Disclaimer: The analyst, who wrote this piece, owns shares in Strategy (Mstr).

From April 2024 to April 2025, investors in Strategy (MSTR) and PUSEMAX MSTR OPTION INCOME Strategy Etf (MSTE) followed two clearly different investment trails-one sought capital assessment through Bitcoin (BTC) exposure, the second pursuing monthly income via option-based strategies. Both are linked to the performance of MSTR, but their results and structures diverged significantly.

Strategy listed on Nasdaq has evolved from a company software company to a de facto bitcoin proxy. From April 15, the company has 531,644 BTC, making its share very sensitive to Bitcoin’s price movements. Since the adoption of its Bitcoin Treasury strategy in August 2020, Mstr shares have risen over 2,500%. However, this growth with volatility comes: Currently, the stock has an implied volatility of 87%and a 30-day historical volatility of 102%. MSTR is currently 43% under its high high set in November 2024, reflecting the sharp swings typical of a Bitcoin correlated asset. The share pays no dividend.

In contrast, MSY, launched in April 2024, is an income-focused ETF that does not have Mstr shares directly. MSTY’s portfolio consists primarily of US Treasury forms, cash and short -term call options at Mstr, enabling synthetic replication exposure without directly owning the stock.

It uses a synthetic covered call strategy that sells options on Mstr to generate monthly income. This strategy limits upward participation, but delivers uniform cash flow and appeals to investors seeking regular distributions.

From April 4, 2024 to April 9, 2025, an investment of $ 1,000 produced in each product the following results:

• Mstr: The animal of Bitcoin’s strong 2024 -Rally grew the investment to $ 1,895, generating a +86% total return.
• MSTE: With 13 monthly distributions totaling $ 36.53 (ranging from $ 4.13 in April 2024 to $ 1.33 in April 2025) reinvested on each ex-yield date, the investment reached $ 1,591, a +59% total return.

However, MSL 45% fell during the year due to its full downward exposure to MSTR’s price movements without taking advantage of MSTR’s events due to its call writing strategy. In addition, consistent high monthly distributions – partially classified as a return on capital – reduced the Fund’s net asset value over time and weighs further on its share price.

MSTE showed significant volatility in itself, often trade in prizes or discounts for net asset value (NAV), which introduced additional price risk.

Premium/discount activity in msty reflects both investor needs and underlying volatility in Mstr. Early high volatility supported strong option income and trade premiums, but as volatility relieved in 2025, the prizes were narrowed and discounts appeared more often. However, a renewed Bitcoin -rally and rising volatility in MSTR can reverse this trend, lifting option, distributions and demand for investor.

While both products are linked to Mstr’s price action, the different purposes serve: MSTR offers high risk growth potential tied to Bitcoin, while MSTE delivers dividends through a derivatus -based income strategy with inherent structural limitations.

Unlike traditional income strategies that focus on low volatility, stable yield investments such as broad index ETFs or dividend holdings are. MSTE is aimed at retail investors seeking unusually high income – but are also willing to accept significantly higher risk and volatility.