ETF Evaluator:
Simplify Bond Bull ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Long Government Over the Last Year
| 3.8% | iShares 20+ Year Trs Bd Buywrt Stgy ETF (TLTW) |
| 2.3% | First Trust Long Duration Opp ETF (LGOV) |
| 1.9% | BondBloxx Bloomberg SevenYrTrgDurUSTrETF (XSVN) |
| 1.8% | WisdomTree 7-10 Year Laddered Trsy ETF (USIN) |
| 1.7% | iShares 7-10 Year Treasury Bond ETF (IEF) |
Risk
Index
Risk
Index
ETF Details
Simplify Bond Bull ETF Overview
Simplify Bond Bull ETF (RFIX) is an actively managed Taxable Bond Long Government exchange-traded fund (ETF). Simplify Asset Management launched the ETF in 2024.
The investment seeks to hedge interest rate movements arising from falling long-term interest rates, and to benefit from market stress when fixed income volatility increases, while providing the potential for income.
The fund is an actively managed ETF. The adviser seeks to achieve the fund’s investment objective by allocating the fund’s assets between interest rate related derivatives and interest income producing debt instruments. The fund is non-diversified.
About Simplify Bond Bull ETF (RFIX)
There are 3 members of the management team with an average tenure of 1.57 years: Ken Miller (2025), David Berns (2024) and Harley Bassman (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
Simplify Bond Bull ETF has 10 securities in its portfolio. The top 10 holdings constitute 134.9% 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 Bond Bull ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. Simplify Bond Bull 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 50.0% (50.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Simplify Bond Bull ETF has 50.0% of the portfolio in cash.
Assets Under Management
The fund has $45 million in total assets, which is below the $4 billion average for the Long Government 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.
RFIX 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 Bond Bull ETF expense ratio is average compared to funds in the Long Government category. Simplify Bond Bull ETF has an expense ratio of 0.50%, which is 116% higher than its category average, making the fund expense ratio grade a F. 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 Bond Bull 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 60% for the Long Government category.
Recently, in the month of July 2026, Simplify Bond Bull ETF returned -6.2%, which earned it a grade of F, as the Long Government category had an average return of -4.1%. 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 Bond Bull ETF has a trailing yield of 4.38%, which is below the 5.37% category average.
The fund normally distributes its income monthly and its capital gains annually.
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 Bond Bull ETF Grades
Year to date, the ETF has returned 1.2%, 4.4 percentage points better than the category, which translates into a grade of A. The fund has returned -14.6% over the past year (grade of F).
For more ETF grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Simplify Bond Bull ETF, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
RFIX 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 |
|
| RFIX Return (NAV) | -6.2% | -6.0% | -14.6% | na | na | na |
| RFIX Return (Price) | -4.2% | -4.9% | -14.6% | na | na | na |
| NAV +/- Price Return | -2.030% | -1.104% | -0.008% | na | na | na |
| Long Government Avg | -4.1% | -2.7% | -1.0% | -1.5% | -7.7% | -2.3% |
| RFIX Grade (NAV) | F | F | F | na | na | na |
| +/- Category (NAV) | -2.1% | -3.2% | -13.6% | na | na | na |
| RFIX Tax-Cost Ratio | na | na | 1.6% | na | na | na |
RFIX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| RFIX Return (NAV) | 1.2% | -25.0% | na | na | na | na | na | na | na | na | na |
| RFIX Return (Price) | 4.9% | -28.5% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 3.095% | 0.136% | na | na | na | na | na | na | na | na | na |
| Long Government Avg | -3.2% | 4.1% | -6.3% | 2.4% | -29.1% | -4.5% | 16.7% | 14.2% | -1.6% | 8.1% | 1.2% |
| RFIX Grade (NAV) | A | F | na | na | na | na | na | na | na | na | na |
| +/- Category | 4.4% | -29.2% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 4.4% |
| Total Assets: | $ 46 Mil |
| Share Class Assets: | $ 46 Mil |
| Turnover: | na |
| Expense Ratio: | 0.50% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 1.6 years | |||
| Average Tenure: 1.6 years | |||
| Managers (Year): Berns David (2024), Bassman Harley (2024), Miller Ken (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 10 |
| % in Top 10 Holdings: | 134.9% |
| 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: | 50.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 50.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Simplify Asset Management |
| Phone Number: | 855-772-8488 |
| Website: | |
| Inception Date: | December 9, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.50% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.23% |
