CDX

Simplify High Yield PLUS Credit Hedge ETF

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as of 09/23/2022

NAV

$ 22.08

NAV Change

- $ 0.04 /0.18%

Price

$ 22.00

Price Change

- $ 0.11 /0.50%
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.

Fund Overview

As of 09/23/2022

Ticker Symbol
CDX
Gross Expense Ratio
0.75%
Net Expense Ratio
0.50%
CUSIP
82889N830
Total Assets
$54,102,508.58
Shares Outstanding
2,450,001
SEC 30-Day Yield as of 08/31/2022 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.
1.71%
Unsubsidized 30-Day SEC Yield as of 08/31/2022
1.44%
Distribution Frequency
Monthly
Distribution Yield as of 08/31/2022 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.
5.39%
Options Available
No
Inception Date
02/14/2022
Premium/Discount (%) as of 09/23/2022
-0.37%
NAV
$22.08
NAV Per Share as of 09/23/2022
$22.08
Market Price as of 09/23/2022
$22.00
30-Day Median Bid-Ask Spread
0.49%
Bid/Ask
$21.97/$22.00
Midpoint Price
$21.99
Volume
13,217
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 08/31/2022 06/30/2022

Cumulative 1 Month 3 Month 6 Month YTD 1 Year Since Inception
NAV -5.06% -4.62% -9.83% -8.94%
Market Price -5.42% -4.92% -9.77% -8.92%
Annualized 1 Year 3 Year Since Inception
NAV
Market Price
Cumulative 1 Year Since Inception
NAV -9.74%
Market Price -9.64%
Annualized 1 Year 3 Year 5 Year Since Inception
NAV
Market Price

Historical Premium/Discount

Calendar Year 2021 2nd Quarter of 2022
Days Traded at Premium
N/A
47
Days Traded at Discount
N/A
15
Ticker Name Quantity Weight
SPXW US 09/30/22 P3900 SPXW Sep 2022 3900 Put 11 0.42%
SPXW US 09/30/22 C4080 SPXW Sep 2022 4080 Call 41 0.00%
B B 10/13/22 11200000 20.68%
SPX US 10/21/22 P3300 S&P 500 Index Oct 2022 3300 Put 584 1.98%
SPX US 10/21/22 P3550 S&P 500 Index Oct 2022 3550 Put 64 0.70%
SPX US 10/21/22 P3475 S&P 500 Index Oct 2022 3475 Put -64 -0.49%
SPX US 10/21/22 P3100 S&P 500 Index Oct 2022 3100 Put -584 -0.84%
B B 11/25/22 28000000 51.51%
B TREASURY BILL 0 1/5/2023 9000000 16.49%
B B 02/02/23 3000000 5.48%
ISHARES iShares iBoxx High Yield Bond ETF Total Return Swap 703779 93.83%
MORGAN S Simplify Custom Quality Equity Index 17697 27.65%
MORGAN S Simplify Custom Junk Equity Index -13149 -19.51%
- Estimated Cash -48551821 -89.74%

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
$0.06047 $0.00000 $0.00000 $0.00000 $0.06047
$0.09614 $0.00000 $0.00000 $0.00000 $0.09614
$0.10303 $0.00000 $0.00000 $0.00000 $0.10303
$0.08882 $0.00000 $0.00000 $0.00000 $0.08882
View Distribution History