What is PFIX?

PFIX is actively managed to provide a hedge against a sharp increase in long-term interest rates. The fund holds OTC interest rate options, US Treasurys, and US Treasury Inflation-Protected Securities (TIPS).

PERFORMANCE [as of 03/20/23] 1 MONTH 3 MONTHS YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS
PFIX -1.44% -2.94% -10.88% 43.46% -- -- --
PFIX (NAV) 0.20% 1.49% -7.85% 51.69% -- -- --
No Underlying Index -- -- -- -- -- -- --
N/A -- -- -- -- -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

PFIX Factset Analytics Insight

PFIX provides a tactical tool for investors that provides similar exposure to that of owning a long-dated put position on 20-year US Treasury bonds. A large portion of the portfolio is expected to be held in a swaption contract based on OTC interest rate contracts. A swaption allows more flexibility in managing option terms. The option term and rate maturity are chosen to maximize convexity and minimize cost of ownership. The fund manager will be reset the option terms after extended periods of time or extreme rate moves. The fund also invests in US Treasurys, US Treasury TIPS or exchange-traded funds providing similar exposure, to provide some potential income.

PFIX Summary Data

Simplify
05/10/21
0.50%
$264.24M
No Underlying Index
N/A
Open-Ended Fund

Peers

N/A

Fund Flows

-$0.00B 5 Days
-$0.08B 30 Days
-$0.09B 90 Days

PFIX Fund Structure

Yes
--
-- / --
N/A
N/A
Low
N/A
N/A

PFIX Tax Exposures

20.00% / 39.60%
--
No

PFIX Portfolio Data

0.83%
N/A

PFIX Index Data

No Underlying Index
Proprietary
Proprietary
N/A

Factset Analytics Block Liquidity

As of 03/21/23

This measurement shows how easy it is to trade a $1 million USD block of PFIX. PFIX is rated a 5 out of 5.

PFIX Tradability

168,779
$10.66M
120,848
$7.79M
0.15%
$0.09
-0.66%
5.41% / -5.47%
None
100.00%
25,000
4.83
--
--
1,157
$66.36
5

Options Strategies for Outcome Investing

A collar strategy is a protective option strategy constructed by writing a call and buying a put with the same expiration date while being long the underlying security.