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, 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 S&P 500® Volatility Response Shares |
0.45 | % | ||
| Direxion All Cap Insider Sentiment Shares |
0.65 | % | ||
| Direxion Zacks MLP High Income Shares |
0.65 | % | ||
| Direxion iBillionaire Index ETF |
0.65 | % |
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 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 | % | ||
| 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 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 | % |
A-1
LEVERAGED FUNDS
1.25X Funds
| Direxion Daily S&P 500® Bull 1.25X Shares |
0.35 | % | ||
| Direxion Daily FTSE Developed Markets Bull 1.25X Shares |
0.35 | % | ||
| Direxion Daily FTSE Emerging Markets Bull 1.25X Shares |
0.35 | % | ||
| Direxion Daily Small Cap Bull 1.25X Shares |
0.35 | % |
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 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 | % | |||||
| Direxion Daily European Financials Bull 2X Shares |
0.80 | % | Direxion 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 | % |
A-2
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 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 Developed Markets Bull 3X Shares |
0.95 | % | Direxion Daily Developed Markets Bear 3X Shares |
0.95 | % | |||||
| Direxion Daily Emerging Markets Bull 3X Shares |
0.95 | % | Direxion 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 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 Real Estate Bull 3X Shares |
0.95 | % | Direxion Daily 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 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 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 | % |
A-3
| Direxion Daily Oil & Gas Exp. & Prod. Bull 3X Shares |
0.95 | % | Direxion Daily 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 | % |
Last Updated: August 23, 2016
A-4
