ZETX Fees and Costs — Defiance Daily Target 2x Long ZETA ETF
Data updated: 2026-09-28
The net expense ratio is 1.31%: a 1.29% management fee plus 0.02% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $3K in broker commissions, 0.2080% of average net assets.
ZETX Fees and Expenses
Annual operating expenses and sales charges of ZETX. Prospectus, as of September 24, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.29% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.02% |
| Gross expense ratio | 1.31% |
| Fee waiver | — |
| Net expense ratio | 1.31% |
| 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 |
ZETX Costs Over Time
On $10,000 invested in ZETX, assuming 5% a year before costs, total costs come to $940 over 5 years, cutting the return by 1.59% 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 1.31%) | $138 | $427 | $736 |
| Trading costs (broker commissions) | $22 | $68 | $117 |
| Lost growth on money paid in costs | $0 | $25 | $87 |
| Total costs | $159 | $519 | $940 |
| Value after costs | $10,341 | $11,057 | $11,823 |
| Impact on return, per year | 1.59% | 1.59% | 1.59% |
ZETX 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): 0.2080%
- Total broker commissions: $3K
- Bought from dealers (principal trades, not a cost): $538K
- Portfolio turnover (prospectus): —
- Securities lending: none during the year
ZETX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| NOMURA SECURITIES INTERNATIONAL INC. | $2K | 55.47% |
| MAREX CAPITAL MARKETS INC. | $907 | 27.53% |
| CANTOR FITZGERALD & CO. | $377 | 11.43% |
| NATIONAL BANK OF CANADA FINANCIAL INC. | $184 | 5.57% |
ZETX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| RBC CAPITAL MARKETS LLC | $189K | 35.19% |
| WELLS FARGO SECURITIES LLC | $169K | 31.46% |
| J.P. MORGAN SECURITIES LLC | $137K | 25.38% |
| NOMURA SECURITIES INTERNATIONAL INC. | $43K | 7.96% |
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.