SIMPLIFY NASDAQ 100 PLUS CONVEXITY ETF
Name
As of 04/28/2023Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
21.3%
1 yr return
-0.4%
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$3.57 M
Holdings in Top 10
99.9%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.00%
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 04/28/2023Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
QQC - Profile
Distributions
- YTD Total Return 21.3%
- 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 0.1%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameSIMPLIFY NASDAQ 100 PLUS CONVEXITY ETF
-
Fund Family NameN/A
-
Inception DateDec 10, 2020
-
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 primarily in equity securities of companies listed on the NASDAQ®-100 Index and applying a convexity option overlay strategy to the equity investments.
Equity 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 equity securities, primarily by purchasing exchange-traded funds (“ETFs”) that invest in companies listed on the NASDAQ®-100 Index. The adviser does not frequently trade equities but seeks to maintain consistent exposure to companies listed on the NASDAQ®-100 Index.
Convexity Option Overlay Strategy
Up to twenty percent of the Fund’s net assets will be subject to the Fund’s convexity option overlay. The option overlay consists of purchasing exchange-traded and over the counter (“OTC”) put and call options on the NASDAQ® -100 Index or a NASDAQ®-100 Index ETF or broad-based equity market ETF. 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.
The option overlay is a strategic, persistent exposure meant to hedge against market moves and to add convexity to the Fund. If the market goes up, the Fund’s returns may outperform the market because the adviser will sell or exercise the call options. If the market goes down, the Fund’s returns may fall less than the market because the adviser will sell or exercise the put options. The adviser selects options based upon its evaluation of relative value based on cost, 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) and will exercise or close the options based on maturity or portfolio rebalancing requirements. The Fund anticipates purchasing and selling options on a monthly, quarterly, and annual basis, depending upon the Fund’s rebalancing requirements and the individual option expiration dates. However, the Fund may rebalance its option portfolio on a more frequent basis for a number of reasons such as market volatility renders the protection provided by the option strategy ineffective or an option position has appreciated to the point that it is prudent to decrease the Fund’s exposure and realize gains for the Fund’s shareholders. While the option overlay is intended to improve the Fund’s performance, there is no guarantee that it will do so.
Convexity in the Fund’s name is a reference to the mathematical term convexity. The Fund’s returns are intended to possess convexity because the relationship between the Fund’s returns and market returns is not designed to be linear. That is, if market returns go up and down in a linear fashion, the Fund’s returns are expected to rise faster than the market in positive markets; while declining less than the market in negative markets. The value of the Fund’s call options is expected to rise in proportion to the rise in value of the underlying assets, but the amount by which the Fund’s options increase or decrease in value depends on how far the market has moved from the time the options position was initiated. The value of the Fund’s call options may rise faster than the market if the adviser successfully selects options that appreciate in value. Otherwise stated, the term “convexity” in the Fund’s name refers to the intended non-linear nature between the Fund’s and the market returns; it does not refer to the concept of “bond convexity,” which is a measure of the non-linear relationship between bond duration and changes in interest rates.
QQC - Performance
Return Ranking - Trailing
Period | QQC Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 21.3% | -44.2% | 26.6% | 95.03% |
1 Yr | -0.4% | -98.5% | 150.0% | 34.46% |
3 Yr | N/A* | -74.2% | 26.3% | N/A |
5 Yr | N/A* | -61.2% | 23.2% | N/A |
10 Yr | N/A* | -35.6% | 18.2% | N/A |
* Annualized
Return Ranking - Calendar
Period | QQC Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -39.5% | -98.8% | 81.6% | 0.89% |
2022 | 12.5% | -39.5% | 48.7% | N/A |
2021 | N/A | -13.0% | 34.8% | N/A |
2020 | N/A | -27.1% | 10.6% | N/A |
2019 | N/A | -15.9% | 33.2% | N/A |
Total Return Ranking - Trailing
Period | QQC Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 21.3% | -44.2% | 26.6% | 97.44% |
1 Yr | -0.4% | -98.5% | 150.0% | 35.44% |
3 Yr | N/A* | -74.2% | 32.9% | N/A |
5 Yr | N/A* | -61.2% | 22.9% | N/A |
10 Yr | N/A* | -35.6% | 18.3% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | QQC Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | -39.5% | -98.8% | 81.6% | 0.89% |
2022 | 12.5% | -39.5% | 48.7% | N/A |
2021 | N/A | -13.0% | 34.8% | N/A |
2020 | N/A | -16.8% | 10.6% | N/A |
2019 | N/A | -15.9% | 35.6% | N/A |
QQC - Holdings
Concentration Analysis
QQC | Category Low | Category High | QQC % Rank | |
---|---|---|---|---|
Net Assets | 3.57 M | 189 K | 222 B | 97.13% |
Number of Holdings | 3 | 2 | 3509 | 99.00% |
Net Assets in Top 10 | 3.57 M | -1.37 M | 104 B | 94.55% |
Weighting of Top 10 | 99.85% | 9.4% | 100.0% | 0.31% |
Top 10 Holdings
- Option on NASDAQ 100 PR USD Dec21 1.26%
- Option on NASDAQ 100 PR USD Dec21 1.26%
- Option on NASDAQ 100 PR USD Dec21 1.26%
- Option on NASDAQ 100 PR USD Dec21 1.26%
- Option on NASDAQ 100 PR USD Dec21 1.26%
- Option on NASDAQ 100 PR USD Dec21 1.26%
- Option on NASDAQ 100 PR USD Dec21 1.26%
- Option on NASDAQ 100 PR USD Dec21 1.26%
- Option on NASDAQ 100 PR USD Dec21 1.26%
- Option on NASDAQ 100 PR USD Dec21 1.26%
Asset Allocation
Weighting | Return Low | Return High | QQC % Rank | |
---|---|---|---|---|
Stocks | 99.77% | 0.00% | 107.71% | 26.78% |
Cash | 0.15% | -10.83% | 87.35% | 69.92% |
Other | 0.08% | -2.66% | 17.15% | 17.19% |
Preferred Stocks | 0.00% | 0.00% | 4.41% | 11.05% |
Convertible Bonds | 0.00% | 0.00% | 1.94% | 5.37% |
Bonds | 0.00% | -1.84% | 98.58% | 4.53% |
Stock Sector Breakdown
Weighting | Return Low | Return High | QQC % Rank | |
---|---|---|---|---|
Utilities | 0.00% | 0.00% | 16.07% | 13.21% |
Technology | 0.00% | 0.00% | 69.82% | 4.76% |
Real Estate | 0.00% | 0.00% | 29.57% | 66.59% |
Industrials | 0.00% | 0.00% | 30.65% | 71.43% |
Healthcare | 0.00% | 0.00% | 39.76% | 93.63% |
Financial Services | 0.00% | 0.00% | 43.06% | 97.77% |
Energy | 0.00% | 0.00% | 41.09% | 53.76% |
Communication Services | 0.00% | 0.00% | 66.40% | 7.99% |
Consumer Defense | 0.00% | 0.00% | 25.50% | 18.66% |
Consumer Cyclical | 0.00% | 0.00% | 62.57% | 52.38% |
Basic Materials | 0.00% | 0.00% | 22.00% | 73.04% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | QQC % Rank | |
---|---|---|---|---|
US | 99.77% | 0.00% | 105.43% | 33.46% |
Non US | 0.00% | 0.00% | 54.22% | 54.80% |
QQC - Expenses
Operational Fees
QQC Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.00% | 0.01% | 7.09% | 89.71% |
Management Fee | 0.01% | 0.00% | 1.50% | 22.70% |
12b-1 Fee | N/A | 0.00% | 1.00% | 0.15% |
Administrative Fee | N/A | 0.00% | 1.02% | N/A |
Sales Fees
QQC Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 0.00% | 8.50% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
QQC Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 5.00% | 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.
QQC Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 0.00% | 316.74% | 0.56% |
QQC - Distributions
Dividend Yield Analysis
QQC | Category Low | Category High | QQC % Rank | |
---|---|---|---|---|
Dividend Yield | 0.14% | 0.00% | 19.33% | 8.46% |
Dividend Distribution Analysis
QQC | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Annually | Monthly | Annually |
Net Income Ratio Analysis
QQC | Category Low | Category High | QQC % Rank | |
---|---|---|---|---|
Net Income Ratio | N/A | -6.13% | 2.90% | 6.68% |
Capital Gain Distribution Analysis
QQC | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Mar 31, 2023 | $0.008 | OrdinaryDividend |
Dec 30, 2022 | $0.044 | OrdinaryDividend |
Sep 30, 2022 | $0.021 | OrdinaryDividend |
Jun 30, 2022 | $0.029 | OrdinaryDividend |
Mar 31, 2022 | $0.019 | OrdinaryDividend |
Dec 30, 2021 | $0.023 | OrdinaryDividend |
Sep 30, 2021 | $0.031 | OrdinaryDividend |
Jul 01, 2021 | $0.014 | OrdinaryDividend |
Apr 01, 2021 | $0.017 | OrdinaryDividend |
Jan 06, 2021 | $0.043 | OrdinaryDividend |
QQC - Fund Manager Analysis
Managers
Paul Kim
Start Date
Tenure
Tenure Rank
Dec 10, 2020
1.47
1.5%
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
Dec 10, 2020
1.47
1.5%
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
Apr 22, 2021
1.11
1.1%
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.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.04 | 54.45 | 8.09 | 2.92 |