ETF Comparison
MSTY vs ULTY: Which Is the Better Pick in 2026?
A head-to-head comparison of YieldMax MSTR Option Income Strategy ETF and YieldMax Ultra Option Income Strategy ETF covering yield, cost, risk, and income potential.
Data updated April 5, 2026
Side-by-side snapshot
| MSTY | ULTY | |
|---|---|---|
| Full name | YieldMax MSTR Option Income Strategy ETF | YieldMax Ultra Option Income Strategy ETF |
| Issuer | YieldMax | YieldMax |
| Price | $20.69 | $30.49 |
| Distribution yield | 299.60% | 131.53% |
| Expense ratio | 1.03% | 1.30% |
| AUM | $1.0B | $978M |
| Distribution frequency | Weekly | Weekly |
| Underlying index | Strategy (MSTR) | Basket (High Volatility stocks) |
| Objective | Covered Call | Covered Call |
| Asset class | Equity | Equity |
| Inception date | 07/18/2023 | 02/21/2024 |
| Beta | 0.0 | 0.0 |
| Last dividend | $0.31 | $0.43 |
| Ex-dividend date | 04/02/2026 | 03/25/2026 |
Visual comparison
Key metrics
Projected income on $10K
Projections assume the current yield and share price remain constant. Actual results will vary.
Quick verdict
MSTY (YieldMax MSTR Option Income Strategy ETF) and ULTY (YieldMax Ultra Option Income Strategy ETF) are both popular weekly-pay covered call ETFs, but they take different approaches.
MSTY offers the higher yield at 299.60% vs 131.53% for ULTY. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
MSTY is cheaper with an expense ratio of 1.03% compared to 1.30%.
They track different benchmarks: MSTY is linked to Strategy (MSTR) while ULTY tracks Basket (High Volatility stocks), which means their performance drivers differ.
MSTY is the larger fund by assets ($1.0B), which generally means tighter spreads and better liquidity.
Deep dive
Yield & income
On a $10,000 investment, MSTY would generate roughly $2,496.67/month while ULTY would produce $1,096.08/month at current distribution rates. Both pay weekly distributions.
Cost & efficiency
Over 10 years on $10,000, MSTY would cost approximately $1,030 in fees vs $1,300 for ULTY (simplified, not compounded). The $270.00 difference may be offset by yield or performance.
Strategy & risk
MSTY tracks Strategy (MSTR) with a covered call approach, while ULTY tracks Basket (High Volatility stocks) using a covered call strategy. Beta is 0.0 for MSTY and 0.0 for ULTY, indicating ULTY is less volatile relative to the market.
Fund details
MSTY is managed by YieldMax (launched 07/18/2023) with $1.0B in assets. ULTY is managed by YieldMax (launched 02/21/2024) with $978M in assets.
Income calculator
See how much monthly income a hypothetical investment would generate in each ETF at current yields.
Frequently asked questions
Is MSTY or ULTY 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 ULTY?
MSTY (YieldMax MSTR Option Income Strategy ETF) tracks Strategy (MSTR) with a covered call strategy, while ULTY (YieldMax Ultra Option Income Strategy ETF) tracks Basket (High Volatility stocks) with a covered call approach. They are issued by YieldMax and YieldMax respectively.
Can I hold both MSTY and ULTY?
Yes. Many income investors hold both to diversify across different strategies and underlying indexes. This can reduce concentration risk while maintaining a strong income stream.
Which has lower fees, MSTY or ULTY?
MSTY has an expense ratio of 1.03% while ULTY charges 1.30%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in MSTY vs ULTY generate?
At current yields, $10,000 in MSTY would generate roughly $2,496.67 per month ($29,960.00 annually). The same in ULTY would produce about $1,096.08 per month ($13,153.00 annually).
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