QBTZ Fees and Costs — Defiance Daily Target 2x Short QBTS ETF
Data updated: 2026-09-28
The net expense ratio is 2.31%: a 1.29% management fee plus 1.02% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $140K in broker commissions, 0.7477% of average net assets, and portfolio turnover was 0%.
QBTZ Fees and Expenses
Annual operating expenses and sales charges of QBTZ. Prospectus, as of August 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.29% |
| 12b-1 fee | 0.00% |
| Other expenses | 1.02% |
| Gross expense ratio | 2.31% |
| Fee waiver | — |
| Net expense ratio | 2.31% |
| 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 |
QBTZ Costs Over Time
On $10,000 invested in QBTZ, assuming 5% a year before costs, total costs come to $1,836 over 5 years, cutting the return by 3.21% 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 2.31%) | $243 | $741 | $1,257 |
| Trading costs (broker commissions) | $79 | $240 | $407 |
| Lost growth on money paid in costs | $0 | $49 | $172 |
| Total costs | $321 | $1,030 | $1,836 |
| Value after costs | $10,179 | $10,546 | $10,927 |
| Impact on return, per year | 3.21% | 3.21% | 3.21% |
QBTZ 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): 0.7477%
- Total broker commissions: $140K
- Bought from dealers (principal trades, not a cost): $3.9M
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
QBTZ Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MAREX CAPITAL MARKETS INC. | $71K | 50.75% |
| CANTOR FITZGERALD & CO. | $62K | 43.93% |
| JANE STREET EXECUTION SERVICES LLC | $7K | 5.00% |
| NOMURA SECURITIES INTERNATIONAL INC. | $333 | 0.24% |
| CLEAR STREET LLC | $107 | 0.08% |
QBTZ Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $2.4M | 60.72% |
| BMO CAPITAL MARKETS CORP. | $648K | 16.65% |
| GOLDMAN SACHS & CO. LLC | $498K | 12.80% |
| MORGAN STANLEY & CO. LLC | $303K | 7.78% |
| PERSHING LLC | $80K | 2.05% |
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.