SCHEDULE A

TO THE MANAGEMENT SERVICES AGREEMENT

BETWEEN DIREXION SHARES ETF TRUST

AND RAFFERTY ASSET MANAGEMENT, LLC

Rafferty Asset Management, LLC shall be paid 0.026% on the first $10 billion of the aggregate net assets of the Funds that are series of the Direxion Shares ETF Trust and the funds that are a series of the Direxion Funds and then 0.024% on the aggregate net assets above $10 billion to provide the services listed on Schedule B to the Direxion Shares ETF Trust.

ACTIVELY MANAGED FUNDS

Direxion Bitcoin Strategy ETF

Direxion Bitcoin Strategy Bear ETF

Direxion US Treasuries Strategy ETF

Direxion US Treasuries Strategy Bear ETF

Direxion Ether Strategy ETF

Direxion Ether Strategy Bear ETF

Direxion Concentrated Energy ETF

Direxion Daily Concentrated Energy Bear 1X Shares

Direxion Daily Concentrated Energy Bull 2X Shares

Direxion Daily Concentrated Energy Bear 2X Shares

Direxion Concentrated Homebuilders & Supplies ETF

Direxion Daily Concentrated Homebuilders & Supplies Bear 1X Shares

Direxion Daily Concentrated Homebuilders & Supplies Bull 2X Shares

Direxion Daily Concentrated Homebuilders & Supplies Bear 2X Shares

Direxion Concentrated Semiconductors ETF

Direxion Daily Concentrated Semiconductors Bear 1X Shares

Direxion Daily Concentrated Semiconductors Bull 2X Shares

Direxion Daily Concentrated Semiconductors Bear 2X Shares

Direxion Concentrated Electric and Autonomous Vehicles ETF

Direxion Daily Concentrated Electric and Autonomous Vehicles Bear 1X Shares

Direxion Daily Concentrated Electric and Autonomous Vehicles Bull 2X Shares

Direxion Daily Concentrated Electric and Autonomous Vehicles Bear 2X Shares

Direxion Concentrated Solar Energy ETF

Direxion Daily Concentrated Solar Energy Bear 1X Shares

Direxion Daily Concentrated Solar Energy Bull 2X Shares

Direxion Daily Concentrated Solar Energy Bear 2X Shares

Direxion Concentrated Software ETF

Direxion Daily Concentrated Software Bear 1X Shares

Direxion Daily Concentrated Software Bull 2X Shares

Direxion Daily Concentrated Software Bear 2X Shares

Direxion Concentrated Biotech ETF

Direxion Daily Concentrated Biotech Bear 1X Shares

Direxion Daily Concentrated Biotech Bull 2X Shares

Direxion Daily Concentrated Biotech Bear 2X Shares

Direxion Concentrated Cybersecurity ETF

Direxion Daily Concentrated Cybersecurity Bear 1X Shares

Direxion Daily Concentrated Cybersecurity Bull 2X Shares

Direxion Daily Concentrated Cybersecurity Bear 2X Shares

Direxion Concentrated Gold Miners ETF

Direxion Daily Concentrated Gold Miners Bear 1X Shares

Direxion Daily Concentrated Gold Miners Bull 2X Shares

Direxion Daily Concentrated Gold Miners Bear 2X Shares

Direxion Concentrated Retail ETF

Direxion Daily Concentrated Retail Bear 1X Shares

Direxion Daily Concentrated Retail Bull 2X Shares

Direxion Daily Concentrated Retail Bear 2X Shares

Direxion Concentrated Technology ETF

Direxion Daily Concentrated Technology Bear 1X Shares

Direxion Daily Concentrated Technology Bull 2X Shares

Direxion Daily Concentrated Technology Bear 2X Shares

NON-LEVERAGED FUNDS

Direxion NASDAQ-100^® Equal Weighted Index Shares

Direxion Moonshot Innovators ETF

Direxion Work From Home ETF

Direxion NYSE FANG+ ETF

Direxion Hydrogen ETF

Direxion Auspice Broad Commodity Strategy ETF

Direxion Nanotechnology ETF

Direxion Internet Infrastructure ETF

Direxion mRNA ETF

Direxion Digital Advertising ETF

Direxion Inflation Stocks ETF

Direxion Future of Farming ETF

Direxion Electric and Autonomous Vehicles ETF

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

Direxion Daily CSI 300 China A Share Bear 1X Shares

Direxion Daily NYSE FANG+ Bear 1X Shares

Bitcoin Leveraged Funds

Direxion Daily Bitcoin Bull 1.25X Shares

Direxion Daily Bitcoin Bear 1.25X Shares

Direxion Daily Bitcoin Bull 1.5X Shares

Direxion Daily Bitcoin Bear 1.5X Shares

Direxion Daily Bitcoin Bull 1.75X Shares

Direxion Daily Bitcoin Bear 1.75X Shares

Direxion Daily Bitcoin Bull 2X Shares

Direxion Daily Bitcoin Bear 2X Shares

US Treasuries Leveraged Funds

Direxion Daily US Treasuries Bull 1.25X Shares

Direxion Daily US Treasuries Bear 1.25X Shares

Direxion Daily US Treasuries Bull 1.5X Shares

Direxion Daily US Treasuries Bear 1.5X Shares

Direxion Daily US Treasuries Bull 1.75X Shares

Direxion Daily US Treasuries Bear 1.75X Shares

Direxion Daily US Treasuries Bull 2X Shares

Direxion Daily US Treasuries Bear 2X Shares

Ether Leveraged Funds

Direxion Daily Ether Bull 1.25X Shares

Direxion Daily Ether Bear 1.25X Shares

Direxion Daily Ether Bull 1.5X Shares

Direxion Daily Ether Bear 1.5X Shares

Direxion Daily Ether Bull 1.75X Shares

Direxion Daily Ether Bear 1.75X Shares

Direxion Daily Ether Bull 2X Shares

Direxion Daily Ether Bear 2X Shares

Single Stock Funds

Direxion Daily TSLA Bear 1X Shares

Direxion Daily META Bear 1X Shares

Direxion Daily NFLX Bear 1X Shares

Direxion Daily AAPL Bear 1X Shares

Direxion Daily MSFT Bear 1X Shares

Direxion Daily AMZN Bear 1X Shares

Direxion Daily GOOGL Bear 1X Shares

Direxion Daily NVDA Bear 1X Shares

Direxion Daily AMD Bear 1X Shares

Direxion Daily BAC Bear 1X Shares

Direxion Daily CVX Bear 1X Shares

Direxion Daily C Bear 1X Shares

Direxion Daily COP Bear 1X Shares

Direxion Daily XOM Bear 1X Shares

Direxion Daily CRM Bear 1X Shares

Direxion Daily EOG Bear 1X Shares

Direxion Daily OXY Bear 1X Shares

Direxion Daily WFC Bear 1X Shares

Direxion Daily JPM Bear 1X Shares

Direxion Daily META Bull 1.25X Shares

Direxion Daily META Bear 1.25X Shares

Direxion Daily NFLX Bull 1.25X Shares

Direxion Daily NFLX Bear 1.25X Shares

Direxion Daily NVDA Bull 1.25X Shares

Direxion Daily NVDA Bear 1.25X Shares

Direxion Daily TSLA Bull 1.5X Shares

Direxion Daily TSLA Bear 1.5X Shares

Direxion Daily AAPL Bull 1.5X Shares

Direxion Daily AAPL Bear 1.5X Shares

Direxion Daily MSFT Bull 1.5X Shares

Direxion Daily MSFT Bear 1.5X Shares

Direxion Daily AMZN Bull 1.5X Shares

Direxion Daily AMZN Bear 1.5X Shares

Direxion Daily GOOGL Bull 1.5X Shares

Direxion Daily GOOGL Bear 1.5X Shares

Direxion Daily AMD Bull 1.5X Shares

Direxion Daily AMD Bear 1.5X Shares

Direxion Daily BAC Bull 1.5X Shares

Direxion Daily BAC Bear 1.5X Shares

Direxion Daily CVX Bull 1.5X Shares

Direxion Daily CVX Bear 1.5X Shares

Direxion Daily C Bull 1.5X Shares

Direxion Daily C Bear 1.5X Shares

Direxion Daily COP Bull 1.5X Shares

Direxion Daily COP Bear 1.5X Shares

Direxion Daily XOM Bull 1.5X Shares

Direxion Daily XOM Bear 1.5X Shares

Direxion Daily CRM Bull 1.5X Shares

Direxion Daily CRM Bear 1.5X Shares

Direxion Daily EOG Bull 1.5X Shares

Direxion Daily EOG Bear 1.5X Shares

Direxion Daily OXY Bull 1.5X Shares

Direxion Daily OXY Bear 1.5X Shares

Direxion Daily WFC Bull 1.5X Shares

Direxion Daily WFC Bear 1.5X Shares

Direxion Daily JPM Bull 1.5X Shares

Direxion Daily JPM Bear 1.5X Shares

2X Funds

Direxion Daily S&P 500^® Bull 2X Shares

Direxion Daily CSI 300 China A Share Bull 2X Shares

Direxion Daily CSI China Internet Index Bull 2X Shares

Direxion Daily MSCI Brazil Bull 2X Shares

Direxion Daily Energy Bull 2X Shares

Direxion Daily Energy Bear 2X Shares

Direxion Daily Gold Miners Index Bull 2X Shares

Direxion Daily Gold Miners Index Bear 2X Shares

Direxion Daily Junior Gold Miners Index Bull 2X Shares

Direxion Daily Junior Gold Miners Index Bear 2X Shares

Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares

Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares

Direxion Daily MSCI India Bull 2X Shares

Direxion Daily Robotics, Artificial Intelligence, & Automation Index Bull 2X Shares

Direxion Daily Cloud Computing Bear 2X Shares

Direxion Daily NYSE FANG+ Bull 2X Shares

Direxion Daily NYSE FANG+ Bear 2X Shares

Direxion Daily 5G Communications Bear 2X Shares

Direxion Daily Global Clean Energy Bull 2X Shares

Direxion Daily Global Clean Energy Bear 2X Shares

Direxion Daily Lithium & Battery Tech Bull 2X Shares

Direxion Daily Lithium & Battery Tech Bear 2X Shares

Direxion Daily E-Gaming Bull 2X Shares

Direxion Daily E-Gaming Bear 2X Shares

Direxion Daily Travel & Vacation Bull 2X Shares

Direxion Daily Travel & Vacation Bear 2X Shares

Direxion Daily US Infrastructure Bull 2X Shares

Direxion Daily US Infrastructure Bear 2X Shares

Direxion Daily Software Bull 2X Shares

Direxion Daily Software Bear 2X Shares

Direxion Daily Oil Services Bull 2X Shares

Direxion Daily Oil Services Bear 2X Shares

Direxion Daily Rare Earth/Strategic Metals Bull 2X Shares

Direxion Daily Rare Earth/Strategic Metals Bear 2X Shares

Direxion Daily Aviation Bull 2X Shares

Direxion Daily Aviation Bear 2X Shares

Direxion Daily FinTech Bull 2X Shares

Direxion Daily FinTech Bear 2X Shares

Direxion Daily Metal Miners Bull 2X Shares

Direxion Daily Metal Miners Bear 2X Shares

Direxion Daily S&P 500^® Equal Weight Bull 2X Shares

Direxion Daily S&P 500^® Equal Weight Bull 2X Shares

Direxion Daily S&P 500^® Pure Growth Bull 2X Shares

Direxion Daily S&P 500^® Pure Growth Bear 2X Shares

Direxion Daily S&P 500^® Pure Value Bull 2X Shares

Direxion Daily S&P 500^® Pure Value Bear 2X Shares

Direxion Daily China Technology Bull 2X Shares

Direxion Daily China Technology Bear 2X Shares

Direxion Daily Electric and Autonomous Vehicles Bull 2X Shares

Direxion Daily Electric and Autonomous Vehicles Bear 2X Shares

Direxion Daily TIPS Bull 2X Shares

Direxion Daily TIPS Bear 2X Shares

Direxion Daily Crypto Industry Bull 2X Shares

Direxion Daily Crypto Industry Bear 2X Shares

Direxion Daily Tech 100 Bull 2X Shares

Direxion Daily Tech 100 Bear 2X Shares

3X Funds

Direxion Daily 7-10 Year Treasury Bull 3X Shares

Direxion Daily 7-10 Year Treasury Bear 3X Shares

Direxion Daily 20+ Year Treasury Bull 3X Shares

Direxion Daily 20+ Year Treasury Bear 3X Shares

Direxion Daily FTSE China Bull 3X Shares

Direxion Daily FTSE China Bear 3X Shares

Direxion Daily MSCI Emerging Markets Bull 3X Shares

Direxion Daily MSCI Emerging Markets Bear 3X Shares

Direxion Daily Financial Bull 3X Shares

Direxion Daily Financial Bear 3X Shares

Direxion Daily Healthcare Bull 3X Shares

Direxion Daily Mid Cap Bull 3X Shares

Direxion Daily Real Estate Bull 3X Shares

Direxion Daily Real Estate Bear 3X Shares

Direxion Daily Regional Banks Bull 3X Shares

Direxion Daily Retail Bull 3X Shares

Direxion Daily S&P 500^® Bull 3X Shares

Direxion Daily S&P 500^® Bear 3X Shares

Direxion Daily Semiconductor Bull 3X Shares

Direxion Daily Semiconductor Bear 3X Shares

Direxion Daily Small Cap Bull 3X Shares

Direxion Daily Small Cap Bear 3X Shares

Direxion Daily MSCI South Korea Bull 3X Shares

Direxion Daily Technology Bull 3X Shares

Direxion Daily Technology Bear 3X Shares

Direxion Daily FTSE Europe Bull 3X Shares

Direxion Daily Homebuilders & Supplies Bull 3X Shares

Direxion Daily S&P Biotech Bull 3X Shares

Direxion Daily S&P Biotech Bear 3X Shares

Direxion Daily Consumer Discretionary Bull 3X Shares

Direxion Daily Utilities Bull 3X Shares

Direxion Daily Aerospace & Defense Bull 3X Shares

Direxion Daily MSCI Mexico Bull 3X Shares

Direxion Daily Transportation Bull 3X Shares

Direxion Daily Industrials Bull 3X Shares

Direxion Daily Pharmaceutical & Medical Bull 3X Shares

Direxion Daily Dow Jones Internet Bull 3X Shares

Direxion Daily Dow Jones Internet Bear 3X Shares

Direxion Daily S&P 500^® High Beta Bull 3X Shares

Direxion Daily S&P 500^® High Beta Bear 3X Shares

Last Updated: November 18, 2022