PASS Fees and Costs — Direxion Daily Consumer Discretionary Bear 3X Shares
Data updated: 2020-09-25
The net expense ratio is 1.08% (4.11% before fee waivers). There are no sales loads or redemption fees. In fiscal 2019 the fund paid $4K in broker commissions, 0.2651% of average net assets.
PASS Fees and Expenses
Annual operating expenses and sales charges of PASS. Prospectus, as of October 31, 2019.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 3.23% |
| Gross expense ratio | 4.11% |
| Fee waiver | −3.03% |
| Net expense ratio | 1.08% |
| 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 |
PASS Costs Over Time
On $10,000 invested in PASS, assuming 5% a year before costs, total costs come to $836 over 5 years, cutting the return by 1.41% 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 1.08%) | $113 | $353 | $609 |
| Trading costs (broker commissions) | $28 | $87 | $150 |
| Lost growth on money paid in costs | $0 | $22 | $77 |
| Total costs | $141 | $461 | $836 |
| Value after costs | $10,359 | $11,115 | $11,927 |
| Impact on return, per year | 1.41% | 1.41% | 1.41% |
PASS Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2019.
- Explicit cost rate (commissions ÷ average net assets): 0.2651%
- Total broker commissions: $4K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): —
- Securities lending: none during the year
PASS Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Bank of America N.A. (formerly Merrill Lynch) | $3K | 83.32% |
| Citibank, National Association | $672 | 16.68% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.