At a glance
PFIX charges 0.53% a year, below the 0.67% average of the 3 funds most like it (the 2nd cheapest of 4). It has $175.8M in assets, the 4th largest of that group; it paid 6.66% of its price in distributions over the past 12 months, monthly. Over the past year it returned +34.0% with distributions reinvested, the best of those 4 funds; over three years it returned +3.9% a year. At its worst it fell 25.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months after the low.
The short version
Simplify Interest Rate Hedge ETF (PFIX) is an actively managed fund that pairs short-term U.S. Treasury bills with swaptions, which are options on interest rate swaps. The swaptions are built to gain value when long-term rates rise. A regular bond fund loses value when bond prices fall, but this fund aims to rise. That makes it a hedge, not a steady holding: it gained 93.93% in 2022, then fell 36.2% in late 2023.
Price history
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PFIX +34.0% 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 | |
|---|---|---|---|---|---|---|
| PFIX official prospectus, to Dec 31, 2025 | — | +1.12% | — | — | — | +17.19% |
| Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) [Default Label] index, same period | — | +7.30% | — | — | — | +0.16% |
| ICE US Treasury 20+ Year Bond Index (reflects no deduction for fees, expenses or taxes) index, same period | — | +4.29% | — | — | — | -6.33% |
| PFIX price data to Oct 27, 2026 | +17.7% | +34.0% | +3.9% | +24.9% | — | +18.6% |
- Over the year to Oct 27, 2026, PFIX returned +34.0%, 1st of 4 among similar funds.
- Its 5-year annualized return was +24.9%.
- Its worst full calendar year was 2025 (+0.5%); its best was 2022 (+92.0%).
- The deepest fall in its price history was 36.2% (Oct 20, 2023 to Dec 15, 2023), recovered by Apr 21, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +17.7% | — |
| 2025 | +0.5% | +1.12% |
| 2024 | +35.9% | +36.46% |
| 2023 | +5.6% | +4.20% |
| 2022 | +92.0% | +93.93% |
| 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 | Gained 80.5% over that stretch · deepest drop along the way 25.6%, back to its old high 1.8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.0000 | |
| 2025 | $4.7500 | +166.9% |
| 2024 | $1.7800 | -94.9% |
| 2023 | $35.1700 | +7748.7% |
| 2022 | $0.4481 |
What's inside
As of Jun 30, 2026, the fund held 6 securities; the ten largest made up 94.21% of assets.
| Holding | Weight | |
|---|---|---|
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 21.85% | |
| Simplify Government Money Market ETF | 21.42% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 19.93% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 17.58% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 8.17% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 5.26% |
By country
United States 94.21%By issuer
US Treasury 72.79%Other registered funds 21.42%The bonds mature in 0.2 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 $3.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.27%, -1.25%, -7.30%.
How it works
PFIX does not track an index. Simplify, the adviser, splits assets roughly equally between interest rate derivatives and interest-paying debt, and shifts that mix as markets change. For the hedge it uses swaptions (options to enter a swap contract), interest rate options and Treasury futures. Its main tool is the payer swaption. This gives the fund the right to enter a swap in which it pays a fixed rate, and its value rises as long-term rates climb. To choose positions, the adviser weighs maturity, strike price, the reference rate and volatility. It adds options when it expects rates to become more volatile. The fund may also short (sell) swaptions. It says it does not make speculative rate forecasts.
Options lose sensitivity as time passes, so the hedge has to be renewed. The adviser rebalances after extreme rate moves (the prospectus gives 0.50% as an example) or when time has weakened a position. This renewal costs money in years when rates do not rise. Exposure to any one over-the-counter counterparty is capped at 25% of net assets.
As of June 30, 2026, about 72.8% of the fund sat in Treasury bills with an average maturity of 0.2 years, and 21.4% in the Simplify Government Money Market ETF (SBIL). Its 21 derivative positions, with Goldman Sachs International, Morgan Stanley Capital Services and Citibank, were worth about 5.7% of net assets.
What it really costs
- PFIX charges 0.53% a year, versus an average of 0.67% for the similar funds below (2nd of 4, cheapest first).
- Of that, 0.5% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $54 in the first year and $665 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PFIX | $54 | $170 | $296 | $665 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
PFIX is designed to gain when long-term interest rates rise, which tends to hurt bonds, real estate and growth stocks at the same time.
PFIX launched in May 2021, so it has no record from the 2008 or 2020 crashes. In the 2022 bear market it rose 80.5% while stocks fell, though along the way it dropped 25.6% before recovering in about 1.8 months. Its deepest drop was 36.2%, from October to December 2023, and it took 16.2 months to recover, until April 2025. Its weakest calendar year, 2025, still ended with a gain of 1.12%. Volatility ran near 30% over the year to October 27, 2026. Anyone forced to cash in shares after rates fall could lock in a large loss. The fund pays monthly, with a trailing yield of 6.66% as of October 27, 2026, but payouts can change. Costs are 0.53% a year, or $54 in the first year on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors holding long-term bonds, real estate or growth stocks who want a small position that aims to gain when long-term rates rise.
- People who understand swaptions and accept that the hedge loses value when rates stay flat or fall, as in late 2023.
- Investors who want monthly payouts backed mostly by short-term Treasury bills, with a 0.53% expense ratio below the 0.67% peer average.
Look elsewhere if
- Retirees who may need to draw cash at any time, given a 36.2% drop that took 16.2 months to recover.
- Investors seeking a steady core bond fund; PFIX is designed to move opposite to bond prices and swings about 30% a year.
- Anyone who wants protection in crashes where rates fall, since the fund was built for rising rates, not every kind of crisis.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Is PFIX a good hedge against rising interest rates?
It is built for that job and did it well in 2022, when long-term rates surged and the fund returned 93.93%. It uses payer swaptions that gain value as long-term rates rise. The hedge has a cost, though. When rates fell in late 2023, the fund lost 21.57% in a single quarter. It works best as a small offset to rate-sensitive holdings, not as a stand-alone investment.
Does PFIX pay monthly dividends?
Yes. PFIX pays distributions monthly. Over the 12 months to October 27, 2026, it paid $3.68 per share, a trailing yield of 6.66%. Most of the portfolio was in short-term Treasury bills and a government money market ETF as of June 30, 2026, and those holdings earn interest. Payouts can rise or fall with short-term rates and the fund's derivative results, so past payments don't guarantee future income.
Why did PFIX go up so much in 2022?
PFIX rose because long-term interest rates climbed sharply in 2022, the exact situation its swaptions are designed for. As rates rose, the right to pay a fixed rate in a swap became more valuable. The fund returned 93.93% that year, according to its prospectus. Bond funds lost money over the same period: by December 31, 2025, the ICE US Treasury 20+ Year Bond Index had a since-inception annual return of –6.33% over the fund's life.
What's the difference between PFIX and DBMF?
They follow different strategies. DBMF, the iMGP DBi Managed Futures Strategy ETF, is a managed futures fund that trades trends across markets. PFIX is a focused hedge against rising long-term rates. Both hold mostly short-term government debt as collateral. PFIX costs 0.53% a year against 0.85% for DBMF. As of October 27, 2026, PFIX's one-year price return was 34% versus 21.2% for DBMF, while over three years DBMF averaged 10.1% a year against 3.9% for PFIX.
What happens to PFIX when interest rates fall?
PFIX usually loses money when long-term rates fall, because its swaptions lose value. Its deepest decline was 36.2%, from October 20 to December 15, 2023, a period when rates dropped. It took until April 21, 2025, or 16.2 months, to recover. Options also lose value over time when rates barely move, so the hedge has a cost even in calm markets. Its Treasury bill holdings soften this somewhat but do not stop it.