ETF Evaluator:
Simplify Interest Rate Hedge ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Trading--Inverse Debt Over the Last Year
| 14.4% | Direxion Daily 20+ Yr Trsy Bear 3X ETF (TMV) |
| 11.9% | ProShares UltraPro Short 20+ Year Trs (TTT) |
| 9.8% | ProShares UltraShort 20+ Year Treasury (TBT) |
| 9.5% | Direxion Daily 7-10 Yr Trs Bear 3X ETF (TYO) |
| 7.5% | Trading--Inverse Debt () |
Risk
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Risk
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ETF Details
Simplify Interest Rate Hedge ETF Overview
Simplify Interest Rate Hedge ETF (PFIX) is an actively managed Miscellaneous Trading--Inverse Debt exchange-traded fund (ETF). Simplify Asset Management launched the ETF in 2021.
The investment seeks to hedge interest rate movements arising from rising long-term interest rates, and to benefit from market stress when fixed income volatility increases, while providing the potential for income.
The adviser seeks to achieve the fund’s investment objective by allocating the fund’s assets approximately equally between: interest rate related derivatives and interest income producing debt instruments. The adviser seeks to achieve the interest rate hedging aspect of the fund’s investment objective by investing in swaptions, interest rate options, and Treasury futures. The fund is non-diversified.
About Simplify Interest Rate Hedge ETF (PFIX)
There are 3 members of the management team with an average tenure of 4.07 years: Ken Miller (2024), David Berns (2021) and Harley Bassman (2021). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Bloomberg US Agg Bond TR USD index with a weighting of 100%. Simplify Interest Rate Hedge ETF has 29 securities in its portfolio. The top 10 holdings constitute 75.7% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Simplify Interest Rate Hedge ETF is part of the Other global asset class and is within the Miscellaneous ETF group. Simplify Interest Rate Hedge ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 83.0% (83.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Simplify Interest Rate Hedge ETF has 17.0% of the portfolio in cash.
Assets Under Management
The fund has $182 million in total assets, which is above the $91 million average for the Trading--Inverse Debt category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PFIX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Simplify Interest Rate Hedge ETF expense ratio is average compared to funds in the Trading--Inverse Debt category. Simplify Interest Rate Hedge ETF has an expense ratio of 0.50%, which is 47% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Simplify Interest Rate Hedge ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 0% for the Trading--Inverse Debt category.
Recently, in the month of July 2026, Simplify Interest Rate Hedge ETF returned 22.3%, which earned it a grade of A, as the Trading--Inverse Debt category had an average return of 13.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Simplify Interest Rate Hedge ETF has a trailing yield of 3.11%, which is above the 2.59% category average.
The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Simplify Interest Rate Hedge ETF Grades
Year to date, the ETF has returned 11.8%, 6.8 percentage points better than the category, which translates into a grade of C. The fund has returned 5.2% over the past year (grade of D), 19.1% over the past three years (grade of A) and 24.1% per year over the past five years (grade of A).
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PFIX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PFIX Return (NAV) | 22.3% | 12.0% | 5.2% | 19.1% | 24.1% | na |
| PFIX Return (Price) | 20.7% | 10.4% | 2.6% | 18.8% | 23.2% | na |
| NAV +/- Price Return | 1.621% | 1.614% | 2.513% | 0.249% | 0.852% | na |
| Trading--Inverse Debt Avg | 13.1% | 13.8% | 7.5% | 7.8% | 15.2% | 1.9% |
| PFIX Grade (NAV) | A | A | D | A | A | na |
| +/- Category (NAV) | 9.2% | -1.8% | -2.4% | 11.2% | 8.9% | na |
| PFIX Tax-Cost Ratio | na | na | 2.6% | 8.4% | 5.3% | na |
PFIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PFIX Return (NAV) | 11.8% | 1.1% | 36.5% | 4.2% | 93.9% | na | na | na | na | na | na |
| PFIX Return (Price) | 10.6% | 0.7% | 35.9% | 5.6% | 92.0% | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.096% | -0.372% | -0.015% | 0.329% | -0.020% | na | na | na | na | na | na |
| Trading--Inverse Debt Avg | 5.0% | -2.9% | 21.5% | -4.2% | 73.3% | 1.6% | -28.8% | -19.1% | 3.4% | -12.4% | -8.2% |
| PFIX Grade (NAV) | C | A | A | A | B | na | na | na | na | na | na |
| +/- Category | 6.8% | 4.0% | 15.0% | 8.4% | 20.6% | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | -6.03 |
| R-Squared: | 82% |
| Standard Deviation: | 37.4% |
| Category Risk Index: | 1.61 |
| Category Risk Rating: | High |
| Total Risk Index: | 3.05 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 3.1% |
| Total Assets: | $ 183 Mil |
| Share Class Assets: | $ 183 Mil |
| Turnover: | 0.0% |
| Expense Ratio: | 0.50% |
| Index Fund: | No |
| Index Tracked: | Bloomberg US Agg Bond TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 5.2 years | |||
| Average Tenure: 4.1 years | |||
| Managers (Year): Berns David (2021), Bassman Harley (2021), Miller Ken (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 29 |
| % in Top 10 Holdings: | 75.7% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 83.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 17.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Simplify Asset Management |
| Phone Number: | 855-772-8488 |
| Website: | |
| Inception Date: | May 10, 2021 |
Expenses and Fees
| Expense Ratio (%): | 0.50% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.95% |
