TMF Fees and Costs — Direxion Daily 20+ Year Treasury Bull 3X Shares
Data updated: 2026-09-28
The net expense ratio is 0.91% (0.99% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $8.6M in broker commissions, 0.1678% of average net assets, and portfolio turnover was 128%.
TMF Fees and Expenses
Annual operating expenses and sales charges of TMF. Prospectus, as of February 28, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.11% |
| Gross expense ratio | 0.99% |
| Fee waiver | −0.08% |
| Net expense ratio | 0.91% |
| 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 |
TMF Costs Over Time
On $10,000 invested in TMF, assuming 5% a year before costs, total costs come to $673 over 5 years, cutting the return by 1.13% 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 0.91%) | $96 | $298 | $516 |
| Trading costs (broker commissions) | $18 | $55 | $95 |
| Lost growth on money paid in costs | $0 | $17 | $62 |
| Total costs | $113 | $370 | $673 |
| Value after costs | $10,387 | $11,206 | $12,090 |
| Impact on return, per year | 1.13% | 1.13% | 1.13% |
TMF 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): 0.1678%
- Total broker commissions: $8.6M
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 128%
- Securities on loan, average value: $24.3M
- Net income from securities lending: $35K (0.001% of average net assets)
TMF Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $3.0M | 34.37% |
| BNP Paribas | $2.6M | 29.82% |
| Bank of America N.A. | $1.2M | 14.41% |
| Barclays Bank PLC | $875K | 10.13% |
| Citibank, National Association | $689K | 7.98% |
| Nomura Global Financial Products Inc. | $124K | 1.43% |
| UBS AG | $100K | 1.16% |
| JPMorgan Chase Bank, National Association | $46K | 0.53% |
| KNIGHT CAPITAL AMERICAS, LLC | $13K | 0.15% |
| BNY MELLON CAPITAL MAREKTS LLC | $3K | 0.03% |
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.