Simplify High Yield ETF
Key Statistics
Historical Performance
Total return including reinvested distributions, from adjusted closing prices.
Price History
Price history is being compiled for this fund.
Top Holdings
Top 15 holdings as of Jun 30, 2026 · source: SEC N-PORT. Full holdings & prospectus →
About CDX
Principal Investment Strategies: The Adviser seeks to achieve the Fund’s investment objective by investing in high yield bonds also known as “junk bonds”primarily by purchasing swaps on exchange traded funds and applying a credit hedge derivatives strategy to the Fund’s investments. HighYield Strategy TheFund has adopted a non-fundamental investment policy that, under normal circumstances, the Fund will invest at least 80% of its net assets(plus any borrowings for investment purposes) in securities that provide exposure to high yield securities, also known as junk bonds.The Fund defines junk bonds as those rated below Baa3 by Moody’s Investors Service or below BBB- by Standard and Poor’s RatingGroup, or, if unrated, determined by the Adviser to be of similar credit quality. The Adviser does not frequently trade securities butseeks to maintain consistent exposure to junk bonds primarily through its purchase of swaps on exchange traded funds that primarily investin high-yield securities (“H-Y ETFs”); and secondarily through its purchase of H-Y ETFs call options on H-Y ETFs, as wellas by selling (writing) put options H-Y ETFs. The Adviser determines the securities to which it seeks exposure based on factors suchas price, liquidity, and track record. TheH-Y ETFs underlying the swaps that the Fund will invest in may target high yield bonds with different maturities, durations, and qualityrequirements in connection with their investment strategies. Duration is a measure of price sensitivity of a debt security or a portfolioof debt securities to relative changes in interest rates. For instance, a duration of “five years” means that a security’sor portfolio’s price would be expected to decrease by approximately 5% with a 1% increase in interest rates (assuming a parallelshift in yield curve). Maturity is the period during which its owner will receive interest payments on the investment. When the bondreaches maturity, the Fund is repaid its par, or face value. A bond’s quality is a reference to the grade given to a bond by arating service that indicates its credit quality. The rating takes into consideration a bond issuer’s financial strength or itsability to pay a bond’s principal and interest in a timely fashion. For instance, a “AAA” high-grade rated bond offersmore security and lower profit potential (lower yield) than a “B-” rated speculative bond. The Adviser may invest in affiliated money market ETFs to manage liquidity or to pledge as collateral for derivatives. DerivativesOverlay – Generally Intotal, the Fund may invest up to 20% of the Fund’s portfolio in derivatives (measured by purchase price in the case of optionsor collateral pledged in the case of other derivatives) through a credit hedge strategy and/or an income generating option strategy.The Adviser anticipates purchasing and selling its derivatives on a monthly, quarterly, and annual basis, depending upon the Fund’srebalancing requirements and expiration dates. However, the Adviser may rebalance the Fund’s derivative portfolio on a more frequentbasis for a number of reasons such as when market volatility renders the protection provided by the derivative strategy ineffective ora derivative position has appreciated to the point that it is prudent to decrease the Fund’s exposure and realize gains for theFund’s shareholders. Derivatives may be exchange-traded or over-the-counter (“OTC”); index-based or linked to a specificsecurity. The Adviser selects derivatives based upon its evaluation of relative value based on expected hedging effectiveness, cost,and in the case of options, strike price (price that the option can be bought or sold by the option holder) and maturity (the last datethe option contract is valid) and will exercise or close the options based typically on maturity. CreditHedge Strategy TheFund may invest up to 20% of the Fund’s portfolio in derivatives to hedge against interest rate risk and credit risk. When theAdviser believes credit risk will be increasing, it will hedge primarily by receiving protection through total return swaps that usefixed income instruments, fixed income indexes, fixed income ETFs, or H-Y ETFs as reference assets. However, when the Adviser believesa short-term opportunity for a more-effective hedge is available, it may also use total return swaps that use equities, equity indexesor equity ETFs as reference assets to manage interest rate and credit risk. The Adviser closes derivative positions when it believesthe related risk is no longer significant or to use a more efficient or cost-effective derivative. IncomeGenerating Option Strategy TheFund may invest up to 20% of the Fund’s portfolio in derivatives to generate additional income. To do so, the Fund employs an optionand option spread writing strategy on instruments linked to equities, debt, volatility indices, commodities, and currencies. The equityand fixed income strategies include primarily U.S. companies but may include companies from both emerging and developed foreign marketsand may include companies of any market capitalization. The commodity strategies may include all types of commodities and commodity indexes.Currency strategies are those that attempt to profit from the changes in the relative value of various currencies. Volatility strategiesare those that attempt to profit from the changes in the historical or implied return volatility of futures or securities indexes. Volatilityis a measure of a reference asset’s historical or expected future price movements. Acall option gives the owner the right, but not the obligation, to buy an asset at a specified price (strike price) within a specifictime period. A put option gives the owner the right, but not the obligation, to sell an asset at a specified price (strike price) withina specific time period. By selling put and call options in return for the receipt of premiums (the purchase price of an option), theAdviser attempts to increase Fund income as the passage of time decreases the value of the written options. Gains from written optionpremiums are capital gains, but commonly referred to as income. The option writing strategy is a form of leveraged investing. The Adviserfocuses on writing short-term options with less than one-month to maturity because their value erodes faster than long-term options. CallSpread Sub-Strategy Whenthe Adviser believes an asset’s price will decrease, remain unchanged, or only increase slightly it employs a call spread strategy.In a call option spread, the Fund sells (writes) an out of the money (above current market price) call option while also purchasing afurther out of the money call option. PutSpread Sub-Strategy Whenthe Adviser believes an asset’s price will increase, remain unchanged, or only decrease slightly it employs a put spread strategy.In a put option spread, the Fund sells (writes) an out of the money (below current market price) put option while also purchasing a furtherout of the money put option. TheAdviser expects the written options to expire worthless, but purchases lower-cost further out of the money options to insulate the Fundfrom large losses if the written options increase in value. The Adviser expects options to be held to expiration but may adjust positionsfollowing a large (over 10%) price swing in an option’s reference asset. TheFund also holds cash and invests in cash-like instruments or high-quality short term fixed income securities to serve as collateralfor swaps, futures and assuring its performance to an option buyer when writing options (collectively, “Collateral”).The Collateral may consist of (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) moneymarket funds (including affiliated money market ETFs); (3) fixed income ETFs; and/or (4) corporate debt securities, such as commercial paper and other short-term unsecuredpromissory notes issued by companies that are rated investment grade or of comparable quality. The Adviser considers an unratedsecurity to be of comparable quality to a security rated investment grade if it believes it has a similar low risk of default.
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Data for CDX is aggregated from third-party providers (Tiingo, Nasdaq, Finnhub) and SEC filings, may be delayed at least 20 minutes, and may be incomplete or contain errors. Nothing here is investment advice. Verify with the official prospectus before investing.