ORCX Fees and Costs — Defiance Daily Target 2X Long ORCL 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 $567K in broker commissions, 0.3620% of average net assets, and portfolio turnover was 1829%.
ORCX Fees and Expenses
Annual operating expenses and sales charges of ORCX. Prospectus, as of August 28, 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 |
ORCX Costs Over Time
On $10,000 invested in ORCX, assuming 5% a year before costs, total costs come to $1,032 over 5 years, cutting the return by 1.76% 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 | $734 |
| Trading costs (broker commissions) | $38 | $118 | $203 |
| Lost growth on money paid in costs | $0 | $27 | $95 |
| Total costs | $176 | $571 | $1,032 |
| Value after costs | $10,324 | $11,005 | $11,731 |
| Impact on return, per year | 1.76% | 1.76% | 1.76% |
ORCX 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): 0.3620%
- Total broker commissions: $567K
- Bought from dealers (principal trades, not a cost): $461.1M
- Portfolio turnover (prospectus): 1829%
- Securities lending: none during the year
ORCX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| NOMURA SECURITIES INTERNATIONAL INC. | $275K | 48.54% |
| CANTOR FITZGERALD & CO. | $101K | 17.74% |
| MAREX CAPITAL MARKETS INC. | $95K | 16.79% |
| BMO CAPITAL MARKETS CORP. | $39K | 6.80% |
| NATIONAL BANK OF CANADA FINANCIAL INC. | $30K | 5.28% |
| MORGAN STANLEY & CO. LLC | $24K | 4.29% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $3K | 0.57% |
ORCX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| DAIWA CAPITAL MARKETS AMERICA INC. | $107.2M | 23.55% |
| WELLS FARGO SECURITIES LLC | $64.1M | 14.08% |
| NOMURA SECURITIES INTERNATIONAL INC. | $62.6M | 13.75% |
| ASL CAPITAL MARKETS INC. | $62.0M | 13.62% |
| BMO CAPITAL MARKETS CORP. | $56.5M | 12.42% |
| J.P. MORGAN SECURITIES LLC | $45.6M | 10.03% |
| BOFA SECURITIES INC. | $35.4M | 7.78% |
| OPPENHEIMER & CO. INC. | $10.0M | 2.19% |
| MORGAN STANLEY & CO. LLC | $7.0M | 1.54% |
| PERSHING LLC | $4.8M | 1.05% |
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.