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Trending ETFs

Name

As of 07/12/2024

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

$33.19

$96.5 M

1.21%

$0.40

0.53%

Vitals

YTD Return

16.2%

1 yr return

21.9%

3 Yr Avg Return

4.2%

5 Yr Avg Return

N/A

Net Assets

$96.5 M

Holdings in Top 10

99.8%

52 WEEK LOW AND HIGH

$33.1
$25.37
$33.30

Expenses

OPERATING FEES

Expense Ratio 0.53%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 4.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

As of 07/12/2024

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

$33.19

$96.5 M

1.21%

$0.40

0.53%

SPD - Profile

Distributions

  • YTD Total Return 16.2%
  • 3 Yr Annualized Total Return 4.2%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.53%
DIVIDENDS
  • Dividend Yield 1.2%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Simplify US Equity PLUS Downside Convexity ETF
  • Fund Family Name
    Simplify Asset Management
  • Inception Date
    Sep 04, 2020
  • Shares Outstanding
    16500001
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    David Berns

Fund Description

Principal Investment Strategies: The adviser seeks to achieve the Fund’s investment objective by investing primarily in equity securities of U.S. companies and applying a downside convexity option overlay strategy to the equity investments.

U.S. Equity Strategy

Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of U.S. companies, primarily by purchasing exchange-traded funds (“ETFs”). The adviser does not frequently trade U.S. equities but seeks to maintain consistent exposure to the U.S. equity market.

Downside Convexity Option Overlay Strategy

Up to twenty percent of the Fund’s net assets will be subject to the Fund’s downside convexity option overlay. The downside convexity option overlay strategy includes purchasing exchange-traded and over-the-counter (“OTC”) put options on the S&P 500 Index or an S&P 500 Index ETF. 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.

The downside convexity option overlay is a strategic, persistent exposure meant to hedge against market moves and is intended to add convexity to the Fund. If the market goes down, the Fund’s returns may fall less than the market because the adviser will sell or exercise the put options. The adviser selects options based upon its evaluation of relative value based on cost, 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) and will exercise or close the options based on maturity or portfolio rebalancing requirements. The Fund anticipates purchasing and selling options on a monthly, quarterly, and annual basis, depending upon the Fund’s rebalancing requirements and the individual option expiration dates. However, the Fund may rebalance its option portfolio on a more frequent basis for a number of reasons such as market volatility renders the protection provided by the option strategy ineffective or an option position has appreciated to the point that it is prudent to decrease the Fund’s exposure and realize gains for the Fund’s shareholders. While the downside convexity option overlay is intended to protect the Fund from losses, there is no guarantee that it will be able to protect the Fund from losses.

If the adviser determines that purchasing put options is not a cost-effective way to implement the overlay strategy, it may employ option spreads. In a put option spread, the Fund purchases a put option while writing a put option that is further out of the money to partially offset the cost of the purchased option. To generate additional income, the Fund employs an exchange-traded and over-the-counter (“OTC”) option spread writing strategy on equity, fixed income, volatility, commodity, and currency ETFs and exchange traded products (“ETPs”).

“Convexity” in the Fund’s name is a reference to the mathematical term convexity. The Fund’s losses, if any, are anticipated to show convexity because the relationship between the Fund’s and market declines is not designed to be linear. That is, if markets decline in a linear fashion, the Fund’s returns are expected to decline slower than the market. Otherwise stated, the term “convexity” in the Fund’s name refers to the intended non-linear nature between the Fund’s and the market returns; it does not refer to the concept of “bond convexity,” which is a measure of the non-linear relationship between bond duration and changes in interest rates.

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SPD - Performance

Return Ranking - Trailing

Period SPD Return Category Return Low Category Return High Rank in Category (%)
YTD 16.2% 1.0% 30.5% 56.88%
1 Yr 21.9% -1.7% 40.0% 66.18%
3 Yr 4.2%* -8.2% 16.1% 93.07%
5 Yr N/A* -2.6% 109.4% 73.55%
10 Yr N/A* 1.9% 20.9% 77.96%

* Annualized

Return Ranking - Calendar

Period SPD Return Category Return Low Category Return High Rank in Category (%)
2023 18.5% -42.6% 47.4% 52.66%
2022 -27.1% -56.3% -4.2% 85.01%
2021 23.7% -27.2% 537.8% 21.00%
2020 N/A -22.5% 2181.7% N/A
2019 N/A -13.5% 40.4% N/A

Total Return Ranking - Trailing

Period SPD Return Category Return Low Category Return High Rank in Category (%)
YTD 16.2% 1.0% 30.5% 56.88%
1 Yr 21.9% -1.7% 40.0% 66.18%
3 Yr 4.2%* -8.2% 16.1% 93.07%
5 Yr N/A* -2.6% 109.4% N/A
10 Yr N/A* 1.9% 20.9% N/A

* Annualized

Total Return Ranking - Calendar

Period SPD Return Category Return Low Category Return High Rank in Category (%)
2023 20.9% -5.0% 47.4% 69.08%
2022 -26.0% -36.8% -2.2% 98.62%
2021 24.8% 3.0% 537.8% 71.09%
2020 N/A -15.8% 2266.0% N/A
2019 N/A -0.4% 241.3% N/A

SPD - Holdings

Concentration Analysis

SPD Category Low Category High SPD % Rank
Net Assets 96.5 M 2.34 M 1.55 T 87.56%
Number of Holdings 8 2 4048 99.68%
Net Assets in Top 10 96.3 M 848 K 446 B 76.81%
Weighting of Top 10 99.84% 0.3% 111.9% 0.73%

Top 10 Holdings

  1. iShares Core SP 500 ETF 99.51%
  2. SP 500 INDEX 0.35%
  3. FIDELITY INV MMTRSY 1 680 0.16%
  4. SP 500 INDEX 0.14%
  5. SP 500 INDEX 0.04%
  6. SP 500 INDEX -0.03%
  7. SP 500 INDEX -0.10%
  8. SP 500 INDEX -0.23%

Asset Allocation

Weighting Return Low Return High SPD % Rank
Stocks
99.67% 0.00% 120.26% 20.87%
Other
0.18% -13.91% 100.00% 20.14%
Cash
0.16% 0.00% 99.06% 86.20%
Preferred Stocks
0.00% 0.00% 2.52% 89.17%
Convertible Bonds
0.00% 0.00% 5.54% 88.89%
Bonds
0.00% -0.37% 92.88% 89.00%

Stock Sector Breakdown

Weighting Return Low Return High SPD % Rank
Technology
24.45% 0.00% 48.94% 48.28%
Healthcare
14.47% 0.00% 60.70% 48.61%
Financial Services
13.41% 0.00% 55.59% 51.06%
Consumer Cyclical
10.72% 0.00% 30.33% 50.57%
Communication Services
8.81% 0.00% 27.94% 39.05%
Industrials
8.22% 0.00% 29.90% 69.93%
Consumer Defense
6.90% 0.00% 47.71% 49.26%
Energy
4.80% 0.00% 41.64% 32.43%
Utilities
2.98% 0.00% 20.91% 28.02%
Real Estate
2.77% 0.00% 31.91% 50.08%
Basic Materials
2.47% 0.00% 25.70% 55.23%

Stock Geographic Breakdown

Weighting Return Low Return High SPD % Rank
US
99.67% 0.00% 120.26% 17.34%
Non US
0.00% 0.00% 63.90% 91.01%

SPD - Expenses

Operational Fees

SPD Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.53% 0.01% 19.75% 72.62%
Management Fee 0.50% 0.00% 1.90% 49.52%
12b-1 Fee 0.00% 0.00% 1.00% 19.06%
Administrative Fee N/A 0.00% 0.85% N/A

Sales Fees

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

Trading Fees

SPD Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.25% 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.

SPD Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 4.00% 0.00% 268.00% 9.76%

SPD - Distributions

Dividend Yield Analysis

SPD Category Low Category High SPD % Rank
Dividend Yield 1.21% 0.00% 25.47% 38.86%

Dividend Distribution Analysis

SPD Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annual Quarterly Quarterly

Net Income Ratio Analysis

SPD Category Low Category High SPD % Rank
Net Income Ratio 1.53% -54.00% 2.44% 4.43%

Capital Gain Distribution Analysis

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

Distributions History

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SPD - Fund Manager Analysis

Managers

David Berns


Start Date

Tenure

Tenure Rank

Sep 03, 2020

1.74

1.7%

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.

Paul Kim


Start Date

Tenure

Tenure Rank

Sep 03, 2020

1.74

1.7%

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.

Michael Green


Start Date

Tenure

Tenure Rank

Apr 22, 2021

1.11

1.1%

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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.04 39.02 7.26 2.42