CDX

Simplify High Yield PLUS Credit Hedge ETF

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as of 05/31/2023

NAV

$ 21.81

NAV Change

- $ 0.03 /0.14%

Price

$ 21.85

Price Change

- $ 0.03 /0.14%
The Simplify High Yield PLUS Credit Hedge ETF (CDX) seeks to maximize current income by investing primarily in high-yield bonds while mitigating credit risk.

The credit risk premium is an attractive return source that may provide significant income. But credit spreads can turn swiftly, wiping out years of gains quickly. CDX is designed to provide core high yield exposure, with its attractive income, while simultaneously deploying a host of compelling credit hedge techniques to alleviate the blowup risk.

Credit hedging can be very expensive, so it is paramount to be flexible in our approach to hedging within the space. CDX will opportunistically invest, based on cost-to-payout ratios, in CDX calls, Quality-Junk factor-based hedges, and equity puts.
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Documents

Fund Overview

As of 05/31/2023

Ticker Symbol
CDX
Gross Expense Ratio
0.50%
Net Expense Ratio
0.25%
CUSIP
82889N830
Total Assets
$44,169,002.00
Shares Outstanding
2,025,001
SEC 30-Day Yield as of 04/30/2023 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.
4.39%
Unsubsidized 30-Day SEC Yield as of 04/30/2023
4.15%
Distribution Frequency
Monthly
Distribution Yield as of 04/30/2023 Distribution yield 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 yield.
Distribution Yield Close
Distribution yield 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 yield.
5.45%
Portfolio Duration
3.95
Options Available
No
Inception Date
02/14/2022
Premium/Discount (%) as of 05/31/2023
0.17%
NAV
$21.81
NAV Per Share as of 05/31/2023
$21.81
Market Price as of 05/31/2023
$21.85
30-Day Median Bid-Ask Spread
0.23%
Bid/Ask
$21.84/$21.90
Midpoint Price
$21.87
Volume
538
NAV Symbol
CDX.NV
IOPV Symbol
CDX.IV
Shares Out. Symbol
CDX.SO
 
The Fund’s adviser has contractually agreed, until at least October 31, 2023, to waive its management fees and/or pay certain expenses, in order to limit specified expenses to 0.25% of the Fund’s average daily net assets.

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%
Fee Waiver and Reimbursement1 (0.25)%
Total Annual Fund Operating Expenses After Fee Waiver 0.25%
1. The Fund’s adviser has contractually agreed, until at least October 31, 2023, to waive its management fees and/or pay or absorb the Fund’s expenses, in order to limit the amount of “Specified Expenses” borne by the Fund to 0.25% of the Fund’s average daily net assets. “Specified Expenses” means all ordinary operating expenses of the Fund including management fees, except for interest expenses, taxes, brokerage expenses, Rule 12b-1 fees (if any), acquired fund fees and expenses, and expenses incidental to a meeting of the Fund’s shareholders. The fee waiver is subject to recoupment if such recoupment can be achieved within the lesser of the foregoing expense limits or those in place at the time of recapture. Any waived fees may only be recouped within three years from the date when the amount was waived or reimbursed. This agreement may be terminated only by the Trust’s Board of Trustees on 60 days’ written notice to the Fund’s adviser.

Fund Performance

As of 04/30/2023 03/31/2023

Monthly Quarterly
Cumulative 1 Month 3 Month 6 Month YTD 1 Year Since Inception
NAV 0.94% 3.17% 6.94% 4.80% 1.87% -3.59%
Market Price 0.96% 3.42% 6.98% 5.01% 1.68% -3.46%
Annualized 1 Year 3 Year Since Inception
NAV 1.87% — -2.99%
Market Price 1.68% — -2.89%
Cumulative 1 Year Since Inception
NAV -3.13% -4.49%
Market Price -3.22% -4.38%
Annualized 1 Year 3 Year 5 Year Since Inception
NAV -3.13% — — -4.01%
Market Price -3.22% — — -3.92%
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 2022 1st Quarter of 2023
Days Traded at Premium
131
35
Days Traded at Discount
90
27
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.
Ticker Name Quantity Weight
SPXW US 06/16/23 P3630 SPXW Jun 2023 3630 Put -7 0.00%
SPXW US 06/16/23 P3840 SPXW Jun 2023 3840 Put 7 0.01%
SPXW US 07/21/23 P3650 SPXW Jul 2023 3650 Put -8 -0.02%
SPXW US 07/21/23 P3855 SPXW Jul 2023 3855 Put 8 0.04%
ISHARES iShares iBoxx High Yield Bond ETF Total Return Swap 580533 97.41%
MORGAN S Simplify Custom Quality Equity Index 14453 29.72%
MORGAN S Simplify Custom Junk Equity Index -13913 -25.78%
T Bills B 06/08/23 16545000 37.42%
T Bills WIB 08/08/23 2700000 6.06%
T Bills B 08/10/23 24200000 54.24%
- Estimated Cash -42026287 -95.15%

Holdings are subject to change without notice.

Recent Distributions

Ex-Dividend Date Record Date Payable Date Ordinary Income Short Term Capital Gains Long Term Capital Gains Return of Capital Total Distribution
$0.10000 $0.00000 $0.00000 $0.00000 $0.10000
$0.10000 $0.00000 $0.00000 $0.00000 $0.10000
$0.10000 $0.00000 $0.00000 $0.00000 $0.10000
$0.10000 $0.00000 $0.00000 $0.00000 $0.10000
$0.10000 $0.00000 $0.00000 $0.00000 $0.10000
View Distribution History