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.

SUBADVISED FUND

Direxion HCM Tactical Enhanced US ETF

ACTIVELY MANAGED FUNDS

Direxion Bitcoin Ether Strategy ETF

Direxion Bitcoin 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 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 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

COMMODITY-RELATED FUND

Direxion Auspice Broad Commodity Strategy ETF

1X BEAR FUNDS

Direxion Daily S&P 500^® Bear 1X Shares

Direxion Daily NYSE FANG+ Bear 1X Shares

Direxion Daily MAGMA Bear 1X Shares

Direxion Daily AI and Big Data Bear 1X Shares

Direxion Daily Magnificent 7 Bear 1X Shares

Direxion Daily MSCI Emerging Markets ex China Bear 1X Shares

Direxion Daily Concentrated Qs Bear 1X Shares

Bitcoin Funds

Direxion Daily Bitcoin Strategy Bull 1.25X Shares

Direxion Daily Bitcoin Strategy Bear 1.25X Shares

Direxion Daily Bitcoin Strategy Bull 1.5X Shares

Direxion Daily Bitcoin Strategy Bear 1.5X Shares

Direxion Daily Bitcoin Strategy Bull 1.75X Shares

Direxion Daily Bitcoin Strategy Bear 1.75X Shares

Direxion Daily Bitcoin Strategy Bull 2X Shares

Direxion Daily Bitcoin Strategy Bear 2X Shares

Direxion Daily Spot Bitcoin Bear 1X Shares

Direxion Daily Spot Bitcoin Bull 1.5X Shares

Direxion Daily Spot Bitcoin Bear 1.5X Shares

Direxion Daily Spot Bitcoin Bull 2X Shares

Direxion Daily Spot Bitcoin Bear 2X Shares

Ether Leveraged Funds

Direxion Daily Ether Strategy Bull 1.25X Shares

Direxion Daily Ether Strategy Bear 1.25X Shares

Direxion Daily Ether Strategy Bull 1.5X Shares

Direxion Daily Ether Strategy Bear 1.5X Shares

Direxion Daily Ether Strategy Bull 1.75X Shares

Direxion Daily Ether Strategy Bear 1.75X Shares

Direxion Daily Ether Strategy Bull 2X Shares

Direxion Daily Ether Strategy 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 CVX Bear 1X Shares

Direxion Daily COP Bear 1X Shares

Direxion Daily XOM Bear 1X Shares

Direxion Daily EOG Bear 1X Shares

Direxion Daily TSLA Bull 1.5X Shares

Direxion Daily AAPL Bull 1.5X Shares

Direxion Daily MSFT Bull 1.5X Shares

Direxion Daily AMZN Bull 1.5X Shares

Direxion Daily GOOGL Bull 1.5X Shares

Direxion Daily AMD Bull 1.5X Shares

Direxion Daily AMD Bear 1.5X Shares

Direxion Daily CVX Bull 1.5X Shares

Direxion Daily COP Bull 1.5X Shares

Direxion Daily XOM Bull 1.5X Shares

Direxion Daily EOG Bull 1.5X Shares

Direxion Daily NVDA Bull 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 Bull 2X Shares

Direxion Daily NYSE FANG+ Bull 2X Shares

Direxion Daily NYSE FANG+ Bear 2X Shares

Direxion Daily Global Clean Energy Bull 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 Aviation Bull 2X Shares

Direxion Daily Aviation 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 Crypto Industry Bull 2X Shares

Direxion Daily Crypto Industry Bear 2X Shares

Direxion Daily Transformative Tech 100 Bull 2X Shares

Direxion Daily Transformative Tech 100 Bear 2X Shares

Direxion Daily MAGMA Bull 2X Shares

Direxion Daily AI and Big Data Bull 2X Shares

Direxion Daily AI and Big Data Bear 2X Shares

Direxion Daily Magnificent 7 Bull 2X Shares

Direxion Daily Magnificent 7 Bear 2X Shares

Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares

Direxion Daily MSCI Emerging Markets ex China Bear 2X Shares

Direxion Daily Uranium Bull 2X Shares

Direxion Daily Uranium Bear 2X Shares

Direxion Daily Concentrated Qs Bull 2X Shares

Direxion Daily Concentrated Qs 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: February 7, 2024