YieldMax TSLA Performance & Distribution Target 25 ETF
The Fund does not invest directly in TSLA
Investing in the fund involves a high degree of risk.
Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security TSLA, may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.
The Fund’s strategy will cap its potential gains if TSLA shares increase in value. The Fund’s strategy is subject to all potential losses if TSLA shares decrease in value, which may not be offset by income received by the Fund. The Fund may not be suitable for all investors.
The Annual 25% Target is not a guarantee, nor does it represent a 25% yield or a 25% total return.
Why choose this fund?
Designed for Income and Growth
TEST seeks to generate consistent weekly income while maintaining meaningful exposure to the performance of Tesla Inc. (TSLA). The fund aims to balance the pursuit of income with the potential for NAV growth over time.
Evolved Income Strategy
TEST builds on the foundation of YieldMax option income strategies by introducing a next generation approach that targets a 25% annualized distribution rate and seeks to capture more of the stock’s upside potential through active option management.
Built for Today’s Market
With markets demanding flexibility and discipline, TEST employs a modern framework designed to adapt to changing conditions, manage risk thoughtfully, and pursue both performance and distribution goals in a single, unified strategy.
Distribution Information
* The most recent distribution on 12/01/2025 contains 93.24% return of capital and 6.76% income. The Distribution Rate is the annual rate an investor would receive if the most recently declared distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing the Fund’s most recent distribution and dividing the resulting amount by the Fund’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions are not guaranteed.
** The 30-Day SEC Yield represents net investment income, which excludes option income, earned by the Fund over the 30-Day period ended at the most recent month-end, expressed as an annual percentage rate based on the Fund’s share price at the end of the 30-Day period.
The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, from the Fund. In particular, future distributions from the Fund may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution from the Fund. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.
Previous distributions have included a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease a fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment.
Please refer to the 19a-1 notices at here for additional details regarding the distributions’ composition, once available.
Performance
As of 11/30/2025
| Fund Ticker | 1 Month | 3 Month | 6 Month | YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception Cumulative (11/17/2025) | Since Inception Annualized (11/17/2025) |
|---|---|---|---|---|---|---|---|---|---|---|
| MKT | — | — | — | — | — | — | — | — | 5.86% | — |
| NAV | — | — | — | — | — | — | — | — | 5.78% | — |
| S&P 500 TR | — | — | — | — | — | — | — | — | 2.69% | — |
As of 9/30/2025
| Fund Ticker | 1 Month | 3 Month | 6 Month | YTD | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception Cumulative | Since Inception Annualized |
|---|---|---|---|---|---|---|---|---|---|---|
| MKT | - | - | - | - | - | - | - | - | - | - |
| NAV | - | - | - | - | - | - | - | - | - | - |
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling (866) 864-3968.
Short term performance, in particular, is not a good indication of the Fund’s future performance, and an investment should not be made based solely on returns. Returns beyond 1 year are annualized. A Fund’s NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding. The market price is the most recent price at which the fund was traded. The fund intends to pay out dividends and interest income, if any, weekly. There is no guarantee these distributions will be made.
Fund Overview
The YieldMax TSLA Performance & Distribution Target 25™ ETF (TEST) is an actively managed exchange-traded fund that seeks to provide investors with a combination of consistent income and potential capital appreciation. TEST establishes synthetic exposure to TSLA through long call and short put positions, then sells call spreads in an effort to generate recurring weekly income. The portfolio is managed with a growth aware approach that aims to reduce potential NAV drag while maintaining meaningful participation in stock performance.
Investment Objective
The Fund’s primary investment objective is to seek consistent current income with a targeted annualized distribution rate of 25%. The Fund’s secondary investment objective is to seek capital appreciation through exposure to the share price performance of Tesla Inc. (TSLA). Distributions are not guaranteed and may vary depending on market conditions and option premium levels.
Fund Details
As of 11/30/2025
*The 30-Day SEC Yield is calculated with a standardized formula mandated by the SEC. The formula is based on the maximum offering price per share and does not reflect waivers in effect.
As of 12/05/2025
*30-Day Median Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.
Distributions
For YieldMax ETFs Distribution Schedules, click here.
| DISTRIBUTION PER SHARE | DECLARED DATE | EX DATE | RECORD DATE | PAYABLE DATE | ROC |
|---|---|---|---|---|---|
| $0.2543 | 12/01/2025 | 12/02/2025 | 12/03/2025 | 12/03/2025 | 93.24% |
ROC stands for Return of Capital
The Distribution Rate is the annual rate an investor would receive if the most recently declared distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing the Fund’s most recent distribution and dividing the resulting amount by the Fund’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. The 30-Day SEC Yield represents net investment income, which excludes option income, earned by the Fund over the 30-Day period ended at the most recent month-end, expressed as an annual percentage rate based on the Fund’s share price at the end of the 30-Day period. Distributions are not guaranteed.
The Distribution Rate and 30-Day SEC Yield is not indicative of future distributions, if any, from the Fund. In particular, future distributions from the Fund may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution from the Fund. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.
The distribution may include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease the Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment.
Top 10 Holdings
As of 12/08/2025
Holdings are subject to change.
| SECURITY NAME | CUSIP | SHARES | MARKET VALUE | NET ASSETS | WEIGHTINGS |
|---|---|---|---|---|---|
| First American Government Obligations Fund 12/01/2031 | 31846V336 | 1,051,410.06 | 1,051,410.06 | 2,749,535 | 38.24% |
| Cash & Other | Cash&Other | 807,412.67 | 807,412.67 | 2,749,535 | 29.37% |
| TSLA US 01/16/26 C405 | TSLA 260116C00405000 | 61.00 | 375,150.00 | 2,749,535 | 13.64% |
| United States Treasury Bill 07/09/2026 | 912797RF6 | 333,000.00 | 326,180.47 | 2,749,535 | 11.86% |
| United States Treasury Bill 08/06/2026 | 912797RG4 | 333,000.00 | 325,203.98 | 2,749,535 | 11.83% |
| TSLA US 12/19/25 C475 | TSLA 251219C00475000 | 16.00 | 13,040.00 | 2,749,535 | 0.47% |
| TSLA US 12/19/25 C505 | TSLA 251219C00505000 | 30.00 | 8,370.00 | 2,749,535 | 0.30% |
| TSLA US 12/19/25 C500 | TSLA 251219C00500000 | 15.00 | 4,987.50 | 2,749,535 | 0.18% |
| TSLA US 12/19/25 C435 | TSLA 251219C00435000 | -16.00 | -44,600.00 | 2,749,535 | -1.62% |
| TSLA 01/16/2026 405.01 P | 2TSLA 260116P00405010 | -61.00 | -56,834.32 | 2,749,535 | -2.07% |
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