SOFX Fees and Costs — Defiance Daily Target 2X Long SOFI ETF
Data updated: 2026-09-28
The net expense ratio is 1.33%: a 1.29% management fee plus 0.03% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $1.2M in broker commissions, 1.9366% of average net assets, and portfolio turnover was 458%.
SOFX Fees and Expenses
Annual operating expenses and sales charges of SOFX. Prospectus, as of August 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.29% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.03% |
| Gross expense ratio | 1.33% |
| Fee waiver | — |
| Net expense ratio | 1.33% |
| 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 |
SOFX Costs Over Time
On $10,000 invested in SOFX, assuming 5% a year before costs, total costs come to $1,953 over 5 years, cutting the return by 3.43% 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 1.33%) | $140 | $426 | $721 |
| Trading costs (broker commissions) | $203 | $620 | $1,049 |
| Lost growth on money paid in costs | $0 | $53 | $183 |
| Total costs | $343 | $1,098 | $1,953 |
| Value after costs | $10,157 | $10,478 | $10,810 |
| Impact on return, per year | 3.43% | 3.43% | 3.43% |
SOFX 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): 1.9366%
- Total broker commissions: $1.2M
- Bought from dealers (principal trades, not a cost): $282.1M
- Portfolio turnover (prospectus): 458%
- Securities lending: none during the year
SOFX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CANTOR FITZGERALD & CO. | $786K | 64.65% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $246K | 20.23% |
| NOMURA SECURITIES INTERNATIONAL INC. | $84K | 6.94% |
| MAREX CAPITAL MARKETS INC. | $47K | 3.84% |
| BMO CAPITAL MARKETS CORP. | $41K | 3.41% |
| MORGAN STANLEY & CO. LLC | $4K | 0.31% |
| JANE STREET EXECUTION SERVICES LLC | $4K | 0.30% |
| NATIONAL BANK OF CANADA FINANCIAL INC. | $3K | 0.25% |
| CLEAR STREET LLC | $811 | 0.07% |
SOFX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $199.8M | 70.82% |
| BMO CAPITAL MARKETS CORP. | $18.5M | 6.55% |
| J.P. MORGAN SECURITIES LLC | $16.7M | 5.92% |
| DAIWA CAPITAL MARKETS AMERICA INC. | $10.4M | 3.70% |
| NOMURA SECURITIES INTERNATIONAL INC. | $9.0M | 3.21% |
| JEFFERIES LLC | $8.6M | 3.07% |
| BOFA SECURITIES INC. | $7.7M | 2.74% |
| WELLS FARGO SECURITIES LLC | $6.0M | 2.13% |
| PERSHING LLC | $3.0M | 1.08% |
| GOLDMAN SACHS & CO. LLC | $2.2M | 0.79% |
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.