SOUX Fees and Costs — Defiance Daily Target 2X Long SOUN 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 $491K in broker commissions, 2.5130% of average net assets.
SOUX Fees and Expenses
Annual operating expenses and sales charges of SOUX. Prospectus, as of August 26, 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 |
SOUX Costs Over Time
On $10,000 invested in SOUX, assuming 5% a year before costs, total costs come to $2,266 over 5 years, cutting the return by 4.02% 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 | $420 | $707 |
| Trading costs (broker commissions) | $264 | $799 | $1,345 |
| Lost growth on money paid in costs | $0 | $62 | $214 |
| Total costs | $402 | $1,281 | $2,266 |
| Value after costs | $10,098 | $10,295 | $10,497 |
| Impact on return, per year | 4.02% | 4.02% | 4.02% |
SOUX 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): 2.5130%
- Total broker commissions: $491K
- Bought from dealers (principal trades, not a cost): $102.1M
- Portfolio turnover (prospectus): —
- Securities lending: none during the year
SOUX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CANTOR FITZGERALD & CO. | $254K | 51.81% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $143K | 29.14% |
| NOMURA SECURITIES INTERNATIONAL INC. | $45K | 9.25% |
| MAREX CAPITAL MARKETS INC. | $24K | 4.93% |
| BMO CAPITAL MARKETS CORP. | $19K | 3.91% |
| NATIONAL BANK OF CANADA FINANCIAL INC. | $3K | 0.54% |
| JANE STREET EXECUTION SERVICES LLC | $1K | 0.29% |
| MORGAN STANLEY & CO. LLC | $632 | 0.13% |
| SUSQUEHANNA FINANCIAL GROUP LLLP | $14 | 0.00% |
SOUX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $77.8M | 76.17% |
| BMO CAPITAL MARKETS CORP. | $11.5M | 11.22% |
| PERSHING LLC | $3.5M | 3.47% |
| J.P. MORGAN SECURITIES LLC | $2.2M | 2.14% |
| JEFFERIES LLC | $2.0M | 1.91% |
| WELLS FARGO SECURITIES LLC | $1.7M | 1.66% |
| RBC CAPITAL MARKETS LLC | $1.4M | 1.33% |
| NOMURA SECURITIES INTERNATIONAL INC. | $1.1M | 1.07% |
| GOLDMAN SACHS & CO. LLC | $1.0M | 1.03% |
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.