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CAS

Simplify China A Shares PLUS Income ETF

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As of 12/31/2025

NAV

$ 24.76

NAV Change

- $ 0.03 /0.12%

Price

$ 24.92

Price Change

- $ 0.04 /0.16%
The Simplify China A Shares PLUS Income ETF (CAS) invests primarily in China A share equities, which are listed on mainland China exchanges in Shenzhen, Shanghai and Beijing. They offer a much more diverse opportunity set across industries and market capitalizations than share classes normally offered to foreign investors. Exposure is gained via total return swaps, which offer a unique source of additional returns via favorable funding rates.

A risk-managed options strategy is layered on top of the equities creating income by writing short term spreads on a variety of underlying assets, including equity, fixed income and commodity indices or ETFs.
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Documents

Harnessing the Red Dragon: Making China’s Equity Market Structure Work For Better Returns

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Fund Overview

As of 12/31/2025

Ticker Symbol
CAS
Expense Ratio
0.88%
CUSIP
82889N384
Total Assets
$9,902,117.97
Shares Outstanding
400,001
Distribution Rate as of 11/30/2025 Distribution rate calculation employs the most recent distribution, and multiplies the payment by 12 (monthly) or 4 (quarterly) to get an annualized total. The annualized total is then divided by the most recent net asset value (NAV) to determine the distribution rate.
Distribution Rate Close
Distribution rate calculation employs the most recent distribution, and multiplies the payment by 12 (monthly) or 4 (quarterly) to get an annualized total. The annualized total is then divided by the most recent net asset value (NAV) to determine the distribution rate.
35.35%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized) as of 11/30/2025
-
30-Day SEC Yield (Unsubsidized) as of 11/30/2025
3.24%
Options Available
No
Inception Date
01/13/2025
Premium/Discount (%) as of 12/31/2025
0.67%
NAV Per Share as of 12/31/2025
$24.76
Market Price as of 12/31/2025
$24.92
30-Day Median Bid-Ask Spread
0.21%
Bid/Ask
$24.90/$24.99
Midpoint Price
$24.95
Volume
3,294
NAV Symbol
CAS.NV
IOPV Symbol
CAS.IV
Shares Out. Symbol
CAS.SO
Schedule K-1
No
 
The Distribution Rate is the annual rate an investor would receive if the most recently declared distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by multiplying an ETF’s Distribution per Share by twelve (12), and dividing the resulting amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distribution includes an estimated 76% Return of Capital ("ROC"). The ROC percentage indicates the percentage of the distribution that reflects an investor's initial investment.

Management Fees

This table describes the fees and expenses that you may pay if you buy, sell, and hold shares of the Fund. Investors purchasing or selling shares of the Fund in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker. The fee table located in the prospectus and updates in prospectus supplements prevail.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees0.88%
Distribution and Service (12b-1) Fees0.00%
Total Annual Fund Operating Expenses0.88%

Fund Performance (Total Return)

As of 11/30/2025 09/30/2025

Monthly Quarterly
Cumulative 1 Month 3 Month 6 Month YTD 1 Year Since Inception
NAV -1.84% 2.76% 26.13% — — 43.16%
Market Price -1.60% 3.09% 27.90% — — 43.75%
Annualized 1 Year 3 Year Since Inception
NAV — — —
Market Price — — —
Cumulative 1 Year Since Inception
NAV — 44.19%
Market Price — 44.53%
Annualized 1 Year 3 Year 5 Year Since Inception
NAV — — — —
Market Price — — — —
The performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance data for the most recent month-end is available above. 

NAV: The dollar value of a single share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. Calculated at the end of each business day.

Market Price: The current price at which shares are bought and sold. Market returns are based upon the last trade price.

Growth of $10,000

The Growth of $10,000 chart reflects a hypothetical investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted. Results are not indicative of future performance. 

Historical Premium/Discount

Calendar Year 2024 3rd Quarter of 2026
Days Traded at Premium
N/A
16
Days Traded at Discount
N/A
48
The above frequency distribution chart presents information about the difference between the daily market price for shares of the Fund and the Fund's reported Net Asset Value. The amount that the Fund's market price is above the reported NAV is called the premium. The amount that the Fund's market price is below the reported NAV is called the discount. The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated (usually 4:00 p.m. EST). The horizontal axis of the chart shows the premium or discount expressed in basis points. The vertical axis indicates the number of trading days in the period covered by the chart. Each bar in the chart shows the number of trading days in which the Fund traded within the premium/discount range indicated.

Portfolio Holdings

As of 12/31/2025

Holdings - All ETFs
Ticker Name Quantity Weight
SBIL SIMPLIFY E GOVT MONEY MKT ETF 35,500 35.88%
NDXP US 01/14/26 P23100 NDXP Jan 2026 23100 Put 1 0.02%
NDXP US 01/14/26 P24100 NDXP Jan 2026 24100 Put -1 -0.06%
RUTW US 01/14/26 P2275 RUTW Jan 2026 2275 Put 10 0.01%
RUTW US 01/14/26 P2375 RUTW Jan 2026 2375 Put -10 -0.05%
SPXW US 01/02/26 C6885 SPXW Jan 2026 6885 Call 5 0.03%
SPXW US 01/02/26 C6955 SPXW Jan 2026 6955 Call 13 0.00%
SPXW US 01/07/26 C6915 SPXW Jan 2026 6915 Call 14 0.13%
SPXW US 01/07/26 P6660 SPXW Jan 2026 6660 Put 14 0.03%
SPXW US 01/14/26 P6300 SPXW Jan 2026 6300 Put 3 0.01%
SPXW US 01/14/26 P6600 SPXW Jan 2026 6600 Put -3 -0.03%
- CCSIN0300 2,521 24.01%
- CC932000N 3,425 17.13%
- CCSIN0905 1,126 14.68%
- CCSIN0852 1,118 13.90%
- DCSIN0300 1,145 10.91%
- DC932000N 1,587 7.94%
- DCSIN0852 495 6.15%
- DCSIN0905 415 5.41%
- DCSIN0905 00001 -512,177 -5.17%
- DCSIN0852 00001 -586,852 -5.93%
- DC932000N 00001 -759,249 -7.67%
- DCSIN0300 00001 -1,058,625 -10.69%
- CCSIN0852 00001 -1,312,377 -13.25%
- CCSIN0905 00001 -1,372,479 -13.86%
- CC932000N 00001 -1,623,376 -16.39%
- CCSIN0300 00001 -2,313,816 -23.37%
T Bills UNITED STS TREAS BILLS 0.0 24FEB26 2,000,000 20.09%
T Bills UNITED STS TREAS BILLS 0.0 17MAR26 1,100,000 11.03%
T Bills UNITED STS TREAS BILLS 0.0 31MAR26 2,700,000 27.03%
- Estimated Cash 205,052 2.07%

Holdings are subject to change without notice.

Recent Distributions

Ex-Dividend Date Record Date Payable Date Total Distribution
$10.49880
$1.00000
$0.50000
$0.24000
$0.00000
View Distribution History
S19(a) Notices Data in the s19 reports should not be relied upon to estimate the tax classification of distributions. They are rough point-in-time estimates that do not line up with the fund's fiscal year end and are thus not reflective of the tax information investors should expect. S19 reports are posted for regulatory requirements only.
S19(a) Notices Close
Data in the s19 reports should not be relied upon to estimate the tax classification of distributions. They are rough point-in-time estimates that do not line up with the fund's fiscal year end and are thus not reflective of the tax information investors should expect. S19 reports are posted for regulatory requirements only.

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