TNA Fees and Costs — Direxion Daily Small Cap Bull 3X Shares
Data updated: 2026-09-28
The net expense ratio is 1.03% (1.05% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $4.5M in broker commissions, 0.2161% of average net assets, and portfolio turnover was 305%.
TNA Fees and Expenses
Annual operating expenses and sales charges of TNA. Prospectus, as of February 28, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.14% |
| Gross expense ratio | 1.05% |
| Fee waiver | −0.02% |
| Net expense ratio | 1.03% |
| 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 |
TNA Costs Over Time
On $10,000 invested in TNA, assuming 5% a year before costs, total costs come to $776 over 5 years, cutting the return by 1.31% 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 1.03%) | $108 | $337 | $582 |
| Trading costs (broker commissions) | $23 | $71 | $122 |
| Lost growth on money paid in costs | $0 | $20 | $71 |
| Total costs | $131 | $427 | $776 |
| Value after costs | $10,369 | $11,149 | $11,987 |
| Impact on return, per year | 1.31% | 1.31% | 1.31% |
TNA 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): 0.2161%
- Total broker commissions: $4.5M
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 305%
- Securities on loan, average value: $5.2M
- Net income from securities lending: $329K (0.016% of average net assets)
TNA Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Barclays Bank PLC | $1.1M | 24.15% |
| Bank of America N.A. | $1.0M | 22.64% |
| Citibank, National Association | $941K | 20.78% |
| UBS AG | $667K | 14.74% |
| BNP Paribas | $367K | 8.10% |
| JPMorgan Chase Bank, National Association | $356K | 7.87% |
| Goldman Sachs & Co. LLC | $62K | 1.36% |
| BNY MELLON CAPITAL MAREKTS LLC | $10K | 0.23% |
| KNIGHT CAPITAL AMERICAS, LLC | $6K | 0.13% |
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.