LNOK Fees and Costs — Defiance Daily Target 2x Long NOK ETF
Data updated: 2026-09-28
The net expense ratio is 1.30%: a 1.29% management fee plus 0.01% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $93K in broker commissions, 2.8415% of average net assets, and portfolio turnover was 0%.
LNOK Fees and Expenses
Annual operating expenses and sales charges of LNOK. Prospectus, as of August 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.29% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 1.30% |
| Fee waiver | — |
| Net expense ratio | 1.30% |
| 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 |
LNOK Costs Over Time
On $10,000 invested in LNOK, assuming 5% a year before costs, total costs come to $2,433 over 5 years, cutting the return by 4.35% 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 1.30%) | $136 | $412 | $691 |
| Trading costs (broker commissions) | $298 | $901 | $1,511 |
| Lost growth on money paid in costs | $0 | $66 | $230 |
| Total costs | $435 | $1,380 | $2,433 |
| Value after costs | $10,065 | $10,197 | $10,330 |
| Impact on return, per year | 4.35% | 4.35% | 4.35% |
LNOK 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): 2.8415%
- Total broker commissions: $93K
- Bought from dealers (principal trades, not a cost): $32.8M
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
LNOK Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $79K | 85.02% |
| NOMURA SECURITIES INTERNATIONAL INC. | $11K | 11.80% |
| MAREX CAPITAL MARKETS INC. | $3K | 2.88% |
| CANTOR FITZGERALD & CO. | $273 | 0.29% |
LNOK Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $29.7M | 90.45% |
| J.P. MORGAN SECURITIES LLC | $2.5M | 7.52% |
| NOMURA SECURITIES INTERNATIONAL INC. | $477K | 1.45% |
| WELLS FARGO SECURITIES LLC | $120K | 0.36% |
| RBC CAPITAL MARKETS LLC | $70K | 0.21% |
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.