Generated June 2026 from current fund data.
Overview
AMZY and MSTY are single-stock covered-call ETFs from YieldMax that sell weekly call options on Amazon and MicroStrategy respectively, distributing the premium income to shareholders. The defining difference is their underlying assets: AMZY tracks a mega-cap, low-volatility technology company, while MSTY targets a smaller, volatile Bitcoin-proxy play. This choice drives dramatic differences in yield, risk, and portfolio dynamics.
How they differ
MSTY's distribution rate of 84.79% towers over AMZY's 32.36%, but that gap reflects MSTR's much higher implied volatility—not superior performance. MSTY's beta of 2.56 is more than double AMZY's 1.14, meaning MSTR's stock movements are substantially more violent. MSTY has grown to $1.01B in AUM versus AMZY's $246M, suggesting broader adoption of the more aggressive crypto-linked strategy. Both charge similar expense ratios (MSTY at 0.99%, AMZY at 1.01%) and distribute weekly, but the income mechanics diverge sharply: AMZY generates premium from steady, modest volatility; MSTY harvests it from MSTR's dramatic swings. MSTY also has a much shorter track record, having launched in February 2024 versus AMZY's July 2023 inception.
Who each is best for
AMZY: Fits investors seeking a covered-call income supplement on a core technology holding who can tolerate the cap on upside from sold calls but want lower volatility and more predictable weekly cash flow.
MSTY: Designed for investors with high risk tolerance and a thesis on Bitcoin's appreciation who are willing to accept significant NAV swings and potential principal erosion in exchange for aggressive current income from call premiums.
Key risks to know
- NAV erosion at extreme yields. MSTY's 84.79% annualized distribution rate implies distributions will likely exceed underlying capital returns over any multi-year period, pressuring NAV unless MSTR appreciates sharply. AMZY's 32.36% yield is more sustainable but still requires monitoring over long holding periods.
- Volatility mismatch and call assignment. MSTY's 2.56 beta means sharp rallies in MSTR can trigger assignment of sold calls at strike prices that prove deeply in-the-money, capping gains during bull runs. AMZY faces this risk too, though AMZN's lower volatility makes it less acute.
- Concentration and single-name risk. Both funds hold only one stock. MSTY concentrates on MSTR, which depends on Bitcoin price movement and carries execution risk as a smaller company. AMZY is single-stock exposure too, though AMZN's scale and diversified business reduce idiosyncratic blow-up risk.
- Crypto-correlated volatility in MSTY. MicroStrategy's stock is a leveraged bet on Bitcoin. If Bitcoin enters a prolonged bear market, MSTY shareholders may see steep NAV declines alongside diminishing call premium income, creating a compounding loss dynamic.
Bottom line
If you want steady, modest income from a diversified mega-cap technology stake with lower volatility, AMZY's 32% yield and 1.14 beta offer a smoother ride. If you're bullish on Bitcoin and can tolerate 2.5+ beta swings for aggressive current income, MSTY's 84% yield justifies the risk—but only if you're prepared for significant principal volatility and understand that distributions alone don't guarantee positive returns. Past performance, especially over such short track records, doesn't predict future results.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
