CDX

Simplify High Yield PLUS Credit Hedge ETF

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as of 05/20/2022

NAV

$ 22.91

NAV Change

+ $ 0.06 /0.26%

Price

$ 22.99

Price Change

+ $ 0.07 /0.31%
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 SPX puts.

Fund Overview

As of 05/20/2022

Ticker Symbol
CDX
Gross Expense Ratio
0.75%
Net Expense Ratio
0.50%
CUSIP
82889N830
Total Assets
$26,916,135.29
Shares Outstanding
1,175,001
Distribution Frequency
Monthly
Options Available
No
Inception Date
02/14/2022
Premium/Discount (%) as of 05/20/2022
0.36%
NAV
$22.91
NAV Per Share as of 05/20/2022
$22.91
Market Price as of 05/20/2022
$22.99
30-Day Median Bid-Ask Spread
0.48%
Bid/Ask
$22.87/$22.99
Midpoint Price
$22.93
Volume
80,948
NAV Symbol
CDX.NV
IOPV Symbol
CDX.IV
Shares Out. Symbol
CDX.SO
 

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%
Acquired Fund Fees and Expenses1 0.25%
Total Annual Fund Operating Expenses 0.75%
Fee Waiver and Reimbursement2 0.25%
Total Annual Fund Operating Expenses After Fee Waiver 0.50%
1. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights located in the prospectus because the financial statements include only the direct operating expenses incurred by the Fund.

2. 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 0.50% 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.

The Fees and Expenses of the Fund table in the prospectus contains more information and prevails the information provided herein.

Fund Performance

As of 04/30/2022 03/31/2022

Cumulative 1 Month 3 Month 6 Month 1 Year Since Inception
NAV -4.01% -5.36%
Market Price -3.91% -5.06%
Cumulative 1 Year 3 Year Since Inception
NAV
Market Price
Cumulative 1 Year Since Inception
NAV -1.41%
Market Price -1.20%
Cumulative 1 Year 3 Year 5 Year Since Inception
NAV
Market Price

Historical Premium/Discount

Calendar Year 2021 1st Quarter of 2022
Days Traded at Premium
N/A
22
Days Traded at Discount
N/A
10
Ticker Name Quantity Weight
ANGL VanEck Vectors Fallen Angel High Yield Bond ETF 14909 1.55%
SPY US 06/10/22 P362 SPY Jun 2022 362 Put 480 0.46%
SPY US 06/10/22 P345 SPY Jun 2022 345 Put -480 -0.19%
SPX US 06/17/22 P2000 S&P 500 Index Jun 2022 2000 Put 14 0.00%
B B 07/14/22 5000000 18.55%
SPY US 09/16/22 P210 SPY Sep 2022 210 Put 232 0.08%
SPY US 09/16/22 P185 SPY Sep 2022 185 Put -215 -0.05%
SPY US 12/16/22 P225 SPY Dec 2022 225 Put 158 0.15%
SPX US 03/17/23 P2400 S&P 500 Index Mar 2023 2400 Put 15 0.25%
ISHARES iShares iBoxx High Yield Bond ETF Total Return Swap 259134 73.61%
MORGAN S Simplify Custom Quality Equity Index 10192 34.19%
VANECK F VanEck Fallen Angel High Yield Bond ETF Total Return Swap 202809 21.14%
MORGAN S Simplify Custom Junk Equity Index -7097 -24.56%
- Estimated Cash -4188212 -15.56%

Recent Distributions

Ex-Dividend Date Record Date Payable Date Ordinary Income Short Term Capital Gains Long Term Capital Gains Return of Capital Total Distribution
$0.08882 $0.00000 $0.00000 $0.00000 $0.08882
$0.06310 $0.00000 $0.00000 $0.00000 $0.06310
View Distribution History