Simplify Aggregate Bond ETF
Name
As of 09/06/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
5.0%
1 yr return
9.2%
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$187 M
Holdings in Top 10
104.3%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.58%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 09/06/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
AGGH - Profile
Distributions
- YTD Total Return 5.0%
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio N/A
- Dividend Yield 7.8%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameSimplify Aggregate Bond ETF
-
Fund Family NameN/A
-
Inception DateFeb 15, 2022
-
Shares OutstandingN/A
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerPaul Kim
Fund Description
Principal Investment Strategies: The adviser seeks to achieve the Fund’s investment objective by investing in investment grade bonds primarily by purchasing exchange traded funds and applying derivative overlays intended to hedge risk or generate income.
Bond Strategy
The Fund has adopted a non-fundamental investment policy that, under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. investment grade bonds primarily by purchasing exchange traded funds (“ETFs”).
The Fund pursues its strategy primarily by purchasing ETFs that invest principally in the U.S. investment grade bonds of the U.S. government, corporate issuers, and mortgage-backed securities (“MBS”). However, the Fund invests without restriction as to the credit quality, maturity, or duration of an individual security. The adviser does not frequently trade securities but seeks to maintain consistent exposure to such companies through its investments in ETFs. The adviser determines which ETFs to purchase based on factors such as price, liquidity, and track record. The adviser selects ETFs that are representative of an asset class (e.g., invests primarily in investment grade corporate bonds) and have a minimum five-year track record and adequate trading volume relative to the Fund’s size. The adviser considers trading volume adequate if it can buy and sell an ETF in a desired quantity without materially affecting its price.
The underlying ETFs that the Fund will invest in may target bonds with different maturities, durations, and quality requirements in connection with their investment strategies. Duration is a measure of price sensitivity of a debt security or a portfolio of debt securities to relative changes in interest rates. For instance, a duration of “five years” means that a security’s or portfolio’s price would be expected to decrease by approximately 5% with a 1% increase in interest rates (assuming a parallel shift in yield curve). Maturity is the period during which its owner will receive interest payments on the investment. When the bond reaches maturity, the Fund is repaid its par, or face value. A bond’s quality is a reference to the grade given to a bond by a rating service that indicates its credit quality. The rating takes into consideration a bond issuer’s financial strength or its ability to pay a bond’s principal and interest in a timely fashion. For instance, a “AAA” high-grade rated bond offers more security and lower profit potential (lower yield) than a “B-” rated speculative bond.
Derivatives Overlay-Generally
In total, the Fund may invest up to 20% of the Fund’s portfolio in derivatives (measured by purchase price in the case of options or collateral pledged in the case of other derivatives). The adviser anticipates purchasing and selling its derivatives on a monthly, quarterly, and annual basis, depending upon the Fund’s rebalancing requirements and expiration dates. However, the adviser may rebalance the Fund’s derivative portfolio on a more frequent basis for a number of reasons such as when market volatility renders the protection provided by the derivative strategy ineffective or a derivative position has appreciated to the point that it is prudent to decrease the Fund’s exposure and realize gains for the Fund’s shareholders. Derivatives may be exchange-traded or over-the-counter (“OTC”); index-based or linked to a specific security. The adviser selects derivatives based upon its evaluation of relative value based on expected hedging effectiveness, cost; and in the case of options, strike price (price that the option can be bought or sold by the option holder) and maturity (the last date the option contract is valid). The adviser will exercise or close the options based typically on maturity.
When the Fund purchases a call option, the Fund has the right, but not the obligation, to buy a stock or other asset at a specified price (strike price) within a specific time period. When the Fund purchases a put option, the Fund has the right, but not the obligation, to sell a stock or other asset at a specified price (strike price) within a specific time period. Futures contracts allow the buyer or seller to purchase or sell an asset at a future date. The Fund will invest in total return swaps that use investment grade or high yield debt instruments or investment grade or high yield indexes as reference assets and equity indexes or ETFs.
The Fund executes a portion of its derivatives overlay strategy indirectly by investing in a wholly-owned subsidiary. The Fund gains exposure to certain investments related to this strategy by investing up to 25% of its assets in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). The Subsidiary is advised by the adviser. Unlike the Fund, the Subsidiary is not an investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund’s investment in the Subsidiary is intended to provide the Fund with exposure to certain derivatives in accordance with applicable tax rules and regulations.
Derivatives Overlay-Hedge Strategy
The Fund may invest up to 20% of the Fund’s portfolio in derivatives to hedge against interest rate risk and credit risk. The adviser uses long and short positions in futures, options, and swaps linked to equities, fixed income securities, volatility indices, commodities, and currencies to manage risk. When the adviser believes interest rates will be rising in general, or within a sector, it will hedge primarily by initiating short positions in interest rate-related futures, swaps, and or options. When the adviser believes credit risk will be increasing, it will hedge primarily by receiving protection through a credit default swap or a total return swap that uses investment grade or high yield debt instruments or investment grade or high yield index as the reference asset. However, when the adviser believes a short-term opportunity for a more-effective hedge is available, it may also use derivatives linked to equities, volatility indices, commodities (i.e., gold and oil), and currencies to manage interest rate and credit risk. The adviser closes derivative positions when it believes the related risk is no longer significant or to use a more efficient or cost-effective derivative.
Derivatives Overlay-Income Strategy
The Fund may invest up to 20% of the Fund’s portfolio in derivatives to generate additional income. While derivative-based gains are considered capital gains under GAAP (generally accepted accounting principles) they are commonly described as income by securities market participants. When the adviser believes a put or call option presents insignificant risk, the Fund will write put and or call options with the expectation that they will expire worthless. As an alternative, when the adviser believes an option is not likely to expire worthless it may use put and call spreads. In a call option spread, the Fund sells (writes) an out of the money (above current market price) call option while also purchasing a call option that is further out of the money to partially offset the risk of the written option. In a put option spread, the Fund sells (writes) an out of money (below current market price) put option while also purchasing a put option that is further out of the money to partially offset the risk of the written option. The adviser may also use a combination of derivatives and cash equivalents as a substitute for a bond ETF when it generates more income. The adviser may also engage in reverse repurchase agreements and use the proceeds for investment purposes. Reverse repurchase agreements are contracts in which a seller of securities, for example, U.S. government securities, agrees to buy the securities back at a specified time and price. Reverse repurchase agreements are primarily used by the Fund as an indirect means of borrowing. When the Fund earns more on its additional investments than the interest cost related to the reverse repurchase agreement, it generates additional income.
AGGH - Performance
Return Ranking - Trailing
Period | AGGH Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 5.0% | -50.1% | 6.9% | N/A |
1 Yr | 9.2% | -25.4% | 139.4% | N/A |
3 Yr | N/A* | -13.0% | 100.8% | N/A |
5 Yr | N/A* | -10.0% | 55.1% | N/A |
10 Yr | N/A* | -7.4% | 12.3% | N/A |
* Annualized
Return Ranking - Calendar
Period | AGGH Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -1.3% | -75.2% | 1360.6% | N/A |
2022 | N/A | -14.5% | 1027.9% | N/A |
2021 | N/A | -9.6% | 118.7% | N/A |
2020 | N/A | -11.4% | 5.8% | N/A |
2019 | N/A | -49.5% | 12.4% | N/A |
Total Return Ranking - Trailing
Period | AGGH Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 5.0% | -50.1% | 6.9% | N/A |
1 Yr | 9.2% | -25.4% | 139.4% | N/A |
3 Yr | N/A* | -13.0% | 100.8% | N/A |
5 Yr | N/A* | -10.0% | 55.1% | N/A |
10 Yr | N/A* | -7.4% | 13.1% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | AGGH Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 8.5% | -75.2% | 131.9% | N/A |
2022 | N/A | -14.5% | 1027.9% | N/A |
2021 | N/A | -9.6% | 118.7% | N/A |
2020 | N/A | -11.4% | 5.8% | N/A |
2019 | N/A | -7.0% | 12.4% | N/A |
AGGH - Holdings
Concentration Analysis
AGGH | Category Low | Category High | AGGH % Rank | |
---|---|---|---|---|
Net Assets | 187 M | 1.19 M | 287 B | 100.00% |
Number of Holdings | 9 | 1 | 17234 | 96.47% |
Net Assets in Top 10 | 216 M | -106 M | 27.6 B | 96.65% |
Weighting of Top 10 | 104.29% | 3.7% | 100.0% | 3.34% |
Top 10 Holdings
- iShares Core U.S. Aggregate Bond ETF 79.24%
- Schwab US TIPS ETF 15.19%
- United States Treasury Bill 4.99%
- Fannie Mae or Freddie Mac 4.91%
- US 10YR NOTE (CBT) 0.19%
- US TREASURY LONG BOND -0.02%
- US TREASURY LONG BOND -0.02%
- US LONG BOND(CBT) -0.05%
- US TREASURY LONG BOND -0.16%
Asset Allocation
Weighting | Return Low | Return High | AGGH % Rank | |
---|---|---|---|---|
Stocks | 94.44% | -0.98% | 24.74% | 6.68% |
Bonds | 9.90% | 3.97% | 268.18% | 60.65% |
Preferred Stocks | 0.00% | 0.00% | 77.13% | 92.84% |
Convertible Bonds | 0.00% | 0.00% | 10.39% | 69.57% |
Cash | 0.00% | -181.13% | 95.99% | 39.58% |
Other | -0.05% | -13.23% | 23.06% | 92.93% |
Stock Sector Breakdown
Weighting | Return Low | Return High | AGGH % Rank | |
---|---|---|---|---|
Utilities | 0.00% | 0.00% | 100.00% | N/A |
Technology | 0.00% | 0.00% | 48.30% | N/A |
Real Estate | 0.00% | 0.00% | 99.26% | N/A |
Industrials | 0.00% | 0.00% | 48.31% | N/A |
Healthcare | 0.00% | 0.00% | 17.70% | N/A |
Financial Services | 0.00% | 0.00% | 100.00% | N/A |
Energy | 0.00% | 0.00% | 100.00% | N/A |
Communication Services | 0.00% | 0.00% | 100.00% | N/A |
Consumer Defense | 0.00% | 0.00% | 99.67% | N/A |
Consumer Cyclical | 0.00% | 0.00% | 100.00% | N/A |
Basic Materials | 0.00% | 0.00% | 100.00% | N/A |
Stock Geographic Breakdown
Weighting | Return Low | Return High | AGGH % Rank | |
---|---|---|---|---|
US | 94.44% | -0.94% | 24.47% | 6.52% |
Non US | 0.00% | -0.04% | 4.86% | 93.30% |
Bond Sector Breakdown
Weighting | Return Low | Return High | AGGH % Rank | |
---|---|---|---|---|
Cash & Equivalents | 0.00% | 0.00% | 95.99% | 25.09% |
Securitized | 0.00% | 0.00% | 98.79% | 71.11% |
Corporate | 0.00% | 0.00% | 100.00% | 76.90% |
Municipal | 0.00% | 0.00% | 100.00% | 39.31% |
Government | 0.00% | 0.00% | 86.23% | 14.13% |
Derivative | -0.05% | 0.00% | 25.16% | 12.95% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | AGGH % Rank | |
---|---|---|---|---|
US | 9.90% | 3.63% | 210.09% | 42.39% |
Non US | 0.00% | -6.54% | 58.09% | 72.74% |
AGGH - Expenses
Operational Fees
AGGH Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.58% | 0.01% | 2.93% | 88.90% |
Management Fee | 0.50% | 0.00% | 1.76% | 91.04% |
12b-1 Fee | N/A | 0.00% | 1.00% | 14.40% |
Administrative Fee | N/A | 0.01% | 0.50% | N/A |
Sales Fees
AGGH Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 2.00% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
AGGH Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
AGGH Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 2.00% | 493.39% | N/A |
AGGH - Distributions
Dividend Yield Analysis
AGGH | Category Low | Category High | AGGH % Rank | |
---|---|---|---|---|
Dividend Yield | 7.77% | 0.00% | 12.67% | 92.45% |
Dividend Distribution Analysis
AGGH | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Annually | Monthly | Monthly |
Net Income Ratio Analysis
AGGH | Category Low | Category High | AGGH % Rank | |
---|---|---|---|---|
Net Income Ratio | N/A | -1.28% | 8.97% | N/A |
Capital Gain Distribution Analysis
AGGH | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Aug 27, 2024 | $0.109 | ReturnOfCapital |
Aug 27, 2024 | $0.140 | OrdinaryDividend |
Jul 26, 2024 | $0.140 | OrdinaryDividend |
Jun 25, 2024 | $0.200 | OrdinaryDividend |
Apr 25, 2024 | $0.140 | OrdinaryDividend |
Mar 25, 2024 | $0.200 | OrdinaryDividend |
Feb 26, 2024 | $0.200 | OrdinaryDividend |
Jan 26, 2024 | $0.200 | OrdinaryDividend |
Dec 26, 2023 | $0.200 | OrdinaryDividend |
Nov 27, 2023 | $0.200 | OrdinaryDividend |
Oct 26, 2023 | $0.200 | OrdinaryDividend |
Sep 27, 2023 | $0.200 | OrdinaryDividend |
Aug 28, 2023 | $0.200 | OrdinaryDividend |
Jul 26, 2023 | $0.200 | OrdinaryDividend |
Jun 27, 2023 | $0.200 | OrdinaryDividend |
May 25, 2023 | $0.200 | OrdinaryDividend |
Apr 25, 2023 | $0.200 | OrdinaryDividend |
Mar 27, 2023 | $0.100 | OrdinaryDividend |
Feb 23, 2023 | $0.100 | OrdinaryDividend |
Jan 26, 2023 | $0.100 | OrdinaryDividend |
Dec 27, 2022 | $0.101 | OrdinaryDividend |
Nov 25, 2022 | $0.050 | OrdinaryDividend |
Oct 26, 2022 | $0.050 | OrdinaryDividend |
Sep 27, 2022 | $0.050 | OrdinaryDividend |
Aug 26, 2022 | $0.050 | OrdinaryDividend |
Jul 26, 2022 | $0.036 | OrdinaryDividend |
Jun 27, 2022 | $0.035 | OrdinaryDividend |
May 25, 2022 | $0.038 | OrdinaryDividend |
Apr 26, 2022 | $0.028 | OrdinaryDividend |
Mar 28, 2022 | $0.035 | OrdinaryDividend |
AGGH - Fund Manager Analysis
Managers
Paul Kim
Start Date
Tenure
Tenure Rank
Feb 14, 2022
0.29
0.3%
Paul S. Kim has been with PGI since 2015. Previously, he was a senior vice president at PIMCO from 2009-2015. He earned a bachelor’s degree in Economics from Dartmouth College and an M.B.A. in Finance from The Wharton School at the University of Pennsylvania. Mr. Kim has earned the right to use the Chartered Financial Analyst designation.
David Berns
Start Date
Tenure
Tenure Rank
Feb 14, 2022
0.29
0.3%
David Berns, PhD, is the chief investment officer and co-founder of the Simplify Asset Management Inc. Prior to co-founding the Simplify Asset Management in 2020, he founded Portfolio Designer, LLC, a company that specializes in portfolio design and from 2018 to 2019 was a managing director at Nasdaq Dorsey Wright. Prior to joining Nasdaq Dorsey Wright, Inc., he founded and developed a company that specializes in proprietary trading. He has specialized in developing asset allocation, portfolio management, and risk management systems for managing private and institutional wealth. Mr. Berns has a PhD in Physics from the Massachusetts Institute of Technology in the field of Quantum Computation.
Michael Green
Start Date
Tenure
Tenure Rank
Feb 14, 2022
0.29
0.3%
Michael Green is the managing director and chief strategist of Simplify Asset Management Inc. Prior to joining Simplify Asset, Michael served as partner, chief strategist and portfolio manager of Logica Capital Advisers, LLC, a Los Angeles-based hedge fund focused on derivative strategies from 2020 to 2021. Prior to Logica, Michael was portfolio manager for Thiel Macro, LLC, an investment firm that manages the personal capital of Peter Thiel from 2016 to 2019. Prior to Thiel, Michael founded Ice Farm Capital, a discretionary global macro hedge fund seeded by Soros Family Management.
Harley Bassman
Start Date
Tenure
Tenure Rank
Feb 14, 2022
0.29
0.3%
Harley Bassman is a managing partner of the Adviser. In 2017, he founded and served as the chief investment officer for the Bassman Family Office and served as the editor for Convexity Maven, a macro-economic commentary. From 2014 to 2017, he was an executive vice-president at PIMCO, where he was responsible for PIMCO’s liquid alternatives and macro investment strategy.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.07 | 33.43 | 6.76 | 1.16 |