AMAX vs DINE

AMAXFAdaptive Hedged Multi-Asset Income ETF

DINECSimplify Tax Aware Diversified Income Strategy ETF

In short

AMAX Most multi-asset income funds follow a fixed recipe. This one is actively managed, spreads across stocks, bonds and alternatives via other funds, hedges on the manager's call, and pays monthly.

DINE Most income funds hand you ordinary income and a tax bill. DINE routes bond, options, equity and currency income sleeves through year-plus swaps so gains can qualify as long-term capital gains. 0.15% net of a waiver through April 5, 2027.

Stated mandate

AMAX The Fund seeks total return through capital appreciation and current income.

DINE DINE seeks capital appreciation through a diversified portfolio of income-based strategies, including fixed income, option-based, equity-income, and currency-income approaches, with tax-management techniques intended to reduce tax impact.

Why people hold it

• AMAX Actively managed with no published benchmark to hug: the manager can reshape the stock, bond and alternative mix and layer on hedges. That flexibility is the whole pitch.bloomberg.com
• Pays monthly, a cadence set in the fund's own income policy rather than a marketing habit.
• The track record runs back to 2009, across multiple rate and credit cycles, not a two-year backtest.
• Mandate is total return: capital appreciation sits alongside current income in the stated objective, so it is not chasing yield alone.

• DINE Cheapest headline fee among the category's leaders: 0.15% net of a waiver through April 5, 2027 (0.25% gross), against 0.38% for INCM and 0.50% for IYLD, INKM and ALTY.simplify.us
• Instead of holding positions directly, it takes exposure via swaps on Simplify ETFs with tenors of at least one year, so gains at expiration can be eligible for long-term capital gains treatment.simplify.us
• Four income engines in one line item: enhanced core fixed income, option-based income, equity income and foreign currency income, actively run by Simplify.simplify.us

Worth knowing

• AMAX 1.37% net of a waiver through September 30, 2027 (1.71% gross) is above the category median; INCM charges 0.38% and IYLD 0.50% for multi-asset income.
• Monthly payouts can include return of capital, disclosed in the fund's documents, which hands back part of your own principal rather than income earned.
• Discretionary hedging means results hinge on the manager's timing, with no index to measure the calls against.bloomberg.com

• DINE Launched in 2026, it is a small, thinly traded fund, so spreads can be wider than the category's long-running names and there is little history to judge.
• Swaps instead of direct holdings means counterparty and derivatives risk, and the tax design leans on holding those swaps to expiration under current tax rules.simplify.us
• The stated goal is capital appreciation and payouts come annually or semiannually, not monthly, so this is not a steady-paycheck vehicle.

Full AMAX profile⁠

Full DINE profile⁠