HIBS Fees and Costs — Direxion Daily S&P 500 High Beta Bear 3X Shares
Data updated: 2026-09-28
The net expense ratio is 1.06% (1.09% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $101K in broker commissions, 0.3828% of average net assets, and portfolio turnover was 0%.
HIBS Fees and Expenses
Annual operating expenses and sales charges of HIBS. Prospectus, as of February 28, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.23% |
| Gross expense ratio | 1.09% |
| Fee waiver | −0.03% |
| Net expense ratio | 1.06% |
| 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 |
HIBS Costs Over Time
On $10,000 invested in HIBS, assuming 5% a year before costs, total costs come to $895 over 5 years, cutting the return by 1.51% 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 1.06%) | $111 | $346 | $597 |
| Trading costs (broker commissions) | $40 | $125 | $215 |
| Lost growth on money paid in costs | $0 | $23 | $82 |
| Total costs | $151 | $494 | $895 |
| Value after costs | $10,349 | $11,082 | $11,868 |
| Impact on return, per year | 1.51% | 1.51% | 1.51% |
HIBS 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): 0.3828%
- Total broker commissions: $101K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
HIBS Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Barclays Bank PLC | $37K | 36.20% |
| UBS AG | $30K | 30.04% |
| Citibank, National Association | $26K | 25.34% |
| JPMorgan Chase Bank, National Association | $8K | 7.73% |
| Bank of America N.A. | $700 | 0.69% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.