MPL Fees and Costs — Defiance Daily Target 2X Long MP ETF
Data updated: 2026-09-28
The net expense ratio is 2.68%: a 1.29% management fee plus 1.39% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $17K in broker commissions, 0.2430% of average net assets, and portfolio turnover was 0%.
MPL Fees and Expenses
Annual operating expenses and sales charges of MPL. Prospectus, as of August 26, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.29% |
| 12b-1 fee | 0.00% |
| Other expenses | 1.39% |
| Gross expense ratio | 2.68% |
| Fee waiver | — |
| Net expense ratio | 2.68% |
| 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 |
MPL Costs Over Time
On $10,000 invested in MPL, assuming 5% a year before costs, total costs come to $1,759 over 5 years, cutting the return by 3.07% 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 2.68%) | $281 | $861 | $1,462 |
| Trading costs (broker commissions) | $26 | $78 | $133 |
| Lost growth on money paid in costs | $0 | $47 | $164 |
| Total costs | $307 | $986 | $1,759 |
| Value after costs | $10,193 | $10,591 | $11,003 |
| Impact on return, per year | 3.07% | 3.07% | 3.07% |
MPL 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): 0.2430%
- Total broker commissions: $17K
- Bought from dealers (principal trades, not a cost): $2.8M
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
MPL Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CANTOR FITZGERALD & CO. | $6K | 36.67% |
| MAREX CAPITAL MARKETS INC. | $5K | 31.72% |
| NOMURA SECURITIES INTERNATIONAL INC. | $5K | 28.49% |
| JANE STREET EXECUTION SERVICES LLC | $513 | 3.07% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $7 | 0.04% |
MPL Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| WELLS FARGO SECURITIES LLC | $578K | 20.68% |
| RBC CAPITAL MARKETS LLC | $538K | 19.27% |
| JEFFERIES LLC | $409K | 14.62% |
| J.P. MORGAN SECURITIES LLC | $403K | 14.42% |
| NOMURA SECURITIES INTERNATIONAL INC. | $390K | 13.95% |
| BMO CAPITAL MARKETS CORP. | $312K | 11.17% |
| PERSHING LLC | $150K | 5.35% |
| GOLDMAN SACHS & CO. LLC | $15K | 0.54% |
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.