BU Fees and Costs — Defiance Daily Target 2X Long B ETF
Data updated: 2026-09-02
The net expense ratio is 1.29%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $4K in broker commissions, 0.2775% of average net assets.
BU Fees and Expenses
Annual operating expenses and sales charges of BU. Prospectus, as of December 31, 2024.
| Annual operating expenses | |
|---|---|
| Management fee | 1.29% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 1.29% |
| Fee waiver | — |
| Net expense ratio | 1.29% |
| 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 |
BU Costs Over Time
On $10,000 invested in BU, assuming 5% a year before costs, total costs come to $969 over 5 years, cutting the return by 1.65% 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 1.29%) | $135 | $420 | $724 |
| Trading costs (broker commissions) | $29 | $90 | $156 |
| Lost growth on money paid in costs | $0 | $25 | $89 |
| Total costs | $165 | $536 | $969 |
| Value after costs | $10,335 | $11,040 | $11,793 |
| Impact on return, per year | 1.65% | 1.65% | 1.65% |
BU 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): 0.2775%
- Total broker commissions: $4K
- Bought from dealers (principal trades, not a cost): $196K
- Portfolio turnover (prospectus): —
- Securities lending: none during the year
BU Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| NOMURA SECURITIES INTERNATIONAL INC. | $1K | 41.87% |
| BMO CAPITAL MARKETS CORP. | $1K | 32.53% |
| MAREX CAPITAL MARKETS INC. | $513 | 14.52% |
| CANTOR FITZGERALD & CO. | $391 | 11.07% |
BU Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $72K | 36.57% |
| WELLS FARGO SECURITIES LLC | $50K | 25.36% |
| RBC CAPITAL MARKETS LLC | $30K | 15.23% |
| JEFFERIES LLC | $20K | 10.15% |
| NOMURA SECURITIES INTERNATIONAL INC. | $18K | 9.14% |
| GOLDMAN SACHS & CO. LLC | $7K | 3.55% |
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.