From Jan. 1 to Sept. 22, 2026:
Strategy (MSTR): +10.89% total return
Harvest MSTR Enhanced High Income Shares ETF (MSTE): -0.51%
Difference: 11.40 percentage points
The two tracked fairly closely for much of the year, but the gap widened materially during MSTR’s recent rebound.
That illustrates one of the key trade-offs with covered-call strategies: the option premium can generate significant cash flow and provide some downside cushioning, but the overwrite can also limit participation when the underlying stock moves sharply higher.
