DIREXION ETF SUBSIDIARY FORM OF INVESTMENT ADVISORY AGREEMENTInvestment Advisory Agreement • August 9th, 2016 • Direxion Shares ETF Trust • New York
This Investment Advisory Agreement between Direxion ETF Subsidiary (the “Fund”), a Cayman Island exempted company, incorporated in the Cayman Islands, and Rafferty Asset Management, LLC, a New York limited liability company (the “Adviser”), is made as of August 2016.
