RFIX vs SPD: Grades, Fees and Holdings Compared

Simplify Bond Bull ETF

RFIXBNYSE Arca

Simplify US Equity PLUS Downside Convexity ETF

SPDBNYSE Arca

Overlap

1.9%by weight

Expense ratio

RFIX −0.03pt a year

RFIX0.50%SPD0.53%

Avg volume · 30D

RFIX 29.4×the volume

RFIX413KSPD14K

RFIX vs SPD Performance

Oct 31, 2025 – Oct 30, 2026

−8.1%RFIX+2.5%SPD

Expense ratio: RFIX 0.50%, better; SPD 0.53%
Fund size: RFIX $41M; SPD $78M
1Y total return: RFIX −8.1%; SPD +2.5%, better
Yield (12M): RFIX 4.69%, better; SPD 1.23%
Holdings: RFIX 6; SPD 22
Avg volume (30D): RFIX 413K sh, better; SPD 14K sh
NAV per share: RFIX $36.89; SPD $40.77
52W range

ETF.net Grade

Pillar letters and Scores for RFIX, SPD, with each pillar’s weight
Pillar	RFIX	SPD
Cost30% weight	A90Higher	A78
Mission25% weight	Not scored	Not scored
Risk15% weight	D37	B62Higher
Tradability15% weight	C50	C53Higher
Holdings10% weight	D33	D37Higher
Durability5% weight	D33	B62Higher

Rank among Portfolio Hedging funds

How we build Categories ›

Same Category. RFIX and SPD 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 ›

SPD ranks 1st and RFIX 4th of 10 funds in the Portfolio Hedging Category.

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

Our read on each fund

ETF.net Research

RFIXBSimplify Bond Bull ETF

SPDBSimplify US Equity PLUS Downside Convexity ETF

In short

RFIX No data

SPD Most S&P 500 options funds sell options to collect premium. SPD runs the trade in reverse: US equity exposure plus a standing options overlay built to cushion deep market drops rather than harvest income.

Stated mandate

RFIX No data

SPD The fund seeks long-term capital appreciation through primarily U.S. equity investments combined with a persistent downside-convexity options overlay intended to hedge market declines.

Why people hold it

RFIX No data

SPD The hedge is always on, not bolted in after volatility spikes. The overlay is built to soften declines instead of selling premium, the rarer job in this crowd.simplify.us
At 0.53% a year it undercuts the median fee among its S&P 500 options peers, notable for a fund carrying a live derivatives book.simplify.us
Trading since 2020. Equity core benchmarked to the S&P 500, a compact book of roughly 40 positions, distributions on a quarterly schedule.

Worth knowing

RFIX No data

SPD Convexity is not free. A persistent hedge overlay has an ongoing cost that the fund carries whether or not the market actually falls.simplify.us
Shares trade lightly and assets are modest next to the cohort's giants, so spreads can be wider than the headline fee suggests.
It lands in the lower half of its S&P 500 options peer group. The fee is competitive; the hedged build simply has more moving parts than a plain buy-write.

Full RFIX profile⁠

Full SPD profile⁠

RFIX vs SPD Holdings

How RFIX and SPD differ

Overlap by weight

1.9%

Shared holdings make up 12.2% of RFIX and 3.8% of SPD.

Level by level

Asset classFixed Income, Equity0.0%
Sector12 Sectors0.0%
Holdings2 in both1.9%
Countryby domicile99.5%

Sector

Sector weights in RFIX and SPD, widest gap first
Sector	More in RFIXMore in SPD	RFIX	SPD
Government	RFIX +100.0 points	100.0%	0.0%
Technology	SPD +38.8 points	0.0%	38.8%
Financials	SPD +11.8 points	0.0%	11.8%
Health Care	SPD +9.8 points	0.0%	9.8%
Communication	SPD +9.2 points	0.0%	9.2%
Consumer Discretionary	SPD +9.0 points	0.0%	9.0%
Industrials	SPD +7.4 points	0.0%	7.4%
Consumer Staples	SPD +4.7 points	0.0%	4.7%
Energy	SPD +3.8 points	0.0%	3.8%
Utilities	SPD +2.0 points	0.0%	2.0%
Real Estate	SPD +1.8 points	0.0%	1.8%
Materials	SPD +1.6 points	0.0%	1.6%

Country, concentration and asset class

Country by domicile

Country weights in RFIX and SPD, widest gap first
Country	More in RFIXMore in SPD	RFIX	SPD
United States	RFIX +0.4 points	100.0%	99.5%
Switzerland	SPD +0.3 points	0.0%	0.3%
China	SPD +0.1 points	0.0%	0.1%
Mexico	Same weight	0.0%	0.0%
Ireland	Same weight	0.0%	0.0%
United Kingdom	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

RFIX138.1%
SPD132.7%

Securities held

RFIX5
SPD20

Asset class

RFIX: Fixed Income
SPD: Equity

Holdings

Only in RFIX3
In both2
Only in SPD18

Only in RFIX

3 securities, 100% of RFIX by weight

B 12/31/26 Govt67.39%
B 3/11/27 Govt44.02%
Simplify E Govt Money Mkt Etf14.47%

Only in SPD

18 securities, 100% of SPD by weight

Ishares Core S+p 500 Etf91.57%
Trs Sbar 05142718.87%
Trs Sbar 06152712.68%
SPXW US 01/15/27 P6550 Index1.04%
SPXW US 11/20/26 P7050 Index0.36%
SPXW US 11/20/26 P6525 Index0.22%
SPXW US 12/18/26 C8100 Index0.04%
SPXW US 01/15/27 C8150 Index0.04%
SPXW US 12/18/26 C8075 Index0.03%
SPXW US 12/18/26 C8275 Index0.01%
SPXW US 12/18/26 C8250 Index0.01%
SPXW US 11/20/26 C8000 Index<0.01%
SPXW US 11/30/26 C8150 Index<0.01%
SPXW US 11/30/26 C8250 Index<0.01%
SPXW US 11/20/26 C8150 Index<0.01%
SPXW US 11/13/26 C8100 Index<0.01%
SPXW US 11/20/26 C8250 Index<0.01%
SPXW US 11/20/26 C8350 Index<0.01%

Weight gaps

All 2 Holdings in both funds, largest gap first.

Holding weights in RFIX and SPD, widest gap first
Holding	More in RFIXMore in SPD	RFIX	SPD
B 12/3/26 Govt	RFIX +10.22 points	10.88%	0.66%
B 1/28/27 Govt	SPD +1.46 points	0.95%	2.41%

All 11 RFIX holdings⁠All 40 SPD 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.

RFIX vs SPD Cost

Overpaying SPD vs RFIX

$557

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

RFIX 0.50%
$9,979
SPD 0.53%
$10,536

Amount$10,000

Years30 years

Cost over time

RFIX 0.50%
SPD 0.53%
Overpaying

Year by year

Year	RFIX	SPD	Overpaying
10	$900	$953	$53
20	$3,460	$3,658	$198
30	$9,979	$10,536	$557

Expense ratio

0.50%RFIX, cheaper
0.53%SPD

RFIX0.50%SPD0.53%

0.50%0.98%

Middle half of Portfolio Hedging funds
Median 0.63%

RFIX cheapest of 10 funds

SPD 2nd cheapest of 10 funds

RFIX vs SPD Dividends

Last 12 months to Oct 30, 2026

Yield (12M): RFIX 4.69%, better; SPD 1.23%
Payout (12M): RFIX $1.73; SPD $0.50
Last payment: RFIX $0.20; SPD $0.20
Ex-dividend: RFIX Oct 27, 2026; SPD Sep 25, 2026
Paid on: RFIX Oct 30, 2026; SPD Sep 30, 2026
Frequency: RFIX Monthly; SPD Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

RFIXMonthly · 21 paymentsAll RFIX payments⁠

SPDQuarterly · 15 paymentsAll SPD payments⁠

RFIX vs SPD Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: RFIX 21.0%since Jan 2025SPD 14.1%
Return per unit of riskSharpe ratio, 3 years: RFIX −0.83since Jan 2025SPD 0.95
Worst fallMax drawdown, 5 years: RFIX −38.9%since Dec 2024SPD −27.4%
Market sensitivityBeta, 5 years: RFIX −0.20SPD 0.94; Market = 1

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