APLY Fees and Costs — YieldMax AAPL Option Income Strategy ETF
Data updated: 2026-09-28
The net expense ratio is 1.04%: a 0.99% management fee plus 0.05% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $571K in broker commissions, 0.4367% of average net assets, and portfolio turnover was 20%.
APLY Fees and Expenses
Annual operating expenses and sales charges of APLY. Prospectus, as of February 24, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.99% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.05% |
| Gross expense ratio | 1.04% |
| Fee waiver | — |
| Net expense ratio | 1.04% |
| 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 |
APLY Costs Over Time
On $10,000 invested in APLY, assuming 5% a year before costs, total costs come to $915 over 5 years, cutting the return by 1.55% 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 1.04%) | $109 | $339 | $585 |
| Trading costs (broker commissions) | $46 | $142 | $246 |
| Lost growth on money paid in costs | $0 | $24 | $84 |
| Total costs | $155 | $505 | $915 |
| Value after costs | $10,345 | $11,071 | $11,848 |
| Impact on return, per year | 1.55% | 1.55% | 1.55% |
APLY Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.4367%
- Total broker commissions: $571K
- Bought from dealers (principal trades, not a cost): $372.0M
- Portfolio turnover (prospectus): 20%
- Securities lending: none during the year
APLY Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $311K | 54.49% |
| STONEX FINANCIAL INC. | $219K | 38.27% |
| JANE STREET EXECUTION SERVICES LLC | $24K | 4.20% |
| SIGMA FINANCIAL CORPORATION | $8K | 1.44% |
| SUSQUEHANNA FINANCIAL GROUP LLLP | $6K | 1.05% |
| CITADEL SECURITIES LLC | $2K | 0.40% |
| WALLACHBETH CAPITAL LLC | $810 | 0.14% |
| CANTOR FITZGERALD & CO. | $38 | 0.01% |
APLY Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| U.S. BANCORP INVESTMENTS INC. | $281.6M | 75.69% |
| MORGAN STANLEY & CO. LLC | $50.2M | 13.49% |
| RBC CAPITAL MARKETS LLC | $24.6M | 6.60% |
| BMO CAPITAL MARKETS CORP. | $5.7M | 1.54% |
| GOLDMAN SACHS & CO. LLC | $4.7M | 1.28% |
| JEFFERIES LLC | $2.1M | 0.56% |
| STONEX FINANCIAL INC. | $2.1M | 0.55% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $1.1M | 0.31% |
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.