APPENDIX A Operating Expense Limitation Agreement Direxion Shares ETF Trust
Exhibit (h)(vii)(B)
APPENDIX A
Operating Expense Limitation Agreement
Xxxxxxxx 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, 2019, 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 Auspice Broad Commodity Strategy ETF |
0.70% | |
|
Direxion Bitcoin Shares |
0.95% |
NON-LEVERAGED FUNDS
|
Direxion NASDAQ-100® Equal Weighted Index Shares |
0.35% | |
| Direxion All Cap Insider Sentiment Shares |
0.59%* | |
|
Direxion Zacks MLP High Income Index Shares |
0.65% | |
| Direxion iBillionaire Index ETF |
0.59%* | |
|
Direxion Tactical Low Vol ETF |
0.42% | |
| Direxion State Street GX Dynamic Allocation ETF |
0.42% | |
|
Direxion Daily Long Value/Short Growth ETF |
0.55% | |
| Direxion Daily Long Growth/Short Value ETF |
0.55% | |
|
Direxion Daily Long Large Cap/Short Small Cap ETF |
0.55% | |
| Direxion Daily Long Small Cap/Short Large Cap ETF |
0.55% | |
|
Direxion Daily Long Cyclicals/Short Defensive ETF |
0.55% | |
| Direxion Daily Long Defensive/Short Cyclicals ETF |
0.55% | |
|
Direxion Daily Long Emerging/Short Developed ETF |
0.55% | |
| Direxion Daily Long Developed/Short Emerging ETF |
0.55% | |
|
Direxion Factor Dog ETF |
0.35% |
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 China A Bear 1X Shares |
0.80% | |
| Direxion Daily Emerging Markets Bond Bear 1X Shares |
0.45% | |
|
Direxion Daily MSCI Real Estate Bear 1X Shares |
0.45% |
LEVERAGED FUNDS
1.5X Funds
|
Direxion S&P 500® Low Volatility Target Beta ETF |
0.55% | |
| Direxion Enhanced Dividend Target Beta ETF |
0.55% | |
|
Direxion U.S. Treasury Bull 1.5X Shares |
0.55% | |
|
Direxion Total Bond Market Bull 1.5X Shares |
0.55% |
A-1
|
Direxion Investment Grade Corporate Bond Bull 1.5X Shares |
0.55% | |
| Direxion High Yield Bull 1.5X Shares |
0.55% | |
|
Direxion S&P 500® Bull 1.5X Shares |
0.55% | |
| Direxion Xxxxxxx 1000 Value Bull 1.5X Shares |
0.55% | |
|
Direxion Xxxxxxx 1000 Growth Bull 1.5X Shares |
0.55% | |
| Direxion MSCI USA Minimum Volatility Bull 1.5X Shares |
0.55% | |
|
Direxion Preferred Stock Bull 1.5X Shares |
0.55% | |
| Direxion 1.5X High Beta/Low Volatility Index ETF |
0.55% | |
|
Direxion Developed Markets Bull 1.5X Shares |
0.55% | |
| Direxion Tactical Country Rotation Bull 1.5X Shares |
0.55% | |
|
Direxion Emerging Markets Bull 1.5X Shares |
0.55% | |
| Direxion Momentum Bull 1.5X Shares |
0.55% | |
|
Direxion Quality Bull 1.5X Shares |
0.55% | |
| Direxion 1.5X State Street GX Dynamic Allocation ETF |
0.55% | |
|
Direxion Factor Dog Bull 1.5X Shares |
0.55% | |
| Direxion Small Cap Bull 1.5X Shares |
0.55% | |
|
Direxion Mid Cap Bull 1.5X Shares |
0.55% | |
|
Direxion MSCI Real Estate Bull 1.5X Shares |
0.55% |
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 S&P 500® Low Volatility Bull 2X Shares |
0.80% |
Direxion Daily S&P 500® Low Volatility Bear 2X Shares |
0.80% | |||
| Direxion Daily Emerging Markets Bond Bull 2X Shares |
0.80% | Direxion Daily Emerging Markets Bond Bear 2X Shares |
0.80% | |||
|
Direxion Daily CSI China Internet Index Bull 2X Shares |
0.95% | |||||
| Direxion Daily MSCI China A Bull 2X Shares |
0.95% | |||||
|
Direxion Daily MSCI European Financials Bull 2X Shares |
0.80% |
Direxion MSCI Daily European Financials Bear 2X Shares |
0.80% | |||
| Direxion Daily High Yield Bear 2X Shares |
0.80% | |||||
|
Direxion Daily Silver Miners Index Bull 2X Shares |
0.80% | |||||
| Direxion Daily TIPS Bull 2X Shares |
0.80% | |||||
|
Direxion Daily Long Value/Short Growth 2X ETF |
0.80% | |||||
| Direxion Daily Long Growth/Short Value 2X ETF |
0.80% | |||||
|
Direxion Daily Long Large Cap/Short Small Cap 2X ETF |
0.80% | |||||
| Direxion Daily Long Small Cap/Short Large Cap 2X ETF |
0.80% | |||||
|
Direxion Daily Long Cyclicals/Short Defensive 2X ETF |
0.80% | |||||
| Direxion Daily Long Defensive/Short Cyclicals 2X ETF |
0.80% | |||||
|
Direxion Daily Long Emerging/Short Developed 2X ETF |
0.80% | |||||
| Direxion Daily Long Developed/Short Emerging 2X ETF |
0.80% |
A-2
| Direxion Daily S&P 500® Equal Weight Bull 2X Shares |
0.80% | |||||
| Direxion Daily MSCI USA Minimum Volatility Bull 2X Shares |
0.80% | |||||
| Direxion Daily Dow Xxxxx Internet Bull 2X Shares |
0.80% | |||||
| Direxion Daily Factor Dog Bull 2X Shares |
0.80% | |||||
| Direxion Daily Lithium Bull 2X Shares |
0.80% | |||||
| Direxion Daily Robotics & Artificial Intelligence Bull 2X Shares |
0.80% | |||||
| Direxion Daily Preferred Stock Bull 2X Shares |
0.80% | |||||
| 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 FTSE China Bull 3X Shares |
0.95% |
Direxion Daily FTSE China Bear 3X Shares |
0.95% | |||
| Direxion Daily Corporate Bond Bull 3X Shares |
0.95% |
Direxion Daily Corporate Bond 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 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 Municipal Bond Taxable Bull 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 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 Technology Bull 3X Shares |
0.95% |
Direxion Daily Technology Bear 3X Shares |
0.95% | |||
| Direxion Daily Junior Gold Miners Index Bull |
0.95% |
Direxion Daily Junior Gold Miners Index |
0.95% | |||
A-3
| 3X Shares | Bear 3X Shares | |||||
| 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 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 S&P 500® Low Volatility Bull 3X Shares |
0.95% | Direxion Daily S&P® 500 Low Volatility Bear 3X Shares |
0.95% | |||
| Direxion Daily Emerging Markets Bond Bull 3X Shares | 0.95% | Direxion Daily Emerging Markets Bond 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 High Yield Bull 3X Shares | 0.95% | Direxion Daily High Yield 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% | |||
| 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 TIPS Bull 3X Shares | 0.95% | Direxion Daily TIPS Bear 3X Shares | 0.95% | |||
| Direxion Daily Senior Loan Bull 3X Shares | 0.95% | Direxion Daily Senior Loan Bear 3X Shares |
0.95% | |||
| Direxion Daily S&P 500® Equal Weight Bull 3X Shares | 0.95% | |||||
| Direxion Daily MSCI USA Minimum Volatility Bull 3X Shares |
0.95% | |||||
| Direxion Daily Dow Xxxxx Internet Bull 3X Shares |
0.95% | |||||
| Direxion Daily Factor Dog Bull 3X Shares | 0.95% | |||||
| Direxion Daily Lithium Bull 3X Shares | 0.95% | |||||
| Direxion Daily Robotics & Artificial Intelligence Bull 3X Shares |
0.95% | |||||
| Direxion Daily Preferred Stock Bull 3X Shares | 0.95% |
Last Updated: November 21, 2017
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