View All ETFs

CYA

Simplify Tail Risk Strategy ETF

Spotlight Banner
as of 12/01/2023

NAV

$ 0.48

NAV Change

- $ 0.03 /5.88%

Price

$ 0.53

Price Change

+ $ 0.01 /1.92%
The Simplify Tail Risk Strategy ETF (CYA) seeks to provide income and capital appreciation while protecting against significant downside risk to investors with a standalone solution for hedging diversified portfolios against severe equity market selloffs.

CYA will invest a substantial annual budget in highly convex equity-hedging strategies. We believe a modest allocation can be a valuable hedging tool during extreme downside equity events.

Due to this ongoing spend on tail risk hedges, investors should expect substantial declines in CYA's value during years without a tail risk event. Therefore, it should only be used by investors comfortable with making ongoing purchases into CYA to maintain a constant hedge, or by short-term investors looking to hedge against an imminent, severe stock market decline.
 
Spotlight Banner

Documents

Fund Overview

As of 12/01/2023

Ticker Symbol
CYA
Gross Expense Ratio
1.64%
CUSIP
82889N780
Total Assets
$7,884,419.65
Shares Outstanding
16,475,001
Distribution Yield as of 10/31/2023 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.
19.55%
Distribution Frequency
Monthly
SEC 30-Day Yield as of 10/31/2023 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.
1.94%
Unsubsidized 30-Day SEC Yield as of 10/31/2023
1.59%
Options Available
No
Inception Date
09/13/2021
Premium/Discount (%) as of 12/01/2023
10.75%
NAV Per Share as of 12/01/2023
$0.48
Market Price as of 12/01/2023
$0.53
30-Day Median Bid-Ask Spread
2.02%
Bid/Ask
$0.53/$0.54
Midpoint Price
$0.53
Volume
424,816
NAV Symbol
CYA.NV
IOPV Symbol
CYA.IV
Shares Out. Symbol
CYA.SO
Schedule K-1
No
 
Rule 6c-11 under the Investment Company Act of 1940, as amended (the “1940 Act”), requires an ETF to disclose on its website when its premium or discount has exceeded 2% for seven consecutive trading days and provide a discussion of the factors that are reasonably believed to have materially contributed to the premium or discount. It is expected that CYA may trade at greater than 2% premium or discount to its net asset value when the positions the fund holds are at or near the money. These differences can lead to premiums and discounts that exceed 2% of NAV per share. These variations in premium or discount may have disparate effects on certain investors. Shareholders who purchase shares on the secondary market at a premium to NAV may lose disproportionate value should CYA begin trading at a discount. Similarly, Authorized Participants who wish to redeem creation units at NAV may receive a basket with a per share value below that of the current trading price of CYA.

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 0.75%
Distribution and Service (12b-1) Fees 0.00%
Other Expenses1 0.20%
Acquired Fund Fees and Expenses2 0.69%
Total Annual Fund Operating Expenses 1.64%
1. Amount of interest expense included in percentage.

2. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table do not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund.

Fund Performance

As of 10/31/2023 09/30/2023

Monthly Quarterly
Cumulative 1 Month 3 Month 6 Month YTD 1 Year Since Inception
NAV -40.36% -39.33% -60.15% -72.93% -77.51% -85.77%
Market Price -41.51% -39.22% -59.95% -72.58% -77.50% -85.64%
Annualized 1 Year 3 Year Since Inception
NAV -77.51% — -59.93%
Market Price -77.50% — -59.82%
Cumulative 1 Year Since Inception
NAV -75.47% -76.13%
Market Price -75.18% -75.46%
Annualized 1 Year 3 Year 5 Year Since Inception
NAV -75.47% — — -50.34%
Market Price -75.18% — — -49.71%
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 3rd Quarter of 2023
Days Traded at Premium
134
46
Days Traded at Discount
117
17
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

Holdings

As of 12/01/2023

Holdings - All ETFs
Ticker Name Quantity Weight
BIL SPDR BARCLAYS CAPITAL 1-3MO 52019 60.33%
HIGH Simplify Enhanced Income ETF 9247 2.88%
PFIX Simplify Interest Rate Hedge ETF 2384 2.57%
TUA Simplify Short Term Treasury Futures ETF 11098 3.20%
SPXW US 12/04/23 P4500 SPXW Dec 2023 4500 Put 1000 0.29%
SPXW US 12/05/23 P4500 SPXW Dec 2023 4500 Put 1000 0.67%
SPXW US 12/15/23 P3575 SPXW Dec 2023 3575 Put -490 -0.20%
SPXW US 12/15/23 P3810 SPXW Dec 2023 3810 Put 490 0.33%
SPXW US 12/29/23 C5000 SPXW Dec 2023 5000 Call 8000 2.28%
SPXW US 12/29/23 P4100 SPXW Dec 2023 4100 Put 600 1.83%
SPXW US 12/29/23 P4550 SPXW Dec 2023 4550 Put 200 8.13%
VIX US 04/17/24 C35 VIX Apr 2024 35 Call 1000 1.16%
VIX US 12/20/23 C20 VIX Dec 2023 20 Call 9000 2.85%
VIX US 12/20/23 P12 VIX Dec 2023 12 Put 9000 1.20%
VIX US 12/20/23 P15 VIX Dec 2023 15 Put -9000 -21.92%
- Estimated Cash 2712820 34.41%

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
$0.05000 $0.00000 $0.00000 $0.00000 $0.05000
$0.04000 $0.00000 $0.00000 $0.00000 $0.04000
$0.04000 $0.00000 $0.00000 $0.00000 $0.04000
$0.05000 $0.00000 $0.00000 $0.00000 $0.05000
$0.03000 $0.00000 $0.00000 $0.00000 $0.03000
View Distribution History

Register for Simplify's Investor Hub

  • In-depth case studies provide valuable insights into practical portfolio problems and their solutions
  • Simplify curated model portfolios that show investors how to incorporate alternatives into their portfolio
  • Stay up-to-date with our latest thoughts on markets via our weekly market commentaries
Create Your Account
Register Info
Contact Us