IRE Fees and Costs — Defiance Daily Target 2X Long IREN ETF
Data updated: 2026-09-28
The net expense ratio is 1.35%: a 1.29% management fee plus 0.06% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $431K in broker commissions, 0.1799% of average net assets, and portfolio turnover was 80%.
IRE Fees and Expenses
Annual operating expenses and sales charges of IRE. Prospectus, as of September 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.29% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.06% |
| Gross expense ratio | 1.35% |
| Fee waiver | — |
| Net expense ratio | 1.35% |
| 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 |
IRE Costs Over Time
On $10,000 invested in IRE, assuming 5% a year before costs, total costs come to $947 over 5 years, cutting the return by 1.61% 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 1.35%) | $142 | $440 | $759 |
| Trading costs (broker commissions) | $19 | $59 | $101 |
| Lost growth on money paid in costs | $0 | $25 | $87 |
| Total costs | $161 | $523 | $947 |
| Value after costs | $10,339 | $11,053 | $11,816 |
| Impact on return, per year | 1.61% | 1.61% | 1.61% |
IRE 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): 0.1799%
- Total broker commissions: $431K
- Bought from dealers (principal trades, not a cost): $150.4M
- Portfolio turnover (prospectus): 80%
- Securities lending: none during the year
IRE Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MAREX CAPITAL MARKETS INC. | $151K | 35.04% |
| CANTOR FITZGERALD & CO. | $131K | 30.51% |
| BMO CAPITAL MARKETS CORP. | $47K | 10.86% |
| NATIONAL BANK OF CANADA FINANCIAL INC. | $39K | 9.02% |
| NOMURA SECURITIES INTERNATIONAL INC. | $37K | 8.60% |
| JANE STREET EXECUTION SERVICES LLC | $24K | 5.68% |
| MORGAN STANLEY & CO. LLC | $1K | 0.27% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $109 | 0.03% |
IRE Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| WELLS FARGO SECURITIES LLC | $29.5M | 19.61% |
| RBC CAPITAL MARKETS LLC | $22.1M | 14.70% |
| NOMURA SECURITIES INTERNATIONAL INC. | $21.7M | 14.41% |
| BMO CAPITAL MARKETS CORP. | $16.4M | 10.89% |
| JEFFERIES LLC | $15.6M | 10.37% |
| J.P. MORGAN SECURITIES LLC | $13.0M | 8.65% |
| GOLDMAN SACHS & CO. LLC | $12.8M | 8.54% |
| PERSHING LLC | $12.5M | 8.30% |
| MORGAN STANLEY & CO. LLC | $6.8M | 4.54% |
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.