C000265885 Fees and Costs — Defiance Daily Target 2X Short BMNR ETF
Data updated: 2026-09-28
The net expense ratio is 1.40%: a 1.29% management fee plus 0.11% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $127K in broker commissions, 7892045.3416% of average net assets, and portfolio turnover was 0%.
C000265885 Fees and Expenses
Annual operating expenses and sales charges of C000265885. Prospectus, as of August 25, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.29% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.11% |
| Gross expense ratio | 1.40% |
| Fee waiver | — |
| Net expense ratio | 1.40% |
| 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 |
C000265885 Costs Over Time
On $10,000 invested in C000265885, assuming 5% a year before costs, total costs come to $39,072,142,324,219,005,957,436,342,272 over 5 years, cutting the return by — 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 1.40%) | $147 | $1,009,389,966,615 | $6,931,159,184,738,517,778,432 |
| Trading costs (broker commissions) | $828,664,761 | $5,690,108,131,346,496,512 | $39,072,158,968,431,198,168,128,946,176 |
| Lost growth on money paid in costs | $0 | −$3,433,299,205,120 | −$23,575,371,377,318,150,799,360 |
| Total costs | $828,664,908 | $5,690,105,707,437,257,728 | $39,072,142,324,219,005,957,436,342,272 |
| Value after costs | −$828,654,408 | −$5,690,105,707,437,246,464 | −$39,072,142,324,219,005,957,436,342,272 |
| Impact on return, per year | — | — | — |
C000265885 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): 7892045.3416%
- Total broker commissions: $127K
- Bought from dealers (principal trades, not a cost): $6.4M
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
C000265885 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MAREX CAPITAL MARKETS INC. | $75K | 58.74% |
| CANTOR FITZGERALD & CO. | $35K | 27.80% |
| JANE STREET EXECUTION SERVICES LLC | $15K | 11.50% |
| NOMURA SECURITIES INTERNATIONAL INC. | $2K | 1.96% |
C000265885 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| WELLS FARGO SECURITIES LLC | $1.4M | 21.51% |
| GOLDMAN SACHS & CO. LLC | $1.2M | 19.51% |
| NOMURA SECURITIES INTERNATIONAL INC. | $1.1M | 16.87% |
| JEFFERIES LLC | $997K | 15.59% |
| DAIWA CAPITAL MARKETS AMERICA INC. | $857K | 13.40% |
| MORGAN STANLEY & CO. LLC | $338K | 5.29% |
| PERSHING LLC | $301K | 4.71% |
| J.P. MORGAN SECURITIES LLC | $170K | 2.65% |
| RBC CAPITAL MARKETS LLC | $30K | 0.47% |
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.