MSR vs MSTY

MSRDGraniteShares Autocallable MSTR ETF

MSTYCYieldMax MSTR Option Income Strategy 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.

MSTY The fund that turns Strategy's wild swings into a paycheck. MSTY holds synthetic MSTR exposure and sells call spreads for premium income. It launched in 2024 and now anchors a whole cohort of MSTR income funds, including two from its own issuer.

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.

MSTY MSTY is actively managed to seek weekly income by selling call spreads on Strategy Inc. while retaining participation in potential appreciation of that company’s shares.

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

• MSTY Sells call spreads rather than plain calls, so upside is capped through a band instead of shut off above a single strike.
• The payout engine is option premium on Strategy Inc., not company dividends, and cash goes out on a monthly cadence.
• One of the actively traded names in the MSTR income group, with a sizable asset base behind it.
• Sits in the upper half of the six-fund MSTR options-income group, ahead of MTYY and MSST on our review.

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.

• MSTY At 1.03% a year it runs above the group median and above Bitwise's IMST at 0.96%. Active option management is not a cheap wrapper.
• Exposure is synthetic and tied to one famously volatile stock, so the share price can slide well below where it started while distributions keep arriving.
• It opened in 2024, so the track record covers a short stretch rather than a full market cycle.

Full MSR profile⁠

Full MSTY profile⁠