MST Fees and Costs — Defiance Leveraged Long Plus Income MSTR ETF
Data updated: 2026-08-28
The net expense ratio is 1.91%: a 1.29% management fee plus 0.72% other expenses, less a 0.11% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $360K in broker commissions, 0.6507% of average net assets, and portfolio turnover was 0%.
MST Fees and Expenses
Annual operating expenses and sales charges of MST. Prospectus, as of July 27, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.29% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.72% |
| Gross expense ratio | 2.02% |
| Fee waiver | −0.11% |
| Net expense ratio | 1.91% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
MST Costs Over Time
On $10,000 invested in MST, assuming 5% a year before costs, total costs come to $1,553 over 5 years, cutting the return by 2.69% 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 | $616 | $1,050 |
| Trading costs (broker commissions) | $68 | $210 | $358 |
| Lost growth on money paid in costs | $0 | $41 | $145 |
| Total costs | $269 | $867 | $1,553 |
| Value after costs | $10,231 | $10,710 | $11,210 |
| Impact on return, per year | 2.69% | 2.69% | 2.69% |
MST Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.6507%
- Total broker commissions: $360K
- Bought from dealers (principal trades, not a cost): $272.9M
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
MST Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| X-CHANGE FINANCIAL ACCESS LLC | $125K | 35.50% |
| MAREX CAPITAL MARKETS INC. | $112K | 31.80% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $36K | 10.13% |
| CANTOR FITZGERALD & CO. | $26K | 7.32% |
| SIGMA BANK AG | $15K | 4.29% |
| STONEX FINANCIAL INC. | $11K | 3.14% |
| JANE STREET EXECUTION SERVICES LLC | $9K | 2.46% |
| CITADEL SECURITIES LLC | $7K | 1.87% |
| PERSHING LLC | $6K | 1.78% |
| GOLDMAN SACHS & CO. LLC | $6K | 1.72% |
MST Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| U.S. BANCORP INVESTMENTS INC. | $175.1M | 64.36% |
| BMO CAPITAL MARKETS CORP. | $25.4M | 9.34% |
| J.P. MORGAN SECURITIES LLC | $18.5M | 6.80% |
| JEFFERIES LLC | $15.7M | 5.76% |
| PERSHING LLC | $12.8M | 4.71% |
| MORGAN STANLEY & CO. LLC | $10.1M | 3.72% |
| RBC CAPITAL MARKETS LLC | $10.1M | 3.70% |
| STONEX FINANCIAL INC. | $2.4M | 0.88% |
| SANTANDER US CAPITAL MARKETS LLC | $986K | 0.36% |
| CITADEL SECURITIES LLC | $985K | 0.36% |
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.