MSFD Fees and Costs — Direxion Daily MSFT Bear 1X Shares
Data updated: 2026-09-28
The net expense ratio is 1.02% (1.21% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $5K in broker commissions, 0.0650% of average net assets, and portfolio turnover was 0%.
MSFD Fees and Expenses
Annual operating expenses and sales charges of MSFD. Prospectus, as of February 28, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.39% |
| Gross expense ratio | 1.21% |
| Fee waiver | −0.19% |
| Net expense ratio | 1.02% |
| 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 |
MSFD Costs Over Time
On $10,000 invested in MSFD, assuming 5% a year before costs, total costs come to $678 over 5 years, cutting the return by 1.14% 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 1.02%) | $107 | $334 | $578 |
| Trading costs (broker commissions) | $7 | $21 | $37 |
| Lost growth on money paid in costs | $0 | $18 | $62 |
| Total costs | $114 | $373 | $678 |
| Value after costs | $10,386 | $11,204 | $12,085 |
| Impact on return, per year | 1.14% | 1.14% | 1.14% |
MSFD 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): 0.0650%
- Total broker commissions: $5K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
MSFD Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Citibank, National Association | $2K | 37.30% |
| Bank of America N.A. | $2K | 34.76% |
| Goldman Sachs & Co. LLC | $1K | 27.94% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.