At a glance
TSLY charges 1.07% a year. It has $642.0M in assets; it paid 72.49% of its price in distributions over the past 12 months, monthly. Over the past year it returned −6.1% with distributions reinvested; over three years it returned +13.1% a year.
The short version
YieldMax TSLA Option Income Strategy ETF (TSLY) is an actively managed fund that mirrors Tesla (TSLA) stock through options and sells call options to generate cash it aims to pay out weekly. Its trailing 12-month yield was 72.49% as of October 27, 2026, but part of that can be a return of investors' own money. Its gains are capped, Tesla's losses pass through in full, and the expense ratio is 1.07%.
Price history
The interactive chart needs JavaScript.
TSLY -6.1% 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 | |
|---|---|---|---|---|---|---|
| TSLY official prospectus, to Dec 31, 2025 | — | +14.17% | — | — | — | +16.96% |
| TSLY price data to Oct 27, 2026 | -6.4% | -6.1% | +13.1% | — | — | +8.3% |
- Over the year to Oct 27, 2026, TSLY returned -6.1%.
- Its worst full calendar year was 2025 (+3.1%); its best was 2023 (+50.5%).
- The deepest fall in its price history was 49.3% (Dec 17, 2024 to Mar 10, 2025), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -6.4% | — |
| 2025 | +3.1% | +14.17% |
| 2024 | +29.2% | +29.51% |
| 2023 | +50.5% | +50.24% |
| 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) | $11.7120 | |
| 2025 | $29.5863 | -49.6% |
| 2024 | $58.7390 | -35.6% |
| 2023 | $91.2300 |
What's inside
As of Jul 31, 2026, the fund held 5 securities; the ten largest made up 124.03% of assets, and 2.23% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 31.24% | |
| TREASURY BILL Bonds and notes | 28.45% | |
| TREASURY BILL Bonds and notes | 28.34% | |
| TREASURY BILL Bonds and notes | 24.01% | |
| TREASURY BILL Bonds and notes | 12.00% |
By country
United States 124.03%By issuer
US Treasury 124.03%The bonds mature in 0.2 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $47.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +9.85%, -2.80%, -22.37%.
How it works
TSLY does not follow an index. Its manager runs what the prospectus calls a synthetic covered call strategy, or at times a covered call spread, built around one stock: Tesla. In a traditional covered call, an investor owns a stock and sells someone else the right to buy it at a set price (the strike) by a set date. In return, the investor collects a fee called a premium. TSLY usually doesn't own Tesla shares. Instead it buys and sells standard and FLEX options (exchange-listed contracts with customizable terms) that together copy Tesla's price moves. It then sells calls on top to earn income. It may sometimes hold Tesla shares directly.
As of July 31, 2026, the fund held five US Treasury bills worth about 124% of its $642 million in net assets, plus 2.23% in cash. These short-term bills, which averaged about 0.2 years to maturity, back the options. Twelve option positions netted to about -33% of assets. They included Tesla calls expiring August 7, 2026 with strikes from $327.50 to $332.50, and September 18, 2026 calls near $410 and $415. Portfolio turnover was 124%.
If Tesla rises above the strike prices, the fund keeps only part of the gain. If Tesla falls, the fund takes the loss, softened only by premiums. Holders get no voting rights and no Tesla dividends unless the fund owns shares.
What it really costs
- TSLY charges 1.07% a year.
- Of that, 0.99% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $109 in the first year and $1,306 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TSLY | $109 | $340 | $590 | $1,306 |
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
It is a single-stock options fund with Tesla's full downside, capped upside and payouts that may include return of capital, so it can only be a small, higher-risk piece of a portfolio.
TSLY launched on November 22, 2022, so it has no record from the 2008, 2020 or 2022 market drops. Its own history is rough enough. It fell 49.3% from December 17, 2024 to March 10, 2025 and had not regained that peak as of October 27, 2026. Anyone selling shares or drawing income after a drop like that would lock in losses. The trailing 12-month yield was 72.49% as of October 27, 2026, and the prospectus says the fund aims to pay weekly. Large payouts can partly return capital and shrink the share price, and option income is usually taxed as ordinary income. The fund costs 1.07% a year. In the SEC's standard $10,000 example, that comes to $109 in year one and $1,306 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want very high cash payouts tied to Tesla and accept that some distributions may be return of capital.
- People who hold a small satellite position, already live with Tesla's sharp price swings and understand how covered call options work.
- Income seekers holding it in tax-advantaged accounts, since option income is usually taxed as ordinary income rather than as qualified dividends.
Look elsewhere if
- Anyone needing diversification: its returns rest on one stock, Tesla, and its three-year volatility was 45.8% as of October 27, 2026.
- Those wanting Tesla's full upside: sold calls cap gains, while losses, like the 49.3% drop from December 2024, pass through.
- Cost-conscious investors: its 1.07% expense ratio adds up to $1,306 over 10 years in the SEC's standard $10,000 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 TSLY pay dividends weekly or monthly?
TSLY's prospectus says it seeks to pay cash distributions every week. Over the 12 months through October 27, 2026, it paid about $16.83 per share, adjusted for splits, for a trailing yield of 72.49%. The amounts depend on option premiums and Tesla's volatility, so no payment is fixed. Part of a distribution, sometimes a large part, may be classified as return of capital. That means investors get back some of their own principal rather than income.
Is TSLY's 72% yield real?
The payouts are real cash, but the yield overstates the fund's income. TSLY's trailing 12-month yield was 72.49% as of October 27, 2026. The prospectus warns that a portion of distributions, sometimes a significant one, may be return of capital, so payouts don't necessarily reflect income or yield. Total return gives a fuller picture: TSLY's one-year return through October 27, 2026 was -6.1%, despite the large payouts.
Is TSLY better than buying Tesla stock?
It's a different investment, not a substitute. TSLY gets exposure to Tesla's price through options and sells calls for income. When Tesla climbs above the strike prices, the fund captures only part of the gain. When Tesla falls, it takes the full loss, offset only by premiums. Holders have no voting rights and no Tesla dividends unless the fund owns shares. TSLY also charges a 1.07% expense ratio, while holding the stock directly carries no fund fee.
Is TSLY good for retirement income?
At most, it may suit a small, higher-risk slice of a retirement portfolio. TSLY depends on a single stock, and its three-year volatility was 45.8% as of October 27, 2026. It fell 49.3% between December 17, 2024 and March 10, 2025 and hadn't recovered that peak by October 27, 2026. Selling or drawing income after such a drop locks in losses. Its payouts may partly return capital, and option income is usually taxed as ordinary income.
What has TSLY returned since it launched?
According to its prospectus, TSLY returned an average of 16.96% a year from its November 22, 2022 launch through December 31, 2025. Its calendar-year returns were 50.24% in 2023, 29.51% in 2024 and 14.17% in 2025. Its strongest quarter gained 40.68% (first quarter of 2023), and its weakest lost 32.22% (first quarter of 2025). For 2026, it was down 6.4% year to date through October 27, 2026. Past results don't predict future returns.