FIAT Fees and Costs — YieldMax Short COIN Option Income Strategy ETF
Data updated: 2026-09-28
The net expense ratio is 1.05%: a 0.99% management fee plus 0.05% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $169K in broker commissions, 0.4200% of average net assets, and portfolio turnover was 42%.
FIAT Fees and Expenses
Annual operating expenses and sales charges of FIAT. 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 | 1.05% |
| Fee waiver | — |
| Net expense ratio | 1.05% |
| 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 |
FIAT Costs Over Time
On $10,000 invested in FIAT, assuming 5% a year before costs, total costs come to $911 over 5 years, cutting the return by 1.54% 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 1.05%) | $110 | $342 | $591 |
| Trading costs (broker commissions) | $44 | $137 | $236 |
| Lost growth on money paid in costs | $0 | $24 | $84 |
| Total costs | $154 | $503 | $911 |
| Value after costs | $10,346 | $11,073 | $11,852 |
| Impact on return, per year | 1.54% | 1.54% | 1.54% |
FIAT 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): 0.4200%
- Total broker commissions: $169K
- Bought from dealers (principal trades, not a cost): $197.0M
- Portfolio turnover (prospectus): 42%
- Securities lending: none during the year
FIAT Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| STONEX FINANCIAL INC. | $116K | 68.57% |
| SUSQUEHANNA FINANCIAL GROUP LLLP | $25K | 15.02% |
| JANE STREET EXECUTION SERVICES LLC | $16K | 9.49% |
| CITADEL SECURITIES LLC | $11K | 6.42% |
| WALLACHBETH CAPITAL LLC | $840 | 0.50% |
FIAT Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| U.S. BANCORP INVESTMENTS INC. | $178.7M | 90.70% |
| MORGAN STANLEY & CO. LLC | $9.9M | 5.05% |
| BMO CAPITAL MARKETS CORP. | $4.7M | 2.41% |
| STONEX FINANCIAL INC. | $2.0M | 1.00% |
| RBC CAPITAL MARKETS LLC | $1.7M | 0.84% |
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.