MSTU Fees and Costs — T-Rex 2X Long MSTR Daily Target ETF
Data updated: 2026-07-28
The net expense ratio is 1.05%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $2.4M in broker commissions, 0.1864% of average net assets, and portfolio turnover was 5286%.
MSTU Fees and Expenses
Annual operating expenses and sales charges of MSTU. Prospectus, as of December 29, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.05% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 1.05% |
| Fee waiver | — |
| Net expense ratio | 1.05% |
| 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 |
MSTU Costs Over Time
On $10,000 invested in MSTU, assuming 5% a year before costs, total costs come to $770 over 5 years, cutting the return by 1.30% 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 1.05%) | $110 | $343 | $594 |
| Trading costs (broker commissions) | $20 | $61 | $105 |
| Lost growth on money paid in costs | $0 | $20 | $71 |
| Total costs | $130 | $424 | $770 |
| Value after costs | $10,370 | $11,152 | $11,993 |
| Impact on return, per year | 1.30% | 1.30% | 1.30% |
MSTU Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.1864%
- Total broker commissions: $2.4M
- Bought from dealers (principal trades, not a cost): $103.8M
- Portfolio turnover (prospectus): 5286%
- Securities lending: none during the year
MSTU Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Marex Spectron USA, LLC | $737K | 31.24% |
| Wells Fargo Securities, LLC | $622K | 26.35% |
| Clear Street LLC | $454K | 19.26% |
| Mischler Financial Group, Inc. | $341K | 14.47% |
| Cantor Fitzgerald & Co. | $202K | 8.58% |
| Mirae Asset Securities (USA) Inc. | $2K | 0.08% |
| Morgan Stanley & Co. LLC | $404 | 0.02% |
MSTU Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Marex Spectron USA, LLC | $90.7M | 87.40% |
| Clear Street LLC | $13.1M | 12.60% |
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.