CDX Fees and Costs — Simplify High Yield ETF
Data updated: 2026-09-11
The net expense ratio is 0.25% (0.50% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $65K in broker commissions, 0.0160% of average net assets, and portfolio turnover was 622%.
CDX Fees and Expenses
Annual operating expenses and sales charges of CDX. Prospectus, as of November 1, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.50% |
| Fee waiver | −0.25% |
| Net expense ratio | 0.25% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
CDX Costs Over Time
On $10,000 invested in CDX, assuming 5% a year before costs, total costs come to $169 over 5 years, cutting the return by 0.28% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.25%) | $26 | $83 | $144 |
| Trading costs (broker commissions) | $2 | $5 | $9 |
| Lost growth on money paid in costs | $0 | $4 | $15 |
| Total costs | $28 | $92 | $169 |
| Value after costs | $10,472 | $11,484 | $12,594 |
| Impact on return, per year | 0.28% | 0.28% | 0.28% |
CDX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0160%
- Total broker commissions: $65K
- Bought from dealers (principal trades, not a cost): $1.6B
- Portfolio turnover (prospectus): 622%
- Securities lending: none during the year
CDX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JANE STREET EXECUTION SERVICES, LLC | $60K | 91.65% |
| VIRTU AMERICAS LLC | $4K | 6.08% |
| Wolverine Execution Services LLC | $1K | 1.70% |
| WALLACHBETH CAPITAL, LLC | $374 | 0.57% |
CDX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BARCLAYS CAPITAL, INC. | $363.5M | 22.45% |
| Wolverine Execution Services, LLC | $298.2M | 18.42% |
| GOLDMAN SACHS & CO. LLC | $271.5M | 16.77% |
| JANE STREET EXECUTION SERVICES, LLC | $230.7M | 14.25% |
| MORGAN STANLEY & CO. LLC | $229.5M | 14.17% |
| NOMURA SECURITIES INTERNATIONAL, INC. | $137.9M | 8.51% |
| STONEX FINANCIAL INC. | $86.8M | 5.36% |
| J.P. Morgan Securities LLC | $628K | 0.04% |
| UBS SECURITIES LLC | $452K | 0.03% |
| BOFA SECURITIES, INC. | $23K | 0.00% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.