Simplify Interest Rate Hedge ETF
$55.07+2.07 (+3.91%)
- Expense ratio
- 0.50%
- Fund size
- $182M
- 1Y return
- +19.0%
- Yield · Last 12 months
- 7.00%
- Holdings
- 13
- Volume · 30D
- 0.3M sh
- NAV per share
- $52.87
- 52W range
The ETF.net PFIX Grade
Score 68 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.AScore 86Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.Not scoredRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.CScore 43Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.BScore 57Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.BScore 64Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.AScore 73Category rank
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
- 13
- 101%
- B 12/31/26 Govt
Sectors
Geography
PFIX Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 22, 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 | +12.5% |
| 1 month | −0.3% |
| 3 months | +20.2% |
| 1 year | +19.0% |
| 3 years | +10.7% |
| 5 years | +24.9% |
| 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 | +12.5% | |
| 2025 | +0.7% | |
| 2024 | +35.9% | |
| 2023 | +5.6% | |
| 2022 | +92.0% | |
| 2021 | −24.9% |
PFIX in the news
ETF.net Research hasn’t filed on PFIX yet — coverage lands here as it’s written.
PFIX Dividends
- 7.00%
- $3.71
- $0.10 per share
- Monthly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Aug 26, 2026 | Aug 31, 2026 | $0.10 |
| Jul 28, 2026 | Jul 31, 2026 | $0.10 |
| Jun 25, 2026 | Jun 30, 2026 | $0.10 |
| May 26, 2026 | May 29, 2026 | $0.10 |
| Apr 27, 2026 | Apr 30, 2026 | $0.10 |
| Mar 26, 2026 | Mar 31, 2026 | $0.10 |
| Feb 24, 2026 | Feb 27, 2026 | $0.10 |
| Jan 27, 2026 | Jan 30, 2026 | $0.10 |
| Dec 23, 2025 | Dec 31, 2025 | $2.61 |
| Nov 21, 2025 | Nov 28, 2025 | $0.10 |
| Oct 28, 2025 | Oct 31, 2025 | $0.10 |
| Sep 25, 2025 | Sep 30, 2025 | $0.10 |
PFIX Risk
- 37.9%
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.
- −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
- The middle half of Portfolio Hedging funds
- Median 0.63%
1 of the 11 Portfolio Hedging funds charge less.