AVXX Fees and Costs — Defiance Daily Target 2x Long AVAV ETF
Data updated: 2026-09-28
The net expense ratio is 1.31%: a 1.29% management fee plus 0.01% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $16K in broker commissions, 0.2788% of average net assets, and portfolio turnover was 0%.
AVXX Fees and Expenses
Annual operating expenses and sales charges of AVXX. Prospectus, as of August 24, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.29% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 1.31% |
| Fee waiver | — |
| Net expense ratio | 1.31% |
| 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 |
AVXX Costs Over Time
On $10,000 invested in AVXX, assuming 5% a year before costs, total costs come to $982 over 5 years, cutting the return by 1.67% 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 1.31%) | $138 | $427 | $735 |
| Trading costs (broker commissions) | $29 | $91 | $156 |
| Lost growth on money paid in costs | $0 | $26 | $91 |
| Total costs | $167 | $543 | $982 |
| Value after costs | $10,333 | $11,033 | $11,781 |
| Impact on return, per year | 1.67% | 1.67% | 1.67% |
AVXX 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): 0.2788%
- Total broker commissions: $16K
- Bought from dealers (principal trades, not a cost): $4.3M
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
AVXX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| NOMURA SECURITIES INTERNATIONAL INC. | $7K | 44.47% |
| MAREX CAPITAL MARKETS INC. | $5K | 29.60% |
| CANTOR FITZGERALD & CO. | $3K | 20.62% |
| JANE STREET EXECUTION SERVICES LLC | $847 | 5.31% |
AVXX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| WELLS FARGO SECURITIES LLC | $1.5M | 36.22% |
| J.P. MORGAN SECURITIES LLC | $1.4M | 33.43% |
| RBC CAPITAL MARKETS LLC | $798K | 18.71% |
| NOMURA SECURITIES INTERNATIONAL INC. | $290K | 6.81% |
| JEFFERIES LLC | $179K | 4.21% |
| BMO CAPITAL MARKETS CORP. | $25K | 0.58% |
| GOLDMAN SACHS & CO. LLC | $2K | 0.05% |
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.