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CDX

Simplify High Yield ETF

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as of 03/21/2025

NAV

$ 22.95

NAV Change

- $ 0.06 /0.26%

Price

$ 23.05

Price Change

- $ 0.15 /0.65%

The Simplify High Yield ETF (CDX) seeks to maximize current income by investing primarily in high-yield bonds while mitigating credit risk. CDX is designed to provide core high yield exposure, with its attractive income, while simultaneously deploying a host of compelling and flexible credit hedge techniques.

The primary hedge in CDX is a Quality-Junk factor-based hedge, although CDX will opportunistically invest in CDX calls and equity puts based on cost-to-payout ratios.

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Documents

Credit Hedging Done Right: CDX Outperforms with Defense

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CDX Fund Deep Dive

CDX Fund Deep Dive Live

Fund Overview

As of 03/21/2025

Ticker Symbol
CDX
Gross Expense Ratio
0.50%
Net Expense Ratio
0.25%
CUSIP
82889N830
Total Assets
$149,718,021.86
Shares Outstanding
6,525,001
Distribution Rate as of 02/28/2025 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.
2.61%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized) as of 02/28/2025 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.
3.87%
30-Day SEC Yield (Unsubsidized) as of 02/28/2025
3.62%
Portfolio Duration
3.31
Options Available
No
Inception Date
02/14/2022
Premium/Discount (%) as of 03/21/2025
0.46%
NAV Per Share as of 03/21/2025
$22.95
Market Price as of 03/21/2025
$23.05
30-Day Median Bid-Ask Spread
0.30%
Bid/Ask
$22.86/$23.07
Midpoint Price
$22.97
Volume
20,115
NAV Symbol
CDX.NV
IOPV Symbol
CDX.IV
Shares Out. Symbol
CDX.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. The distribution rate may contain return of capital but an estimate cannot be provided at this time. Please refer to the 19a-1 notices for additional details regarding the distributions’ composition once they become available.

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 Fees0.50%
Distribution and Service (12b-1) Fees0.00%
Other Expenses0.00%
Total Annual Fund Operating Expenses0.50%
Fee Waiver1(0.25)%
Total Annual Fund Operating Expenses After Fee Waiver0.25%

1. The Fund’s adviser has contractually agreed, through at least February 12, 2026, to waive its management fees to 0.25% of the Fund’s average daily net assets.

Fund Performance (Total Return)

As of 02/28/2025 12/31/2024

Monthly Quarterly
Cumulative 1 Month 3 Month 6 Month YTD 1 Year Since Inception
NAV 3.17% 3.65% 4.33% 4.96% 11.92% 17.97%
Market Price 3.05% 3.38% 3.74% 5.60% 11.87% 17.89%
Annualized 1 Year 3 Year Since Inception
NAV 11.92% 5.32% 5.59%
Market Price 11.87% 5.31% 5.57%
Cumulative 1 Year Since Inception
NAV 8.62% 12.39%
Market Price 7.75% 11.64%
Annualized 1 Year 3 Year 5 Year Since Inception
NAV 8.62% — — 4.15%
Market Price 7.75% — — 3.91%
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 2024 4th Quarter of 2024
Days Traded at Premium
156
39
Days Traded at Discount
96
25
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 03/21/2025

Holdings - All ETFs
Ticker Name Quantity Weight
RFIX SIMPLIFY E BOND BULL ETF 37,400 1.32%
TYA SIMPLIFY E INTERMEDIATE TERM TREASU 105,000 0.92%
- CDX HY Credit Default Swap 5,600,000 -0.22%
- HYGGSBTRS 1,048,500 55.48%
- HYGBNPTRS 718,000 37.99%
- HYGMSTTRS 125,000 6.61%
- HYGMSTTRS 00001 -9,958,750 -6.65%
- HYGBNPTRS 00001 -57,492,568 -38.40%
- HYGGSBTRS 00001 -82,904,896 -55.37%
TRS MSSIJNK1 Custom Junk Index Total Return Swap - Payable -32,005 -18.95%
TRS MSSIQUA1 Custom Quality Index Total Return Swap - Receivable 32,503 25.02%
T Bills UNITED STS TREAS BILLS 0.0 01APR25 8,100,000 5.41%
T Bills UNITED STS TREAS BILLS 0.0 10APR25 85,700,000 57.13%
T Bills UNITED STS TREAS BILLS 0.0 17JUN25 5,600,000 3.70%
T Bills UNITED STS TREAS BILLS 0.0 08JUL25 44,900,000 29.62%
- Estimated Cash 3,690,431 2.46%

Holdings are subject to change without notice.

Recent Distributions

Ex-Dividend Date Record Date Payable Date Total Distribution
N/A
$0.05000
$0.05000
$0.94712
$0.25000
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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