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MAXI

Simplify Bitcoin Strategy PLUS Income ETF

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as of 04/24/2025

NAV

$ 25.92

NAV Change

+ $ 0.83 /3.31%

Price

$ 25.94

Price Change

+ $ 0.79 /3.14%

The Simplify Bitcoin Strategy PLUS Income ETF (MAXI) seeks capital gains through an actively managed Bitcoin strategy. A risk-managed options overlay is added to provide income.

The Bitcoin exposure will vary between 50% to 200% of the fund’s net assets, based on a proprietary technical model. Exposure may be gained through various instruments, including Bitcoin ETFs, futures, options, or swaps.

The options income strategy will focus on selling put spreads on a variety of instruments, including equity indices as well as bond and commodity ETFs.*

*The fund does not invest in bitcoin directly.

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Documents

Fund Overview

As of 04/24/2025

Ticker Symbol
MAXI
Gross Expense Ratio
6.10%
CUSIP
82889N673
Total Assets
$46,624,212.23
Shares Outstanding
1,820,001
Distribution Rate as of 03/31/2025 Distribution rate calculation employs the most recent distribution, and multiplies the payment by 12 (monthly) or 4 (quarterly) to get an annualized total. The annualized total is then divided by the most recent net asset value (NAV) to determine the distribution rate.
Distribution Rate Close
Distribution rate calculation employs the most recent distribution, and multiplies the payment by 12 (monthly) or 4 (quarterly) to get an annualized total. The annualized total is then divided by the most recent net asset value (NAV) to determine the distribution rate.
6.01%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized) as of 03/31/2025 SEC 30-day Yield is available once fund has a full quarter of performance.
SEC 30-Day Yield Close
SEC 30-day Yield is available once fund has a full quarter of performance.
-
30-Day SEC Yield (Unsubsidized) as of 03/31/2025
1.87%
Options Available
No
Inception Date
09/29/2022
Premium/Discount (%) as of 04/24/2025
0.09%
NAV Per Share as of 04/24/2025
$25.92
Market Price as of 04/24/2025
$25.94
30-Day Median Bid-Ask Spread
1.19%
Bid/Ask
$25.70/$25.95
Midpoint Price
$25.83
Volume
32,151
NAV Symbol
MAXI.NV
IOPV Symbol
MAXI.IV
Shares Out. Symbol
MAXI.SO
Schedule K-1
No


The Distribution Rate is the annual rate an investor would receive if the most recently declared distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by multiplying an ETF’s Distribution per Share by twelve (12), and dividing the resulting amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. The distribution rate may contain return of capital but an estimate cannot be provided at this time. Please refer to the 19a-1 notices for additional details regarding the distributions’ composition once they become available.

Management Fees

This table describes the fees and expenses that you may pay if you buy, sell, and hold shares of the Fund. Investors purchasing or selling shares of the Fund in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker. The fee table located in the prospectus and updates in prospectus supplements prevail.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees0.85%
Distribution and Service (12b-1) Fees0.00%
Other Expenses15.24%
Acquired Fund Fees and Expenses20.01%
Total Annual Fund Operating Expenses6.10%

1. Other Expenses includes interest expenses of 5.24%. 
2. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table do not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund.

Fund Performance (Total Return)

As of 03/31/2025 03/31/2025

Monthly Quarterly
Cumulative 1 Month 3 Month 6 Month YTD 1 Year Since Inception
NAV -12.57% -22.29% 8.78% -22.29% -10.26% 213.45%
Market Price -11.71% -24.01% 8.75% -24.01% -10.42% 212.93%
Annualized 1 Year 3 Year Since Inception
NAV -10.26% — 57.89%
Market Price -10.42% — 57.86%
Cumulative 1 Year Since Inception
NAV -10.26% 213.45%
Market Price -10.42% 212.93%
Annualized 1 Year 3 Year 5 Year Since Inception
NAV -10.26% — — 57.89%
Market Price -10.42% — — 57.86%
The performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance data for the most recent month-end is available above. 

The Adviser has voluntarily agreed to limit fees. This agreement may change or end at any time. Performance would have been lower without limitations in effect.

NAV: The dollar value of a single share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. Calculated at the end of each business day.

Market Price: The current price at which shares are bought and sold. Market returns are based upon the last trade price.

Historical Premium/Discount

Calendar Year 2024 1st Quarter of 2025
Days Traded at Premium
222
45
Days Traded at Discount
29
14
The above frequency distribution chart presents information about the difference between the daily market price for shares of the Fund and the Fund's reported Net Asset Value. The amount that the Fund's market price is above the reported NAV is called the premium. The amount that the Fund's market price is below the reported NAV is called the discount. The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated (usually 4:00 p.m. EST). The horizontal axis of the chart shows the premium or discount expressed in basis points. The vertical axis indicates the number of trading days in the period covered by the chart. Each bar in the chart shows the number of trading days in which the Fund traded within the premium/discount range indicated.

Portfolio Holdings

As of 04/24/2025

Holdings - All ETFs
Ticker Name Quantity Weight
BTCK5 CUR CME Bitcoin Fut May25 92 93.50%
GLD US 04/25/25 P270 GLD Apr 2025 270 Put 698 0.00%
GLD US 04/25/25 P282 GLD Apr 2025 282 Put -698 0.00%
GLD US 04/30/25 P281 GLD Apr 2025 281 Put 917 0.02%
GLD US 04/30/25 P290 GLD Apr 2025 290 Put -917 -0.06%
GLD US 05/02/25 P277 GLD May 2025 277 Put 878 0.03%
GLD US 05/02/25 P286 GLD May 2025 286 Put -878 -0.06%
GLD US 05/07/25 P275 GLD May 2025 275 Put 952 0.04%
GLD US 05/07/25 P285 GLD May 2025 285 Put -952 -0.10%
IBIT US 05/09/25 C43 IBIT May 2025 43 Call 6,000 13.52%
MSTR US 05/09/25 P240 MSTR May 2025 240 Put 1,000 0.29%
MSTR US 05/09/25 P290 MSTR May 2025 290 Put -1,000 -0.63%
NDXP US 05/07/25 P16300 NDXP May 2025 16300 Put 19 0.07%
NDXP US 05/07/25 P17300 NDXP May 2025 17300 Put -19 -0.19%
RUTW US 05/07/25 P1685 RUTW May 2025 1685 Put 194 0.10%
RUTW US 05/07/25 P1785 RUTW May 2025 1785 Put -194 -0.23%
SPXW US 04/25/25 P4800 SPXW Apr 2025 4800 Put -112 0.00%
SPXW US 04/25/25 P4900 SPXW Apr 2025 4900 Put 112 0.00%
SPXW US 04/30/25 C5625 SPXW Apr 2025 5625 Call 154 0.56%
SPXW US 04/30/25 P4950 SPXW Apr 2025 4950 Put -148 -0.06%
SPXW US 04/30/25 P5050 SPXW Apr 2025 5050 Put 148 0.10%
SPXW US 05/02/25 C5600 SPXW May 2025 5600 Call 201 1.51%
SPXW US 05/02/25 C5650 SPXW May 2025 5650 Call 168 0.76%
SPXW US 05/07/25 P4700 SPXW May 2025 4700 Put 58 0.07%
SPXW US 05/07/25 P5030 SPXW May 2025 5030 Put -58 -0.17%
SPXW US 05/09/25 C5650 SPXW May 2025 5650 Call 77 0.66%
SPXW US 05/16/25 C5800 SPXW May 2025 5800 Call 171 0.57%
- TREASURY BILL DN 6/25 1,800,000 3.85%
- TREASURY BILL DN 7/25 11,600,000 24.75%
- TREASURY BILL DN 7/25 9,200,000 19.63%
- TREASURY BILL DN 7/25 6,500,000 13.83%
- TREASURY BILL DN 7/25 3,500,000 7.45%
- TREASURY BILL DN 8/25 3,500,000 7.44%
- TREASURY BILL DN 8/25 1,500,000 3.19%
- Estimated Cash -1,765,608 -3.80%

Holdings are subject to change without notice.

Recent Distributions

Ex-Dividend Date Record Date Payable Date Total Distribution
N/A
$0.30000
$0.10000
$0.10000
$0.15000
View Distribution History
S19(a) Notices Data in the s19 reports should not be relied upon to estimate the tax classification of distributions. They are rough point-in-time estimates that do not line up with the fund's fiscal year end and are thus not reflective of the tax information investors should expect. S19 reports are posted for regulatory requirements only.
S19(a) Notices Close
Data in the s19 reports should not be relied upon to estimate the tax classification of distributions. They are rough point-in-time estimates that do not line up with the fund's fiscal year end and are thus not reflective of the tax information investors should expect. S19 reports are posted for regulatory requirements only.

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