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CDX

Simplify High Yield PLUS Credit Hedge ETF

as of 04/12/2024

NAV

$ 22.82

NAV Change

+ $ 0.08 /0.35%

Price

$ 22.78

Price Change

+ $ 0.05 /0.22%
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.

CDX Overview

CDX Fund Deep Dive Live

Fund Overview

As of 04/12/2024

Ticker Symbol
CDX
Gross Expense Ratio
0.51%
Net Expense Ratio
0.26%
CUSIP
82889N830
Total Assets
$106,671,227.61
Shares Outstanding
4,675,001
Distribution Yield as of 03/31/2024 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.
7.84%
Distribution Frequency
Monthly
SEC 30-Day Yield as of 03/31/2024 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.
5.04%
Unsubsidized 30-Day SEC Yield as of 03/31/2024
4.78%
Portfolio Duration
N/A
Options Available
No
Inception Date
02/14/2022
Premium/Discount (%) as of 04/12/2024
-0.16%
NAV Per Share as of 04/12/2024
$22.82
Market Price as of 04/12/2024
$22.78
30-Day Median Bid-Ask Spread
0.26%
Bid/Ask
$22.77/$22.86
Midpoint Price
$22.82
Volume
37,530
NAV Symbol
CDX.NV
IOPV Symbol
CDX.IV
Shares Out. Symbol
CDX.SO
Schedule K-1
No

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%
Other Expenses1 0.01%
Total Annual Fund Operating Expenses 0.51%
Fee Waiver2 (0.25)%
Total Annual Fund Operating Expenses After Fee Waiver 0.26%
1. Amount of interest expense included in percentage.

2. The Fund’s adviser has contractually agreed, through at least October 31, 2024, to waive its management fees to 0.25% of the Fund’s average daily net assets. 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 03/31/2024 12/31/2023

Cumulative 1 Month 3 Month 6 Month YTD 1 Year Since Inception
NAV 0.41% 2.28% 9.01% 2.28% 10.80% 5.83%
Market Price 0.30% 2.02% 9.19% 2.02% 10.55% 5.70%
Annualized 1 Year 3 Year Since Inception
NAV 10.80% 2.71%
Market Price 10.55% 2.65%
Cumulative 1 Year Since Inception
NAV 10.80% 5.83%
Market Price 10.55% 5.70%
Annualized 1 Year 3 Year 5 Year Since Inception
NAV 10.80% 2.71%
Market Price 10.55% 2.65%

Historical Premium/Discount

Calendar Year 2023 1st Quarter of 2024
Days Traded at Premium
125
42
Days Traded at Discount
125
19

Portfolio Holdings

Ticker Name Quantity Weight
SPXW US 04/19/24 P3840 SPXW Apr 2024 3840 Put -31 0.00%
SPXW US 04/19/24 P4075 SPXW Apr 2024 4075 Put 31 0.00%
SPXW US 05/17/24 P4025 SPXW May 2024 4025 Put -30 -0.01%
SPXW US 05/17/24 P4280 SPXW May 2024 4280 Put 30 0.01%
- 05Y5BRAB2 10000000 -0.55%
ISHARES iShares iBoxx High Yield Bond ETF Total Return Swap 1392166 99.67%
TRS MSSIJNK1 Simplify Custom Junk Equity Index -27878 -24.39%
TRS MSSIQUA1 Simplify Custom Quality Equity Index 29064 29.22%
T Bills B 04/16/24 28200000 26.43%
T Bills B 04/30/24 1500000 1.40%
T Bills B 06/25/24 15200000 14.10%
T Bills B 07/05/24 62800000 58.18%
- Estimated Cash -105862334 -99.24%

Recent Distributions

Ex-Dividend Date Record Date Payable Date Ordinary Income Short Term Capital Gains Long Term Capital Gains Return of Capital Total Distribution
$0.15000 $0.00000 $0.00000 $0.00000 $0.15000
$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

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