---
title: "MSTY 股息率高达 120% 的真相"
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/31886220.md"
description: "$YieldMax MSTR Option Income Strategy ETF(MSTY.US)一、120% 股息率真相解析异常高的根源期权策略特性：该基金通过卖出 MicroStrategy（MSTR）的深度虚值看涨期权赚取权利金，将大部分收益以股息形式分配（注：YieldMax 系列基金普遍采用此策略）。净值下跌放大股息率：当前股息率计算方式为：年度分红总额/当前股价..."
datetime: "2025-07-16T22:13:10.000Z"
locales:
  - [en](https://longbridge.com/en/topics/31886220.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/31886220.md)
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author: "[D 大](https://longbridge.com/en/profiles/18609892.md)"
---

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# MSTY 股息率高达 120% 的真相

$YieldMax MSTR Option Income Strategy ETF(MSTY.US)

**1\. Truth Behind the 120% Dividend Yield**

1.  **Root Causes of Abnormal High Yield**
    -   **Characteristics of the Options Strategy**: The fund earns premiums by selling deep out-of-the-money call options on MicroStrategy (MSTR) and distributes most of the proceeds as dividends (Note: YieldMax series funds commonly adopt this strategy).
    -   **Declining NAV Amplifies Dividend Yield**: The current dividend yield calculation is: **Annual Dividend / Current Share Price**. If the fund's NAV continues to decline (e.g., the current NAV of $22.409), while the dividend amount does not decrease proportionally, the dividend yield will passively surge.
    -   **Potential Erosion of Principal**: In 2025, the fund's NAV dropped from $34+ to $22.4 (a decline of ≈34%), indicating that dividends may include partial principal return, not pure profits.
2.  **Historical Stability Verification**
3.  Note: Dividend yield is estimated based on monthly data and is highly affected by share price volatility. **Conclusion**: **The dividend yield is consistently high but unstable**, accompanied by continuous NAV shrinkage, essentially a high-risk return swap.

\_\_\_\_\_\_

**2\. Is This the Highest Dividend Yield in the Market?**

-   **Comparison with U.S. Stocks**:
    -   Traditional high-dividend stocks like AT&T (dividend yield 6.5%) and energy trust ORM (≈15%) are far lower.
    -   **One of the Highest in Special Categories**: Among options strategy funds, the YieldMax series (e.g., TSLY, APLY) often fluctuates between 50%-150% in dividend yield, ranking among the top but not unique.
-   **Risk Warning**: The "dividends" of such funds differ from corporate profit dividends, as they are a mix of options income and principal distribution.

\_\_\_\_\_\_

**3\. Investment Strategy and Risk Control Guide**

**Core Principle for Maximizing Returns: Short-Term Trading + Hedging**

1.  **Entry Timing**
    -   ✅ **Periods of High Volatility in the Underlying Asset**: When MicroStrategy (MSTR) stock price fluctuates at high levels (e.g., during Bitcoin volatility), option premiums are higher.
    -   ❌ **Avoid One-Way Markets**: If MSTR surges, the fund may incur huge losses from repurchasing options at high prices; if it plummets, option income drops sharply.
    -   **Data Evidence**: When MSTR's volatility exceeded 80% in 2024, the fund's monthly dividends reached $3+; when volatility was below 40%, dividends were less than $1.
2.  **Specific Operational Plan**
3.  **Traps to Avoid**
    -   **Long-Term Holding**: Since inception, the fund's NAV has declined by over 40% annually, with dividends unable to cover principal losses.
    -   **Reinvesting Dividends**: In a declining NAV cycle, reinvestment accelerates losses, as shown by the NAV halving from the IPO price of $50+.
    -   **Misconception of Risk-Free**: A 120% dividend yield is a risk premium, not a "free lunch."

\_\_\_\_\_\_

**4\. Ultimate Advice**

1.  **Start Small**: Initial investment ≤ 2% of total capital to test trading discipline.
2.  **Monitor Two Key Indicators in Real-Time**:
    -   MicroStrategy (MSTR) volatility \> 60% → May trigger high dividends.
    -   Fund's monthly NAV decline \> 10% → Immediate stop-loss.
3.  **Alternative Options**: For stable returns, consider closed-end funds (e.g., ETW, dividend yield 8%+ U.S. stock discount) or REITs (e.g., O, dividend yield 5.8%+ 34-year consecutive growth history).

**Final Reminder**: Such products are essentially "risk transfer tools with upfront returns," suitable only for professional players familiar with options hedging. Ordinary investors attracted by dividends should revisit Buffett's advice: "The first rule of investment is don't lose money. The second rule is don't forget the first rule."

Make decisions carefully based on your risk tolerance and consult licensed advisors if necessary.

### Related Stocks

- [YieldMax MSTR Option Income Strategy ETF (MSTY.US)](https://longbridge.com/en/quote/MSTY.US.md)
- [Strategy Inc (MSTR.US)](https://longbridge.com/en/quote/MSTR.US.md)
- [Strategy Inc (STRD.US)](https://longbridge.com/en/quote/STRD.US.md)
- [Strategy Inc (STRF.US)](https://longbridge.com/en/quote/STRF.US.md)
- [Strategy Inc (STRK.US)](https://longbridge.com/en/quote/STRK.US.md)

## Comments (9)

- **Bill哥 · 2025-08-29T05:49:47.000Z**: If you buy MSTR, not only is there no dividend, but the impairment in the past year has also been quite severe. What are the better alternatives for investing in Bitcoin?
  - **D 大** (2025-08-29T06:32:32.000Z): Buy pancakes directly
  - **Bill哥** (2025-08-29T10:19:41.000Z): Deposit and withdrawal risks are high.
  - **D 大** (2025-08-29T10:33:17.000Z): Then buy Coinbase, or do some research on those US-listed companies that have invested in Bitcoin.
- **纳斯达克T · 2025-07-18T05:46:40.000Z · 👍 1**: The price didn't actually halve, it just paid dividends
  - **D 大** (2025-07-18T07:26:56.000Z): AI didn't say it was halved, just deducted dividends and impaired.
- **纳斯达克T · 2025-07-18T05:45:33.000Z**: Isn't it pure profit after a 100% dividend return?
  - **D 大** (2025-07-18T07:27:31.000Z): That requires ensuring the ability to maintain such high dividends consistently.