Simplify High Yield ETF
$20.35−0.06 (−0.28%)
- 0.50%
- $321M
- −2.9%
- 8.23%
- 0.1M sh
- $20.41
- low $20.06high $22.94
The ETF.net CDX Grade
D
Score 30 out of 100
- 75 of 85
Score 30 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.D36 out of 100Rank 52 of 85Mission
Whether the fund did what it promised, tested against its stated mandate.D32 out of 100Rank 66 of 74Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.F10 out of 100Rank 83 of 85Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C46 out of 100Rank 44 of 85Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.F7 out of 100Rank 85 of 85Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C50 out of 100Rank 50 of 85
Our read on CDX
DMost high yield ETFs buy the bonds. Simplify's CDX rents the exposure through swaps and layers a quality-versus-junk hedge on top. An active, derivatives-first route into junk credit, priced like one.
Effective September 2, 2025, the fund's stated objective is to maximize total return. Its strategy continues to obtain primarily high-yield bond exposure through swaps and a credit-hedge derivatives approach.
Why people hold it
- Gets its high yield exposure through swaps rather than a warehouse of individual bonds, a structurally different plumbing than the index funds that dominate this category.
- Pairs that exposure with an advertised quality-versus-junk hedge, an attempt to blunt the weakest end of the credit spectrum instead of owning the whole market as-is.
- Pays monthly and spreads exposure across roughly 240 positions, so income arrives on a regular cadence rather than quarterly.
- Running since 2022, it has a real operating history through a full credit cycle rather than a launch-week track record.
Worth knowing
- It charges 0.50%, above the 0.40% typical for high yield ETFs and many multiples of index peers like SCYB and SPHY, which run on a few basis points.
- The hedge sleeve costs something to carry. Derivatives-based credit exposure also behaves differently than a bond portfolio, especially in fast-moving markets.
- The stated objective was reset to maximizing total return in September 2025, so the fund's older record predates its current mandate.
CDX Holdings
- Bonds
- 114
- 245%
- SBIL
Sectors
- Technology33.1%
- Health Care16.2%
- Industrials15.0%
- Financials10.1%
- Consumer Discretionary5.9%
- Energy5.8%
- Materials4.9%
- Consumer Staples3.0%
- Communication3.0%
- Real Estate1.9%
- Utilities1.0%
Geography
- United States100.00%
CDX Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.
CDX$9,708
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | CDX |
|---|---|
| Year to date | −2.9% |
| 1 month | +0.2% |
| 3 months | −0.6% |
| 1 year | −2.9% |
| 3 years | +6.7% |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | CDX |
|---|---|---|
| 2026 YTD | −2.9% | |
| 2025 | +9.5% | |
| 2024 | +7.7% | |
| 2023 | +12.8% | |
| 2022 | −8.1% |
CDX in the news
CDX Dividends
- 8.23%
- $1.68
- $0.13 per share
- Monthly
Distribution history
CDX Risk
- 5.2%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 0.40
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −13.3%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.56
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
CDX Cost
0.50%
CDX0.50%
- The middle half of US High Yield funds
- Median 0.43%
53 of the 85 US High Yield funds charge less.
Other funds in US High Yield
- DHYHGProShares - High Yield - Interest Rate HedgedExpense ratio 0.50%1 year return +7.1%
- DTFLRT. Rowe Price Floating Rate ETFExpense ratio 0.61%1 year return +4.8%
- DMANIMan Active Income ETFExpense ratio 0.85%1 year return +9.2%
- DDYLDLeaderShares Dynamic Yield ETFExpense ratio 0.75%1 year return +1.4%
- DHYBXTCW High Yield Bond ETFExpense ratio 0.50%1 year return +2.4%