SMST Fees and Costs — Defiance Daily Target 2X Short MSTR ETF
Data updated: 2026-09-28
The net expense ratio is 1.38%: a 1.29% management fee plus 0.08% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $324K in broker commissions, 0.9613% of average net assets, and portfolio turnover was 0%.
SMST Fees and Expenses
Annual operating expenses and sales charges of SMST. Prospectus, as of August 26, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.29% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.08% |
| Gross expense ratio | 1.38% |
| Fee waiver | — |
| Net expense ratio | 1.38% |
| 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 |
SMST Costs Over Time
On $10,000 invested in SMST, assuming 5% a year before costs, total costs come to $1,426 over 5 years, cutting the return by 2.46% 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 1.38%) | $145 | $446 | $762 |
| Trading costs (broker commissions) | $101 | $311 | $531 |
| Lost growth on money paid in costs | $0 | $38 | $132 |
| Total costs | $246 | $794 | $1,426 |
| Value after costs | $10,254 | $10,782 | $11,337 |
| Impact on return, per year | 2.46% | 2.46% | 2.46% |
SMST 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): 0.9613%
- Total broker commissions: $324K
- Bought from dealers (principal trades, not a cost): $22.4M
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
SMST Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MAREX CAPITAL MARKETS INC. | $167K | 51.62% |
| CANTOR FITZGERALD & CO. | $131K | 40.37% |
| BMO CAPITAL MARKETS CORP. | $15K | 4.72% |
| JANE STREET EXECUTION SERVICES LLC | $11K | 3.29% |
SMST Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| WELLS FARGO SECURITIES LLC | $4.4M | 19.65% |
| JEFFERIES LLC | $4.1M | 18.14% |
| BOFA SECURITIES INC. | $3.4M | 15.35% |
| NOMURA SECURITIES INTERNATIONAL INC. | $3.4M | 15.32% |
| BMO CAPITAL MARKETS CORP. | $3.0M | 13.41% |
| J.P. MORGAN SECURITIES LLC | $2.7M | 12.26% |
| GOLDMAN SACHS & CO. LLC | $748K | 3.33% |
| DAIWA CAPITAL MARKETS AMERICA INC. | $541K | 2.42% |
| PERSHING LLC | $30K | 0.13% |
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.