APPENDIX A Operating Expense Limitation Agreement Direxion Shares ETF Trust

Exhibit (h)(vii)(C)

APPENDIX A

Operating Expense Limitation Agreement

Direxion Shares ETF Trust

		FUND		TOTAL ANNUAL FUND OPERATING EXPENSE LIMIT				TERMINATION DATE		FUND STATUS
1.		Direxion Daily Total Market Bull 3X Shares			0.95%			September 1, 2016		Not Open
2.		Direxion Daily Total Market Bear 3X Shares			0.95%			September 1, 2016		Not Open
3.		Direxion Daily S&P 500® Bull 3X Shares			0.95%			September 1, 2016		Open
4.		Direxion Daily S&P 500® Bear 3X Shares			0.95%			September 1, 2016		Open
5.		Direxion Daily Mid Cap Bull 3X Shares			0.95%			September 1, 2016		Open
6.		Direxion Daily Mid Cap Bear 3X Shares			0.95%			September 1, 2016		Open
7.		Direxion Daily Small Cap Bull 3X Shares			0.95%			September 1, 2016		Open
8.		Direxion Daily Small Cap Bear 3X Shares			0.95%			September 1, 2016		Open
9.		Direxion Daily Developed Markets Bull 3X Shares			0.95%			September 1, 2016		Open
10.		Direxion Daily Developed Markets Bear 3X Shares			0.95%			September 1, 2016		Open
11.		Direxion Daily Emerging Markets Bull 3X Shares			0.95%			September 1, 2016		Open
12.		Direxion Daily Emerging Markets Bear 3X Shares			0.95%			September 1, 2016		Open
13.		Direxion Daily FTSE China Bull 3X Shares			0.95%			September 1, 2016		Open
14.		Direxion Daily FTSE China Bear 3X Shares			0.95%			September 1, 2016		Open
15.		Direxion Daily India Bull 3X Shares			0.95%			September 1, 2016		Open
16.		Direxion Daily Latin America Bull 3X Shares			0.95%			September 1, 2016		Open
17.		Direxion Daily Clean Energy Bull 3X Shares			0.95%			September 1, 2016		Not Open
18.		Direxion Daily Clean Energy Bear 3X Shares			0.95%			September 1, 2016		Not Open
19.		Direxion Daily Energy Bull 3X Shares			0.95%			September 1, 2016		Open
20.		Direxion Daily Energy Bear 3X Shares			0.95%			September 1, 2016		Open

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		FUND		TOTAL ANNUAL FUND OPERATING EXPENSE LIMIT				TERMINATION DATE		FUND STATUS
21.		Direxion Daily Energy Bull 2X Shares			0.60%			September 1, 2016		Not Open
22.		Direxion Daily Energy Bear 2X Shares			0.60%			September 1, 2016		Not Open
23.		Direxion Daily Financial Bull 3X Shares			0.95%			September 1, 2016		Open
24.		Direxion Daily Financial Bear 3X Shares			0.95%			September 1, 2016		Open
25.		Direxion Daily Technology Bull 3X Shares			0.95%			September 1, 2016		Open
26.		Direxion Daily Technology Bear 3X Shares			0.95%			September 1, 2016		Open
27.		Direxion Daily Real Estate Bull 3X Shares			0.95%			September 1, 2016		Open
28.		Direxion Daily Real Estate Bear 3X Shares			0.95%			September 1, 2016		Open
29.		Direxion Daily 7-10 Year Treasury Bull 3X Shares			0.95%			September 1, 2016		Open
30.		Direxion Daily 7-10 Year Treasury Bear 3X Shares			0.95%			September 1, 2016		Open
31.		Direxion Daily 20+Year Treasury Bull 3X Shares			0.95%			September 1, 2016		Open
32.		Direxion Daily 20+Year Treasury Bear 3X Shares			0.95%			September 1, 2016		Open
33.		Direxion Daily Basic Materials Bear 3X Shares			0.95%			September 1, 2016		Open
34.		Direxion Daily Brazil Bull 3X Shares			0.95%			September 1, 2016		Open
35.		Direxion Daily Brazil Bear 3X Shares			0.95%			September 1, 2016		Open
36.		Direxion Daily Gold Miners Bull 3X Shares			0.95%			September 1, 2016		Open
37.		Direxion Daily Gold Miners Bear 3X Shares			0.95%			September 1, 2016		Open
38.		Direxion Daily Gold Miners Bull 2X Shares			0.95%			September 1, 2016		Not Open
39.		Direxion Daily Gold Miners Bear 2X Shares			0.95%			September 1, 2016		Not Open
40.		Direxion Daily Healthcare Bull 3X Shares			0.95%			September 1, 2016		Open
41.		Direxion Daily Natural Gas Related Bull 3X Shares			0.95%			September 1, 2016		Open
42.		Direxion Daily Natural Gas Related Bear 3X Shares			0.95%			September 1, 2016		Open

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		FUND		TOTAL ANNUAL FUND OPERATING EXPENSE LIMIT				TERMINATION DATE		FUND STATUS
43.		Direxion Daily Regional Banks Bull 3X Shares			0.95%			September 1, 2016		Not Open
44.		Direxion Daily Regional Banks Bear 3X Shares			0.95%			September 1, 2016		Not Open
45.		Direxion Daily Retail Bull 3X Shares			0.95%			September 1, 2016		Open
46.		Direxion Daily Russia Bull 3X Shares			0.95%			September 1, 2016		Open
47.		Direxion Daily Russia Bear 3X Shares			0.95%			September 1, 2016		Open
48.		Direxion Daily S&P 500® Cap Bull 2X Shares			0.60%			September 1, 2016		Not Open
49.		Direxion Daily S&P 500® Cap Bear 2X Shares			0.60%			September 1, 2016		Not Open
50.		Direxion Daily Semiconductor Bull 3X Shares			0.95%			September 1, 2016		Open
51.		Direxion Daily Semiconductor Bear 3X Shares			0.95%			September 1, 2016		Open
52.		Direxion Daily South Korea Bull 3X Shares			0.95%			September 1, 2016		Open
53.		Direxion Daily South Korea Bear 3X Shares			0.95%			September 1, 2016		Open
54.		Direxion Daily TIPs Bull 3X Shares			0.95%			September 1, 2016		Not Open
55.		Direxion Daily TIPs Bear 3X Shares			0.95%			September 1, 2016		Not Open
56.		Direxion Daily Total Bond Market Bull 3X Shares			0.95%			September 1, 2016		Not Open
57.		Direxion Daily Corporate Bond Bull 3X Shares			0.95%			September 1, 2016		Not Open
58.		Direxion Daily Corporate Bond Bear 3X Shares			0.95%			September 1, 2016		Not Open
59.		Direxion Daily High Yield Bond Bull 3X Shares			0.95%			September 1, 2016		Not Open
60.		Direxion Daily High Yield Bond Bear 1X Shares			0.65%			September 1, 2016		Not Open
61.		Direxion Daily Municipal Bond Taxable Bull 3X Shares			0.95%			September 1, 2016		Not Open
62.		Direxion Daily Corporate Bond Bear 1X Shares			0.65%			September 1, 2016		Not Open
63.		Direxion Daily 7-10 Year Treasury Bear 1X Shares			0.65%			September 1, 2016		Open
64.		Direxion Daily 20+ Year Treasury Bear 1X Shares			0.65%			September 1, 2016		Open
65.		Direxion Daily Total Bond Market Bear 1X Shares			0.65%			September 1, 2016		Open

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		FUND		TOTAL ANNUAL FUND OPERATING EXPENSE LIMIT				TERMINATION DATE		FUND STATUS
66.		Direxion Daily Small Cap Bear 1X Shares			0.65%			September 1, 2016		Not Open
67.		Direxion Daily Total Market Bear 1X Shares			0.65%			September 1, 2016		Open
68.		Direxion Daily Emerging Markets Bear 1X Shares			0.65%			September 1, 2016		Not Open
69.		Direxion Daily Developed Markets Bear 1X Shares			0.65%			September 1, 2016		Not Open
70.		Direxion Daily Dow 30® Bear 1X Shares			0.65%			September 1, 2016		Not Open
71.		Direxion Daily Large Cap Bear 1X Shares			0.65%			September 1, 2016		Not Open
72.		Direxion Daily Municipal Bond Taxable Bear 1X Shares			0.65%			September 1, 2016		Not Open
73.		Direxion Daily Technology Bear 1X Shares			0.65%			September 1, 2016		Not Open
74.		Direxion Daily Junior Gold Miners Bull 3X Shares			0.95%			September 1, 2016		Open
75.		Direxion Daily Junior Gold Miners Bear 3X Shares			0.95%			September 1, 2016		Open
76.		Direxion Daily Silver Miners Bull 3X Shares			0.95%			September 1, 2016		Not Open
77.		Direxion Daily Silver Miners Bear 3X Shares			0.95%			September 1, 2016		Not Open
78.		Direxion Daily FTSE Europe Bull 3X Shares			0.95%			September 1, 2016		Open
79.		Direxion Daily FTSE Europe Bear 3X Shares			0.95%			September 1, 2016		Open
80.		Direxion NASDAQ-100® Equal Weighted Index Shares			0.35%			September 1, 2016		Open
81.		Direxion All Cap Insider Sentiment Shares			0.65%			September 1, 2016		Open
82.		Direxion S&P 500® Index Volatility Response Shares			0.45%			September 1, 2016		Open
83.		Direxion Daily Japan Bull 3X Shares			0.95%			September 1, 2016		Open
84.		Direxion Daily Japan Bear 3X Shares			0.95%			September 1, 2016		Open
85.		Direxion Daily China A Share Bull 3X Shares			0.95%			September 1, 2016		Not Open
86.		Direxion Daily CSI 300 China A Share Bull 2X Shares			0.60%			September 1, 2016		Not Open
87.		Direxion Zacks MLP High Income Shares			0.65%			September 1, 2016		Open
88.		Direxion Daily MSCI European Financial Bull 3X Shares			0.95%			September 1, 2016		Not Open

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		FUND		TOTAL ANNUAL FUND OPERATING EXPENSE LIMIT				TERMINATION DATE		FUND STATUS
89.		Direxion Daily MSCI European Financial Bear 3X Shares			0.95%			September 1, 2016		Not Open
90.		Direxion Daily Homebuilders Bull 3X Shares			0.95%			September 1, 2016		Not Open
91.		Direxion Daily Homebuilders Bear 3X Shares			0.95%			September 1, 2016		Not Open
92.		Direxion Daily Homebuilders Bull 2X Shares			0.60%			September 1, 2016		Not Open
93.		Direxion Daily Homebuilders Bear 2X Shares			0.60%			September 1, 2016		Not Open
94.		Direxion Daily European Emerging Market Debt Bull 3X Shares			0.95%			September 1, 2016		Not Open
95.		Direxion Daily European Emerging Market Debt Bear 3X Shares			0.95%			September 1, 2016		Not Open
96.		Direxion Daily Euro STOXX 50 Bull 3X Shares			0.95%			September 1, 2016		Not Open
97.		Direxion Daily Euro STOXX 50 Bear 3X Shares			0.95%			September 1, 2016		Not Open
98.		Direxion Daily MSCI Frontier Markets 100 Bull 2X Shares			0.60%			September 1, 2016		Not Open
99.		Direxion Daily MSCI Frontier Markets 100 Bear 2X Shares			0.60%			September 1, 2016		Not Open
100.		Direxion Daily Mid Cap Bull 2X Shares			0.60%			September 1, 2016		Not Open
101.		Direxion Daily Mid Cap Bear 2X Shares			0.60%			September 1, 2016		Not Open
102.		Direxion Daily Small Cap Bull 2X Shares			0.60%			September 1, 2016		Not Open
103.		Direxion Daily Small Cap Bear 2X Shares			0.60%			September 1, 2016		Not Open
104.		Direxion Daily 7-10 Year Treasury Bull 2X Shares			0.60%			September 1, 2016		Not Open
105.		Direxion Daily 7-10 Year Treasury Bear 2X Shares			0.60%			September 1, 2016		Not Open
106.		Direxion Daily 20+ Year Treasury Bull 2X Shares			0.60%			September 1, 2016		Not Open
107.		Direxion Daily 20+ Year Treasury Bear 2X Shares			0.60%			September 1, 2016		Not Open
108.		Direxion Daily NASDAQ-100® Bull 1.25X Shares			0.45%			September 1, 2016		Not Open
109.		Direxion Daily Xxxxxxx 1000® Growth Index Bull 1.25X Shares			0.45%			September 1, 2016		Not Open
110.		Direxion Daily Xxxxxxx 1000® Value Index Bull 1.25X Shares			0.45%			September 1, 2016		Not Open
111.		Direxion Daily S&P 500® Bull 1.25X Shares			0.45%			September 1, 2016		Not Open

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		FUND		TOTAL ANNUAL FUND OPERATING EXPENSE LIMIT				TERMINATION DATE		FUND STATUS
112.		Direxion Daily Mid Cap Bull 1.25X Shares			0.45%			September 1, 2016		Not Open
113.		Direxion Daily Small Cap Bull 1.25X Shares			0.45%			September 1, 2016		Not Open
114.		Direxion Daily Total Stock Market Bull 1.25X Shares			0.45%			September 1, 2016		Not Open
115.		Direxion Daily FTSE Developed Markets Bull 1.25X Shares			0.45%			September 1, 2016		Not Open
116.		Direxion Daily FTSE Emerging Markets Bull 1.25X Shares			0.45%			September 1, 2016		Not Open
117.		Direxion Daily 7-10 Year Treasury Bull 1.25X Shares			0.45%			September 1, 2016		Not Open
118.		Direxion Daily 20+ Year Treasury Bull 1.25X Shares			0.45%			September 1, 2016		Not Open
119.		Direxion Daily Total Bond Market Bull 1.25X Shares			0.45%			September 1, 2016		Not Open
120.		Direxion Daily Corporate Bond Bull 1.25X Shares			0.45%			September 1, 2016		Not Open
121.		Direxion iBillionaire Index ETF			0.65%			September 1, 2016		Not Open
122.		Direxion BNP VIX Strategy Shares			0.95%			September 1, 2016		Not Open
123.		Direxion Dynamic Commodity Strategy Shares			0.80%			September 1, 2016		Not Open
124.		Direxion Gold Low Volatility Strategy Shares			0.60%			September 1, 2016		Not Open

Last Updated: August 13, 2014

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