  We analyze two sectors of 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 h that we associate with positive
superhumps. The superhump frequency varies over the TESS observations with the
fractional difference between the superhump and orbital periods, $\epsilon$,
ranging between $0.055\le \epsilon \le 0.080$. The superhump amplitude is
correlated with its frequency such that the amplitude increases as $\epsilon$
decreases. Positive superhumps result from an instability that generates an
eccentric accretion disk and $\epsilon$ 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.
