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TEST

GradeCChicago Board Options Exchange

Tidal Trust II - YieldMax TSLA Performance & Distribution Target 25 ETF

Single-stock strategy · Option Income · YieldMax · Inception 2025-11-17

This fund concentrates its exposure in one company, using derivatives rather than holding the shares directly. Its results depend on that single stock.

$38.16+0.02 (+0.06%)

As of Sep 23, 2026, 10:45 AM EDT

History starts Nov 18, 2025.History starts Nov 18, 2025.
Intraday session: up, 4 prints from 38.14 to 38.16. Range 38.10 to 38.16. Use the arrow keys to read each point.$38.10$38.12$38.1410 AM12 PM2 PM4 PM
Expense ratio
1.01%
Fund size
$4M
1Y return
—
Yield · Last 12 months
Data unavailable
Volume · 30D
0M sh
NAV per share
$37.99
52W range
low $33.40high $57.74

The ETF.net TEST Grade

C

40/ 100

Rank 6 of 9 in Tesla (TSLA) Option Income⁠

Confidence Low

Six-pillar profile for TEST. Scores out of 100: Cost 67, Risk 51, Mission not scored, Tradability 22, Holdings not scored, Durability 35. Strongest: Cost (67). Weakest: Tradability (22). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 40 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E. A structural cap ceilings this fund at 40, so B and A are out of reach.

Ceiling 40 · B and A out of reach

The pillars earned50This cap took−10Published score40 Grade C

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    BScore 67
    Category rank3/9 · top 33%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 51
    Category rank3/8 · top 38%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    FScore 22
    Category rank8/9 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    DScore 35
    Category rank8/9 · bottom quartile

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

TEST Holdings

As of Sep 20, 2026, 6:39 AM
Asset class
Stocks
Holdings
—
Top-10 weight
111%
Largest holding
United States Treasury Bill 07/08/202745.3%

Geography

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—United States Treasury Bill 07/08/202745.27%1,739,000$2M58
002—United States Treasury Note/Bond 2.375% 05/15/202717.08%642,000$634K55
003—United States Treasury Bill 02/18/202716.98%641,000$630K63
004—United States Treasury Bill 12/10/202616.42%615,000$610K57
005—TSLA 11/20/2026 370.01 C6.93%103$257K2
006—Cash & Other4.67%173,228$173K674
007—First American Government Obligations Fund 12/01/20312.46%91,266$91K625
008—TSLA US 10/16/26 C4100.82%83$30K1
009—TSLA US 10/16/26 C3900.39%20$15K1

Showing 1–9 of 9 holdings

TEST Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

TEST$8,660
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,430
Dec 31, 2025 to Sep 22, 2026. TEST $8,660. SPY $11,430. Use the arrow keys to read each point.$6,970$9,386$11,801Dec 2025May 2026Sep 2026

Dec 31, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for TEST. Periods over one year show the average yearly return.
PeriodTEST
Year to date−13.4%
1 month+1.9%
3 months−8.8%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for TEST
YearReturn barTEST
2026 YTD−13.4%
2025+9.0%

History from Nov 18, 2025

TEST in the news

ETF.net Research hasn’t filed on TEST yet — coverage lands here as it’s written.

TEST Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Upcoming payment
$0.18 per share
Pays on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Weekly

Distribution data unavailable.

Distribution history

2026

One bar per payment. 38 payments in 2026 YTD. Jan 6, 2026 $0.25; Jan 13, 2026 $0.25; Jan 21, 2026 $0.25; Jan 27, 2026 $0.25; Feb 3, 2026 $0.24; Feb 10, 2026 $0.23; Feb 18, 2026 $0.23; Feb 24, 2026 $0.23; Mar 3, 2026 $0.23; Mar 10, 2026 $0.22; Mar 17, 2026 $0.22; Mar 24, 2026 $0.21; Mar 31, 2026 $0.21; Apr 7, 2026 $0.20; Apr 14, 2026 $0.20; Apr 21, 2026 $0.22; Apr 28, 2026 $0.21; May 5, 2026 $0.21; May 12, 2026 $0.22; May 19, 2026 $0.22; May 27, 2026 $0.22; Jun 2, 2026 $0.23; Jun 9, 2026 $0.22; Jun 16, 2026 $0.21; Jun 23, 2026 $0.21; Jun 30, 2026 $0.20; Jul 7, 2026 $0.23; Jul 14, 2026 $0.22; Jul 21, 2026 $0.20; Jul 28, 2026 $0.17; Aug 4, 2026 $0.17; Aug 11, 2026 $0.17; Aug 18, 2026 $0.18; Aug 25, 2026 $0.18; Sep 1, 2026 $0.18; Sep 9, 2026 $0.18; Sep 15, 2026 $0.18; Sep 22, 2026 $0.18. Use the arrow keys to read each point.2026YTD
Ex-datePay dateAmount per share
Sep 22, 2026Pays Sep 23, 2026$0.18
Sep 15, 2026Sep 16, 2026$0.18
Sep 9, 2026Sep 10, 2026$0.18
Sep 1, 2026Sep 2, 2026$0.18
Aug 25, 2026Aug 26, 2026$0.18
Aug 18, 2026Aug 19, 2026$0.18
Aug 11, 2026Aug 12, 2026$0.17
Aug 4, 2026Aug 5, 2026$0.17
Jul 28, 2026Jul 29, 2026$0.17
Jul 21, 2026Jul 22, 2026$0.20
Jul 14, 2026Jul 15, 2026$0.22
Jul 7, 2026Jul 8, 2026$0.23

TEST Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Nov 2025; fills in after 12 months
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
—
Launched Nov 2025; fills in after 12 months
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
—
Launched Nov 2025; fills in after 12 months
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.96
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

TEST Cost

Expense ratio1.01%
  • The middle half of Tesla (TSLA) Option Income funds
  • Median 1.07%

2 of the 9 Tesla (TSLA) Option Income funds charge less.

TEST costs $101.00 a year on $10,000. The median Tesla (TSLA) Option Income fund costs $107.00.