MAXI Long Call Strategy
MAXI (Simplify Bitcoin Strategy PLUS Income ETF), in the Financial Services sector, (Asset Management - Income industry), listed on NASDAQ.
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.
MAXI (Simplify Bitcoin Strategy PLUS Income ETF) trades in the Financial Services sector, specifically Asset Management - Income, with a market capitalization of approximately $34.1M, a beta of 1.53 versus the broader market, a 52-week range of 9.2-36.34, average daily share volume of 29K, a public-listing history dating back to 2022. These structural characteristics shape how MAXI etf options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 1.53 indicates MAXI has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position. MAXI pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a long call on MAXI?
A long call buys upside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes above the strike plus premium at expiration.
Current MAXI snapshot
As of May 15, 2026, spot at $11.70, ATM IV 53.10%, IV rank 19.40%, expected move 15.22%. The long call on MAXI below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.
Why this long call structure on MAXI specifically: MAXI IV at 53.10% is on the cheap side of its 1-year range, which favors premium-buying structures like a MAXI long call, with a market-implied 1-standard-deviation move of approximately 15.22% (roughly $1.78 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated MAXI expiries trade a higher absolute premium for lower per-day decay. Position sizing on MAXI should anchor to the underlying notional of $11.70 per share and to the trader's directional view on MAXI etf.
MAXI long call setup
The MAXI long call below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With MAXI near $11.70, the first option leg uses a $12.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed MAXI chain at a 34-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 MAXI shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $12.00 | $0.53 |
MAXI long call risk and reward
- Net Premium / Debit
- -$52.50
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- -$52.50
- Breakeven(s)
- $12.53
- Risk / Reward Ratio
- Unbounded
Max profit is unbounded; max loss equals the premium paid times 100. Breakeven is strike plus premium.
MAXI long call payoff curve
Modeled P&L at expiration across a range of underlying prices for the long call on MAXI. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -99.9% | -$52.50 |
| $2.60 | -77.8% | -$52.50 |
| $5.18 | -55.7% | -$52.50 |
| $7.77 | -33.6% | -$52.50 |
| $10.35 | -11.5% | -$52.50 |
| $12.94 | +10.6% | +$41.41 |
| $15.52 | +32.7% | +$300.00 |
| $18.11 | +54.8% | +$558.58 |
| $20.70 | +76.9% | +$817.16 |
| $23.28 | +99.0% | +$1,075.75 |
When traders use long call on MAXI
Long calls on MAXI express a bullish thesis with defined risk; traders use them ahead of MAXI catalysts (earnings, product launches, macro events) when the expected upside justifies the premium and theta decay.
MAXI thesis for this long call
The market-implied 1-standard-deviation range for MAXI extends from approximately $9.92 on the downside to $13.48 on the upside. A MAXI long call expresses a directional view that the underlying closes above the strike plus premium at expiration, ideally with implied volatility holding or expanding to preserve extrinsic value through the hold period. Current MAXI IV rank near 19.40% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on MAXI at 53.10%. As a Financial Services name, MAXI options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to MAXI-specific events.
MAXI long call positions are structurally bullish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. MAXI positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move MAXI alongside the broader basket even when MAXI-specific fundamentals are unchanged. Long-premium structures like a long call on MAXI are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current MAXI chain quotes before placing a trade.
Frequently asked questions
- What is a long call on MAXI?
- A long call on MAXI is the long call strategy applied to MAXI (etf). The strategy is structurally bullish: A long call buys upside exposure with a fixed maximum loss equal to the premium paid; profit accrues if the underlying closes above the strike plus premium at expiration. With MAXI etf trading near $11.70, the strikes shown on this page are snapped to the nearest listed MAXI chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are MAXI long call max profit and max loss calculated?
- Max profit is unbounded; max loss equals the premium paid times 100. Breakeven is strike plus premium. For the MAXI long call priced from the end-of-day chain at a 30-day expiry (ATM IV 53.10%), the computed maximum profit is unbounded per contract and the computed maximum loss is -$52.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a MAXI long call?
- The breakeven for the MAXI long call priced on this page is roughly $12.53 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current MAXI market-implied 1-standard-deviation expected move is approximately 15.22%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a long call on MAXI?
- Long calls on MAXI express a bullish thesis with defined risk; traders use them ahead of MAXI catalysts (earnings, product launches, macro events) when the expected upside justifies the premium and theta decay.
- How does current MAXI implied volatility affect this long call?
- MAXI ATM IV is at 53.10% with IV rank near 19.40%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.