FBY Fees and Costs — YieldMax META Option Income Strategy ETF
Data updated: 2026-09-28
The net expense ratio is 1.06%: a 0.99% management fee plus 0.07% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $261K in broker commissions, 0.1585% of average net assets, and portfolio turnover was 21%.
FBY Fees and Expenses
Annual operating expenses and sales charges of FBY. Prospectus, as of February 24, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.99% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.07% |
| Gross expense ratio | 1.06% |
| Fee waiver | — |
| Net expense ratio | 1.06% |
| 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 |
FBY Costs Over Time
On $10,000 invested in FBY, assuming 5% a year before costs, total costs come to $759 over 5 years, cutting the return by 1.28% 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 1.06%) | $111 | $346 | $599 |
| Trading costs (broker commissions) | $17 | $52 | $90 |
| Lost growth on money paid in costs | $0 | $20 | $70 |
| Total costs | $128 | $418 | $759 |
| Value after costs | $10,372 | $11,158 | $12,004 |
| Impact on return, per year | 1.28% | 1.28% | 1.28% |
FBY 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): 0.1585%
- Total broker commissions: $261K
- Bought from dealers (principal trades, not a cost): $468.7M
- Portfolio turnover (prospectus): 21%
- Securities lending: none during the year
FBY Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $133K | 51.01% |
| CANTOR FITZGERALD & CO. | $96K | 36.86% |
| SUSQUEHANNA FINANCIAL GROUP LLLP | $17K | 6.42% |
| CITADEL SECURITIES LLC | $9K | 3.27% |
| JANE STREET EXECUTION SERVICES LLC | $5K | 1.85% |
| WALLACHBETH CAPITAL LLC | $950 | 0.36% |
| IMC-CHICAGO LLC | $599 | 0.23% |
FBY Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| U.S. BANCORP INVESTMENTS INC. | $364.5M | 77.77% |
| MORGAN STANLEY & CO. LLC | $63.6M | 13.57% |
| RBC CAPITAL MARKETS LLC | $31.9M | 6.81% |
| GOLDMAN SACHS & CO. LLC | $6.1M | 1.31% |
| BMO CAPITAL MARKETS CORP. | $1.9M | 0.39% |
| J.P. MORGAN SECURITIES LLC | $730K | 0.16% |
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.