MAXI Fees and Costs — Simplify Bitcoin Strategy ETF
Data updated: 2026-09-11
The net expense ratio is 1.31%: a 0.85% management fee plus 0.46% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $127K in broker commissions, 0.3072% of average net assets, and portfolio turnover was 0%.
MAXI Fees and Expenses
Annual operating expenses and sales charges of MAXI. Prospectus, as of May 4, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.46% |
| Gross expense ratio | 1.31% |
| Fee waiver | — |
| Net expense ratio | 1.31% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
MAXI Costs Over Time
On $10,000 invested in MAXI, assuming 5% a year before costs, total costs come to $999 over 5 years, cutting the return by 1.70% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.31%) | $138 | $426 | $735 |
| Trading costs (broker commissions) | $32 | $100 | $172 |
| Lost growth on money paid in costs | $0 | $26 | $92 |
| Total costs | $170 | $553 | $999 |
| Value after costs | $10,330 | $11,024 | $11,764 |
| Impact on return, per year | 1.70% | 1.70% | 1.70% |
MAXI Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.3072%
- Total broker commissions: $127K
- Bought from dealers (principal trades, not a cost): $2.2B
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
MAXI Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Wolverine Execution Services LLC | $43K | 33.63% |
| JANE STREET EXECUTION SERVICES, LLC | $43K | 33.36% |
| IMC FINANCIAL MARKETS | $22K | 17.63% |
| VIRTU AMERICAS LLC | $7K | 5.78% |
| STONEX FINANCIAL INC. | $6K | 4.56% |
| IMC EXECUTION SERVICES | $6K | 4.44% |
| OPTIVER US LLC | $378 | 0.30% |
| GOLDMAN SACHS & CO. LLC | $282 | 0.22% |
| OLD MISSION MARKETS LLC | $100 | 0.08% |
MAXI Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $2.1B | 95.72% |
| BNY MELLON CAPITAL MARKETS, LLC | $49.9M | 2.31% |
| BARCLAYS CAPITAL, INC. | $20.5M | 0.95% |
| The Bank of New York Mellon | $14.3M | 0.66% |
| GOLDMAN SACHS & CO. LLC | $6.5M | 0.30% |
| NOMURA SECURITIES INTERNATIONAL, INC. | $1.3M | 0.06% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.