We analyze two sectors of Transiting Exoplanet Sky Survey (TESS) photometry of the nova-like cataclysmic variable star V533 Her. We detect a periodicity consistent with the binary orbital period and estimate a revised value of 3.53709(2) hr. We also detect a strong signal near a period of 3.8 hr that we associate with positive superhumps. The superhump frequency varies over the TESS observations with the fractional difference between the superhump and orbital periods, ϵ, ranging between 0.055 ≤ ϵ ≤ 0.080. The superhump amplitude is correlated with its frequency such that the amplitude increases as ϵ decreases. Positive superhumps result from an instability that generates an eccentric accretion disk and ϵ is a measure of the disk precession rate in the binary rest frame. The observed correlation implies that as the disk precession rate slows, the disk eccentricity increases.
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