A head-to-head comparison of ProShares Bitcoin Strategy ETF and Simplify Bitcoin Strategy PLUS Income ETF covering yield, cost, risk, and income potential.
Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.
BITO has outpaced MAXI over the trailing twelve months, posting a -29.72% total return against -35.07%. The lead holds up over 3 years too: BITO has compounded at 35.79% a year, against 30.89% for MAXI. BITO has been the steadier holding, though — annualized volatility of 49.3% against 68.1% for MAXI. Figures are total returns: price change plus every distribution reinvested.
Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 30, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Sep 2022” measures every fund from September 30, 2022 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Distribution rate and SEC yield
Metric
BITO
MAXI
Forward distribution rate
1.18%
3.99%
Trailing 12-month yield
28.64%
20.07%
30-day SEC yield
0.31%
—
Total return (price change plus reinvested distributions) is the Total returns section above. A 30-day SEC yield can sit far from the headline distribution rate; both numbers are the fund's own published fields.
Seeks total return through managed exposure to bitcoin futures contracts rather than direct bitcoin holdings, maintaining that futures position through rising, flat and declining markets.
Seeks to provide current income and capital appreciation with a focus on Bitcoin exposure through a strategy that combines Bitcoin futures with income-generating options strategies.
Bottom lineChoose BITO if you want straightforward Bitcoin exposure for the long run. Choose MAXI if you want higher current income (3.99% vs 1.18% for BITO). BITO and MAXI both use option or derivative overlays. Their tradeoff is the underlying exposure, how each option strategy is implemented, and the yield each targets; either overlay can limit upside participation, so neither offers uncapped price exposure.
How the risk works
Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.
Crypto volatility. BITO and MAXI sit on top of crypto-asset prices, which routinely swing far more than equities. A single drawdown can exceed a year of distributions, so income projections deserve extra skepticism here.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
ProShares is known for offering leveraged and inverse ETFs that provide amplified exposure to market movements, along with thematic and income-focused strategies. Their fund lineup spans digital assets (including Bitcoin and Ethereum exposure through BITO and EETH), dividend strategies like the Dividend Aristocrats fund (NOBL), covered call income strategies, and leveraged/inverse products that track major indices with 2x or 3x daily multipliers (such as SSO and TQQQ for tech-heavy portfolios). With 23 ETFs across specialized families including leveraged products, money market funds, and sector-specific offerings, ProShares serves investors seeking both traditional income and alternative exposure strategies.
See our curated list of related YouTube videos on BITO.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
Simplify ETFs is known for offering sophisticated, strategy-driven funds that cater to investors seeking alternatives to traditional passive indexing. The issuer's lineup spans income-focused strategies including covered call and high-yield approaches, along with thematic and commodity-based funds, alternative investments, and fixed income products across bonds and money market instruments. The platform serves a niche audience interested in tactical and specialized strategies, with tickers like FOXY (covered calls on micro-cap stocks), HARD (physical commodities), and CTA (trend-following) exemplifying their focus on non-traditional investment approaches.
See our curated list of related YouTube videos on MAXI.
BITO (ProShares Bitcoin Strategy ETF) and MAXI (Simplify Bitcoin Strategy PLUS Income ETF) are both monthly-pay dividend ETFs, but they take different approaches.
MAXI offers the higher yield at 3.99% vs 1.18% for BITO. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
BITO is cheaper with an expense ratio of 0.95% compared to 1.31%.
They have different reference exposures: BITO is linked to Bitcoin Futures while MAXI is linked to Bitcoin, which means their performance drivers differ.
BITO is the larger fund by assets ($1.73B), but assets alone do not establish trading costs or liquidity.
Who should choose each?
Choose BITO
ProShares Bitcoin Strategy ETF
Want straightforward Bitcoin exposure for long-term appreciation, not income.
Want to keep costs low — a 0.95% expense ratio vs 1.31% for MAXI.
Prefer lower volatility — a beta of 1.9 vs 3.3 for MAXI.
Choose MAXI
Simplify Bitcoin Strategy PLUS Income ETF
Want higher current income — MAXI yields 3.99% vs 1.18% for BITO.
Want straightforward Bitcoin exposure for long-term appreciation, not income.
Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.
Still deciding? Track BITO & MAXI for free
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On a $10,000 investment, BITO would generate roughly $9.83 cash per distribution, while MAXI would produce $33.25 cash per distribution, at current distribution rates. Both pay monthly distributions.
BITO yield1.18%
MAXI yield3.99%
Cash diff on $10K$23.42
Cost & efficiency
Over 10 years on $10,000, BITO would cost approximately $950 in fees vs $1,310 for MAXI (simplified, not compounded). The $360.00 difference may be offset by yield or performance.
BITO ER0.95%
MAXI ER1.31%
Strategy & risk
BITO tracks Bitcoin Futures with a crypto approach, while MAXI tracks Bitcoin with an options approach. Beta is 1.8778 for BITO and 3.274 for MAXI, making BITO the less volatile of the two by this measure.
BITO beta1.8778
MAXI beta3.274
Fund details
BITO is managed by ProShares (launched 10/18/2021) with $1.73B in assets. MAXI is managed by Simplify ETFs (launched 09/29/2022) with $38.7M in assets.
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Frequently asked questions
What is the current distribution rate for BITO and MAXI?
BITO currently distributes 1.18% and MAXI 3.99%, based on fund data updated September 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.
Is BITO or MAXI better for dividend income?
It depends on your goals. MAXI currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.
What is the difference between BITO and MAXI?
BITO (ProShares Bitcoin Strategy ETF) tracks Bitcoin Futures with a crypto approach, while MAXI (Simplify Bitcoin Strategy PLUS Income ETF) tracks Bitcoin with an options approach. They are issued by ProShares and Simplify ETFs respectively.
Can I hold both BITO and MAXI?
Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.
Is BITO or MAXI safer?
By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — MAXI scores 56, BITO scores 38, so MAXI's payout currently looks the more resilient of the two. BITO has also shown lower price volatility (beta 1.88 vs 3.27 for MAXI). No score makes an investment risk-free — treat this as a screening signal, not a guarantee, and the leverage, options-income, or crypto caveats flagged on this page apply regardless of score.
Which has lower fees, BITO or MAXI?
BITO has an expense ratio of 0.95% while MAXI charges 1.31%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in BITO vs MAXI generate?
At current rates, $10,000 in BITO would generate roughly $9.83 cash per distribution ($118.00 annually). The same in MAXI would produce about $33.25 cash per distribution ($399.00 annually).
Which has performed better historically, BITO or MAXI?
BITO has outpaced MAXI over the trailing twelve months, posting a -29.72% total return against -35.07%. The lead holds up over 3 years too: BITO has compounded at 35.79% a year, against 30.89% for MAXI. BITO has been the steadier holding, though — annualized volatility of 49.3% against 68.1% for MAXI. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
Explore related screeners
Lateral filters that include these funds — browse the full peer set on DividendVision.
BITO is a straightforward managed futures fund seeking capital appreciation with minimal income, while MAXI layers on options strategies to generate substantially higher yields. The core difference is whether you want simple Bitcoin futures exposure or are willing to trade upside potential for a consistent distribution stream.
MAXI: Designed for income-focused allocators who believe Bitcoin will trade sideways or slowly appreciate, and who prioritize current yield over unlimited upside participation—the options premium collection implicitly caps gains in return for higher current payouts.
Key risks to know
Futures rollover and contango/backwardation risk — Both funds must continuously roll Bitcoin futures contracts to maintain exposure. In contango markets (common for commodities), this rolling creates a drag on returns independent of Bitcoin's price direction. MAXI's options overlay may compound this if the fund is forced to adjust hedges during rolling windows. This is the hidden cost of the 3.99% yield. Small funds can face closure or forced strategy changes if assets shrink. Past performance does not predict future results, and both funds' reliance on futures and derivatives means their behavior during crypto stress events may diverge from Bitcoin's spot price.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
Learn the method
The metrics behind this comparison, explained in the Academy.
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