IONX Fees and Costs — Defiance Daily Target 2X Long IONQ ETF
Data updated: 2026-09-28
The net expense ratio is 1.38%: a 1.29% management fee plus 0.08% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $1.4M in broker commissions, 0.9269% of average net assets, and portfolio turnover was 314%.
IONX Fees and Expenses
Annual operating expenses and sales charges of IONX. Prospectus, as of August 26, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.29% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.08% |
| Gross expense ratio | 1.38% |
| Fee waiver | — |
| Net expense ratio | 1.38% |
| 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 |
IONX Costs Over Time
On $10,000 invested in IONX, assuming 5% a year before costs, total costs come to $1,406 over 5 years, cutting the return by 2.42% 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 1.38%) | $145 | $446 | $763 |
| Trading costs (broker commissions) | $97 | $300 | $512 |
| Lost growth on money paid in costs | $0 | $37 | $131 |
| Total costs | $242 | $783 | $1,406 |
| Value after costs | $10,258 | $10,793 | $11,357 |
| Impact on return, per year | 2.42% | 2.42% | 2.42% |
IONX 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): 0.9269%
- Total broker commissions: $1.4M
- Bought from dealers (principal trades, not a cost): $949.6M
- Portfolio turnover (prospectus): 314%
- Securities lending: none during the year
IONX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $627K | 46.30% |
| BMO CAPITAL MARKETS CORP. | $185K | 13.67% |
| MAREX CAPITAL MARKETS INC. | $176K | 12.99% |
| NOMURA SECURITIES INTERNATIONAL INC. | $168K | 12.42% |
| CANTOR FITZGERALD & CO. | $124K | 9.18% |
| NATIONAL BANK OF CANADA FINANCIAL INC. | $40K | 2.98% |
| JANE STREET EXECUTION SERVICES LLC | $26K | 1.91% |
| MORGAN STANLEY & CO. LLC | $8K | 0.55% |
IONX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $769.0M | 81.24% |
| JEFFERIES LLC | $28.6M | 3.02% |
| BMO CAPITAL MARKETS CORP. | $27.3M | 2.88% |
| WELLS FARGO SECURITIES LLC | $27.2M | 2.88% |
| NOMURA SECURITIES INTERNATIONAL INC. | $25.7M | 2.72% |
| J.P. MORGAN SECURITIES LLC | $21.3M | 2.25% |
| BOFA SECURITIES INC. | $19.1M | 2.02% |
| GOLDMAN SACHS & CO. LLC | $18.4M | 1.94% |
| DAIWA CAPITAL MARKETS AMERICA INC. | $5.5M | 0.58% |
| PERSHING LLC | $4.5M | 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.