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ETF Comparison

BTCI vs MAXI: Same Asset, Different Bitcoin Overlay

A head-to-head of NEOS Bitcoin High Income and Simplify Bitcoin Strategy PLUS Income covering option design, cost, and payout.

Data updated August 19, 2026

Best for

  • BTCIInvestors who want to maximize current income — roughly 26.27%, generated by selling options premium.
  • MAXIInvestors who want straightforward Bitcoin exposure for the long run.

Jump to the side-by-side numbers

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

BTCI has outpaced MAXI over the trailing twelve months, posting a -38.84% total return against -59.58%. Measured from Oct 2024 — when the younger fund began trading — BTCI has compounded at -0.42% a year versus -18.35% for MAXI. BTCI has been the steadier holding, though — annualized volatility of 40.0% against 65.3% 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.
SymbolYTD1YSince Oct 2024Volatility Sharpe Sortino Max drawdown
BTCI-23.30%-38.84%-0.42%40.0%-1.34-1.74-48.4%
MAXI-30.47%-59.58%-18.35%65.3%-1.46-1.92-69.3%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of August 19, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Oct 2024” measures every fund from October 17, 2024 — the youngest fund's first trading day — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the past year. 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 past year) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricBTCIMAXI
Full nameNEOS Bitcoin High Income ETFSimplify Bitcoin Strategy PLUS Income ETF
IssuerNEOSSimplify ETFs
Last Close$28.73 as of August 19, 2026$9.05 as of August 19, 2026
Distribution yield26.27%3.98%
Distribution Safety Score™ 4666
Expense ratio0.98%1.31%
AUM$1.10B$23.9M
Distribution frequencyMonthlyMonthly
Underlying indexBitcoin ETPsBitcoin
ObjectiveSeeks to generate high monthly income with potential appreciation through bitcoin exposure.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.
Asset classEquityEquity
Inception date10/16/202409/29/2022
Beta1.67643.274
Last dividend$0.6289$0.0300
Ex-dividend date08/19/202607/28/2026

Bottom lineChoose BTCI if you want to maximize current income — roughly 26.27%, generated by selling options premium. Choose MAXI if you want straightforward Bitcoin exposure for the long run. There's no free lunch: BTCI's payout comes from selling options, which caps upside and can erode the share price over time, while MAXI keeps full price exposure.

BTCI vs MAXI: two bitcoin income overlays

Both sell bitcoin upside for cash. Overlay design and cost should drive the choice, not which yield is larger on one date.

BTCIMAXI
IssuerNEOSSimplify
Expense ratio0.98%1.31%
Distribution yield26.27%3.98%

How the risk works

Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.

  • Capped upside and premium dependence. BTCI generates income by selling options, which trades away part of a strong rally in exchange for premium. Distributions can include return of capital, and a payout the underlying assets cannot sustain shows up as NAV erosion over time — the big yield number is not free.
  • Crypto volatility. BTCI 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.

Learn the mechanics: Return of capital, explained · NAV erosion, explained

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Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

NEOS
ETFs19
Total AUM$32.2B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

NEOS is known for developing specialized income-focused ETFs that employ strategies like covered calls, hedging, and enhanced yields across various asset classes. The firm manages 19 funds organized into nine distinct families, including offerings in equity high income, fixed income enhancement, digital assets, and alternative strategies, with popular tickers like SPYI (S&P 500 covered call), QQQI (Nasdaq-100 covered call), and QQQH (Nasdaq-100 hedged equity income). NEOS distinguishes itself in the ETF landscape through its emphasis on income generation and downside protection strategies rather than traditional growth approaches.

See our curated list of related YouTube videos on BTCI.

See all NEOS ETFs
Simplify ETFs
ETFs41
Total AUM$13.7B

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.

See all Simplify ETFs ETFs

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Quick verdict

BTCI (NEOS Bitcoin High Income ETF) and MAXI (Simplify Bitcoin Strategy PLUS Income ETF) are both monthly-pay dividend ETFs, but they take different approaches.

BTCI offers the higher yield at 26.27% vs 3.98% for MAXI. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

BTCI is cheaper with an expense ratio of 0.98% compared to 1.31%.

They track different benchmarks: BTCI is linked to Bitcoin ETPs while MAXI tracks Bitcoin, which means their performance drivers differ.

BTCI is the larger fund by assets ($1.10B), which generally means tighter spreads and better liquidity.

Deep dive

Yield & income

On a $10,000 investment, BTCI would generate roughly $218.92/month, while MAXI would produce $33.17/month, at current distribution rates. Both pay monthly distributions.

BTCI yield26.27%
MAXI yield3.98%
Monthly diff on $10K$185.75

Cost & efficiency

Over 10 years on $10,000, BTCI would cost approximately $980 in fees vs $1,310 for MAXI (simplified, not compounded). The $330.00 difference may be offset by yield or performance.

BTCI ER0.98%
MAXI ER1.31%

Strategy & risk

BTCI tracks Bitcoin ETPs with a crypto approach, while MAXI tracks Bitcoin with a crypto approach. Beta is 1.6764 for BTCI and 3.274 for MAXI, making BTCI the less volatile of the two by this measure.

BTCI beta1.6764
MAXI beta3.274

Fund details

BTCI is managed by NEOS (launched 10/16/2024) with $1.10B in assets. MAXI is managed by Simplify ETFs (launched 09/29/2022) with $23.9M in assets.

BTCI AUM$1.10B
MAXI AUM$23.9M
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Frequently asked questions

What is the difference between BTCI and MAXI?

Both take bitcoin exposure and sell options for cash. BTCI (NEOS Bitcoin High Income ETF) is NEOS's high-income overlay. MAXI (Simplify Bitcoin Strategy PLUS Income ETF) is Simplify's bitcoin strategy plus income. Cost is 0.98% versus 1.31%; distributions are 26.27% and 3.98% as of August 2026. Overlay design, not which yield is larger on one date, is the decision. Neither is spot bitcoin.

What is the current distribution yield for BTCI and MAXI?

BTCI currently distributes 26.27% and MAXI 3.98%, based on fund data updated August 2026. Distribution yield moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is BTCI or MAXI better for dividend income?

It depends on your goals. BTCI 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.

Can I hold both BTCI 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 BTCI 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 66, BTCI scores 46, so MAXI's payout currently looks the more resilient of the two. BTCI has also shown lower price volatility (beta 1.68 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, BTCI or MAXI?

BTCI has an expense ratio of 0.98% 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 BTCI vs MAXI generate?

At current rates, $10,000 in BTCI would generate roughly $218.92 per month ($2,627.00 annually). The same in MAXI would produce about $33.17 per month ($398.00 annually).

Which has performed better historically, BTCI or MAXI?

BTCI has outpaced MAXI over the trailing twelve months, posting a -38.84% total return against -59.58%. Measured from Oct 2024 — when the younger fund began trading — BTCI has compounded at -0.42% a year versus -18.35% for MAXI. BTCI has been the steadier holding, though — annualized volatility of 40.0% against 65.3% for MAXI. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

BTCI vs MAXI — at a glance

Generated August 16, 2026.

Figures quoted in this analysis are from its generation date and may lag the live snapshot table above, which always shows the latest data.

Overview

BTCI and MAXI are both ETFs offering Bitcoin exposure with monthly distributions, but they employ radically different income strategies. BTCI uses covered calls on Bitcoin ETPs to generate a 27.62% yield, while MAXI blends Bitcoin futures with options strategies to produce a 4.16% yield. The funds diverge fundamentally in their approach to balancing income generation against capital appreciation and volatility.

How they differ

The biggest difference is income philosophy. BTCI prioritizes aggressive income extraction through covered calls, targeting a yield more than six times that of MAXI. That elevated yield comes with a cost: BTCI's strategy caps upside participation on Bitcoin rallies, whereas MAXI's futures-plus-options approach preserves more capital appreciation potential. Second, MAXI carries significantly higher beta (3.274 vs. 1.6764), reflecting its use of leveraged futures contracts to amplify Bitcoin exposure—a structural magnifier of both gains and losses. Third, BTCI has established substantially larger AUM ($1.10B vs. $24.2M) and launched far more recently (October 2024), while MAXI has been operating since September 2022 with a longer track record through multiple Bitcoin cycles. BTCI's 0.98% expense ratio is also 33 basis points lower than MAXI's 1.31%.

Who each is best for

BTCI: Fits investors seeking current monthly cash flow from Bitcoin exposure who are willing to accept capped upside and can manage the tax consequences of frequent options income and a high-yield distribution structure.

MAXI: Designed for investors wanting Bitcoin participation with greater capital appreciation potential, who view income as secondary and can tolerate leverage and significantly higher volatility to achieve that exposure.

Key risks to know

  • NAV erosion at extreme yields. BTCI's 27.62% distribution rate substantially exceeds typical Bitcoin appreciation and suggests heavy reliance on return-of-capital treatment. Distributions materially exceeding underlying returns risk gradually eroding net asset value over time, particularly during flat or down market periods.
  • Leverage and volatility amplification. MAXI's 3.274 beta and use of Bitcoin futures introduce substantial leverage. A sharp Bitcoin decline is magnified in MAXI's NAV, creating outsized downside risk compared to direct Bitcoin exposure.
  • Covered call opportunity cost. BTCI's covered call strategy caps gains when Bitcoin rallies sharply. In strong bull markets, the fund will underperform unleveraged Bitcoin, offsetting income gains through missed appreciation.
  • Options strike risk and roll timing. Both funds' income depends on options pricing and successful rolling of positions. Significant Bitcoin rallies can render call strikes out-of-the-money early, forcing unfavorable repositioning or leaving income on the table.
  • Limited operational history. BTCI launched in October 2024, offering only months of real-world performance data. MAXI has a longer history but remains small; either fund's strategies may prove less resilient through unexpected market dislocations.

Bottom line

If you want maximum current income from Bitcoin and can accept capped upside and potential NAV drift, BTCI's covered-call approach delivers substantially higher distributions. If you prioritize capital appreciation and can tolerate leverage and higher volatility, MAXI offers greater Bitcoin exposure with meaningful options hedging—but at a much higher beta and smaller scale. Past performance does not predict future results, and both funds' novel structures carry execution risk worth examining closely before committing capital.

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.

How covered-call funds work How to read a fund's stats The covered-call opportunity cost

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