SMCY Fees and Costs — YieldMax SMCI Option Income Strategy ETF
Data updated: 2026-09-28
The net expense ratio is 1.01%: a 0.99% management fee plus 0.02% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $3.3M in broker commissions, 1.8228% of average net assets, and portfolio turnover was 133%.
SMCY Fees and Expenses
Annual operating expenses and sales charges of SMCY. Prospectus, as of February 24, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.99% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.02% |
| Gross expense ratio | 1.01% |
| Fee waiver | — |
| Net expense ratio | 1.01% |
| 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 |
SMCY Costs Over Time
On $10,000 invested in SMCY, assuming 5% a year before costs, total costs come to $1,708 over 5 years, cutting the return by 2.97% 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 1.01%) | $106 | $325 | $552 |
| Trading costs (broker commissions) | $191 | $586 | $997 |
| Lost growth on money paid in costs | $0 | $46 | $159 |
| Total costs | $297 | $956 | $1,708 |
| Value after costs | $10,203 | $10,620 | $11,055 |
| Impact on return, per year | 2.97% | 2.97% | 2.97% |
SMCY 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): 1.8228%
- Total broker commissions: $3.3M
- Bought from dealers (principal trades, not a cost): $1.1B
- Portfolio turnover (prospectus): 133%
- Securities lending: none during the year
SMCY Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| STONEX FINANCIAL INC. | $3.2M | 96.08% |
| SIGMA FINANCIAL CORPORATION | $48K | 1.46% |
| JANE STREET EXECUTION SERVICES LLC | $39K | 1.20% |
| CITADEL SECURITIES LLC | $20K | 0.61% |
| SUSQUEHANNA FINANCIAL GROUP LLLP | $16K | 0.48% |
| IMC-CHICAGO LLC | $5K | 0.15% |
| WALLACHBETH CAPITAL LLC | $580 | 0.02% |
SMCY Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| U.S. BANCORP INVESTMENTS INC. | $624.7M | 58.90% |
| BMO CAPITAL MARKETS CORP. | $114.1M | 10.75% |
| STONEX FINANCIAL INC. | $76.1M | 7.17% |
| MORGAN STANLEY & CO. LLC | $73.0M | 6.88% |
| RBC CAPITAL MARKETS LLC | $58.2M | 5.49% |
| JEFFERIES LLC | $43.2M | 4.07% |
| PERSHING LLC | $27.5M | 2.59% |
| J.P. MORGAN SECURITIES LLC | $26.2M | 2.47% |
| GOLDMAN SACHS & CO. LLC | $11.8M | 1.11% |
| DAIWA CAPITAL MARKETS AMERICA INC. | $5.9M | 0.56% |
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.