CDX

Simplify High Yield ETF

Morningstar Rating^TM

Overall rating based on risk-adjusted returns among 585 funds
in the High Yield Bond category as of 04/30/25.

as of 05/19/2025

NAV

$ 23.13

NAV Change

+ $ 0.04 /0.17%

Price

$ 23.23

Price Change

+ $ 0.07 /0.30%

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.

CDX Fund Deep Dive

CDX Fund Deep Dive Live

Fund Overview

As of 05/19/2025

Ticker Symbol

CDX

Gross Expense Ratio

0.50%

Net Expense Ratio

0.25%

CUSIP

82889N830

Total Assets

$171,143,578.04

Shares Outstanding

7,400,001

Distribution Rate as of 04/30/2025 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.

7.85%

Distribution Frequency

Monthly

30-Day SEC Yield (Subsidized) as of 04/30/2025 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.

3.99%

30-Day SEC Yield (Unsubsidized) as of 04/30/2025

3.74%

Portfolio Duration

3.36

Options Available

Inception Date

02/14/2022

Premium/Discount (%) as of 05/19/2025

0.44%

NAV Per Share as of 05/19/2025

$23.13

Market Price as of 05/19/2025

$23.23

30-Day Median Bid-Ask Spread

0.17%

Bid/Ask

$23.21/$23.23

Midpoint Price

$23.22

Volume

212,285

NAV Symbol

CDX.NV

IOPV Symbol

CDX.IV

Shares Out. Symbol

CDX.SO

Schedule K-1

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 Fees	0.50%
Distribution and Service (12b-1) Fees	0.00%
Other Expenses	0.00%
Total Annual Fund Operating Expenses	0.50%
Fee Waiver¹	(0.25)%
Total Annual Fund Operating Expenses After Fee Waiver	0.25%

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 04/30/2025 03/31/2025

Monthly Quarterly

Cumulative	1 Month	3 Month	6 Month	YTD	1 Year	Since Inception
NAV	0.91%	4.49%	6.36%	6.30%	13.52%	19.48%
Market Price	0.56%	4.36%	6.83%	6.94%	12.95%	19.39%

Annualized	1 Year	3 Year	Since Inception
NAV	13.52%	8.08%	5.71%
Market Price	12.95%	7.94%	5.69%

Cumulative	1 Year	Since Inception
NAV	11.87%	18.39%
Market Price	12.32%	18.72%

Annualized	1 Year	3 Year	5 Year	Since Inception
NAV	11.87%	6.29%	—	5.56%
Market Price	12.32%	6.32%	—	5.65%

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	1st Quarter of 2025
Days Traded at Premium	156	47
Days Traded at Discount	96	13

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 05/19/2025

Ticker	Name	Quantity	Weight
TYA	SIMPLIFY E INTERMEDIATE TERM TREASU	105,000	0.79%
-	OTC USDcHKDp 7.80 7/8/25 JPM	307,000,000	0.25%
SPXW US 06/20/25 P4700	SPXW Jun 2025 4700 Put	-700	-0.12%
SPXW US 06/20/25 P4900	SPXW Jun 2025 4900 Put	500	0.12%
-	05Y5BRAD4	19,200,000	-0.70%
-	HYGGSBTRS	815,415	37.82%
-	HYGBOATRS	774,085	35.90%
-	HYGMS2TRS	563,123	26.12%
-	HYGMS2TRS 00001	-44,603,452	-26.06%
-	HYGBOATRS 00001	-61,408,164	-35.88%
-	HYGGSBTRS 00001	-64,686,872	-37.80%
TRS MSSIJNK1	Custom Junk Index Total Return Swap - Payable	-34,471	-17.98%
TRS MSSIQUA1	Custom Quality Index Total Return Swap - Receivable	33,308	23.57%
T Bills	UNITED STS TREAS BILLS 0.0 17JUN25	2,300,000	1.34%
T Bills	UNITED STS TREAS BILLS 0.0 08JUL25	37,600,000	21.84%
T Bills	UNITED STS TREAS BILLS 0.0 29JUL25	7,700,000	4.46%
T Bills	UNITED STS TREAS BILLS 0.0 05AUG25	95,900,000	55.53%
T Bills	UNITED STS TREAS BILLS 0.0 26AUG25	27,300,000	15.77%
-	Estimated Cash	1,051,894	0.61%

Holdings are subject to change without notice.

Recent Distributions

Ex-Dividend Date	Record Date	Payable Date	Total Distribution
05/27/2025	05/27/2025	05/30/2025	N/A
04/25/2025	04/25/2025	04/30/2025	$0.15000
03/26/2025	03/26/2025	03/31/2025	$0.15000
02/25/2025	02/25/2025	02/28/2025	$0.05000
01/28/2025	01/28/2025	01/31/2025	$0.05000

View Distribution History

DISTRIBUTION CALENDAR

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.