NVOX Fees and Costs — Defiance Daily Target 2x Long NVO 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 $240K in broker commissions, 0.4207% of average net assets, and portfolio turnover was 1643%.
NVOX Fees and Expenses
Annual operating expenses and sales charges of NVOX. 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 |
NVOX Costs Over Time
On $10,000 invested in NVOX, assuming 5% a year before costs, total costs come to $1,067 over 5 years, cutting the return by 1.82% 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 | $426 | $733 |
| Trading costs (broker commissions) | $44 | $137 | $235 |
| Lost growth on money paid in costs | $0 | $28 | $99 |
| Total costs | $182 | $591 | $1,067 |
| Value after costs | $10,318 | $10,986 | $11,696 |
| Impact on return, per year | 1.82% | 1.82% | 1.82% |
NVOX 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): 0.4207%
- Total broker commissions: $240K
- Bought from dealers (principal trades, not a cost): $76.5M
- Portfolio turnover (prospectus): 1643%
- Securities lending: none during the year
NVOX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| NOMURA SECURITIES INTERNATIONAL INC. | $80K | 33.16% |
| MAREX CAPITAL MARKETS INC. | $55K | 23.11% |
| CANTOR FITZGERALD & CO. | $49K | 20.33% |
| BMO CAPITAL MARKETS CORP. | $23K | 9.69% |
| MORGAN STANLEY & CO. LLC | $20K | 8.43% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $7K | 2.92% |
| NATIONAL BANK OF CANADA FINANCIAL INC. | $6K | 2.37% |
NVOX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $29.0M | 37.89% |
| DAIWA CAPITAL MARKETS AMERICA INC. | $11.6M | 15.21% |
| BMO CAPITAL MARKETS CORP. | $10.7M | 14.00% |
| JEFFERIES LLC | $6.0M | 7.81% |
| WELLS FARGO SECURITIES LLC | $5.8M | 7.62% |
| MORGAN STANLEY & CO. LLC | $5.0M | 6.52% |
| BOFA SECURITIES INC. | $2.8M | 3.69% |
| NOMURA SECURITIES INTERNATIONAL INC. | $2.8M | 3.61% |
| GOLDMAN SACHS & CO. LLC | $1.9M | 2.54% |
| PERSHING LLC | $848K | 1.11% |
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.