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.
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.
BTCI has outpaced MSTY over the trailing twelve months, posting a -26.67% total return against -46.90%. Measured from Oct 2024 — the start of shared available history — BTCI has compounded at 9.52% a year versus -11.57% for MSTY. BTCI has been the steadier holding, though — annualized volatility of 40.6% 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.
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 Oct 2024” measures every fund from October 17, 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
Metric
BTCI
MSTY
Forward distribution rate
25.42%
98.88%
Trailing 12-month yield
29.88%
139.76%
30-day SEC yield
1.35%
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.
Seeks to generate high monthly income with potential appreciation through bitcoin exposure.
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.
Bottom lineChoose BTCI if you want index call spreads structured for Section 1256 tax treatment. Choose MSTY if you want a covered-call overwrite written on the holdings themselves. BTCI 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.
Capped upside and premium dependence. BTCI and MSTY generate 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.
Crypto volatility. BTCI 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.
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.
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.
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 98.88% vs 25.42% 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 1.03%.
They have different reference exposures: BTCI is linked to Bitcoin ETPs while MSTY is linked to Strategy (MSTR), which means their performance drivers differ.
BTCI is the larger fund by assets ($1.38B), but assets alone do not establish trading costs or liquidity.
Who should choose each?
Choose BTCI
NEOS Bitcoin High Income ETF
Want index call spreads structured for Section 1256 tax treatment.
Want crypto exposure that pays income rather than waiting on price alone.
Want to keep costs low — a 0.98% expense ratio vs 1.03% for MSTY.
Prefer lower volatility — a beta of 1.5 vs 2.6 for MSTY.
Choose MSTY
YieldMax MSTR Option Income Strategy ETF
Want a covered-call overwrite on the stocks the fund holds.
Want to maximize current income — MSTY distributes roughly 98.88% from selling options premium, vs 25.42% 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.
Still deciding? Track BTCI & MSTY for free
Create a free Dividend Vision account to keep them on a watchlist, get notified when they declare dividends, and see how much income they would add to your portfolio.
On a $10,000 investment, BTCI would generate roughly $211.83 cash per distribution, while MSTY would produce $190.15 cash per distribution, at current distribution rates.
BTCI yield25.42%
MSTY yield98.88%
Cash diff on $10K$21.68
Cost & efficiency
Over 10 years on $10,000, BTCI would cost approximately $980 in fees vs $1,030 for MSTY (simplified, not compounded). The $50.00 difference may be offset by yield or performance.
BTCI ER0.98%
MSTY ER1.03%
Strategy & risk
BTCI tracks Bitcoin ETPs with a crypto approach, while MSTY is actively managed around Strategy (MSTR) exposure with a covered call approach. Beta is 1.48 for BTCI and 2.5604 for MSTY, making BTCI the less volatile of the two by this measure.
BTCI beta1.48
MSTY beta2.5604
Fund details
BTCI is managed by NEOS (launched 10/16/2024) with $1.38B in assets. MSTY is managed by YieldMax (launched 02/21/2024) with $1.13B in assets.
Do us a favor — if you found this comparison useful, please share it with a friend researching dividend ETFs.
Frequently asked questions
What is the current distribution rate for BTCI and MSTY?
BTCI currently distributes 25.42% 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 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) is actively managed around Strategy (MSTR) exposure 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.
Is BTCI 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, BTCI scores 51, so MSTY's payout currently looks the more resilient of the two. BTCI has also shown lower price volatility (beta 1.48 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, BTCI or MSTY?
BTCI has an expense ratio of 0.98% 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 BTCI vs MSTY generate?
At current rates, $10,000 in BTCI would generate roughly $211.83 cash per distribution ($2,542.00 annually). The same in MSTY would produce about $190.15 cash per distribution ($9,888.00 annually).
Which has performed better historically, BTCI or MSTY?
BTCI has outpaced MSTY over the trailing twelve months, posting a -26.67% total return against -46.90%. Measured from Oct 2024 — the start of shared available history — BTCI has compounded at 9.52% a year versus -11.57% for MSTY. BTCI has been the steadier holding, though — annualized volatility of 40.6% against 69.4% for MSTY. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
Explore related screeners
Lateral filters that include these funds — browse the full peer set on DividendVision.
BTCI and MSTY are both options-overlay ETFs designed to generate high income from cryptocurrency-linked positions, but they target fundamentally different underlying assets. The key distinction: BTCI owns the underlying asset (bitcoin), whereas MSTY owns shares of a publicly traded company whose value tracks bitcoin indirectly and amplifies through leverage.
How they differ
The biggest difference is the underlying exposure. MicroStrategy's stock price moves more aggressively than bitcoin itself—its 2.5604 beta is nearly double BTCI's 1.48—because the company uses leverage and has a narrower business base. The income engine is the same (covered calls on the holdings), but MSTY's 98.88% payout dwarfs BTCI's 25.42% because the underlying (MSTR) has experienced sharper price appreciation and volatility, allowing the fund to sell calls at higher premiums.
Who each is best for
BTCI: Fits investors who want direct bitcoin price participation with a monthly income overlay, accept covered-call caps on upside, and prefer owning the underlying asset rather than a company proxy.
MSTY: Fits investors seeking maximum current yield from a leveraged bitcoin play through a single-company vehicle, tolerate extreme volatility and concentrated single-stock risk, and understand that call caps will limit gains during rallies.
Key risks to know
NAV erosion at unsustainable yields.MSTY's 98.88% distribution rate far exceeds reasonable underlying returns; sustaining this payout likely requires capital erosion or return-of-capital treatment, particularly if MicroStrategy's stock stops appreciating sharply. BTCI's 25.42% rate is elevated but closer to levels seen in similar crypto income strategies.
Concentration and leverage risk.MSTY's exposure to a single company introduces idiosyncratic risk unrelated to bitcoin—regulatory changes affecting MicroStrategy, treasury management shifts, or operational setbacks could sink the stock independent of bitcoin's performance. BTCI's broad bitcoin exposure avoids single-issuer risk but still carries leverage through MicroStrategy's corporate leverage embedded in MSTY.
Call cap on upside. Both funds cap gains through covered calls, but MSTY's higher 2.5604 and tight call-writing discipline mean much sharper opportunity cost during bitcoin rallies. BTCI faces the same structural trade-off but on a less volatile underlying.
Derivative and counterparty risk. Both ETFs rely on options mechanics and derivatives counterparties; extended market stress or volatility spikes could impair the funds' ability to execute their strategies or force forced liquidations. The choice hinges on whether you want broad crypto exposure with measured income (BTCI) or leveraged bitcoin through a single company with call-capped upside (MSTY). Past performance—especially the sharp gains in both bitcoin and MicroStrategy in recent months—does not predict future results; both funds' yields depend on continued volatility and price appreciation that may not persist.
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.
Still deciding? Compare them against your own portfolio
See how each ETF fits alongside your real holdings — forecast future income, analyze overlap, and gauge risk. Start a free 7-day Dividend Vision trial and make the call with your full portfolio in view.
