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ETF Comparison

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

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

Data updated July 21, 2026

NEOS
ETFs19
Total AUM$30.0B

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

NEOS is known for developing specialized income-focused ETFs that employ strategies like covered calls, hedging, and enhanced yields across various asset classes. The firm manages 19 funds organized into nine distinct families, including offerings in equity high income, fixed income enhancement, digital assets, and alternative strategies, with popular tickers like SPYI (S&P 500 covered call), QQQI (Nasdaq-100 covered call), and QQQH (Nasdaq-100 hedged equity income). NEOS distinguishes itself in the ETF landscape through its emphasis on income generation and downside protection strategies rather than traditional growth approaches.

See our curated list of related YouTube videos on BTCI.

See all NEOS ETFs
YieldMax
ETFs59
Total AUM$9.28B

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

BTCIMSTY
Full nameNEOS Bitcoin High Income ETFYieldMax MSTR Option Income Strategy ETF
IssuerNEOSYieldMax
Last Close$29.53 as of July 21, 2026$13.12 as of July 21, 2026
Distribution yield26.54%82.04%
Distribution Safety Score™ 4624
Expense ratio0.98%0.99%
AUM$1.12B$765M
Distribution frequencyMonthlyWeekly
Underlying indexBitcoin ETPsStrategy (MSTR)
ObjectiveSeeks to generate high monthly income with potential appreciation through bitcoin exposure.Covered Call
Asset classEquityEquity
Inception date10/16/202402/21/2024
Beta1.67642.5604
Last dividend$0.6530$0.2070
Ex-dividend date06/16/202607/16/2026

Bottom lineChoose BTCI if you want crypto exposure that pays you along the way, not just price gains. Choose MSTY if you want to maximize current income — roughly 82.04%, generated by selling options premium. There's no free lunch: MSTY's payout comes from selling options, which caps upside and can erode the share price over time, while BTCI keeps full price exposure.

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Key metrics

Projected income on $10K

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

Total returns

BTCI has outpaced MSTY over the trailing twelve months, posting a -39.71% total return against -73.30%. Measured from Oct 2024 — when the younger fund began trading — BTCI has compounded at -1.56% a year versus -33.26% for MSTY. BTCI has been the steadier holding, though — annualized volatility of 40.3% against 64.9% for MSTY. Figures are total returns: price change plus every distribution reinvested.

SymbolYTD1YSince Oct 2024Volatility Sharpe Sortino Max drawdown
BTCI-24.81%-39.71%-1.56%40.3%-1.38-1.78-48.4%
MSTY-37.38%-73.30%-33.26%64.9%-2.12-2.73-76.6%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of July 20, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Oct 2024” measures every fund from October 17, 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

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

MSTY offers the higher yield at 82.04% vs 26.54% for BTCI. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

BTCI is cheaper with an expense ratio of 0.98% compared to 0.99%.

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

BTCI is the larger fund by assets ($1.12B), which generally means tighter spreads and better liquidity.

Who should choose each?

Choose BTCI

NEOS Bitcoin High Income ETF

  • Want crypto exposure that pays income rather than waiting on price alone.
  • Want to keep costs low — a 0.98% expense ratio vs 0.99% for MSTY.
  • Prefer lower volatility — a beta of 1.7 vs 2.6 for MSTY.

Choose MSTY

YieldMax MSTR Option Income Strategy ETF

  • Want to maximize current income — MSTY distributes roughly 82.04% from selling options premium, vs 26.54% for BTCI.
  • 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, BTCI would generate roughly $221.17/month, while MSTY would produce $683.67/month, at current distribution rates.

BTCI yield26.54%
MSTY yield82.04%
Monthly diff on $10K$462.50

Cost & efficiency

Over 10 years on $10,000, BTCI would cost approximately $980 in fees vs $990 for MSTY (simplified, not compounded). The $10.00 difference may be offset by yield or performance.

BTCI ER0.98%
MSTY ER0.99%

Strategy & risk

BTCI tracks Bitcoin ETPs with a crypto approach, while MSTY tracks Strategy (MSTR) with a covered call approach. Beta is 1.6764 for BTCI and 2.5604 for MSTY, indicating BTCI is less volatile relative to the market.

BTCI beta1.6764
MSTY beta2.5604

Fund details

BTCI is managed by NEOS (launched 10/16/2024) with $1.12B in assets. MSTY is managed by YieldMax (launched 02/21/2024) with $765M in assets.

BTCI AUM$1.12B
MSTY AUM$765M
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Frequently asked questions

Is BTCI 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 BTCI and MSTY?

BTCI (NEOS Bitcoin High Income ETF) tracks Bitcoin ETPs with a crypto approach, while MSTY (YieldMax MSTR Option Income Strategy ETF) tracks Strategy (MSTR) with a covered call approach. They are issued by NEOS and YieldMax respectively.

Can I hold both BTCI 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.

Which has lower fees, BTCI or MSTY?

BTCI has an expense ratio of 0.98% 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 BTCI vs MSTY generate?

At current rates, $10,000 in BTCI would generate roughly $221.17 per month ($2,654.00 annually). The same in MSTY would produce about $683.67 per month ($8,204.00 annually).

Which has performed better historically, BTCI or MSTY?

BTCI has outpaced MSTY over the trailing twelve months, posting a -39.71% total return against -73.30%. Measured from Oct 2024 — when the younger fund began trading — BTCI has compounded at -1.56% a year versus -33.26% for MSTY. BTCI has been the steadier holding, though — annualized volatility of 40.3% against 64.9% for MSTY. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

BTCI vs MSTY — at a glance

Generated July 2026 from current fund data.

Overview

BTCI and MSTY are both options-overlay ETFs launched in 2024 that generate income from cryptocurrency exposure, but they differ fundamentally in structure and yield source. BTCI holds bitcoin ETPs and uses options to create a 27.16% annual distribution; MSTY sells covered calls on MicroStrategy stock (a single-asset leveraged bitcoin proxy) to produce an 83.49% distribution. The key distinction: BTCI targets broad bitcoin price appreciation alongside income, while MSTY explicitly caps upside to fund extreme monthly income from a concentrated, volatile single holding.

How they differ

MSTY's distribution rate is more than three times higher than BTCI's (83.49% versus 27.16%), but that yield comes from a fundamentally different source. BTCI generates income from bitcoin's underlying economics plus strategic options; MSTY funds its distributions almost entirely by capping MicroStrategy's upside through weekly covered-call writing. MSTY's beta of 2.56 versus BTCI's 1.68 reflects this: MicroStrategy amplifies bitcoin volatility relative to the asset itself, and selling calls on that leverage dampens but doesn't eliminate the swing. Both charge similar expense ratios (0.99% and 0.98%), and both carry similar AUM—BTCI at $1.09B and MSTY at $1.01B. The real split is exposure architecture: BTCI holds actual bitcoin ETPs (diversified across custody and issuers), while MSTY concentrates the bet entirely on one company's equity.

Who each is best for

BTCI: Fits investors who want meaningful bitcoin exposure alongside monthly income but are comfortable with a lower yield and some capital volatility in exchange for broader asset diversification and retained upside participation.

MSTY: Fits investors seeking extremely high cash flow from a bitcoin-like position who accept that their returns will be capped by the covered-call strategy and can tolerate the concentrated single-security risk MicroStrategy entails.

Key risks to know

  • Yield sustainability and NAV erosion. At 83.49%, MSTY's distribution is so high that it will almost certainly include significant return-of-capital; even at 27.16%, BTCI's yield exceeds what underlying bitcoin alone generates, implying reliance on principal return. Over time, both funds risk eroding net asset value unless their option writing or underlying appreciation outpaces distributions.
  • Concentration risk in MSTY. Holding only MicroStrategy exposes the fund to company-specific operational, governance, and leverage risk beyond bitcoin's price volatility. MSTR's own leverage (debt-financed bitcoin holdings) and equity-market trading dynamics are distinct from owning bitcoin directly.
  • Capped upside in MSTY via covered calls. By design, MSTY sells away the bulk of MicroStrategy's upside above the short call strike each week. If bitcoin rallies sharply, MSTY holders will lag BTCI and miss the appreciation; this is a feature of the strategy, not a bug, but it's a real cost.
  • High beta amplification and volatility. Both funds carry elevated betas (1.68 and 2.56) relative to broad equity indices, but MSTY's leverage compounds bitcoin volatility through MicroStrategy's structure and amplifies drawdown risk during crypto downturns.
  • Options-based execution risk. Both depend on ongoing ability to write options at favorable terms. Market dislocations, reduced options liquidity, or changes in implied volatility could force BTCI and MSTY to alter their strategies or accept worse pricing, disrupting distributions or increasing NAV drag.

Bottom line

If you want direct bitcoin income without sacrificing upside participation, BTCI's lower yield and diversified holdings align with growth-focused crypto investors. If you prioritize maximum current income and can live with capped gains and single-stock concentration, MSTY's 83.49% distribution is built for that trade-off. Both funds are young (MSTY launched February 2024, BTCI in October 2024) and have not yet proven their distributions through a full crypto cycle; past performance and brief track records don't predict how these strategies will perform under stress.

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

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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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