MSTR vs MSTE — Price History Since MSTE's Launch

Reading this chart: MSTE falls further than MSTR on drawdowns (leverage) and doesn't fully keep pace on recoveries (the covered-call overlay caps upside on the written portion). By September 2026, MSTR has recovered to about 59% of its March 2025 level while MSTE sits at about 22% — the gap is the leverage-plus-covered-call structure working as designed in both directions, not a fund-specific problem.

The one raise on record: MSTE has been raised exactly once — from $0.60 at launch (March 2025) to $0.66 for April 2025, about a 10% bump, then it held at $0.66 for May before the long slide began. That raise followed MSTR rallying roughly +32% in a single month (Mar → Apr 2025, $288.27 → $380.11). For calibration: MSTR's Aug → Sep 2026 move was roughly +27% ($132.94 → $168.70) — similar magnitude to the move that triggered the only raise Harvest has made. That's not a guarantee of another raise (one data point isn't a pattern), but it's the closest precedent this fund has.

September 2026 distribution: not announced yet. No Harvest press release has gone out for September as of this writing — based on the pattern of prior months (announced roughly the 23rd-24th of the month it applies to), that announcement is due any day now. The $0.075 in this table is still July/August's rate carried forward against today's higher price, which is why the "implied yield at today's price" (~2.5%) reads as the lowest in the fund's history — lower even than August's actual low of ~3.15%. That gap between a stale distribution and a recovered price is exactly the setup where a raise would show up if Harvest is going to make one; it's also possible they hold flat again, the way they did in August despite MSTE rallying 36% that month. The real answer arrives with the actual announcement, not before.