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, 2018, 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 | % |
NON-LEVERAGED FUNDS
Direxion NASDAQ-100® Equal Weighted Index Shares |
0.35 | % | ||
Direxion All Cap Insider Sentiment Shares |
0.65 | % | ||
Direxion Zacks MLP High Income Index Shares |
0.65 | % | ||
Direxion iBillionaire Index ETF |
0.65 | % | ||
Direxion State Street GX Dynamic Moderate Allocation ETF |
0.42 | % | ||
Direxion S&P 500 Low Volatility Target Beta ETF |
0.42 | % | ||
Direxion State Street GX Dynamic Inflation Managed Treasury ETF |
0.28 | % | ||
Direxion Daily Value/Growth Relative Performance ETF |
0.55 | % | ||
Direxion Daily Growth/Value Relative Performance ETF |
0.55 | % | ||
Direxion Daily Large/Small Cap Relative Performance ETF |
0.55 | % | ||
Direxion Daily Small/Large Cap Relative Performance ETF |
0.55 | % | ||
Direxion Daily Cyclicals/Defensive Relative Performance ETF |
0.55 | % | ||
Direxion Daily Defensive/Cyclicals Relative Performance ETF |
0.55 | % | ||
Direxion Daily Emerging/Developed Relative Performance ETF |
0.55 | % | ||
Direxion Daily Developed/Emerging Relative Performance ETF |
0.55 | % |
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 Corporate Bond 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 S&P Biotech Bear 1X Shares |
0.45 | % | ||
Direxion Daily Healthcare Bear 1X Shares |
0.45 | % | ||
Direxion Daily CSI 500 China A Share Bear 1X Shares |
0.80 | % | ||
Direxion Daily SME-ChiNext 100 China A Shares 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 Greece Bear 1X Shares |
0.80 | % | ||
Direxion Daily Cyber Security & IT Bear 1X Shares |
0.45 | % | ||
Direxion Daily Pharmaceutical & Medical Bear 1X Shares |
0.45 | % | ||
Direxion Daily Frontier 100 Bear 1X Shares |
0.45 | % | ||
Direxion Daily Emerging Markets Bond Bear 1X Shares |
0.45 | % |
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Direxion Daily Consumer Staples Bear 1X Shares |
0.45 | % | ||
Direxion Daily Consumer Discretionary Bear 1X Shares |
0.45 | % | ||
Direxion Daily Energy Bear 1X Shares |
0.45 | % | ||
Direxion Daily Financial Bear 1X Shares |
0.45 | % | ||
Direxion Daily Industrials Bear 1X Shares |
0.45 | % | ||
Direxion Daily Materials Bear 1X Shares |
0.45 | % | ||
Direxion Daily Technology Bear 1X Shares |
0.45 | % | ||
Direxion Daily Utilities Bear 1X Shares |
0.45 | % | ||
Direxion Daily MSCI European Financials Bear 1X Shares |
0.45 | % | ||
Direxion Daily Gold Miners Index Bear 1X Shares |
0.45 | % | ||
Direxion Daily Dow 30 Bear 1X Shares |
0.45 | % | ||
Direxion Daily High Yield Bear 1X Shares |
0.45 | % | ||
Direxion Daily MSCI Real Estate Bear 1X Shares |
0.45 | % |
LEVERAGED FUNDS
1.25X Funds
Direxion Daily S&P 500® Bull 1.25X Shares |
0.35 | % | ||
Direxion Daily Small Cap Bull 1.25X Shares |
0.35 | % |
1.5X Funds
Direxion S&P 500 Low Volatility Target Beta ETF |
0.42 | % | ||
Direxion Enhanced Dividend Target Beta ETF |
0.45 | % |
2X Funds
Direxion Daily S&P 500® Cap 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 |
0.95 | % | Direxion Daily S&P 500 Low Volatility Bear 2X Shares | 0.95 | % | |||||
Direxion Daily MLP Bull 2X Shares |
0.95 | % | Direxion Daily MLP Bear 2X Shares | 0.95 | % | |||||
Direxion Daily Emerging Market Bond Bull 2X Shares |
0.95 | % | Direxion Daily Emerging Market Bond Bear 2X Shares | 0.95 | % | |||||
Direxion Daily Cyber Security & IT Bull 2X Shares |
0.80 | % | Direxion Daily Cyber Security & IT Bear 2X Shares | 0.80 | % | |||||
Direxion Daily Pharmaceutical & Medical Bull 2X Shares |
0.80 | % | Direxion Daily Pharmaceutical & Medical Bear 2X Shares | 0.80 | % | |||||
Direxion Daily CSI 500 China A Share Bull 2X Shares |
0.95 | % | ||||||||
Direxion Daily SME-ChiNext 100 China A Shares Bull 2X Shares |
0.95 | % | ||||||||
Direxion Daily CSI China Internet Index Bull 2X Shares |
0.95 | % | ||||||||
Direxion Daily MSCI China A Bull 2X Shares |
0.95 | % | ||||||||
Direxion Daily Greece Bull 2X Shares |
0.95 | % | ||||||||
Direxion Daily Clean Energy Bull 2X Shares |
0.80 | % | Direxion Daily Clean Energy Bear 2X Shares | 0.80 | % | |||||
Direxion Daily Biotech Bull 2X Shares |
0.80 | % | Direxion Daily Biotech Bear 2X Shares | 0.80 | % |
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Direxion Daily MSCI European Financials Bull 2X Shares |
0.80 | % | Direxion MSCI Daily European Financials Bear 2X Shares | 0.80 | % | |||||
Direxion Daily High Yield Bull 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 Silver Miners Index Bear 2X Shares | 0.80 | % | |||||
Direxion Daily Income Preferred Bull 2X Shares |
0.85 | % | Direxion Daily Income Preferred Bear 2X Shares | 0.85 | % | |||||
Direxion Daily TIPS Bull 2X Shares |
0.80 | % | ||||||||
Direxion Daily Value/Growth Relative Performance 2X ETF |
0.85 | % | ||||||||
Direxion Daily Growth/Value Relative Performance 2X ETF |
0.85 | % | ||||||||
Direxion Daily Large/Small Cap Relative Performance 2X ETF |
0.85 | % | ||||||||
Direxion Daily Small/Large Cap Relative Performance 2X ETF |
0.85 | % | ||||||||
Direxion Daily Cyclicals/Defensive Relative Performance 2X ETF |
0.85 | % | ||||||||
Direxion Daily Defensive/Cyclicals Relative Performance 2X ETF |
0.85 | % | ||||||||
Direxion Daily Emerging/Developed Relative Performance 2X ETF |
0.85 | % | ||||||||
Direxion Daily Developed/Emerging Relative Performance 2X ETF |
0.85 | % |
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 Clean Energy Bull 3X Shares |
0.95 | % | Direxion Daily Clean Energy 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 Healthcare Bear 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 | % |
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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 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 FTSE Cürex USD Bull 3X Shares |
0.95 | % | Direxion Daily FTSE Cürex USD Bear 3X Shares | 0.95 | % | |||||
Direxion Daily FTSE Cürex EUR Bull 3X Shares |
0.95 | % | Direxion Daily FTSE Cürex EUR Bear 3X Shares | 0.95 | % | |||||
Direxion Daily FTSE Cürex YEN Bull 3X Shares |
0.95 | % | Direxion Daily FTSE Cürex YEN 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 MLP Bull 3X Shares |
0.95 | % | Direxion Daily MLP Bear 3X Shares | 0.95 | % | |||||
Direxion Daily Emerging Market Bond Bull 3X Shares |
0.95 | % | Direxion Daily Emerging Market 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 and Defense Bull 3X Shares |
0.95 | % | Direxion Daily Aerospace and 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 | % |
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Direxion Daily Mining and Metals Bull 3X Shares |
0.95 | % | Direxion Daily Mining and Metals 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 | % |
Last Updated: February 9, 2017
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