DRAY Fees and Costs — YieldMax DKNG Option Income Strategy ETF
Data updated: 2026-09-28
The net expense ratio is 1.03%: a 0.99% management fee plus 0.04% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $165K in broker commissions, 1.3769% of average net assets, and portfolio turnover was 0%.
DRAY Fees and Expenses
Annual operating expenses and sales charges of DRAY. Prospectus, as of February 24, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.99% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.04% |
| Gross expense ratio | 1.03% |
| Fee waiver | — |
| Net expense ratio | 1.03% |
| 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 |
DRAY Costs Over Time
On $10,000 invested in DRAY, assuming 5% a year before costs, total costs come to $1,464 over 5 years, cutting the return by 2.53% 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 1.03%) | $108 | $333 | $568 |
| Trading costs (broker commissions) | $145 | $445 | $760 |
| Lost growth on money paid in costs | $0 | $39 | $136 |
| Total costs | $253 | $816 | $1,464 |
| Value after costs | $10,247 | $10,760 | $11,299 |
| Impact on return, per year | 2.53% | 2.53% | 2.53% |
DRAY 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): 1.3769%
- Total broker commissions: $165K
- Bought from dealers (principal trades, not a cost): $44.4M
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
DRAY Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BTIG LLC | $161K | 97.97% |
| SIGMA FINANCIAL CORPORATION | $3K | 1.75% |
| JANE STREET EXECUTION SERVICES LLC | $390 | 0.24% |
| CITADEL SECURITIES LLC | $60 | 0.04% |
DRAY Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BMO CAPITAL MARKETS CORP. | $18.4M | 41.49% |
| J.P. MORGAN SECURITIES LLC | $8.7M | 19.55% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $6.5M | 14.67% |
| OPPENHEIMER & CO. INC. | $6.5M | 14.66% |
| U.S. BANCORP INVESTMENTS INC. | $3.0M | 6.65% |
| MORGAN STANLEY & CO. LLC | $1.3M | 2.96% |
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.