OKLS Fees and Costs — Defiance Daily Target 2X Short OKLO ETF
Data updated: 2026-09-28
The net expense ratio is 1.31%: a 1.29% management fee plus 0.02% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $80K in broker commissions, 1.4583% of average net assets.
OKLS Fees and Expenses
Annual operating expenses and sales charges of OKLS. Prospectus, as of November 10, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.29% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.02% |
| 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 |
OKLS Costs Over Time
On $10,000 invested in OKLS, assuming 5% a year before costs, total costs come to $1,671 over 5 years, cutting the return by 2.91% 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 | $421 | $717 |
| Trading costs (broker commissions) | $153 | $469 | $798 |
| Lost growth on money paid in costs | $0 | $45 | $156 |
| Total costs | $291 | $935 | $1,671 |
| Value after costs | $10,209 | $10,641 | $11,091 |
| Impact on return, per year | 2.91% | 2.91% | 2.91% |
OKLS 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): 1.4583%
- Total broker commissions: $80K
- Bought from dealers (principal trades, not a cost): $5.8M
- Portfolio turnover (prospectus): —
- Securities lending: none during the year
OKLS Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| NOMURA SECURITIES INTERNATIONAL INC. | $43K | 54.30% |
| MAREX CAPITAL MARKETS INC. | $20K | 24.89% |
| CANTOR FITZGERALD & CO. | $11K | 13.49% |
| JANE STREET EXECUTION SERVICES LLC | $6K | 7.32% |
OKLS Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $2.3M | 39.17% |
| JEFFERIES LLC | $1.7M | 29.15% |
| PERSHING LLC | $763K | 13.05% |
| BMO CAPITAL MARKETS CORP. | $569K | 9.74% |
| NOMURA SECURITIES INTERNATIONAL INC. | $350K | 5.99% |
| DAIWA CAPITAL MARKETS AMERICA INC. | $113K | 1.93% |
| RBC CAPITAL MARKETS LLC | $30K | 0.51% |
| WELLS FARGO SECURITIES LLC | $20K | 0.34% |
| GOLDMAN SACHS & CO. LLC | $7K | 0.12% |
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.