MSR vs MSST

MSRDGraniteShares Autocallable MSTR ETF

MSSTBYieldMax MSTR Performance & Distribution Target 25 ETF

In short

MSR The MSTR income aisle is stacked with covered-call funds. MSR runs a different engine: a laddered book of autocallables, the structured-note payoff banks once sold to private clients, in an ETF that aims to pay coupon income monthly.

MSST YieldMax's second act on MSTR: instead of squeezing out the biggest possible payout, MSST aims at a set 25% annual distribution rate and sells call spreads, deliberately leaving room to participate in Strategy's share price.

Stated mandate

MSR The fund aims to generate monthly income by investing in a laddered portfolio of single-stock autocallable options linked to the performance of MicroStrategy Inc.

MSST MSST is actively managed to provide weekly income and potential capital appreciation through synthetic exposure to Strategy Inc (MSTR), using long calls, short puts, and call spreads.

Why people hold it

• MSR Not another covered-call fund. MSR holds autocallables on MSTR: a coupon may be paid while the stock sits above its coupon barrier, and a position terminates early and is reinvested once it clears the autocall barrier.graniteshares.comglobenewswire.com
• Laddered, not one big bet. Exposure is spread across autocallables with different barrier levels, so a single breach does not decide the whole portfolio's income, and positions roll on an ongoing basis.graniteshares.comgraniteshares.com 2
• Structured-note mechanics without the structured-note friction: no six-figure minimum, no lockup, no bank paperwork. GraniteShares listed the first single-stock autocallable ETFs in the US in 2026, and MSR joined that suite in May.graniteshares.comglobenewswire.com

• MSST The dial is set, not maxed. MSST targets a 25% annualized distribution rate rather than harvesting every premium available, and uses call spreads on a synthetic MSTR position to keep some upside participation in play.yieldmaxetfs.com
• Income arrives on a weekly schedule, one of the fastest cadences in the single-stock options-income world.globenewswire.com
• At 0.99%, the fee sits a touch under the MSTR income crowd, including stablemate MSTY (1.03%) and GraniteShares' MTYY (1.07%).
• A cleaner mandate than the yield-chase version: the stated aim is weekly income plus potential capital appreciation, managed with a growth-aware approach rather than maximum premium capture.yieldmaxetfs.com

Worth knowing

• MSR Income here is contingent, not contractual. If MSTR sits below the coupon barrier on an observation date, that position pays nothing for the period, and the fund still carries equity-linked downside risk.graniteshares.comgraniteshares.com 2
• The payoff is coupons, not MSTR itself. Positions are called away above the autocall barrier and the cash rolls into a new autocallable, so a big run in the stock does not pass through the way ownership would.globenewswire.comgraniteshares.com
• Costs sit at the top of the MSTR income group: 1.07% a year, against 1.03% for MSTY and 0.99% for MSST. It is also a small, thinly traded fund with a short history, which can mean wider spreads.

• MSST The 25% is a target, not a promise. YieldMax states plainly it is not a guarantee and does not represent a 25% yield or total return; payouts hinge on what option premiums deliver.globenewswire.com
• One stock, held synthetically. The fund never owns MSTR shares; exposure comes from long calls and short puts, and the sold call spreads mean big rallies get captured in part, not in full.globenewswire.com
• Young and small. Launched in late 2025 as part of YieldMax's first Target 25 trio, it remains a lightly traded fund, so bid-ask spreads can run wider than the older MSTR income names.etfgi.com

Full MSR profile⁠

Full MSST profile⁠