At a glance
CAS charges 0.94% a year. It has $13.7M in assets; it paid 23.43% of its price in distributions over the past 12 months, monthly. Over the past year it returned −32.7% with distributions reinvested (S&P 500: +11.5%).
The short version
Simplify China A Shares PLUS Income ETF (CAS) is an actively managed fund that targets mainland Chinese stocks (China A shares), mainly through swaps and other derivatives, since it cannot own them directly. It can also earn option income on US index funds, pays distributions monthly, and charges 0.94% a year. As of October 27, 2026, its 12-month yield was 23.43%, but its share price had fallen 32.7% over that span.
Price history
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CAS -32.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| CAS price data to Oct 27, 2026 | -4.9% | -32.7% | — | — | — | +0.1% |
- Over the year to Oct 27, 2026, CAS returned -32.7%.
- The deepest fall in its price history was 33.8% (Oct 28, 2025 to Oct 22, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -4.9% |
| 2025 | +5.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $3.7500 | |
| 2025 | $1.7400 |
What's inside
As of Jun 30, 2026, the fund held 5 securities; the ten largest made up 95.58% of assets.
| Holding | Weight | |
|---|---|---|
| Simplify Government Money Market ETF | 41.44% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 20.16% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 13.82% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 12.88% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 7.28% |
By country
United States 95.58%By issuer
US Treasury 54.14%Other registered funds 41.44%The bonds mature in 0.3 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $2.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +11.23%, +3.33%, +5.10%.
How it works
CAS is actively managed and tracks no index. It aims to keep at least 80% of net assets in China A shares (mainland Chinese stocks traded in renminbi) or in instruments that behave like them. It can't own those shares directly. It isn't eligible for Hong Kong's Stock Connect trading link, and the adviser lacks the required Chinese license. So it uses futures, options, swaps, US-listed ETFs and ADRs (US-traded receipts for foreign shares). It aims for a core market position plus stocks it expects to beat their peers.
As of June 30, 2026, the portfolio was mostly cash-like: 54% in short-term Treasury bills and 41% in the Simplify Government Money Market ETF (SBIL), which can serve as collateral. China exposure came mainly through total return swaps with UBS Securities on indexes labeled CSIN0905 and CSIN0300. Under such a swap, a bank pays the fund an index's gains, and the fund pays any losses plus financing costs.
Up to 20% of assets can go to options on US-traded index funds, such as those tied to the S&P 500 or the Bloomberg US Aggregate Bond Index. The fund writes option spreads lasting under a month. It collects a premium for one option and pays for a cheaper, further-out one that caps losses. The prospectus calls this a form of leveraged investing. That income depends on US markets, not Chinese stocks.
What it really costs
- CAS charges 0.94% a year.
- Of that, 0.88% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $96 in the first year and $1,155 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CAS | $96 | $300 | $520 | $1,155 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
In a retirement portfolio
It reaches Chinese stocks through derivatives, swung with 43.5% annualized volatility over the year to October 27, 2026, and has under two years of history.
As a small, higher-risk slot, CAS could add mainland Chinese stock exposure and monthly distributions. Its 12-month yield was 23.43% as of October 27, 2026. But it launched in January 2025, so it has no record through the 2008, 2020 or 2022 downturns. Its deepest drop, 33.8%, ran from October 28, 2025, to October 22, 2026, and it had not recovered by October 27, 2026. Anyone cashing out shares or drawing income during a slide like that would lock in losses, and a high payout won't make up for a deeper fall in the share price. Option income is usually taxed as ordinary income rather than as qualified dividends. Costs run 0.94% a year, about $96 in the first year on $10,000 under the SEC's standard example. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting mainland Chinese stock exposure who accept getting it through UBS total return swaps and other derivatives instead of owning shares.
- Income seekers comfortable with monthly distributions, which equaled a 23.43% yield as of October 27, 2026, much of it from writing options.
- Investors keeping it to a small, higher-risk slice who can sit through drops like its 33.8% slide from October 2025 to October 2026.
Look elsewhere if
- Anyone wanting direct ownership of China A shares: CAS isn't eligible for Stock Connect, and its adviser lacks the needed Chinese license.
- Cost-focused investors: the 0.94% expense ratio adds up to about $1,155 over 10 years on $10,000 in the SEC's standard example.
- Retirees needing steady values or tax-efficient income: option income is usually taxed as ordinary income, and the fund has under two years of history.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Does CAS pay monthly dividends?
Yes, CAS pays distributions monthly. Over the 12 months to October 27, 2026, it paid $4.75 per share, a yield of 23.43%. The fund generates much of its income by writing options. Its prospectus notes that option premiums are capital gains, though commonly called income. Such payouts are usually taxed as ordinary income rather than as qualified dividends. The payout is worth weighing against the share price, which fell 32.7% over the same 12 months.
Does CAS own Chinese stocks directly?
No. Its prospectus filed October 28, 2026, says the fund can't invest directly in China A shares. It isn't eligible for Stock Connect, and the adviser has no Chinese license and doesn't expect one. Instead it uses substitutes. As of June 30, 2026, its holdings were mostly US Treasury bills and the Simplify Government Money Market ETF, and its China exposure came from total return swaps with UBS Securities. That adds counterparty risk: the bank could fail to pay what it owes.
What is the CAS expense ratio?
CAS charges 0.94% a year, including a 0.88% management fee, according to its prospectus filed October 28, 2026. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares redeemed at the end of each period. On that basis, costs would total about $96 after one year, $300 after three, $520 after five and $1,155 after ten. That fee is worth comparing with other China stock funds.
Is CAS a risky ETF?
Yes. Over the year to October 27, 2026, its share price had annualized volatility of 43.5%, a gauge of how widely it swings. Its deepest drop was 33.8%, from October 28, 2025, to October 22, 2026, with no recovery by October 27. The fund is non-diversified, meaning it can concentrate in fewer issuers. It relies on derivatives and writes options, which the prospectus calls a form of leveraged investing. Chinese political and currency swings add risk.
How has CAS ETF performed since launch?
Unevenly. CAS launched on January 13, 2025. Based on its share price, it gained 5.24% in 2025, a partial first year, and was down 4.87% in 2026 through October 27. Over the 12 months to October 27, 2026, it fell 32.7%, leaving it up just 0.1% since launch. With under two years of history, its record says little about how it might hold up across a long retirement.