IMSTBitwise MSTR Option Income Strategy ETF
Provides current income and exposure to the price return of MSTR shares, subject to a limit on potential investment gains.
By Bitwise Investments · Launched 2025
0.96%
#4,989 of 5,854 · expensive
$8M
#4,973 of 5,854 · small
12.55%
1 year
#4,211 of 5,854 · young
Performance
Total-return NAV · USDTotal-return NAV, USD. Net of fund fees, before tax.
What's inside
How Beacon categorizes this fundAsset class
AlternativeStrategy
Option income
What it actually holds
By weightConcentration
single-stock bet — holdings shown are derivatives collateral, not diversification
Asset allocation
Risk profile
Last 12 months · Sharpe & Sortino need 3+ yearsYear-on-year price swings
Worst peak-to-trough loss
Needs 3+ years of history
Needs 3+ years of history
Listing
- Exchange
- NYSE Arca
Full fund details
- Objective
- Provides current income and exposure to the price return of MSTR shares, subject to a limit on potential investment gains.
- Strategy
- Actively managed ETF that uses a synthetic covered call strategy to provide current income and exposure to MSTR's price returns through options contracts. The Fund invests primarily in FLEX Options referencing MSTR, generating income from sold call options while limiting upside participation in MSTR's share price gains.
- Inception date
- April 1, 2025
- Fund family
- Bitwise Investments
Similar funds
Same asset class, closest by strategy & exposureOur take
Structural notes on how this fund behaves. Read our guide on the 6 warning signs.
The big yield isn't extra money
The headline distribution comes from selling call options, which caps the fund's upside. Across a full market cycle that trade costs more than it brings in — often 1 to 3 percentage points a year against just holding the index. Monthly payouts make the gap easy to miss on a return summary.
A fund-sized fee to own one company
This wraps a single stock, usually with an options overlay on top. You pay 0.50% to 1.00% a year for exposure you could hold directly, and any income comes from selling off your own upside. Owning the share itself costs less and keeps that upside intact.
Sources: Israelov & Ndong, 'A Devil's Bargain: When Generating Income Undermines Investment Returns' (NDVR, 2023) · Israelov & Nielsen, 'Covered Calls Uncovered' (Financial Analysts Journal 2015)
Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More
What's next?
You've looked at IMST. Save it to your watchlist to weigh it against other funds, then turn your shortlist into a portfolio.
Data updated on 2026-08-03