Simplify Interest Rate Hedge ETF
$61.74−0.21 (−0.34%)
- 0.50%
- $230M
- +41.1%
- 5.99%
- 0.3M sh
- $62.13
- low $41.37high $68.11
The ETF.net PFIX Grade
B
Score 68 out of 100
- 1 of 13
Score 68 of 100 falls in the B 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.A86 out of 100Rank 2 of 13Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C44 out of 100Rank 8 of 13Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B56 out of 100Rank 5 of 13Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.B64 out of 100Rank 1 of 6Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A73 out of 100Rank 4 of 13
Our read on PFIX
BA rate hedge built from an institutional tool. PFIX holds a long-dated OTC payer swaption on the 20-year rate, designed to behave much like owning puts on long Treasury bonds, and it launched in 2021 as the first ETF to package that trade.
The fund is designed to hedge against rising long-term interest rates and potentially benefit when fixed-income volatility and market stress increase.
Why people hold it
- Direct, convex exposure to a jump in long-term rates: the payer swaption is structured to gain value as long-dated rates rise, similar to long-dated puts on 20-year Treasuries.simplify.us
- 0.50% expense ratio undercuts the 0.63% median in its hedging cohort and peers like CAOS (0.63%) and TAIL (0.59%), one of the stronger builds in that group.
- The swaption is a strategic holding, reset only after long stretches or extreme rate moves, not rolled every month.simplify.us
- Collateral sits in Treasuries and TIPS, and the fund distributes monthly inside a standard 1940 Act ETF wrapper.simplify.us
Worth knowing
- It is engineered to move against long bonds, so the same mechanics that pay off when long rates spike work in reverse when rates fall.simplify.us
- Swaptions are options: value can erode with time and with calmer rate volatility, so carrying the hedge through quiet markets has a cost.simplify.us
- A concentrated OTC derivative position brings counterparty exposure and sharp NAV swings, and the fund is only moderately traded.simplify.us
PFIX Holdings
- Bonds
- 21
- 112%
- Swaption 05/10/2030 P4.50/SOFR Msx
Sectors
- Financials100.0%
Geography
- United States100.00%
PFIX 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.
PFIX$14,107
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 | PFIX |
|---|---|
| Year to date | +31.7% |
| 1 month | +16.3% |
| 3 months | +33.6% |
| 1 year | +41.1% |
| 3 years | +9.6% |
| 5 years | +27.4% |
| 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 | PFIX |
|---|---|---|
| 2026 YTD | +31.7% | |
| 2025 | +0.7% | |
| 2024 | +35.9% | |
| 2023 | +5.6% | |
| 2022 | +92.0% | |
| 2021 | −24.9% |
PFIX in the news
PFIX Dividends
- 5.99%
- $3.71
- $0.10 per share
- Monthly
Distribution history
PFIX Risk
- 37.4%
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.
- 0.38
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.
- −36.2%
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.
- −5.85
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
PFIX Cost
0.50%
PFIX0.50%
- The middle half of Portfolio Hedging funds
- Median 0.63%
1 of the 11 Portfolio Hedging funds charge less.
Other funds in Portfolio Hedging
- BCAOSAlpha Architect Tail Risk ETFExpense ratio 0.63%1 year return +1.4%
- BSPDSimplify US Equity PLUS Downside Convexity ETFExpense ratio 0.53%1 year return +10.8%
- BRFIXSimplify Bond Bull ETFExpense ratio 0.50%1 year return −18.6%
- BATTREA Series Trust - Arin Tactical Tail Risk ETFExpense ratio 0.63%1 year return —
- BTAILCambria Tail Risk ETFExpense ratio 0.60%1 year return −16.4%