RKLZ Fees and Costs — Defiance Daily Target 2x Short RKLB ETF
Data updated: 2026-09-28
The net expense ratio is 1.29%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $132K in broker commissions, 1.1562% of average net assets, and portfolio turnover was 0%.
RKLZ Fees and Expenses
Annual operating expenses and sales charges of RKLZ. Prospectus, as of August 26, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.29% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.06% |
| Gross expense ratio | 1.29% |
| Fee waiver | — |
| Net expense ratio | 1.29% |
| 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 |
RKLZ Costs Over Time
On $10,000 invested in RKLZ, assuming 5% a year before costs, total costs come to $1,486 over 5 years, cutting the return by 2.57% 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 1.29%) | $135 | $416 | $711 |
| Trading costs (broker commissions) | $121 | $373 | $637 |
| Lost growth on money paid in costs | $0 | $39 | $138 |
| Total costs | $257 | $829 | $1,486 |
| Value after costs | $10,243 | $10,747 | $11,276 |
| Impact on return, per year | 2.57% | 2.57% | 2.57% |
RKLZ 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): 1.1562%
- Total broker commissions: $132K
- Bought from dealers (principal trades, not a cost): $9.3M
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
RKLZ Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| NOMURA SECURITIES INTERNATIONAL INC. | $55K | 41.81% |
| MAREX CAPITAL MARKETS INC. | $39K | 29.64% |
| CANTOR FITZGERALD & CO. | $27K | 20.51% |
| JANE STREET EXECUTION SERVICES LLC | $11K | 8.04% |
RKLZ Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $3.9M | 41.99% |
| JEFFERIES LLC | $2.6M | 27.61% |
| PERSHING LLC | $1.5M | 15.59% |
| NOMURA SECURITIES INTERNATIONAL INC. | $628K | 6.72% |
| CITADEL SECURITIES LLC | $550K | 5.88% |
| RBC CAPITAL MARKETS LLC | $120K | 1.28% |
| WELLS FARGO SECURITIES LLC | $50K | 0.53% |
| MORGAN STANLEY & CO. LLC | $35K | 0.37% |
| U.S. BANCORP INVESTMENTS INC. | $2K | 0.02% |
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.