See "Principal Investment Strategies" on pg 61 of the prospectus ... http://www.direxionshares.com/document/regulatory_documents.html
http://direxionshares.com/holdings_all.csv on the direxion shares homepage, click ETFs, then scroll down to the blue "daily holdings all funds" button. This has been discussed many times here and elsewhere: 80% stock basket 220% index swaps
Not sure what 220% refers to, but as I suspected, it is not 80% stocks if you examine it closely. Thanks.
its more like 85% stocks. the example I used was 80% stocks, 220% swaps, 80+220=300, there is your leverage. Use the search button this has been covered many times