Category Review
The median crypto option-income fund lost more than bitcoin over the year and trailed its rebound
Simplify Bitcoin Strategy PLUS Income ETF
DThis fund gets its cryptocurrency exposure through futures contracts rather than holding coins directly. Futures-based returns can differ from the spot price of the coin.
$14.64+0.21 (+1.44%)
- 1.31%
- $36M
- −37.6%
- 20.90%
- 0M sh
- $14.32
- low $8.22high $28.38
The ETF.net MAXI Grade
D
Score 25 out of 100
- 22 of 22
Score 25 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.F5 out of 100Rank 21 of 22Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D26 out of 100Rank 17 of 22Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C51 out of 100Rank 10 of 22Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B69 out of 100Rank 7 of 22
Our read on MAXI
DBitcoin exposure with a side job. MAXI pairs bitcoin futures and bitcoin-linked ETPs with an actively managed options overlay aimed at income as well as price, priced like the hands-on strategy it is.
The Fund seeks income and capital appreciation through Bitcoin exposure obtained via Bitcoin futures and/or Bitcoin-related exchange-traded products, together with an actively managed options overlay.
Why people hold it
- Not a plain covered-call sleeve: bitcoin exposure via futures and bitcoin-related ETPs, wrapped in an actively managed options overlay targeting income and capital appreciation.simplify.us
- Trading since 2022, an early entrant in the bitcoin-plus-income niche with a multi-year operating history behind it.
- Runs inside the standard 1940 Act ETF wrapper, from a shop that also builds the equity-plus-bitcoin version, SPBC.
Worth knowing
- The overlay costs money: 1.31% a year, above the typical fee in its crypto-income group. Cheaper routes exist, such as BTCI at 0.99% and CEPI at 0.85%.
- Small and thinly traded, so spreads can be wide. Limit orders do real work here.
- Distributions are irregular rather than a set monthly check, and derivative-based bitcoin exposure can behave differently from holding spot.
MAXI Holdings
- Other
- 16
- 99%
- Cme Bitcoin Fut OCT26
Sectors
- Consumer Discretionary100.0%
Geography
- United States100.00%
MAXI Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.
MAXI$6,236
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | MAXI |
|---|---|
| Year to date | +5.5% |
| 1 month | +9.3% |
| 3 months | +58.1% |
| 1 year | −37.6% |
| 3 years | +31.5% |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | MAXI |
|---|---|---|
| 2026 YTD | +5.5% | |
| 2025 | −28.6% | |
| 2024 | +93.3% | |
| 2023 | +145.8% | |
| 2022 | −13.0% |
MAXI in the news
MAXI Dividends
- 20.90%
- $3.02
- $0.05 per share
- Monthly
Distribution history
MAXI Risk
- 69.2%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 0.65
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −69.5%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 1.57
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
MAXI Cost
1.31%
MAXI1.31%
- The middle half of Crypto Option Income funds
- Median 0.85%
19 of the 21 Crypto Option Income funds charge less.
Other funds in Crypto Option Income
- CETTYAmplify ETF Trust - Amplify Ethereum 3% Monthly Option Income ETFExpense ratio 0.75%1 year return −43.1%
- CSOLMAmplify ETF Trust - Amplify Solana 3% Monthly Option Income ETFExpense ratio 0.75%1 year return —
- DYBITYieldMax Bitcoin Option Income Strategy ETFExpense ratio 1.02%1 year return −27.6%
- DXBTYGraniteShares YieldBOOST Bitcoin ETFExpense ratio 11.40%1 year return −33.5%
- DXEYGraniteShares YieldBOOST Ether ETFExpense ratio 1.07%1 year return —