NOVATION OF

AMENDED AND RESTATED INVESTMENT ADVISORY AGREEMENT

DIREXION SHARES ETF TRUST

This Novation of the Amended and Restated Investment Advisory Agreement (as defined below) (“Novation”) is entered into as of June 1, 2023, by and among Rafferty Asset Management, LLC, a New York limited liability company (“New York LLC”), Rafferty Asset Management, LLC, a Delaware limited liability company (“Delaware LLC”), and Direxion Shares ETF Trust, a Delaware statutory trust (the “Trust”), on behalf of all series of the Trust, whether now existing or hereafter established that are subject to the Advisory Agreement (as defined below) (hereinafter, “Series” shall refer to each Series which is subject to this Novation).

WITNESSETH:

WHEREAS, the Trust has retained New York LLC to furnish investment advisory and portfolio management services to the Series pursuant to the Amended and Restated Investment Advisory Agreement, dated May 19, 2020, by and between New York LLC and the Trust on behalf of the Series (the “Advisory Agreement”);

WHEREAS, New York LLC intends to change its domicile to Delaware, becoming the Delaware LLC (“Redomiciliation”);

WHEREAS, New York LLC is registered with the Securities and Exchange Commission as an investment adviser under the Investment Advisers Act of 1940, as amended, and Delaware LLC will succeed to the registration of New York LLC by filing an amendment by succession to New York LLC’s Form ADV within 30 days of the Redomiciliation;

WHEREAS, New York LLC, Delaware LLC and each Series desire that Delaware LLC be substituted for New York LLC under the Advisory Agreement in connection with the Redomiciliation, which does not result in a change of actual control or management of the adviser to the Trust in accordance with Rule 2a-6 under the Investment Company Act of 1940, as amended (the “1940 Act”), and is therefore not an “assignment” for purposes of Section 15(a)(4) of the 1940 Act; and

WHEREAS, New York LLC desires to effect a novation of the Advisory Agreement so that Delaware LLC is substituted for New York LLC as a party to the Advisory Agreement and New York LLC is released from its obligations under the Advisory Agreement;

WHEREAS, Delaware LLC desires to accept the novation of the Advisory Agreement;

WHEREAS, the Trust, on behalf of each Series, desires to consent to such novation; and

WHEREAS, the Board of Trustees of the Trust, on behalf of each Series, has approved such novation; and

NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto agree as follows:

1. Novation and Acceptance. Subject to the terms and conditions contained herein, New York LLC hereby effects a novation of the Advisory Agreement to substitute Delaware LLC for

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New York LLC as a party to such agreement, and the Trust hereby consents to such novation and hereby releases New York LLC from all of its duties and obligations under the Advisory Agreement, and Delaware LLC hereby accepts such novation and hereby releases New York LLC from all of its duties and obligations under the Advisory Agreement and assumes all rights, duties and obligations of New York LLC under the Advisory Agreement.

2. Duration and Termination. The Novation shall become effective as of the date hereof and shall extend for so long as the terms specified in Section 11 of the Advisory Agreement are satisfied or until terminated in accordance with the Advisory Agreement.

3. No Termination. The parties agree that the Novation shall not constitute an “assignment” of the Advisory Agreement for purposes of Section 11 of the Advisory Agreement or the 1940 Act, and that the Advisory Agreement, as so novated, shall remain in full force and effect after the Novation.

4. Technical Amendment. The parties agree that all references in the Advisory Agreement to New York LLC shall hereby be changed to Delaware LLC.

5. Execution in Counterparts. The Novation may be executed in multiple counterparts and all counterparts so executed will constitute one and the same agreement binding on all of the parties.

IN WITNESS WHEREOF, the parties hereto have caused the Novation to be signed by their respective officers thereunto authorized, as of the day and year first above written.

RAFFERTY ASSET MANAGEMENT, LLC

(NEW YORK LLC)

By: /s/ Angela Brickl

Name: Angela Brickl

Title: Chief Executive Officer

RAFFERTY ASSET MANAGEMENT, LLC

(DELAWARE LLC)

By: /a/ Angela Brickl

Name: Angela Brickl

Title: Chief Executive Officer

DIREXION SHARES ETF TRUST

By: /s/ Angela Brickl

Name: Angela Brickl

Title: Trustee/Chief Executive Officer

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