ETF Comparison

BITO vs MSTY: Which Is the Better Pick in 2026?

A head-to-head comparison of ProShares Bitcoin Strategy ETF and YieldMax MSTR Option Income Strategy ETF covering yield, cost, risk, and income potential.

Data updated July 4, 2026

ProShares

ETFs165

Total AUM$123B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

ProShares is known for offering leveraged and inverse ETFs that provide amplified exposure to market movements, along with thematic and income-focused strategies. Their fund lineup spans digital assets (including Bitcoin and Ethereum exposure through BITO and EETH), dividend strategies like the Dividend Aristocrats fund (NOBL), covered call income strategies, and leveraged/inverse products that track major indices with 2x or 3x daily multipliers (such as SSO and TQQQ for tech-heavy portfolios). With 23 ETFs across specialized families including leveraged products, money market funds, and sector-specific offerings, ProShares serves investors seeking both traditional income and alternative exposure strategies.

See our curated list of related YouTube videos on BITO.

See all ProShares ETFs

YieldMax

ETFs60

Total AUM$9.78B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

YieldMax is known for specializing in options-based and income-focused ETFs that emphasize yield generation through covered call strategies and other income-producing methodologies. The firm operates a diverse lineup of 63 funds organized across multiple families including covered call strategies, 0DTE (zero days to expiration) options, double distribution approaches, and various target-date and performance-based portfolios designed to generate regular distributions. Notable offerings span popular underlying assets like major technology stocks and broad market indices, with a particular emphasis on providing enhanced income solutions for investors seeking regular cash flows through options strategies and other tactical approaches.

See our curated list of related YouTube videos on MSTY.

See all YieldMax ETFs

Side-by-side snapshot

	BITO	MSTY
Full name	ProShares Bitcoin Strategy ETF	YieldMax MSTR Option Income Strategy ETF
Issuer	ProShares	YieldMax
Last Close	$8.34 as of July 4, 2026	$13.58 as of July 4, 2026
Distribution yield	1.49%	59.35%
Distribution Safety Score	37	31
Expense ratio	0.95%	0.99%
AUM	$1.44B	$1.01B
Distribution frequency	Monthly	Weekly
Underlying index	Bitcoin Futures	Strategy (MSTR)
Objective	Futures-Based	Covered Call
Asset class	Equity	Equity
Inception date	10/18/2021	02/21/2024
Beta	1.8778	2.5604
Last dividend	$0.0104	$0.1550
Ex-dividend date	07/01/2026	06/18/2026

Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

Want to go deeper?

Add these ETFs to a sample portfolio and forecast your dividend income over 5+ years — no signup required.

Build a sample portfolio Forecast income

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

BITO has outpaced MSTY over the trailing twelve months, posting a -43.93% total return against -69.58%. Measured from Feb 2024 — when the younger fund began trading — MSTY has compounded at 6.04% a year versus 1.43% for BITO. BITO has been the steadier holding, though — annualized volatility of 44.6% against 64.9% for MSTY. Figures are total returns: price change plus every distribution reinvested.

Symbol	YTD	1Y	Since Feb 2024	Volatility	Sharpe	Sortino	Max drawdown
BITO	-32.72%	-43.93%	1.43%	44.6%	-1.40	-1.84	-54.5%
MSTY	-35.18%	-69.58%	6.04%	64.9%	-1.90	-2.46	-77.7%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of July 2, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Feb 2024” measures every fund from February 22, 2024 — the youngest fund's first trading day — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the past year. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the past year) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Quick verdict

BITO (ProShares Bitcoin Strategy ETF) and MSTY (YieldMax MSTR Option Income Strategy ETF) are both dividend ETFs, but they take different approaches.

MSTY offers the higher yield at 59.35% vs 1.49% for BITO. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

BITO is cheaper with an expense ratio of 0.95% compared to 0.99%.

They track different benchmarks: BITO is linked to Bitcoin Futures while MSTY tracks Strategy (MSTR), which means their performance drivers differ.

BITO is the larger fund by assets ($1.44B), which generally means tighter spreads and better liquidity.

Deep dive

Yield & income

On a $10,000 investment, BITO would generate roughly $12.42/month, while MSTY would produce $494.58/month, at current distribution rates.

BITO yield1.49%

MSTY yield59.35%

Monthly diff on $10K$482.17

Cost & efficiency

Over 10 years on $10,000, BITO would cost approximately $950 in fees vs $990 for MSTY (simplified, not compounded). The $40.00 difference may be offset by yield or performance.

BITO ER0.95%

MSTY ER0.99%

Strategy & risk

BITO tracks Bitcoin Futures with a futures-based approach, while MSTY tracks Strategy (MSTR) with a covered call approach. Beta is 1.8778 for BITO and 2.5604 for MSTY, indicating BITO is less volatile relative to the market.

BITO beta1.8778

MSTY beta2.5604

Fund details

BITO is managed by ProShares (launched 10/18/2021) with $1.44B in assets. MSTY is managed by YieldMax (launched 02/21/2024) with $1.01B in assets.

BITO AUM$1.44B

MSTY AUM$1.01B

Ready to act?

Open in Comparator Model in portfolio See pricing

Frequently asked questions

Is BITO or MSTY better for dividend income?

It depends on your goals. MSTY currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

What is the difference between BITO and MSTY?

BITO (ProShares Bitcoin Strategy ETF) tracks Bitcoin Futures with a futures-based approach, while MSTY (YieldMax MSTR Option Income Strategy ETF) tracks Strategy (MSTR) with a covered call approach. They are issued by ProShares and YieldMax respectively.

Can I hold both BITO and MSTY?

Yes. Many income investors hold both to diversify across different strategies and underlying indexes. This can reduce concentration risk while maintaining a strong income stream.

Which has lower fees, BITO or MSTY?

BITO has an expense ratio of 0.95% while MSTY charges 0.99%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in BITO vs MSTY generate?

At current rates, $10,000 in BITO would generate roughly $12.42 per month ($149.00 annually). The same in MSTY would produce about $494.58 per month ($5,935.00 annually).

Which has performed better historically, BITO or MSTY?

More comparisons to explore

People also compare BITO with

People also compare MSTY with

Popular comparisons

BITO vs MSTY — at a glance

Generated June 2026 from current fund data.

Overview

BITO and MSTY are both derivative-overlay ETFs that use options and futures to generate income from crypto exposure, but they operate through fundamentally different mechanics. BITO holds Bitcoin futures contracts directly and distributes a modest 2.09% yield monthly, while MSTY sells weekly covered calls against MicroStrategy (MSTR) shares—a Bitcoin proxy—to generate an 84.79% distribution rate. The comparison highlights the tradeoff between broad commodity access (Bitcoin futures) and concentrated, optionality-based income from a single equity holding.

How they differ

The biggest difference is underlying exposure: BITO tracks the price of Bitcoin via CME Bitcoin futures, while MSTY is a single-stock covered-call fund that owns and writes calls on MSTR, which is primarily a Bitcoin-holding company but also operates a traditional software business. This structural gap matters—BITO moves roughly 1.88x the market, while MSTY's beta of 2.56 reflects both MSTR's leverage to Bitcoin and the delta reduction from weekly call selling.

Second, the income profile is starkly different. BITO's 2.09% monthly distribution comes from rolling futures positions and competes directly with spot Bitcoin's near-zero yield; MSTY's 84.79% weekly yield is synthetic income generated by selling call options, which caps upside if Bitcoin rallies sharply and erodes NAV if MSTR declines. MSTY is barely a year old, while BITO has nearly four years of history.

Third, fees and size: MSTY carries a nearly identical expense ratio (0.99% vs. 0.95%) despite much smaller AUM ($1.01B vs. $1.44B), and MSTY's weekly distribution frequency versus BITO's monthly means more frequent rebalancing drag in MSTY.

Who each is best for

BITO: Fits investors seeking direct, unleveraged Bitcoin commodity exposure through a regulated U.S. futures structure, with a preference for monthly income distributions and minimal call-option cap risk.

MSTY: Designed for investors comfortable with concentrated single-stock leverage (MSTR), willing to accept covered-call assignment risk and NAV erosion to harvest the income premium from weekly options sales, and seeking maximum current yield over appreciation potential.

Key risks to know

NAV erosion at extreme distribution rates. MSTY's 84.79% annualized yield far exceeds typical long-term equity returns; distributions are likely drawing on option premiums and return-of-capital, which will compress NAV over time if the underlying does not rally sharply.

Covered-call assignment and upside capping. MSTY's weekly calls are likely to be called away during strong Bitcoin rallies or if MSTR spikes above strike prices, forcing the fund to sell shares at predetermined prices and locking in losses of opportunity gains.

Single-stock and corporate risk. MSTY holds only MSTR, exposing investors to the company's leverage, management decisions, and operational risks beyond its Bitcoin holdings—including its software business and debt structure. BITO avoids this by using impersonal futures contracts.

Futures contango and roll decay. BITO's Bitcoin futures positions face contango risk; rolling higher-priced forward contracts erodes returns if the futures curve slopes upward. This cost is built into the fund's performance but not always transparent.

Short-term beta amplification. Both funds carry high betas (1.88 and 2.56 respectively), meaning they amplify Bitcoin's volatility on the downside; a 20% Bitcoin decline could translate to a 36%+ drop in MSTY's share price before call premium is realized.

Bottom line

If you want clean Bitcoin exposure with moderate, sustainable distributions and multi-year track record, BITO's futures approach offers simplicity and diversification. If you're chasing maximum current income and accept concentrated single-stock leverage with call-capped upside, MSTY's premium is available—but at the cost of NAV erosion risk and assignment risk that BITO doesn't face. Past performance does not predict future results.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.