YieldMax Tesla Option ETF Gains 51.4% Versus 134% Stock Rise, Yields 60%+
Since its November 2022 launch, Tesla shares jumped 134.24% while the ETF gained only 51.4% in price, illustrating how its covered-call structure caps upside and leaves downside fully exposed. The $1.1 billion fund with a 1.04% expense ratio paid weekly distributions of $0.296–$0.3495 per share in early 2026.
1. Performance Comparison
Since its November 2022 inception, Tesla shares have surged 134.24% while the ETF’s NAV rose only 51.4%, highlighting the impact of its covered-call overlay on overall returns. Year-to-date in 2026, Tesla has declined 11.5% and the ETF is down 6.52%, reflecting exposure to most market swings.
2. Covered-Call Structure and Assets
The fund employs a synthetic covered-call strategy, holding approximately $1.1 billion in assets and charging a 1.04% expense ratio. It does not directly own shares but uses long synthetic equity positions offset by sold call and short put options, with March 2026 strikes at $440 and $455.
3. Distribution Volatility and Yield
Distributions totaled $10.78 per share in 2024, delivering a 75.31% annualized yield, and have ranged weekly from $0.296 to $0.3495 in early 2026. Payouts fluctuate with Tesla’s implied volatility, falling when the stock calms and rising during periods of heightened swings.
4. Investor Considerations
The ETF suits investors seeking income from Tesla volatility without directional exposure but requires acceptance of capped upside and full downside risk. Key indicators to monitor include Tesla’s implied volatility levels, upcoming delivery numbers, and the fund’s published strike schedules and distribution history.