TSLY (YieldMax TSLA Option Income Strategy ETF) has paid out roughly $48 per share in distributions since its November 2022 launch — peaking at ~$18.25 in 2023 when Tesla volatility was extreme, before declining to ~$11.74 in 2024 and ~$8.77 in 2025. Its trailing yield reads about 109%, but here’s the reality behind the headline: TSLY’s actual annualized total return since inception is only around 6%, and over the past three years it’s been basically flat — because a large share of the payouts is return of capital, and the fund’s price has fallen roughly 78% (split-adjusted) from launch.
This article documents TSLY’s full distribution history, explains the two structural changes (the move to weekly payouts in October 2025 and the 1-for-5 reverse split in December 2025), and shows why the ~109% yield and the real total return are very different numbers.
TSLY Dividend Snapshot
| Metric | Value |
|---|---|
| Ticker | TSLY |
| Fund name | YieldMax TSLA Option Income Strategy ETF |
| Launch date | November 22, 2022 |
| Expense ratio | ~1.07% |
| Current yield | ~109% (trailing); ~53% distribution rate |
| Annual totals | ~$18.25 (2023), ~$11.74 (2024), ~$8.77 (2025) |
| Payout frequency | Weekly (since Oct 2025; monthly before) |
| Underlying | Tesla (TSLA) via synthetic covered calls |
Fund facts per StockAnalysis.com TSLY data and YieldMax official fund page, August 2026. Distribution amounts below are reported as-paid; see the split-adjusted note in each section.
TSLY Distribution History: The Monthly Era (2023–2025)
TSLY launched November 22, 2022, and paid its first distribution in January 2023. It paid monthly through September 2025. Here are the as-paid monthly totals:
2023 (12 payments) — total ~$18.25, range $0.88–$2.13
| Month | Dist. | Month | Dist. | |
|---|---|---|---|---|
| Jan | $1.997 | Jul | $2.132 | |
| Feb | $1.806 | Aug | $1.661 | |
| Mar | $1.805 | Sep | $1.170 | |
| Apr | $1.657 | Oct | $1.154 | |
| May | $0.880 | Nov | $1.169 | |
| Jun | $1.607 | Dec | $1.208 |
2024 (13 payments, two in Oct) — total ~$11.74, range ~$0.60–$1.29
| Month | Dist. | Month | Dist. | |
|---|---|---|---|---|
| Jan | $1.113 | Aug | $0.966 | |
| Feb | $0.809 | Sep | $0.819 | |
| Mar | $0.811 | Oct 1 | $1.095 | |
| Apr | $0.684 | Oct 31 | $0.599 | |
| May | $0.694 | Nov | $1.221 | |
| Jun | $0.645 | Dec | $1.286 | |
| Jul | $1.004 |
2025 (monthly Jan–Sep, then weekly) — total ~$8.77
| Month | Total | Month | Total | |
|---|---|---|---|---|
| Jan | $0.717 | Jul | $0.387 | |
| Feb | $0.579 | Aug | $0.301 | |
| Mar | $0.464 | Sep | $0.393 | |
| Apr | $0.660 | Oct (weekly) | $1.274 | |
| May | $0.760 | Nov (weekly) | $0.427 | |
| Jun | $0.403 | Dec (weekly) | $2.408 |
Monthly distribution data per StockAnalysis.com TSLY dividend history and YieldMax distribution releases, August 2026. Amounts vary and should be verified against YieldMax’s official distribution schedule.
The pattern is a story of decline. 2023 was TSLY’s peak year — monthly checks of $1.20–$2.13 during Tesla’s extreme 2023 volatility. By 2025, monthly totals had fallen to $0.30–$0.76 as TSLA’s implied volatility normalized. The income didn’t stop; it got smaller.
The 2023 Peak: Why TSLY Paid So Much Then
The all-time peak month was July 2023 at $2.1322, with January ($1.997) and February–March (~$1.81) close behind. This was Tesla’s most volatile stretch since the fund launched — the period of the 2023 meme-style rally when TSLA option premiums (and thus TSLY’s synthetic covered-call income) were extraordinary.
The mechanism is the same for every YieldMax fund: payouts track the underlying’s volatility, not its business. When Tesla’s options are expensive, TSLY’s distributions spike. When the tape calms down, so do the payouts. That’s why 2023 (chaotic) paid $18.25 and 2025 (calmer) paid $8.77.
The Switch to Weekly Payouts (October 2025)
In October 2025, TSLY moved from monthly to weekly distributions — the first weekly ex-date was October 16, 2025, after a final larger monthly payment on October 2 ($0.8020, the largest single payment of the year). Per YieldMax’s distribution schedule, TSLY is now a “Group 2” weekly payer with Thursday ex-dates.
| Period | Cadence | Typical Single Payout |
|---|---|---|
| Jan 2023 – Sep 2025 | Monthly | $0.30 – $2.13 |
| Oct 2025 onward | Weekly | $0.09 – $0.52 |
Weekly distribution data per StockAnalysis.com, August 2026.
Weekly payouts don’t increase income — they spread it across smaller, more frequent checks. What mattered more was the run-rate: TSLY’s monthly totals roughly halved through 2026 as the payout base declined.
The 1-for-5 Reverse Split (December 2025)
In early December 2025, TSLY executed a 1-for-5 reverse stock split — shareholders received one share for every five held, and the price multiplied by five. This is a cosmetic change (total value unchanged), but it scrambles dividend history unless you adjust for it.
| Basis | 2023 Total | 2024 Total | 2025 Total |
|---|---|---|---|
| As-paid | ~$18.25 | ~$11.74 | ~$8.77 |
| Split-adjusted (×5 pre-split) | ~$91.23 | ~$58.72 | ~$34.23 |
Split-adjusted figures per StockAnalysis.com, which adjusts historical amounts for the split.
If you see TSLY’s 2023 distribution listed as “~$91/share,” that’s the split-adjusted number, not what shareholders actually received. This article reports the as-paid amounts — the real cash in shareholders’ accounts.
Yield vs. Total Return: The Number That Matters
Here is the single most important fact about TSLY: the ~109% yield is not the return.
| Metric | Value |
|---|---|
| Trailing 12-month yield | ~109% (split-adjusted TTM dividend) |
| YieldMax current distribution rate | ~53% |
| 30-day SEC yield (excludes option income) | ~3.5% |
| Since-inception annualized total return | ~6.1% |
| 3-year annualized total return | ~0.0% |
| 1-year total return | ~7% (YieldMax) to ~11.8% (StockAnalysis) |
| Price change since launch (split-adjusted) | ~−78% |
Performance figures per YieldMax official TSLY page and StockAnalysis.com, July–August 2026.
Why the gap? A large share of TSLY’s distributions is classified as return of capital (ROC) — many 2026 weekly payments carry 70–100% estimated ROC per YieldMax disclosures. ROC pays you back your own principal while eroding the share price. The fund’s own 30-day SEC yield of ~3.5% (which excludes option income) is the sobering truth under the 109% headline.
Over three years, TSLY’s total return has been essentially zero — all the income was offset by capital erosion. TSLA itself rose substantially in that window (trading around $327 with a ~9-month rally into 2026), but TSLY’s capped call structure captured only a slice of that upside while taking the full downside. That’s the signature trade-off of single-stock covered-call funds.
TSLY vs. NVDY vs. MSTY: How the YieldMax Family Compares
| Feature | TSLY (TSLA) | NVDY (NVDA) | MSTY (MSTR) |
|---|---|---|---|
| Launch | Nov 2022 | May 2023 | Feb 2024 |
| Trailing yield | ~109% | ~62% | ~249% |
| 1-yr total return | ~+7-12% | +21% | −68% |
| Since-inception annualized | ~6% | ~56% | Variable |
| Price since launch | Down ~78% (split-adj.) | Down ~38% | Collapsed ~87% from peak |
Data per StockAnalysis.com fund pages, August 2026.
The contrast with NVDY is the clearest lesson: NVDY’s underlying (Nvidia) rose ~7x, so even with capped upside, its huge distributions produced a strong ~56% annualized return. TSLY’s underlying (Tesla) was choppier relative to TSLY’s payout base, and the result was a ~6% annualized return despite a triple-digit “yield.” The difference is entirely the behavior of the underlying stock. See our NVDY history breakdown and MSTY distribution history for the full comparisons.
A Real TSLY Investor’s Experience
“I bought TSLY in early 2023 when the monthly checks were $1.80-2.10 and it felt like free money — $500-600 a month on my $28,000 position. I held through 2024 and 2025 as the payouts shrank and the share price slowly bled. The weekly switch in October 2025 made it easier to ignore, since each check was small. Then I finally looked at the account: I’d collected maybe $14,000 in distributions but my shares were worth about 40% less than I paid. The income was real, but it was largely my own capital coming back. I sold in mid-2026 and put the money into a diversified premium-income fund instead.” — Anonymous TSLY investor, Dividend Guide reader survey
| Year | Investor’s Approx. Monthly Income | TSLY Price Trend |
|---|---|---|
| 2023 | ~$550 | Relatively stable |
| 2024 | ~$350 | Declining |
| 2025 | ~$250 | Declining steadily |
| 2026 YTD | ~$140 | Flat-to-lower |
Illustrative investor scenario based on the distribution history above and a ~$28,000 position. Individual results vary.
TSLY Dividend History Questions
What is TSLY’s dividend history?
TSLY paid monthly from January 2023 through September 2025, then switched to weekly. Annual totals: ~$18.25 (2023), ~$11.74 (2024), ~$8.77 (2025). The 2023 payouts were the peak, driven by extreme Tesla volatility.
How much does TSLY pay?
Weekly payouts of roughly $0.09–$0.52 since October 2025 (Thursday ex-dates), combining to about $0.40–$1.60 per month. It paid monthly at $0.88–$2.13 during peak 2023 TSLA volatility; the switch to weekly came in October 2025.
What is TSLY’s current yield?
About 109% on a trailing-12-month basis (split-adjusted), but that number is inflated by the unusually large late-2025 payouts and the reverse-split adjustment. YieldMax’s current distribution rate is ~53%, and the 30-day SEC yield (which excludes option income) is just ~3.5%.
Why did TSLY’s payout drop after 2023?
TSLY’s payouts track Tesla’s option volatility. 2023’s checks were huge because TSLA was extremely volatile; as the tape calmed, distributions fell. The decline reflects lower premiums, not a dividend cut in the traditional sense.
Did TSLY have a reverse stock split?
Yes. TSLY executed a 1-for-5 reverse split in early December 2025. Shareholders got one share for every five held; the price multiplied by five but the total value and income were unchanged. Financial sites show split-adjusted history, which is why older amounts look 5x larger.
Is TSLY’s dividend sustainable?
The payouts are option premium income plus a large share of return of capital. Many 2026 weekly payments carry 70-100% estimated ROC, which erodes the share price. TSLY’s since-inception annualized total return is only ~6%, and it’s been flat over three years — judge it by total return, not yield.
Are TSLY distributions qualified dividends?
Mostly no. TSLY payouts are largely ordinary income and return of capital, reported on Form 1099-DIV. The ROC portion isn’t taxed immediately but reduces your cost basis. TSLY is tax-inefficient for taxable accounts.
Is TSLY a good investment?
For income traders who understand capped upside and ROC, TSLY has delivered real (if modest) total returns since inception. It’s not better or worse than NVDY as a rule — NVDY returned ~56% annualized because Nvidia rose ~7x, while TSLY returned ~6% annualized because Tesla’s moves didn’t translate to the same payout base. For long-term compounding, the underlying stock or a diversified premium-income fund is generally the better vehicle.
What TSLY’s History Teaches Income Investors
TSLY’s distribution history is the clearest possible demonstration that advertised yield and real return are different currencies. It paid enormous distributions in 2023, went weekly in 2025, reverse-split in December 2025 — and after all of it, its ~109% trailing yield coexists with a ~6% annualized total return and a share price down ~78% (split-adjusted) from launch.
- Judge TSLY by total return, never by yield — the ~109% headline is split-adjusted math on a declining price
- Watch the ROC percentage — high return-of-capital shares mean the payout is eating the share price
- Know the underlying is everything — TSLY’s capped calls work only if TSLA doesn’t stall or fall
- Check the split-adjusted history — TSLY’s 1-for-5 reverse split scrambles old payout figures on data sites
Model realistic TSLY income with the Dividend Calculator, compare sustainable alternatives in best dividend stocks, and see where (if anywhere) covered-call funds fit in our dividend strategies guide. Compare TSLY against the diversified premium-income funds — JEPQ’s distribution history and QQQI’s record — which offer far steadier payouts than single-stock YieldMax funds.
Last updated: 2026-08-04. This article is for informational and educational purposes only and does not constitute financial advice. Distributions are not guaranteed and past performance does not predict future results. TSLY is a high-risk strategy with significant capital erosion risk. Consult a qualified financial advisor before investing.
Reviewed by the Dividend Guide Content Review Board. Our editorial process verifies distribution data against YieldMax fund disclosures, SEC filings, and independent ETF data sources.