DFEN Fees and Costs — Direxion Daily Aerospace & Defense Bull 3X Shares
Data updated: 2026-09-28
The net expense ratio is 0.95%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $726K in broker commissions, 0.3017% of average net assets, and portfolio turnover was 52%.
DFEN Fees and Expenses
Annual operating expenses and sales charges of DFEN. Prospectus, as of February 28, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.17% |
| Gross expense ratio | 0.95% |
| Fee waiver | — |
| Net expense ratio | 0.95% |
| 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 |
DFEN Costs Over Time
On $10,000 invested in DFEN, assuming 5% a year before costs, total costs come to $779 over 5 years, cutting the return by 1.31% 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 0.95%) | $100 | $310 | $537 |
| Trading costs (broker commissions) | $32 | $99 | $171 |
| Lost growth on money paid in costs | $0 | $20 | $72 |
| Total costs | $131 | $429 | $779 |
| Value after costs | $10,369 | $11,147 | $11,984 |
| Impact on return, per year | 1.31% | 1.31% | 1.31% |
DFEN 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): 0.3017%
- Total broker commissions: $726K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 52%
- Securities on loan, average value: $3.5M
- Net income from securities lending: $6K (0.002% of average net assets)
DFEN Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Citibank, National Association | $300K | 41.32% |
| Barclays Bank PLC | $147K | 20.22% |
| Bank of America N.A. | $97K | 13.31% |
| Goldman Sachs & Co. LLC | $86K | 11.82% |
| BNP Paribas | $60K | 8.31% |
| Nomura Global Financial Products Inc. | $25K | 3.50% |
| JPMorgan Chase Bank, National Association | $11K | 1.52% |
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.