SPDN Fees and Costs — Direxion Daily S&P 500 Bear 1X Shares
Data updated: 2026-09-28
The net expense ratio is 0.47% (0.53% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $91K in broker commissions, 0.0617% of average net assets.
SPDN Fees and Expenses
Annual operating expenses and sales charges of SPDN. Prospectus, as of February 28, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.35% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.16% |
| Gross expense ratio | 0.53% |
| Fee waiver | −0.06% |
| Net expense ratio | 0.47% |
| 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 |
SPDN Costs Over Time
On $10,000 invested in SPDN, assuming 5% a year before costs, total costs come to $336 over 5 years, cutting the return by 0.56% 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 0.47%) | $49 | $155 | $270 |
| Trading costs (broker commissions) | $6 | $20 | $35 |
| Lost growth on money paid in costs | $0 | $9 | $31 |
| Total costs | $56 | $184 | $336 |
| Value after costs | $10,444 | $11,393 | $12,427 |
| Impact on return, per year | 0.56% | 0.56% | 0.56% |
SPDN 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): 0.0617%
- Total broker commissions: $91K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): —
- Securities lending: none during the year
SPDN Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Barclays Bank PLC | $84K | 92.86% |
| UBS AG | $6K | 7.14% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.