Founded in Alexandria, Virginia, the company also has offices in New York City, Boston, and Hong Kong.

[4] In November 2008 the company was the first to offer ETFs with 3X leverage, a move that was copied some months later by its competitors ProShares and Rydex Investments.

[5][6] The move towards higher-leverage offerings by the three companies provoked scrutiny from the U.S. Securities and Exchange Commission and the Massachusetts Secretary of the Commonwealth, and a number of broker-dealers stopped selling leveraged ETFs.

[14] In March 2020, amidst the 2020 stock market crash, Direxion announced that it would reduce the leverage of ten of its ETFs from 3x to 2x and close eight others.

[15] This was part of a broader trend among providers of leveraged ETFs during the first quarter of 2020; nevertheless, Direxion saw inflows of nearly $4 billion during March 2020 alone.