YieldMax Announces Distributions for MSST, NVIT, and TEST ETFs

Distribution Details

YieldMax has announced distributions for three of its Performance & Distribution Target 25 ETFs: MSST, NVIT, and TEST. The distributions are scheduled for payment on August 17, 2026. The funds are designed to target a 25% annual income level, though actual distributions may vary.

The distribution rates, calculated as of the close on August 14, 2026, are based on each fund's most recent net asset value (NAV). These rates represent the annualized distribution an investor would receive if the most recent distribution remained constant. It is important to note that distributions may include ordinary dividends, capital gains, and return of capital, which can reduce the fund's NAV and trading price over time.

Key Metrics

The following table summarizes the distribution per share, distribution rate, 30-Day SEC yield, and estimated return of capital (ROC) for each fund. The 30-Day SEC yield, as of July 31, 2026, reflects net investment income and excludes option income.

• MSST: Distribution per share: $0.50; Distribution rate: 12.5%; 30-Day SEC yield: 4.2%; Estimated ROC: 30%
• NVIT: Distribution per share: $0.75; Distribution rate: 15.0%; 30-Day SEC yield: 5.1%; Estimated ROC: 25%
• TEST: Distribution per share: $0.60; Distribution rate: 13.8%; 30-Day SEC yield: 4.8%; Estimated ROC: 35%

These figures are estimates and may be adjusted for tax reporting purposes. The actual tax treatment of distributions will depend on each fund's investment activities and applicable tax regulations.

Risks and Considerations

Each fund has a limited operating history, and there is no guarantee that distributions will be made. Distributions are variable and may be zero in some periods. The funds' strategies cap potential gains if the reference asset increases in value, but expose investors to all potential losses if the reference asset declines. These losses may not be offset by income received.

Investors should be aware that distribution rates may be influenced by unusually favorable market conditions and may not be sustainable. Past performance is not indicative of future results, and current performance may be lower or higher than reported.

What it means for income investors

These distributions reflect YieldMax's approach to generating income through options strategies. However, the high distribution rates come with significant risks, including potential return of capital and limited upside. Income-focused investors should consider the sustainability of these distributions and the underlying risks before making any decisions.

Reporting based on: The Manila Times. Figures verified against market data where available.