Dividend comparison

MSTY vs YMAX: Which Is Better for Income?

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

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MSTY vs YMAX: key differences
The short answer, from the latest data on this page.
  • Fees. MSTY is cheaper at 1.03% a year versus 1.33% for YMAX. On $10,000 that is $30 a year less in fees.
  • Income. MSTY pays more income, yielding 141.10% over the last twelve months versus 61.45% for YMAX. That is about $7,965 more a year on $10,000. Both pay monthly.
  • Performance. Over the last 1 year, YMAX returned -37.6% versus -45.7% for MSTY, with dividends reinvested. $10,000 would have grown to $6,241 in YMAX 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 -40.4% for YMAX.
  • Diversification. YMAX holds 38 positions and MSTY holds 26. The ten largest positions make up 0.0% of MSTY and 62.3% of YMAX.
  • Size. MSTY is the larger fund with $1.0 billion in assets, against $353 million for YMAX.

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

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
YMAX
YieldMax Universe Fund of Option Income ETFs
Dividend yield (TTM)141.10%61.45%
Dividend / share (TTM)$20.32$4.51
Payout frequencyMonthlyMonthly
Last dividend$0.2474 on Oct 16, 2026$0.0594 on Oct 15, 2026
Ex-dividend dateOct 15, 2026Oct 14, 2026
Next payment—$0.0563 on Oct 22, 2026
Price$14.40$7.34
Beta2.151.28
Max drawdown (5Y)-80.7%-40.4%
Market cap$792.6M$417.2M
ExchangeAMEXAMEX
Expense ratio1.03%1.33%
Assets under management$1.02B$353.2M
Number of holdings2638
Top 10 concentration0.0%62.3%
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

YMAX

$512.09/mo

$6145 /yr at 61.45% yield

Dividend history
Total dividends paid per share in each calendar year. MSTY pays monthly; YMAX pays monthly.
YearMSTYYMAX
2025$87.2054$7.7483
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 YMAX 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 22, 2024 would now be worth $13,358 in MSTY and $8,545 in YMAX.
PeriodMSTYYMAX
1 month-6.07%-3.80%
3 months37.14%-2.39%
Year to date-6.31%-26.45%
1 year-45.70%-37.59%
3 years——
5 years——
  • MSTY
  • YMAX
5524944220242025202613485

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.
  • MSTY
  • YMAX
0%25%50%75%100%Cash & Others100.0%1.0%Technology61.0%Consumer Cyclical7.6%Communication Services7.2%Financial Services5.5%Industrials5.4%Healthcare5.1%Consumer Defensive3.0%Basic Materials1.8%Real Estate1.6%Other1.9%
MSTY vs YMAX holdings overlap
At least 0% overlap by weight, with 0 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
Top 10 holdings
Largest positions by portfolio weight.

MSTY26 holdings total

NameWeight
MSTRStrategy Inc0.00%

YMAX38 holdings total

NameWeight
MRNYYieldMax MRNA Option Income Strategy ETF10.93%
APLYYieldMax AAPL Option Income Strategy ETF6.65%
HOOYYieldMax HOOD Option Income Strategy ETF6.53%
FBYYieldMax Meta Option Income Strategy ETF6.36%
AMDYYieldMax AMD Option Income Strategy ETF5.97%
GDXYYieldMax Gold Miners Option Income Strategy ETF5.38%
SMCYYieldMax Smci Option Income Strategy ETF5.37%
MSFOYieldMax MSFT Option Income Strategy ETF5.10%
TSLYYieldMax Tsla Option Income ETF5.06%
GPTYYieldMax AI & Tech Portfolio Option Income ETF4.94%

Quick verdict

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

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Frequently asked questions

Is MSTY or YMAX better for dividend income?
It depends on your goals. MSTY currently yields 141.10% Trailing Twelve Months (TTM) while YMAX yields 61.45%. 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 YMAX?
YieldMax MSTR Option Income Strategy ETF (MSTY) is an ETF listed on AMEX. YieldMax Universe Fund of Option Income ETFs (YMAX) 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 YMAX?
MSTY has the lower expense ratio. MSTY charges 1.03% a year and YMAX charges 1.33%, a difference of $30 a year on a $10,000 investment.
Which has performed better, MSTY or YMAX?
Over the last 1 year, YMAX has the higher total return with dividends reinvested: MSTY returned -45.7% and YMAX returned -37.6%. Past performance does not predict future returns.
Which is riskier, MSTY or YMAX?
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 YMAX as much as 40.4%. Their betas are 2.15 and 1.28.
How often do MSTY and YMAX pay dividends?
Both pay monthly. The most recent payments were $0.2474 for MSTY and $0.0594 for YMAX.
How much income does $10,000 in MSTY vs YMAX generate?
At current TTM yields, $10,000 in MSTY would generate roughly $1175.85 per month ($14110 annually). The same amount in YMAX would produce about $512.09 per month ($6145 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both MSTY and YMAX?
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 YMAX with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how MSTY and YMAX 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.