IONZ Fees and Costs — Defiance Daily Target 2x Short IONQ ETF
Data updated: 2026-09-28
The net expense ratio is 1.91%: a 1.29% management fee plus 0.62% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $708K in broker commissions, 2.5437% of average net assets, and portfolio turnover was 0%.
IONZ Fees and Expenses
Annual operating expenses and sales charges of IONZ. Prospectus, as of August 26, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.29% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.62% |
| Gross expense ratio | 1.91% |
| Fee waiver | — |
| Net expense ratio | 1.91% |
| 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 |
IONZ Costs Over Time
On $10,000 invested in IONZ, assuming 5% a year before costs, total costs come to $2,600 over 5 years, cutting the return by 4.68% 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 1.91%) | $201 | $604 | $1,009 |
| Trading costs (broker commissions) | $267 | $804 | $1,344 |
| Lost growth on money paid in costs | $0 | $71 | $247 |
| Total costs | $468 | $1,479 | $2,600 |
| Value after costs | $10,032 | $10,097 | $10,163 |
| Impact on return, per year | 4.68% | 4.68% | 4.68% |
IONZ 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): 2.5437%
- Total broker commissions: $708K
- Bought from dealers (principal trades, not a cost): $35.8M
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
IONZ Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| NOMURA SECURITIES INTERNATIONAL INC. | $346K | 48.83% |
| MAREX CAPITAL MARKETS INC. | $219K | 30.87% |
| CANTOR FITZGERALD & CO. | $123K | 17.43% |
| JANE STREET EXECUTION SERVICES LLC | $20K | 2.87% |
IONZ Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| U.S. BANCORP INVESTMENTS INC. | $10.0M | 27.85% |
| NOMURA SECURITIES INTERNATIONAL INC. | $6.9M | 19.22% |
| DAIWA CAPITAL MARKETS AMERICA INC. | $4.7M | 13.25% |
| PERSHING LLC | $4.4M | 12.30% |
| J.P. MORGAN SECURITIES LLC | $3.5M | 9.87% |
| JEFFERIES LLC | $2.8M | 7.82% |
| BOFA SECURITIES INC. | $2.1M | 5.82% |
| BMO CAPITAL MARKETS CORP. | $701K | 1.96% |
| GOLDMAN SACHS & CO. LLC | $431K | 1.20% |
| RBC CAPITAL MARKETS LLC | $249K | 0.70% |
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.