PFIX

Simplify Interest Rate Hedge ETF

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as of 09/23/2022

NAV

$ 63.57

NAV Change

- $ 1.34 /2.06%

Price

$ 62.59

Price Change

- $ 1.26 /1.97%

The Simplify Interest Rate Hedge ETF (PFIX) seeks to hedge interest rate movements arising from rising long-term interest rates and to benefit from market stress when fixed income volatility increases.

T­he fund holds a large position in over-the-counter (OTC) interest rate options intended to provide a direct and transparent convex exposure to large upward moves in interest rates and interest rate volatility.

Using OTC derivatives, usually only available to institutional investors, PFIX is designed to be functionally similar to owning a position in long-dated put options on 20-year US Treasury bonds. Since the option position is held for an extended period, the ETF provides a simple and transparent interest rate hedge.

Fund Overview

As of 09/23/2022

Ticker Symbol
PFIX
Gross Expense Ratio
0.50%
CUSIP
82889N855
Total Assets
$335,312,909.97
Shares Outstanding
5,275,001
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.
1.56%
Unsubsidized 30-Day SEC Yield as of 08/31/2022
1.56%
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.
0.70%
Options Available
No
Inception Date
05/10/2021
Premium/Discount (%) as of 09/23/2022
-1.54%*
NAV
$63.57
NAV Per Share as of 09/23/2022
$63.57
Market Price as of 09/23/2022
$62.59
30-Day Median Bid-Ask Spread
0.15%
Bid/Ask
$62.50/$62.79
Midpoint Price
$62.65
Volume
228,905
NAV Symbol
PFIX.NV
IOPV Symbol
Shares Out. Symbol
PFIX.SO
 

*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 PFIX may trade at greater than 2% premium to its net asset value under most circumstances because of typical bid-offer spreads for OTC products and a credit support annex that is specific to a 1940 Act company. In periods of outflows, it is expected that PFIX may trade at greater than 2% discount to its net asset value for the same reason. 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 PFIX 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 PFIX.

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%
Total Annual Fund Operating Expenses 0.50%

Fund Performance

As of 08/31/2022 06/30/2022

Cumulative 1 Month 3 Month 6 Month YTD 1 Year Since Inception
NAV 14.65% 6.25% 33.02% 53.28% 47.37% 14.79%
Market Price 11.46% 3.46% 32.76% 50.69% 42.28% 13.10%
Annualized 1 Year 3 Year Since Inception
NAV 47.37% 11.10%
Market Price 42.28% 9.88%
Cumulative 1 Year Since Inception
NAV 41.18% 14.52%
Market Price 36.39% 12.92%
Annualized 1 Year 3 Year 5 Year Since Inception
NAV 41.18% 12.63%
Market Price 36.39% 11.28%

Historical Premium/Discount

Calendar Year 2021 2nd Quarter of 2022
Days Traded at Premium
154
37
Days Traded at Discount
8
25
Ticker Name Quantity Weight
B B 11/03/22 110000000 32.71%
B B 02/02/23 12000000 3.53%
T 0 3/4 04/30/26 5 Year Treasury 131875000 34.97%
- SWAPTION 05/11/2028 P4.25/3ML BOAML 760000000 6.90%
- SWAPTION 05/11/2028 P4.25/3ML MSX 710000000 5.94%
- SWAPTION 05/11/2028 P4.00/SOFR MS 920000000 3.33%
- SWAPTION 05/11/2028 P4.00/SOFR BOA 260000000 2.00%
- SWAPTION 05/11/2028 P4.00/SOFR GSX 300000000 1.30%
- SWAPTION 05/11/2028 P4.00/SOFR BARC 340000000 0.99%
- SWAPTION 05/12/2028 P4.25/3ML GSX 930000000 8.10%
- RECV IRS 2.11 5/15/48 10000 0.00%
- PAYB IRS 2.11 5/15/28 -10000 0.00%
- Estimated Cash 709517 0.21%

Recent Distributions

Ex-Dividend Date Record Date Payable Date Ordinary Income Short Term Capital Gains Long Term Capital Gains Return of Capital Total Distribution
$0.03368 $0.00000 $0.00000 $0.00000 $0.03368
$0.01310 $0.00000 $0.00000 $0.00000 $0.01310
$0.00420 $0.00000 $0.00000 $0.00000 $0.00420
$0.00187 $0.00000 $0.00000 $0.00000 $0.00187
$0.00011 $0.00000 $0.00000 $0.00000 $0.00011
View Distribution History