RCAX Fees and Costs — Defiance Daily Target 2x Long RCAT ETF
Data updated: 2026-09-28
The net expense ratio is 1.30%: a 1.29% management fee plus 0.01% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $3K in broker commissions, 0.0595% of average net assets, and portfolio turnover was 0%.
RCAX Fees and Expenses
Annual operating expenses and sales charges of RCAX. 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 | 1.30% |
| Fee waiver | — |
| Net expense ratio | 1.30% |
| 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 |
RCAX Costs Over Time
On $10,000 invested in RCAX, assuming 5% a year before costs, total costs come to $844 over 5 years, cutting the return by 1.43% 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 1.30%) | $136 | $424 | $733 |
| Trading costs (broker commissions) | $6 | $19 | $34 |
| Lost growth on money paid in costs | $0 | $22 | $78 |
| Total costs | $143 | $466 | $844 |
| Value after costs | $10,357 | $11,111 | $11,919 |
| Impact on return, per year | 1.43% | 1.43% | 1.43% |
RCAX 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): 0.0595%
- Total broker commissions: $3K
- Bought from dealers (principal trades, not a cost): $2.4M
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
RCAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MAREX CAPITAL MARKETS INC. | $3K | 83.07% |
| CANTOR FITZGERALD & CO. | $501 | 14.48% |
| NOMURA SECURITIES INTERNATIONAL INC. | $71 | 2.04% |
| NATIONAL BANK OF CANADA FINANCIAL INC. | $14 | 0.40% |
RCAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $1.3M | 55.65% |
| NOMURA SECURITIES INTERNATIONAL INC. | $586K | 24.20% |
| WELLS FARGO SECURITIES LLC | $389K | 16.04% |
| RBC CAPITAL MARKETS LLC | $100K | 4.11% |
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.