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PFIX vs RFIX

Simplify Interest Rate Hedge ETF

PFIXBNYSE Arca

Simplify Bond Bull ETF

RFIXBNYSE Arca

Overlap

No data

Expense ratio

RFIX −0.03pt a year

PFIX0.53%RFIX0.50%

Avg volume · 30D

RFIX 1.1×the volume

PFIX368KRFIX413K

PFIX vs RFIX Performance

Oct 31, 2025 – Oct 30, 2026

+32.4%PFIX−8.1%RFIX

Oct 31, 2025 to Oct 30, 2026. PFIX +32.4%. RFIX −8.1%. Use the arrow keys to read each point.20%60%Oct 2025Apr 2026Oct 2026
Expense ratio
PFIX 0.53%
RFIX 0.50%, better
Fund size
PFIX $255M
RFIX $41M
1Y total return
PFIX +32.4%, better
RFIX −8.1%
Yield (12M)
PFIX 6.64%, better
RFIX 4.69%
Holdings
PFIX 20
RFIX 6
Avg volume (30D)
PFIX 368K sh
RFIX 413K sh, better
NAV per share
PFIX $56.77
RFIX $36.89
52W range

ETF.net Grade

PFIX: Cost 78, Risk 44, Mission not scored, Tradability 58, Holdings 77, Durability 76. RFIX: Cost 90, Risk 37, Mission not scored, Tradability 50, Holdings 33, Durability 33.
Pillar letters and Scores for PFIX, RFIX, with each pillar’s weight
PillarPFIXRFIX
Cost30% weightA78A90Higher
Mission25% weightNot scoredNot scored
Risk15% weightC44HigherD37
Tradability15% weightB58HigherC50
Holdings10% weightA77HigherD33
Durability5% weightA76HigherD33

Rank among Portfolio Hedging funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. PFIX and RFIX are both graded against the same 10 Portfolio Hedging funds, so their Grades compare head to head.

Portfolio Hedging⁠

Category · 10 funds
See all 10 ›

PFIX ranks 3rd and RFIX 4th of 10 funds in the Portfolio Hedging Category.

  1. Rank 1BSPDSimplify US Equity PLUS Downside Convexity ETFScore 67
  2. Rank 2BCAOSAlpha Architect Tail Risk ETFScore 66
  3. Rank 3BPFIXSimplify Interest Rate Hedge ETFScore 65
  4. Rank 4BRFIXSimplify Bond Bull ETFScore 63
  5. Rank 5BATTRArin Tactical Tail Risk ETFScore 59

Our read on each fund

ETF.net Research

PFIXBSimplify Interest Rate Hedge ETF

RFIXBSimplify Bond Bull ETF

In short

PFIX A 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.

RFIX No data

Stated mandate

PFIX The fund is designed to hedge against rising long-term interest rates and potentially benefit when fixed-income volatility and market stress increase.

RFIX No data

Why people hold it

  • PFIX 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

RFIX No data

Worth knowing

  • PFIX 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

RFIX No data

Full PFIX profile⁠

Full RFIX profile⁠

PFIX vs RFIX Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

PFIX vs RFIX Cost

Overpaying PFIX vs RFIX

$557

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • PFIX 0.53%

    $10,536

  • RFIX 0.50%

    $9,979

$10,000
30 years

Cost over time

  • PFIX 0.53%
  • RFIX 0.50%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2.5K$5K$7.5K$10K$12.5K051015202530PFIX $10,536RFIX $9,979

Year by year

YearPFIXRFIXOverpaying
10$953$900$53
20$3,658$3,460$198
30$10,536$9,979$557

Expense ratio

  • 0.53%PFIX
  • 0.50%RFIX, cheaper
  • Middle half of Portfolio Hedging funds
  • Median 0.63%

RFIX cheapest of 10 funds

PFIX 2nd cheapest of 10 funds

PFIX vs RFIX Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
PFIX 6.64%, better
RFIX 4.69%
Payout (12M)
PFIX $3.71
RFIX $1.73
Last payment
PFIX $0.10
RFIX $0.20
Ex-dividend
PFIX Oct 27, 2026
RFIX Oct 27, 2026
Paid on
PFIX Oct 30, 2026
RFIX Oct 30, 2026
Frequency
PFIX Monthly
RFIX Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

PFIXMonthly · 44 paymentsAll PFIX payments⁠
One bar per payment. 44 payments from 2023 to 2026 YTD. Jan 26, 2023 $0.10; Apr 25, 2023 $0.10; May 25, 2023 $0.10; Jun 27, 2023 $0.10; Jul 26, 2023 $0.10; Aug 28, 2023 $0.10; Sep 27, 2023 $0.10; Oct 26, 2023 $0.10; Nov 27, 2023 $0.10; Dec 26, 2023 $34.27; Jan 26, 2024 $0.07; Feb 26, 2024 $0.10; Mar 25, 2024 $0.10; Apr 25, 2024 $0.12; May 24, 2024 $0.14; Jun 25, 2024 $0.16; Jul 26, 2024 $0.18; Aug 27, 2024 $0.20; Sep 25, 2024 $0.20; Oct 28, 2024 $0.18; Nov 25, 2024 $0.18; Dec 23, 2024 $0.15; Jan 28, 2025 $0.10; Feb 25, 2025 $0.10; Mar 26, 2025 $0.15; Apr 25, 2025 $0.15; May 27, 2025 $0.15; Jun 25, 2025 $0.12; Jul 28, 2025 $0.60; Aug 26, 2025 $0.60; Sep 25, 2025 $0.10; Oct 28, 2025 $0.10; Nov 21, 2025 $0.10; Dec 23, 2025 $2.61; Jan 27, 2026 $0.10; Feb 24, 2026 $0.10; Mar 26, 2026 $0.10; Apr 27, 2026 $0.10; May 26, 2026 $0.10; Jun 25, 2026 $0.10; Jul 28, 2026 $0.10; Aug 26, 2026 $0.10; Sep 25, 2026 $0.10; Oct 27, 2026 $0.10. Use the arrow keys to read each point.$0$2520232026YTD
RFIXMonthly · 21 paymentsAll RFIX payments⁠
One bar per payment. 21 payments from 2023 to 2026 YTD. Feb 25, 2025 $0.10; Mar 26, 2025 $0.15; Apr 25, 2025 $0.15; May 27, 2025 $0.15; Jun 25, 2025 $0.16; Jul 28, 2025 $0.20; Aug 26, 2025 $0.20; Sep 25, 2025 $0.10; Oct 28, 2025 $0.10; Nov 21, 2025 $0.10; Dec 23, 2025 $0.43; Jan 27, 2026 $0.10; Feb 24, 2026 $0.10; Mar 26, 2026 $0.10; Apr 27, 2026 $0.10; May 26, 2026 $0.10; Jun 25, 2026 $0.10; Jul 28, 2026 $0.10; Aug 26, 2026 $0.15; Sep 25, 2026 $0.15; Oct 27, 2026 $0.20. Use the arrow keys to read each point.$0$2520232026YTD

PFIX vs RFIX Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
PFIX 37.4%RFIX 21.0%since Jan 2025
Return per unit of riskSharpe ratio, 3 years
PFIX 0.17RFIX −0.83since Jan 2025
Worst fallMax drawdown, 5 years
PFIX −36.2%RFIX −38.9%since Dec 2024
Market sensitivityBeta, 5 years
PFIX −5.85RFIX −0.20

PFIX and RFIX in the news

All news⁠

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