VSTL Fees and Costs — Defiance Daily Target 2X Long VST 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 $16K in broker commissions, 0.2843% of average net assets, and portfolio turnover was 1600%.
VSTL Fees and Expenses
Annual operating expenses and sales charges of VSTL. Prospectus, as of August 26, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.29% |
| 12b-1 fee | — |
| 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 |
VSTL Costs Over Time
On $10,000 invested in VSTL, assuming 5% a year before costs, total costs come to $979 over 5 years, cutting the return by 1.66% 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 | $423 | $730 |
| Trading costs (broker commissions) | $30 | $93 | $160 |
| Lost growth on money paid in costs | $0 | $26 | $90 |
| Total costs | $166 | $542 | $979 |
| Value after costs | $10,334 | $11,035 | $11,783 |
| Impact on return, per year | 1.66% | 1.66% | 1.66% |
VSTL 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): 0.2843%
- Total broker commissions: $16K
- Bought from dealers (principal trades, not a cost): $8.1M
- Portfolio turnover (prospectus): 1600%
- Securities lending: none during the year
VSTL Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| NOMURA SECURITIES INTERNATIONAL INC. | $8K | 51.34% |
| MAREX CAPITAL MARKETS INC. | $5K | 29.88% |
| BMO CAPITAL MARKETS CORP. | $937 | 5.72% |
| MORGAN STANLEY & CO. LLC | $834 | 5.09% |
| JANE STREET EXECUTION SERVICES LLC | $653 | 3.98% |
| CANTOR FITZGERALD & CO. | $483 | 2.95% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $169 | 1.03% |
VSTL Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| RBC CAPITAL MARKETS LLC | $1.7M | 21.24% |
| JEFFERIES LLC | $1.3M | 16.29% |
| BMO CAPITAL MARKETS CORP. | $1.2M | 14.69% |
| WELLS FARGO SECURITIES LLC | $1.1M | 13.70% |
| DAIWA CAPITAL MARKETS AMERICA INC. | $858K | 10.63% |
| NOMURA SECURITIES INTERNATIONAL INC. | $790K | 9.78% |
| J.P. MORGAN SECURITIES LLC | $747K | 9.26% |
| GOLDMAN SACHS & CO. LLC | $357K | 4.42% |
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.