APPENDIX A Operating Expense Limitation Agreement Direxion Shares ETF Trust
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, 2020, 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 Factor Dog ETF |
0.35 | % |
150/50 FUNDS
| Direxion Xxxxxxx 1000® Value Over Growth ETF |
0.45 | % | ||
| Direxion Xxxxxxx 1000® Growth Over Value ETF |
0.45 | % | ||
| Direxion Xxxxxxx Large Over Small Cap ETF |
0.45 | % | ||
| Direxion Xxxxxxx Xxxxx Over Large Cap ETF |
0.45 | % | ||
| Direxion MSCI USA Cyclical Over Defensive ETF |
0.45 | % | ||
| Direxion MSCI USA Defensive Over Cyclical ETF |
0.45 | % | ||
| Direxion MSCI Emerging Over Developed Markets ETF |
0.45 | % | ||
| Direxion MSCI Developed Over Emerging Markets ETF |
0.45 | % | ||
| Direxion FTSE/Xxxxxxx International Over US ETF |
0.45 | % | ||
| Direxion FTSE/Xxxxxxx US Over International ETF |
0.45 | % |
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 Factor Dog Bull 1.5X Shares |
0.55% |
A-1
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 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 Daily High Yield Bear 2X Shares | 0.80 | % | ||||||||
| Direxion Daily TIPS 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 & Battery Tech Bull 2X Shares |
0.80 | % | ||||||||
| Direxion Daily Robotics, Artificial Intelligence & Automation Index 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 | % |
A-2
| 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 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 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 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 Dow Xxxxx Internet Bull 3X Shares |
0.95 | % | ||||||||
| Direxion Daily Factor Dog Bull 3X Shares |
0.95 | % | ||||||||
| Direxion Daily Lithium & Battery Tech Bull 3X Shares |
0.95 | % | ||||||||
| Direxion Daily Robotics, Artificial Intelligence & Automation Index Bull 3X Shares |
0.95 | % | ||||||||
| Direxion Daily Preferred Stock 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 | % | |||||
Last Updated: November 20, 2018
A-3
