TSMY Fees and Costs — YieldMax TSM Option Income Strategy ETF
Data updated: 2026-09-28
The net expense ratio is 1.01%: a 0.99% management fee plus 0.01% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $181K in broker commissions, 0.3570% of average net assets, and portfolio turnover was 77%.
TSMY Fees and Expenses
Annual operating expenses and sales charges of TSMY. 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 | 1.01% |
| 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 |
TSMY Costs Over Time
On $10,000 invested in TSMY, assuming 5% a year before costs, total costs come to $849 over 5 years, cutting the return by 1.44% 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 | $330 | $569 |
| Trading costs (broker commissions) | $37 | $117 | $201 |
| Lost growth on money paid in costs | $0 | $22 | $78 |
| Total costs | $144 | $468 | $849 |
| Value after costs | $10,356 | $11,108 | $11,914 |
| Impact on return, per year | 1.44% | 1.44% | 1.44% |
TSMY 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): 0.3570%
- Total broker commissions: $181K
- Bought from dealers (principal trades, not a cost): $163.3M
- Portfolio turnover (prospectus): 77%
- Securities lending: none during the year
TSMY Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| STONEX FINANCIAL INC. | $158K | 87.31% |
| JANE STREET EXECUTION SERVICES LLC | $8K | 4.58% |
| CITADEL SECURITIES LLC | $7K | 3.70% |
| SUSQUEHANNA FINANCIAL GROUP LLLP | $3K | 1.83% |
| BOFA SECURITIES INC. | $2K | 1.21% |
| SIGMA FINANCIAL CORPORATION | $1K | 0.74% |
| WALLACHBETH CAPITAL LLC | $1K | 0.62% |
TSMY Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| U.S. BANCORP INVESTMENTS INC. | $113.6M | 69.57% |
| MORGAN STANLEY & CO. LLC | $21.9M | 13.39% |
| RBC CAPITAL MARKETS LLC | $10.8M | 6.63% |
| BMO CAPITAL MARKETS CORP. | $10.3M | 6.29% |
| CITADEL SECURITIES LLC | $3.4M | 2.06% |
| PERSHING LLC | $3.4M | 2.06% |
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.