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ETF Comparison

MAXI vs MSTY: Different Assets, Same Overlay Idea

A head-to-head of Simplify Bitcoin Strategy PLUS Income and YieldMax's MSTR option-income ETF covering the asset, cost, and cash.

Updated September 30, 2026

How these figures are calculated: methodology.

Best for

  • MAXIInvestors who want straightforward Bitcoin exposure for the long run.
  • MSTYInvestors who want to maximize current income — roughly 100.79%, generated by selling options premium.

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

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.

MAXI has outpaced MSTY over the trailing twelve months, posting a -35.07% total return against -47.75%. Measured from Feb 2024 — the start of shared available history — MSTY has compounded at 22.76% a year versus 8.24% 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.
SymbolYTD cumulative1Y cumulativeSince Feb 2024Volatility Sharpe Sortino Max drawdown
MAXI6.09%-35.07%8.24%72.4%-0.66-0.96-69.3%
MSTY-3.71%-47.75%22.76%69.7%-1.00-1.40-71.7%

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 Feb 2024” measures every fund from February 22, 2024 — 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 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.

Distribution rate, SEC yield and return of capital

MetricMAXIMSTY
Forward distribution rate3.99%100.79%
Trailing 12-month yield20.07%142.46%
30-day SEC yield—0.96%
Return of capital—98.87%

Total return (price change plus reinvested distributions) is the Total returns section above. Return of capital is the share of a recent distribution that was not income. A 30-day SEC yield can sit far from the headline distribution rate; both numbers are the fund's own published fields.

Total return against the stated underlying is on MAXI vs IBIT, MSTY vs MSTR.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricMAXIMSTY
Full nameSimplify Bitcoin Strategy PLUS Income ETFYieldMax MSTR Option Income Strategy ETF
IssuerSimplify ETFsYieldMax
Underlying indexBitcoinStrategy (MSTR)
Last Close$15.03 as of September 30, 2026$16.05 as of September 30, 2026
Distribution rate3.99%100.79%
Trailing 12-month yield20.07%142.46%
30-day SEC yield—0.96%
Distribution Safety Score™ 5658
Safety-Adjusted Yield 2.23%58.46%
Expense ratio1.31%1.03%
AUM$38.7M$1.13B
Distribution frequencyMonthlyWeekly
ObjectiveSeeks 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.Actively managed fund that seeks current income while maintaining indirect exposure to the share price of MicroStrategy Incorporated (MSTR), subject to a limit on potential investment gains.
Asset classEquityEquity
Inception date09/29/202202/21/2024
Beta3.2742.5604
Last dividend$0.05 payable today$0.3111 declared, pays 10/02/2026
Ex-dividend date09/25/202610/01/2026 upcoming

Bottom lineChoose MAXI if you want straightforward Bitcoin exposure for the long run. Choose MSTY if you want to maximize current income — roughly 100.79%, generated by selling options premium. MAXI and MSTY 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.

MAXI vs MSTY: bitcoin overlay or MSTR overlay?

Same options-income idea, different asset. Bitcoin versus a single levered bitcoin proxy is the decision.

MAXIMSTY
Asset underneathBitcoinMicroStrategy (MSTR)
Expense ratio1.31%1.03%
Distribution rate3.99%100.79%

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. MAXI sits 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.
  • Capped upside and premium dependence. MSTY 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.

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.

Simplify ETFs
ETFs42
Total AUM$12.3B

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
YieldMax
ETFs62
Total AUM$10.1B

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

YieldMax is known for specializing in options-based and income-focused ETFs that emphasize yield generation through covered call strategies and other income-producing methodologies. The firm operates a diverse lineup of 63 funds organized across multiple families including covered call strategies, 0DTE (zero days to expiration) options, double distribution approaches, and various target-date and performance-based portfolios designed to generate regular distributions. Notable offerings span popular underlying assets like major technology stocks and broad market indices, with a particular emphasis on providing enhanced income solutions for investors seeking regular cash flows through options strategies and other tactical approaches.

See our curated list of related YouTube videos on MSTY.

See all YieldMax ETFs

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Quick verdict

MAXI (Simplify Bitcoin Strategy PLUS Income ETF) and MSTY (YieldMax MSTR Option Income Strategy ETF) are both dividend ETFs, but they take different approaches.

MSTY offers the higher yield at 100.79% vs 3.99% for MAXI. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

MSTY is cheaper with an expense ratio of 1.03% compared to 1.31%.

They have different reference exposures: MAXI is linked to Bitcoin while MSTY is linked to Strategy (MSTR), which means their performance drivers differ.

MSTY is the larger fund by assets ($1.13B), but assets alone do not establish trading costs or liquidity.

Deep dive

Yield & income

On a $10,000 investment, MAXI would generate roughly $33.25 cash per distribution, while MSTY would produce $193.83 cash per distribution, at current distribution rates.

MAXI yield3.99%
MSTY yield100.79%
Cash diff on $10K$160.58

Cost & efficiency

Over 10 years on $10,000, MAXI would cost approximately $1,310 in fees vs $1,030 for MSTY (simplified, not compounded). The $280.00 difference may be offset by yield or performance.

MAXI ER1.31%
MSTY ER1.03%

Strategy & risk

MAXI tracks Bitcoin with an options approach, while MSTY is actively managed around Strategy (MSTR) exposure with a covered call approach. Beta is 3.274 for MAXI and 2.5604 for MSTY, making MSTY the less volatile of the two by this measure.

MAXI beta3.274
MSTY beta2.5604

Fund details

MAXI is managed by Simplify ETFs (launched 09/29/2022) with $38.7M in assets. MSTY is managed by YieldMax (launched 02/21/2024) with $1.13B in assets.

MAXI AUM$38.7M
MSTY AUM$1.13B
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Frequently asked questions

What is the difference between MAXI and MSTY?

Same overlay idea, different asset. MAXI (Simplify Bitcoin Strategy PLUS Income ETF) takes bitcoin exposure and sells options — 3.99%. MSTY (YieldMax MSTR Option Income Strategy ETF) overlays MicroStrategy and pays 100.79% weekly. Cost is 1.31% versus 1.03% as of September 2026. Bitcoin versus a single leveraged bitcoin proxy is the decision, not which yield is larger on one date.

What is the current distribution rate for MAXI and MSTY?

MAXI currently distributes 3.99% and MSTY 100.79%, 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 MAXI or MSTY better for dividend income?

It depends on your goals. MSTY 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 MAXI and MSTY?

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 MAXI or MSTY safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — they are effectively tied: MSTY scores 58, MAXI scores 56. Neither has a clear safety edge on that measure. MSTY has also shown lower price volatility (beta 2.56 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, MAXI or MSTY?

MAXI has an expense ratio of 1.31% while MSTY charges 1.03%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in MAXI vs MSTY generate?

At current rates, $10,000 in MAXI would generate roughly $33.25 cash per distribution ($399.00 annually). The same in MSTY would produce about $193.83 cash per distribution ($10,079.00 annually).

Which has performed better historically, MAXI or MSTY?

MAXI has outpaced MSTY over the trailing twelve months, posting a -35.07% total return against -47.75%. Measured from Feb 2024 — the start of shared available history — MSTY has compounded at 22.76% a year versus 8.24% for MAXI. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

MAXI vs MSTY — at a glance

Generated September 27, 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

MAXI and MSTY are both options-overlay ETFs seeking to generate income from cryptocurrency exposure, but they pursue fundamentally different strategies.

How they differ

The most obvious difference is their underlying. MAXI's lower rate suggests less capital erosion relative to its underlying, though at 1.31% expense versus MSTY's 1.03%, the net income picture depends on whether distributions tap NAV.

On leverage and volatility, MAXI's beta of 3.274 indicates roughly 3× the price sensitivity of the broad market, reflecting Bitcoin's nature and the options overlay. MSTY's 2.5604 is lower but still elevated, constrained somewhat by the call caps.

Who each is best for

MAXI: Investors seeking direct Bitcoin price exposure paired with near-term income, willing to tolerate high volatility and options complexity in exchange for a straightforward commodity-futures structure without single-stock concentration.

MSTY: Investors drawn to cryptocurrency as an alternative holding but preferring to access it indirectly through a profitable technology company, and comfortable accepting a cap on capital gains above a threshold in exchange for high distribution frequency and capital return.

Key risks to know

  • Options expiration and roll risk: Both funds rely on actively rolling and managing short options positions. In covered-call structures, this distribution method gradually erodes NAV, particularly in flat or declining markets.
  • High beta and crypto volatility: MAXI's 3.274 reflects Bitcoin's inherent swings amplified by leverage. MSTY's 2.5604 is lower but still carries cryptocurrency downside; neither fund dampens the underlying asset class's drawdowns.
  • Cryptocurrency regulatory risk: Both funds depend on the legal and regulatory stability of Bitcoin and crypto derivatives markets. Changes to derivatives trading rules or spot-Bitcoin custody standards could affect pricing, liquidity, or the fund's ability to maintain its strategy. If you prefer high income and don't mind receiving it partly as return of capital or capping upside, MSTY's scale and weekly payouts may suit your profile. Neither fund eliminates Bitcoin's price volatility; past performance does not predict future results.

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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These comparisons follow the Dividend Vision methodology.