CVNX Fees and Costs — Defiance Daily Target 2X Long CVNA 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 $20K in broker commissions, 0.6134% of average net assets.
CVNX Fees and Expenses
Annual operating expenses and sales charges of CVNX. Prospectus, as of August 26, 2025.
| 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 |
CVNX Costs Over Time
On $10,000 invested in CVNX, assuming 5% a year before costs, total costs come to $1,169 over 5 years, cutting the return by 2.00% 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 | $419 | $719 |
| Trading costs (broker commissions) | $64 | $199 | $342 |
| Lost growth on money paid in costs | $0 | $31 | $108 |
| Total costs | $200 | $649 | $1,169 |
| Value after costs | $10,300 | $10,928 | $11,594 |
| Impact on return, per year | 2.00% | 2.00% | 2.00% |
CVNX 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): 0.6134%
- Total broker commissions: $20K
- Bought from dealers (principal trades, not a cost): $7.0M
- Portfolio turnover (prospectus): —
- Securities lending: none during the year
CVNX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CANTOR FITZGERALD & CO. | $12K | 61.53% |
| MAREX CAPITAL MARKETS INC. | $4K | 20.84% |
| NOMURA SECURITIES INTERNATIONAL INC. | $3K | 13.75% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $408 | 2.02% |
| JANE STREET EXECUTION SERVICES LLC | $374 | 1.85% |
CVNX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $3.7M | 53.13% |
| RBC CAPITAL MARKETS LLC | $1.0M | 14.73% |
| BMO CAPITAL MARKETS CORP. | $479K | 6.83% |
| DAIWA CAPITAL MARKETS AMERICA INC. | $413K | 5.89% |
| STONEX FINANCIAL INC. | $379K | 5.41% |
| WELLS FARGO SECURITIES LLC | $339K | 4.84% |
| J.P. MORGAN SECURITIES LLC | $329K | 4.70% |
| NOMURA SECURITIES INTERNATIONAL INC. | $110K | 1.57% |
| GOLDMAN SACHS & CO. LLC | $104K | 1.48% |
| JEFFERIES LLC | $100K | 1.42% |
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.