PYPY Fees and Costs — YieldMax PYPL Option Income Strategy ETF
Data updated: 2026-09-28
The net expense ratio is 1.31%: a 0.99% management fee plus 0.32% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $619K in broker commissions, 1.1301% of average net assets, and portfolio turnover was 19%.
PYPY Fees and Expenses
Annual operating expenses and sales charges of PYPY. Prospectus, as of February 24, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.99% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.32% |
| Gross expense ratio | 1.31% |
| Fee waiver | — |
| Net expense ratio | 1.31% |
| 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 |
PYPY Costs Over Time
On $10,000 invested in PYPY, assuming 5% a year before costs, total costs come to $1,483 over 5 years, cutting the return by 2.56% 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 1.31%) | $138 | $423 | $722 |
| Trading costs (broker commissions) | $119 | $365 | $623 |
| Lost growth on money paid in costs | $0 | $39 | $138 |
| Total costs | $256 | $827 | $1,483 |
| Value after costs | $10,244 | $10,749 | $11,280 |
| Impact on return, per year | 2.56% | 2.56% | 2.56% |
PYPY 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): 1.1301%
- Total broker commissions: $619K
- Bought from dealers (principal trades, not a cost): $171.6M
- Portfolio turnover (prospectus): 19%
- Securities lending: none during the year
PYPY Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CANTOR FITZGERALD & CO. | $543K | 87.76% |
| JANE STREET EXECUTION SERVICES LLC | $25K | 4.11% |
| CF SECURED LLC | $23K | 3.74% |
| WALLACHBETH CAPITAL LLC | $16K | 2.62% |
| CITADEL SECURITIES LLC | $8K | 1.29% |
| SIGMA FINANCIAL CORPORATION | $3K | 0.44% |
| SUSQUEHANNA FINANCIAL GROUP LLLP | $210 | 0.03% |
PYPY Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| U.S. BANCORP INVESTMENTS INC. | $136.3M | 79.40% |
| RBC CAPITAL MARKETS LLC | $12.2M | 7.12% |
| MORGAN STANLEY & CO. LLC | $11.3M | 6.59% |
| JEFFERIES LLC | $3.4M | 1.98% |
| BMO CAPITAL MARKETS CORP. | $2.2M | 1.29% |
| PERSHING LLC | $2.0M | 1.16% |
| STONEX FINANCIAL INC. | $1.8M | 1.03% |
| GOLDMAN SACHS & CO. LLC | $1.2M | 0.72% |
| BOFA SECURITIES INC. | $1.2M | 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.