APPENDIX A

Operating Expense Limitation Agreement

Direxion Shares ETF Trust

Rafferty Asset Management, LLC has contractually agreed to cap all or a portion of its management fee and/or reimburse each Fund for Other Expenses through September 1, 2024, to the extent that a Fund’s Total Annual Fund Operating Expenses exceeds a Fund’s daily net assets as listed below.

Actively-Managed Funds

Direxion Bitcoin Strategy ETF	0.95%
Direxion Bitcoin Bear Strategy ETF	0.95%
Direxion Ether Strategy ETF	0.95%
Direxion Ether Strategy Bear ETF	0.95%
Direxion Daily Concentrated Energy Bear 1X Shares	0.95%
Direxion Daily Concentrated Energy Bull 2X Shares	0.95%
Direxion Daily Concentrated Energy Bear 2X Shares	0.95%
Direxion Daily Concentrated Homebuilders & Supplies Bear 1X Shares	0.95%
Direxion Daily Concentrated Homebuilders & Supplies Bull 2X Shares	0.95%
Direxion Daily Concentrated Homebuilders & Supplies Bear 2X Shares	0.95%
Direxion Daily Concentrated Semiconductors Bear 1X Shares	0.95%
Direxion Daily Concentrated Semiconductors Bull 2X Shares	0.95%
Direxion Daily Concentrated Semiconductors Bear 2X Shares	0.95%
Direxion Daily Concentrated Electric and Autonomous Vehicles Bear 1X Shares	0.95%
Direxion Daily Concentrated Electric and Autonomous Vehicles Bull 2X Shares	0.95%
Direxion Daily Concentrated Electric and Autonomous Vehicles Bear 2X Shares	0.95%
Direxion Daily Concentrated Solar Energy Bear 1X Shares	0.95%
Direxion Daily Concentrated Solar Energy Bull 2X Shares	0.95%
Direxion Daily Concentrated Solar Energy Bear 2X Shares	0.95%
Direxion Daily Concentrated Software Bear 1X Shares	0.95%
Direxion Daily Concentrated Software Bull 2X Shares	0.95%
Direxion Daily Concentrated Software Bear 2X Shares	0.95%
Direxion Daily Concentrated Biotech Bear 1X Shares	0.95%
Direxion Daily Concentrated Biotech Bull 2X Shares	0.95%
Direxion Daily Concentrated Biotech Bear 2X Shares	0.95%
Direxion Daily Concentrated Cybersecurity Bear 1X Shares	0.95%
Direxion Daily Concentrated Cybersecurity Bull 2X Shares	0.95%
Direxion Daily Concentrated Cybersecurity Bear 2X Shares	0.95%
Direxion Daily Concentrated Gold Miners Bear 1X Shares	0.95%
Direxion Daily Concentrated Gold Miners Bull 2X Shares	0.95%
Direxion Daily Concentrated Gold Miners Bear 2X Shares	0.95%
Direxion Daily Concentrated Retail Bear 1X Shares	0.95%
Direxion Daily Concentrated Retail Bull 2X Shares	0.95%
Direxion Daily Concentrated Retail Bear 2X Shares	0.95%
Direxion Daily Concentrated Technology Bear 1X Shares	0.95%
Direxion Daily Concentrated Technology Bull 2X Shares	0.95%
Direxion Daily Concentrated Technology Bear 2X Shares	0.95%

1X BEAR FUNDS

Direxion Daily S&P 500® Bear 1X Shares	0.45%
Direxion Daily CSI 300 China A Share Bear 1X Shares	0.80%
Direxion Daily NYSE FANG+ Bear 1X Shares	0.45%

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LEVERAGED FUNDS

Bitcoin Leveraged Funds

Direxion Daily Bitcoin Bull 1.25X Shares	0.95%
Direxion Daily Bitcoin Bear 1.25X Shares	0.95%
Direxion Daily Bitcoin Bull 1.5X Shares	0.95%
Direxion Daily Bitcoin Bear 1.5X Shares	0.95%
Direxion Daily Bitcoin Bull 1.75X Shares	0.95%
Direxion Daily Bitcoin Bear 1.75X Shares	0.95%
Direxion Daily Bitcoin Bull 2X Shares	0.95%
Direxion Daily Bitcoin Bear 2X Shares	0.95%

US Treasuries Leveraged Funds

Direxion Daily US Treasuries Bull 1.25X Shares	0.95%
Direxion Daily US Treasuries Bear 1.25X Shares	0.95%
Direxion Daily US Treasuries Bull 1.5X Shares	0.95%
Direxion Daily US Treasuries Bear 1.5X Shares	0.95%
Direxion Daily US Treasuries Bull 1.75X Shares	0.95%
Direxion Daily US Treasuries Bear 1.75X Shares	0.95%
Direxion Daily US Treasuries Bull 2X Shares	0.95%
Direxion Daily US Treasuries Bear 2X Shares	0.95%

Ether Leveraged Funds

Direxion Daily Ether Bull 1.25X Shares	0.95%
Direxion Daily Ether Bear 1.25X Shares	0.95%
Direxion Daily Ether Bull 1.5X Shares	0.95%
Direxion Daily Ether Bear 1.5X Shares	0.95%
Direxion Daily Ether Bull 1.75X Shares	0.95%
Direxion Daily Ether Bear 1.75X Shares	0.95%
Direxion Daily Ether Bull 2X Shares	0.95%
Direxion Daily Ether Bear 2X Shares	0.95%

Single Stock Funds

Direxion Daily TSLA Bear 1X Shares	0.95%
Direxion Daily META Bear 1X Shares	0.95%
Direxion Daily NFLX Bear 1X Shares	0.95%
Direxion Daily AAPL Bear 1X Shares	0.95%
Direxion Daily MSFT Bear 1X Shares	0.95%
Direxion Daily AMZN Bear 1X Shares	0.95%
Direxion Daily GOOGL Bear 1X Shares	0.95%
Direxion Daily NVDA Bear 1X Shares	0.95%
Direxion Daily AMD Bear 1X Shares	0.95%
Direxion Daily BAC Bear 1X Shares	0.95%
Direxion Daily CVX Bear 1X Shares	0.95%
Direxion Daily C Bear 1X Shares	0.95%
Direxion Daily COP Bear 1X Shares	0.95%
Direxion Daily XOM Bear 1X Shares	0.95%

A-2

Direxion Daily CRM Bear 1X Shares	0.95%
Direxion Daily EOG Bear 1X Shares	0.95%
Direxion Daily OXY Bear 1X Shares	0.95%
Direxion Daily WFC Bear 1X Shares	0.95%
Direxion Daily JPM Bear 1X Shares	0.95%
Direxion Daily META Bull 1.25X Shares	0.95%
Direxion Daily META Bear 1.25X Shares	0.95%
Direxion Daily NFLX Bull 1.25X Shares	0.95%
Direxion Daily NFLX Bear 1.25X Shares	0.95%
Direxion Daily NVDA Bull 1.25X Shares	0.95%
Direxion Daily NVDA Bear 1.25X Shares	0.95%
Direxion Daily TSLA Bull 1.5X Shares	0.95%
Direxion Daily TSLA Bear 1.5X Shares	0.95%
Direxion Daily AAPL Bull 1.5X Shares	0.95%
Direxion Daily AAPL Bear 1.5X Shares	0.95%
Direxion Daily MSFT Bull 1.5X Shares	0.95%
Direxion Daily MSFT Bear 1.5X Shares	0.95%
Direxion Daily AMZN Bull 1.5X Shares	0.95%
Direxion Daily AMZN Bear 1.5X Shares	0.95%
Direxion Daily GOOGL Bull 1.5X Shares	0.95%
Direxion Daily GOOGL Bear 1.5X Shares	0.95%
Direxion Daily AMD Bull 1.5X Shares	0.95%
Direxion Daily AMD Bear 1.5X Shares	0.95%
Direxion Daily BAC Bull 1.5X Shares	0.95%
Direxion Daily BAC Bear 1.5X Shares	0.95%
Direxion Daily CVX Bull 1.5X Shares	0.95%
Direxion Daily CVX Bear 1.5X Shares	0.95%
Direxion Daily C Bull 1.5X Shares	0.95%
Direxion Daily C Bear 1.5X Shares	0.95%
Direxion Daily COP Bull 1.5X Shares	0.95%
Direxion Daily COP Bear 1.5X Shares	0.95%
Direxion Daily XOM Bull 1.5X Shares	0.95%
Direxion Daily XOM Bear 1.5X Shares	0.95%
Direxion Daily CRM Bull 1.5X Shares	0.95%
Direxion Daily CRM Bear 1.5X Shares	0.95%
Direxion Daily EOG Bull 1.5X Shares	0.95%
Direxion Daily EOG Bear 1.5X Shares	0.95%
Direxion Daily OXY Bull 1.5X Shares	0.95%
Direxion Daily OXY Bear 1.5X Shares	0.95%
Direxion Daily WFC Bull 1.5X Shares	0.95%
Direxion Daily WFC Bear 1.5X Shares	0.95%
Direxion Daily JPM Bull 1.5X Shares	0.95%
Direxion Daily JPM Bear 1.5X Shares	0.95%

2X Funds

Direxion Daily S&P 500® Bull 2X Shares	0.60%
Direxion Daily CSI 300 China A Share Bull 2X Shares	0.95%
Direxion Daily CSI China Internet Index Bull 2X Shares	0.95%
Direxion Daily MSCI Brazil Bull 2X Shares	0.95%
Direxion Daily Energy Bull 2X Shares	0.95%
Direxion Daily Energy Bear 2X Shares	0.95%
Direxion Daily Gold Miners Index Bull 2X Shares	0.95%
Direxion Daily Gold Miners Index Bear 2X Shares	0.95%

A-3

Direxion Daily Junior Gold Miners Index Bull 2X Shares	0.95%
Direxion Daily Junior Gold Miners Index Bear 2X Shares	0.95%
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares	0.95%
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares	0.95%
Direxion Daily MSCI India Bull 2X Shares	0.95%
Direxion Daily Robotics, Artificial Intelligence, & Automation Index Bull 2X Shares	0.95%
Direxion Daily Cloud Computing Bear 2X Shares	0.95%
Direxion Daily NYSE FANG+ Bull 2X Shares	0.95%
Direxion Daily NYSE FANG+ Bear 2X Shares	0.95%
Direxion Daily 5G Communications Bear 2X Shares	0.95%
Direxion Daily Global Clean Energy Bull 2X Shares	0.95%
Direxion Daily Global Clean Energy Bear 2X Shares	0.95%
Direxion Daily Lithium & Battery Tech Bull 2X Shares	0.95%
Direxion Daily Lithium & Battery Tech Bear 2X Shares	0.95%
Direxion Daily E-Gaming Bull 2X Shares	0.95%
Direxion Daily E-Gaming Bear 2X Shares	0.95%
Direxion Daily Travel & Vacation Bull 2X Shares	0.95%
Direxion Daily Travel & Vacation Bear 2X Shares	0.95%
Direxion Daily US Infrastructure Bull 2X Shares	0.95%
Direxion Daily US Infrastructure Bear 2X Shares	0.95%
Direxion Daily Software Bull 2X Shares	0.95%
Direxion Daily Software Bear 2X Shares	0.95%
Direxion Daily Oil Services Bull 2X Shares	0.95%
Direxion Daily Oil Services Bear 2X Shares	0.95%
Direxion Daily Rare Earth/Strategic Metals Bull 2X Shares	0.95%
Direxion Daily Rare Earth/Strategic Metals Bear 2X Shares	0.95%
Direxion Daily Aviation Bull 2X Shares	0.95%
Direxion Daily Aviation Bear 2X Shares	0.95%
Direxion Daily FinTech Bull 2X Shares	0.95%
Direxion Daily FinTech Bear 2X Shares	0.95%
Direxion Daily Metal Miners Bull 2X Shares	0.95%
Direxion Daily Metal Miners Bear 2X Shares	0.95%
Direxion Daily S&P 500® Equal Weight Bull 2X Shares	0.95%
Direxion Daily S&P 500® Equal Weight Bull 2X Shares	0.95%
Direxion Daily S&P 500® Pure Growth Bull 2X Shares	0.95%
Direxion Daily S&P 500® Pure Growth Bear 2X Shares	0.95%
Direxion Daily S&P 500® Pure Value Bull 2X Shares	0.95%
Direxion Daily S&P 500® Pure Value Bear 2X Shares	0.95%
Direxion Daily China Technology Bull 2X Shares	0.95%
Direxion Daily China Technology Bear 2X Shares	0.95%
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares	0.95%
Direxion Daily Electric and Autonomous Vehicles Bear 2X Shares	0.95%
Direxion Daily Crypto Industry Bull 2X Shares	0.95%
Direxion Daily Crypto Industry Bear 2X Shares	0.95%
Direxion Daily Tech 100 Bull 2X Shares	0.95%
Direxion Daily Tech 100 Bear 2X Shares	0.95%

A-4

3X Funds

Direxion Daily 7-10 Year Treasury Bull 3X Shares	0.95%
Direxion Daily 7-10 Year Treasury Bear 3X Shares	0.95%
Direxion Daily 20+Year Treasury Bull 3X Shares	0.95%
Direxion Daily 20+Year Treasury Bear 3X Shares	0.95%
Direxion Daily FTSE China Bull 3X Shares	0.95%
Direxion Daily FTSE China Bear 3X Shares	0.95%
Direxion Daily MSCI Emerging Markets Bull 3X Shares	0.95%
Direxion Daily MSCI Emerging Markets Bear 3X Shares	0.95%
Direxion Daily Financial Bull 3X Shares	0.95%
Direxion Daily Financial Bear 3X Shares	0.95%
Direxion Daily Healthcare Bull 3X Shares	0.95%
Direxion Daily Mid Cap Bull 3X Shares	0.95%
Direxion Daily Real Estate Bull 3X Shares	0.95%
Direxion Daily Real Estate Bear 3X Shares	0.95%
Direxion Daily Regional Banks Bull 3X Shares	0.95%
Direxion Daily Retail Bull 3X Shares	0.95%
Direxion Daily S&P 500® Bull 3X Shares	0.95%
Direxion Daily S&P 500® Bear 3X Shares	0.95%
Direxion Daily Semiconductor Bull 3X Shares	0.95%
Direxion Daily Semiconductor Bear 3X Shares	0.95%
Direxion Daily Small Cap Bull 3X Shares	0.95%
Direxion Daily Small Cap Bear 3X Shares	0.95%
Direxion Daily MSCI South Korea Bull 3X Shares	0.95%
Direxion Daily Technology Bull 3X Shares	0.95%
Direxion Daily Technology Bear 3X Shares	0.95%
Direxion Daily FTSE Europe Bull 3X Shares	0.95%
Direxion Daily Homebuilders & Supplies Bull 3X Shares	0.95%
Direxion Daily S&P Biotech Bull 3X Shares	0.95%
Direxion Daily S&P Biotech Bear 3X Shares	0.95%
Direxion Daily Consumer Discretionary Bull 3X Shares	0.95%
Direxion Daily Utilities Bull 3X Shares	0.95%
Direxion Daily Aerospace & Defense Bull 3X Shares	0.95%
Direxion Daily MSCI Mexico Bull 3X Shares	0.95%
Direxion Daily Transportation Bull 3X Shares	0.95%
Direxion Daily Industrials Bull 3X Shares	0.95%
Direxion Daily Pharmaceutical & Medical Bull 3X Shares	0.95%
Direxion Daily Dow Jones Internet Bull 3X Shares	0.95%
Direxion Daily Dow Jones Internet Bear 3X Shares	0.95%
Direxion Daily S&P 500® High Beta Bull 3X Shares	0.95%
Direxion Daily S&P 500® High Beta Bear 3X Shares	0.95%

Last Updated: November 18, 2022

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