Simplify Interest Rate Hedge ETF
$55.24−0.63 (−1.13%)
- 0.53%
- $255M
- +32.4%
- 6.64%
- 368K sh
- low $41.37high $68.11
The ETF.net PFIX Grade
B
Score 65 out of 100
- 3 of 13
Score 65 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.A78 out of 100Rank 3 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.B58 out of 100Rank 4 of 13Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A77 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.A76 out of 100Rank 3 of 13
Our read on PFIX
In short
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.
Stated mandate
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
Worth knowing
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$13,236
Returns run to the Oct 30, 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 | +19.0% |
| 1 month | −11.0% |
| 3 months | +7.6% |
| 1 year | +32.4% |
| 3 years | +4.3% |
| 5 years | +25.3% |
| 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 | +19.0% | |
| 2025 | +0.7% | |
| 2024 | +35.9% | |
| 2023 | +5.6% | |
| 2022 | +92.0% | |
| 2021 | −24.9% |
PFIX in the news
PFIX Dividends
- 6.64%
- $3.71
- $0.10 per share
- Monthly
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.
- 0.17
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.
FMP measures it over up to five years of monthly returns.
PFIX Cost
Overpaying vs RFIX, cheapest in Portfolio Hedging
$557
On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.
PFIX 0.53%
$10,536
RFIX 0.50% Cheapest
$9,979
Cost over time
Year by year
| Year | PFIX | RFIX | Overpaying |
|---|---|---|---|
| 10 | $953 | $900 | $53 |
| 20 | $3,658 | $3,460 | $198 |
| 30 | $10,536 | $9,979 | $557 |
Other funds in Portfolio Hedging
- BSPDSimplify US Equity PLUS Downside Convexity ETFExpense ratio 0.53%1 year return +2.5%
- BCAOSAlpha Architect Tail Risk ETFExpense ratio 0.63%1 year return +1.7%
- BRFIXSimplify Bond Bull ETFExpense ratio 0.50%1 year return −8.1%
- BATTRArin Tactical Tail Risk ETFExpense ratio 0.63%1 year return +7.0%
- BTAILCambria Tail Risk ETFExpense ratio 0.60%1 year return −11.8%
