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PFIX

Simplify Interest Rate Hedge ETF

Morningstar Morningstar RatingTM
Overall rating based on risk-adjusted returns among
140 funds in the Inflation-Protected Bond category as of 07/31/24.
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as of 09/27/2024

NAV

$ 41.76

NAV Change

+ $ 0.03 /0.07%

Price

$ 41.70

Price Change

+ $ 0.04 /0.10%

The Simplify Interest Rate Hedge ETF (PFIX) seeks to hedge interest rate movements arising from rising long-term interest rates and to benefit from market stress when fixed income volatility increases.

T­he fund holds a large position in over-the-counter (OTC) interest rate options intended to provide a direct and transparent convex exposure to large upward moves in interest rates and interest rate volatility.

Using OTC derivatives, usually only available to institutional investors, PFIX is designed to be functionally similar to owning a position in long-dated put options on 20-year US Treasury bonds. Since the option position is held for an extended period, the ETF provides a simple and transparent interest rate hedge.

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Documents

Fund Overview

As of 09/27/2024

Ticker Symbol
PFIX
Gross Expense Ratio
0.50%
CUSIP
82889N855
Total Assets
$123,184,913.35
Shares Outstanding
2,950,001
Distribution Rate as of 08/31/2024 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.
5.55%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized) as of 08/31/2024 SEC 30-day Yield is available once fund has a full quarter of performance.
SEC 30-Day Yield Close
SEC 30-day Yield is available once fund has a full quarter of performance.
-
30-Day SEC Yield (Unsubsidized) as of 08/31/2024
4.22%
Portfolio Duration
-42.58
Options Available
Yes
Inception Date
05/10/2021
Premium/Discount (%) as of 09/27/2024
-0.14%*
NAV Per Share as of 09/27/2024
$41.76
Market Price as of 09/27/2024
$41.70
30-Day Median Bid-Ask Spread
1.23%
Bid/Ask
$41.10/$41.51
Midpoint Price
$41.31
Volume
24,830
NAV Symbol
PFIX.NV
IOPV Symbol
—
Shares Out. Symbol
PFIX.SO
Schedule K-1
No
 

*Rule 6c-11 under the Investment Company Act of 1940, as amended (the “1940 Act”), requires an ETF to disclose on its website when its premium or discount has exceeded 2% for seven consecutive trading days and provide a discussion of the factors that are reasonably believed to have materially contributed to the premium or discount. It is expected that PFIX may trade at greater than 2% premium to its net asset value under most circumstances because of typical bid-offer spreads for OTC products and a credit support annex that is specific to a 1940 Act company. In periods of outflows, it is expected that PFIX may trade at greater than 2% discount to its net asset value for the same reason. These variations in premium or discount may have disparate effects on certain investors. Shareholders who purchase shares on the secondary market at a premium to NAV may lose disproportionate value should PFIX begin trading at a discount. Similarly, Authorized Participants who wish to redeem creation units at NAV may receive a basket with a per share value below that of the current trading price of PFIX.

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 Fees 0.50%
Distribution and Service (12b-1) Fees 0.00%
Total Annual Fund Operating Expenses 0.50%

Fund Performance

As of 07/31/2024 06/30/2024

Monthly Quarterly
Cumulative 1 Month 3 Month 6 Month YTD 1 Year Since Inception
NAV -2.92% -12.93% 8.85% 18.90% 30.10% 79.94%
Market Price -5.06% -15.69% 5.84% 15.21% 27.59% 75.35%
Annualized 1 Year 3 Year Since Inception
NAV 30.10% 31.39% 19.98%
Market Price 27.59% 29.32% 19.04%
Cumulative 1 Year Since Inception
NAV 42.78% 85.35%
Market Price 45.24% 84.69%
Annualized 1 Year 3 Year 5 Year Since Inception
NAV 42.78% 31.71% — 21.72%
Market Price 45.24% 30.66% — 21.60%
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.

Historical Premium/Discount

Calendar Year 2023 3rd Quarter of 2024
Days Traded at Premium
30
0
Days Traded at Discount
220
64
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.  

* Rule 6c-11 under the Investment Company Act of 1940, as amended (the “1940 Act”), requires an ETF to disclose on its website when its premium or discount has exceeded 2% for seven consecutive trading days and provide a discussion of the factors that are reasonably believed to have materially contributed to the premium or discount. It is expected that PFIX may trade at greater than 2% premium to its net asset value under most circumstances because of typical bid-offer spreads for OTC products and a credit support annex that is specific to a 1940 Act company. In periods of outflows, it is expected that PFIX may trade at greater than 2% discount to its net asset value for the same reason. These variations in premium or discount may have disparate effects on certain investors. Shareholders who purchase shares on the secondary market at a premium to NAV may lose disproportionate value should PFIX begin trading at a discount. Similarly, Authorized Participants who wish to redeem creation units at NAV may receive a basket with a per share value below that of the current trading price of PFIX.

Portfolio Holdings

As of 09/27/2024

Holdings - All ETFs
Ticker Name Quantity Weight
- SWAPTION 05/10/2030 P4.25/SOFR GSY 150,000,000 1.14%
- SWAPTION 05/10/2030 P4.25/SOFR BOY 135,000,000 1.06%
- SWAPTION 4.5% SOFR 5/10/30 MSX 745,000,000 0.82%
- SWAPTION 4.5% SOFR 5/10/30 BRC 245,000,000 0.34%
- SWAPTION 5/10/30 375,000,000 -1.05%
- SWAPTION 5/10/30 120,000,000 -1.30%
- IRS 2.11 5/15/48 10,000 0.01%
- IRS 2.11 5/15/48 -10,000 -0.01%
Treasury UNITED STATES TREAS NT 0.25 30SEP25 49,425,000 38.70%
T Bills UNITED STS TREAS BILLS 0.0 14JAN25 75,500,000 60.49%
- Estimated Cash -255,299 -0.21%

Holdings are subject to change without notice.

Recent Distributions

Ex-Dividend Date Record Date Payable Date Total Distribution
N/A
$0.20000
$0.18000
$0.16000
$0.14000
View Distribution History

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