ANEL Fees and Costs — Defiance Daily Target 2x Long ANET ETF
Data updated: 2026-09-28
The net expense ratio is 1.45%: a 1.29% management fee plus 0.15% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $9K in broker commissions, 0.1489% of average net assets, and portfolio turnover was 272%.
ANEL Fees and Expenses
Annual operating expenses and sales charges of ANEL. Prospectus, as of August 24, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.29% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.15% |
| Gross expense ratio | 1.45% |
| Fee waiver | — |
| Net expense ratio | 1.45% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
ANEL Costs Over Time
On $10,000 invested in ANEL, assuming 5% a year before costs, total costs come to $988 over 5 years, cutting the return by 1.68% 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 1.45%) | $152 | $472 | $814 |
| Trading costs (broker commissions) | $16 | $48 | $84 |
| Lost growth on money paid in costs | $0 | $26 | $91 |
| Total costs | $168 | $546 | $988 |
| Value after costs | $10,332 | $11,030 | $11,775 |
| Impact on return, per year | 1.68% | 1.68% | 1.68% |
ANEL Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending April 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.1489%
- Total broker commissions: $9K
- Bought from dealers (principal trades, not a cost): $3.4M
- Portfolio turnover (prospectus): 272%
- Securities lending: none during the year
ANEL Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CANTOR FITZGERALD & CO. | $4K | 46.69% |
| MAREX CAPITAL MARKETS INC. | $4K | 45.91% |
| BMO CAPITAL MARKETS CORP. | $516 | 5.84% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $137 | 1.55% |
| SUSQUEHANNA FINANCIAL GROUP LLLP | $1 | 0.01% |
ANEL Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BMO CAPITAL MARKETS CORP. | $1.1M | 31.46% |
| J.P. MORGAN SECURITIES LLC | $606K | 17.61% |
| RBC CAPITAL MARKETS LLC | $359K | 10.44% |
| WELLS FARGO SECURITIES LLC | $359K | 10.43% |
| JEFFERIES LLC | $349K | 10.14% |
| GOLDMAN SACHS & CO. LLC | $268K | 7.80% |
| NOMURA SECURITIES INTERNATIONAL INC. | $232K | 6.76% |
| PERSHING LLC | $185K | 5.37% |
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.