APPENDIX A Operating Expense Limitation Agreement Direxion Shares ETF Trust
Exhibit (h)(vii)(B)
APPENDIX A
Operating Expense Limitation Agreement
▇▇▇▇▇▇▇▇ 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, 2021, to the extent that a Fund’s Total Annual Fund Operating Expenses exceeds a Fund’s daily net assets as listed below.
1X BEAR FUNDS
| Direxion Daily 7-10 Year Treasury Bear 1X Shares |
0.45 | % | ||
| Direxion Daily 20+ Year Treasury Bear 1X Shares |
0.45 | % | ||
| Direxion Daily S&P 500® Bear 1X Shares |
0.45 | % | ||
| Direxion Daily Municipal Bond Taxable Bear 1X Shares |
0.45 | % | ||
| Direxion Daily Small Cap Bear 1X Shares |
0.45 | % | ||
| Direxion Daily Total Bond Market Bear 1X Shares |
0.45 | % | ||
| Direxion Daily CSI 300 China A Share Bear 1X Shares |
0.80 | % | ||
| Direxion Daily CSI China Internet Index Bear 1X Shares |
0.80 | % | ||
| Direxion Daily MSCI Real Estate Bear 1X Shares |
0.45 | % |
LEVERAGED FUNDS
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 Small Cap Bull 2X Shares |
0.60 | % | ||||||||
| Direxion Daily CSI China Internet Index Bull 2X Shares |
0.95 | % | ||||||||
| Direxion Daily MSCI European Financials Bull 2X Shares |
0.80 | % | ||||||||
| Direxion Daily High Yield Bear 2X Shares | 0.80 | % | ||||||||
| Direxion Daily Dow ▇▇▇▇▇ Internet Bull 2X Shares |
0.80 | % | ||||||||
| Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 2X Shares |
0.80 | % |
A-1
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 MSCI Brazil Bull 3X Shares |
0.95 | % | Direxion Daily MSCI Brazil 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 Developed Markets Bull 3X Shares |
0.95 | % | Direxion MSCI Daily Developed Markets Bear 3X Shares | 0.95 | % | |||||
| Direxion Daily MSCI Emerging Markets Bull 3X Shares |
0.95 | % | Direxion MSCI Daily Emerging Markets Bear 3X Shares | 0.95 | % | |||||
| Direxion Daily Energy Bull 3X Shares |
0.95 | % | Direxion Daily Energy Bear 3X Shares | 0.95 | % | |||||
| Direxion Daily Financial Bull 3X Shares |
0.95 | % | Direxion Daily Financial Bear 3X Shares | 0.95 | % | |||||
| Direxion Daily Gold Miners Index Bull 3X Shares |
0.95 | % | Direxion Daily Gold Miners Index Bear 3X Shares | 0.95 | % | |||||
| Direxion Daily Healthcare Bull 3X Shares |
0.95 | % | ||||||||
| Direxion Daily MSCI India Bull 3X Shares |
0.95 | % | Direxion Daily MSCI India Bear 3X Shares | 0.95 | % | |||||
| Direxion Daily Latin America Bull 3X Shares |
0.95 | % | ||||||||
| Direxion Daily Mid Cap Bull 3X Shares |
0.95 | % | Direxion Daily Mid Cap Bear 3X Shares | 0.95 | % | |||||
| Direxion Daily Natural Gas Related Bull 3X Shares |
0.95 | % | Direxion Daily Natural Gas Related Bear 3X Shares | 0.95 | % | |||||
| Direxion Daily MSCI Real Estate Bull 3X Shares |
0.95 | % | Direxion Daily MSCI Real Estate Bear 3X Shares | 0.95 | % | |||||
| Direxion Daily Regional Banks Bull 3X Shares |
0.95 | % | Direxion Daily Regional Banks Bear 3X Shares | 0.95 | % | |||||
| Direxion Daily Retail Bull 3X Shares |
0.95 | % | Direxion Daily Retail Bear 3X Shares | 0.95 | % | |||||
| Direxion Daily Russia Bull 3X Shares |
0.95 | % | Direxion Daily Russia Bear 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 MSCI South Korea Bear 3X Shares | 0.95 | % | |||||
| Direxion Daily Technology Bull 3X Shares |
0.95 | % | Direxion Daily Technology Bear 3X Shares | 0.95 | % | |||||
| Direxion Daily Junior Gold Miners Index Bull 3X Shares |
0.95 | % | Direxion Daily Junior Gold Miners Index Bear 3X Shares | 0.95 | % | |||||
| Direxion Daily FTSE Europe Bull 3X Shares |
0.95 | % | ||||||||
| Direxion Daily MSCI Japan Bull 3X Shares |
0.95 | % | ||||||||
| Direxion Daily Homebuilders & Supplies Bull 3X Shares |
0.95 | % | Direxion Daily Homebuilders & Supplies Bear 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 S&P Oil & Gas Exp. & Prod. Bull 3X Shares |
0.95 | % | Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 3X Shares | 0.95 | % | |||||
| Direxion Daily Dow 30 Bull 3X Shares |
0.95 | % | Direxion Daily Dow 30 Bear 3X Shares | 0.95 | % | |||||
| Direxion Daily Consumer Discretionary Bull 3X Shares |
0.95 | % | Direxion Daily Consumer Discretionary Bear 3X Shares | 0.95 | % | |||||
| Direxion Daily Consumer Staples Bull 3X Shares |
0.95 | % | Direxion Daily Consumer Staples Bear 3X Shares | 0.95 | % | |||||
| Direxion Daily Utilities Bull 3X Shares |
0.95 | % | Direxion Daily Utilities Bear 3X Shares | 0.95 | % | |||||
| Direxion Daily MSCI Canada Bull 3X Shares |
0.95 | % | Direxion Daily MSCI Canada Bear 3X Shares | 0.95 | % | |||||
| Direxion Daily Aerospace & Defense Bull 3X Shares |
0.95 | % | Direxion Daily Aerospace & Defense Bear 3X Shares | 0.95 | % | |||||
| Direxion Daily MSCI Mexico Bull 3X Shares |
0.95 | % | Direxion Daily MSCI Mexico Bear 3X Shares | 0.95 | % | |||||
| Direxion Daily Transportation Bull 3X Shares |
0.95 | % | Direxion Daily Transportation Bear 3X Shares | 0.95 | % | |||||
| Direxion Daily Industrials Bull 3X Shares |
0.95 | % | Direxion Daily Industrials Bear 3X Shares | 0.95 | % |
A-2
| Direxion Daily Metals & Mining Bull 3X Shares |
0.95 | % | Direxion Daily Metals & Mining Bear 3X Shares | 0.95 | % | |||||
| Direxion Daily MSCI Italy Bull 3X Shares |
0.95 | % | Direxion Daily MSCI Italy Bear 3X Shares | 0.95 | % | |||||
| Direxion Daily Pharmaceutical & Medical Bull 3X Shares |
0.95 | % | Direxion Daily Pharmaceutical & Medical Bear 3X Shares | 0.95 | % | |||||
| Direxion Daily EURO STOXX 50® Bull 3X Shares |
0.95 | % | Direxion Daily EURO STOXX 50® Bear 3X Shares | 0.95 | % | |||||
| Direxion Daily Dow ▇▇▇▇▇ Internet Bull 3X Shares |
0.95 | % | Direxion Daily Dow ▇▇▇▇▇ Internet Bear 3X Shares | 0.95 | % | |||||
| Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 3X Shares |
0.95 | % | ||||||||
| Direxion Daily Communications Services Index Bull 3X Shares |
0.95 | % | Direxion Daily Communication Services Index 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 | % | |||||
| Direxion Daily MSCI Turkey Bull 3X Shares |
0.95 | % |
Last Updated: August 27, 2019
A-3