YieldMax Group 3 Target 25™ May 2026 Calendar (Wednesday Pay) — MSST, NVIT, TEST

Weekly Group 3 is the smallest and least-discussed of YieldMax’s three weekly distribution groups. Three tickers — MSST, NVIT, and TEST — pay every Wednesday under the Target 25™ product framework. For May 2026, those four Wednesdays fall on May 6, May 13, May 20, and May 27.

If you are searching specifically for one of these tickers, there is a good chance you already know what you are looking for. If you arrived here through a general YieldMax distribution search, this post will explain why Group 3 exists, how Target 25™ differs from the Maximized funds your searches more commonly surface, and why the Memorial Day holiday on May 25, 2026 creates an explicit flag you need to verify before assuming the May 27 pay date holds.

The editorial position up front: Group 3 exists for risk-adjusted income seekers who specifically want the Target 25™ distribution structure. Most casual retail investors researching YieldMax income ETFs should focus on Group 1 (CONY, MSTY, Thursday) or Group 2 (TSLY, NVDY, Friday) unless they have a deliberate reason to prefer the Wednesday cadence and the defined-target option overlay.

The Three Group 3 Tickers: What They Are

MSST — MicroStrategy, Target 25™

MSST writes covered calls against MicroStrategy (Nasdaq: MSTR) under the Target 25™ framework. MicroStrategy operates as a business intelligence software company but is more prominently known as a large institutional holder of Bitcoin on its corporate balance sheet. MSTR’s price is heavily correlated with Bitcoin price movements, meaning MSST carries significant crypto-proxy volatility.

Do not confuse MSST with MSTY. Both track MSTR, but MSTY (Weekly Group 1, Thursday) is in the Maximized product line targeting maximum premium extraction. MSST (Weekly Group 3, Wednesday) is in the Target 25™ line, which applies a less aggressive option overlay and targets a more moderate defined distribution level.

NVIT — NVIDIA, Target 25™

NVIT writes covered calls against NVIDIA (Nasdaq: NVDA) under the Target 25™ framework. NVIDIA is the dominant producer of AI accelerator chips and has been among the most volatile large-cap stocks in the US market over recent years. High underlying volatility generally supports higher option premiums — and thus higher distribution potential — for both NVDY (Maximized, Group 2) and NVIT (Target 25™, Group 3).

NVIT has significantly lower assets under management and trading volume than NVDY. For most investors wanting NVIDIA covered-call income exposure, NVDY is the more liquid and widely researched choice. NVIT is the appropriate selection only if the Target 25™ structure and Wednesday pay cadence align with a specific portfolio goal.

TEST — Tesla, Target 25™

TEST writes covered calls against Tesla (Nasdaq: TSLA) under the Target 25™ framework. Tesla remains one of the highest-volatility large-cap stocks in the US market, and that volatility historically produces meaningful option premiums across both the Maximized (TSLY, Group 2) and Target 25™ (TEST, Group 3) product lines.

The caution for Tesla-covered-call funds applies to both TSLY and TEST: during periods when TSLA trends strongly upward, the written call cap limits NAV appreciation in the ETF. The distribution received may be more than offset by NAV decline relative to what a direct TSLA position would have returned. Measure total return quarterly, not yield alone.

May 2026 Group 3 Schedule — Four Wednesdays

Group 3 follows the Monday-declare, Tuesday-ex, Wednesday-pay cycle.

Week	Declaration (Mon)	Ex / Record (Tue)	Payment (Wed)
Week 1	Apr 28 (preceding week)	Apr 29	May 6
Week 2	May 11	May 12	May 13
Week 3	May 18	May 19	May 20
Week 4	May 25 ⚠️	May 26	May 27

Source: yieldmaxetfs.com/distribution-schedule/ — verified 2026-04-23.

Memorial Day Impact on Week 4 — A Concrete Flag

This is the single most important practical note for Group 3 holders in May 2026.

Memorial Day falls on Monday, May 25, 2026 — a US federal holiday. NYSE and most US financial markets are closed. Group 3 declarations are scheduled for Mondays. This means the Week 4 declaration, which would ordinarily occur on Monday May 25, cannot occur as scheduled.

YieldMax will adjust the Week 4 Group 3 schedule. The most likely outcome is that the declaration shifts to Tuesday May 26, the ex/record date shifts to Wednesday May 27, and the pay date shifts to Thursday May 28 — or that some other accommodation is made. YieldMax has not published the adjusted Week 4 Group 3 schedule as of 2026-04-23.

What to do: Check yieldmaxetfs.com/news/ in the week of May 18 for the confirmed Week 4 Group 3 dates. Do not assume May 27 is the pay date until YieldMax confirms the adjusted schedule.

This same Memorial Day consideration affects Group 1 less directly (Group 1 declares on Tuesdays, one day after the Monday holiday) and does not directly affect Group 2 (Group 2 declares on Wednesdays). Group 3’s Monday declaration cycle is the one most exposed to federal Monday holidays.

Full holiday impact and weekly schedule overview →

Target 25™ vs. Maximized: The Structural Distinction

The YieldMax product suite now contains two primary covered-call overlay strategies: Maximized and Target 25™. Understanding the difference is the prerequisite to deciding whether MSST, NVIT, or TEST belongs in your portfolio.

Maximized (Group 1 and Group 2)

The Maximized strategy targets maximum option premium capture. The written call option is placed closer to at-the-money, capturing more premium income but capping the ETF’s upside participation more aggressively. In trending markets where the underlying moves sharply higher, Maximized funds tend to lag the underlying more significantly — the written call is exercised, and the ETF does not participate in the upside above the strike.

In high-volatility, range-bound, or declining markets, Maximized funds tend to generate higher option premiums, which translate into higher distribution amounts.

Target 25™ (Group 3)

The Target 25™ strategy targets a defined annual distribution level — approximately 25% per year in aggregate distributions — rather than maximizing premium. To achieve a more moderate distribution target, the written call is placed further out-of-the-money, allowing the ETF’s NAV to participate more in underlying upside movements before the call is exercised.

The practical result: Target 25™ funds generally distribute less than their Maximized equivalents but preserve more NAV in rising underlying markets. Whether that tradeoff is favorable depends on market conditions and holding period.

Neither strategy is unconditionally superior. The Maximized approach is better when the underlying is range-bound or declining (higher premiums extracted); the Target 25™ approach is better when the underlying is trending upward (NAV preservation matters more than premium capture).

For an investor who specifically believes MSTR, NVDA, or TSLA will trend upward over their holding period, the Target 25™ structure preserves more of that upside. For an investor who is agnostic on underlying direction and prioritizes income magnitude, the Maximized approach produces larger distributions.

Why Only Three Tickers in Group 3?

As of the April 2026 verification date, Group 3 contains only MSST, NVIT, and TEST. That narrow roster reflects YieldMax’s phased rollout of the Target 25™ product line rather than a structural ceiling. Additional tickers could be added to Group 3 — or to a new group — as YieldMax expands the Target 25™ suite.

The limited ticker count also limits portfolio-building options for investors specifically committed to the Wednesday pay cadence. An investor who wants a Wednesday income stream and wants to use only Group 3 is currently confined to MSTR, NVDA, and TSLA underlyings. That is a high-volatility, tech-and-crypto-concentrated selection — not a diversified income portfolio by conventional standards.

If diversification across Wednesday income matters, pairing Group 3 holdings with Group 1 (Thursday) or Group 2 (Friday) tickers that have different underlyings is more effective than overconcentrating within Group 3’s three options.

Settlement Timing Under T+1

Group 3 follows the same T+1 settlement principle as Groups 1 and 2, applied to its Monday-Tuesday-Wednesday cycle.

• The ex/record date falls on Tuesday.
• To be on record Tuesday, shares must be purchased Monday (settling Tuesday under T+1).
• Buying on Tuesday or later means settlement falls Wednesday — after the ex-date. You do not receive that week’s distribution.

Practical walkthrough for NVIT’s Week 2 May distribution:

• May 11 (Monday) — Declaration day. Purchase NVIT before market close to be positioned for Tuesday’s ex-date.
• May 12 (Tuesday) — Ex/record date. Trade settled from Monday purchase; you are on record.
• May 13 (Wednesday) — Payment date. Cash credited to your brokerage account.

For Week 4 specifically (Memorial Day week): do not plan a Monday purchase for the May 25 record date until YieldMax confirms the adjusted schedule. The Monday market closure changes the eligibility window.

US Tax Context for Group 3

1099-DIV Treatment

Group 3 distributions appear on Form 1099-DIV with the same Box 1a (ordinary dividends) and Box 3 (return of capital) structure as Group 1 and Group 2. The Target 25™ strategy does not change the tax characterization — covered-call ETF distributions do not qualify for reduced qualified dividend rates in most cases under IRC § 1(h)(11).

With 48–52 annual distribution events, cost basis tracking for Group 3 tickers follows the same accumulation pattern as the other groups. MSST, NVIT, and TEST may produce different ROC percentages than their Maximized counterparts — the final 1099-DIV Box 3 allocations depend on the fund’s realized vs. unrealized gains for the full tax year, published by YieldMax after year-end and reflected on broker 1099s by mid-February.

IRA Suitability

The same tax-wrapper logic that applies to Groups 1 and 2 applies here. IRA and Roth IRA accounts eliminate the weekly ordinary income tracking burden and remove the wash-sale risk when rotating between MSST and MSTY (both MSTR-underlying covered-call funds). Given Group 3’s narrow three-ticker selection, investors holding MSST inside a taxable account alongside MSTY in any account should specifically review the substantially identical security question with a tax advisor before harvesting losses in either position.

Group 1 Thursday calendar post →

Group 2 Friday calendar post →

Editorial Position: Group 3 Is Not for Most Retail Investors

The Target 25™ framework is a coherent design — a defined-target distribution strategy with less aggressive option overlay trades yield for more NAV participation. That is a sensible tradeoff for the right investor.

The problem for most casual retail investors approaching Group 3 is that the current three-ticker roster offers almost no diversification. MSST (MSTR/Bitcoin proxy), NVIT (NVDA/AI chips), and TEST (TSLA/electric vehicles and energy) are all high-volatility, technology and crypto-adjacent underlyings that tend to move together during risk-off events. Building a “Group 3 portfolio” is building concentrated exposure to three correlated high-beta assets through a defined-target covered-call lens.

Investors who specifically want a Wednesday income stream, specifically prefer the Target 25™ moderate-yield structure, and specifically want MSTR, NVDA, or TSLA underlying exposure have a coherent reason to be in Group 3. For everyone else, Groups 1 and 2 offer broader ticker selection and more established AUM and liquidity.

If you are drawn to Group 3 primarily because of the Wednesday pay date — and you do not have a specific view on the Target 25™ structure vs. Maximized — you are optimizing the wrong variable.

Verifying Week 4 Dates and All Group 3 Declarations

1. yieldmaxetfs.com/news/ — Monday declarations for Group 3. Confirmed per-share amounts appear here approximately two business days before the Wednesday pay date. For Week 4 of May (Memorial Day affected), check this page in the week of May 18 for adjusted dates.
2. yieldmaxetfs.com/distribution-schedule/ — Group assignments and upcoming confirmed dates. If YieldMax adds new tickers to Group 3 or adjusts the schedule structure, this page reflects those changes.
3. Your broker’s dividend calendar — Cross-check projected ex-dates against the YieldMax news page. Brokers may not update holiday-adjusted schedules as promptly as the issuer’s own news feed.

---

Disclaimer: Distribution schedule information in this post reflects data verified at yieldmaxetfs.com on 2026-04-23. The Memorial Day Week 4 Group 3 schedule had not been officially confirmed by YieldMax as of that date — treat the May 27 pay date as subject to change until confirmed. YieldMax may adjust group assignments, payment dates, or distribution structure at any time. Nothing in this post constitutes investment advice. All investment decisions and their consequences are the sole responsibility of the investor. Consult a qualified tax professional regarding 1099-DIV treatment, ROC basis adjustments, and the substantially identical security question for paired Maximized / Target 25™ positions.

Last verified: 2026-04-23 · yieldmaxetfs.com/distribution-schedule/