MARO Fees and Costs — YieldMax MARA Option Income Strategy ETF
Data updated: 2026-09-28
The net expense ratio is 1.00%: a 0.99% management fee plus 0.01% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $2.6M in broker commissions, 3.8110% of average net assets, and portfolio turnover was 100%.
MARO Fees and Expenses
Annual operating expenses and sales charges of MARO. Prospectus, as of February 24, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.99% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 1.00% |
| Fee waiver | — |
| Net expense ratio | 1.00% |
| 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 |
MARO Costs Over Time
On $10,000 invested in MARO, assuming 5% a year before costs, total costs come to $2,789 over 5 years, cutting the return by 5.05% 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 1.00%) | $105 | $315 | $524 |
| Trading costs (broker commissions) | $400 | $1,200 | $1,999 |
| Lost growth on money paid in costs | $0 | $77 | $265 |
| Total costs | $505 | $1,592 | $2,789 |
| Value after costs | $9,995 | $9,985 | $9,974 |
| Impact on return, per year | 5.05% | 5.05% | 5.05% |
MARO 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): 3.8110%
- Total broker commissions: $2.6M
- Bought from dealers (principal trades, not a cost): $349.9M
- Portfolio turnover (prospectus): 100%
- Securities lending: none during the year
MARO Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| STONEX FINANCIAL INC. | $2.5M | 96.78% |
| SIGMA FINANCIAL CORPORATION | $59K | 2.25% |
| JANE STREET EXECUTION SERVICES LLC | $22K | 0.82% |
| CITADEL SECURITIES LLC | $3K | 0.12% |
| SUSQUEHANNA FINANCIAL GROUP LLLP | $825 | 0.03% |
MARO Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| U.S. BANCORP INVESTMENTS INC. | $264.8M | 75.82% |
| J.P. MORGAN SECURITIES LLC | $32.2M | 9.23% |
| MORGAN STANLEY & CO. LLC | $15.4M | 4.40% |
| BMO CAPITAL MARKETS CORP. | $10.3M | 2.96% |
| DAIWA CAPITAL MARKETS AMERICA INC. | $9.0M | 2.57% |
| RBC CAPITAL MARKETS LLC | $5.4M | 1.55% |
| OPPENHEIMER & CO. INC. | $5.2M | 1.50% |
| BOFA SECURITIES INC. | $4.6M | 1.33% |
| CITADEL SECURITIES LLC | $1.3M | 0.37% |
| JEFFERIES LLC | $958K | 0.27% |
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.