As filed with the Securities and Exchange Commission on June 27, 2022

1933 Act File No. 333-150525

1940 Act File No. 811-22201

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

and/or

(Check appropriate box or boxes.)

DIREXION SHARES ETF TRUST

(Exact name of Registrant as Specified in Charter)

1301 Avenueof the Americas (6^th Avenue), 28^th Floor

New York, New York 10019

(Address of Principal Executive Office) (Zip Code)

Registrant’s Telephone Number, including Area Code: (646) 572-3390

Daniel D. O’Neill

1301 Avenue of the Americas (6^th Avenue), 28th Floor

New York, New York 10019

(Name and Address of Agent for Service)

Copy to:

It is proposed that this filing will become effective (check appropriate box)

If appropriate, check the following box:

EXPLANATORY NOTE

Designation of New Effective Date for Previously Filed Amendment

Post-Effective Amendment No. 328 (the “Amendment”) was filed pursuant to Rule 485(a)(2) under the Securities Act of 1933, as amended, on February 17, 2022, and pursuant to Rule 485(a)(2) would become effective on May 3, 2022.

Post-Effective Amendment No. 338 was filed pursuant to Rule 485(b)(1)(iii) for the sole purpose of designating May 23, 2022 as the new date uponwhich the Amendment would become effective.

Post-Effective Amendment No. 340 was filed pursuant to Rule 485(b)(1)(iii) for the sole purpose ofdesignating June 6, 2022 as the new date upon which the Amendment would become effective.

Post-Effective Amendment No. 342 was filed pursuantto Rule 485(b)(1)(iii) for the sole purpose of designating June 28, 2022 as the new date upon which the Amendment would become effective.

ThisPost-Effective Amendment No. 345 incorporates by reference the information contained in Parts A, B, and C of the Amendment.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, (the “Securities Act”) and the Investment Company Act of1940, as amended, the Registrant certifies that this Post-Effective Amendment No. 345 to its Registration Statement meets all the requirements for effectiveness pursuant to Rule 485(b) of the Securities Act, and the Registrant has duly causedthis Post-Effective Amendment No. 345 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York and the State of New Yorkon June 27, 2022.

Pursuant to the requirements of the Securities Act, this Post-Effective Amendment No. 345 to itsRegistration Statement has been signed below by the following persons in the capacities and on the dates indicated.