APPENDIX A Operating Expense Limitation Agreement Direxion Shares ETF Trust
APPENDIX A
Operating Expense Limitation Agreement
| FUND |
TOTAL ANNUAL FUND OPERATING EXPENSE LIMIT |
TERMINATION DATE |
FUND | |||||||
| 1. | Direxion Daily Total Market Bull 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 2. | Direxion Daily Total Market Bear 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 3. | Direxion Daily S&P 500 Bull 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
| 4. | Direxion Daily S&P 500 Bear 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
| 5. | Direxion Daily Mid Cap Bull 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
| 6. | Direxion Daily Mid Cap Bear 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
| 7. | Direxion Daily Small Cap Bull 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
| 8. | Direxion Daily Small Cap Bear 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
| 9. | Direxion Daily Developed Markets Bull 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
| 10. | Direxion Daily Developed Markets Bear 3X Shares |
0.95 | % | March 1, 2014 March 1, 2014 | Open | |||||
| 11. | Direxion Daily Emerging Markets Bull 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
| 12. | Direxion Daily Emerging Markets Bear 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
| 13. | Direxion Daily BRIC Bull 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
A-1
| FUND |
TOTAL ANNUAL FUND OPERATING EXPENSE LIMIT |
TERMINATION DATE |
FUND | |||||||
| 14. | Direxion Daily BRIC Bear 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
| 15. | Direxion Daily China Bull 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
| 16. | Direxion Daily China Bear 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
| 17. | Direxion Daily India Bull 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
| 18. | Direxion Daily India Bear 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
| 19. | Direxion Daily Latin America Bull 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
| 20. | Direxion Daily Latin America Bear 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
| 21. | Direxion Daily Clean Energy Bull 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 22. | Direxion Daily Clean Energy Bear 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 23. | Direxion Daily Energy Bull 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
| 24. | Direxion Daily Energy Bear 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
A-2
| FUND |
TOTAL ANNUAL FUND OPERATING EXPENSE LIMIT |
TERMINATION DATE |
FUND | |||||||
| 25. | Direxion Daily Financial Bull 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
| 26. | Direxion Daily Financial Bear 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
| 27. | Direxion Daily Technology Bull 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
| 28. | Direxion Daily Technology Bear 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
| 29. | Direxion Daily Real Estate Bull 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
| 30. | Direxion Daily Real Estate Bear 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
| 31. | Direxion Daily Homebuilders Bull 3X Shares |
0.95 | % | August March 1, 2014 | Not Open | |||||
| 32. | Direxion Daily Homebuilders Bear 3X Shares |
0.95 | % | August 1, 2013 | Not Open | |||||
| 33. | Direxion Daily 7-10 Year Treasury Bull 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
| 34. | Direxion Daily 7-10 Year Treasury Bear 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
| 35. | Direxion Daily 20+Year Treasury Bull 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
| 36. | Direxion Daily 20+Year Treasury Bear 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
A-3
| FUND |
TOTAL ANNUAL FUND OPERATING EXPENSE LIMIT |
TERMINATION DATE |
FUND | |||||||
| 37. | Direxion Daily 20+ Year Treasury Bull 2X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 38. | Direxion Daily 20+ Year Treasury Bear 2X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 39. | Direxion Daily Small Cap Bull 2X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 40. | Direxion Daily Small Cap Bear 2X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 41. | Direxion Daily Basic Materials Bull 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
| 42. | Direxion Daily Basic Materials Bear 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
| 43. | Direxion Daily Brazil Bull 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 44. | Direxion Daily Brazil Bear 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 45. | Direxion Daily Canada Bull 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 46. | Direxion Daily Canada Bear 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 47. | Direxion Daily Commodity Related Bull 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 48. | Direxion Daily Commodity Related Bear 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
A-4
| FUND |
TOTAL ANNUAL FUND OPERATING EXPENSE LIMIT |
TERMINATION DATE |
FUND | |||||||
| 49. | Direxion Daily Gold Miners Bull 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
| 50. | Direxion Daily Gold Miners Bear 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
| 51. | Direxion Daily Healthcare Bull 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
| 52. | Direxion Daily Healthcare Bear 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
| 53. | Direxion Daily Indonesia Bull 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 54. | Direxion Daily Indonesia Bear 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 55. | Direxion Daily Malaysia Bull 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 56. | Direxion Daily Malaysia Bear 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 57. | Direxion Daily Natural Gas Related Bull 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 58. | Direxion Daily Natural Gas Related Bear 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 59. | Direxion Daily Regional Banks Bull 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 60. | Direxion Daily Regional Banks Bear 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
A-5
| FUND |
TOTAL ANNUAL FUND OPERATING EXPENSE LIMIT |
TERMINATION DATE |
FUND | |||||||
| 61. | Direxion Daily Retail Bull 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
| 62. | Direxion Daily Retail Bear 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
| 63. | Direxion Daily Russia Bull 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 64. | Direxion Daily S&P 500 Bull 2X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 65. | Direxion Daily S&P 500 Bear 2X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 66. | Direxion Daily Semiconductor Bull 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
| 67. | Direxion Daily Semiconductor Bear 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
| 68. | Direxion Daily South Korea Bull 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 69. | Direxion Daily South Korea Bear 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 70. | Direxion Daily Taiwan Bull 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 71. | Direxion Daily Taiwan Bear 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
A-6
| FUND |
TOTAL ANNUAL FUND OPERATING EXPENSE LIMIT |
TERMINATION DATE |
FUND | |||||||
| 72. | Direxion Daily Thailand Bull 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 73. | Direxion Daily Thailand Bear 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 74. | Direxion Daily TIPs Bull 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 75. | Direxion Daily TIPs Bear 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 76. | Direxion Daily Total Bond Market Bull 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 77. | Direxion Daily Corporate Bond Bull 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 78. | Direxion Daily Corporate Bond Bear 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 79. | Direxion Daily High Yield Bond Bull 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 80. | Direxion Daily High Yield Bond Bear 1X Shares |
0.65 | % | March 1, 2014 | Not Open | |||||
| 81. | Direxion Daily Municipal Bond Taxable Bull 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 82. | Direxion NASDAQ Volatility Index Shares |
0.65 | % | March 1, 2014 | Not Open | |||||
| 83. | Direxion Daily Corporate Bond Bear 1X Shares |
0.65 | % | March 1, 2014 | Not Open | |||||
A-7
| FUND |
TOTAL ANNUAL FUND OPERATING EXPENSE LIMIT |
TERMINATION DATE |
FUND | |||||||
| 84. | Direxion Daily 7-10 Year Treasury Bear 1X Shares |
0.65 | % | March 1, 2014 | Open | |||||
| 85. | Direxion Daily 20-Year Treasury Bear 1X Shares |
0.65 | % | March 1, 2014 | Open | |||||
| 86. | Direxion Daily Total Bond Market Bear 1X Shares |
0.65 | % | March 1, 2014 | Open | |||||
| 87. | Direxion Daily Small Cap Bear 1X Shares |
0.65 | % | March 1, 2014 | Not Open | |||||
| 88. | Direxion Daily Total Market Bear 1X Shares |
0.65 | % | March 1, 2014 | Open | |||||
| 89. | Direxion Daily Emerging Markets Bear 1X Shares |
0.65 | % | March 1, 2014 | Not Open | |||||
| 90. | Direxion Daily Developed Markets Bear 1X Shares |
0.65 | % | March 1, 2014 | Not Open | |||||
| 91. | Direxion Daily Dow 30 Bear 1X Shares |
0.65 | % | March 1, 2014 | Not Open | |||||
| 92. | Direxion Daily S&P 500 Bear 1X Shares |
0.65 | % | March 1, 2014 | Not Open | |||||
A-8
| FUND |
TOTAL ANNUAL FUND OPERATING EXPENSE LIMIT |
TERMINATION DATE |
FUND | |||||||
| 93. | Direxion Daily Municipal Bond Taxable Bear 1X Shares |
0.65 | % | March 1, 2014 | Not Open | |||||
| 94. | Direxion Daily Financial Bear 1X Shares |
0.65 | % | March 1, 2014 | Not Open | |||||
| 95. | Direixon Daily Technology Bear 1X Shares |
0.65 | % | March 1, 2014 | Not Open | |||||
| 96. | Direxion Daily Agribusiness Bull 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
| 97. | Direxion Daily Agribusiness Bear 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
| 98. | Direxion Daily Russia Bear 3X Shares |
0.95 | % | March 1, 2014 | Open | |||||
| 99. | Direxion Daily Industrial Bull 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 100. | Direxion Daily Industrial Bear 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 101. | Direxion Daily Junior Gold Miners Bull 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 102. | Direxion Daily Junior Gold Miners Bear 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 103. | Direxion Daily Silver Miners Bull 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
A-9
| FUND |
TOTAL ANNUAL FUND OPERATING EXPENSE LIMIT |
TERMINATION DATE |
FUND | |||||||
| 104. | Direxion Daily Silver Miners Bear 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 105. | Direxion Daily Turkey Bull 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 106. | Direxion Daily Turkey Bear 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 107. | Direxion Daily Utilities Bull 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 108. | Direxion Daily Utilities Bear 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 109. | Direxion Daily European Equity Bull 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 110. | Direxion Daily European Equity Bear 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 111. | Direxion Daily Dow 30 Bull 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 112. | Direxion Daily Dow 30 Bear 3X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 113. | Direxion Daily Dow 30 Bull 2X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 114. | Direxion Daily Dow 30 Bear 2X Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 115. | Direxion NASDAQ-100 Equal Weighted Index Shares |
0.35 | % | March 1, 2014 | Open | |||||
A-10
| FUND |
TOTAL ANNUAL FUND OPERATING EXPENSE LIMIT |
TERMINATION DATE |
FUND | |||||||
| 116. | Direxion Large Cap Insider Sentiment Shares |
0.65 | % | March 1, 2014 | Open | |||||
| 117. | Direxion All Cap Insider Sentiment Shares |
0.65 | % | March 1, 2014 | Open | |||||
| 118. | Direxion Primary Tactical Advantage Shares |
0.65 | % | March 1, 2014 | Not Open | |||||
| 119. | Direxion S&P 500 RC Volatility Response Shares |
0.45 | % | March 1, 2014 | Open | |||||
| 120. | Direxion S&P 600 RC Volatility Response Shares |
0.45 | % | March 1, 2014 | Not Open | |||||
| 121. | Direxion S&P 1500 RC Volatility Response Shares |
0.45 | % | March 1, 2014 | Open | |||||
| 122. | Direxion S&P Latin America 40 RC Volatility Response Shares |
0.45 | % | March 1, 2014 | Open | |||||
| 123. | IndiaShares Fixed Income Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 124. | IndiaShares Mid- & Small-Cap Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 125. | IndiaShares Consumer Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 126. | IndiaShares Energy & Utilities Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 127. | IndiaShares Financial Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 128. | IndiaShares Industrial Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 129. | IndiaShares Infrastructure Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 130. | IndiaShares Materials Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
| 131. | IndiaShares Technology & Telecommunication Shares |
0.95 | % | March 1, 2014 | Not Open | |||||
Dated: May 29, 2009
Amended: November 23, 2010
Amended: February 11, 2011
Amended: March 9, 2011
Amended: February 9, 2012
Amended: May 22, 2012
Amended: August 15, 2012
A-11
