Derivative Income ETFsby Aseity Research

TEST dividend: payout history, ex-dates and yield

YieldMax TSLA Performance & Distribution Target 25 ETF · YieldMax · pays weekly

Quick answer

TEST's latest payout was $0.1893 a share, ex-date 3 November 2026. At that rate it yields about 28% a year at the 5 Nov price of $34.98. YieldMax's latest Section 19(a) notice estimated 93% of the 14 Oct payout as return of capital, a tax classification (what that means).

Updated 6 Nov 2026 · By Matthew Rhodes, former sell-side analyst · Sources and method

Next ex-date (expected)Tue 10 Nov 2026Pays Wed 11 Nov. Own TEST before the ex-date to receive it. Based on its weekly pattern; not yet declared.
On $10,000 at the latest price$54 a weekIf the latest $0.1893 payout repeated.
Paid over the last 12 payouts$2.16 a shareAverage $0.1800, 11 Aug to 3 Nov.

TEST dividend history

Every TEST payout per share, newest first. It pays weekly.

7 Jul 2026: $0.22617 Jul14 Jul 2026: $0.215314 Jul21 Jul 2026: $0.202721 Jul4 Aug 2026: $0.16674 Aug11 Aug 2026: $0.173411 Aug18 Aug 2026: $0.177618 Aug25 Aug 2026: $0.184125 Aug1 Sep 2026: $0.17781 Sep9 Sep 2026: $0.17889 Sep15 Sep 2026: $0.180815 Sep22 Sep 2026: $0.178322 Sep29 Sep 2026: $0.182829 Sep6 Oct 2026: $0.18016 Oct13 Oct 2026: $0.183413 Oct20 Oct 2026: $0.173620 Oct3 Nov 2026: $0.18933 Nov
TEST payouts per share, 7 Jul 2026 to 3 Nov 2026. Latest in green.
TEST payouts per share
Ex-datePay datePayoutChangeReturn of capital (est.)
3 Nov 2026–$0.1893+9.0%–
20 Oct 2026–$0.1736−5.3%–
13 Oct 2026–$0.1834+1.8%93%
6 Oct 2026–$0.1801−1.5%78%
29 Sep 202630 Sep 2026$0.1828+2.5%88%
22 Sep 202623 Sep 2026$0.1783−1.4%0%
15 Sep 202616 Sep 2026$0.1808+1.1%89%
9 Sep 202610 Sep 2026$0.1788+0.6%77%
1 Sep 20262 Sep 2026$0.1778−3.4%89%
25 Aug 202626 Aug 2026$0.1841+3.7%94%
18 Aug 202619 Aug 2026$0.1776+2.4%89%
11 Aug 202612 Aug 2026$0.1734+4.0%100%
4 Aug 20265 Aug 2026$0.1667−17.8%0%
21 Jul 202622 Jul 2026$0.2027−5.9%90%
14 Jul 202615 Jul 2026$0.2153−4.8%76%
7 Jul 20268 Jul 2026$0.2261+12.4%76%
30 Jun 20261 Jul 2026$0.2012−5.5%75%
23 Jun 202624 Jun 2026$0.2130+0.4%0%
16 Jun 202617 Jun 2026$0.2121−2.8%90%
9 Jun 202610 Jun 2026$0.2182−4.9%91%
2 Jun 20263 Jun 2026$0.2294+3.0%91%
27 May 202628 May 2026$0.2228+0.5%91%
19 May 202620 May 2026$0.2217+5.8%0%
5 May 20266 May 2026$0.209590%

Showing the latest 24 of 44 payouts since 2 Dec 2025.

TEST payouts by tax character

As estimated by YieldMax in its Section 19(a) notices. This is an accounting classification for tax purposes, not a measure of the fund's performance. Final figures are on Form 1099-DIV. Not tax advice.

38 notices in 2026, $7.85 a share in total

Net investment income
$2.23 · 28%
Capital gains
$0.00 · 0%
Return of capital
$5.63 · 72%
Latest notices, per share
PaidTotalIncomeCapital gainsReturn of capitalNotice
14 Oct 2026$0.1834$0.0120$0.0000$0.1714PDF
7 Oct 2026$0.1801$0.0398$0.0000$0.1403PDF
30 Sep 2026$0.1828$0.0213$0.0000$0.1615PDF
23 Sep 2026$0.1783$0.1783$0.0000$0.0000PDF
16 Sep 2026$0.1808$0.0193$0.0000$0.1615PDF
10 Sep 2026$0.1788$0.0411$0.0000$0.1377PDF
2 Sep 2026$0.1778$0.0198$0.0000$0.1580PDF
26 Aug 2026$0.1841$0.0114$0.0000$0.1727PDF

TEST fund facts

As published by YieldMax for 6 November 2026, with the change since 7 Oct 2026.

Net assets$1.7M−54% from $3.8M.
Shares outstanding0.05M−50.0% from 0.10M: more shares redeemed than created.
NAV per share$34.89Closing market price $34.98.
Premium / discount to NAV+0.26%
Distribution rate25.00%Published by the issuer: latest payout annualised.
SEC 30-day yield2.79%Published by the issuer: standardised net investment income.
Why the distribution rate and the SEC yield are so different

They measure different things. The distribution rate annualises the latest payout against the share price. The SEC 30-day yield is a standard formula that counts only the fund's net investment income, such as dividends and interest, after expenses. Option premium is not included in it, so for option-income funds the two figures are usually far apart.

TEST total return vs the market

Total return with payouts reinvested, to 5 November 2026. SPY tracks the S&P 500, QQQ the Nasdaq-100.

Fund1 month3 months6 months12 months
TEST−5.8%+4.7%−9.9%–
QQQ (Nasdaq-100)−14.4%−9.7%−4.9%+4.3%
SPY (S&P 500)−5.4%−4.5%+1.8%+9.3%
$54$44$3418 Nov 20255 Nov 2026
TEST share price, first trading day of each month
12-month high
$57.12 · 22 Dec 2025
Latest close
$34.98 · 5 Nov 2026
Below 12-month high
−38.8%

What happens to the price on the ex-date

On an ex-date the payout leaves the fund, so the price usually falls by about that amount. Over TEST's last 12 ex-dates the closing price fell a median $0.24, against a median payout of $0.18. The price also moves with the market on the day.

Ex-datePayoutClose the day beforeClose on the ex-datePrice change
3 Nov 2026$0.1893$39.61$39.13−$0.48
20 Oct 2026$0.1736$37.35$37.61+$0.26
13 Oct 2026$0.1834$37.96$37.70−$0.26
6 Oct 2026$0.1801$38.03$38.00−$0.03
29 Sep 2026$0.1828$36.54$35.98−$0.56
22 Sep 2026$0.1783$37.98$38.14+$0.16
15 Sep 2026$0.1808$37.16$36.82−$0.34
9 Sep 2026$0.1788$38.11$37.90−$0.21

What TEST holds

From YieldMax's holdings file, 6 November 2026: 6 positions plus 6 option contracts.

Largest holdings

  1. United States Treasury Bill 12/10/202635.1%
  2. United States Treasury Bill 07/08/202720.7%
  3. United States Treasury Note/Bond 2.375% 05/15/202718.9%
  4. United States Treasury Bill 02/18/202718.9%
  5. Cash & Other12.8%
  6. First American Government Obligations Fund 12/01/20312.1%

Its options, on 2 underlyings

Calls sold2
Calls bought3
Puts sold1
Puts bought0

Expiring 20 Nov 2026. Selling a call brings in premium and gives up gains above its strike; buying a put limits losses below its strike; selling a put brings in premium and adds exposure if the price falls towards its strike.

TEST changes

No closures, strategy changes or unusual payouts recorded for TEST.

TEST questions

How often does TEST pay a dividend?

Weekly. Its recent ex-dates fell on a Tuesday. It has paid 44 times since 2 Dec 2025 in our records.

When is TEST's next ex-date?

Expected 10 November 2026, based on its weekly pattern; not yet declared. You must own TEST before the ex-date to receive it. In 4 of the last 4 payouts the amount was declared the day before the ex-date.

How much does TEST pay per share?

The latest payout was $0.1893 a share (ex-date 3 November 2026). Over its last 12 payouts it averaged $0.1800.

What is TEST's dividend yield?

About 28% a year if the latest payout repeated for a year at the 5 November 2026 price of $34.98. Payouts change, so this is not a forecast.

Is TEST's dividend return of capital?

In TEST's Section 19(a) notices, YieldMax estimated 93% of the 14 October 2026 payout as return of capital. This is a tax classification, not a measure of the fund's performance: return of capital usually lowers your cost basis instead of being taxed as income now. Estimates can change, and the final figures are on your year-end Form 1099-DIV. Ask a tax adviser how it applies to you.

How big is TEST?

YieldMax reported net assets of $1.7M on 6 November 2026, down from $3.8M on 7 October 2026.

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TEST documents

Sources and method

Payouts from YieldMax's website and data files, checked against its Section 19(a) notices where published. Return-of-capital figures are the fund's own estimates from those notices, reported as published; they are a tax classification, not a measure of performance, and the final figures are on Form 1099-DIV. Prices and total returns from daily closing prices adjusted for splits and payouts. Holdings and fund facts from YieldMax's daily files. For information only, not investment or tax advice. More on our method.