RIOX Fees and Costs — Defiance Daily Target 2X Long RIOT ETF
Data updated: 2026-09-28
The net expense ratio is 1.63%: a 0.95% management fee plus 0.67% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $661K in broker commissions, 2.3526% of average net assets, and portfolio turnover was 749%.
RIOX Fees and Expenses
Annual operating expenses and sales charges of RIOX. Prospectus, as of August 25, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.95% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.67% |
| Gross expense ratio | 1.63% |
| Fee waiver | — |
| Net expense ratio | 1.63% |
| 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 |
RIOX Costs Over Time
On $10,000 invested in RIOX, assuming 5% a year before costs, total costs come to $2,347 over 5 years, cutting the return by 4.18% 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 1.63%) | $171 | $518 | $870 |
| Trading costs (broker commissions) | $247 | $747 | $1,255 |
| Lost growth on money paid in costs | $0 | $64 | $222 |
| Total costs | $418 | $1,329 | $2,347 |
| Value after costs | $10,082 | $10,247 | $10,416 |
| Impact on return, per year | 4.18% | 4.18% | 4.18% |
RIOX 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): 2.3526%
- Total broker commissions: $661K
- Bought from dealers (principal trades, not a cost): $244.9M
- Portfolio turnover (prospectus): 749%
- Securities lending: none during the year
RIOX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $456K | 68.93% |
| BMO CAPITAL MARKETS CORP. | $93K | 14.11% |
| CANTOR FITZGERALD & CO. | $59K | 8.91% |
| MAREX CAPITAL MARKETS INC. | $38K | 5.76% |
| NOMURA SECURITIES INTERNATIONAL INC. | $13K | 1.91% |
| JANE STREET EXECUTION SERVICES LLC | $2K | 0.32% |
| NATIONAL BANK OF CANADA FINANCIAL INC. | $350 | 0.05% |
RIOX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $231.7M | 94.72% |
| JEFFERIES LLC | $2.1M | 0.87% |
| BMO CAPITAL MARKETS CORP. | $2.0M | 0.82% |
| BOFA SECURITIES INC. | $1.9M | 0.77% |
| WELLS FARGO SECURITIES LLC | $1.8M | 0.75% |
| DAIWA CAPITAL MARKETS AMERICA INC. | $1.4M | 0.56% |
| GOLDMAN SACHS & CO. LLC | $1.3M | 0.53% |
| J.P. MORGAN SECURITIES LLC | $883K | 0.36% |
| MORGAN STANLEY & CO. LLC | $749K | 0.31% |
| PERSHING LLC | $736K | 0.30% |
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.