NVDY Fees and Costs — YieldMax NVDA Option Income Strategy ETF
Data updated: 2026-09-28
The net expense ratio is 1.09%: a 0.99% management fee plus 0.10% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $11.8M in broker commissions, 0.7563% of average net assets, and portfolio turnover was 16%.
NVDY Fees and Expenses
Annual operating expenses and sales charges of NVDY. Prospectus, as of February 24, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.99% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.10% |
| Gross expense ratio | 1.09% |
| Fee waiver | — |
| Net expense ratio | 1.09% |
| 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 |
NVDY Costs Over Time
On $10,000 invested in NVDY, assuming 5% a year before costs, total costs come to $1,135 over 5 years, cutting the return by 1.94% 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 1.09%) | $114 | $354 | $608 |
| Trading costs (broker commissions) | $79 | $246 | $422 |
| Lost growth on money paid in costs | $0 | $30 | $105 |
| Total costs | $194 | $629 | $1,135 |
| Value after costs | $10,306 | $10,947 | $11,627 |
| Impact on return, per year | 1.94% | 1.94% | 1.94% |
NVDY 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): 0.7563%
- Total broker commissions: $11.8M
- Bought from dealers (principal trades, not a cost): $3.9B
- Portfolio turnover (prospectus): 16%
- Securities lending: none during the year
NVDY Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BTIG LLC | $6.1M | 51.88% |
| CANTOR FITZGERALD & CO. | $4.5M | 38.65% |
| JANE STREET EXECUTION SERVICES LLC | $358K | 3.05% |
| GOLDMAN SACHS & CO. LLC | $314K | 2.67% |
| CF SECURED LLC | $236K | 2.01% |
| SUSQUEHANNA FINANCIAL GROUP LLLP | $103K | 0.87% |
| CITADEL SECURITIES LLC | $63K | 0.54% |
| IMC-CHICAGO LLC | $31K | 0.26% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $8K | 0.06% |
| WALLACHBETH CAPITAL LLC | $3K | 0.02% |
NVDY Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| U.S. BANCORP INVESTMENTS INC. | $2.5B | 64.23% |
| MORGAN STANLEY & CO. LLC | $553.2M | 14.43% |
| JEFFERIES LLC | $174.8M | 4.56% |
| BMO CAPITAL MARKETS CORP. | $125.3M | 3.27% |
| RBC CAPITAL MARKETS LLC | $120.8M | 3.15% |
| PERSHING LLC | $112.0M | 2.92% |
| CANTOR FITZGERALD & CO. | $104.1M | 2.72% |
| BOFA SECURITIES INC. | $79.3M | 2.07% |
| STONEX FINANCIAL INC. | $53.6M | 1.40% |
| CITADEL SECURITIES LLC | $48.1M | 1.25% |
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.