At a glance
TSLP charges 1.0% a year. It has $17.6M in assets; it paid 29.15% of its price in distributions over the past 12 months, monthly. Over the past year it returned −15.8% with distributions reinvested; over three years it returned +15.6% a year.
The short version
The Kurv Yield Premium Strategy Tesla ETF (TSLP) seeks income from a single stock, Tesla, which it tracks mainly through options while holding U.S. Treasury bills as backing. It sells call options on Tesla to collect cash and pays out monthly; distributions totaled 29.15% of the share price over the 12 months to October 27, 2026. The trade-offs: capped gains when Tesla rallies, steep price swings and a 1% yearly fee.
Price history
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TSLP -15.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| TSLP official prospectus, to Dec 31, 2025 | — | +9.41% | — | — | — | +31.83% |
| TSLP price data to Oct 27, 2026 | -15.6% | -15.8% | +15.6% | — | — | +15.6% |
- Over the year to Oct 27, 2026, TSLP returned -15.8%.
- Its worst full calendar year was 2025 (+9.3%); its best was 2024 (+41.1%).
- The deepest fall in its price history was 46.1% (Dec 17, 2024 to Mar 10, 2025), recovered by Oct 6, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -15.6% | — |
| 2025 | +9.3% | +9.41% |
| 2024 | +41.1% | +40.85% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $3.7800 | |
| 2025 | $7.4500 | +12.9% |
| 2024 | $6.6000 |
What's inside
As of Aug 31, 2026, the fund held 3 securities; the ten largest made up 102.54% of assets.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 35.15% | |
| TREASURY BILL Bonds and notes | 33.78% | |
| TREASURY BILL Bonds and notes | 33.61% |
By country
United States 102.54%By issuer
US Treasury 102.54%The bonds mature in 0.3 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $276K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -4.80%, -27.91%, +16.17%.
How it works
TSLP tracks no index. Kurv Investment Management runs it actively and must keep at least 80% of net assets tied to Tesla, counting derivatives at full notional (face) value. It mainly uses options, contracts tied to Tesla’s price, including FLEX options: contracts with custom terms, guaranteed by the Options Clearing Corporation. Buying calls and selling puts with matching terms creates a “synthetic” position that mimics owning Tesla; the prospectus allows up to 200% of net asset value, which could magnify Tesla’s moves.
Income comes from selling call options on Tesla. Buyers pay the fund cash for the right to purchase Tesla at a set “strike” price. If Tesla climbs past that price, the fund loses on those calls, capping its gains. When Kurv thinks options are mispriced, it may go further, selling calls beyond its Tesla exposure; these uncovered calls have nothing to offset losses if Tesla jumps. Selling calls does not limit losses when Tesla falls.
Bonds back the options; the prospectus allows U.S. or foreign debt of any maturity, plus preferred stock. As of August 31, 2026, the $17.6 million fund held no Tesla shares directly. Three U.S. Treasury bills (short-term government debt), averaging 0.3 years to maturity, made up about 102.5% of net assets, alongside 0.92% cash and six Tesla option positions netting about -4%.
What it really costs
- TSLP charges 1% a year.
- Of that, 1.15% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.16% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $101 in the first year and $1,387 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TSLP | $101 | $351 | $619 | $1,387 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
Its returns hinge on one stock, Tesla, and it has fallen as much as 46.1% since its October 2023 launch, which puts it at the higher-risk edge of a portfolio.
TSLP launched in October 2023, so it has no record from the 2008, 2020 or 2022 market drops. It fell 46.1% from December 17, 2024, to March 10, 2025, then took about seven months to recover, by October 6, 2025; anyone who sold shares for living costs near that low would have locked in steep losses. Both full calendar years were gains, 40.85% in 2024 and 9.41% in 2025, but it was down 15.6% in 2026 through October 27.
The appeal is income: monthly payouts totaled 29.15% of the share price over the 12 months to October 27, 2026. That rate isn't guaranteed, and option income is usually taxed as ordinary income. The yearly fee is 1%, or $101 on $10,000 in the first year under the SEC's standard example. Past results don't predict future ones, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking monthly income tied to Tesla who accept that option income is usually taxed as ordinary income, not as qualified dividends.
- People who expect Tesla to trade flat or rise modestly and would rather collect cash from selling options than hold shares outright.
- Investors keeping it to a small slice of a diversified portfolio who can stomach drops like its 46.1% fall from December 2024 to March 2025.
Look elsewhere if
- Anyone seeking diversification: as of August 31, 2026, it held only Tesla options and three Treasury bills, with no other stocks.
- Investors who want Tesla's full upside in sharp rallies; the fund's sold call options cap its gains above their strike prices.
- Cost-focused investors: its 1% expense ratio adds up to $1,387 on $10,000 over 10 years in the SEC's standard example.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
No close alternatives found.
Questions investors ask
Does TSLP pay monthly dividends?
Yes. TSLP pays distributions every month. Over the 12 months to October 27, 2026, they totaled $4.78 per share, a yield of 29.15% of the share price. The cash comes mainly from selling Tesla call options, plus interest on the Treasury bills the fund holds. Payouts can vary from month to month, and option income is usually taxed as ordinary income rather than at the lower rates for qualified dividends.
Does TSLP own Tesla stock?
Not directly, as of August 31, 2026. On that date it held three U.S. Treasury bills worth about 102.5% of net assets, 0.92% cash and six Tesla option positions netting about -4%. The options supply the Tesla exposure: calls the fund bought track Tesla's moves, and calls it sold bring in income. The prospectus lets Kurv hold Tesla shares or build synthetic exposure from options, as long as at least 80% of net assets stays tied to Tesla.
How has TSLP performed since it launched?
Strong gains early, weaker results since. According to its prospectus, TSLP returned an average of 31.83% a year from its October 2023 launch through December 31, 2025, including 40.85% in 2024 and 9.41% in 2025. Based on market prices, it lost 15.8% over the year to October 27, 2026, and returned 15.6% a year over three years. Its strongest quarter gained 35.81% (ended December 31, 2024); its weakest lost 31.34% (ended March 31, 2025).
Is TSLP good for retirement income?
It pays high income but carries high risk. Its yield was 29.15% over the 12 months to October 27, 2026, paid monthly. But it rests on a single stock. Based on market prices, it lost 15.8% over that same year. It also fell 46.1% from December 2024 to March 2025 and recovered about seven months later. Retirees forced to cash out shares in such a slump lock in losses. It may fit only as a small, higher-risk part of a broader plan.
What's the difference between TSLP and owning Tesla stock?
TSLP trades some of Tesla's upside for monthly income. Owning Tesla shares captures every gain and loss with no fund fee. TSLP sells call options on Tesla for cash, which caps its gains when Tesla rallies, and selling calls does not limit losses when Tesla falls. TSLP also charges 1% a year, or $101 on $10,000 in the first year under the SEC's standard example, and its option income is usually taxed as ordinary income.