SPXL Fees and Costs — Direxion Daily S&P 500 Bull 3X Shares
Data updated: 2026-09-28
The net expense ratio is 0.87% (0.93% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $12.5M in broker commissions, 0.2438% of average net assets, and portfolio turnover was 248%.
SPXL Fees and Expenses
Annual operating expenses and sales charges of SPXL. 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 | 0.93% |
| Fee waiver | −0.06% |
| Net expense ratio | 0.87% |
| 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 |
SPXL Costs Over Time
On $10,000 invested in SPXL, assuming 5% a year before costs, total costs come to $695 over 5 years, cutting the return by 1.17% 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 0.87%) | $91 | $285 | $493 |
| Trading costs (broker commissions) | $26 | $80 | $138 |
| Lost growth on money paid in costs | $0 | $18 | $64 |
| Total costs | $117 | $383 | $695 |
| Value after costs | $10,383 | $11,194 | $12,068 |
| Impact on return, per year | 1.17% | 1.17% | 1.17% |
SPXL 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): 0.2438%
- Total broker commissions: $12.5M
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 248%
- Securities on loan, average value: $6.8M
- Net income from securities lending: $9K (0.000% of average net assets)
SPXL Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $4.2M | 33.40% |
| Barclays Bank PLC | $3.0M | 23.82% |
| Bank of America N.A. | $2.0M | 15.70% |
| Citibank, National Association | $1.8M | 14.52% |
| BNP Paribas | $609K | 4.89% |
| UBS AG | $598K | 4.80% |
| JPMorgan Chase Bank, National Association | $330K | 2.65% |
| ADM Investor Services, Inc. | $26K | 0.21% |
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.