MSFO Fees and Costs — YieldMax MSFT 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 $212K in broker commissions, 0.1718% of average net assets, and portfolio turnover was 16%.
MSFO Fees and Expenses
Annual operating expenses and sales charges of MSFO. 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 |
MSFO Costs Over Time
On $10,000 invested in MSFO, assuming 5% a year before costs, total costs come to $749 over 5 years, cutting the return by 1.26% 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 | $337 | $583 |
| Trading costs (broker commissions) | $18 | $56 | $97 |
| Lost growth on money paid in costs | $0 | $19 | $69 |
| Total costs | $126 | $412 | $749 |
| Value after costs | $10,374 | $11,164 | $12,014 |
| Impact on return, per year | 1.26% | 1.26% | 1.26% |
MSFO 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): 0.1718%
- Total broker commissions: $212K
- Bought from dealers (principal trades, not a cost): $319.8M
- Portfolio turnover (prospectus): 16%
- Securities lending: none during the year
MSFO Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CANTOR FITZGERALD & CO. | $197K | 92.93% |
| CF SECURED LLC | $7K | 3.08% |
| JANE STREET EXECUTION SERVICES LLC | $6K | 2.75% |
| CITADEL SECURITIES LLC | $2K | 0.84% |
| WALLACHBETH CAPITAL LLC | $855 | 0.40% |
MSFO Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| U.S. BANCORP INVESTMENTS INC. | $220.6M | 69.01% |
| MORGAN STANLEY & CO. LLC | $48.7M | 15.24% |
| RBC CAPITAL MARKETS LLC | $29.3M | 9.16% |
| CITADEL SECURITIES LLC | $11.9M | 3.72% |
| BMO CAPITAL MARKETS CORP. | $7.6M | 2.36% |
| JEFFERIES LLC | $1.7M | 0.52% |
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.