YMAX Fees and Costs — YieldMax Universe Fund of Option Income ETFs
Data updated: 2026-09-28
The net expense ratio is 1.33%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $1.4M in broker commissions, 0.1785% of average net assets, and portfolio turnover was 76%.
YMAX Fees and Expenses
Annual operating expenses and sales charges of YMAX. Prospectus, as of June 18, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.29% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 1.33% |
| Fee waiver | — |
| Net expense ratio | 1.33% |
| 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 |
YMAX Costs Over Time
On $10,000 invested in YMAX, assuming 5% a year before costs, total costs come to $934 over 5 years, cutting the return by 1.58% 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 1.33%) | $140 | $433 | $748 |
| Trading costs (broker commissions) | $19 | $58 | $100 |
| Lost growth on money paid in costs | $0 | $24 | $86 |
| Total costs | $158 | $516 | $934 |
| Value after costs | $10,342 | $11,060 | $11,829 |
| Impact on return, per year | 1.58% | 1.58% | 1.58% |
YMAX 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): 0.1785%
- Total broker commissions: $1.4M
- Bought from dealers (principal trades, not a cost): $5.3M
- Portfolio turnover (prospectus): 76%
- Securities lending: none during the year
YMAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $549K | 38.19% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $546K | 37.94% |
| JANE STREET EXECUTION SERVICES LLC | $205K | 14.23% |
| OLD MISSION MARKETS LLC | $68K | 4.73% |
| VIRTU FINANCIAL CAPITAL MARKETS LLC | $40K | 2.78% |
| CITADEL SECURITIES LLC | $26K | 1.84% |
| STONEX FINANCIAL INC. | $4K | 0.30% |
YMAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BMO CAPITAL MARKETS CORP. | $5.3M | 100.00% |
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.