ACCOUNTING FOR DERIVATIVE INSTRUMENTS (Tables)

9 Months Ended

Mar. 31, 2015

At March 31, 2015 and June 30, 2014, the fair value of derivatives instruments, by primary risk, were as follows:

Asset derivatives¹


	Commodity risk
	March 31, 2015		June 30, 2014
Direxion Daily Gold Bull 3X Shares
Futures contracts*	$	—	$	335,499

Liability derivatives²


	Commodity risk
	March 31, 2015		June 30, 2014
Direxion Daily Gold Bull 3X Shares
Futures contracts*	$	83,051	$	—

Direxion Daily Gold Bear 3X Shares³
Futures contracts*		N/A	$	369,178

¹	Statement of Financial Condition location: Variation margin receivable.

²	Statement of Financial Condition location: Variation margin payable.

³	The Direxion Daily Gold Bear 3X Shares ceased trading and began liquidating its assets on December 26, 2014.

*	Cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin, if any, is reported within the Statement of Financial Condition.

Transactions in derivative instruments during the quarter ended March 31, 2015, by primary risk, were as follows:

¹	Statement of Income and Expenses location: Net realized gain (loss) on futures.

²	Statement of Income and Expense location: Change in net unrealized appreciation (depreciation) on futures.

For the quarter ended March 31, 2015, the average volume of the derivatives held by the Funds were as follows:


	Quarterly Average Gross Notional Amount
	Long Futures Contracts		Short Futures Contracts
Direxion Daily Gold Bull 3X Shares	$	9,559,500	$	—

For the period ended June 30, 2014, the average volume of the derivatives held by the Funds were as follows:


	Quarterly Average Gross Notional Amount
	Long Futures Contracts		Short Futures Contracts
Direxion Daily Gold Bull 3X Shares¹	$	5,993,974	$	—
Direxion Daily Gold Bear 3X Shares¹		—		5,422,651

¹	Commenced operations April 10, 2014.

Direxion
Daily Gold
Bull 3X
Shares

Commodity Risk

Net Realized gain (loss)¹

Futures contracts

Change in net unrealized appreciation (depreciation)²

Futures contracts

Direxion Shares ETF Trust II 10-Q