APPENDIX A Operating Expense Limitation Agreement Direxion Shares ETF TrustDirexion Shares ETF Trust • February 15th, 2017
Rafferty 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.
THIRD AMENDED AND RESTATED OPERATING EXPENSE LIMITATION AGREEMENT DIREXION SHARES ETF TRUSTOperating Expense Limitation Agreement • February 15th, 2017 • Direxion Shares ETF Trust • New York
THIS OPERATING EXPENSE LIMITATION AGREEMENT (the “Agreement”), amends and restates the Operating Expense Limitation Agreement dated May 20, 2009, by and between DIREXION SHARES ETF TRUST, a Delaware statutory trust (the “Trust”), on behalf of each of the series listed on Appendix A hereto (each a “Fund” and collectively, the “Funds”), as such schedule may be amended from time to time, and the adviser of the Funds, Rafferty Asset Management, LLC, a New York limited liability corporation (the “Adviser”), is effective as to each Fund, as of the effective date listed on Appendix A.
