ULTY Fees and Costs — YieldMax Ultra Option Income Strategy ETF
Data updated: 2026-09-28
The net expense ratio is 1.30% (1.40% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $18.8M in broker commissions, 1.7135% of average net assets, and portfolio turnover was 721%.
ULTY Fees and Expenses
Annual operating expenses and sales charges of ULTY. Prospectus, as of February 24, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.24% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.12% |
| Gross expense ratio | 1.40% |
| Fee waiver | −0.10% |
| Net expense ratio | 1.30% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
ULTY Costs Over Time
On $10,000 invested in ULTY, assuming 5% a year before costs, total costs come to $1,811 over 5 years, cutting the return by 3.16% 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 1.30%) | $136 | $417 | $708 |
| Trading costs (broker commissions) | $180 | $550 | $933 |
| Lost growth on money paid in costs | $0 | $49 | $169 |
| Total costs | $316 | $1,015 | $1,811 |
| Value after costs | $10,184 | $10,561 | $10,952 |
| Impact on return, per year | 3.16% | 3.16% | 3.16% |
ULTY 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): 1.7135%
- Total broker commissions: $18.8M
- Bought from dealers (principal trades, not a cost): $5.9B
- Portfolio turnover (prospectus): 721%
- Securities lending: none during the year
ULTY Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| SIGMA FINANCIAL CORPORATION | $6.5M | 34.69% |
| JANE STREET EXECUTION SERVICES LLC | $5.6M | 29.90% |
| STONEX FINANCIAL INC. | $2.6M | 13.91% |
| CITADEL SECURITIES LLC | $2.3M | 11.99% |
| SUSQUEHANNA FINANCIAL GROUP LLLP | $1.1M | 5.72% |
| IMC-CHICAGO LLC | $389K | 2.07% |
| BOFA SECURITIES INC. | $132K | 0.70% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $119K | 0.64% |
| OLD MISSION MARKETS LLC | $52K | 0.28% |
| SG Americas Securites LLC | $21K | 0.11% |
ULTY Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| CITADEL SECURITIES LLC | $5.6B | 95.38% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $272.5M | 4.62% |
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.