Which is cheaper, MSR or WNTR?

MSR charges 1.07% a year and WNTR charges 1.00%, so WNTR is cheaper. Fees come from each fund's prospectus.

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

MSR and WNTR both write options for income. GraniteShares Autocallable MSTR ETF and YieldMax(R) MSTR Short Option Income Strategy ETF.

5.2%

MSR cash paid, since launch

85.5%

WNTR cash paid, 1 year

−33.6%

MSR total return, since launch

+20.1%

WNTR total return, 1 year

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.

WNTR · 1 year to Sep 30, 202672.6 pts ahead of MSTR

WNTR

+20.1%

MSTR

−52.5%

72.6 pts ahead of MSTR

WNTR over 1 year: paid 85.5%, price −48.1%, total +20.1%, MSTR −52.5%, +72.6 pts.

MSTR

−52.5%

WNTR

+20.1%

85.5% as cash

72.6 pts ahead of MSTR

Total return, distributions reinvested

72.6 pts ahead of MSTR

WNTR over 1 year: paid 85.5%, price −48.1%, total +20.1%, MSTR −52.5%, +72.6 pts.

MSTR

−52.5%

WNTR

+20.1%

72.6 pts ahead of MSTR

85.5% of it arrived as cash. Both charts share one scale, 0 to +20.1%. WNTR over 1 year: paid 85.5%, price −48.1%, total +20.1%, MSTR −52.5%, +72.6 pts.

What they hold in common

By the books each fund has filed, MSR and WNTR hold 29% 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 Jul 31, 2026 and Jun 30, 2026.

50%

half

29% in common

Positions both hold, largest shared weight first

Holding MSR WNTR

Treasury Bill 100.00% 28.86%

Only in MSR

Only in WNTR

TREASURY BILL 24.52%

TREASURY BILL 19.02%

TREASURY BILL 14.57%

TREASURY BILL 13.03%

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	WNTR	MSR	WNTR	MSR	WNTR
3 months	+14.9%	−34.6%	4.1%	16.9%	−49.0 pts	−98.5 pts
6 months	not published	−33.8%	not published	28.8%	not published	−58.5 pts
1 year	not published	+20.1%	not published	85.5%	not published	+72.6 pts
Since launch MSR May 2026 · WNTR Mar 2025	−33.6%	+10.0%	5.2%	80.9%	−16.6 pts	+62.8 pts

MSR and WNTR 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

WNTR

YieldMax(R) MSTR Short Option Income Strategy 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% 61.6%

Expense ratio 1.07% 1.00%

Cash paid, 1 year 5.2% (since launch on May 12, 2026) 85.5%

Price change, 1 year −38.4% −48.1%

Total return, 1 year −33.6% (since launch on May 12, 2026) +20.1%

Benchmark return, 1 year −17.0% −52.5%

Ahead or behind −16.6 pts +72.6 pts

Return of capital, latest estimate 0% 95%

Age 141 days 552 days

Net assets $593,832 $57m

MSR and WNTR 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).

WNTR in plain words

Over the year to Sep 30, 2026, WNTR paid 85.5% of its starting value in cash distributions while its price fell 48.1%. With every distribution reinvested, the fund returned +20.1%. MicroStrategy (MSTR) returned −52.5% over the same days, so a holder was ahead by 72.6 pts. At its price on Sep 30, 2026 the latest distribution annualizes to 61.6%, paid weekly. YieldMax estimates that 95% of the distribution paid Oct 2, 2026 was a return of capital (19a-1 notice, estimated, a tax characterization rather than a measure of erosion).

Questions people ask

Which is cheaper, MSR or WNTR?: MSR charges 1.07% a year and WNTR charges 1.00%, so WNTR is cheaper. Fees come from each fund's prospectus.

Other comparisons

MSR vs OCTH MSR vs OCTJ MSR vs PLA MSR vs SCA WNTR vs MSST WNTR vs MSTW WNTR vs MTYY WNTR vs MSTY

MSR on its own →WNTR 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 ↗WNTR filings on SEC EDGAR ↗WNTR prospectus with the expense ratio (SEC) ↗WNTR 19a-1 distribution notice ↗YieldMax page for WNTR ↗

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 WNTR, data as of Sep 30, 2026. https://etfiq.com/compare/income/msr-vs-wntr

Open data

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