JPO Fees and Costs — YieldMax JPM 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 $183K in broker commissions, 0.3461% of average net assets, and portfolio turnover was 32%.
JPO Fees and Expenses
Annual operating expenses and sales charges of JPO. 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 |
JPO Costs Over Time
On $10,000 invested in JPO, assuming 5% a year before costs, total costs come to $860 over 5 years, cutting the return by 1.46% 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 | $586 |
| Trading costs (broker commissions) | $36 | $113 | $195 |
| Lost growth on money paid in costs | $0 | $22 | $79 |
| Total costs | $146 | $475 | $860 |
| Value after costs | $10,354 | $11,102 | $11,902 |
| Impact on return, per year | 1.46% | 1.46% | 1.46% |
JPO 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): 0.3461%
- Total broker commissions: $183K
- Bought from dealers (principal trades, not a cost): $143.3M
- Portfolio turnover (prospectus): 32%
- Securities lending: none during the year
JPO Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $100K | 54.49% |
| CANTOR FITZGERALD & CO. | $63K | 34.68% |
| CITADEL SECURITIES LLC | $6K | 3.32% |
| SUSQUEHANNA FINANCIAL GROUP LLLP | $5K | 2.75% |
| WALLACHBETH CAPITAL LLC | $5K | 2.71% |
| BOFA SECURITIES INC. | $2K | 1.17% |
| IMC-CHICAGO LLC | $858 | 0.47% |
| JANE STREET EXECUTION SERVICES LLC | $758 | 0.41% |
JPO Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| U.S. BANCORP INVESTMENTS INC. | $108.6M | 75.79% |
| MORGAN STANLEY & CO. LLC | $21.0M | 14.67% |
| RBC CAPITAL MARKETS LLC | $9.8M | 6.81% |
| CITADEL SECURITIES LLC | $1.6M | 1.10% |
| PERSHING LLC | $1.3M | 0.92% |
| JEFFERIES LLC | $1.0M | 0.72% |
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.