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, 2025, to the extent that a Fund’s Total Annual Fund Operating Expenses exceeds a Fund’s daily net assets as listed below.

SUBADVISED FUND

Direxion HCM Tactical Enhanced US ETF 1.15 % 

Actively-Managed Funds

Direxion Bitcoin Ether 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 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 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	%

A-1

1X BEAR FUNDS

Direxion Daily S&P 500® Bear 1X Shares	0.45	%
Direxion Daily NYSE FANG+ Bear 1X Shares	0.45	%
Direxion Daily MAGMA Bear 1X Shares	0.45	%
Direxion Daily AI and Big Data Bear 1X Shares	0.45	%
Direxion Daily Magnificent 7 Bear 1X Shares	0.45	%
Direxion Daily MSCI Emerging Markets ex China Bear 1X Shares	0.80	%
Direxion Daily Concentrated Qs Bear 1X Shares	0.45	%

LEVERAGED FUNDS

Bitcoin Funds

Direxion Daily Bitcoin Strategy Bull 1.25X Shares	0.95	%
Direxion Daily Bitcoin Strategy Bear 1.25X Shares	0.95	%
Direxion Daily Bitcoin Strategy Bull 1.5X Shares	0.95	%
Direxion Daily Bitcoin Strategy Bear 1.5X Shares	0.95	%
Direxion Daily Bitcoin Strategy Bull 1.75X Shares	0.95	%
Direxion Daily Bitcoin Strategy Bear 1.75X Shares	0.95	%
Direxion Daily Bitcoin Strategy Bull 2X Shares	0.95	%
Direxion Daily Bitcoin Strategy Bear 2X Shares	0.95	%
Direxion Daily Spot Bitcoin Bear 1X Shares	0.95	%
Direxion Daily Spot Bitcoin Bull 1.5X Shares	0.95	%
Direxion Daily Spot Bitcoin Bear 1.5X Shares	0.95	%
Direxion Daily Spot Bitcoin Bull 2X Shares	0.95	%
Direxion Daily Spot Bitcoin Bear 2X Shares	0.95	%

Ether Leveraged Funds

Direxion Daily Ether Strategy Bull 1.25X Shares	0.95	%
Direxion Daily Ether Strategy Bear 1.25X Shares	0.95	%
Direxion Daily Ether Strategy Bull 1.5X Shares	0.95	%
Direxion Daily Ether Strategy Bear 1.5X Shares	0.95	%
Direxion Daily Ether Strategy Bull 1.75X Shares	0.95	%
Direxion Daily Ether Strategy Bear 1.75X Shares	0.95	%
Direxion Daily Ether Strategy Bull 2X Shares	0.95	%
Direxion Daily Ether Strategy 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 CVX Bear 1X Shares	0.95	%
Direxion Daily COP Bear 1X Shares	0.95	%
Direxion Daily XOM Bear 1X Shares	0.95	%
Direxion Daily EOG Bear 1X Shares	0.95	%
Direxion Daily TSLA Bull 1.5X Shares	0.95	%

A-2

Direxion Daily AAPL Bull 1.5X Shares	0.95	%
Direxion Daily MSFT Bull 1.5X Shares	0.95	%
Direxion Daily AMZN Bull 1.5X Shares	0.95	%
Direxion Daily GOOGL Bull 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 CVX Bull 1.5X Shares	0.95	%
Direxion Daily COP Bull 1.5X Shares	0.95	%
Direxion Daily XOM Bull 1.5X Shares	0.95	%
Direxion Daily EOG Bull 1.5X Shares	0.95	%
Direxion Daily NVDA Bull 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	%
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 Bull 2X Shares	0.95	%
Direxion Daily NYSE FANG+ Bull 2X Shares	0.95	%
Direxion Daily NYSE FANG+ Bear 2X Shares	0.95	%
Direxion Daily Global Clean Energy Bull 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 Aviation Bull 2X Shares	0.95	%
Direxion Daily Aviation 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 Transformative Tech 100 Bull 2X Shares	0.95	%
Direxion Daily Transformative Tech 100 Bear 2X Shares	0.95	%
Direxion Daily MAGMA Bull 2X Shares	0.95	%
Direxion Daily AI and Big Data Bull 2X Shares	0.95	%
Direxion Daily AI and Big Data Bear 2X Shares	0.95	%
Direxion Daily Magnificent 7 Bull 2X Shares	0.95	%
Direxion Daily Magnificent 7 Bear 2X Shares	0.95	%
Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares	0.95	%
Direxion Daily MSCI Emerging Markets ex China Bear 2X Shares	0.95	%
Direxion Daily Uranium Bull 2X Shares	0.95	%
Direxion Daily Uranium Bear 2X Shares	0.95	%
Direxion Daily Concentrated Qs Bull 2X Shares	0.95	%

A-3

Direxion Daily Concentrated Qs Bear 2X Shares 0.95 % 

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: February 7, 2024

A-4