Skip to main content

PFIX

Simplify Interest Rate Hedge ETF

as of 07/12/2024

NAV

$ 46.98

NAV Change

- $ 0.59 /1.24%

Price

$ 46.21

Price Change

- $ 0.61 /1.30%

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 07/12/2024

Ticker Symbol
PFIX
Gross Expense Ratio
0.50%
CUSIP
82889N855
Total Assets
$142,122,433.10
Shares Outstanding
3,025,001
Distribution Yield as of 05/31/2024 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.
3.36%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized) as of 05/31/2024 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.
-
30-Day SEC Yield (Unsubsidized) as of 05/31/2024
3.79%
Portfolio Duration
-39.09
Options Available
Yes
Inception Date
05/10/2021
Premium/Discount (%) as of 07/12/2024
-1.64%*
NAV Per Share as of 07/12/2024
$46.98
Market Price as of 07/12/2024
$46.21
30-Day Median Bid-Ask Spread
0.55%
Bid/Ask
$46.10/$46.21
Midpoint Price
$46.16
Volume
25,423
NAV Symbol
PFIX.NV
IOPV Symbol
Shares Out. Symbol
PFIX.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 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 06/30/2024 06/30/2024

Cumulative 1 Month 3 Month 6 Month YTD 1 Year Since Inception
NAV -3.64% 9.46% 22.48% 22.48% 42.78% 85.35%
Market Price -2.98% 7.74% 21.36% 21.36% 45.24% 84.69%
Annualized 1 Year 3 Year Since Inception
NAV 42.78% 31.71% 21.72%
Market Price 45.24% 30.66% 21.60%
Cumulative 1 Year Since Inception
NAV 42.78% 85.35%
Market Price 45.24% 84.69%
Annualized 1 Year 3 Year 5 Year Since Inception
NAV 42.78% 31.71% 21.72%
Market Price 45.24% 30.66% 21.60%

Historical Premium/Discount

Calendar Year 2023 2nd Quarter of 2024
Days Traded at Premium
30
18
Days Traded at Discount
220
45

Portfolio Holdings

Ticker Name Quantity Weight
- SWAPTION 05/10/2030 P4.25/SOFR BOY 180000000 2.40%
- SWAPTION 05/10/2030 P4.25/SOFR GSY 150000000 1.96%
- SWAPTION 4.5% SOFR 5/10/30 MSX 745000000 5.13%
- SWAPTION 4.5% SOFR 5/10/30 BRC 245000000 1.75%
- SWAPTION 5/10/30 375000000 1.37%
- SWAPTION 5/10/30 120000000 -0.37%
- IRS 2.11 5/15/48 10000 0.01%
- IRS 2.11 5/15/48 -10000 -0.01%
Treasury WIT 0 1/4 09/30/25 51225000 34.16%
T Bills B 08/13/24 39600000 27.75%
T Bills B 09/19/24 36800000 25.65%
- Estimated Cash 282322 0.20%

Recent Distributions

Ex-Dividend Date Record Date Payable Date Ordinary Income Short Term Capital Gains Long Term Capital Gains Return of Capital Total Distribution
$0.16000 $0.00000 $0.00000 $0.00000 $0.16000
$0.14000 $0.00000 $0.00000 $0.00000 $0.14000
$0.12000 $0.00000 $0.00000 $0.00000 $0.12000
$0.10000 $0.00000 $0.00000 $0.00000 $0.10000
$0.10000 $0.00000 $0.00000 $0.00000 $0.10000
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