Strategy's Stock Price Is Crashing. This 75% Yield ETF Might (or Might Not) Help.
By David Dierking – Apr 17, 2026 at 1:45AM ESTKey PointsStrategy's stock is down by 70% from its high as the price of Bitcoin -- the company's primary asset -- remains well below where it traded throughout 2025.The YieldMax MSTR Option Income Strategy ETF generates options income from underlying synthetic positions in Strategy stock.The ETF's huge yield may look attractive, but investors will be disappointed by its total return.In the world of exchange-traded funds (ETFs), ultra-high-yield single stock covered call ETFs have become all the rage. These funds leverage the volatility of their underlying stock to generate enormous yields from option income. Take the case of Strategy (MSTR +3.68%). This Bitcoin-linked stock is down roughly 67% from its all-time high, as the crypto itself is about 40% below its peak. One might think that using a fund such as the YieldMax MSTR Option Income Strategy ETF (MSTY +3.00%), which currently has a 75% yield, could be a good way to offset some of those share price losses. Understanding whether a fund like this is a smart choice requires a deeper understanding of how they work. In a lot of cases, the yield isn't worth the risk. Image source: Getty Images. Key takeaways MSTY generates income by selling call options on Strategy. Its yield is correlated to Strategy's implied volatility. Over the past year, on a total-return basis, MSTY has lost 47%, compared to a 54% loss for Strategy. Since MSTY's launch in early 2024, its performance has meaningfully lagged Strategy's. Its high yield hasn't translated into higher total returns, despite the stock experiencing both upside and downside volatility. Net asset value erosion quickly becomes a problem for high-yield single stock covered call ETFs. The high yield comes with some trade-offs The YieldMax MSTR Option Income Strategy ETF does not follow a traditional covered call strategy. Instead of owning shares of Strategy outright, it synthetically creates long positions using options that ap
