MSTX Fees and Costs — Defiance Daily Target 2X Long MSTR ETF
Data updated: 2026-09-28
The net expense ratio is 1.31%: a 1.29% management fee plus 0.01% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $1.4M in broker commissions, 0.2053% of average net assets, and portfolio turnover was 3157%.
MSTX Fees and Expenses
Annual operating expenses and sales charges of MSTX. Prospectus, as of August 24, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.29% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 1.31% |
| Fee waiver | — |
| Net expense ratio | 1.31% |
| 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 |
MSTX Costs Over Time
On $10,000 invested in MSTX, assuming 5% a year before costs, total costs come to $938 over 5 years, cutting the return by 1.59% 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 1.31%) | $138 | $427 | $736 |
| Trading costs (broker commissions) | $22 | $67 | $115 |
| Lost growth on money paid in costs | $0 | $25 | $86 |
| Total costs | $159 | $518 | $938 |
| Value after costs | $10,341 | $11,058 | $11,825 |
| Impact on return, per year | 1.59% | 1.59% | 1.59% |
MSTX 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): 0.2053%
- Total broker commissions: $1.4M
- Bought from dealers (principal trades, not a cost): $498.0M
- Portfolio turnover (prospectus): 3157%
- Securities lending: none during the year
MSTX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MAREX CAPITAL MARKETS INC. | $512K | 36.09% |
| CANTOR FITZGERALD & CO. | $417K | 29.42% |
| BMO CAPITAL MARKETS CORP. | $147K | 10.39% |
| X-CHANGE FINANCIAL ACCESS LLC | $145K | 10.25% |
| NATIONAL BANK OF CANADA FINANCIAL INC. | $106K | 7.48% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $49K | 3.43% |
| JANE STREET EXECUTION SERVICES LLC | $39K | 2.77% |
| SIGMA FINANCIAL CORPORATION | $3K | 0.18% |
MSTX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| DAIWA CAPITAL MARKETS AMERICA INC. | $90.9M | 19.32% |
| BMO CAPITAL MARKETS CORP. | $84.3M | 17.92% |
| ASL CAPITAL MARKETS INC. | $67.5M | 14.35% |
| MORGAN STANLEY & CO. LLC | $59.9M | 12.72% |
| WELLS FARGO SECURITIES LLC | $37.6M | 8.00% |
| X-CHANGE FINANCIAL ACCESS LLC | $27.5M | 5.85% |
| BOFA SECURITIES INC. | $26.0M | 5.52% |
| PERSHING LLC | $25.7M | 5.46% |
| J.P. MORGAN SECURITIES LLC | $25.6M | 5.44% |
| NOMURA SECURITIES INTERNATIONAL INC. | $25.5M | 5.41% |
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.