For the Six Months Ended April 30, 2026 (Unaudited)


	Direxion Auspice Broad Commodity Strategy ETF (Consolidated)	Direxion HCM Tactical Enhanced US ETF	Direxion NASDAQ-100^® Equal Weighted Index ETF
INVESTMENT INCOME:
Dividend income	$—	$2,412,651	$6,018,434
Less: Foreign Withholding Tax	—	(309)	(39,486)
Interest income	3,396,677	3,399,746	26,205
Securities lending income	—	3,124	40,250
Total investment income	3,396,677	5,815,212	6,045,403
EXPENSES:
Investment advisory fees (Note 6)	476,824	2,928,220	1,767,584
Licensing fees	208,463	—	353,517
Operating services fees (Note 6)	190,729	—	294,597
Management service fees (Note 6)	46,215	135,114	285,470
Fund servicing fees	15,258	44,620	94,271
Professional fees	9,994	19,620	35,951
Reports to shareholders	7,066	20,577	43,498
Exchange listing fees	2,976	3,595	2,976
Pricing fees	1,984	1,984	1,984
Trustees’ fees and expenses	1,872	5,436	11,500
Insurance fees	1,179	3,434	7,258
Interest expense	—	613,542	—
Other	3,445	10,031	13,049
Total expenses	966,005	3,786,173	2,911,655
Recoupment of expenses to Adviser (Note 6)	—	34,466	—
Less: Reimbursement of expenses from Adviser (Note 6)	(298,452)	—	(849,474)
Net Expenses	667,553	3,820,639	2,062,181
Net investment income	2,729,124	1,994,573	3,983,222
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investment securities	—	103,550,236	(31,714,231)
In-kind redemptions	—	1,867,175	81,920,220
Swap contracts	—	43,339,330	—
Futures contracts	25,122,442	—	—
Net realized gain	25,122,442	148,756,741	50,205,989
Change in net unrealized appreciation (depreciation) on:
Investment securities	—	(118,126,068)	19,584,035
Swap contracts	—	(77,738,570)	—
Futures contracts	4,535,865	—	—
Change in net unrealized appreciation (depreciation)	4,535,865	(195,864,638)	19,584,035
Net realized and unrealized gain (loss)	29,658,307	(47,107,897)	69,790,024
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$32,387,431	$(45,113,324)	$73,773,246

The accompanying notes are an integral part of these financial statements.

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Direxion Shares ETF Trust

Statements of Changes in Net Assets


	Direxion Auspice Broad Commodity Strategy ETF (Consolidated)		Direxion HCM Tactical Enhanced US ETF		Direxion NASDAQ-100^® Equal Weighted Index ETF
	Six Months Ended April 30, 2026 (Unaudited)	Year Ended October 31, 2025	Six Months Ended April 30, 2026 (Unaudited)	Year Ended October 31, 2025	Six Months Ended April 30, 2026 (Unaudited)	Year Ended October 31, 2025
OPERATIONS:
Net investment income	$2,729,124	$7,745,417	$1,994,573	$2,682,342	$3,983,222	$7,998,870
Net realized gain (loss)	25,122,442	(5,354,269)	148,756,741	(42,880,577)	50,205,989	108,727,350
Change in net unrealized appreciation (depreciation)	4,535,865	2,802,691	(195,864,638)	144,715,578	19,584,035	64,712,516
Net increase (decrease) in net assets resulting from operations	32,387,431	5,193,839	(45,113,324)	104,517,343	73,773,246	181,438,736
DISTRIBUTIONS TO SHAREHOLDERS:
Net distributions to shareholders	(1,993,866)	(6,543,941)	(953,910)	(11,640,657)	(3,979,249)	(7,885,778)
Return of capital	—	(577,294)	—	(206,355)	—	—
Total distributions	(1,993,866)	(7,121,235)	(953,910)	(11,847,012)	(3,979,249)	(7,885,778)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold	109,716,398	27,205,591	32,518,479	151,225,043	432,181,807	788,064,129
Cost of shares redeemed	(47,855,130)	(122,186,474)	(38,051,522)	(29,867,224)	(463,083,508)	(1,063,159,297)
Transaction fees (Note 4)	20,542	27,158	10,835	15,214	—	4,394
Net increase (decrease) in net assets resulting from capital transactions	61,881,810	(94,953,725)	(5,522,208)	121,373,033	(30,901,701)	(275,090,774)
Total increase (decrease) in net assets	92,275,375	(96,881,121)	(51,589,442)	214,043,364	38,892,296	(101,537,816)
NET ASSETS:
Beginning of year/period	174,954,099	271,835,220	602,666,083	388,622,719	1,176,644,586	1,278,182,402
End of year/period	$267,229,474	$174,954,099	$551,076,641	$602,666,083	$1,215,536,882	$1,176,644,586
CHANGES IN SHARES OUTSTANDING
Shares outstanding, beginning of year/period	6,000,001	9,350,001	15,050,001	11,300,001	11,350,002	14,350,002
Shares sold	3,300,000	950,000	875,000	4,650,000	4,250,000	8,350,000
Shares repurchased	(1,500,000)	(4,300,000)	(1,025,000)	(900,000)	(4,500,000)	(11,350,000)
Shares outstanding, end of year/period	7,800,001	6,000,001	14,900,001	15,050,001	11,100,002	11,350,002

The accompanying notes are an integral part of these financial statements.

TABLE OF CONTENTS

DIREXION SHARES ETF TRUST

Financial Highlights

April 30, 2026


												Ratios to Average Net Assets5
	Net Asset Value, Beginning of Year/ Period	Net Investment Income (Loss)1	Net Realized and Unrealized Gain (Loss) on Investments3	Net Increase (Decrease) in Net Asset Value Resulting from Operations	Dividends from Net Investment Income	Distributions from Realized Capital Gains	Distributions from Return of Capital	Total Distributions	Net Asset Value, End of Year/ Period	Total Return4	Net Assets, End of Year/ Period (000’s omitted)	Net Expenses	Total Expenses	Net Investment Income (Loss) after Expense Reimbursement	Net Expenses2	Total Expenses2	Net Investment Income (Loss) after Expense Reimbursement2	Portfolio Turnover Rate7
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)
For the Six Months Ended April 30, 2026 (Unaudited)	$29.16	$0.44	$4.98	$5.42	($0.32)	$—	$—	$(0.32)	$34.26	18.66%	$267,229	0.70%	1.01%	2.86%	0.70%	1.01%	2.86%	0%
For the Year Ended October 31, 2025	29.07	1.00	0.02	1.02	(0.85)	—	(0.08)	(0.93)	29.16	3.62%	174,954	0.70%	0.70%	3.48%	0.70%	0.70%	3.48%	0%
For the Year Ended October 31, 2024	29.16	1.24	(0.20)	1.04	(1.11)	—	(0.02)	(1.13)	29.07	3.71%	271,835	0.70%	0.70%	4.33%	0.70%	0.70%	4.33%	0%
For the Year Ended October 31, 2023	29.88	1.15	(0.15)	1.00	(1.68)	—	(0.04)	(1.72)	29.16	3.33%	290,158	0.70%	0.70%	3.84%	0.70%	0.70%	3.84%	0%
For the Year Ended October 31, 2022	32.70	0.01	1.85	1.86	(4.68)	—	—	(4.68)	29.88	6.21%	297,288	0.87%	0.87%	0.03%	0.70%	0.70%	0.20%	0%
For the Year Ended October 31, 2021	23.13	(0.20)	9.77	9.57	—	—	—	—	32.70	41.37%	253,431	0.70%	0.70%	(0.67)%	0.70%	0.70%	(0.67)%	0%
Direxion HCM Tactical Enhanced US ETF
For the Six Months Ended April 30, 2026 (Unaudited)	40.04	0.13	(3.12)	(2.99)	(0.06)	—	—	(0.06)	36.99	−7.47%	551,077	1.37%6	1.36%	0.72%	1.15%6	1.14%	0.94%	69%
For the Year Ended October 31, 2025	34.39	0.20	6.42	6.62	(0.20)	(0.75)	(0.02)	(0.97)	40.04	19.49%	602,666	1.32%6	1.31%	0.58%	1.15%6	1.14%	0.75%	36%
For the Year Ended October 31, 2024	23.25	0.28	11.14	11.42	(0.28)	—	—	(0.28)	34.39	49.31%	388,623	1.32%6	1.31%	0.90%	1.15%6	1.14%	1.07%	191%
For the Period June 22, 20238 through October 31, 2023	25.00	0.11	(1.80)	(1.69)	(0.06)	—	—	(0.06)	23.25	−6.77%	155,776	1.20%6	2.05%	1.20%	1.15%6	2.00%	1.25%	24%
Direxion NASDAQ-100® Equal Weighted Index ETF
For the Six Months Ended April 30, 2026 (Unaudited)	103.67	0.34	5.84	6.18	(0.34)	—	—	(0.34)	109.51	5.99%	1,215,537	0.35%	0.49%	0.68%	0.35%	0.49%	0.68%	20%
For the Year Ended October 31, 2025	89.07	0.60	14.59	15.19	(0.59)	—	—	(0.59)	103.67	17.12%	1,176,645	0.35%	0.35%	0.64%	0.35%	0.35%	0.64%	33%
For the Year Ended October 31, 2024	71.30	0.76	17.79	18.55	(0.78)	—	—	(0.78)	89.07	26.04%	1,278,182	0.35%	0.35%	0.88%	0.35%	0.35%	0.88%	34%
For the Year Ended October 31, 2023	63.90	0.63	7.45	8.08	(0.68)	—	—	(0.68)	71.30	12.66%	791,471	0.35%	0.35%	0.87%	0.35%	0.35%	0.87%	30%
For the Year Ended October 31, 2022	87.33	0.53	(20.59)	(20.06)	(0.50)	(2.87)	—	(3.37)	63.90	−23.78%	699,676	0.35%	0.35%	0.75%	0.35%	0.35%	0.75%	34%
For the Year Ended October 31, 2021	63.03	0.39	24.33	24.72	(0.39)	(0.03)	—	(0.42)	87.33	39.30%	432,264	0.35%	0.35%	0.49%	0.35%	0.35%	0.49%	30%

1	Net investment income (loss) per share represents net investment income divided by the daily average shares of beneficial interest outstanding throughout each period.

2	Excludes interest expense and extraordinary expenses which comprise of tax and litigation expenses.

3	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.

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.

5	For periods less than a year, these ratios are annualized.

6	Net expenses include effects of any reimbursement/waiver or recoupment.

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.

8	Commencement of operations.

The accompanying notes are an integral part of these financial statements.

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Direxion Shares ETF Trust

Notes to the Financial Statements

April 30, 2026 (Unaudited)

1. ORGANIZATION

The Direxion Shares ETF Trust (the “Trust”) is a Delaware statutory trust formed on April 23, 2008 and is registered with the Securities and Exchange Commission (“SEC”) as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust is a registered investment company that has 121 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^® Equal Weighted Index ETF*

*	Effective February 27, 2026, Direxion NASDAQ-100® Equal Weighted Index Shares changed its name to Direxion NASDAQ-100® Equal Weighted Index ETF.

The Trust has evaluated the structure, objective and activities of the Funds and determined that they meet the characteristics of an investment company. As such, these financial statements have applied the guidance as set forth in the Accounting Standards Codifications (“ASC”) 946, “Financial Services-Investment Companies”.

Rafferty Asset Management, LLC (“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^® Equal Weighted Index ETF			NASDAQ-100^® 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^® 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”).

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

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Direxion Shares ETF Trust

Notes to the Financial Statements

April 30, 2026 (Unaudited)(Continued)

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^® 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 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.

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

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Direxion Shares ETF Trust

Notes to the Financial Statements

April 30, 2026 (Unaudited)(Continued)

in the financial statements, and (ii) instruments and transactions subject to an agreement similar to a master netting agreement. ASU 2013-01 is limited in scope to recognized derivative instruments accounted for under ASC 815, “Derivatives and Hedging”, to the extent they are offset in the financial statements or subject to an enforceable master netting arrangement of similar agreement.

In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives, including swap contracts, and typically contains, among other things, collateral posting terms, netting and rights of set-off provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and receivables to create a single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

Collateral requirements generally differ by type of derivative. Collateral terms are contract specific for OTC derivatives (e.g. swaps). Generally, for transactions traded under an ISDA Master Agreement, the collateral requirements are calculated by netting the marked-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty. Generally, the amount of collateral due from or to the counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to a Fund from its derivative counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. Interest earned on collateral pledged to a counterparty is presented as part of Interest income on the Statements of Operations. Interest incurred on collateral received from a counterparty is presented as Interest expense on the Statements of Operations.

For financial reporting purposes, HCM elects to not offset assets and liabilities subject to an ISDA Master Agreement, if any, in the Statements of Assets and Liabilities. Therefore, all qualifying transactions are presented on a gross basis in the Statements of Assets and Liabilities.

In the event of the counterparty’s default, bankruptcy or any other event for which the counterparty cannot meet its obligations, a Fund bears the risk of loss equal to the amount of the daily appreciation owed to the Fund. This obligation represents the daily gain accrued to the Fund from the close of business day prior to this event to the day on which this event occurs and the counterparty can no longer meet its obligations. A Fund will enter into swap agreements only with large, well-capitalized and established financial institutions. The creditworthiness of each of the firms that is a party to a swap agreement is monitored by the Adviser. Shareholders may obtain swap counterparty financial statements at www.sec.gov. Swap contracts are subject to credit risk. Credit risk occurs when the financial condition of an issuer of a security or instrument may cause it to default or become unable to pay interest or principal due on the security. The counterparty to a swap contract might default on its obligations. In addition, the Funds have agreements with certain counterparties with which it trades swap contracts that contain credit risk-related contingent features that could be triggered subject to certain circumstances. Such circumstances include agreed upon net asset value and performance-based thresholds. The maximum exposure to the Funds in regard to potential counterparty default and credit-risk related contingent features at April 30, 2026, 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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Direxion Shares ETF Trust

Notes to the Financial Statements

April 30, 2026 (Unaudited)(Continued)

Description: Swap Contract

Counterparty: Barclays

Assets:

Liabilities:

Gross Amounts not

offset in the Statement

of Asset and Liabilities

Gross Amounts not

offset in the Statement

of Asset and Liabilities

Fund Name

Gross

Amounts of

Recognized

Assets

Financial

Instruments

Collateral

Received

Net

Amount²

Gross

Amounts of

Recognized

Liabilities

Financial

Instruments

Collateral

Pledged

Net

Amount

Direxion HCM Tactical Enhanced US ETF

$12,008,956

$—

$8,740,000

$3,268,956

$—

1	The amount of collateral shown has been limited such that the net amount cannot be less than zero.

2	The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

Description: Swap Contract

Counterparty: Goldman Sachs

Assets:

Liabilities:

Gross Amounts not

offset in the Statement

of Asset and Liabilities

Gross Amounts not

offset in the Statement

of Asset and Liabilities

Fund Name

Gross

Amounts of

Recognized

Assets

Financial

Instruments

Collateral

Received

Net

Amount²

Gross

Amounts of

Recognized

Liabilities

Financial

Instruments

Collateral

Pledged

Net

Amount

Direxion HCM Tactical Enhanced US ETF

$7,716,167

$—

$7,370,000

$346,167

$—

1	The amount of collateral shown has been limited such that the net amount cannot be less than zero.

2	The amount shown is the maximum credit exposure of the Fund for the corresponding counterparty.

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 April 30, 2026.

d) Risks of Futures Contracts, Options on Futures Contracts and Short Positions – The risks inherent in the use of options, futures contracts, options on futures contracts and short positions include 1) adverse changes in the fair value of such instruments; 2) imperfect correlation between the price of options and futures contracts and options thereon and movements in the price of the underlying securities, index or futures contracts; 3) the possible absence of a liquid secondary market for any particular instrument at any time; 4) the possible need to defer closing out certain positions to avoid adverse tax consequences; and 5) the possible non-performance by the counterparty under the terms of the contract. The Funds designate cash, cash equivalents and liquid securities as collateral for written options, futures contracts, options on futures contracts and short positions. The Funds were not invested in any type of options during the period ended April 30, 2026.

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e) Basis for Consolidation – The Direxion Auspice Broad Commodity Strategy ETF may invest up to 25% of its total assets in the BCS Fund. The BCS Fund, which is organized under the laws of the Cayman Islands, is wholly-owned and controlled by the Direxion Auspice Broad Commodity Strategy ETF. The BCS Fund acts as an investment vehicle to facilitate entering into certain investments for the Direxion Auspice Broad Commodity Strategy ETF consistent with the Fund’s investment objectives and policies specified in its prospectus and statement of additional information and within the limitation of the U.S. federal tax requirements applicable to regulated investment companies. As of April 30, 2026, the net assets of the Direxion Auspice Broad Commodity Strategy ETF were $267,229,474 of which $43,427,970, or approximately 16.3%, 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.

f) Risks of Investing Commodity-Linked Derivatives – The Direxion Auspice Broad Commodity Strategy ETF, through its investment in its respective subsidiary, may hold commodity-linked derivatives. Commodity-linked derivatives provide exposure, which may include long and/or short exposure, to the investment returns of physical commodities that trade in the commodities markets without investing directly in physical commodities. The value of a commodity-linked derivative investment typically is based upon the price movements of a physical commodity (such as heating oil, precious metals, livestock, or agricultural products), a commodity futures contract or commodity index, or some other readily measurable economic variable. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, volatility of the underlying benchmark, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. The value of commodity-linked derivatives will rise or fall in response to changes in the underlying commodity or related index. Investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based investments. A highly liquid secondary market may not exist for certain commodity-linked derivatives, and there can be no assurance that one will develop. The Direxion Auspice Broad Commodity Strategy ETF held commodity-linked derivatives during the period ended April 30, 2026.

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.

h) Securities Lending – Each Fund may lend up to 33¹∕3% of the value of the securities in their portfolios to approved brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, cash equivalents, or securities issued or guaranteed by the U.S. government. The collateral received by each Fund is required to have a value of at least 102% of the current value of the loaned securities. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. Government securities held as collateral, net of fee rebates paid to borrower and net of fees paid to the lending agent. The amount of fees depends on a number of factors including the security type and the length of the loan. In addition, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions. No more than 99% of the value of any security may be on loan at any time.

As of April 30, 2026, 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

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the securities lending agent. Furthermore, the Funds require the value of the securities loaned to be computed daily at the close of the market and additional collateral be furnished, if required.

As of April 30, 2026, 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 of Securities Loaned	Cash Collateral Received	Non-Cash Collateral Received	Total Collateral Received
Direxion NASDAQ-100^® Equal Weighted Index ETF	$19,598,660	$4	$20,045,089	$20,045,093

i) Federal Income Taxes – Each Fund intends to make the requisite distributions of income and capital gains to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as a regulated investment company. Therefore, no provision for U.S. Federal income tax has been made by the Funds.

The Funds may be subject to a nondeductible 4% U.S. excise tax calculated as a percentage of certain undistributed amounts of net investment income and net capital gains. No Funds paid this excise tax during the period ended April 30, 2026.

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.

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.

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.

m) Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

3. INCOME TAX AND DISTRIBUTION INFORMATION

The tax character of distributions paid during the periods ended April 30, 2026 and October 31, 2025 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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Notes to the Financial Statements

April 30, 2026 (Unaudited)(Continued)


	Period Ended April 30, 2026 (Unaudited)			Year Ended October 31, 2025
	Distributions Paid From:			Distributions Paid From:
Funds	Ordinary Income	Long Term Capital Gains	Return of Capital	Ordinary Income	Long Term Capital Gains	Return of Capital
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)	$1,993,866	$ —	$ —	$6,543,941	$ —	$577,294
Direxion HCM Tactical Enhanced US ETF	953,910	—	—	11,640,657	—	206,355
Direxion NASDAQ-100^® Equal Weighted Index ETF	3,979,249	—	—	7,885,778	—	—

At October 31, 2025, the components of accumulated earnings/(losses) on a tax-basis were as follows:


Funds	Net Unrealized Appreciation (Depreciation)	Undistributed Ordinary Income	Undistributed Capital Gain	Other Accumulated Earnings (Losses)¹	Total Accumulated Earnings (Losses)
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)	$6,324,163	$ —	$ —	$(2,458)	$6,321,705
Direxion HCM Tactical Enhanced US ETF	178,091,589	—	—	(26,874,774)	151,216,815
Direxion NASDAQ-100^® Equal Weighted Index ETF	19,233,291	240,941	—	(63,053,580)	(43,579,348)

1	Other Accumulated Earnings (Losses) consist of capital loss carryover and organizational costs.

At April 30, 2026, the aggregate gross unrealized appreciation and depreciation of investments for U.S. Federal income tax purposes were as follows:


Funds	Tax Cost of Investments	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)	$256,832,356	$—	$—	$—
Direxion HCM Tactical Enhanced US ETF	541,019,934	8,944,199	(3,344,279)	5,599,920
Direxion NASDAQ-100^® Equal Weighted Index ETF	1,155,793,004	194,774,489	(134,546,637)	60,227,852

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.

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Notes to the Financial Statements

April 30, 2026 (Unaudited)(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 Current Year	Unlimited ST	Unlimited LT
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)	$ —	$—	$—
Direxion HCM Tactical Enhanced US ETF	—	(25,723,396)	(1,151,378)
Direxion NASDAQ-100^® Equal Weighted Index ETF	—	(7,108,874)	(55,944,706)

The Funds follow authoritative financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. Management has reviewed all open tax years and concluded that there is no effect to the Funds’ financial positions or results of operations and no tax liability was required to be recorded resulting from unrecognized tax benefits relating to uncertain income tax position taken or expected to be taken on a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During this period, the Funds did not incur any interest or penalties. Open tax years are those years that are open for examination by the relevant income taxing authority. As of April 30, 2026, open U.S. Federal and state income tax years include the tax years ended October 31, 2023 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 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^® Equal Weighted Index ETF			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 April 30, 2026, is included in Receivable for Fund shares sold on the Statements of Assets and Liabilities.

5. INVESTMENT TRANSACTIONS

The table below presents each Fund’s investment transactions during the period ended April 30, 2026. 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

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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 In-Kind	Sales In-Kind
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)	$—	$—	$—	$—
Direxion HCM Tactical Enhanced US ETF	249,984,144	513,757,496	20,327,053	4,643,058
Direxion NASDAQ-100^® Equal Weighted Index ETF	275,697,568	275,040,401	432,109,043	463,059,723

There were no purchases or sales of long-term U.S. Government securities in the Funds during the period ended April 30, 2026.

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^® Equal Weighted Index ETF			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.


			Potential Recoupment Amounts Expiring:				Total Potential
	Expenses Recouped	Expenses Reimbursed	October 31, 2026	October 31, 2027	October 31, 2028	April 30, 2029	Recoupment Amount
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)	$—	$298,452	$—	$ —	$—	$298,452	$298,452
Direxion HCM Tactical Enhanced US ETF	34,466	—	367,254	—	8,419	—	375,673
Direxion NASDAQ-100^® Equal Weighted Index ETF	—	849,474	—	—	—	849,474	849,474

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Notes to the Financial Statements

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The net amounts receivable (payable) arising from the Investment Advisory Agreement, Management Services Agreement and waiver of any expenses as of April 30, 2026, 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^® Equal Weighted Index ETF			0.05%

The Adviser and Subadviser have entered into a sub-advisory agreement effective through September 1, 2026. 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.

7. FAIR VALUE MEASUREMENTS

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

Level 1 –

Quoted prices in active markets for identical securities

Level 2 –

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

Level 3 –

Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

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

The following is a summary of the inputs used to value the Funds’ investments at April 30, 2026:


	Asset Class
	Level 1			Level 2
Funds	Common Stocks	Short Term Investments	Futures Contracts*	Total Return Swap Contracts*
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)	$—	$256,832,356	$10,860,028	$—
Direxion HCM Tactical Enhanced US ETF	219,370,112	327,249,742	—	19,725,124
Direxion NASDAQ-100^® Equal Weighted Index ETF	1,215,117,063	903,793	—	—

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

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separately from transfers in) as well as the reason(s) for the transfers and c) purchases and sales on a gross basis in the Level 3 rollforward rather than as one net number. Additionally, reporting entities are required to disclose quantitative information about unobservable inputs used in the fair value measurements categorized within Level 3 of the fair value hierarchy.

There were no Level 3 securities held by the Funds or any transfers between levels during the period ended April 30, 2026.

8. VALUATION OF DERIVATIVE INSTRUMENTS

The Funds follow authoritative standards of accounting for derivative instruments, which establish disclosure requirements for derivative instruments. These standards improve financial reporting for derivative instruments by requiring enhanced disclosures that enable investors to understand how and why a fund uses derivative instruments, how derivative instruments are accounted for and how derivative instruments affect a fund’s financial position and results of operations.

Certain Funds use derivative instruments as part of their principal investment strategy to achieve their investment objective. For additional discussion on the risks associated with derivative instruments refer to Note 2. As of April 30, 2026, certain Funds were invested in futures contracts. At April 30, 2026, the fair values of derivative instruments, by primary risk, were as follows:

Swap Contracts

Futures Contracts*

1	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 April 30, 2026, by primary risk, were as follows:


		Net Realized Gain (Loss)¹		Net Unrealized Appreciation (Depreciation)²
Funds		Equity Risk	Commodity Risk	Equity Risk	Commodity Risk
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)	Futures Contracts	$—	$25,122,442	$—	$4,535,865
Direxion HCM Tactical Enhanced US ETF	Swap Contracts	43,339,330	—	(77,738,570)	—

1	Statements of Operations location: Net realized gain (loss) on swap and futures contracts.

2	Statements of Operations location: Change in net unrealized appreciation (depreciation) on swap and futures contracts.

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Notes to the Financial Statements

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For the period ended April 30, 2026, the volume of the derivatives held by the Funds was as follows:


	Quarterly Average Gross Notional Amounts
	Long Futures Contracts	Long Total Return Swap Contracts
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)	$131,731,804	$—
Direxion HCM Tactical Enhanced US ETF	—	539,490,418
Direxion NASDAQ-100^® Equal Weighted Index ETF	—	—

The Funds utilize this volume of derivatives in order to meet the investment objectives of each respective Fund.

9. PRINCIPAL RISKS

Below are some of the principal risks of investing in the Funds. Please refer to the Funds’ prospectus for a full discussion.

Counterparty Risk – A Fund will be subject to credit risk with respect to the amount it expects to receive from counterparties to financial instruments entered into by the Fund. The Funds’ counterparties are generally required to post collateral to the Funds to the extent of the Funds’ daily exposure to such counterparties. However, to the extent any such collateral is insufficient, the Funds will be exposed to counterparty risk as described in this paragraph. In addition, there may be a delay associated with realization by the Funds of the collateral posted by such counterparties in the event of counterparty default or bankruptcy. A Fund may be negatively impacted if a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties. A Fund may experience significant delays in obtaining any recovery in bankruptcy or other reorganization proceeding, and a Fund may obtain only limited recovery or may obtain no recovery in such circumstances.

Sector Concentration Risk – The risk of concentrating investments in a limited number of issuers in a particular industry is that a Fund will be more susceptible to the risks associated with that industry than a Fund that does not concentrate its investments.

Daily Index Correlation/Tracking Risk – A number of factors may affect a Fund’s ability to achieve a high degree of correlation with its benchmark, and there can be no guarantee that a Fund will achieve a high degree of correlation. A failure to achieve a high degree of correlation may prevent a Fund from achieving its investment objective. A number of factors may adversely affect a Fund’s correlation with its benchmark, including fees, expenses, transaction costs, costs associated with the use of leveraged investment techniques, income items, accounting standards, and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. A Fund may not have investment exposure to all securities in its underlying benchmark index, or its weighting of investment exposure to such stocks or industries may be different from that of the index. In addition, a Fund may invest in securities or financial instruments not included in the index underlying its benchmark. A Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to its benchmark. Activities surrounding annual index reconstitutions and other index rebalancing or reconstitution events may hinder the Funds’ ability to meet their daily investment objective on that day. Each Fund seeks to rebalance its portfolio daily to keep leverage consistent with its daily investment objective.

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:

•

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

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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.

•

Futures Contracts. Futures contracts are typically exchange-traded contracts that call for the future delivery of an asset at a certain price and date, or cash settlement of the terms of the contract. There may be an imperfect correlation between the changes in market value of the securities held by the Fund and the prices of futures contracts. Futures contracts are subject to liquidity risks; there may not be a liquid secondary market for the futures contracts and the Fund may not be able to enter into a closing transaction. Exchanges may also limit the number of positions that can be held or controlled by the Fund or the Adviser, thus limiting the ability of the Fund to implement its leveraged investment strategy. Futures markets are highly volatile and the use of futures may increase the Fund’s volatility. Futures contracts are also subject to leverage risk.

Liquidity Risk – In certain circumstances, such as the disruption of the orderly markets for the securities or financial instruments in which a Fund invests, a Fund might not be able to dispose of certain holdings quickly or at prices that represent fair market value in the judgment of the Adviser. Additionally, certain counterparties may have the ability to demand repayment at any time, thereby exposing the Fund to the risk that it may be required to liquidate investments at an inopportune time. This may prevent a Fund from limiting losses, realizing gains or from achieving a high correlation or inverse correlation with its underlying index.

10. SUBSEQUENT EVENTS

Management has performed an evaluation of subsequent events through the date of the financial statements were issued and has determined that no items require recognition or disclosure besides those noted below.

On June 22, 2026, certain Funds declared income distributions with an ex-date of June 23, 2026 and payable date of June 30, 2026. The specific Funds and per share amounts of the distributions are listed below.


Funds			Per Share Income Distribution
Direxion Auspice Broad Commodity Strategy ETF (Consolidated)			$0.27033
Direxion HCM Tactical Enhanced US ETF			0.12843
Direxion NASDAQ-100^® Equal Weighted Index ETF			0.18946

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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 US ETF	29.23%	29.23%	0.00%	74.83%
Direxion NASDAQ-100^® Equal Weighted Index ETF	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 April 30, 2026, is available without charge, upon request, by calling 1-800-850-0511 or by accessing the website of the SEC.


Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
Direxion Auspice Broad Commodity Strategy ETF	$38	0.70%


Net Assets	$267,229,474
Number of Holdings	2
Net Advisory Fee	$178,372
Portfolio Turnover	0%


Market Exposure	(%)
Futures Contracts	74.0%
Total (as % of net assets)	74.0%


Security Type	(%)
Short-Term Investments and Other Assets	95.9%
Futures Contracts	4.1%


Net Assets	$551,076,641
Number of Holdings	508
Net Advisory Fee	$2,962,686
Portfolio Turnover	69%


	Direxion Auspice Broad Commodity Strategy ETF
	COM (Principal U.S. Listing Exchange: NYSE Arca, Inc.)
	Semi-Annual Shareholder Report \| April 30, 2026


Top Holdings	(%)
Dreyfus Government Cash Management Institutional Shares	96.1%
Cotton No.2 December 2026 Futures	2.0%
Soybean November 2026 Futures	0.6%
Wheat July 2026 Futures	0.6%
NY Harbor ULSD May 2026 Futures	0.5%
Gasoline RBOB September 2026 Futures	0.4%
Corn September 2026 Futures	0.3%
WTI Crude October 2026 Futures	0.2%
Silver July 2026 Futures	0.0%
Copper September 2026 Futures	0.0%
Gold June 2026 Futures	0.0%


	Direxion HCM Tactical Enhanced US ETF
	HCMT (Principal U.S. Listing Exchange: NYSE Arca, Inc.)
	Semi-Annual Shareholder Report \| April 30, 2026


Market Exposure	(%)
Total Return Swap Contracts	90.0%
Common Stocks	39.8%
Total (as % of net assets)	129.8%


	Direxion NASDAQ-100® Equal Weighted Index ETF
	QQQE (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC)
	Semi-Annual Shareholder Report \| April 30, 2026


Index Composition	(%)
Information Technology	44.2%
Industrials	12.0%
Consumer Discretionary	10.9%
Health Care	8.6%
Communication Services	8.1%
Consumer Staples	7.7%
Utilities	3.9%
Energy	2.0%
Financials	1.0%
Materials	0.9%
Real Estate	0.7%


Top 10 Constituents of Index	(%)
Intel Corp.	1.9%
Marvell Technology, Inc.	1.7%
Advanced Micro Devices, Inc.	1.6%
Seagate Technology Holdings PLC ADR	1.5%
ARM Holdings PLC ADR	1.4%
NXP Semiconductors NV ADR	1.4%
Monolithic Power Systems, Inc.	1.4%
Texas Instruments, Inc.	1.4%
Western Digital Corp.	1.3%
Microchip Technology, Inc.	1.3%


	Direxion Daily AAPL Bear 1X ETF
	AAPD (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC)
	Semi-Annual Shareholder Report \| April 30, 2026


Net Assets	$18,607,380
Number of Holdings	9
Net Advisory Fee	$76,672
Portfolio Turnover	0%


	Direxion Daily AAPL Bull 2X ETF
	AAPU (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC)
	Semi-Annual Shareholder Report \| April 30, 2026


Net Assets	$205,313,381
Number of Holdings	11
Net Advisory Fee	$634,151
Portfolio Turnover	0%


	Direxion Daily ADBE Bull 2X ETF
	ADBU (Principal U.S. Listing Exchange: NYSE Arca, Inc.)
	Semi-Annual Shareholder Report \| April 30, 2026


Fund Name	Costs of a $10,000 investment*	Costs paid as a percentage of a $10,000 investment**
Direxion Daily ADBE Bull 2X ETF	$10	0.95%


Net Assets	$3,860,923
Number of Holdings	7
Net Advisory Fee	$53
Portfolio Turnover	0%


	Direxion Daily AI and Big Data Bear 2X ETF
	AIBD (Principal U.S. Listing Exchange: NYSE Arca, Inc.)
	Semi-Annual Shareholder Report \| April 30, 2026


Net Assets	$4,544,322
Number of Holdings	5
Net Advisory Fee	$10,119
Portfolio Turnover	0%


Index Composition	(%)
Semiconductors & Semiconductor Equipment	30.5%
Software	21.0%
Interactive Media & Services	15.3%
Technology Hardware, Storage & Peripherals	11.8%
IT Services	10.9%
Broadline Retail	7.8%
Communications Equipment	1.5%
Life Sciences Tools & Services	1.1%
Professional Services	0.1%


	Direxion Daily AI and Big Data Bull 2X ETF
	AIBU (Principal U.S. Listing Exchange: NYSE Arca, Inc.)
	Semi-Annual Shareholder Report \| April 30, 2026


Net Assets	$27,087,382
Number of Holdings	38
Net Advisory Fee	$114,244
Portfolio Turnover	39%


	Direxion Daily AMD Bear 1X ETF
	AMDD (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC)
	Semi-Annual Shareholder Report \| April 30, 2026


Net Assets	$22,313,272
Number of Holdings	9
Net Advisory Fee	$47,320
Portfolio Turnover	0%


	Direxion Daily AMD Bull 2X ETF
	AMUU (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC)
	Semi-Annual Shareholder Report \| April 30, 2026


Net Assets	$74,171,760
Number of Holdings	11
Net Advisory Fee	$165,909
Portfolio Turnover	0%


	Direxion Daily AMZN Bear 1X ETF
	AMZD (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC)
	Semi-Annual Shareholder Report \| April 30, 2026


Net Assets	$14,630,876
Number of Holdings	6
Net Advisory Fee	$26,852
Portfolio Turnover	0%


	Direxion Daily AMZN Bull 2X ETF
	AMZU (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC)
	Semi-Annual Shareholder Report \| April 30, 2026


Net Assets	$427,876,300
Number of Holdings	9
Net Advisory Fee	$1,240,563
Portfolio Turnover	0%


	Direxion Daily ASML Bull 2X ETF
	ASMU (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC)
	Semi-Annual Shareholder Report \| April 30, 2026


Net Assets	$6,648,724
Number of Holdings	9
Net Advisory Fee	$3,216
Portfolio Turnover	0%


	Direxion Daily AVGO Bear 1X ETF
	AVS (Principal U.S. Listing Exchange: The Nasdaq Stock Market LLC)
	Semi-Annual Shareholder Report \| April 30, 2026