Document:

EX-10.6

 Exhibit 10.6 

CUSTODY AGREEMENT 
 THIS
AGREEMENT is made and entered into as of this [    ] day of [            ], 2013, by and between DIREXION SHARES ETF TRUST II, a Delaware statutory trust (the
“Trust”), for itself and on behalf of each of its series listed on Appendix A to this Agreement (as amended from time to time) (each a “Fund” ), DIREXION ASSET MANAGEMENT, LLC, the sponsor of the Funds
(“Sponsor”) and U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America (the “Custodian”). 

WHEREAS, each Fund is operated as a commodity pool under the Commodity Exchange Act (“CEA”) and is registered with the U.S.
Securities and Exchange Commission (“SEC”) by means of a registration statement on Form S-1 or Form S-3, as applicable (each a “Registration Statement”) under the Securities Act of 1933, as amended (“1933 Act”); and

 WHEREAS, the Sponsor has exclusive responsibility for the management and control of the business and affairs of the Trust and each Fund;
and 
 WHEREAS, the Trust and Sponsor desire to retain the Custodian to act as custodian of the assets of each Fund, and to provide related
services as provided herein, and the Custodian is willing to accept the obligations and duties related to that role; and 
 NOW, THEREFORE,
in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows: 

ARTICLE I 
 CERTAIN
DEFINITIONS 
 Whenever used in this Agreement, the following words and phrases shall have the meanings set forth below unless the context otherwise
requires: 
 1.01 “Authorized Person” means any Officer or person who has been designated as such by written notice and
named in Exhibit A and delivered to the Custodian by the Trust or Sponsor, or if the Trust or Sponsor has notified the Custodian in writing that it has an authorized investment manager or other agent, delivered to the Custodian by the
Trust’s Sponsor or other agent. Such Officer or person shall continue to be an Authorized Person until such time as the Custodian receives Written Instructions from the Trust, or the Trust’s Sponsor or other agent that any such person is
no longer an Authorized Person. 
 1.02 “Book-Entry System” shall mean a federal book-entry system as provided in Subpart O
of Treasury Circular No. 300, 31 CFR 306, in Subpart B of 31 CFR Part 350, or in such book-entry regulations of federal agencies as are substantially in the form of such Subpart O. 

1.03 “Business Day” shall mean any day recognized as a settlement day by The New York Stock Exchange, Inc. and any other day
for which the Trust computes the net asset value of Shares of the Fund. 

  
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 1.04 “CFTC” shall mean U.S. Commodity Futures Trading Commission. 

1.05 “Foreign Securities” means any of the Trust’s investments (including foreign currencies) for which the primary
market is outside the United States and such cash and cash equivalents as are reasonably necessary to effect the Trust’s transactions in such investments. 

1.06 “Fund Custody Account” shall mean any of the accounts in the name of the Trust, which is provided for in Section 3.2
below. 
 1.07 “IRS” shall mean the Internal Revenue Service. 

1.08 “FINRA” shall mean the Financial Industry Regulatory Authority, Inc. 

1.09 “NFA” shall mean the National Futures Association. 

1.10 “Officer” shall mean the President, any Vice President, any Assistant Vice President, the Secretary, any Assistant
Secretary, the Treasurer, or any Assistant Treasurer of the Trust. 
 1.11 “Proper Instructions” shall mean Written
Instructions. 
 1.12 “Securities” shall include, without limitation, common and preferred stocks, bonds, call options, put
options, debentures, notes, bank certificates of deposit, bankers’ acceptances, mortgage-backed securities or other obligations, and any certificates, receipts, warrants or other instruments or documents representing rights to receive, purchase
or subscribe for the same, or evidencing or representing any other rights or interests therein, or any similar property or assets that the Custodian or its agents have the facilities to clear and service. 

1.13 “Securities Depository” shall mean The Depository Trust Company and any other clearing agency registered with the SEC
under Section 17A of the Securities Exchange Act of 1934, as amended (the “1934 Act”), which acts as a system for the central handling of Securities where all Securities of any particular class or series of an issuer deposited within
the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of the Securities. 

1.14 “Shares” shall mean, with respect to a Fund, the units of beneficial interest issued by the Trust on account of the Fund.

 1.15 “Sub-Custodian” shall mean a bank of other financial institution (other than a Depository) which is utilized by the
Custodian in connection with the purchase, sale or custody of Securities hereunder and identified to a Fund from time to time. Such contract shall be in writing and shall include provisions that provide: (i) for indemnification or insurance
arrangements (or any combination of the foregoing) such that the Fund will be adequately protected against the risk of loss of assets held in accordance with such contract; (ii) that the Foreign Securities will not be subject to any right,
charge, security interest, lien or claim of any kind in favor of the Sub-Custodian or its creditors except a claim of payment for their safe custody or administration, in the case of cash deposits, liens or rights in favor of

  
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creditors of the Sub-Custodian arising under bankruptcy, insolvency, or similar laws; (iii) that beneficial ownership for the Foreign Securities will be freely transferable without the
payment of money or value other than for safe custody or administration; (iv) that adequate records will be maintained identifying the assets as belonging to the Fund or as being held by a third party for the benefit of the Fund; (v) that
the Fund’s independent public accountants will be given access to those records or confirmation of the contents of those records; and (vi) that the Fund will receive periodic reports with respect to the safekeeping of the Fund’s
assets, including, but not limited to, notification of any transfer to or from a Fund’s account or a third party account containing assets held for the benefit of the Fund. Such contract may contain, in lieu of any or all of the provisions
specified in (i)-(vi) above, such other provisions that the Custodian determines will provide, in their entirety, the same or a greater level of care and protection for Fund assets as the specified provisions.

 1.16 “Written Instructions” shall mean (i) written communications actually received by the Custodian and signed by
an Authorized Person, (ii) communications by facsimile or Internet electronic e-mail or any other such system from one or more persons reasonably believed by the Custodian to be an Authorized Person. 

ARTICLE II. 

APPOINTMENT OF CUSTODIAN 

2.01 Appointment. The Trust and Sponsor hereby appoint the Custodian as custodian of all Securities and cash owned by or in the
possession of the Fund at any time during the period of this Agreement, on the terms and conditions set forth in this Agreement, and the Custodian hereby accepts such appointment and agrees to perform the services and duties set forth in this
Agreement. The services and duties of the Custodian shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against the Custodian hereunder. 

2.02 Documents to be Furnished. The following documents, including any amendments thereto, will be provided contemporaneously with the
execution of the Agreement to the Custodian by the Trust: 
  

	 	(a)	A copy of the Trust’s declaration of trust, certified by the Secretary; 

  

	 	(b)	A copy of the Trust’s bylaws, certified by the Secretary; 

  

	 	(c)	A copy of the current prospectuses of the Funds (the “Prospectus”); 

  

	 	(d)	A certification of the President and the Secretary of the Trust setting forth the names and signatures of the current Officers of the Trust and other Authorized Persons; and 

 

	 	(e)	An executed authorization required by the Shareholder Communications Act of 1985, attached hereto as Exhibit D. 

  
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 2.03 Notice of Appointment of Transfer Agent. The Trust agrees to notify the Custodian in
writing of the appointment, termination or change in appointment of any transfer agent of the Fund. 
 ARTICLE III. 

CUSTODY OF CASH AND SECURITIES 

3.01 Segregation. All Securities and non-cash property held by the Custodian for the account of a Fund (other than Securities maintained
in a Securities Depository or Book-Entry System) shall be physically segregated from other Securities and non-cash property in the possession of the Custodian (including the Securities and non-cash property of the other series of the Trust, if
applicable) and shall be identified as subject to this Agreement. 
 3.02 Fund Custody Accounts. As to each Fund, the Custodian shall
open and maintain in its trust department a custody account in the name of the Trust coupled with the name of the Fund, subject only to draft or order of the Custodian, in which the Custodian shall enter and carry all Securities, cash and other
assets of such Fund which are delivered to it. 
 3.03 Appointment of Agents. 

 

	 	(a)	In its discretion, the Custodian may appoint one or more Sub-Custodians to establish and maintain arrangements with (i) Eligible Securities Depositories or (ii) Eligible Foreign Custodians who are members of
the Sub-Custodian’s network to hold Securities and cash of the Fund and to carry out such other provisions of this Agreement as it may determine; provided, however, that the appointment of any such agents and maintenance of any Securities and
cash of the Fund shall be at the Custodian’s expense and shall not relieve the Custodian of any of its obligations or liabilities under this Agreement. The Custodian shall be liable for the actions of any Sub-Custodians (regardless of whether
assets are maintained in the custody of a Sub-Custodian or a member of its network) appointed by it as if such actions had been done by the Custodian. 

  

	 	(b)	If, after the initial appointment of Sub-Custodians by the Trust, on behalf of its series, in connection with this Agreement, the Custodian wishes to appoint other Sub-Custodians to hold property of the Fund, it will so
notify the Trust and make the necessary determinations as to any such new Sub-Custodian’s eligibility as a custodian under applicable rules and regulations. 

  

	 	(c)	In performing its delegated responsibilities as foreign custody manager to place or maintain the Fund’s assets with a Sub-Custodian, the Custodian will determine that the Fund’s assets will be subject to
reasonable care, based on the standards applicable to custodians in the country in which the Fund’s assets will be held by that Sub-Custodian, after considering all factors relevant to safekeeping of such assets. 

 

	 	(d)	 At the end of each calendar quarter, the Custodian shall provide written reports notifying the Sponsor and the Trust of the withdrawal or placement of
the Securities and cash of the Fund with a Sub-Custodian and of any material changes in the Fund’s arrangements. 

  
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Such reports shall include an analysis of the custody risks associated with maintaining assets with any Sub-Custodian. 

 

	 	(e)	With respect to its responsibilities under this Section 3.3, the Custodian hereby warrants to the Trust that it agrees to exercise reasonable care, prudence and diligence such as a person having responsibility for
the safekeeping of property of the Fund. The Custodian further warrants that the Fund’s assets will be subject to reasonable care if maintained with a Sub-Custodian, after considering all factors relevant to the safekeeping of such assets,
including, without limitation: (i) the Sub-Custodian’s practices, procedures, and internal controls for certificated securities (if applicable), its method of keeping custodial records, and its security and data protection practices;
(ii) whether the Sub-Custodian has the requisite financial strength to provide reasonable care for Fund assets; (iii) the Sub-Custodian’s general reputation and standing and, in the case of a Securities Depository, the Securities
Depository’s operating history and number of participants; and (iv) whether the Fund will have jurisdiction over and be able to enforce judgments against the Sub-Custodian, such as by virtue of the existence of any offices of the
Sub-Custodian in the United States or the Sub-Custodian’s consent to service of process in the United States. 

  

	 	(f)	The Custodian shall establish a system or ensure that its Sub-Custodian has established a system to monitor on a continuing basis (i) the appropriateness of maintaining the Fund’s assets with a Sub-Custodian
who are members of a Sub-Custodian’s network; (ii) the performance of the contract governing the Fund’s arrangements with such Sub-Custodian’s members of a Sub-Custodian’s network; and (iii) the custody risks of
maintaining assets with a Sub-Custodian. The Custodian must promptly notify the Fund or its Sponsor of any material change in these risks. 

  

	 	(g)	The Custodian shall use commercially reasonable efforts to collect all income and other payments with respect to Foreign Securities to which the Fund shall be entitled and shall credit such income, as collected, to the
Trust. In the event that extraordinary measures are required to collect such income, the Trust and Custodian shall consult as to the measures and as to the compensation and expenses of the Custodian relating to such measures. 

3.04 Delivery of Assets to Custodian. The Trust or Sponsor shall deliver, or cause to be delivered, to the Custodian all Fund
Securities, cash and other investment assets, including (i) all payments of income, payments of principal and capital distributions received by a Fund with respect to such Securities, cash or other assets owned by a Fund at any time during the
period of this Agreement, and (ii) all cash received by a Fund for the issuance of Shares. The Custodian shall not be responsible for such Securities, cash or other assets until actually received by it. 

3.05 Securities Depositories and Book-Entry Systems. The Custodian may deposit and/or maintain Securities of a Fund in a Securities
Depository or in a Book-Entry System, subject to the following provisions: 
  

	 	(a)	 The Custodian, on an on-going basis, shall deposit in a Securities Depository or Book-Entry System all Securities eligible for deposit therein and
shall make use of such Securities Depository or Book-Entry System to the extent possible and practical in 

  
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connection with its performance hereunder, including, without limitation, in connection with settlements of purchases and sales of Securities, loans of Securities, and deliveries and returns of
collateral consisting of Securities. 

  

	 	(b)	Securities of the Funds kept in a Book-Entry System or Securities Depository shall be kept in an account (“Depository Account”) of the Custodian in such Book-Entry System or Securities Depository which
includes only assets held by the Custodian as a fiduciary, custodian or otherwise for customers. 

  

	 	(c)	The records of the Custodian with respect to Securities of the Funds maintained in a Book-Entry System or Securities Depository shall, by book-entry, identify such Securities as belonging to the Funds.

  

	 	(d)	If Securities purchased by a Fund are to be held in a Book-Entry System or Securities Depository, the Custodian shall pay for such Securities upon (i) receipt of advice from the Book-Entry System or Securities
Depository that such Securities have been transferred to the Depository Account, and (ii) the making of an entry on the records of the Custodian to reflect such payment and transfer for the account of the Fund. If Securities sold by a Fund are
held in a Book-Entry System or Securities Depository, the Custodian shall transfer such Securities upon (i) receipt of advice from the Book-Entry System or Securities Depository that payment for such Securities has been transferred to the
Depository Account, and (ii) the making of an entry on the records of the Custodian to reflect such transfer and payment for the account of the Fund. 

  

	 	(e)	The Custodian shall provide the Trust with copies of any report (obtained by the Custodian from a Book-Entry System or Securities Depository in which Securities of the Funds are kept) on the internal accounting controls
and procedures for safeguarding Securities deposited in such Book-Entry System or Securities Depository. 

  

	 	(f)	Notwithstanding anything to the contrary in this Agreement, the Custodian shall be liable to the Trust for any loss or damage to the Fund resulting from (i) the use of a Book-Entry System or Securities Depository
by reason of any negligence or willful misconduct on the part of the Custodian or any Sub-Custodian, or (ii) failure of the Custodian or any Sub-Custodian to enforce effectively such rights as it may have against a Book-Entry System or
Securities Depository. At its election, the Trust shall be subrogated to the rights of the Custodian with respect to any claim against a Book-Entry System or Securities Depository or any other person from any loss or damage to the Fund arising from
the use of such Book-Entry System or Securities Depository, if and to the extent that the Fund has not been made whole for any such loss or damage. 

  

	 	(g)	 With respect to its responsibilities under this Section 3.05, the Custodian hereby warrants to the Trust that it agrees to (i) exercise due
care in accordance with reasonable commercial standards in discharging its duty as a securities intermediary to obtain and thereafter maintain such assets, (ii) provide, promptly upon request by the Trust or Sponsor, such reports as are
available concerning the Custodian’s internal accounting controls and financial strength, and (iii) require any Sub-Custodian to exercise due care in accordance with reasonable commercial standards in discharging its duty as a securities

  
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intermediary to obtain and thereafter maintain assets corresponding to the security entitlements of its entitlement holders. 

3.06 Disbursement of Moneys from Fund Custody Account. Upon receipt of Proper Instructions, the Custodian shall disburse moneys from a
Fund Custody Account but only in the following cases: 
  

	 	(a)	For the purchase of Securities for a Fund but only in accordance with Section 4.01 of this Agreement and only (i) in the case of Securities (other than options on Securities, futures contracts and options on
futures contracts), against the delivery to the Custodian (or any Sub-Custodian) of such Securities registered as provided in Section 3.09 below or in proper form for transfer, or if the purchase of such Securities is effected through a
Book-Entry System or Securities Depository, in accordance with the conditions set forth in Section 3.05 above; (ii) in the case of options on Securities, against delivery to the Custodian (or any Sub-Custodian) of such receipts as are
required by the customs prevailing among dealers in such options; (iii) in the case of futures contracts and options on futures contracts, against delivery to the Custodian (or any Sub-Custodian) of evidence of title thereto in favor of the
Fund or any nominee referred to in Section 3.09 below; and (iv) in the case of repurchase or reverse repurchase agreements entered into between the Trust and a bank which is a member of the Federal Reserve System or between the Trust and a
primary dealer in U.S. Government securities, against delivery of the purchased Securities either in certificate form or through an entry crediting the Custodian’s account at a Book-Entry System or Securities Depository with such Securities;

  

	 	(b)	In connection with the conversion, exchange or surrender, as set forth in Section 3.07(f) below, of Securities owned by the Fund; 

 

	 	(c)	For the payment of any dividends or capital gain distributions declared by the Fund; 

  

	 	(d)	In payment of the redemption price of Shares as provided in Section 5.01 below; 

  

	 	(e)	For the payment of any expense or liability incurred by the Fund, including, but not limited to, the following payments for the account of the Fund: interest; taxes; administration, investment advisory, accounting,
auditing, transfer agent, custodian and legal fees; and other operating expenses of the Fund; in all cases, whether or not such expenses are to be in whole or in part capitalized or treated as deferred expenses; 

 

	 	(f)	For transfer in accordance with the provisions of any agreement among the Trust, the Custodian and a broker-dealer registered under the 1934 Act and a member of FINRA, relating to compliance with rules of the Options
Clearing Corporation and of any registered national securities exchange (or of any similar organization or organizations) regarding escrow or other arrangements in connection with transactions by the Fund; 

 

	 	(g)	For transfer in accordance with the provisions of any agreement among the Trust, the Custodian and a futures commission merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the
CFTC and/or any contract market (or any similar organization or organizations) regarding account deposits in connection with transactions by the Fund; 

  
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	 	(h)	For the funding of any uncertificated time deposit or other interest-bearing account with any banking institution (including the Custodian), which deposit or account has a term of one year or less; and

  

	 	(i)	For any other proper purpose, but only upon receipt of Proper Instructions, specifying the amount and purpose of such payment, declaring such purpose to be a proper corporate purpose, and naming the person or persons to
whom such payment is to be made. 

 3.07 Delivery of Securities from Fund Custody Account. Upon receipt of Proper
Instructions, the Custodian shall release and deliver, or cause the Sub-Custodian to release and deliver, Securities from a Fund Custody Account but only in the following cases: 

 

	 	(a)	Upon the sale of Securities for the account of the Fund but only against receipt of payment therefor in cash, by certified or cashiers check or bank credit; 

 

	 	(b)	In the case of a sale effected through a Book-Entry System or Securities Depository, in accordance with the provisions of Section 3.05 above; 

 

	 	(c)	To an offeror’s depository agent in connection with tender or other similar offers for Securities of the Fund; provided that, in any such case, the cash or other consideration is to be delivered to the Custodian;

  

	 	(d)	To the issuer thereof or its agent (i) for transfer into the name of the Fund, the Custodian or any Sub-Custodian, or any nominee or nominees of any of the foregoing, or (ii) for exchange for a different
number of certificates or other evidence representing the same aggregate face amount or number of units; provided that, in any such case, the new Securities are to be delivered to the Custodian; 

 

	 	(e)	To the broker selling the Securities, for examination in accordance with the “street delivery” custom; 

  

	 	(f)	For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the issuer of such Securities, or pursuant to provisions for conversion contained in such
Securities, or pursuant to any deposit agreement, including surrender or receipt of underlying Securities in connection with the issuance or cancellation of depository receipts; provided that, in any such case, the new Securities and cash, if any,
are to be delivered to the Custodian; 

  

	 	(g)	Upon receipt of payment therefor pursuant to any repurchase or reverse repurchase agreement entered into by the Fund; 

  

	 	(h)	In the case of warrants, rights or similar Securities, upon the exercise thereof, provided that, in any such case, the new Securities and cash, if any, are to be delivered to the Custodian; 

 

	 	(i)	For delivery in connection with any loans of Securities of the Fund, but only against receipt of such collateral as the Trust shall have specified to the Custodian in Proper Instructions; 

  
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	 	(j)	For delivery as security in connection with any borrowings by the Fund requiring a pledge of assets by the Trust, but only against receipt by the Custodian of the amounts borrowed; 

 

	 	(k)	Pursuant to any authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Trust; 

  

	 	(l)	For delivery in accordance with the provisions of any agreement among the Trust, the Custodian and a broker-dealer registered under the 1934 Act and a member of FINRA, relating to compliance with the rules of the
Options Clearing Corporation and of any registered national securities exchange (or of any similar organization or organizations) regarding escrow or other arrangements in connection with transactions by the Fund; 

 

	 	(m)	For delivery in accordance with the provisions of any agreement among the Trust, the Custodian and a futures commission merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the
CFTC and/or any contract market (or any similar organization or organizations) regarding account deposits in connection with transactions by the Fund; 

  

	 	(n)	For any other proper corporate purpose, but only upon receipt of Proper Instructions, specifying the Securities to be delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to
be a proper corporate purpose, and naming the person or persons to whom delivery of such Securities shall be made; or 

  

	 	(o)	To brokers, clearing banks or other clearing agents for examination or trade execution in accordance with market custom; provided that in any such case the Custodian shall have no responsibility or liability for any
loss arising from the delivery of such securities prior to receiving payment for such securities except as may arise from the Custodian’s own negligence or willful misconduct. 

3.08 Actions Not Requiring Proper Instructions. Unless otherwise instructed by the Trust or Sponsor, the Custodian shall with respect to
all Securities held for the Funds: 
  

	 	(a)	Subject to Section 9.04 below, collect on a timely basis all income and other payments to which a Fund is entitled either by law or pursuant to custom in the securities business; 

 

	 	(b)	Present for payment and, subject to Section 9.04 below, collect on a timely basis the amount payable upon all Securities which may mature or be called, redeemed, or retired, or otherwise become payable;

  

	 	(c)	Endorse for collection, in the name of a Fund, checks, drafts and other negotiable instruments; 

  

	 	(d)	Surrender interim receipts or Securities in temporary form for Securities in definitive form; 

  

	 	(e)	 Execute, as custodian, any necessary declarations or certificates of ownership under the federal income tax laws or the laws or regulations of any
other taxing authority now or 

  
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hereafter in effect, and prepare and submit reports to the IRS and the Trust at such time, in such manner and containing such information as is prescribed by the IRS; 

 

	 	(f)	Hold for a Fund, either directly or, with respect to Securities held therein, through a Book-Entry System or Securities Depository, all rights and similar Securities issued with respect to Securities of the Fund; and

  

	 	(g)	In general, and except as otherwise directed in Proper Instructions, attend to all non-discretionary details in connection with the sale, exchange, substitution, purchase, transfer and other dealings with Securities and
other assets of a Fund. 

 3.09 Registration and Transfer of Securities. All Securities held for the Funds that are
issued or issuable only in bearer form shall be held by the Custodian in that form, provided that any such Securities shall be held in a Book-Entry System if eligible therefor. All other Securities held for the Funds may be registered in the name of
a Fund, the Custodian, a Sub-Custodian or any nominee thereof, or in the name of a Book-Entry System, Securities Depository or any nominee of either thereof. The records of the Custodian with respect to foreign securities of a Fund that are
maintained with a Sub-Custodian in an account that is identified as belonging to the Custodian for the benefit of its customers shall identify those securities as belonging to the Fund. The Trust shall furnish to the Custodian appropriate
instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of any of the nominees referred to above or in the name of a Book-Entry System or Securities Depository, any Securities registered in the
name of the Fund. 
 3.10 Records. 
  

	 	(a)	The Custodian shall maintain complete and accurate records with respect to Securities, cash or other property held for the Funds, including (i) journals or other records of original entry containing an itemized
daily record in detail of all receipts and deliveries of Securities and all receipts and disbursements of cash; (ii) ledgers (or other records) reflecting (A) Securities in transfer, (B) Securities in physical possession,
(C) monies and Securities borrowed and monies and Securities loaned (together with a record of the collateral therefor and substitutions of such collateral), (D) dividends and interest received, and (E) dividends receivable and
interest receivable; (iii) canceled checks and bank records related thereto; and (iv) all records relating to its activities and obligations under this Agreement. The Custodian shall keep such other books and records of the Fund as the
Trust shall reasonably request, or as may be required by the rules and regulations CFTC or the NFA, the 1934 Act or the 1933 Act. 

  

	 	(b)	All such books and records maintained by the Custodian shall (i) be maintained in a form acceptable to the Trust and in compliance with the rules and regulations of the CFTC, NFA and SEC, and (ii) be the
property of the Trust and at all times during the regular business hours of the Custodian be made available upon request for inspection by duly authorized officers, employees or agents of the Trust and employees or agents of the CFTC, NFA or the SEC

  
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 3.11 Fund Reports by Custodian. The Custodian shall furnish the Trust and Sponsor with a
daily activity statement and a summary of all transfers to or from each Fund Custody Account on the day following such transfers. At least monthly, the Custodian shall furnish the Trust and Sponsor with a detailed statement of the Securities and
moneys held by the Custodian and the Sub-Custodians for the Fund under this Agreement. 
 3.12 Other Reports by Custodian. As the
Trust may reasonably request from time to time, the Custodian shall provide the Trust with reports on the internal accounting controls and procedures for safeguarding Securities which are employed by the Custodian or any Sub-Custodian. 

3.13 Proxies and Other Materials. The Custodian shall cause all proxies relating to Securities which are not registered in the name of a
Fund to be promptly executed by the registered holder of such Securities, without indication of the manner in which such proxies are to be voted, and shall promptly deliver to the Trust such proxies, all proxy soliciting materials and all notices
relating to such Securities. With respect to the foreign Securities, the Custodian will use reasonable commercial efforts to facilitate the exercise of voting and other shareholder rights, subject to the laws, regulations and practical constraints
that may exist in the country where such securities are issued. The Trust acknowledges that local conditions, including lack of regulation, onerous procedural obligations, lack of notice and other factors may have the effect of severely limiting the
ability of the Trust to exercise shareholder rights. 
 3.14 Information on Corporate Actions. The Custodian shall promptly deliver to
the Trust all information received by the Custodian and pertaining to Securities being held by the Fund with respect to optional tender or exchange offers, calls for redemption or purchase, or expiration of rights. If the Trust desires to take
action with respect to any tender offer, exchange offer or other similar transaction, the Trust shall notify the Custodian at least three Business Days prior to the date on which the Custodian is to take such action. The Trust will provide or cause
to be provided to the Custodian all relevant information for any Security which has unique put/option provisions at least three Business Days prior to the beginning date of the tender period. 

ARTICLE IV. 
 PURCHASE
AND SALE OF INVESTMENTS OF THE FUND 
 4.01 Purchase of Securities. Promptly upon each purchase of Securities for a Fund, Written
Instructions shall be delivered to the Custodian, specifying (i) the name of the issuer or writer of such Securities, and the title or other description thereof, (ii) the number of shares, principal amount (and accrued interest, if any) or
other units purchased, (iii) the date of purchase and settlement, (iv) the purchase price per unit, (v) the total amount payable upon such purchase, and (vi) the name of the person to whom such amount is payable. The Custodian
shall upon receipt of such Securities purchased by a Fund pay out of the moneys held for the account of the Fund the total amount specified in such Written Instructions to the person named therein. The Custodian shall not be under any obligation to
pay out moneys to 

  
 11 

 
cover the cost of a purchase of Securities for a Fund, if in the Fund Custody Account there is insufficient cash available to the Fund for which such purchase was made. 

4.02 Liability for Payment in Advance of Receipt of Securities Purchased. In any and every case where payment for the purchase of
Securities for a Fund is made by the Custodian in advance of receipt of the Securities purchased and in the absence of specified Written Instructions to so pay in advance, the Custodian shall be liable to the Fund for such payment. 

4.03 Sale of Securities. Promptly upon each sale of Securities by a Fund, Written Instructions shall be delivered to the Custodian,
specifying (i) the name of the issuer or writer of such Securities, and the title or other description thereof, (ii) the number of shares, principal amount (and accrued interest, if any), or other units sold, (iii) the date of sale
and settlement, (iv) the sale price per unit, (v) the total amount payable upon such sale, and (vi) the person to whom such Securities are to be delivered. Upon receipt of the total amount payable to a Fund as specified in such
Written Instructions, the Custodian shall deliver such Securities to the person specified in such Written Instructions. Subject to the foregoing, the Custodian may accept payment in such form as shall be satisfactory to it, and may deliver
Securities and arrange for payment in accordance with the customs prevailing among dealers in Securities. 
 4.04 Delivery of Securities
Sold. Notwithstanding Section 4.03 above or any other provision of this Agreement, the Custodian, when instructed to deliver Securities against payment, shall be entitled, if in accordance with generally accepted market practice, to deliver
such Securities prior to actual receipt of final payment therefor. In any such case, the Fund shall bear the risk that final payment for such Securities may not be made or that such Securities may be returned or otherwise held or disposed of by or
through the person to whom they were delivered, and the Custodian shall have no liability for any for the foregoing. 
 4.05 Payment for
Securities Sold. In its sole discretion and from time to time, the Custodian may credit the Fund Custody Account, prior to actual receipt of final payment thereof, with (i) proceeds from the sale of Securities which it has been instructed
to deliver against payment, (ii) proceeds from the redemption of Securities or other assets of the Fund, and (iii) income from cash, Securities or other assets of the Fund. Any such credit shall be conditional upon actual receipt by
Custodian of final payment and may be reversed if final payment is not actually received in full. The Custodian may, in its sole discretion and from time to time, permit the Fund to use funds so credited to the Fund Custody Account in anticipation
of actual receipt of final payment. Any such funds shall be repayable immediately upon demand made by the Custodian at any time prior to the actual receipt of all final payments in anticipation of which funds were credited to the Fund Custody
Account. 
 4.06 Advances by Custodian for Settlement. The Custodian may, in its sole discretion and from time to time, advance funds
to the Trust to facilitate the settlement of a Fund’s transactions in the Fund Custody Account. Any such advance shall be repayable immediately upon demand made by Custodian. 

  
 12 

 ARTICLE V. 

SALE AND REDEMPTION OF FUND SHARES 

5.01 Transfer of Funds. From such funds as may be available for the purpose, the Custodian shall, upon receipt of Proper Instructions
from the transfer agent, make funds and securities available for payment to, or in accordance with the instructions of, Authorized Participants (as defined in the S-1 or S-3) who have delivered to the Distributor proper instructions for the
redemption or repurchase of the Fund Shares, in basket aggregations, which have been accepted by the transfer agent and distributor, the applicable fund securities or cash for such Fund and the cash redemption amount, if applicable, less any
applicable redemption transaction fee. The Custodian will transfer the applicable fund securities or cash to or on the order of the Authorized Participant. Any cash redemption payment (less any applicable redemption transaction fee) due to the
Authorized Participant on redemption shall be effected through DTC system or through wire transfer in the case of redemptions effected outside of the DTC system as specified in the Proper Instructions. 

5.02 No Duty Regarding Paying Banks. Once the Custodian has wired amounts to a bank or
broker-dealer pursuant to Section 5.01 above, the Custodian shall not be under any obligation to effect any further payment or distribution by such bank or
broker-dealer. 
 ARTICLE VI. 

SEGREGATED ACCOUNTS 
 Upon receipt of
Proper Instructions, the Custodian shall establish and maintain a segregated account or accounts for and on behalf of a Fund, into which account or accounts may be transferred cash and/or Securities, including Securities maintained in a Depository
Account: 
  

	 	(a)	in accordance with the provisions of any agreement among the Trust, the Sponsor, the Custodian and a broker-dealer registered under the 1934 Act and a member of FINRA (or any futures commission merchant registered under
the Commodity Exchange Act), relating to compliance with the rules of the Options Clearing Corporation and of any registered national securities exchange (or the CFTC or any registered contract market), or of any similar organization or
organizations, regarding escrow or other arrangements in connection with transactions by the Fund; 

  

	 	(b)	for purposes of segregating cash or Securities in connection with securities options purchased or written by the Fund or in connection with financial futures contracts (or options thereon) purchased or sold by the Fund;

  

	 	(c)	which constitute collateral for loans of Securities made by the Fund; 

  

	 	(d)	for other proper corporate purposes, but only upon receipt of Proper Instructions, setting forth the purpose or purposes of such segregated account and declaring such purposes to be proper corporate purposes.

  
 13 

 Each segregated account established under this Article VI shall be established and maintained for the Fund only.
All Proper Instructions relating to a segregated account shall specify the Fund. 
 ARTICLE VII. 

COMPENSATION OF CUSTODIAN 

7.01 Compensation. The Custodian shall be compensated for providing the services set forth in this Agreement in accordance with the fee
schedule set forth on Exhibit C hereto (as amended from time to time). The Custodian shall also be compensated for such out-of-pocket expenses (e.g., telecommunication charges, postage and delivery charges, and reproduction charges) as are
reasonably incurred by the Custodian in performing its duties hereunder. The Trust shall pay all such fees and reimbursable expenses within 30 calendar days following receipt of the billing notice, except for any fee or expense subject to a good
faith dispute. The Trust shall notify the Custodian in writing within 30 calendar days following receipt of each invoice if the Trust is disputing any amounts in good faith. The Trust shall pay such disputed amounts within 10 calendar days of the
day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Trust is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of
1 1⁄2% per month after the due date. Notwithstanding anything to the contrary, amounts owed by the Trust to the Custodian shall only be paid out of the
assets and property of the particular Fund involved. 
 7.02 Overdrafts. The Trust is responsible for maintaining an appropriate level
of short term cash investments to accommodate cash outflows. The Trust may obtain a formal line of credit for potential overdrafts of its custody account. In the event of an overdraft or in the event the line of credit is insufficient to cover an
overdraft, the overdraft amount or the overdraft amount that exceeds the line of credit will be charged in accordance with the fee schedule set forth on Exhibit C hereto (as amended from time to time) 

ARTICLE VIII. 

REPRESENTATIONS AND WARRANTIES 

8.01 Representations and Warranties of the Trust and Sponsor. The Trust and Sponsor each hereby represents and warrants to the
Custodian, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that: 
  

	 	(a)	It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

  

	 	(b)	This Agreement has been duly authorized, executed and delivered by the Trust and Sponsor in accordance with all requisite action and constitutes a valid and legally binding obligation of the Trust, enforceable in
accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties; and 

  
 14 

	 	(c)	It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now
conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement.

 8.02 Representations and Warranties of the Custodian. The Custodian hereby represents and warrants to the Trust,
which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that: 
  

	 	(a)	It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

  

	 	(b)	This Agreement has been duly authorized, executed and delivered by the Custodian in accordance with all requisite action and constitutes a valid and legally binding obligation of the Custodian, enforceable in accordance
with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties; and 

 

	 	(c)	It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now
conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement.

 ARTICLE IX. 

CONCERNING THE CUSTODIAN 

9.01 Standard of Care. The Custodian shall exercise commercially reasonable efforts of care in the performance of its duties under this
Agreement. The Custodian shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Trust in connection with its duties under this Agreement, except a loss arising out of or relating to the Custodian’s (or a
Sub-Custodian’s) refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement) or from its (or a Sub-Custodian’s) bad faith, negligence or willful misconduct in the performance of its duties under this
Agreement (or any sub-custody agreement). The Custodian shall be entitled to rely on and may act upon advice of counsel on all matters, and shall be without liability for any action reasonably taken or omitted pursuant to such advice. The Custodian
shall promptly notify the Trust and Sponsor of any action taken or omitted by the Custodian pursuant to advice of counsel. 
 9.02 Actual
Collection Required. The Custodian shall not be liable for, or considered to be the custodian of, any cash belonging to a Fund or any money represented by a check, draft or other instrument for the payment of money, until the Custodian or its
agents actually receive such cash or collect on such instrument. 

  
 15 

 9.03 No Responsibility for Title, etc. So long as and to the extent that it is in the
exercise of reasonable care, the Custodian shall not be responsible for the title, validity or genuineness of any property or evidence of title thereto received or delivered by it pursuant to this Agreement. 

9.04 Limitation on Duty to Collect. Custodian shall not be required to enforce collection, by legal means or otherwise, of any money or
property due and payable with respect to Securities held for the Fund if such Securities are in default or payment is not made after due demand or presentation. 

9.05 Reliance Upon Documents and Instructions. The Custodian shall be entitled to rely upon any certificate, notice or other instrument
in writing received by it and reasonably believed by it to be genuine. The Custodian shall be entitled to rely upon any Written Instructions actually received by it pursuant to this Agreement. 

9.06 Cooperation. The Custodian shall cooperate with and supply necessary information to the entity or entities appointed by the Trust
or Sponsor to keep the books of account of the Funds and/or compute the value of the assets of the Funds. The Custodian shall take all such reasonable actions as the Trust or Sponsor may from time to time request to enable the Trust to obtain, from
year to year, favorable opinions from the Trust’s independent accountants with respect to the Custodian’s activities hereunder in connection with (i) the preparation of the Trust’s annual reports and any other reports required by
the CFTC, NFA and SEC, and (ii) the fulfillment by the Trust of any other requirements of the CFTC, NFA and SEC. 
 ARTICLE X.

 INDEMNIFICATION 

10.01 Indemnification by Trust. The Trust shall indemnify and hold harmless the Custodian, any Sub-Custodian and any nominee thereof
(each, an “Indemnified Party” and collectively, the “Indemnified Parties”) from and against any and all claims, demands, losses, expenses and liabilities of any and every nature (including reasonable attorneys’ fees) that an
Indemnified Party may sustain or incur or that may be asserted against an Indemnified Party by any person arising directly or indirectly (i) from the fact that Securities are registered in the name of any such nominee, (ii) from any action
taken or omitted to be taken by the Custodian or such Sub-Custodian (a) at the request or direction of or in reliance on the advice of the Trust or Sponsor, or (b) upon Proper Instructions, or (iii) from the performance of its
obligations under this Agreement or any sub-custody agreement, provided that neither the Custodian nor any such Sub-Custodian shall be indemnified and held harmless from and against any such claim, demand, loss, expense or liability arising out of
or relating to its refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody
agreement). This indemnity shall be a continuing obligation of the Trust, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the terms “Custodian” and “Sub-Custodian” shall
include their respective directors, officers and employees. 

  
 16 

 10.02 Indemnification by Custodian. The Custodian shall indemnify and hold harmless the
Trust and Sponsor from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys’ fees) that the Trust may sustain or incur or that may be asserted against the Trust by
any person arising directly or indirectly out of any action taken or omitted to be taken by an Indemnified Party as a result of the Indemnified Party’s refusal or failure to comply with the terms of this Agreement (or any sub-custody
agreement), or from its bad faith, negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing obligation of the Custodian, its successors and assigns,
notwithstanding the termination of this Agreement. As used in this paragraph, the term “Trust” shall include the Trust’s officers and employees and the term “Sponsor” shall include the Sponsor’s officers and employees.

 10.03 Security. If the Custodian advances cash or Securities to a Fund for any purpose, either at the Trust’s request or as
otherwise contemplated in this Agreement, or in the event that the Custodian or its nominee incurs, in connection with its performance under this Agreement, any claim, demand, loss, expense or liability (including reasonable attorneys’ fees)
(except such as may arise from its or its nominee’s bad faith, negligence or willful misconduct), then, in any such event, any property at any time held for the account of a Fund shall be security therefor, and should a Fund fail promptly to
repay or indemnify the Custodian, the Custodian shall be entitled to utilize available cash of such Fund and to dispose of other assets of such Fund to the extent necessary to obtain reimbursement or indemnification. 

10.04 Miscellaneous. 
  

	 	(a)	Neither party to this Agreement shall be liable to another party for consequential, special or punitive damages under any provision of this Agreement. 

 

	 	(b)	The indemnity provisions of this Article shall indefinitely survive the termination and/or assignment of this Agreement. 

  

	 	(c)	In order that the indemnification provisions contained in this Article X shall apply, it is understood that if in any case the indemnitor may be asked to indemnify or hold the indemnitee harmless, the indemnitor shall
be fully and promptly advised of all pertinent facts concerning the situation in question, and it is further understood that the indemnitee will use all reasonable care to notify the indemnitor promptly concerning any situation that presents or
appears likely to present the probability of a claim for indemnification. The indemnitor shall have the option to defend the indemnitee against any claim that may be the subject of this indemnification. In the event that the indemnitor so elects, it
will so notify the indemnitee and thereupon the indemnitor shall take over complete defense of the claim, and the indemnitee shall in such situation initiate no further legal or other expenses for which it shall seek indemnification under this
Article X. The indemnitee shall in no case confess any claim or make any compromise in any case in which the indemnitor will be asked to indemnify the indemnitee except with the indemnitor’s prior written consent. 

  
 17 

 ARTICLE XI. 

FORCE MAJEURE 
 Neither
the Custodian, the Sponsor nor the Trust shall be liable for any failure or delay in performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including,
without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; acts of terrorism; sabotage; strikes; epidemics; riots; power failures; computer failure and any such circumstances beyond its reasonable control as
may cause interruption, loss or malfunction of utility, transportation, computer (hardware or software) or telephone communication service; accidents; labor disputes; acts of civil or military authority; governmental actions; or inability to obtain
labor, material, equipment or transportation; provided, however, that in the event of a failure or delay, the Custodian (i) shall not discriminate against a Fund in favor of any other customer of the Custodian in making computer time and
personnel available to input or process the transactions contemplated by this Agreement, and (ii) shall use its best efforts to ameliorate the effects of any such failure or delay. 

ARTICLE XII. 

PROPRIETARY AND CONFIDENTIAL INFORMATION 

12.01 The Custodian agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary
information of the Trust and Sponsor, all records and other information relative to the Trust and prior, present, or potential shareholders of the Funds (and clients of said shareholders), and not to use such records and information for any purpose
other than the performance of its responsibilities and duties hereunder, except (i) after prior notification to and approval in writing by the Trust or Sponsor, which approval shall not be unreasonably withheld and may not be withheld where the
Custodian may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted authorities although the Custodian will promptly report such disclosure to the Trust
and Sponsor if disclosure is permitted by applicable law and regulation, or (iii) when so requested by the Trust or Sponsor. Records and other information which have become known to the public through no wrongful act of the Custodian or any of
its employees, agents or representatives, and information that was already in the possession of the Custodian prior to receipt thereof from the Trust, Sponsor or its agent, shall not be subject to this paragraph. 

12.02 Further, the Custodian will adhere to the privacy policies adopted by the Trust pursuant to Title V of the Gramm-Leach-Bliley Act, as may
be modified from time to time. In this regard, the Custodian shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized
access to or use of, records and information relating to the Trust and its shareholders. 

  
 18 

 ARTICLE XIII. 

EFFECTIVE PERIOD; TERMINATION 

13.01 Effective Period. This Agreement shall become effective as of the date first written above and will continue in effect for a
period of three years. 
 13.02 Termination. This Agreement may be terminated by any party upon giving 90 days prior written notice to
the other parties or such shorter period as is mutually agreed upon by the parties. Notwithstanding the foregoing, this Agreement may be terminated by any party upon the breach of any other party of any material term of this Agreement if such breach
is not cured within 15 days of notice of such breach to the breaching party. In addition, the Trust may, at any time, immediately terminate this Agreement in the event of the appointment of a conservator or receiver for the Custodian by regulatory
authorities or upon the happening of a like event at the direction of an appropriate regulatory agency or court of competent jurisdiction. 

13.03 Early Termination. In the absence of any material breach of this Agreement, should the Trust or Sponsor elect to terminate this
Agreement prior to the end of the three year term, the Trust or Sponsor agrees to pay the following fees: 
 a) all fees associated with
converting services to successor custodian; 
 b) all fees associated with any record retention and/or tax reporting obligations that may not
be eliminated due to the conversion to a successor service provider; 
 c) all out-of-pocket costs associated with converting services to a-c
above successor service provider and any record retention and/or tax reporting obligations that may not be eliminated due to the conversion to a successor service provider. 

13.04 Appointment of Successor Custodian. If a successor custodian shall have been appointed by the Sponsor, the Custodian shall, upon
receipt of a notice of acceptance by the successor custodian, on such specified date of termination (i) deliver directly to the successor custodian all Securities (other than Securities held in a Book-Entry System or Securities Depository) and
cash then owned by the Fund and held by the Custodian as custodian, and (ii) transfer any Securities held in a Book-Entry System or Securities Depository to an account of or for the benefit of the Fund at the successor custodian, provided that
the Trust or Sponsor shall have paid to the Custodian all fees, expenses and other amounts to the payment or reimbursement of which it shall then be entitled. In addition, the Custodian shall, at the expense of the Trust, transfer to such successor
all relevant books, records, correspondence, and other data established or maintained by the Custodian under this Agreement in a form reasonably acceptable to the Trust (if such form differs from the form in which the Custodian has maintained the
same, the Trust shall pay any expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from the Custodian’s personnel in the
establishment of books, records, and other data by such successor. Upon such delivery and transfer, the Custodian shall be relieved of all obligations under this Agreement. 

  
 19 

 13.05 Failure to Appoint Successor Custodian. If a successor custodian is not designated
by the Trust on or before the date of termination of this Agreement, then the Custodian shall have the right to deliver to a bank or trust company of its own selection cash and other property held by Custodian under this Agreement and to transfer to
an account of or for the Fund at such bank or trust company all Securities of the Funds held in a Book-Entry System or Securities Depository. Upon such delivery and transfer, such bank or trust company shall be the successor custodian under this
Agreement and the Custodian shall be relieved of all obligations under this Agreement. In addition, under these circumstances, all books, records and other data of the Trust shall be returned to the Trust. 

ARTICLE XIV. 
 CLASS
ACTIONS 
 The Custodian shall use its best efforts to identify and file claims for the Fund(s) involving any class action litigation that impacts any
security the Fund(s) may have held during the class period. The Trust agrees that the Custodian may file such claims on its behalf and understands that it may be waiving and/or releasing certain rights to make claims or otherwise pursue class action
defendants who settle their claims. Further, the Trust acknowledges that there is no guarantee these claims will result in any payment or partial payment of potential class action proceeds and that the timing of such payment, if any, is uncertain.

 However, the Trust or Sponsor may instruct the Custodian to distribute class action notices and other relevant documentation to the Fund(s) or its
designee and, if it so elects, will relieve the Custodian from any and all liability and responsibility for filing class action claims on behalf of the Fund(s). 

In the event the Fund(s) are closed, the Custodian shall only file the class action claims upon written instructions by an authorized representative of the
closed Fund(s). Any expenses associated with such filing will be assessed against the proceeds received of any class action settlement. 

ARTICLE XV. 

MISCELLANEOUS 
 15.01 Compliance with
Laws. The Trust and Sponsor have and retain primary responsibility for all compliance matters relating to the Fund, including but not limited to compliance with the 1933 Act, the CEA, the Internal Revenue Code of 1986, the Sarbanes-Oxley Act of
2002, the USA Patriot Act of 2001 and the policies and limitations of the Fund relating to its portfolio investments as set forth in its Prospectus and statement of additional information. The Custodian’s services hereunder shall not relieve
the Trust of its responsibilities for assuring such compliance or the Sponsor’s oversight responsibility with respect thereto. 

  
 20 

 15.02 Amendment. This Agreement may not be amended or modified in any manner except by written agreement
executed by the Custodian, Trust and Sponsor. 
 15.03 Assignment. This Agreement shall extend to and be binding upon the parties hereto and their
respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Trust without the written consent of the Custodian, or by the Custodian without the written consent of the Trust accompanied by the
authorization or approval of the Sponsor. 
 15.04 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of
the State of Minnesota, without regard to conflicts of law principles. To the extent that the applicable laws of the State of Minnesota, or any of the provisions herein, conflict with the applicable provisions of the CEA or 1933 Act, the latter
shall control, and nothing herein shall be construed in a manner inconsistent with the CEA, 1933 Act or any rule or order of the CFTC, NFA or SEC thereunder. 

15.05 No Agency Relationship. Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the other party to this
Agreement, or to conduct business in the name, or for the account, of the other party to this Agreement. 
 15.06 Services Not Exclusive. Nothing in
this Agreement shall limit or restrict the Custodian from providing services to other parties that are similar or identical to some or all of the services provided hereunder. 

15.07 Invalidity. Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties. 

15.08 Notices. Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on
the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party’s
address set forth below: 
 Notice to the Custodian shall be sent to: 

U.S Bank, N.A. 
 1555 N.
Rivercenter Dr., MK-WI-S302 
 Milwaukee, WI 53212 

Attn: Tom Fuller 
 Phone:
414-905-6118 
 Fax: 866-350-5066 

  
 21 

 and notice to the Trust or Sponsor shall be sent to: 

Direxion Shares ETF Trust II 

Direxion Asset Management LLC 

1301 Avenue of Americas (6th Ave.) 

35th Floor 

New York, NY 10019 
 15.09 Multiple
Originals. This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed an original, but such counterparts shall together constitute but one and the same instrument. 

15.10 No Waiver. No failure by either party hereto to exercise, and no delay by such party in exercising, any right hereunder shall operate as a waiver
thereof. The exercise by either party hereto of any right hereunder shall not preclude the exercise of any other right, and the remedies provided herein are cumulative and not exclusive of any remedies provided at law or in equity. 

15.11 References to Custodian. The Trust or Sponsor shall not circulate any printed matter which contains any reference to Custodian without the prior
written approval of Custodian, excepting printed matter contained in the Prospectus or statement of additional information for a Fund and such other printed matter as merely identifies Custodian as custodian for a Fund. The Trust or Sponsor shall
submit printed matter requiring approval to Custodian in draft form, allowing sufficient time for review by Custodian and its counsel prior to any deadline for printing. 

[SIGNATURES ON THE FOLLOWING PAGE] 

  
 22 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly
authorized officer on one or more counterparts as of the date first above written. 
  

									
	DIREXION SHARES ETF TRUST II	 		 	U.S. BANK NATIONAL ASSOCIATION
					
	By:	 	  
	 		 	By:	 	  

					
	Name:	 	  
	 		 	Name:	 	Michael R. McVoy
					
	Title:	 	  
	 		 	Title:	 	Senior Vice President
				
	DIREXION ASSET MANAGEMENT LLC	 		 		 	
					
	By:	 	  
	 		 		 	
					
	Name:	 	  
	 		 		 	
					
	Title:	 	  
	 		 		 	

  
 23 

 EXHIBIT A 

AUTHORIZED PERSONS 
 Set
forth below are the names and specimen signatures of the persons authorized by Direxion Shares ETF Trust II to administer the Fund Custody Accounts. 
  

					
	 Name
	  	 Telephone/Fax Number
	  	 Signature

			
		  		  	
		  		  	  

			
		  		  	
		  		  	  

			
		  		  	
		  		  	  

			
		  		  	
		  		  	  

			
		  		  	
		  		  	  

  
 24 

 EXHIBIT B 

to the Custody Agreement 

Separate Series of Direxion Shares ETF Trust II 
  

	
	 Name of Series

	 Direxion Daily Gold Bull 3X Shares
 Direxion
Daily Gold Bear 3X Shares
 Direxion Daily Silver Bull 3X Shares

Direxion Daily Silver Bear 3X Shares
 Direxion Daily Japanese Yen
Bull 3X Shares
 Direxion Daily Japanese Yen Bear 3X Shares

Direxion Daily Dollar Bull 3X Shares
 Direxion Daily Dollar Bear
3X Shares
 Direxion Daily Euro Bull 3X Shares
 Direxion Daily
Euro Bear 3X Shares
 Direxion Daily Gold Bear 1X Shares

Direxion Daily Silver Bear 1X Shares

  
 25 

 EXHIBIT C to the Custody Agreement – Direxion Shares ETF Trust II 

Exchange Traded Funds 

DOMESTIC CUSTODY SERVICES 

FEE SCHEDULE at October, 2013 

  
 26 

 Exhibit C (continued) to the Custody Agreement – Direxion Shares ETF Trust II 

Exchange Traded Funds 

GLOBAL SUB-CUSTODIAL SERVICES 

ANNUAL FEE SCHEDULE at October, 2013 

  
 27 

 EXHIBIT D 

SHAREHOLDER COMMUNICATIONS ACT AUTHORIZATION 

DIREXION SHARES ETF TRUST II 
 The
Shareholder Communications Act of 1985 requires banks and trust companies to make an effort to permit direct communication between a company which issues securities and the shareholder who votes those securities. 

Unless you specifically require us to NOT release your name and address to requesting companies, we are required by law to disclose your name and address.

 Your “yes” or “no” to disclosure will apply to all securities U.S. Bank holds for you now and in the future, unless you change your
mind and notify us in writing. 
  

			
	 ̈  YES	    	U.S. Bank is authorized to provide the Trust’s name, address and security position to requesting companies whose stock is owned by the Trust.
		
	x  NO	    	U.S. Bank is NOT authorized to provide the Trust’s name, address and security position to requesting companies whose stock is owned by the Trust.

  

			
	DIREXION SHARES ETF TRUST II
		
	By:	 	  

		
	Title:	 	  

		
	Date:	 	  

  
 28EX-10.7

 Exhibit 10.7 

DISTRIBUTION SERVICES AGREEMENT

Registered Commodity Pools 

This Distribution Services Agreement (the “Agreement”) is made this      day of August 2012, by
and among Direxion Shares ETF Trust II, a Delaware statutory trust, having its principal place of business at 1301 Avenue of the Americas (6th Ave.),
35th Floor, New York, NY 10019, Foreside Fund Services, LLC, a Delaware limited liability company (the “Distributor”), having its principal place of business at Three Canal Plaza,
Suite 100, Portland, ME 04101, and Direxion Asset Management, LLC, a Delaware limited liability company (the “Sponsor”), with its principal place of business at 1301 Avenue of the Americas (6th Ave.), 35th Floor, New York, NY 10019. 

WHEREAS, the Sponsor is registered with the Commodity Futures Trading Commission (the “CFTC”) as a commodity pool
operator, is a member of the National Futures Association (“NFA”), and is subject to the Commodity Exchange Act, as amended (the “CEA”), and all of the relevant rules and regulations promulgated thereunder
(collectively, the “Commodities Rules”) and serves as the commodity pool operator of the Trust; and 
 WHEREAS, the
Trust is a statutory trust organized under the laws of the State of Delaware, and has separate series (each a “Fund” and collectively, the “Funds”), each of which issues common units representing fractional
individual beneficial interests in such Fund (“Shares”); 
 WHEREAS, the Sponsor desires to retain Foreside to serve
as the distributor of certain Funds as listed on Exhibit A hereto (as amended from time to time); and 
 WHEREAS, the Sponsor,
on behalf of the Trust, has filed, or will file, with the Securities and Exchange Commission (the “SEC”) a registration statement on Form S-1 under the Securities Act of 1933, as amended (the “1933 Act”); 

WHEREAS, the Distributor is a registered broker-dealer under the Securities Exchange Act of 1934, as amended (the “1934
Act”), and a member of the Financial Industry Regulatory Authority (“FINRA”); 
 WHEREAS, the Distributor
desires to serve as distributor of the Funds and to provide the services described herein to the Funds. 
 NOW, THEREFORE, in
consideration of the mutual promises and undertakings herein contained, the parties agree as follows: 
  

	 	1.	Appointment. 

 The Sponsor, on behalf of the Trust, hereby appoints the Distributor as
the exclusive distributor of the Funds in accordance with this Agreement, on the terms and for the period set forth in this Agreement and subject to the registration requirements of the federal securities laws and of the laws governing the sale of
securities in the various states, and the Distributor hereby accepts such appointment and agrees to act in such capacity hereunder. 

	 	2.	Definitions. 

 Wherever they are used herein, the following terms have the following
meanings: 
 (a) “Prospectus” means the prospectus which constitutes part of the Registration Statement(s) of the Trust
under the 1933 Act as such Prospectus may be amended or supplemented and filed with the SEC from time to time; 
 (b) “Registration
Statement” means the registration statement most recently filed from time to time by the Trust with the SEC and effective under the 1933 Act, as such registration statement(s) is amended by any amendments thereto at the time in effect; 

(c) All capitalized terms used but not defined in this Agreement shall have the meanings ascribed to such terms in the Registration Statement
and the Prospectus. 
  

	 	3.	Duties of the Distributor 

 (a) The Distributor agrees to act as agent of the Funds and
to work with the Funds’ transfer agent (the “Transfer Agent”) in connection with the receipt and processing of all orders for purchases and redemptions of common units of beneficial interest of each Fund
(“Shares”) in aggregations of a predetermined number of Shares specified in the Trust’s Prospectus for each Fund, as amended from time to time (“Baskets”) from DTC Participants or participants in the Continuous
Net Settlement System of the National Securities Clearing Corporation (the “NSCC Participants”) that have executed a Participant Agreement (the “Authorized Participants”), as defined in paragraph 3(b) hereof, with
the Funds and the Sponsor. The Funds acknowledge that the Distributor shall be obligated to accept all good orders for Baskets, subject to the terms and conditions of the applicable Participant Agreement and guidelines established by the Sponsor
from time to time and provided it has not been notified by the Sponsor to not accept any or all orders. The Sponsor may in its discretion suspend or reject a Purchase Order as provided for in the Prospectus. Nothing herein contained shall prevent
the Distributor from entering into like distribution service arrangements with other exchange-traded funds. 
 (b) The Distributor agrees to
use commercially reasonable efforts to act as agent of the Funds with respect to the continuous distribution of Baskets of the Funds as set forth in each Registration Statement and in accordance with the provisions thereof. The Distributor further
agrees as follows: (i) at the request of the Sponsor, the Distributor shall coordinate the process by which Authorized Participants, the Funds and the Sponsor enter into participant agreements (“Participant Agreements”) for
transactions in Baskets of the Funds, in accordance with the Registration Statement and Prospectus; (ii) the Distributor shall generate, transmit and maintain copies of confirmations of Basket purchase and redemption order acceptances to the
purchaser or redeemer (such confirmations will indicate the time such orders were accepted and will be made available to the Sponsor promptly upon request; (iii) the Distributor shall deliver copies of the Prospectus to Authorized Participants
who have purchased Baskets in accordance with the Participant Agreements; and (iv) the Distributor shall maintain telephonic, facsimile and/or access to direct computer communications links with the Transfer Agent. 

  
 2 

 (c) The Sponsor, on behalf of the Funds, reserves the right to suspend the right of redemption,
or postpone the redemption settlement date, (1) for any period during which the NYSE Arca or any exchange on which the Funds’ assets are regularly traded is closed other than for customary weekend or holiday closings, or trading is
suspended or restricted, (2) for any period during which an emergency exists as a result of which the delivery, disposal or evaluation of a Fund’s assets is not reasonably practicable, or (3) for such other period as the Sponsor
determines to be necessary for the protection of the Shareholders. 
 (d) The Distributor is not authorized by the Sponsor or the Trust to
give any information or to make any representations other than those contained in the Registration Statement or Prospectus or contained in shareholder reports or other material that may be prepared by or on behalf of the Funds for the
Distributor’s use. The Distributor shall be entitled to rely on and shall not be responsible in any way for information provided to it by the Sponsor with respect to the Funds and their service providers and shall not be liable or responsible
for the errors and omissions of such service providers, provided that the foregoing shall not be construed to protect the Distributor against any liability to the Funds or the Funds’ shareholders to which the Distributor would otherwise be
subject by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under this Agreement. 

(e) The Distributor shall ensure that all direct requests by Authorized Participants for Prospectuses, product descriptions and periodic fund
reports, as applicable, are fulfilled. The Distributor will generally make it known in the brokerage community that Prospectuses and product descriptions are available, including by (i) advising the Listing Exchange on which the Shares are
listed on behalf of its member firms of the same, (ii) making such disclosure in all marketing and advertising materials prepared and/or filed by the Distributor with FINRA, and (iii) as may otherwise be required by the SEC. The
Distributor shall not bear any costs associated with printing Prospectuses and all other such materials. 
 (f) The Distributor agrees to
provide information to the Sponsor with regard to the ongoing distribution process and for such other purposes as may be requested by the Sponsor from time to time. 

(g) The Distributor shall review and approve all sales and marketing materials for compliance with applicable securities laws and regulations,
including applicable FINRA rules and file such materials with FINRA, as required under the 1933 Act, as the rules promulgated thereunder. Notwithstanding the foregoing, the Distributor shall not be responsible for the compliance of sales and
marketing materials with the CEA or the Commodities Rules, and the Sponsor shall be responsible for ensuring that all sales and marketing materials have been reviewed for compliance with the CEA and the Commodities Rules and filed with the CFTC or
NFA, if applicable. 
 (h) The Distributor shall provide training to employees of the Sponsor with respect to the marketing material review
process for which the Distributor is responsible, the SEC and FINRA regulations, and the applicability of these regulations as they relate to sales and marketing materials. Such training shall be provided on-site if requested by the Sponsor,
provided that the Sponsor pay all reasonable travel expenses associated therewith. 

  
 3 

 (i) The Distributor shall work with the Transfer Agent to review and accept or reject orders
placed by Authorized Participants and transmitted to the Distributor by the Transfer Agent. 
  

	 	4.	Duties of the Funds. 

 (a) The Sponsor, on behalf of the Trust, agrees that it will take
all reasonable action necessary to monitor available Shares registered by each Fund and to register additional Shares of a Fund pursuant to the 1933 Act as may be required from time to time. The Sponsor will make available to the Distributor such
number of copies of the Funds’ then currently effective Prospectus as the Distributor may reasonably request. The Sponsor will furnish to the Distributor copies of annual audited reports of each Fund made by independent public accountants
regularly retained by the Funds and such other publicly available information that the Distributor may reasonably request for use in connection with the distribution of Baskets. The Sponsor shall keep the Distributor informed of the jurisdictions in
which it has filed notice filings for Shares for sale on behalf of each Fund under the securities laws thereof and shall promptly notify the Distributor of any change in this information. The Distributor shall not be liable for damages resulting
from the sale of Shares in jurisdictions where the Distributor had no information from the Sponsor that such sale or sales were unauthorized at the time of such sale or sales. 

 

	 	5.	Fees and Expenses. 

 (a) The Distributor shall be entitled to receive compensation from
the Trust related to its services hereunder or for additional services as may be agreed to between the Sponsor, on behalf of the Trust, and the Distributor, in accordance with the Fee Schedule attached hereto as Exhibit B; 

(b) The Trust shall bear the cost and expenses of: (i) the registration of Shares for sale under the Securities Act; and (ii) the
registration or qualification of the Shares for sale under the securities laws and/or the costs related to any filings pursuant to the Commodities Rules, as applicable; 

(c) The Distributor shall pay (i) all expenses relating to Distributor’s broker-dealer qualification and registration under the 1934
Act; and (ii) the expenses incurred by the Distributor in connection with routine FINRA filing fees; 
 (d) Notwithstanding anything in
this Agreement to the contrary, the Distributor and its affiliates may receive compensation or reimbursement from the Trust with respect to any services not included under this Agreement, as may be agreed upon by the parties from time to time; 

(e) The payments to the Distributor under this Agreement and under any other agreement between the Distributor or any of its affiliates and the
Funds or the Sponsor with respect to the Funds, will not, in the aggregate, exceed 10% of the aggregate dollar amount of the offering. The Trust will advise the Distributor if the payments described hereunder must be limited, when combined with
selling commissions charged by other FINRA members and other payments that would constitute underwriting compensation as defined in FINRA Rule 2310, in 

  
 4 

 
order to comply with the 10% limitation on total underwriters’ compensation pursuant to FINRA Rule 2310; and 

(f) The Sponsor shall provide to the Distributor on an on-going basis information sufficient to enable Distributor to ensure compliance with
FINRA Rule 2310, including calculations of underwriting compensation and total offering and operating expenses. 
  

	 	6.	Indemnification. 

 (a) The Trust agrees to indemnify and hold harmless the Distributor,
its affiliates and each of their respective directors, officers and employees and agents and any person who controls the Distributor within the meaning of Section 15 of the 1933 Act (any of the Distributor, its officers, employees, agents and
directors or such control persons, for purposes of this paragraph, a “Distributor Indemnitee”) against any loss, liability, claim, damages or expense (including the reasonable cost of investigating or defending any alleged loss,
liability, claim, damages or expense and reasonable counsel fees incurred in connection therewith) arising out of or based upon (i) the Distributor providing services to the Funds pursuant to this Agreement; (ii) any claim that the
Registration Statement, Prospectus, product description, shareholder reports, sales literature and advertisements specifically approved by the Funds and the Sponsor or other information filed or made public by the Funds (as from time to time
amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein (and in the case of the Prospectus and product description, in light of
the circumstances under which they were made) not misleading under the 1933 Act, or any other statute or the common law; (iii) the material breach by the Trust or any Fund of any obligation, representation or warranty contained in this
Agreement; or (iv) the Trust’s or any Fund’s failure to comply in any material respect with applicable securities or commodities laws. 

The Trust does not agree to indemnify the Distributor or hold it harmless to the extent that the statement or omission was made in reliance
upon, and in conformity with, information furnished to the Funds by or on behalf of the Distributor. The Trust will also not indemnify any Distributor Indemnitee with respect to any untrue statement or omission made in the Registration Statement,
Prospectus or product description that is subsequently corrected in such document (or an amendment thereof or supplement thereto) if a copy of the Prospectus (or such amendment or supplement) was not sent or given to the person asserting any such
loss, liability, claim, damage or expense at or before the written confirmation to such person in any case where such delivery is required by the 1933 Act and the Trust had notified the Distributor of the amendment or supplement prior to the sending
of the confirmation. In no case (i) is the indemnity of the Trust in favor of any Distributor Indemnitee to be deemed to protect the Distributor Indemnitee against any liability to the Trust, the Funds or their respective shareholders to which
the Distributor Indemnitee would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations under this Agreement, or (ii) is
the Trust to be liable under the indemnity agreement contained in this Section with respect to any claim made against any Distributor Indemnitee unless the Distributor Indemnitee shall have pursuant to Section 9 notified the Trust in writing of
the claim at its principal offices in New York, NY within a reasonable time after the summons or other first written notification giving information of the nature of the claim shall have been served 

  
 5 

 
upon Distributor Indemnitee (or after Distributor Indemnitee shall have received notice of service on any designated agent). 

Failure to notify the Trust of any claim shall not relieve the Trust from any liability that it may have to any Distributor Indemnitee against
whom such action is brought unless failure or delay to so notify the trust prejudices the Trust’s ability to defend against such claim. The Trust shall be entitled to participate at its own expense in the defense, or, if it so elects, to assume
the defense of any suit brought to enforce any claims, but if the Trust elects to assume the defense, the defense shall be conducted by counsel chosen by the Trust and satisfactory to Distributor Indemnitee, defendant or defendants in the suit.
Approval of the counsel chosen by the Trust shall not be unreasonably withheld. In the event the Trust elects to assume the defense of any suit and retain counsel, Distributor Indemnitee, defendant or defendants in the suit, shall bear the fees and
expenses of any additional counsel retained by them. If the Trust does not elect to assume the defense of any suit, it will reimburse the Distributor Indemnitee, defendant or defendants in the suit, for the reasonable fees and expenses of any
counsel retained by them. The Distributor agrees to notify the Sponsor and the Trust promptly of the commencement of any litigation or proceedings against it or any of its officers or directors in connection with the issuance or sale of any of the
Creation Units or the Shares. 
 (b) The Distributor agrees to indemnify and hold harmless the Trust, the Sponsor and each of their managers
and officers and any person who controls the Trust within the meaning of Section 15 of the 1933 Act (for purposes of this Section, the Funds, the Sponsor and each of their managers and officers and their controlling persons are collectively
referred to as the “Trust Affiliates”) against any loss, liability, claim, damages or expense (including the reasonable cost of investigating or defending any alleged loss, liability, claim, damages or expense and reasonable counsel
fees incurred in connection therewith) arising out of or based upon (i) the allegation of any wrongful act of the Distributor or any of its directors, officers, employees or affiliates in connection with its activities as Distributor pursuant
to this Agreement; (ii) the material breach of any obligation, representation or warranty contained in this Agreement by the Distributor; (iii) the Distributor’s failure to comply in any material respect with applicable securities
laws, including applicable FINRA regulations; or (iv) any allegation that the Registration Statement, Prospectus, product description, shareholder reports, any information or materials relating to the Funds (as described in section 3(g)) or
other information filed or made public by the Trust (as from time to time amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements not
misleading, insofar as such statement or omission was made in reliance upon, and in conformity with information furnished to the Trust by or on behalf of the Distributor. 

In no case (i) is the indemnity of the Distributor in favor of any Trust Affiliate to be deemed to protect any Trust Affiliate against
any liability to the Funds or its security holders to which such Trust Affiliate would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of its reckless disregard of
its obligations and duties under this Agreement, or (ii) is the Distributor to be liable under its indemnity agreement contained in this Section with respect to any claim made against any Trust Affiliate unless the Trust Affiliate shall have
notified the Distributor in writing of the claim within a reasonable time after the summons or other first written notification giving information 

  
 6 

 
of the nature of the claim shall have been served upon the Trust Affiliate (or after the Trust Affiliate shall have received notice of service on any designated agent). 

Failure to notify the Distributor of any claim shall not relieve the Distributor from any liability that it may have to the Trust Affiliate
against whom such action is brought on account of its indemnity agreement contained in this Section unless failure or delay to so notify the Distributor prejudices the Distributor’s ability to defend against such claim. The Distributor shall be
entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce the claim, but if the Distributor elects to assume the defense, the defense shall be conducted by counsel chosen by
it and satisfactory to the Funds, the Sponsor and the Trust Affiliates, and to any controlling person or persons, defendant or defendants in the suit. Approval of the counsel chosen by the Distributor shall not be unreasonably withheld. In the event
that Distributor elects to assume the defense of any suit and retain counsel, the Funds or controlling person or persons, defendant or defendants in the suit, shall bear the fees and expenses of any additional counsel retained by them. If the
Distributor does not elect to assume the defense of any suit, it will reimburse the Funds, the Sponsor, their officers and managers or controlling person or persons, defendant or defendants in the suit, for the reasonable fees and expenses of any
counsel retained by them. The Trust and the Sponsor agrees to notify the Distributor promptly of the commencement of any litigation or proceedings against them or any of their officers in connection with the issuance or sale of any of the Baskets or
the Shares. 
 (c) No indemnified party shall settle any claim against it for which it intends to seek indemnification from the indemnifying
party, under the terms of section 6(a) or 6(b) above, without prior written notice to and consent from the indemnifying party, which consent shall not be unreasonably withheld. No indemnified or indemnifying party shall settle any claim unless the
settlement contains a full release of liability with respect to the other party in respect of such action. This section 6 shall survive the termination of this Agreement. 
  

	 	7.	Representations. 

 (a) The Distributor represents and warrants that (i) it is duly
organized as a Delaware limited liability company and is and at all times will remain duly authorized and licensed under applicable law to carry out its services as contemplated herein; (ii) the execution, delivery and performance of this
Agreement are within its power and have been duly authorized by all necessary action; (iii) its entering into this Agreement or providing the services contemplated hereby does not conflict with or constitute a default or require a consent under
or breach of any provision of any agreement or document to which the Distributor is a party or by which it is bound; (iv) it is registered as a broker-dealer under the 1934 Act and is a member of FINRA, and (v) it is in material compliance
with all laws, rules and regulations applicable to it, including but not limited to the rules and regulations promulgated by FINRA. 
 (b)
The Distributor acknowledges that it is a financial institution subject to the USA Patriot Act of 2001 and the Bank Secrecy Act (collectively, the “AML Acts”), which require, among other things, that financial institutions adopt
compliance programs to guard against money laundering. The Distributor represents and warrants that it is in compliance with and will continue to comply with the AML Acts and applicable regulations in all relevant

  
 7 

 
respects. The Distributor agrees that it will take such further steps, and cooperate with the other as may be reasonably necessary, to facilitate compliance with the AML Acts, including but not
limited to the provision of copies of its written procedures, policies and controls related thereto (“AML Operations”). Notwithstanding the foregoing, it is expressly understood and agreed that neither the Sponsor nor any of its
directors, officers, employees or agents, on its own behalf or on behalf of the Funds, shall have access to any of Distributor’s AML Operations, books or records pertaining to other clients or services of Distributor. 

(c) The Distributor and the Sponsor, on behalf of the Trust, each individually represent and warrant that it has in place and will maintain
physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to consumers and customers of the Funds.
The Sponsor, on behalf of the Trust, further represents to the Distributor that it has adopted a statement of its privacy policies and practices as required by applicable securities laws and regulations and the Commodities Rules and agrees to
provide to the Distributor a copy of that statement annually. 
 (d) The Sponsor, on its own behalf and on behalf of the Trust, represents
and warrants that (i) the Trust is duly organized as a Delaware statutory trust and is and at all times will remain duly authorized to carry out its obligations as contemplated herein; (ii) the execution, delivery and performance of this
Agreement are within the power of the Sponsor and the Trust and have been duly authorized by all necessary action; (iii) entering into this Agreement by the Sponsor and the Trust does not conflict with or constitute a default or require a
consent under or breach of any provision of any agreement or document to which the Trust or the Sponsor is a party or by which either is bound; (iv) the Sponsor is duly registered with the NFA as a Commodity Pool Operator and the Sponsor will
ensure compliance by the Trust with the CEA and all of the relevant Commodities Rules; (v) it possesses, licenses or has other rights to use all patents, patent applications, trademarks and service marks, trademark and service mark
registrations, trade names, copyrights, licenses, inventions, trade secrets, technology, know-how and other intellectual property (collectively, “Intellectual Property”) necessary for or used in the conduct of the Trust’s
business and for the offer, issuance, distribution and sale of the Shares in accordance with the terms of the Prospectus and this Agreement, and such Intellectual Property does not and will not breach or infringe the terms of any Intellectual
Property owned, held or licensed by any third party; (vi) the Registration Statement and the Prospectus have been prepared, and all sales literature and advertisements (“Sales Literature and Advertisements”) approved by the
Sponsor with respect to the Funds or other materials prepared by or on behalf of the Funds shall be prepared, in all material respects, in conformity with the CEA, the Commodities Rules, the 1933 Act and the rules and regulations of the SEC (the
“SEC Rules and Regulations”); (vii) the Registration Statement and the Prospectus contain, and all Sales Literature and Advertisements shall contain, all statements required to be stated therein in accordance with the CEA, the
Commodities Rules, the 1933 Act, the SEC Rules and Regulations, and FINRA Rules and Regulations; and (viii) all statements of fact contained therein, or to be contained in all Sales Literature and Advertisements, are or will be true and correct
in all material respects at the time indicated or the effective date, as the case may be, and none of the Registration Statement, any Fund’s Prospectus, nor any Sales Literature and Advertisements shall include any untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the case of the 

  
 8 

 
Prospectus in light of the circumstances in which made, not misleading. Notwithstanding the above, the Sponsor makes no representation regarding information included in the Registration Statement
or Prospectus in reliance upon and in conformity with information furnished to the Trust by the Distributor. The Trust shall, from time to time, file such amendment or amendments to the Registration Statement and the Prospectus as, in the light of
future developments, shall, in the opinion of counsel to the Sponsor, be necessary in order to have the Registration Statement and the Prospectus at all times contain all material facts required to be stated therein or necessary to make the
statements therein, in the case of the Prospectus in light of the circumstances in which made, not misleading. The Trust shall not file any amendment to the Registration Statement or the Prospectus without giving the Distributor reasonable notice
thereof in advance and the Sponsor shall promptly notify the Distributor of any stop order suspending the effectiveness of the Registration Statement. Notwithstanding the foregoing, the Trust shall not be deemed to make any representation or
warranty as to any information or statement provided by the Distributor for inclusion in the Registration Statement or any Fund’s Prospectus. 
  

	 	8.	Duration, Termination and Amendment. 

 (a) This Agreement shall be effective on the date
set forth above, and unless terminated as provided herein, shall continue for two years from its effective date, and thereafter from year to year, provided such continuance is approved annually by the Sponsor. This Agreement may be terminated at any
time, without the payment of any penalty, as to each individual Fund by the Sponsor or by the Distributor, on at least sixty (60) days’ prior written notice. 

(b) No provision of this Agreement may be changed, waived, discharged or terminated except by an instrument in writing signed by the party
against which an enforcement of the change, waiver, discharge or termination is sought. 
  

	 	9.	Notice. 

 Any notice or other communication authorized or required by this Agreement to
be given to either party shall be in writing and deemed to have been given when delivered in person or by confirmed facsimile, or posted by certified mail, return receipt requested, to the following address (or such other address as a party may
specify by written notice to the other): 
 If to the Distributor: 

Foreside Fund Services, LLC 

ATTN: Legal Dept. 
 Three Canal
Plaza, Suite 100 
 Portland, ME 04101 

Telephone: (207) 553-7110 

Facsimile: (207) 553-7151 

  
 9 

 If to the Sponsor: 

Direxion Asset Management, LLC 

1301 Avenue of the Americas (6th Ave.),
35th Floor 
 New York, NY 10019 

Telephone: (646) 572-3463 

If to the Trust: 

Direxion Shares ETF Trust II 

1301 Avenue of the Americas (6th Ave.),
35th Floor 
 New York, NY 10019 

Telephone: (646) 572-3463 
  

	 	10.	Choice of Law. 

 This Agreement shall be governed by, and construed in accordance with,
the laws of the State of Delaware, without giving effect to the choice of laws provisions thereof. 
  

	 	11.	Counterparts. 

 This Agreement may be executed in two or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same instrument. 
  

	 	12.	Severability. 

 If any provisions of this Agreement shall be held or made invalid, in
whole or in part, then the other provisions of this Agreement shall remain in force. Invalid provisions shall, in accordance with this Agreement’s intent and purpose, be amended, to the extent legally possible, in order to effectuate the
intended results of such invalid provisions. 
  

	 	13.	Confidentiality. 

 During the term of this Agreement, the Distributor and the
Sponsor, on its own behalf and on behalf of the Trust, may have access to confidential information relating to such matters as either party’s business, trade secrets, systems, procedures, manuals, products, contracts, personnel, and clients. As
used in this Agreement, “Confidential Information” means information belonging to one of the parties that is of value to such party and the disclosure of which could result in a competitive or other disadvantage to such party.
Confidential Information includes, without limitation, financial information, proposal and presentations, reports, forecasts, inventions, improvements and other intellectual property; trade secrets; know-how; designs, processes or formulae;
software; market or sales information or plans; customer lists; and business plans, prospects and opportunities (such as possible acquisitions or dispositions of businesses or facilities). Confidential Information includes information developed by
either party in the course of engaging in the activities provided for in this Agreement, unless: (i) the information is or becomes publicly known through lawful means; (ii) the information is disclosed to the other party without a
confidential restriction by a third party  

  
 10 

 
who rightfully possesses the information and did not obtain it, either directly or indirectly, from one of the parties, as the case may be, or any of their respective principals, employees,
affiliated persons, or affiliated entities. The parties understand and agree that all Confidential Information shall be kept confidential by the other both during and after the term of this Agreement. Each party shall maintain commercially
reasonable information security policies and procedures for protecting Confidential Information. The parties further agree that they will not, without the prior written approval by the other party, disclose such Confidential Information, or use such
Confidential Information in any way, either during the term of this Agreement or at any time thereafter, except as required in the course of this Agreement and as provided by the other party or as required by law. Upon termination of this Agreement
for any reason, or as otherwise requested by the Sponsor, all Confidential Information held by or on behalf of Sponsor or the Trust shall be promptly returned to the Sponsor, or an authorized officer of the Distributor will certify to the Sponsor in
writing that all such Confidential Information has been destroyed, provided that Distributor may retain Confidential Information to the extent required by regulatory record retention requirements applicable to it. This section 13 shall survive the
termination of this Agreement. Notwithstanding the foregoing, a party may disclose the other’s Confidential Information if (i) required by law, regulation or legal process or if requested by the SEC, CFTC, NFA, FINRA or other governmental
regulatory agency with jurisdiction over the parties hereto or (ii) requested to do so by the other party; provided that in the event of (i), the disclosing party shall give the other party reasonable prior notice of such disclosure to the
extent reasonably practicable and shall reasonably cooperate with the other party (at such other party’s expense) in any efforts to prevent such disclosure. 
  

	 	14.	Limitation of Liability. 

 This Agreement is executed by or on behalf of the Trust with
respect to each Fund and the obligations hereunder are not binding upon any of the trustees, officers or shareholders of a Fund individually but are binding only upon each Fund to which such obligations pertain and the assets and property of such
Fund. Separate and distinct records are maintained for each Fund and the assets associated with any such Fund are held and accounted for separately from the other assets of any other Fund. The debts, liabilities, obligations, and expenses incurred,
contracted for, or otherwise existing with respect to a particular Fund shall be enforceable against the assets of that Fund only, and not against the assets of any other Fund, and none of the debts, liabilities, obligations, and expenses incurred,
contracted for, or otherwise existing with respect to any other Fund shall be enforceable against the assets of that Fund. The Trust’s Agreement and Declaration of Trust, as may be amended form time to time, is on file with the Sponsor. 

 

	 	15.	Use of Names; Publicity. 

 The Funds shall not use the Distributor’s name, or any
trade or service mark owned by or licensed to the Distributor, in any offering material, shareholder report, advertisement or other material relating to the Funds, other than for the purpose of merely identifying and describing the functions of the
Distributor hereunder, in a manner not approved by the Distributor in writing prior to such use, such approval not to be unreasonably withheld. The Distributor hereby consents to all uses of its name required by the SEC, the CFTC, any state
securities commission, or any federal or state regulatory authority. 

  
 11 

 The Distributor or its affiliates shall not use the name of the Trust or the Sponsor in any
offering material, shareholder report, advertisement or other material relating to the Distributor, other than for the purpose of merely identifying and describing the functions of the Funds hereunder, in a manner not approved by the Sponsor in
writing prior to such use, provided that in no case shall such approval be unreasonably withheld. The Sponsor and the Trust hereby consent to all uses of their names required by FINRA, the SEC, the CFTC or any state securities commission, or any
federal or state regulatory authority. The Sponsor and the Trust also hereby consent to the inclusion of the Sponsor’s and/or Trust’s names on the Distributor’s website noting such parties as clients of the Distributor. 

None of the Sponsor, the Trust or the Distributor will disclose any of the economic terms of this Agreement, except as may be required by law.

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers designated below as of the date
first set forth above. 
  

			
	 DIREXION ASSET MANAGEMENT, LLC, on behalf of the Trust

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 DIREXION ASSET MANAGEMENT, LLC

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 FORESIDE FUND SERVICES, LLC

		
	 By:
	 	  

		 	Name:     Mark Fairbanks
		 	 Title:       President

  
 12 

 EXHIBIT A 

Direxion Daily Gold Bull 3X Shares 

Direxion Daily Gold Bear 3X Shares 

Direxion Daily Gold Bear 1X Shares 

Direxion Daily Silver Bull 3X Shares 

Direxion Daily Silver Bear 3X Shares 

Direxion Daily Silver Bear 1X Shares 

Direxion Daily Japanese Yen Bull 3X shares 

Direxion Daily Japanese Yen Bear 3X Shares 

Direxion Daily Dollar Bull 3X Shares 

Direxion Daily Dollar Bear 3X Shares 

Direxion Daily Euro Bull 3X Shares 

Direxion Daily Euro Bear 3X Shares 

  
 Ex. A-1 

 EXHIBIT B 

Fee Schedule 

  
 2

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