Share-split context: A reverse split was recorded on Dec 1, 2025 with coefficient 0.2. A reverse split combines multiple old shares into fewer new shares and mechanically raises the quoted price per share. That mechanical increase does not restore lost investment value. The returns in this report are already split-adjusted, while reverse-split history remains a separate structural warning.

What this ETF is trying to do

The YIELDMAX(R) TSLA OPTION INCOME STRATEGY ETF (TSLY) is a single-stock ETF. This means it focuses on one specific company—Tesla (TSLA). It uses an "option income strategy" to try and generate cash for investors. Instead of just owning the stock, it uses financial contracts called options to create regular payments.

What the numbers show

When looking at this ETF, it is important to understand two different types of returns: price return (how much the share price moves) and total return (the share price change plus any cash distributions received).

• Year-to-Date (YTD): The price return is approximately -39.80%. However, the total return is -11.15%.

• One-Year: The price return was approximately -46.06%, while the total return was -5.45%.

• Three-Year: The price return shows a large decline of approximately -83.68%. Interestingly, the three-year total return is positive at 24.75%.

This ETF has a history of reverse splits. In a reverse split, multiple old shares are combined into fewer new shares. This causes the price per share to rise mechanically, but it does not increase the actual value of the investment.

Income and distribution explanation

This ETF is known for very high distributions. The distribution yield is approximately 63.77%. These payments are very frequent, occurring about 52 times over the last year (roughly weekly), mostly on Thursdays.

While these large cash payments can provide income, a high yield alone can be misleading. It does not guarantee that the overall value of your investment will stay the same or grow.

NAV erosion explanation

"NAV erosion" refers to a decline in the Net Asset Value, or the actual underlying value, of the ETF. StockValueFinder has issued a severe erosion-risk flag for this ETF. This means the split-adjusted price trend and a low erosion-risk score (10 out of 100) have triggered a warning. The data labels this as "Severe price erosion."

Top Holdings

The following are the top holdings in the portfolio (note that this is a partial list):

• TSLA 09/18/2026 410.01 C (7.47%)

• TSLA 09/18/2026 415.01 C (6.39%)

• OTHER ASSETS AND LIABILITIES (4.39%)

• FIRST AMERICAN GOVERNMENT OBLIGS X (3.75%)

Holdings can change over time. This data was last updated on October 8, 2026.

Pros

• Provides very frequent cash distributions (weekly-like).

• Offers a high distribution yield.

Cons

• Shows a severe erosion-risk flag.

• The share price has experienced significant declines over the last year and three years.

• High distribution yields can exist even when the share price is falling.

Beginner takeaway

Investors should understand that high cash payments do not always mean the investment is growing. In the case of TSLY, while the total return over three years was positive, the share price itself has dropped significantly. Always look at both the distribution yield and the total return to see the full picture.