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Security Comparison

MSTY vs STRK: A Preferred Share, or an Options Overlay?

A head-to-head of Strategy's perpetual strike preferred and YieldMax's MSTR option-income ETF covering structure, cost, and cash.

Updated October 12, 2026

How these figures are calculated: methodology.

Best for

  • MSTYInvestors who want to maximize current income — roughly 81.81%, generated by selling options premium.
  • STRKInvestors who want the steadier, bond-like income of a preferred security.

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.

MSTY has lagged STRK over the trailing twelve months, posting a -43.36% total return against -8.91%. Measured from Feb 2025 — the start of shared available history — STRK has compounded at 3.81% a year versus -32.94% for MSTY. STRK has been the steadier holding, though — annualized volatility of 37.2% against 69.2% 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 2025Volatility Sharpe Sortino Max drawdown
MSTY-0.56%-43.36%-32.94%69.2%-0.89-1.26-68.4%
STRK4.01%-8.91%3.81%37.2%-0.37-0.51-39.4%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 12, 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 2025” measures every fund from February 5, 2025 — 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

MetricMSTYSTRK
Forward distribution rate81.81%10.59%
Trailing 12-month yield148.71%10.59%
30-day SEC yield0.96%—
Return of capital78.12%—

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 MSTY vs MSTR.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricMSTYSTRK
Full nameYieldMax MSTR Option Income Strategy ETFPerpetual Strike Preferred Stock
IssuerYieldMaxStrategy Inc.
Underlying indexActively managed (no tracked index recorded)Preferred equity security issued by MicroStrategy Incorporated.
Last Close$15.54 as of October 12, 2026$75.51 as of October 12, 2026
Distribution rate81.81%10.59%
Trailing 12-month yield148.71%10.59%
30-day SEC yield0.96%—
Distribution Safety Score™ 1827
Safety-Adjusted Yield 14.73%—
Expense ratio1.03%—
AUM$1.14B—
Distribution frequencyWeeklyQuarterly
ObjectiveActively 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.Provide investors with an 8% fixed coupon through MicroStrategy's preferred equity structure.
Asset classEquityEquity
Inception date02/21/2024N/A
Beta2.5604—
Last dividend$0.2445$2.00
Ex-dividend date10/08/202609/15/2026

Bottom lineChoose MSTY if you want to maximize current income — roughly 81.81%, generated by selling options premium. Choose STRK if you want the steadier, bond-like income of a preferred security. There's no free lunch: MSTY's payout comes from selling options, which caps upside and can erode the share price over time, while STRK keeps full price exposure.

MSTY vs STRK: overlay cash or preferred stock?

MSTY sells MSTR upside for weekly cash. STRK is Strategy preferred stock. They are not two versions of the same income.

MSTYSTRK
What it isYieldMax options overlay on MSTRStrategy perpetual preferred stock
Payout cadenceweeklyquarterly
Expense ratio1.03%None (preferred stock)
Distribution rate81.81%10.59%

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 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

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Income calculator

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

YieldMax
ETFs62
Total AUM$10.2B

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 ETFs from YieldMax

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Quick verdict

MSTY (YieldMax MSTR Option Income Strategy ETF) is an ETF, while STRK (Perpetual Strike Preferred Stock) is a preferred stock — their trading structures differ.

MSTY offers the higher yield at 81.81% vs 10.59% for STRK. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

They have different reference exposures: MSTY is linked to Strategy (MSTR) while STRK is linked to Preferred equity security issued by MicroStrategy Incorporated., which means their performance drivers differ.

Deep dive

Yield & income

On a $10,000 investment, MSTY would generate roughly $157.33 cash per distribution, while STRK would produce $264.75 cash per distribution, at current distribution rates.

MSTY yield81.81%
STRK yield10.59%
Cash diff on $10K$107.42

Cost & efficiency

MSTY charges a 1.03% expense ratio — roughly $1,030 over 10 years on $10,000 (simplified, not compounded). STRK is a preferred stock, not a fund, so it charges no expense ratio.

MSTY ER1.03%

Strategy & risk

MSTY is actively managed around Strategy (MSTR) exposure with a covered call approach, while STRK tracks Preferred equity security issued by MicroStrategy Incorporated. with a bitcoin approach.

MSTY beta2.5604
STRK beta—

Security details

MSTY is managed by YieldMax (launched 02/21/2024) with $1.14B in assets. STRK (Perpetual Strike Preferred Stock) is a preferred stock.

MSTY AUM$1.14B
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Frequently asked questions

What is the difference between STRK and MSTY?

STRK (Perpetual Strike Preferred Stock) is preferred stock issued by Strategy, not a fund. It pays 10.59% quarterly. MSTY (YieldMax MSTR Option Income Strategy ETF) is a YieldMax options overlay on MSTR that pays 81.81% weekly. MSTY charges 1.03%; preferred stock has no fund expense ratio. Figures as of October 2026. They are not substitutes. One is a preferred claim on Strategy; the other sells MSTR upside for cash.

What is the current distribution rate for MSTY and STRK?

MSTY currently distributes 81.81% and STRK 10.59%, 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 STRK 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.

Can I hold both MSTY and STRK?

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 STRK safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — STRK scores 27, MSTY scores 18, so STRK'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 STRK?

MSTY charges a 1.03% expense ratio. STRK is a preferred stock, not a fund, so it has no expense ratio — owning it directly costs nothing in ongoing fund fees.

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

At current rates, $10,000 in MSTY would generate roughly $157.33 cash per distribution ($8,181.00 annually). The same in STRK would produce about $264.75 cash per distribution ($1,059.00 annually).

Which has performed better historically, MSTY or STRK?

MSTY has lagged STRK over the trailing twelve months, posting a -43.36% total return against -8.91%. Measured from Feb 2025 — the start of shared available history — STRK has compounded at 3.81% a year versus -32.94% for MSTY. STRK has been the steadier holding, though — annualized volatility of 37.2% against 69.2% for MSTY. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

MSTY vs STRK — at a glance

Generated October 10, 2026.

Overview

MSTY and STRK are both MicroStrategy-linked securities but serve fundamentally different roles in a portfolio. MSTY is an ETF using a weekly options-selling strategy to harvest income from MSTR's volatility while capping upside gains. STRK is a perpetual preferred stock issued by MicroStrategy itself, offering a fixed 8% coupon paid quarterly. One is a derivative overlay betting on near-term volatility; the other is a direct equity claim on the company with contractual seniority over common shares. MSTY's 81.81% annualized yield comes from option premiums and is subject to cap-and-collar mechanics that limit appreciation; STRK's yield is contractually fixed at 10.59%, making it insensitive to MSTR's stock price. MSTY inception was 02/21/2024, while STRK launched 02/05/2025.

Who each is best for

MSTY: Fits investors comfortable with high volatility and leverage who want to harvest income from large price swings in a single underlying, and who accept that the options strategy mechanically caps their appreciation potential.

STRK: Designed for investors seeking a contractually protected fixed income stream from MicroStrategy at a higher priority level than common equity, with a preference for known quarterly cash flow over speculative volatility capture.

Key risks to know

  • NAV erosion at 81.81% distribution yield. MSTY's weekly payout rate far exceeds typical equity returns. Sustaining this yield over years may require capital erosion or return-of-capital treatment; the question is whether option premium extraction can persist if MSTR's price stabilizes or falls sharply.
  • Single-name concentration. Both securities are entirely exposed to MicroStrategy. Any adverse development at the company — regulatory action, loss of key personnel, or deterioration in its Bitcoin holdings — directly threatens both MSTY and STRK, with no diversification buffer.
  • Capped upside in MSTY. The covered call structure limits appreciation to a fixed strike; if MSTR rallies sharply, MSTY shareholders forgo gains above that level while bearing the full downside if the price falls.
  • Preferred equity subordination in STRK. Although STRK is senior to common equity, it remains subordinate to all debt. If MicroStrategy's leverage rises or asset quality deteriorates, STRK holders have no contractual guarantee of principal recovery, despite the fixed coupon.
  • Options decay and market structure risk in MSTY. Weekly option rolling introduces execution risk, reinvestment timing risk, and sensitivity to implied volatility. If IV collapses, the option premium shrinks and income drops sharply.

Bottom line

MSTY delivers 81.81% in weekly distributions through options mechanics that cap your upside but require volatile, premium-rich market conditions to sustain payouts. STRK offers 10.59% fixed quarterly income with equity seniority and structural stability, but no contractual protection if MicroStrategy's leverage or credit position weakens. Both tie you entirely to MicroStrategy, so your decision hinges on whether you can tolerate weekly volatility mechanics and capped gains for higher near-term income, or prefer a fixed coupon with preferred-equity standing. 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.