PFIX

Simplify Interest Rate Hedge ETF

as of 07/30/2021

NAV

$ 39.66

NAV Change

- $ 0.24 /0.60%

Price

$ 40.55

Price Change

+ $ 0.06 /0.15%

The Simplify Interest Rate Hedge ETF seeks to provide a hedge against a sharp increase in long-term interest rates. 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 extended periods the ETF provides a simple and transparent interest rate hedge.

Fund Overview

As of 07/30/2021

Ticker Symbol
PFIX
Gross Expense Ratio
0.50%
Net Expense Ratio
CUSIP
82889N855
Total Assets
$74,366,557.43
Shares Outstanding
1,875,001
Distribution Yield as of 07/30/2021
N/A
SEC 30-Day Yield as of 06/30/2021
Unsubsidized 30-Day SEC Yield as of 06/30/2021
Options Available
No
Inception Date
05/10/2021
Premium/Discount (%) as of 07/30/2021
2.24%*
NAV
$39.66
NAV Per Share as of 07/30/2021
$39.66
Market Price as of 07/30/2021
$40.55
30-Day Median Bid-Ask Spread
0.19%
Bid/Ask
$40.42/$40.60
Midpoint Price
$40.51
Volume
31,580
NAV Symbol
PFIX.NV
IOPV Symbol
Shares Out. Symbol
PFIX.SO
 

*Rule 6c-11 under the Investment Company Act of 1940, as amended, requires an ETF to disclose on its website when its premium or discount has exceeded 2% for seven consecutive trading days and a discussion of the factors that are reasonably believed to have materially contributed to the premium or discount.  It is expected that PFIX will 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 40 act company.

Fund Performance

As of 06/30/2021 06/30/2021

Cumulative 1 Month 3 Month 6 Month 1 Year Since Inception
NAV -14.31% -18.89%
Market Price -15.30% -17.18%
Annualized 1 Year 3 Year Since Inception
NAV
Market Price
Cumulative 1 Year Since Inception
NAV -18.89%
Market Price -17.18%
Annualized 1 Year 3 Year 5 Year Since Inception
NAV
Market Price

Historical Premium/Discount

Calendar Year 2020 2nd Quarter of 2021
Days Traded at Premium
N/A
34
Days Traded at Discount
N/A
2
Ticker Name Quantity Weight
T 0 3/4 04/30/26 5 Year Treasury 46875000 63.29%
- SWAPTION 05/11/2028 P4.25 BOAML 440000000 -2.39%
- SWAPTION 05/11/2028 P3.50 166000000 -4.73%
- SWAPTION 05/11/2028 P4.25 310000000 -5.00%
- SWAPTION 05/11/2028 P3.50 74000000 -1.85%
- SWAPTION 05/12/2028 P4.25 350000000 -4.45%
- Estimated Cash 40993800 55.12%