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Trending ETFs

Name

As of 05/20/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Simplify Aggregate Bond ETF

AGGH | Active ETF

$20.92

$187 M

8.03%

$1.68

0.58%

Vitals

YTD Return

-1.9%

1 yr return

2.0%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$187 M

Holdings in Top 10

100.2%

52 WEEK LOW AND HIGH

$21.0
$20.42
$23.29

Expenses

OPERATING FEES

Expense Ratio 0.58%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

As of 05/20/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Simplify Aggregate Bond ETF

AGGH | Active ETF

$20.92

$187 M

8.03%

$1.68

0.58%

AGGH - Profile

Distributions

  • YTD Total Return -1.9%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 8.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Simplify Aggregate Bond ETF
  • Fund Family Name
    N/A
  • Inception Date
    Feb 15, 2022
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Paul Kim

Fund Description

Principal Investment Strategies: The adviser seeks to achieve the Fund’s investment objective by investing in investment grade bonds primarily by purchasing exchange traded funds and applying derivative overlays intended to hedge risk or generate income.

Bond Strategy

The Fund 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 U.S. investment grade bonds primarily by purchasing exchange traded funds (“ETFs”).

The Fund pursues its strategy primarily by purchasing ETFs that invest principally in the U.S. investment grade bonds of the U.S. government, corporate issuers, and mortgage-backed securities (“MBS”). However, the Fund invests without restriction as to the credit quality, maturity, or duration of an individual security. The adviser does not frequently trade securities but seeks to maintain consistent exposure to such companies through its investments in ETFs. The adviser determines which ETFs to purchase based on factors such as price, liquidity, and track record. The adviser selects ETFs that are representative of an asset class (e.g., invests primarily in investment grade corporate bonds) and have a minimum five-year track record and adequate trading volume relative to the Fund’s size. The adviser considers trading volume adequate if it can buy and sell an ETF in a desired quantity without materially affecting its price.

The underlying ETFs that the Fund will invest in may target bonds with different maturities, durations, and quality requirements in connection with their investment strategies. Duration is a measure of price sensitivity of a debt security or a portfolio of debt securities to relative changes in interest rates. For instance, a duration of “five years” means that a security’s or portfolio’s price would be expected to decrease by approximately 5% with a 1% increase in interest rates (assuming a parallel shift in yield curve). Maturity is the period during which its owner will receive interest payments on the investment. When the bond reaches 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 a rating service that indicates its credit quality. The rating takes into consideration a bond issuer’s financial strength or its ability to pay a bond’s principal and interest in a timely fashion. For instance, a “AAA” high-grade rated bond offers more security and lower profit potential (lower yield) than a “B-” rated speculative bond.

Derivatives Overlay-Generally

In total, the Fund may invest up to 20% of the Fund’s portfolio in derivatives (measured by purchase price in the case of options or collateral pledged in the case of other derivatives). The adviser anticipates purchasing and selling its derivatives on a monthly, quarterly, and annual basis, depending upon the Fund’s rebalancing requirements and expiration dates. However, the adviser may rebalance the Fund’s derivative portfolio on a more frequent basis for a number of reasons such as when market volatility renders the protection provided by the derivative strategy ineffective or a derivative position has appreciated to the point that it is prudent to decrease the Fund’s exposure and realize gains for the Fund’s shareholders. Derivatives may be exchange-traded or over-the-counter (“OTC”); index-based or linked to a specific security. 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 date the option contract is valid). The adviser will exercise or close the options based typically on maturity.

When the Fund purchases a call option, the Fund has the right, but not the obligation, to buy a stock or other asset at a specified price (strike price) within a specific time period. When the Fund purchases a put option, the Fund has the right, but not the obligation, to sell a stock or other asset at a specified price (strike price) within a specific time period. Futures contracts allow the buyer or seller to purchase or sell an asset at a future date. The Fund will invest in total return swaps that use investment grade or high yield debt instruments or investment grade or high yield indexes as reference assets and equity indexes or ETFs.

The Fund executes a portion of its derivatives overlay strategy indirectly by investing in a wholly-owned subsidiary. The Fund gains exposure to certain investments related to this strategy by investing up to 25% of its assets in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). The Subsidiary is advised by the adviser. Unlike the Fund, the Subsidiary is not an investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund’s investment in the Subsidiary is intended to provide the Fund with exposure to certain derivatives in accordance with applicable tax rules and regulations.

Derivatives Overlay-Hedge Strategy

The Fund may invest up to 20% of the Fund’s portfolio in derivatives to hedge against interest rate risk and credit risk. The adviser uses long and short positions in futures, options, and swaps linked to equities, fixed income securities, volatility indices, commodities, and currencies to manage risk. When the adviser believes interest rates will be rising in general, or within a sector, it will hedge primarily by initiating short positions in interest rate-related futures, swaps, and or options. When the adviser believes credit risk will be increasing, it will hedge primarily by receiving protection through a credit default swap or a total return swap that uses investment grade or high yield debt instruments or investment grade or high yield index as the reference asset. However, when the adviser believes a short-term opportunity for a more-effective hedge is available, it may also use derivatives linked to equities, volatility indices, commodities (i.e., gold and oil), and currencies to manage interest rate and credit risk. The adviser closes derivative positions when it believes the related risk is no longer significant or to use a more efficient or cost-effective derivative.

Derivatives Overlay-Income Strategy

The Fund may invest up to 20% of the Fund’s portfolio in derivatives to generate additional income. While derivative-based gains are considered capital gains under GAAP (generally accepted accounting principles) they are commonly described as income by securities market participants. When the adviser believes a put or call option presents insignificant risk, the Fund will write put and or call options with the expectation that they will expire worthless. As an alternative, when the adviser believes an option is not likely to expire worthless it may use put and call spreads. In a call option spread, the Fund sells (writes) an out of the money (above current market price) call option while also purchasing a call option that is further out of the money to partially offset the risk of the written option. In a put option spread, the Fund sells (writes) an out of money (below current market price) put option while also purchasing a put option that is further out of the money to partially offset the risk of the written option. The adviser may also use a combination of derivatives and cash equivalents as a substitute for a bond ETF when it generates more income. The adviser may also engage in reverse repurchase agreements and use the proceeds for investment purposes. Reverse repurchase agreements are contracts in which a seller of securities, for example, U.S. government securities, agrees to buy the securities back at a specified time and price. Reverse repurchase agreements are primarily used by the Fund as an indirect means of borrowing. When the Fund earns more on its additional investments than the interest cost related to the reverse repurchase agreement, it generates additional income.

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AGGH - Performance

Return Ranking - Trailing

Period AGGH Return Category Return Low Category Return High Rank in Category (%)
YTD -1.9% -50.1% 6.9% N/A
1 Yr 2.0% -25.4% 139.4% N/A
3 Yr N/A* -13.0% 100.8% N/A
5 Yr N/A* -10.0% 55.1% N/A
10 Yr N/A* -7.4% 12.3% N/A

* Annualized

Return Ranking - Calendar

Period AGGH Return Category Return Low Category Return High Rank in Category (%)
2023 -1.3% -75.2% 1360.6% N/A
2022 N/A -14.5% 1027.9% N/A
2021 N/A -9.6% 118.7% N/A
2020 N/A -11.4% 5.8% N/A
2019 N/A -49.5% 12.4% N/A

Total Return Ranking - Trailing

Period AGGH Return Category Return Low Category Return High Rank in Category (%)
YTD -1.9% -50.1% 6.9% N/A
1 Yr 2.0% -25.4% 139.4% N/A
3 Yr N/A* -13.0% 100.8% N/A
5 Yr N/A* -10.0% 55.1% N/A
10 Yr N/A* -7.4% 13.1% N/A

* Annualized

Total Return Ranking - Calendar

Period AGGH Return Category Return Low Category Return High Rank in Category (%)
2023 8.5% -75.2% 131.9% N/A
2022 N/A -14.5% 1027.9% N/A
2021 N/A -9.6% 118.7% N/A
2020 N/A -11.4% 5.8% N/A
2019 N/A -7.0% 12.4% N/A

AGGH - Holdings

Concentration Analysis

AGGH Category Low Category High AGGH % Rank
Net Assets 187 M 1.19 M 287 B 100.00%
Number of Holdings 29 1 17234 96.47%
Net Assets in Top 10 143 M -106 M 27.6 B 96.65%
Weighting of Top 10 100.16% 3.7% 100.0% 3.34%

Top 10 Holdings

  1. United States Treasury Inflation Indexed Bonds 69.19%
  2. PIMCO 15+ Year U.S. TIPS Index Exchange-Traded Fund 10.89%
  3. iShares iBoxx $ Investment Grade Corporate Bond ETF 6.98%
  4. iShares Core U.S. Aggregate Bond ETF 5.59%
  5. iShares MBS ETF 3.84%
  6. United States Treasury Inflation Indexed Bonds 3.54%
  7. US 10YR NOTE (CBT) 0.13%
  8. US TREASURY LONG BOND WEEK 5 0.00%

Asset Allocation

Weighting Return Low Return High AGGH % Rank
Bonds
72.73% 3.97% 268.18% 60.65%
Stocks
27.29% -0.98% 24.74% 6.68%
Cash
0.54% -181.13% 95.99% 39.58%
Preferred Stocks
0.00% 0.00% 77.13% 92.84%
Convertible Bonds
0.00% 0.00% 10.39% 69.57%
Other
-0.56% -13.23% 23.06% 92.93%

Stock Sector Breakdown

Weighting Return Low Return High AGGH % Rank
Utilities
0.00% 0.00% 100.00% N/A
Technology
0.00% 0.00% 48.30% N/A
Real Estate
0.00% 0.00% 99.26% N/A
Industrials
0.00% 0.00% 48.31% N/A
Healthcare
0.00% 0.00% 17.70% N/A
Financial Services
0.00% 0.00% 100.00% N/A
Energy
0.00% 0.00% 100.00% N/A
Communication Services
0.00% 0.00% 100.00% N/A
Consumer Defense
0.00% 0.00% 99.67% N/A
Consumer Cyclical
0.00% 0.00% 100.00% N/A
Basic Materials
0.00% 0.00% 100.00% N/A

Stock Geographic Breakdown

Weighting Return Low Return High AGGH % Rank
US
27.29% -0.94% 24.47% 6.52%
Non US
0.00% -0.04% 4.86% 93.30%

Bond Sector Breakdown

Weighting Return Low Return High AGGH % Rank
Cash & Equivalents
0.00% 0.00% 95.99% 25.09%
Securitized
0.00% 0.00% 98.79% 71.11%
Corporate
0.00% 0.00% 100.00% 76.90%
Municipal
0.00% 0.00% 100.00% 39.31%
Government
0.00% 0.00% 86.23% 14.13%
Derivative
-0.56% 0.00% 25.16% 12.95%

Bond Geographic Breakdown

Weighting Return Low Return High AGGH % Rank
US
72.73% 3.63% 210.09% 42.39%
Non US
0.00% -6.54% 58.09% 72.74%

AGGH - Expenses

Operational Fees

AGGH Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.58% 0.01% 2.93% 88.90%
Management Fee 0.50% 0.00% 1.76% 91.04%
12b-1 Fee N/A 0.00% 1.00% 14.40%
Administrative Fee N/A 0.01% 0.50% N/A

Sales Fees

AGGH Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

AGGH Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

AGGH Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 2.00% 493.39% N/A

AGGH - Distributions

Dividend Yield Analysis

AGGH Category Low Category High AGGH % Rank
Dividend Yield 8.03% 0.00% 12.67% 92.45%

Dividend Distribution Analysis

AGGH Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annually Monthly Monthly

Net Income Ratio Analysis

AGGH Category Low Category High AGGH % Rank
Net Income Ratio N/A -1.28% 8.97% N/A

Capital Gain Distribution Analysis

AGGH Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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AGGH - Fund Manager Analysis

Managers

Paul Kim


Start Date

Tenure

Tenure Rank

Feb 14, 2022

0.29

0.3%

Paul S. Kim has been with PGI since 2015. Previously, he was a senior vice president at PIMCO from 2009-2015. He earned a bachelor’s degree in Economics from Dartmouth College and an M.B.A. in Finance from The Wharton School at the University of Pennsylvania. Mr. Kim has earned the right to use the Chartered Financial Analyst designation.

David Berns


Start Date

Tenure

Tenure Rank

Feb 14, 2022

0.29

0.3%

David Berns, PhD, is the chief investment officer and co-founder of the Simplify Asset Management Inc. Prior to co-founding the Simplify Asset Management in 2020, he founded Portfolio Designer, LLC, a company that specializes in portfolio design and from 2018 to 2019 was a managing director at Nasdaq Dorsey Wright. Prior to joining Nasdaq Dorsey Wright, Inc., he founded and developed a company that specializes in proprietary trading. He has specialized in developing asset allocation, portfolio management, and risk management systems for managing private and institutional wealth. Mr. Berns has a PhD in Physics from the Massachusetts Institute of Technology in the field of Quantum Computation.

Michael Green


Start Date

Tenure

Tenure Rank

Feb 14, 2022

0.29

0.3%

Michael Green is the managing director and chief strategist of Simplify Asset Management Inc. Prior to joining Simplify Asset, Michael served as partner, chief strategist and portfolio manager of Logica Capital Advisers, LLC, a Los Angeles-based hedge fund focused on derivative strategies from 2020 to 2021. Prior to Logica, Michael was portfolio manager for Thiel Macro, LLC, an investment firm that manages the personal capital of Peter Thiel from 2016 to 2019. Prior to Thiel, Michael founded Ice Farm Capital, a discretionary global macro hedge fund seeded by Soros Family Management.

Harley Bassman


Start Date

Tenure

Tenure Rank

Feb 14, 2022

0.29

0.3%

Harley Bassman is a managing partner of the Adviser. In 2017, he founded and served as the chief investment officer for the Bassman Family Office and served as the editor for Convexity Maven, a macro-economic commentary. From 2014 to 2017, he was an executive vice-president at PIMCO, where he was responsible for PIMCO’s liquid alternatives and macro investment strategy.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.07 33.43 6.76 1.16