TSMX Fees and Costs — Direxion Daily TSM Bull 2X Shares
Data updated: 2026-09-28
The net expense ratio is 1.05% (2.69% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $370K in broker commissions, 0.3359% of average net assets, and portfolio turnover was 0%.
TSMX Fees and Expenses
Annual operating expenses and sales charges of TSMX. Prospectus, as of February 28, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 1.84% |
| Gross expense ratio | 2.69% |
| Fee waiver | −1.64% |
| Net expense ratio | 1.05% |
| 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 |
TSMX Costs Over Time
On $10,000 invested in TSMX, assuming 5% a year before costs, total costs come to $860 over 5 years, cutting the return by 1.46% 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 1.05%) | $110 | $343 | $592 |
| Trading costs (broker commissions) | $35 | $110 | $189 |
| Lost growth on money paid in costs | $0 | $22 | $79 |
| Total costs | $146 | $475 | $860 |
| Value after costs | $10,354 | $11,102 | $11,903 |
| Impact on return, per year | 1.46% | 1.46% | 1.46% |
TSMX 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): 0.3359%
- Total broker commissions: $370K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
TSMX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Citibank, National Association | $151K | 40.73% |
| Goldman Sachs & Co. LLC | $116K | 31.30% |
| Bank of America N.A. | $76K | 20.58% |
| BNP Paribas | $20K | 5.43% |
| Nomura Global Financial Products Inc. | $7K | 1.96% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.