A head-to-head comparison of YieldMax MSTR Option Income Strategy ETF and YieldMax SMCI 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.
MSTY has lagged SMCY over the trailing twelve months, posting a -46.90% total return against -20.30%. Measured from Sep 2024 — the start of shared available history — MSTY has compounded at 1.28% a year versus -14.52% for SMCY. 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 Sep 2024” measures every fund from September 12, 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
MSTY
SMCY
Forward distribution rate
98.88%
77.20%
Trailing 12-month yield
139.76%
119.76%
30-day SEC yield
0.96%
2.10%
Return of capital
98.87%
97.16%
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.
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.
Seeks current income and indirect exposure to the share price of Super Micro Computer, Inc. (SMCI), investing at least 80% of net assets in instruments providing that exposure.
Bottom lineChoose MSTY if you want to maximize current income — roughly 98.88%, generated by selling options premium. Choose SMCY if you are comfortable trading away most upside for a large, steady payout. MSTY and SMCY 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. MSTY and SMCY 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.
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 and SMCY.
MSTY (YieldMax MSTR Option Income Strategy ETF) and SMCY (YieldMax SMCI Option Income Strategy ETF) are both weekly-pay dividend ETFs, but they take different approaches.
MSTY offers the higher yield at 98.88% vs 77.20% for SMCY. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
SMCY is cheaper with an expense ratio of 1.01% compared to 1.03%.
They have different reference exposures: MSTY is linked to Strategy (MSTR) while SMCY is linked to Super Micro Computer (SMCI), which means their performance drivers differ.
MSTY is the larger fund by assets ($1.13B), but assets alone do not establish trading costs or liquidity.
Who should choose each?
Choose MSTY
YieldMax MSTR Option Income Strategy ETF
Want to maximize current income — MSTY distributes roughly 98.88% from selling options premium, vs 77.20% for SMCY.
Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
Choose SMCY
YieldMax SMCI Option Income Strategy ETF
Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
Want to keep costs low — a 1.01% expense ratio vs 1.03% for MSTY.
Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.
Still deciding? Track MSTY & SMCY 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, MSTY would generate roughly $190.15 cash per distribution, while SMCY would produce $148.46 cash per distribution, at current distribution rates. Both pay weekly distributions.
MSTY yield98.88%
SMCY yield77.20%
Cash diff on $10K$41.69
Cost & efficiency
Over 10 years on $10,000, MSTY would cost approximately $1,030 in fees vs $1,010 for SMCY (simplified, not compounded). The $20.00 difference may be offset by yield or performance.
MSTY ER1.03%
SMCY ER1.01%
Strategy & risk
MSTY is actively managed around Strategy (MSTR) exposure with a covered call approach, while SMCY tracks Super Micro Computer (SMCI) with a covered call approach. Beta is 2.5604 for MSTY and 2.5969 for SMCY — effectively similar market sensitivity.
MSTY beta2.5604
SMCY beta2.5969
Fund details
MSTY is managed by YieldMax (launched 02/21/2024) with $1.13B in assets. SMCY is managed by YieldMax (launched 09/11/2024) with $143M 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 MSTY and SMCY?
MSTY currently distributes 98.88% and SMCY 77.20%, 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 MSTY or SMCY 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 MSTY and SMCY?
MSTY (YieldMax MSTR Option Income Strategy ETF) is actively managed around Strategy (MSTR) exposure with a covered call approach, while SMCY (YieldMax SMCI Option Income Strategy ETF) tracks Super Micro Computer (SMCI) with a covered call approach. They are issued by YieldMax and YieldMax respectively.
Can I hold both MSTY and SMCY?
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 MSTY or SMCY 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, SMCY scores 49, so MSTY's payout currently looks the more resilient of the two. 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, MSTY or SMCY?
MSTY has an expense ratio of 1.03% while SMCY charges 1.01%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in MSTY vs SMCY generate?
At current rates, $10,000 in MSTY would generate roughly $190.15 cash per distribution ($9,888.00 annually). The same in SMCY would produce about $148.46 cash per distribution ($7,720.00 annually).
Which has performed better historically, MSTY or SMCY?
MSTY has lagged SMCY over the trailing twelve months, posting a -46.90% total return against -20.30%. Measured from Sep 2024 — the start of shared available history — MSTY has compounded at 1.28% a year versus -14.52% for SMCY. 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.
They generate current income by selling call options against their underlying holdings while capping upside participation. Both distribute weekly and carry similar expense ratios around 1%, but they differ substantially in their yield profiles, asset bases, and the volatility profiles of their underlying companies. That spread reflects both the call-writing intensity and the underlying stock's implied volatility—MSTR trades with higher volatility and has attracted larger option premiums. The beta figures are nearly identical (MSTY 2.5604, SMCY 2.5969), signaling that both amplify broad market moves at roughly 2.5× the rate of the S&P 500, though MSTY's underlying—a cryptocurrency proxy—may experience outsized swings independent of equity markets. MSTY has also been live longer, having 2 years, while SMCY is 2 years.
Who each is best for
MSTY: Fits investors who want maximum current income from a single high-volatility holding and can tolerate significant NAV swings in exchange for capped appreciation; the MicroStrategy/Bitcoin proxy angle appeals to those with strong conviction in crypto thematic exposure and comfort with 2.5× beta moves.
SMCY: Designed for investors seeking a moderately high yield (though below MSTY's level) from a semiconductor-focused single-stock position, with a slightly lower volatility expectation and an earlier-stage fund where the premium-collection and NAV-erosion pattern is still establishing its track record. This dynamic can cause NAV to erode over multi-year holding periods unless the underlying appreciates materially or option premiums remain inflated.
Single-stock concentration and idiosyncratic risk. Both funds are tethered entirely to one company's operational performance. MSTR's business model depends on Bitcoin holdings and treasury-management discipline; SMCI faces semiconductor-cycle and customer-concentration risks. A earnings miss, product failure, or strategic misstep in either company could trigger sharp losses uncorrelated with broader market moves.
Capped upside limits long-term wealth building. By selling covered calls, both funds surrender participation in strong rallies. If MSTR or SMCI experience a sustained bull run (which their high betas suggest is possible), investors will miss outsized gains while still bearing full downside risk—an asymmetric payoff profile unsuited to those with multi-decade accumulation horizons.
Options-market liquidity and volatility regime dependence. The yields are sustainable only if implied volatility remains elevated enough to support robust call premiums. A prolonged period of declining volatility—whether in equities broadly or in these individual names—could compress option premiums sharply, forcing a step-down in distributions.
Bottom line
MSTY offers a much higher yield in exchange for accepting very steep NAV-erosion risk and a smaller asset base; SMCY trades off some income for a lower concentration on yield sustainability and a less volatile (though still leveraged) underlying position. If you prize maximum current income and can stomach potential principal decay, MSTY's yield advantage is substantial; if you want meaningful income but with a better chance of preserving NAV, SMCY's lower distribution rate may signal a more conservative premium-collection stance. Neither fund is suited to buy-and-hold investing; both require active monitoring of their distribution sustainability and the underlying company's fundamentals.
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.
