ERY Fees and Costs — Direxion Daily Energy Bear 2X Shares
Data updated: 2026-09-28
The net expense ratio is 0.99% (1.04% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $33K in broker commissions, 0.1657% of average net assets, and portfolio turnover was 0%.
ERY Fees and Expenses
Annual operating expenses and sales charges of ERY. Prospectus, as of February 28, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.25% |
| Gross expense ratio | 1.04% |
| Fee waiver | −0.05% |
| Net expense ratio | 0.99% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
ERY Costs Over Time
On $10,000 invested in ERY, assuming 5% a year before costs, total costs come to $721 over 5 years, cutting the return by 1.21% 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 0.99%) | $104 | $324 | $561 |
| Trading costs (broker commissions) | $17 | $54 | $94 |
| Lost growth on money paid in costs | $0 | $19 | $66 |
| Total costs | $121 | $397 | $721 |
| Value after costs | $10,379 | $11,180 | $12,042 |
| Impact on return, per year | 1.21% | 1.21% | 1.21% |
ERY 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): 0.1657%
- Total broker commissions: $33K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
ERY Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BNP Paribas | $16K | 48.40% |
| JPMorgan Chase Bank, National Association | $10K | 31.13% |
| UBS AG | $4K | 11.01% |
| Barclays Bank PLC | $3K | 9.46% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.