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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.

Updated October 2, 2026

How these figures are calculated: methodology.

Best for

  • BITOInvestors who want straightforward Bitcoin exposure for the long run.
  • MSTYInvestors who want to maximize current income — roughly 98.88%, generated by selling options premium.

Jump to the side-by-side numbers

Visual comparison

Key metrics

Projected income on $10K

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

Total returns

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.

BITO has outpaced MSTY over the trailing twelve months, posting a -30.85% total return against -46.90%. Measured from Feb 2024 — the start of shared available history — MSTY has compounded at 24.54% a year versus 13.96% for BITO. BITO has been the steadier holding, though — annualized volatility of 45.4% against 69.4% for MSTY. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
SymbolYTD cumulative1Y cumulativeSince Feb 2024Volatility Sharpe Sortino Max drawdown
BITO-8.50%-30.85%13.96%45.4%-0.91-1.25-54.5%
MSTY0.09%-46.90%24.54%69.4%-0.98-1.37-71.7%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 2, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Feb 2024” measures every fund from February 22, 2024 — the start of shared available history — 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.

Distribution rate, SEC yield and return of capital

MetricBITOMSTY
Forward distribution rate1.85%98.88%
Trailing 12-month yield21.89%139.76%
30-day SEC yield0.31%0.96%
Return of capital—98.87%

Total return (price change plus reinvested distributions) is the Total returns section above. Return of capital is the share of a recent distribution that was not income. A 30-day SEC yield can sit far from the headline distribution rate; both numbers are the fund's own published fields.

Total return against the stated underlying is on BITO vs IBIT, MSTY vs MSTR.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricBITOMSTY
Full nameProShares Bitcoin Strategy ETFYieldMax MSTR Option Income Strategy ETF
IssuerProSharesYieldMax
Underlying indexBitcoin FuturesStrategy (MSTR)
Last Close$11.28 as of October 2, 2026$16.36 as of October 2, 2026
Distribution rate1.85%98.88%
Trailing 12-month yield21.89%139.76%
30-day SEC yield0.31%0.96%
Distribution Safety Score™ 3858
Safety-Adjusted Yield 0.70%57.35%
Expense ratio0.95%1.03%
AUM$1.73B$1.13B
Distribution frequencyMonthlyWeekly
ObjectiveSeeks total return through managed exposure to bitcoin futures contracts rather than direct bitcoin holdings, maintaining that futures position through rising, flat and declining markets.Actively managed fund that seeks current income while maintaining indirect exposure to the share price of MicroStrategy Incorporated (MSTR), subject to a limit on potential investment gains.
Asset classEquityEquity
Inception date10/18/202102/21/2024
Beta1.87782.5604
Last dividend$0.01738 declared, pays 10/07/2026$0.3111 payable today
Ex-dividend date10/01/202610/01/2026

Bottom lineChoose BITO if you want straightforward Bitcoin exposure for the long run. Choose MSTY if you want to maximize current income — roughly 98.88%, generated by selling options premium. BITO and MSTY both use option or derivative overlays. Their tradeoff is the underlying exposure, how each option strategy is implemented, and the yield each targets; either overlay can limit upside participation, so neither offers uncapped price exposure.

How the risk works

Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.

  • Crypto volatility. BITO sits on top of crypto-asset prices, which routinely swing far more than equities. A single drawdown can exceed a year of distributions, so income projections deserve extra skepticism here.
  • Capped upside and premium dependence. MSTY generates income by selling options, which trades away part of a strong rally in exchange for premium. Distributions can include return of capital, and a payout the underlying assets cannot sustain shows up as NAV erosion over time — the big yield number is not free.

Learn the mechanics: Return of capital, explained · NAV erosion, explained

Model this comparison:
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Income calculator

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

ProShares
ETFs170
Total AUM$129B

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
ETFs62
Total AUM$10.1B

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

Want to go deeper?

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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 98.88% vs 1.85% 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 1.03%.

They have different reference exposures: BITO is linked to Bitcoin Futures while MSTY is linked to Strategy (MSTR), which means their performance drivers differ.

BITO is the larger fund by assets ($1.73B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose BITO

ProShares Bitcoin Strategy ETF

  • Want straightforward Bitcoin exposure for long-term appreciation, not income.
  • Want to keep costs low — a 0.95% expense ratio vs 1.03% for MSTY.
  • Prefer lower volatility — a beta of 1.9 vs 2.6 for MSTY.

Choose MSTY

YieldMax MSTR Option Income Strategy ETF

  • Want to maximize current income — MSTY distributes roughly 98.88% from selling options premium, vs 1.85% for BITO.
  • Are comfortable with an options-income strategy — a large payout in exchange for capped upside.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

Deep dive

Yield & income

On a $10,000 investment, BITO would generate roughly $15.42 cash per distribution, while MSTY would produce $190.15 cash per distribution, at current distribution rates.

BITO yield1.85%
MSTY yield98.88%
Cash diff on $10K$174.74

Cost & efficiency

Over 10 years on $10,000, BITO would cost approximately $950 in fees vs $1,030 for MSTY (simplified, not compounded). The $80.00 difference may be offset by yield or performance.

BITO ER0.95%
MSTY ER1.03%

Strategy & risk

BITO tracks Bitcoin Futures with a crypto approach, while MSTY is actively managed around Strategy (MSTR) exposure with a covered call approach. Beta is 1.8778 for BITO and 2.5604 for MSTY, making BITO the less volatile of the two by this measure.

BITO beta1.8778
MSTY beta2.5604

Fund details

BITO is managed by ProShares (launched 10/18/2021) with $1.73B in assets. MSTY is managed by YieldMax (launched 02/21/2024) with $1.13B in assets.

BITO AUM$1.73B
MSTY AUM$1.13B
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Frequently asked questions

What is the current distribution rate for BITO and MSTY?

BITO currently distributes 1.85% and MSTY 98.88%, based on fund data updated October 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

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 crypto approach, while MSTY (YieldMax MSTR Option Income Strategy ETF) is actively managed around Strategy (MSTR) exposure with a covered call approach. They are issued by ProShares and YieldMax respectively.

Can I hold both BITO and MSTY?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Is BITO or MSTY safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — MSTY scores 58, BITO scores 38, so MSTY's payout currently looks the more resilient of the two. BITO has also shown lower price volatility (beta 1.88 vs 2.56 for MSTY). No score makes an investment risk-free — treat this as a screening signal, not a guarantee, and the leverage, options-income, or crypto caveats flagged on this page apply regardless of score.

Which has lower fees, BITO or MSTY?

BITO has an expense ratio of 0.95% while MSTY charges 1.03%. 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 $15.42 cash per distribution ($185.00 annually). The same in MSTY would produce about $190.15 cash per distribution ($9,888.00 annually).

Which has performed better historically, BITO or MSTY?

BITO has outpaced MSTY over the trailing twelve months, posting a -30.85% total return against -46.90%. Measured from Feb 2024 — the start of shared available history — MSTY has compounded at 24.54% a year versus 13.96% for BITO. BITO has been the steadier holding, though — annualized volatility of 45.4% against 69.4% for MSTY. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

BITO vs MSTY — at a glance

Generated October 3, 2026.

Overview

BITO and MSTY are both derivative-overlay ETFs launched by alternatives specialists, but they track radically different underlying exposures and income strategies. The funds appeal to fundamentally different investor profiles: one seeks moderate, diversified bitcoin exposure; the other chases outsized income from a concentrated bet on a single software company with significant bitcoin holdings. MSTY's 98.88% distribution rate versus BITO's 1.85% reflects this core difference: the options income strategy generates roughly 53× higher yield, funded by surrendering capital appreciation above the call strike. Both charge similar expense ratios (0.95% versus 1.03%), though MSTY's $1.13B asset base is smaller than BITO's $1.73B, and MSTY arrived in February 2024, making it considerably younger.

Who each is best for

BITO: Investors seeking diversified bitcoin exposure without managing a digital wallet or self-custodying crypto, and who are comfortable with monthly income and moderate volatility in exchange for simplified market access.

MSTY: Investors with a high income need and an appetite for capped upside; fits those who view MicroStrategy's bitcoin holdings as a core thesis and value weekly distributions over the possibility of significant price appreciation beyond the call strike. When distributions substantially exceed underlying gains, NAV tends to decline over time regardless of market conditions.

  • Capped upside and call-assignment risk in MSTY. By selling call options weekly, MSTY forfeits gains above the strike price. If MicroStrategy rallies sharply, shareholders will miss those gains and face assignment of shares at the strike, locking in opportunity cost. The fund may also encounter liquidity or rebalancing friction when managing this rolling short-call position.
  • Concentration risk in MSTY. Single-stock exposure amplifies idiosyncratic risk; MicroStrategy's business performance, management changes, or shifts in its bitcoin holdings strategy directly drive fund NAV. BITO, by contrast, holds a diversified futures contract with exposure to the entire bitcoin market.
  • Beta and derivative leverage in both funds. BITO's 1.8778 and MSTY's 2.5604 indicate both carry heightened volatility relative to broad equities. Futures contango/backwardation in BITO and gamma effects in MSTY's options positions introduce structural drag or acceleration beyond spot price moves that investors should understand before committing capital. The choice hinges on whether you seek crypto diversification or are comfortable trading equity upside for outsized income on a concentrated position. 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.

Learn the method

The metrics behind this comparison, explained in the Academy.

How covered-call funds work How to read a fund's stats The covered-call opportunity cost

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These comparisons follow the Dividend Vision methodology.