MSTY Dividend: Next Ex-Date, History & Total Return

The YieldMax MSTR Option Income Strategy ETF (MSTY) is an actively managed ETF whose primary objective is current income. Its secondary objective is exposure to the share price of Strategy Inc (MSTR), subject to a limit on potential gains. The fund may hold MSTR shares directly, but it intends to keep its exposure primarily through options. It buys MSTR calls and sells MSTR puts that generally have strikes approximately equal to the current share price. Together they form a synthetic long position that tries to replicate the stock's price movements.¹

MSTY seeks to generate its weekly distributions by selling MSTR call options against that synthetic long position, and the buyer of each call pays the fund a premium. These calls generally expire in one month or less and generally have strikes approximately 0% to 15% above MSTR's share price when sold. The short-term U.S. Treasuries the fund holds as collateral for its options also generate income. YieldMax's distribution schedule lists MSTY among its weekly-paying ETFs.^1,2

MSTY's single reference asset is Strategy Inc, which the prospectus describes as having two main business strategies: acquiring and holding bitcoin, and growing its enterprise analytics software business. The prospectus says MSTY will be subject to bitcoin's risks through its options on MSTR, even though it will not invest in digital assets directly.¹

YieldMax's fund page describes MSTY as designed to generate weekly income by selling call spreads on MSTR. A credit call spread sells one call and buys another with a higher strike and the same expiration. The fund may use spreads to seek greater participation in MSTR's gains, though the bought call reduces the net premium received. The prospectus says the adviser will primarily use spreads when it believes MSTR's share price is likely to rise significantly in the short term.^1,3

Under normal circumstances, MSTY's stated policy is to invest at least 80% of its net assets, plus borrowings for investment purposes, in instruments that provide indirect exposure to MSTR. That focus concentrates the fund in the industry assigned to MSTR, which the prospectus lists as software. It adds that the software industry can be significantly affected by intense competition, aggressive pricing, technological innovations, and product obsolescence.¹

Dividend Stacker's record of past payments for MSTY starts with an ex-date of April 4, 2024, so 2025 is its first complete calendar year. That year the fund made 21 distributions totaling $87.21 per share, with single payments ranging from $0.3869 to $11.87.⁴

These figures are split-adjusted: the record restates earlier payments in current share units, so they can differ from the amounts YieldMax announced at the time. YieldMax's own distribution table lists its largest 2025 payment as $2.3734.^3,4

MSTY's options on MSTR subject it to certain of the same risks as if it owned the stock. The prospectus warns that MSTR's trading price may be highly volatile, and that a large proportion of the stock may be traded by short sellers, further influencing its volatility. A halt in MSTR trading may affect trading in MSTY shares, temporarily or indefinitely.¹

The prospectus lists bitcoin's risks as including extreme price volatility, a short trading history, a potential decline in adoption and value over the long term, and regulatory uncertainty. Under a separate MSTR performance risk, it says Strategy may fail to meet its publicly announced guidelines or other expectations, which could cause its stock price to decline.¹

The sold calls limit how much of an MSTR rise the fund captures before each call expires, while it has full exposure to MSTR's declines. The prospectus says this may cause the fund's net asset value (NAV) to decrease over any given time period. Under a separate call strategy risk, the fund's participation in MSTR's gains depends on the path MSTR takes over time as well as its price.¹

Because MSTY focuses on MSTR alone, the prospectus says its value may be more volatile than a traditional pooled investment or the market as a whole. Holding options on a single security also makes two other risks greater. Under counterparty risk, that focus may limit the number of clearing members willing to transact on the fund's behalf, and without one the fund may be unable to effectively implement its strategy. Under liquidity risk, those options may be difficult to sell, particularly during times of market turmoil.¹