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NMB

Simplify National Muni Bond ETF

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As of 05/27/2026

NAV

$ 24.51

NAV Change

+ $ 0.10 /0.41%

Price

$ 24.54

Price Change

+ $ 0.07 /0.29%

The Simplify National Muni Bond ETF (NMB) seeks income with capital appreciation as a secondary objective.

NMB invests primarily in investment-grade U.S. municipal bonds with attractive tax-free yields. As an actively managed strategy, it pursues opportunistic investing in municipal securities overlooked by passive mandates. 

Municipal bond index funds contain legacy positions with lower yields and less liquidity. NMB attempts to take advantage of the relatively fragmented and inefficient muni bond market to maximize current yield and relative value.

The fund is sub-advised by Foundation Credit, a specialist firm managing municipal and credit portfolios.

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Documents

Fund Overview

As of 05/27/2026

Ticker Symbol
NMB
Expense Ratio
0.52%
CUSIP
82889N442
Total Assets
$47,796,419.38
Shares Outstanding
1,950,001
Distribution Rate as of 04/30/2026 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.
Distribution Rate Close
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.
5.89%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized) as of 04/30/2026
-
30-Day SEC Yield (Unsubsidized) as of 04/30/2026
3.89%
Portfolio Duration
8.58
Options Available
No
Inception Date
09/09/2024
Premium/Discount (%) as of 05/27/2026
0.12%
NAV Per Share as of 05/27/2026
$24.51
Market Price as of 05/27/2026
$24.54
30-Day Median Bid-Ask Spread
0.36%
Bid/Ask
$24.50/$24.59
Midpoint Price
$24.55
Volume
735
NAV Symbol
NMB.NV
IOPV Symbol
NMB.IV
Shares Out. Symbol
NMB.SO
Schedule K-1
No
 
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 may include a combination of ordinary dividends, capital gains, and return of investor capital and has the potential to change during any given tax year. Please refer to the 19a-1 Notice, which can be found on the Fund’s website, for information regarding the composition of distributions, including return of capital. The final determination of a distribution’s tax character will be made on Form 1099-DIV.

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 Fees0.50%
Distribution and Service (12b-1) Fees0.00%
Acquired Fund Fees and Expenses10.01%
Other Expenses20.01%
Total Annual Fund Operating Expenses0.52%

1. Acquired Fund Fees and Expenses, which are estimated for the Fund’s initial fiscal year, 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 because the financial statements include only the direct operating expenses incurred by the Fund.
2. Other Expenses are estimated for the Fund’s initial fiscal year.

Fund Performance (Total Return)

As of 04/30/2026 03/31/2026

Monthly Quarterly Annually
Cumulative 1 Month 3 Month 6 Month YTD 1 Year 3 Year 5 Year Since Inception
NAV 1.73% 0.39% -1.81% -0.15% 4.76% — — 5.74%
Market Price 2.11% 0.70% -1.61% 0.22% 5.67% — — 6.16%
Annualized 1 Year 3 Year 5 Year Since Inception
NAV 4.76% — — 3.47%
Market Price 5.67% — — 3.72%
Cumulative 1 Year 3 Year 5 Year Since Inception
NAV 11.90% — — 3.95%
Market Price 12.36% — — 3.97%
Annualized 1 Year 3 Year 5 Year Since Inception
NAV 11.90% — — 2.52%
Market Price 12.36% — — 2.54%
Calendar Year NAV Market Price
2025 7.63% 8.01%
2024 — —
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.

Growth of $10,000

The Growth of $10,000 chart reflects a hypothetical investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted. Results are not indicative of future performance. 

Historical Premium/Discount

Calendar Year 2025 1st Quarter of 2026
Days Traded at Premium
136
36
Days Traded at Discount
114
25
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 05/27/2026

Holdings - All ETFs
Ticker Name Quantity Weight
ALDSCD ALDINE TEX INDPT SCH 4.375 15FEB51 2,000,000 4.06%
AUSAPT AUSTIN TEX ARPT SYS RE 5.25 15NOV51 1,500,000 3.26%
CAS CALIFORNIA ST 5.25 01OCT51 1,500,000 3.44%
CHITRN CHICAGO ILL O HARE INT 5.25 01JAN61 1,000,000 2.19%
CHIWTR CHICAGO ILL WTR REV 5.5 01NOV66 1,000,000 2.19%
DALSCD DALLAS TEX INDPT SCH DI 5.0 15FEB56 1,750,000 3.82%
FLSTRN FLORIDA ST TPK AUTH TPK 4.0 01JUL51 1,000,000 1.95%
GGTSCD GEORGETOWN TEX INDPT S 5.25 15FEB55 1,000,000 2.23%
GGTUTL GEORGETOWN TEX UTIL SYS 5.0 15AUG56 1,500,000 3.21%
HARTRN HARRIS CNTY TEX TOLL RD 4.0 15AUG49 1,000,000 1.93%
HILMEC HILLSBOROUGH CNTY FLA I 5.5 15NOV54 2,000,000 4.43%
ILS ILLINOIS ST 5.5 01APR51 1,000,000 2.24%
JACAPT JACKSONVILLE FLA AVIAT 5.25 01OCT55 2,000,000 4.30%
LAMSCD LAMAR TEX CONS INDPT SC 5.0 15FEB56 2,000,000 4.34%
LOSAPT LOS ANGELES CALIF DEPT 5.0 15MAY55 1,500,000 3.20%
LVVWTR LAS VEGAS VY NEV WTR D 5.25 01JUN55 2,000,000 4.53%
MASDEV MASSACHUSETTS ST DEV FI 5.5 01DEC51 1,500,000 3.38%
MASDEV MASSACHUSETTS ST DEV FI 5.5 01DEC56 1,000,000 2.24%
METUTL METROPOLITAN GOVT NASH 5.25 01JUL55 1,500,000 3.35%
MIATRN MIAMI-DADE CNTY FLA AV 5.25 01OCT55 500,000 1.09%
MIAUTL MIAMI-DADE CNTY FLA WTR 5.0 01OCT55 1,000,000 2.17%
MNVAPT METROPOLITAN NASHVILLE 5.0 01JUL51 1,250,000 2.76%
NESPWR NEBRASKA PUB PWR DIST 5.25 01JAN55 1,500,000 3.30%
NYCUTL NEW YORK N Y CITY MUN W 5.5 15JUN56 1,000,000 2.29%
NYSGEN NEW YORK ST DORM AUTH S 5.0 15MAR53 1,590,000 3.46%
NYSHGR NEW YORK ST DORM AUTH S 4.0 15MAR54 1,500,000 2.83%
RICUTL RICHMOND VA PUB UTIL R 4.25 15JAN56 1,000,000 1.98%
SFOAPT SAN FRANCISCO CALIF CIT 5.5 01MAY55 1,500,000 3.33%
SFOAPT SAN FRANCISCO CALIF CIT 5.5 01MAY56 1,000,000 2.22%
TRBTRN TRIBOROUGH BRDG + TUNL 4.0 15NOV52 1,500,000 2.78%
TXSHGR TEXAS ST UNIV SYS FING 4.0 15MAR49 1,000,000 1.92%
TXSWTR TEXAS WTR DEV BRD REV 4.375 15OCT59 1,000,000 1.98%
UNIMED UNIVERSITY KANS HOSP AU 5.5 01MAR54 1,500,000 3.36%
- Estimated Cash 2,027,270 4.24%

Holdings are subject to change without notice.

Recent Distributions

Ex-Dividend Date Record Date Payable Date Total Distribution
N/A
$0.08000
$0.12000
$0.12000
$0.13000
View Distribution History
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.

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