STSM Fees and Costs — Defiance Daily Target 2X Short TSM ETF
Data updated: 2026-09-28
The net expense ratio is 1.30%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $7K in broker commissions, 0.5375% of average net assets, and portfolio turnover was 0%.
STSM Fees and Expenses
Annual operating expenses and sales charges of STSM. Prospectus, as of August 25, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.29% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 1.30% |
| Fee waiver | — |
| Net expense ratio | 1.30% |
| 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 |
STSM Costs Over Time
On $10,000 invested in STSM, assuming 5% a year before costs, total costs come to $1,130 over 5 years, cutting the return by 1.93% 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 1.30%) | $136 | $422 | $726 |
| Trading costs (broker commissions) | $56 | $175 | $300 |
| Lost growth on money paid in costs | $0 | $30 | $104 |
| Total costs | $193 | $626 | $1,130 |
| Value after costs | $10,307 | $10,950 | $11,633 |
| Impact on return, per year | 1.93% | 1.93% | 1.93% |
STSM 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): 0.5375%
- Total broker commissions: $7K
- Bought from dealers (principal trades, not a cost): $976K
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
STSM Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| NOMURA SECURITIES INTERNATIONAL INC. | $4K | 61.41% |
| MAREX CAPITAL MARKETS INC. | $2K | 25.06% |
| CANTOR FITZGERALD & CO. | $941 | 13.53% |
STSM Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| WELLS FARGO SECURITIES LLC | $359K | 36.75% |
| J.P. MORGAN SECURITIES LLC | $214K | 21.97% |
| JEFFERIES LLC | $193K | 19.72% |
| RBC CAPITAL MARKETS LLC | $110K | 11.24% |
| NOMURA SECURITIES INTERNATIONAL INC. | $75K | 7.66% |
| PERSHING LLC | $21K | 2.15% |
| BOFA SECURITIES INC. | $5K | 0.51% |
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.