Dividend comparison

BITO vs MSTY: Which Is Better for Income?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for ProShares Bitcoin ETF and YieldMax MSTR Option Income Strategy ETF, side by side. Updated October 21, 2026.

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BITO vs MSTY: key differences
The short answer, from the latest data on this page.
  • Fees. BITO is cheaper at 0.95% a year versus 1.03% for MSTY. On $10,000 that is $8 a year less in fees.
  • Income. MSTY pays more income, yielding 141.10% over the last twelve months versus 22.43% for BITO. That is about $11,867 more a year on $10,000. Both pay monthly.
  • Performance. Over the last 1 year, BITO returned -33.1% versus -45.7% for MSTY, with dividends reinvested. $10,000 would have grown to $6,689 in BITO and $5,430 in MSTY.
  • Risk. MSTY has been the bumpier ride. Its worst peak-to-trough decline over the last 1 year was -80.7%, against -77.8% for BITO.
  • Diversification. MSTY holds 26 positions and BITO holds 5.

Bottom line: BITO fits better if you care most about lower fees and stronger 1-year returns. MSTY fits better if you care most about more income today and broader diversification.

Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricBITO
ProShares Bitcoin ETF
MSTY
YieldMax MSTR Option Income Strategy ETF
Dividend yield (TTM)22.43%141.10%
Dividend / share (TTM)$2.47$20.32
Payout frequencyMonthlyMonthly
Last dividend$0.0174 on Oct 7, 2026$0.2474 on Oct 16, 2026
Ex-dividend dateOct 1, 2026Oct 15, 2026
Price$11.01$14.40
Beta1.742.15
Max drawdown (5Y)-77.8%-80.7%
Market cap$2.22B$792.6M
ExchangeAMEXAMEX
Expense ratio0.95%1.03%
Assets under management$1.61B$1.02B
Number of holdings526
Top 10 concentration—0.0%
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

BITO

$186.91/mo

$2243 /yr at 22.43% yield

MSTY

$1175.85/mo

$14110 /yr at 141.10% yield

Dividend history
Total dividends paid per share in each calendar year. BITO pays monthly; MSTY pays monthly.
YearBITOMSTY
2025$9.5198$87.2054
2024$14.0307—
Strategy: Single-stock option income
Funds that hold synthetic exposure to one stock, or a basket of them, and sell call options against it every week or month to pay very large distributions. The payout comes from option premium, which is high because the underlying stocks are volatile. When the stock rallies hard, the fund keeps only a slice of the gain; when it falls, the fund takes most of the loss.

Distributions can include return of capital and the share price tends to erode over time, so the headline yield overstates what the investor actually keeps.

What BITO vs MSTY actually do

BITO
A ProShares fund that tracks bitcoin through CME futures contracts rather than holding any bitcoin itself.

It buys front-month CME bitcoin futures and rolls them forward as each contract nears expiry, holding Treasuries as collateral. When longer-dated contracts trade above nearer ones, a condition called contango that has been common in bitcoin futures, each roll sells low and buys high and drags on return relative to spot bitcoin. Fees are around 0.95% a year on top of that roll cost, and its distributions come from collateral interest and realized futures gains rather than from anything the asset pays.

Suits an account that cannot hold spot bitcoin products directly but can hold a futures-based fund. Since spot bitcoin ETFs became available in 2024 the structural case for the futures wrapper is much narrower, and the combination of roll drag and fee means it should not be expected to keep pace with bitcoin itself.

High volatility, structural tracking drag

MSTY
A YieldMax fund that generates weekly income from options on a single stock, Strategy Inc, without owning the shares.

It holds no Strategy shares at all. It builds synthetic long exposure with options and sells calls or call spreads against it, harvesting premium from one of the most volatile large stocks in the market, itself a leveraged proxy for bitcoin. The distribution is set by the manager and varies week to week, and past payments have included return of capital, meaning part of what arrives is your own money coming back rather than income earned. Fees run around 1% a year.

Suits only an investor treating a small, losable allocation as a speculative income trade with eyes open. It is not an income substitute for a diversified fund: it carries single-stock risk on a company whose value is tied to bitcoin, its upside is capped by design, and its net asset value can fall sharply and permanently even while distributions continue.

Speculative, single-stock, capital at high risk

Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Feb 22, 2024 would now be worth $12,684 in BITO and $13,358 in MSTY.
PeriodBITOMSTY
1 month0.82%-6.07%
3 months26.70%37.14%
Year to date-9.46%-6.31%
1 year-33.11%-45.70%
3 years115.46%—
5 years-11.21%—
  • BITO
  • MSTY
55249442202420252026127134

Both series indexed to 100 on 2024-02-22 using the adjusted closing price series. Past performance does not guarantee future results.

Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
  • BITO
  • MSTY
0%25%50%75%100%Cash & Others32.7%100.0%Financial Services67.3%
Top 10 holdings
Largest positions by portfolio weight.

MSTY26 holdings total

NameWeight
MSTRStrategy Inc0.00%

Quick verdict

BITO fits better if you care most about lower fees and stronger 1-year returns. MSTY fits better if you care most about more income today and broader diversification. Model the holding inside your real portfolio before deciding.

Still deciding? Compare them in your portfolio
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Frequently asked questions

Is BITO or MSTY better for dividend income?
It depends on your goals. BITO currently yields 22.43% Trailing Twelve Months (TTM) while MSTY yields 141.10%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between BITO and MSTY?
ProShares Bitcoin ETF (BITO) is an ETF listed on AMEX. YieldMax MSTR Option Income Strategy ETF (MSTY) is an ETF listed on AMEX. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, BITO or MSTY?
BITO has the lower expense ratio. BITO charges 0.95% a year and MSTY charges 1.03%, a difference of $8 a year on a $10,000 investment.
Which has performed better, BITO or MSTY?
Over the last 1 year, BITO has the higher total return with dividends reinvested: BITO returned -33.1% and MSTY returned -45.7%. Past performance does not predict future returns.
Which is riskier, BITO or MSTY?
Measured by the worst peak-to-trough decline over the last five years, MSTY has been riskier: BITO fell as much as 77.8% and MSTY as much as 80.7%. Their betas are 1.74 and 2.15.
How often do BITO and MSTY pay dividends?
Both pay monthly. The most recent payments were $0.0174 for BITO and $0.2474 for MSTY.
How much income does $10,000 in BITO vs MSTY generate?
At current TTM yields, $10,000 in BITO would generate roughly $186.91 per month ($2243 annually). The same amount in MSTY would produce about $1175.85 per month ($14110 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both BITO and MSTY?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare BITO vs MSTY with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how BITO and MSTY fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.

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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.