MSR vs MSST: which paid, and which earned it?

MSR and MSST both write options for income. GraniteShares Autocallable MSTR ETF and YieldMax MSTR Performance & Distribution Target 25 ETF.

5.2%

MSR cash paid, since launch

13.6%

MSST cash paid, since launch

−33.6%

MSR total return, since launch

−27.4%

MSST total return, since launch

MSR · since launch to Sep 30, 202616.6 pts behind MSTR

MSR

−33.6%

MSTR

−17.0%

16.6 pts behind MSTR

MSR since launch: paid 5.2%, price −38.4%, total −33.6%, MSTR −17.0%, −16.6 pts.

MSTR

−17.0%

MSR

−33.6%

16.6 pts behind MSTR

Total return, distributions reinvested

16.6 pts behind MSTR

MSR since launch: paid 5.2%, price −38.4%, total −33.6%, MSTR −17.0%, −16.6 pts.

MSTR

−17.0%

MSR

−33.6%

16.6 pts behind MSTR

5.2% of it arrived as cash. Total return, distributions reinvested. MSR since launch: paid 5.2%, price −38.4%, total −33.6%, MSTR −17.0%, −16.6 pts.

MSST · since launch to Sep 30, 20261.4 pts behind MSTR

MSST

−27.4%

MSTR

−26.0%

1.4 pts behind MSTR

MSST since launch: paid 13.6%, price −41.4%, total −27.4%, MSTR −26.0%, −1.4 pts.

MSTR

−26.0%

MSST

−27.4%

1.4 pts behind MSTR

Total return, distributions reinvested

1.4 pts behind MSTR

MSST since launch: paid 13.6%, price −41.4%, total −27.4%, MSTR −26.0%, −1.4 pts.

MSTR

−26.0%

MSST

−27.4%

1.4 pts behind MSTR

13.6% of it arrived as cash. Both charts share one scale, 0 to −17.0%. MSST since launch: paid 13.6%, price −41.4%, total −27.4%, MSTR −26.0%, −1.4 pts.

What they hold in common

By the books each fund has filed, MSR and MSST hold 0% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated Jun 30, 2026 and Oct 1, 2026.

50%

half

0% in common

Positions both hold, largest shared weight first

Holding MSR MSST

Only in MSR

Treasury Bill 100.00%

Only in MSST

MSTR 11/20/2026 135.01 C 46.55%

United States Treasury Bill 12/10/2026 22.10%

United States Treasury Note/Bond 2.375% 05/15/2027 20.69%

United States Treasury Bill 02/18/2027 20.61%

First American Government Obligations Fund 12/01/2031 12.93%

MSTR US 10/16/26 C160 6.85%

MSTR US 10/16/26 C165 1.17%

MSTR US 10/16/26 C170 0.91%

Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed.

Performance, window by window

	Total return		Cash paid		Against the benchmark
Window	MSR	MSST	MSR	MSST	MSR	MSST
3 months	+14.9%	+50.9%	4.1%	7.3%	−49.0 pts	−13.1 pts
6 months	not published	+9.6%	not published	11.7%	not published	−15.1 pts
Since launch MSR May 2026 · MSST Nov 2025	−33.6%	−27.4%	5.2%	13.6%	−16.6 pts	−1.4 pts

MSR and MSST over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

MSR

GraniteShares Autocallable MSTR ETF · Autocallable on MSTR

MSST

YieldMax MSTR Performance & Distribution Target 25 ETF · Synthetic covered call on MSTR, paying weekly

Issuer GraniteShares YieldMax

Strategy autocallable synthetic covered call

Benchmark MicroStrategy (MSTR) MicroStrategy (MSTR)

Pays not established weekly

Payout rate, annualized 44.3% 26.3%

Expense ratio 1.07% not published

Cash paid, 1 year 5.2% (since launch on May 12, 2026) 13.6% (since launch on Nov 18, 2025)

Price change, 1 year −38.4% −41.4%

Total return, 1 year −33.6% (since launch on May 12, 2026) −27.4% (since launch on Nov 18, 2025)

Benchmark return, 1 year −17.0% −26.0%

Ahead or behind −16.6 pts −1.4 pts

Return of capital, latest estimate 0% 80%

Age 141 days 316 days

Net assets $593,832 $5m

MSR and MSST on the same fields, as of Sep 30, 2026. Source: ETFIQ.

MSR in plain words

Over the period since launch on May 12, 2026 to Sep 30, 2026, MSR paid 5.2% of its starting value in cash distributions while its price fell 38.4%. With every distribution reinvested, the fund returned −33.6%. MicroStrategy (MSTR) returned −17.0% over the same days, so a holder was behind by 16.6 pts. At its price on Sep 30, 2026 the latest distribution annualizes to 44.3%, paid periodically. GraniteShares estimates that 0% of the distribution paid Jun 5, 2026 was a return of capital (19a-1 notice, estimated, a tax characterization rather than a measure of erosion).

MSST in plain words

Over the period since launch on Nov 18, 2025 to Sep 30, 2026, MSST paid 13.6% of its starting value in cash distributions while its price fell 41.4%. With every distribution reinvested, the fund returned −27.4%. MicroStrategy (MSTR) returned −26.0% over the same days, so a holder was behind by 1.4 pts. At its price on Sep 30, 2026 the latest distribution annualizes to 26.3%, paid weekly. YieldMax estimates that 80% of the distribution paid Sep 30, 2026 was a return of capital (19a-1 notice, estimated, a tax characterization rather than a measure of erosion).

Other comparisons

MSR vs ACYS MSR vs AHD MSR vs ANV MSR vs APRH MSST vs MSTW MSST vs MTYY MSST vs WNTR MSST vs MSTY

MSR on its own →MSST on its own →How every figure is computed →Standards and sources →

Where these figures came from

MSR filings on SEC EDGAR ↗MSR prospectus with the expense ratio (SEC) ↗MSR 19a-1 distribution notice ↗GraniteShares page for MSR ↗MSST 19a-1 distribution notice ↗YieldMax page for MSST ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, MSR against MSST, data as of Sep 30, 2026. https://etfiq.com/compare/income/msr-vs-msst

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.