Schedule A

to the Amended and Restated Investment Advisory Agreement

between Direxion Shares ETF Trust and Rafferty Asset Management, LLC

Pursuant to section 1 of the Investment Advisory Agreement between Direxion Shares ETF Trust (the “Trust”) and Rafferty Asset Management, LLC (“Rafferty”), the Trust hereby appoints Rafferty to manage the investment and reinvestment of the Funds of the Trust listed below. As compensation for such, the Trust shall pay to Rafferty pursuant to section 7 of the Investment Advisory Agreement a fee, computed daily and paid monthly, at the following annual rates as percentages of each Fund’s average daily net assets:

ACTIVELY MANAGED FUNDS

Direxion Bitcoin Strategy ETF	0.75%
Direxion Bitcoin Strategy Bear ETF	0.75%
Direxion US Treasuries Strategy ETF	0.60%
Direxion US Treasuries Strategy Bear ETF	0.60%
Direxion Ether Strategy ETF	0.75%
Direxion Ether Strategy Bear ETF	0.75%
Direxion Concentrated Energy ETF	0.75%
Direxion Daily Concentrated Energy Bear 1X Shares	0.75%
Direxion Daily Concentrated Energy Bull 2X Shares	0.75%
Direxion Daily Concentrated Energy Bear 2X Shares	0.75%
Direxion Concentrated Homebuilders & Supplies ETF	0.75%
Direxion Daily Concentrated Homebuilders & Supplies Bear 1X Shares	0.75%
Direxion Daily Concentrated Homebuilders & Supplies Bull 2X Shares	0.75%
Direxion Daily Concentrated Homebuilders & Supplies Bear 2X Shares	0.75%
Direxion Concentrated Semiconductors ETF	0.75%
Direxion Daily Concentrated Semiconductors Bear 1X Shares	0.75%
Direxion Daily Concentrated Semiconductors Bull 2X Shares	0.75%
Direxion Daily Concentrated Semiconductors Bear 2X Shares	0.75%
Direxion Concentrated Electric and Autonomous Vehicles ETF	0.75%
Direxion Daily Concentrated Electric and Autonomous Vehicles Bear 1X Shares	0.75%
Direxion Daily Concentrated Electric and Autonomous Vehicles Bull 2X Shares	0.75%
Direxion Daily Concentrated Electric and Autonomous Vehicles Bear 2X Shares	0.75%
Direxion Concentrated Solar Energy ETF	0.75%
Direxion Daily Concentrated Solar Energy Bear 1X Shares	0.75%
Direxion Daily Concentrated Solar Energy Bull 2X Shares	0.75%
Direxion Daily Concentrated Solar Energy Bear 2X Shares	0.75%
Direxion Concentrated Software ETF	0.75%
Direxion Daily Concentrated Software Bear 1X Shares	0.75%
Direxion Daily Concentrated Software Bull 2X Shares	0.75%
Direxion Daily Concentrated Software Bear 2X Shares	0.75%
Direxion Concentrated Biotech ETF	0.75%
Direxion Daily Concentrated Biotech Bear 1X Shares	0.75%
Direxion Daily Concentrated Biotech Bull 2X Shares	0.75%
Direxion Daily Concentrated Biotech Bear 2X Shares	0.75%
Direxion Concentrated Cybersecurity ETF	0.75%
Direxion Daily Concentrated Cybersecurity Bear 1X Shares	0.75%

Direxion Daily Concentrated Cybersecurity Bull 2X Shares	0.75%
Direxion Daily Concentrated Cybersecurity Bear 2X Shares	0.75%
Direxion Concentrated Gold Miners ETF	0.75%
Direxion Daily Concentrated Gold Miners Bear 1X Shares	0.75%
Direxion Daily Concentrated Gold Miners Bull 2X Shares	0.75%
Direxion Daily Concentrated Gold Miners Bear 2X Shares	0.75%
Direxion Concentrated Retail ETF	0.75%
Direxion Daily Concentrated Retail Bear 1X Shares	0.75%
Direxion Daily Concentrated Retail Bull 2X Shares	0.75%
Direxion Daily Concentrated Retail Bear 2X Shares	0.75%
Direxion Concentrated Technology ETF	0.75%
Direxion Daily Concentrated Technology Bear 1X Shares	0.75%
Direxion Daily Concentrated Technology Bull 2X Shares	0.75%
Direxion Daily Concentrated Technology Bear 2X Shares	0.75%

NON-LEVERAGED FUNDS

Direxion NASDAQ-100® Equal Weighted Index Shares	0.30%
Direxion Moonshot Innovators ETF	0.60%
Direxion Work From Home ETF	0.40%
Direxion NYSE FANG+ ETF	0.40%
Direxion Hydrogen ETF	0.40%
Direxion Auspice Broad Commodity Strategy ETF	0.50%
Direxion Nanotechnology ETF	0.60%
Direxion Internet Infrastructure ETF	0.60%
Direxion mRNA ETF	0.60%
Direxion Digital Advertising ETF	0.60%
Direxion Inflation Stocks ETF	0.60%
Direxion Future of Farming ETF	0.60%
Direxion Electric and Autonomous Vehicles ETF	0.60%

COMMODITY-RELATED FUNDS

Direxion Coffee Strategy ETF	0.50%
Direxion Daily Coffee Strategy Bear 1X Shares	0.50%
Direxion Lumber Strategy ETF	0.50%
Direxion Daily Lumber Strategy Bear 1X Shares	0.50%
Direxion Breakfast Commodities Strategy ETF	0.50%
Direxion Daily Breakfast Commodities Strategy Bear 1X Shares	0.50%
Direxion Copper Strategy ETF	0.50%
Direxion Daily Copper Strategy Bear 1X Shares	0.50%
Direxion Corn Strategy ETF	0.50%
Direxion Daily Corn Strategy Bear 1X Shares	0.50%
Direxion Soybeans Strategy ETF	0.50%
Direxion Daily Soybeans Strategy Bear 1X Shares	0.50%
Direxion Wheat Strategy ETF	0.50%
Direxion Daily Wheat Strategy Bear 1X Shares	0.50%
Direxion Sugar Strategy ETF	0.50%
Direxion Daily Sugar Strategy Bear 1X Shares	0.50%
Direxion Precious Metals Strategy ETF	0.50%
Direxion Daily Precious Metals Strategy Bear 1X Shares	0.50%

1X BEAR FUNDS

Direxion Daily S&P 500® Bear 1X Shares	0.35%
Direxion Daily CSI 300 China A Share Bear 1X Shares	0.60%
Direxion Daily NYSE FANG+ Bear 1X Shares	0.35%

Bitcoin Leveraged Funds

Direxion Daily Bitcoin Bull 1.25X Shares	0.75%
Direxion Daily Bitcoin Bear 1.25X Shares	0.75%
Direxion Daily Bitcoin Bull 1.5X Shares	0.75%
Direxion Daily Bitcoin Bear 1.5X Shares	0.75%
Direxion Daily Bitcoin Bull 1.75X Shares	0.75%
Direxion Daily Bitcoin Bear 1.75X Shares	0.75%
Direxion Daily Bitcoin Bull 2X Shares	0.75%
Direxion Daily Bitcoin Bear 2X Shares	0.75%

US Treasuries Leveraged Funds

Direxion Daily US Treasuries Bull 1.25X Shares	0.75%
Direxion Daily US Treasuries Bear 1.25X Shares	0.75%
Direxion Daily US Treasuries Bull 1.5X Shares	0.75%
Direxion Daily US Treasuries Bear 1.5X Shares	0.75%
Direxion Daily US Treasuries Bull 1.75X Shares	0.75%
Direxion Daily US Treasuries Bear 1.75X Shares	0.75%
Direxion Daily US Treasuries Bull 2X Shares	0.75%
Direxion Daily US Treasuries Bear 2X Shares	0.75%

Ether Leveraged Funds

Direxion Daily Ether Bull 1.25X Shares	0.75%
Direxion Daily Ether Bear 1.25X Shares	0.75%
Direxion Daily Ether Bull 1.5X Shares	0.75%
Direxion Daily Ether Bear 1.5X Shares	0.75%
Direxion Daily Ether Bull 1.75X Shares	0.75%
Direxion Daily Ether Bear 1.75X Shares	0.75%
Direxion Daily Ether Bull 2X Shares	0.75%
Direxion Daily Ether Bear 2X Shares	0.75%

Single Stock Funds

Direxion Daily TSLA Bear 1X Shares	0.75%
Direxion Daily META Bear 1X Shares	0.75%
Direxion Daily NFLX Bear 1X Shares	0.75%
Direxion Daily AAPL Bear 1X Shares	0.75%
Direxion Daily MSFT Bear 1X Shares	0.75%
Direxion Daily AMZN Bear 1X Shares	0.75%
Direxion Daily GOOGL Bear 1X Shares	0.75%
Direxion Daily NVDA Bear 1X Shares	0.75%
Direxion Daily AMD Bear 1X Shares	0.75%

Direxion Daily BAC Bear 1X Shares	0.75%
Direxion Daily CVX Bear 1X Shares	0.75%
Direxion Daily C Bear 1X Shares	0.75%
Direxion Daily COP Bear 1X Shares	0.75%
Direxion Daily XOM Bear 1X Shares	0.75%
Direxion Daily CRM Bear 1X Shares	0.75%
Direxion Daily EOG Bear 1X Shares	0.75%
Direxion Daily OXY Bear 1X Shares	0.75%
Direxion Daily WFC Bear 1X Shares	0.75%
Direxion Daily JPM Bear 1X Shares	0.75%
Direxion Daily META Bull 1.25X Shares	0.75%
Direxion Daily META Bear 1.25X Shares	0.75%
Direxion Daily NFLX Bull 1.25X Shares	0.75%
Direxion Daily NFLX Bear 1.25X Shares	0.75%
Direxion Daily NVDA Bull 1.25X Shares	0.75%
Direxion Daily NVDA Bear 1.25X Shares	0.75%
Direxion Daily TSLA Bull 1.5X Shares	0.75%
Direxion Daily TSLA Bear 1.5X Shares	0.75%
Direxion Daily AAPL Bull 1.5X Shares	0.75%
Direxion Daily AAPL Bear 1.5X Shares	0.75%
Direxion Daily MSFT Bull 1.5X Shares	0.75%
Direxion Daily MSFT Bear 1.5X Shares	0.75%
Direxion Daily AMZN Bull 1.5X Shares	0.75%
Direxion Daily AMZN Bear 1.5X Shares	0.75%
Direxion Daily GOOGL Bull 1.5X Shares	0.75%
Direxion Daily GOOGL Bear 1.5X Shares	0.75%
Direxion Daily AMD Bull 1.5X Shares	0.75%
Direxion Daily AMD Bear 1.5X Shares	0.75%
Direxion Daily BAC Bull 1.5X Shares	0.75%
Direxion Daily BAC Bear 1.5X Shares	0.75%
Direxion Daily CVX Bull 1.5X Shares	0.75%
Direxion Daily CVX Bear 1.5X Shares	0.75%
Direxion Daily C Bull 1.5X Shares	0.75%
Direxion Daily C Bear 1.5X Shares	0.75%
Direxion Daily COP Bull 1.5X Shares	0.75%
Direxion Daily COP Bear 1.5X Shares	0.75%
Direxion Daily XOM Bull 1.5X Shares	0.75%
Direxion Daily XOM Bear 1.5X Shares	0.75%
Direxion Daily CRM Bull 1.5X Shares	0.75%
Direxion Daily CRM Bear 1.5X Shares	0.75%
Direxion Daily EOG Bull 1.5X Shares	0.75%
Direxion Daily EOG Bear 1.5X Shares	0.75%
Direxion Daily OXY Bull 1.5X Shares	0.75%
Direxion Daily OXY Bear 1.5X Shares	0.75%
Direxion Daily WFC Bull 1.5X Shares	0.75%
Direxion Daily WFC Bear 1.5X Shares	0.75%
Direxion Daily JPM Bull 1.5X Shares	0.75%
Direxion Daily JPM Bear 1.5X Shares	0.75%

2X Funds

Direxion Daily S&P 500® Bull 2X Shares	0.50%
Direxion Daily CSI 300 China A Share Bull 2X Shares	0.75%
Direxion Daily CSI China Internet Index Bull 2X Shares	0.75%
Direxion Daily MSCI Brazil Bull 2X Shares	0.75%
Direxion Daily Energy Bull 2X Shares	0.75%
Direxion Daily Energy Bear 2X Shares	0.75%
Direxion Daily Gold Miners Index Bull 2X Shares	0.75%
Direxion Daily Gold Miners Index Bear 2X Shares	0.75%
Direxion Daily Junior Gold Miners Index Bull 2X Shares	0.75%
Direxion Daily Junior Gold Miners Index Bear 2X Shares	0.75%
Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares	0.75%
Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares	0.75%
Direxion Daily MSCI India Bull 2X Shares	0.75%
Direxion Daily Robotics, Artificial Intelligence, & Automation Index Bull 2X Shares	0.75%
Direxion Daily Cloud Computing Bull 2X Shares	0.75%
Direxion Daily NYSE FANG+ Bull 2X Shares	0.75%
Direxion Daily NYSE FANG+ Bear 2X Shares	0.75%
Direxion Daily 5G Communications Bear 2X Shares	0.75%
Direxion Daily Global Clean Energy Bull 2X Shares	0.75%
Direxion Daily Global Clean Energy Bear 2X Shares	0.75%
Direxion Daily Lithium & Battery Tech Bull 2X Shares	0.75%
Direxion Daily Lithium & Battery Tech Bear 2X Shares	0.75%
Direxion Daily E-Gaming Bull 2X Shares	0.75%
Direxion Daily E-Gaming Bear 2X Shares	0.75%
Direxion Daily Travel & Vacation Bull 2X Shares	0.75%
Direxion Daily Travel & Vacation Bear 2X Shares	0.75%
Direxion Daily US Infrastructure Bull 2X Shares	0.75%
Direxion Daily US Infrastructure Bear 2X Shares	0.75%
Direxion Daily Software Bull 2X Shares	0.75%
Direxion Daily Software Bear 2X Shares	0.75%
Direxion Daily Oil Services Bull 2X Shares	0.75%
Direxion Daily Oil Services Bear 2X Shares	0.75%
Direxion Daily Rare Earth/Strategic Metals Bull 2X Shares	0.75%
Direxion Daily Rare Earth/Strategic Metals Bear 2X Shares	0.75%
Direxion Daily Aviation Bull 2X Shares	0.75%
Direxion Daily Aviation Bear 2X Shares	0.75%
Direxion Daily FinTech Bull 2X Shares	0.75%
Direxion Daily FinTech Bear 2X Shares	0.75%
Direxion Daily Metal Miners Bull 2X Shares	0.75%
Direxion Daily Metal Miners Bear 2X Shares	0.75%
Direxion Daily S&P 500® Equal Weight Bull 2X Shares	0.75%
Direxion Daily S&P 500® Equal Weight Bull 2X Shares	0.75%
Direxion Daily S&P 500® Pure Growth Bull 2X Shares	0.75%
Direxion Daily S&P 500® Pure Growth Bear 2X Shares	0.75%
Direxion Daily S&P 500® Pure Value Bull 2X Shares	0.75%
Direxion Daily S&P 500® Pure Value Bear 2X Shares	0.75%
Direxion Daily China Technology Bull 2X Shares	0.75%
Direxion Daily China Technology Bear 2X Shares	0.75%
Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares	0.75%

Direxion Daily Electric and Autonomous Vehicles Bear 2X Shares	0.75%
Direxion Daily TIPS Bull 2X Shares	0.75%
Direxion Daily TIPS Bear 2X Shares	0.75%
Direxion Daily Crypto Industry Bull 2X Shares	0.75%
Direxion Daily Crypto Industry Bear 2X Shares	0.75%
Direxion Daily Tech 100 Bull 2X Shares	0.75%
Direxion Daily Tech 100 Bear 2X Shares	0.75%

3X Funds

Direxion Daily 7-10 Year Treasury Bull 3X Shares	0.75%
Direxion Daily 7-10 Year Treasury Bear 3X Shares	0.75%
Direxion Daily 20+ Year Treasury Bull 3X Shares	0.75%
Direxion Daily 20+ Year Treasury Bear 3X Shares	0.75%
Direxion Daily FTSE China Bull 3X Shares	0.75%
Direxion Daily FTSE China Bear 3X Shares	0.75%
Direxion Daily MSCI Emerging Markets Bull 3X Shares	0.75%
Direxion Daily MSCI Emerging Markets Bear 3X Shares	0.75%
Direxion Daily Financial Bull 3X Shares	0.75%
Direxion Daily Financial Bear 3X Shares	0.75%
Direxion Daily Healthcare Bull 3X Shares	0.75%
Direxion Daily Mid Cap Bull 3X Shares	0.75%
Direxion Daily Real Estate Bull 3X Shares	0.75%
Direxion Daily Real Estate Bear 3X Shares	0.75%
Direxion Daily Regional Banks Bull 3X Shares	0.75%
Direxion Daily Retail Bull 3X Shares	0.75%
Direxion Daily S&P 500® Bull 3X Shares	0.75%
Direxion Daily S&P 500® Bear 3X Shares	0.75%
Direxion Daily Semiconductor Bull 3X Shares	0.75%
Direxion Daily Semiconductor Bear 3X Shares	0.75%
Direxion Daily Small Cap Bull 3X Shares	0.75%
Direxion Daily Small Cap Bear 3X Shares	0.75%
Direxion Daily MSCI South Korea Bull 3X Shares	0.75%
Direxion Daily Technology Bull 3X Shares	0.75%
Direxion Daily Technology Bear 3X Shares	0.75%
Direxion Daily FTSE Europe Bull 3X Shares	0.75%
Direxion Daily Homebuilders & Supplies Bull 3X Shares	0.75%
Direxion Daily S&P Biotech Bull 3X Shares	0.75%
Direxion Daily S&P Biotech Bear 3X Shares	0.75%
Direxion Daily Consumer Discretionary Bull 3X Shares	0.75%
Direxion Daily Utilities Bull 3X Shares	0.75%
Direxion Daily Aerospace & Defense Bull 3X Shares	0.75%
Direxion Daily MSCI Mexico Bull 3X Shares	0.75%
Direxion Daily Transportation Bull 3X Shares	0.75%
Direxion Daily Industrials Bull 3X Shares	0.75%
Direxion Daily Pharmaceutical & Medical Bull 3X Shares	0.75%
Direxion Daily Dow Jones Internet Bull 3X Shares	0.75%
Direxion Daily Dow Jones Internet Bear 3X Shares	0.75%
Direxion Daily S&P 500® High Beta Bull 3X Shares	0.75%
Direxion Daily S&P 500® High Beta Bear 3X Shares	0.75%

Last Updated: November 18, 2022