AAPD Fees and Costs — Direxion Daily AAPL Bear 1X Shares
Data updated: 2026-09-28
The net expense ratio is 1.00%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $20K in broker commissions, 0.0693% of average net assets, and portfolio turnover was 0%.
AAPD Fees and Expenses
Annual operating expenses and sales charges of AAPD. Prospectus, as of February 28, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.20% |
| Gross expense ratio | 1.00% |
| Fee waiver | — |
| Net expense ratio | 1.00% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | Yes |
AAPD Costs Over Time
On $10,000 invested in AAPD, assuming 5% a year before costs, total costs come to $668 over 5 years, cutting the return by 1.12% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.00%) | $105 | $327 | $567 |
| Trading costs (broker commissions) | $7 | $23 | $39 |
| Lost growth on money paid in costs | $0 | $17 | $61 |
| Total costs | $112 | $367 | $668 |
| Value after costs | $10,388 | $11,209 | $12,095 |
| Impact on return, per year | 1.12% | 1.12% | 1.12% |
AAPD Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0693%
- Total broker commissions: $20K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
AAPD Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Barclays Bank PLC | $5K | 24.09% |
| Bank of America N.A. | $5K | 22.38% |
| BNP Paribas | $4K | 20.22% |
| Citibank, National Association | $4K | 19.86% |
| Goldman Sachs & Co. LLC | $3K | 13.45% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.