TSMZ Fees and Costs — Direxion Daily TSM Bear 1X Shares
Data updated: 2026-09-28
The net expense ratio is 0.98% (6.63% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $3K in broker commissions, 0.0823% of average net assets, and portfolio turnover was 0%.
TSMZ Fees and Expenses
Annual operating expenses and sales charges of TSMZ. Prospectus, as of February 28, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 5.85% |
| Gross expense ratio | 6.63% |
| Fee waiver | −5.65% |
| Net expense ratio | 0.98% |
| 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 |
TSMZ Costs Over Time
On $10,000 invested in TSMZ, assuming 5% a year before costs, total costs come to $664 over 5 years, cutting the return by 1.12% 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 0.98%) | $103 | $321 | $556 |
| Trading costs (broker commissions) | $9 | $27 | $47 |
| Lost growth on money paid in costs | $0 | $17 | $61 |
| Total costs | $112 | $365 | $664 |
| Value after costs | $10,388 | $11,211 | $12,099 |
| Impact on return, per year | 1.12% | 1.12% | 1.12% |
TSMZ 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): 0.0823%
- Total broker commissions: $3K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
TSMZ Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Citibank, National Association | $1K | 46.24% |
| Goldman Sachs & Co. LLC | $889 | 31.78% |
| Bank of America N.A. | $573 | 20.47% |
| BNP Paribas | $42 | 1.51% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.