# Tidal Trust II - YieldMax TSLA Performance & Distribution Target 25 ETF (TEST): ETF Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/test for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: YieldMax · Asset class: Equity - Strategy: Options Income · Inception: 2025-11-17 TEST aims for current income by combining synthetic long exposure to Tesla, Inc. (TSLA) and other options strategies, collateralized by cash and US Treasurys. TSLA engages in the design, development, manufacture, and sale of electric vehicles and energy generation and storage systems. The fund aims for monthly premiums of approximately 2.2% and an annual cash distribution target of about 25% of the funds NAV. Synthetic exposure is created by pairing long call options with short put options on TSLA, replicating the stocks price movements, subject to limits on potential gains. To generate pre... ## Key Facts | Metric | Value | |---|---| | Price | $37.66 | | Expense Ratio | 1.01% | | Assets Under Management | $1.9M | | NAV | $38.61 | | Holdings Count | 0 | | Distribution Yield (TTM) | 26.75% | | Annual Distribution (TTM) | $10.07 /share | | Distribution Frequency | Weekly | | 52-Week Range | $33.40 – $57.74 | | Beta | 0.98 | ## Latest Distribution - Amount: $0.1736 /share - Ex-date: 2026-10-20 - Pay date: 2026-10-21 ## Frequently Asked Questions ### What does TEST invest in? TEST aims for current income by combining synthetic long exposure to Tesla, Inc. (TSLA) and other options strategies, collateralized by cash and US Treasurys. TSLA engages in the design, development, manufacture, and sale of electric vehicles and energy generation and storage systems. The fund aims for monthly premiums of approximately 2.2% and an annual cash distribution target of about 25% of the funds NAV. Synthetic exposure is created by pairing long call options with short put options on TSLA, replicating the stocks price movements, subject to limits on potential gains. To generate premiums, the fund employs various options strategies, such as covered call spread that sells call options while buying calls at a higher strike, capping both profit and loss. The strategy may generate income but limits participation in potential gains if TSLA shares increase in value. On a weekly basis, the adviser uses one or more options strategies. ### What is the expense ratio of TEST? Tidal Trust II - YieldMax TSLA Performance & Distribution Target 25 ETF (TEST) charges an expense ratio of 1.01%. This is the annual fee deducted from fund assets to cover management and operations. ### What is TEST's distribution yield? TEST's trailing-twelve-month yield is 26.75%, calculated from the sum of distributions over the past year divided by the current price. ### How does TEST's covered-call strategy work? TEST sells call options against the stocks (or index) it holds, collecting premium income that gets passed through to shareholders as distributions. The strategy generates above-market income in flat or rising markets but caps upside. When the underlying rallies past the strike, the gains above the strike go to the option buyer, not the fund. ### How big is TEST? Tidal Trust II - YieldMax TSLA Performance & Distribution Target 25 ETF (TEST) manages $1.9M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure. Funds below ~$50M are at higher risk of liquidation. ### Is TEST actively managed or an index fund? TEST's management style is described in the fund's prospectus. See the description on the Summary tab for the published strategy. ### Does TEST pay a distribution? Yes, Tidal Trust II - YieldMax TSLA Performance & Distribution Target 25 ETF (TEST) distributes distributions to shareholders. The trailing-twelve-month yield is 26.75%. Full distribution history is on this page. ### How often does TEST pay distributions? Tidal Trust II - YieldMax TSLA Performance & Distribution Target 25 ETF pays distributions Weekly. Each ex-dividend date, record date, and payment date is listed in the distribution history table on this page. ### When is TEST's next ex-distribution date? The most recently announced ex-distribution date for TEST was 2026-10-20. The next ex-date typically follows Weekly; once announced it appears at the top of the distribution history table on this page. ### Is TEST's distribution sustainable? Covered-call ETFs like TEST fund their distributions from option premium income. Sustainability depends on (1) whether option premiums stay high enough to cover the announced rate, and (2) whether NAV holds up over time. The NAV Erosion section on this page contrasts total return with price change since inception. If distributions consistently exceed total return, the fund is paying out capital rather than income. ### How much will TEST's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 1.01% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does TEST charge its expense ratio? The expense ratio is deducted in tiny daily slices from TEST's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does TEST cost more than a fund like VOO? TEST is an options-income fund (current expense ratio 1.01%). Covered-call and 0DTE strategies require active option-writing, daily rebalancing, and dedicated risk management. They cost more than passive equity funds. The Cost Verdict card compares TEST against the options-income cohort, not VOO. ### Are TEST's distributions taxed at ordinary income or qualified-dividend rates? TEST's option-premium distributions are typically classified as ordinary income (NOT the qualified-dividend rate), so they're taxed at your marginal federal rate plus state. For a 24% bracket investor that's roughly 2x the 15% long-term capital gains rate most dividend investors are used to. The Fee Compounding Forecast card above lets you layer in this tax drag alongside the fund fee. Consult a tax advisor. This is not tax advice. ### Are there cheaper alternatives to TEST? The Lower-Fee Alternatives card above lists ETFs following the same investment strategy as TEST (1.01%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/test - Distribution history: https://www.dividenddata.com/funds/test/dividend - Holdings & diversification: https://www.dividenddata.com/funds/test/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/test/expenses - Peer comparison: https://www.dividenddata.com/funds/test/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.