SMCZ Fees and Costs — Defiance Daily Target 2X Short SMCI ETF
Data updated: 2026-09-28
The net expense ratio is 1.55%: a 1.29% management fee plus 0.25% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $202K in broker commissions, 2.2513% of average net assets, and portfolio turnover was 0%.
SMCZ Fees and Expenses
Annual operating expenses and sales charges of SMCZ. Prospectus, as of August 26, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.29% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.25% |
| Gross expense ratio | 1.55% |
| Fee waiver | — |
| Net expense ratio | 1.55% |
| 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 |
SMCZ Costs Over Time
On $10,000 invested in SMCZ, assuming 5% a year before costs, total costs come to $2,248 over 5 years, cutting the return by 3.99% 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 1.55%) | $163 | $493 | $830 |
| Trading costs (broker commissions) | $236 | $716 | $1,206 |
| Lost growth on money paid in costs | $0 | $61 | $212 |
| Total costs | $399 | $1,271 | $2,248 |
| Value after costs | $10,101 | $10,306 | $10,515 |
| Impact on return, per year | 3.99% | 3.99% | 3.99% |
SMCZ 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): 2.2513%
- Total broker commissions: $202K
- Bought from dealers (principal trades, not a cost): $3.6M
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
SMCZ Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MAREX CAPITAL MARKETS INC. | $90K | 44.54% |
| NOMURA SECURITIES INTERNATIONAL INC. | $68K | 33.47% |
| CANTOR FITZGERALD & CO. | $39K | 19.32% |
| JANE STREET EXECUTION SERVICES LLC | $5K | 2.67% |
SMCZ Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $1.1M | 31.42% |
| PERSHING LLC | $525K | 14.67% |
| WELLS FARGO SECURITIES LLC | $488K | 13.65% |
| BMO CAPITAL MARKETS CORP. | $483K | 13.49% |
| NOMURA SECURITIES INTERNATIONAL INC. | $370K | 10.34% |
| RBC CAPITAL MARKETS LLC | $319K | 8.92% |
| GOLDMAN SACHS & CO. LLC | $149K | 4.15% |
| JEFFERIES LLC | $120K | 3.34% |
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.