Exhibit  (h)(vii)(B)

APPENDIX A

Operating Expense Limitation Agreement

Direxion Shares ETF Trust

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, 2017, to the extent that a Fund’s Total Annual Fund Operating Expenses exceeds a Fund’s daily net assets as listed below.

NON-LEVERAGED FUNDS

Direxion NASDAQ-100® Equal Weighted Index Shares	0.35%
Direxion S&P 500® Index 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%
Direxion Value Line Mid and Large-Cap High Dividend ETF	0.38%
Direxion Value Line Small and Mid-Cap High Dividend ETF	0.38%
Direxion Value Line Conservative Equity ETF	0.38%
Direxion Credit Suisse U.S. Hedged Equity Index ETF	0.75%

1X BEAR FUNDS

Direxion Daily 7-10 Year Treasury Bear 1X Shares	0.65%
Direxion Daily 20+ Year Treasury Bear 1X Shares	0.65%
Direxion Daily Corporate Bond Bear 1X Shares	0.65%
Direxion Daily Large Cap Bear 1X Shares	0.65%
Direxion Daily Municipal Bond Taxable Bear 1X Shares	0.65%
Direxion Daily Small Cap Bear 1X Shares	0.65%
Direxion Daily Total Market Bear 1X Shares	0.65%
Direxion Daily Total Bond Market Bear 1X Shares	0.65%
Direxion Daily CSI 300 China A Share Bear 1X Shares	0.80%
Direxion Daily MSCI EAFE Currency Hedged Bear 1X Shares	0.65%
Direxion Daily MSCI Emerging Markets Currency Hedged Bear 1X Shares	0.65%
Direxion Daily MSCI Europe Currency Hedged Bear 1X Shares	0.65%
Direxion Daily MSCI Japan Currency Hedged Bear 1X Shares	0.65%
Direxion Daily MSCI Germany Currency Hedged Bear 1X Shares	0.65%
Direxion Daily S&P Biotech Bear 1X Shares	0.45%
Direxion Daily Healthcare Bear 1X Shares	0.45%
Direxion Daily CSI 500 China A Shares Bear 1X Shares	0.80%
Direxion Daily SME-ChiNext 100 China A Shares Bear 1X Shares	0.80%
Direxion Daily CSI Internet China A Shares 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 Bear 1X Shares	0.45%
Direxion Daily Pharmaceutical & Medical 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 7-10 Year Treasury Bull 1.25X Shares	0.35%
Direxion Daily 20+ Year Treasury Bull 1.25X Shares	0.35%
Direxion Daily Mid Cap Bull 1.25X Shares	0.35%
Direxion Daily Small Cap Bull 1.25X Shares	0.35%
Direxion Daily Corporate Bond Bull 1.25X Shares	0.35%
Direxion Daily Dow 30 Bull 1.25X Shares	0.35%
Direxion Daily MSCI REIT Index Bull 1.25X Shares	0.35%
Direxion Daily Financial Select Sector Bull 1.25X Shares	0.35%
Direxion Daily Technology Select Sector Bull 1.25X Shares	0.35%
Direxion Daily Health Care Select Sector Bull 1.25X Shares	0.35%
Direxion Daily Energy Select Sector Bull 1.25X Shares	0.35%
Direxion Daily Industrial Select Sector Bull 1.25X Shares	0.35%
Direxion Daily Consumer Staples Select Sector Bull 1.25X Shares	0.35%
Direxion Daily Utilities Select Sector Bull 1.25X Shares	0.35%
Direxion Daily Consumer Discretionary Select Sector Bull 1.25X Shares	0.35%
Direxion Daily Materials Select Sector Bull 1.25X Shares	0.35%
Direxion Daily FTSE Developed Europe Currency Hedged Bull 1.25X Shares	0.35%
Direxion Daily FTSE Emerging Markets Currency Hedged Bull 1.25X Shares	0.35%
Direxion Daily FTSE Europe Currency Hedged Bull 1.25X Shares	0.35%
Direxion Daily FTSE Japan Currency Hedged Bull 1.25X Shares	0.35%

2X Funds

Direxion Daily S&P 500® Cap Bull 2X Shares	0.60%	Direxion Daily S&P 500® Cap Bear 2X Shares	0.60%
Direxion Daily Gold Miners Index Bull 2X Shares	0.60%	Direxion Daily Gold Miners Index Bear 2X Shares	0.60%
Direxion Daily CSI 300 China A Share Bull 2X Shares	0.95%
Direxion Daily Homebuilders & Supplies Bull 2X Shares	0.95%	Direxion Daily Homebuilders & Supplies Bear 2X Shares	0.95%
Direxion Daily Small Cap Bull 2X Shares	0.60%
		Direxion Daily 7-10 Year Treasury Bear 2X Shares	0.60%
Direxion Daily 20+ Year Treasury Bull 2X Shares	0.95%	Direxion Daily 20+ Year Treasury Bear 2X Shares	0.95%
Direxion Daily Junior Gold Miners Index Bull 2X Shares	0.60%	Direxion Daily Junior Gold Miners Index Bear 2X Shares	0.60%
Direxion Daily MSCI EAFE Currency Hedged Bull 2X Shares	0.95%	Direxion Daily MSCI EAFE Currency Hedged Bear 2X Shares	0.95%
Direxion Daily MSCI Emerging Markets Currency Hedged Bull 2X Shares	0.95%	Direxion Daily MSCI Emerging Markets Currency Hedged Bear 2X Shares	0.95%
Direxion Daily MSCI Europe Currency Hedged Bull 2X Shares	0.95%	Direxion Daily MSCI Europe Currency Hedged Bear 2X Shares	0.95%
Direxion Daily MSCI Japan Currency Hedged	0.95%	Direxion Daily MSCI Japan Currency	0.95%

A-2

Bull 2X Shares		Hedged Bear 2X Shares
Direxion Daily MSCI Germany Currency Hedged Bull 2X Shares	0.95%	Direxion Daily MSCI Germany Currency Hedged Bear 2X Shares	0.95%
Direxion Daily S&P 500 Equal Weight Bull 2X Shares	0.95%	Direxion Daily S&P 500 Equal Weight Bear 2X Shares	0.95%
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 Bull 2X Shares	0.95%	Direxion Daily Cyber Security Bear 2X Shares	0.95%
Direxion Daily Pharmaceutical & Medical Bull 2X Shares	0.95%	Direxion Daily Pharmaceutical & Medical Bear 2X Shares	0.95%
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 Internet China A Shares 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 S&P Biotech Bull 2X Shares	0.80%	Direxion Daily S&P Biotech Bear 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 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 High Yield Bull 3X Shares	0.95%	Direxion Daily High Yield Bear 3X Shares	0.95%
Direxion Daily India Bull 3X Shares	0.95%
Direxion Daily Latin America Bull 3X Shares	0.95%

A-3

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 Silver Miners Bull 3X Shares	0.95%	Direxion Daily Silver Miners Bear 3X Shares	0.95%
Direxion Daily FTSE Europe Bull 3X Shares	0.95%
Direxion Daily Japan Bull 3X Shares	0.95%
Direxion Daily China A Share 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 Oil & Gas Exp. & Prod. Bull 3X Shares	0.95%	Direxion Daily Oil & Gas Exp. & Prod. Bear 3X Shares	0.95%
Direxion Daily MSCI EAFE Currency Hedged Bull 3X Shares	0.95%	Direxion Daily MSCI EAFE Currency Hedged Bear 3X Shares	0.95%
Direxion Daily MSCI Emerging Markets Currency Hedged Bull 3X Shares	0.95%	Direxion Daily MSCI Emerging Markets Currency Hedged Bear 3X Shares	0.95%
Direxion Daily MSCI Europe Currency Hedged Bull 3X Shares	0.95%	Direxion Daily MSCI Europe Currency Hedged Bear 3X Shares	0.95%
Direxion Daily MSCI Japan Currency Hedged Bull 3X Shares	0.95%	Direxion Daily MSCI Japan Currency Hedged 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 MSCI Germany Currency Hedged Bull 3X Shares	0.95%	Direxion Daily MSCI Germany Currency Hedged Bear 3X Shares	0.95%
Direxion Daily S&P 500 Equal Weight Bull 3X Shares	0.95%	Direxion Daily S&P 500 Equal Weight 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	0.95%	Direxion Daily Emerging Market Bond	0.95%

A-4

Shares		Bear 3X Shares
Direxion Daily Cyber Security Bull 3X Shares	0.95%	Direxion Daily Cyber Security Bear 3X Shares	0.95%
Direxion Daily Pharmaceutical & Medical Bull 3X Shares	0.95%	Direxion Daily Pharmaceutical & Medical Bear 3X Shares	0.95%

Last Updated:  November 24, 2015

A-5