YieldMax
$TEST

YieldMax® TSLA Performance & Distribution Target 25™ ETF (Cboe: TEST)

Last updated: February 5, 2026

Advertising Disclosure

WOLF Financial LLC (“WOLF Financial”) may publish content referencing the YieldMax® TSLA Performance & Distribution Target 25™ ETF (“TEST”). WOLF Financial has a business relationship with YieldMax® / Tidal Investments LLC.
This relationship creates a potential conflict of interest.

About This ETF

TEST is an actively managed, options-based ETF designed to seek current income while maintaining exposure to the share price performance of Tesla, Inc. (TSLA).

Investment objectives:
Primary: Current income
Secondary: Capital appreciation

Key details:
Target distribution rate: 25% annualized (not guaranteed)
Expense ratio: 0.99%
Inception date: November 17, 2025
Primary exchange: Cboe
Distribution frequency: Weekly

The Fund does not invest directly in TSLA shares.

Investment Strategy

TEST seeks to achieve its objectives through a synthetic exposure strategy:

  • Establishes exposure to TSLA using long call and short put option positions

  • Sells call spreads to generate recurring option income

  • Allocates remaining assets primarily to U.S. Treasury securities and cash equivalents

This strategy is designed to balance income generation with participation in TSLA’s price movements, while capping upside potential and exposing investors to full downside risk if TSLA declines.

Distribution and Income Notes

The 25% annualized distribution target is not a guarantee and does not represent yield or total return.

Distributions may consist of option income, ordinary income, capital gains, and/or return of capital (ROC).

A significant portion of distributions may be classified as return of capital, which reduces an investor’s cost basis and may impact taxes.

Distributions are not guaranteed and may vary significantly over time.
High distributions may contribute to NAV erosion over time.

Most recent distribution composition (as provided):
As of 02/02/2026: 91.12% return of capital and 8.88% income
30-Day SEC Yield (as of 02/02/2026): 2.06%

Important Risk Disclosures

Investing involves risk, including possible loss of principal.

Key risks include, but are not limited to:

  • Single issuer risk (TSLA exposure)

  • Options and derivatives risk

  • Call writing strategy risk

  • NAV erosion risk due to distributions

  • Counterparty risk

  • Liquidity risk

  • Non-diversification risk

  • Electric vehicle industry risk

  • New fund risk / limited operating history

TEST may be more volatile than diversified ETFs and may underperform during periods of unfavorable market or options conditions.

Position Disclosure

As of the date above, WOLF Financial LLC and its affiliated creators do not hold positions in TEST.

No Investment Advice

This page is provided for informational and educational purposes only and does not constitute investment advice or a recommendation to buy or sell any security.

WOLF Financial LLC is not a registered investment adviser or broker-dealer.
Investors should carefully review the Fund’s prospectus and consider their own financial situation before investing.

Compensation

YieldMax is paying WOLF Financial $67.5k for social media promotion and live events from December 15th, 2025 to March 15th, 2026.

Official Fund Resources

Issuer website: https://www.yieldmaxetfs.com
Fund page: https://yieldmaxetfs.com/our-etfs/test/
SEC filings: https://www.sec.gov
Adviser: Tidal Investments LLC
Distributor: Foreside Fund Services, LLC

WOLF Financial

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