MSR vs PAYM: Dividend Yield & Total Return
MSR and PAYM both write options for income. Net assets: $573,400 on Oct 20, 2026 for GraniteShares Autocallable MSTR ETF, and $128m on Jul 31, 2026 for TrueShares S&P Autocallable Defensive Income ETF.
PAYM costs 0.33 points a year less.
Points (pts) are percentage points.
| MSR | PAYM | |
|---|---|---|
| Expense ratio | 1.07% | 0.74% |
| Net assets, MSR as of Oct 20, 2026 and PAYM as of Jul 31, 2026 | $573,400 | $128m |
| Benchmark | MicroStrategy (MSTR) | not published |
| Holdings in common | 0% | |
| Against its benchmark, same days | behind by 11.0 pts | |
| Price change | fell 40.6% (since May 12, 2026) | fell 2.6% (since May 28, 2026) |
| Return of capital, issuer estimate | 0% of the Jun 5, 2026 payment | |
Holdings in common uses holdings dated Jun 30, 2026 and Jul 31, 2026.
11 pts behind MSTR
MSR since launch: paid 7.5%, price −40.6%, total −33.6%, MSTR −22.6%, −11.0 pts. Figures to Oct 20, 2026.
MSTR
−22.6%
MSR
−33.6%
11 pts behind MSTR
Total return, distributions reinvested
11 pts behind MSTR
MSR since launch: paid 7.5%, price −40.6%, total −33.6%, MSTR −22.6%, −11.0 pts. Figures to Oct 20, 2026.
MSTR
−22.6%
MSR
−33.6%
11 pts behind MSTR
7.5% of it arrived as cash. Total return, distributions reinvested. MSR since launch: paid 7.5%, price −40.6%, total −33.6%, MSTR −22.6%, −11.0 pts. Figures to Oct 20, 2026.
Figures to Oct 20, 2026.
Not measured
PAYM since launch: paid 4.0%, price −2.6%, total +1.5%, not measured against a benchmark. Figures to Oct 20, 2026.
PAYM
+1.5%
Total return, distributions reinvested
Not measured
PAYM since launch: paid 4.0%, price −2.6%, total +1.5%, not measured against a benchmark. Figures to Oct 20, 2026.
PAYM
+1.5%
4.0% of it arrived as cash. Both charts share one scale, with zero at the line. PAYM since launch: paid 4.0%, price −2.6%, total +1.5%, not measured against a benchmark. Figures to Oct 20, 2026.
Figures to Oct 20, 2026.
What they hold in common
By the books each fund has filed, MSR and PAYM hold 0% of their money in the same securities at the same weight. Holdings dated Jun 30, 2026 and Jul 31, 2026.
half
0% in common
Performance, window by window
| Total return | Cash paid | Against the benchmark | ||||
|---|---|---|---|---|---|---|
| Window | MSR | PAYM | MSR | PAYM | MSR | PAYM |
| 3 months | +5.2% | +1.2% | 7.4% | 2.5% | −34.8 pts | not measured |
| Since launch Not the same days: MSR May 2026 · PAYM May 2026 | −33.6% | +1.5% | 7.5% | 4.0% | −11.0 pts | not measured |
Source: ETFIQ. Open this comparison in the app →
On the same fields
As of Oct 20, 2026. Source: ETFIQ. Cash paid is what the fund distributed over the window, as a share of its price at the start. Payout rate is its latest payment, annualized, over today’s price.
About MSR
Over the period from its first trade on May 12, 2026 to Oct 20, 2026, MSR paid 7.5% of its starting value in cash distributions while its price fell 40.6%. With every distribution reinvested, the fund returned −33.6%. MicroStrategy (MSTR) returned −22.6% over the same days, so a holder was behind by 11.0 pts. At its price on Oct 20, 2026 the latest distribution annualizes to 15.2%, paid quarterly. GraniteShares estimates that 0% of the distribution paid Jun 5, 2026 was a return of capital (its 19a-1 notice). That is a tax label, not a measure of erosion.
About PAYM
Over the period from its first trade on May 28, 2026 to Oct 20, 2026, PAYM paid 4.0% of its starting value in cash distributions while its price fell 2.6%. With every distribution reinvested, the fund returned +1.5%. At its price on Oct 20, 2026 the latest distribution annualizes to 10.0%, paid monthly.
Questions people ask
ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
Every figure is an ETFIQ calculation with distributions reinvested.
Cite this pageCitation, APA and Markdown
ETFIQ, MSR against PAYM, data as of Oct 20, 2026. https://etfiq.com/compare/income/msr-vs-paym
ETFIQ. (Oct 20, 2026). MSR against PAYM. Retrieved from https://etfiq.com/compare/income/msr-vs-paym
[MSR against PAYM (ETFIQ, Oct 20, 2026)](https://etfiq.com/compare/income/msr-vs-paym)
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