SMCX Fees and Costs — Defiance Daily Target 2X Long SMCI ETF
Data updated: 2026-09-28
The net expense ratio is 1.32%: a 1.29% management fee plus 0.02% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $2.0M in broker commissions, 0.8822% of average net assets, and portfolio turnover was 8386%.
SMCX Fees and Expenses
Annual operating expenses and sales charges of SMCX. Prospectus, as of August 24, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.29% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.02% |
| Gross expense ratio | 1.32% |
| Fee waiver | — |
| Net expense ratio | 1.32% |
| 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 |
SMCX Costs Over Time
On $10,000 invested in SMCX, assuming 5% a year before costs, total costs come to $1,345 over 5 years, cutting the return by 2.31% 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 1.32%) | $139 | $427 | $731 |
| Trading costs (broker commissions) | $93 | $285 | $489 |
| Lost growth on money paid in costs | $0 | $36 | $125 |
| Total costs | $231 | $748 | $1,345 |
| Value after costs | $10,269 | $10,828 | $11,418 |
| Impact on return, per year | 2.31% | 2.31% | 2.31% |
SMCX 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): 0.8822%
- Total broker commissions: $2.0M
- Bought from dealers (principal trades, not a cost): $195.2M
- Portfolio turnover (prospectus): 8386%
- Securities lending: none during the year
SMCX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $572K | 28.31% |
| NOMURA SECURITIES INTERNATIONAL INC. | $497K | 24.61% |
| MAREX CAPITAL MARKETS INC. | $361K | 17.86% |
| CANTOR FITZGERALD & CO. | $203K | 10.06% |
| BMO CAPITAL MARKETS CORP. | $157K | 7.76% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $106K | 5.26% |
| NATIONAL BANK OF CANADA FINANCIAL INC. | $50K | 2.46% |
| MORGAN STANLEY & CO. LLC | $49K | 2.45% |
| JANE STREET EXECUTION SERVICES LLC | $24K | 1.19% |
| CLEAR STREET LLC | $1K | 0.05% |
SMCX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BMO CAPITAL MARKETS CORP. | $45.5M | 23.33% |
| DAIWA CAPITAL MARKETS AMERICA INC. | $33.1M | 16.94% |
| WELLS FARGO SECURITIES LLC | $32.2M | 16.52% |
| JEFFERIES LLC | $19.9M | 10.20% |
| NOMURA SECURITIES INTERNATIONAL INC. | $16.6M | 8.48% |
| BOFA SECURITIES INC. | $15.2M | 7.77% |
| MORGAN STANLEY & CO. LLC | $12.4M | 6.34% |
| PERSHING LLC | $7.7M | 3.96% |
| GOLDMAN SACHS & CO. LLC | $6.5M | 3.32% |
| J.P. MORGAN SECURITIES LLC | $6.1M | 3.13% |
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.