Dividend comparison

MSTY vs ULTY: Which Is Better for Income?

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

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MSTY vs ULTY: key differences
The short answer, from the latest data on this page.
  • Fees. MSTY is cheaper at 1.03% a year versus 1.40% for ULTY. On $10,000 that is $37 a year less in fees.
  • Income. MSTY pays more income, yielding 141.10% over the last twelve months versus 98.01% for ULTY. That is about $4,309 more a year on $10,000. MSTY pays monthly, ULTY pays weekly.
  • Performance. Over the last 1 year, ULTY returned -8.8% versus -45.7% for MSTY, with dividends reinvested. $10,000 would have grown to $9,116 in ULTY 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 -28.3% for ULTY.
  • Diversification. ULTY holds 112 positions and MSTY holds 26. The ten largest positions make up 0.0% of MSTY and 43.9% of ULTY.
  • Overlap. At least 0% of the two portfolios overlap by weight, across 1 shared holdings. They mostly own different companies, so they can complement each other.

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

Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricMSTY
YieldMax MSTR Option Income Strategy ETF
ULTY
YieldMax Ultra Option Income Strategy ETF
Dividend yield (TTM)141.10%98.01%
Dividend / share (TTM)$20.32$23.25
Payout frequencyMonthlyWeekly
Last dividend$0.2474 on Oct 16, 2026$0.2955 on Oct 15, 2026
Ex-dividend dateOct 15, 2026Oct 14, 2026
Next payment—$0.2772 on Oct 22, 2026
Price$14.40$23.72
Beta2.151.45
Max drawdown (5Y)-80.7%-28.3%
Market cap$792.6M$1.53B
ExchangeAMEXAMEX
Expense ratio1.03%1.40%
Assets under management$1.02B$653.5M
Number of holdings26112
Top 10 concentration0.0%43.9%
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

MSTY

$1175.85/mo

$14110 /yr at 141.10% yield

ULTY

$816.79/mo

$9801 /yr at 98.01% yield

Dividend history
Total dividends paid per share in each calendar year. MSTY pays monthly; ULTY pays weekly.
YearMSTYULTY
2025$87.2054$52.6126
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 MSTY vs ULTY actually do

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 29, 2024 would now be worth $11,250 in MSTY and $9,137 in ULTY.
PeriodMSTYULTY
1 month-6.07%-3.73%
3 months37.14%1.32%
Year to date-6.31%5.89%
1 year-45.70%-8.84%
3 years——
5 years——
  • MSTY
  • ULTY
4621037320242025202611391

Both series indexed to 100 on 2024-02-29 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.
  • MSTY
  • ULTY
0%25%50%75%100%Cash & Others100.0%0.3%Technology48.9%Industrials14.8%Basic Materials8.3%Consumer Cyclical8.0%Financial Services7.2%Communication Services7.1%Healthcare3.4%Energy2.3%Consumer Defensive0.0%
MSTY vs ULTY holdings overlap
At least 0% overlap by weight, with 1 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
Largest shared holdingsMSTY weightULTY weight
MSTRStrategy Inc0.00%2.87%
Top 10 holdings
Largest positions by portfolio weight.

MSTY26 holdings total

NameWeight
MSTRStrategy Inc0.00%

ULTY112 holdings total

NameWeight
GOOGLAlphabet Inc4.76%
ADIAnalog Devices Inc4.74%
SHOPShopify Inc4.57%
PLTRPalantir Technologies Inc4.48%
SPCXSpace Exploration Technologies Corp4.39%
MELIMercadoLibre Inc4.33%
BABAAlibaba Group Holding Ltd4.29%
LRCXLam Research Corp4.23%
AMZNAmazon.com Inc4.08%
GDXVanEck Gold Miners ETF/USA4.06%

Quick verdict

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

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Frequently asked questions

Is MSTY or ULTY better for dividend income?
It depends on your goals. MSTY currently yields 141.10% Trailing Twelve Months (TTM) while ULTY yields 98.01%. 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 MSTY and ULTY?
YieldMax MSTR Option Income Strategy ETF (MSTY) is an ETF listed on AMEX. YieldMax Ultra Option Income Strategy ETF (ULTY) 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, MSTY or ULTY?
MSTY has the lower expense ratio. MSTY charges 1.03% a year and ULTY charges 1.40%, a difference of $37 a year on a $10,000 investment.
Which has performed better, MSTY or ULTY?
Over the last 1 year, ULTY has the higher total return with dividends reinvested: MSTY returned -45.7% and ULTY returned -8.8%. Past performance does not predict future returns.
Which is riskier, MSTY or ULTY?
Measured by the worst peak-to-trough decline over the last five years, MSTY has been riskier: MSTY fell as much as 80.7% and ULTY as much as 28.3%. Their betas are 2.15 and 1.45.
How much do MSTY and ULTY overlap?
At least 0% of the two portfolios overlap by weight, across 1 shared holdings. The largest shared positions are MSTR. Holding both still adds meaningful diversification.
How often do MSTY and ULTY pay dividends?
MSTY pays monthly and ULTY pays weekly.
How much income does $10,000 in MSTY vs ULTY generate?
At current TTM yields, $10,000 in MSTY would generate roughly $1175.85 per month ($14110 annually). The same amount in ULTY would produce about $816.79 per month ($9801 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both MSTY and ULTY?
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 MSTY vs ULTY with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how MSTY and ULTY 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.