FAZ Fees and Costs — Direxion Daily Financial Bear 3X Shares
Data updated: 2026-09-28
The net expense ratio is 1.04%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $261K in broker commissions, 0.2465% of average net assets, and portfolio turnover was 0%.
FAZ Fees and Expenses
Annual operating expenses and sales charges of FAZ. Prospectus, as of February 28, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.16% |
| Gross expense ratio | 1.04% |
| Fee waiver | — |
| Net expense ratio | 1.04% |
| 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 |
FAZ Costs Over Time
On $10,000 invested in FAZ, assuming 5% a year before costs, total costs come to $800 over 5 years, cutting the return by 1.35% 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 1.04%) | $109 | $340 | $587 |
| Trading costs (broker commissions) | $26 | $81 | $139 |
| Lost growth on money paid in costs | $0 | $21 | $74 |
| Total costs | $135 | $441 | $800 |
| Value after costs | $10,365 | $11,135 | $11,963 |
| Impact on return, per year | 1.35% | 1.35% | 1.35% |
FAZ 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): 0.2465%
- Total broker commissions: $261K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
FAZ Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Bank of America N.A. | $133K | 51.01% |
| Goldman Sachs & Co. LLC | $58K | 22.04% |
| JPMorgan Chase Bank, National Association | $36K | 13.75% |
| UBS AG | $34K | 13.20% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.