Simplify High Yield ETF
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- Simplify High Yield PLUS Credit Hedge ETF (CDX) is an actively managed exchange-traded fund that seeks to maximize current income through primary investments in high-yield bonds while mitigating associated credit risk via flexible hedging techniques. The fund provides core high-yield exposure by investing in underlying index exchange-traded funds such as the iShares Broad USD High Yield Corporate Bond ETF (USHY) and the VanEck Fallen Angel High Yield Bond ETF (ANGL), supplemented by total return swaps, U.S. Treasury bills, and cash equivalents; its credit hedge overlay primarily employs a Quality-Junk factor-based hedge involving long positions in high-quality equities and short positions in junk equities, with opportunistic allocations to CDX index calls, S&P 500 Index (SPX) put options, and equity puts based on cost-to-payout ratios. CDX targets income generation and hedged credit exposure for retail and institutional investors in the fixed income market, offering monthly distributions without Schedule K-1 reporting forms and a net expense ratio of 0.25% following contractual fee waivers by its adviser. Launched on February 14, 2022, and listed on the NYSE Arca exchange, CDX is issued and managed by Simplify Asset Management Inc., with portfolio management responsibilities led by David Berns, Michael Green, and Paisley Nardini; the fund is domiciled in the United States and operates within the high-yield fixed income segment, focusing on U.S. dollar-denominated bonds rated below investment grade (Baa3 by Moody's or BBB- by S&P). As of late 2025, the ETF manages approximately $410 million in net assets, with a trailing twelve-month dividend yield exceeding 11% and holdings diversified across high-yield bond ETFs (around 99-100% allocation), Treasury bills, total return swaps, and derivative overlays. Recent developments for Simplify Asset Management, the fund's issuer, include a September 2025 letter of intent with Streamex Corp. (NASDAQ: STEX) to explore a strategic partnership integrating tokenized yield-bearing gold into ETF structures, potentially expanding distribution and creating new commodity-backed exchange-traded products subject to regulatory approval; this builds on the firm's broader innovation in active income strategies. In December 2024, Simplify launched two new active income ETFs (YGLD and SCY) focused on gold and small-cap equities with options overlays, enhancing its suite of capital-efficient fixed income and alternative offerings. The adviser has extended contractual expense waivers for CDX through at least October 31, 2024 (with indications of ongoing support into 2025), alongside portfolio refinements such as increased reliance on total return swaps for high-yield beta exposure as noted in first-quarter 2025 fact sheets.