GAEM — Simplify Gamma Emerging Market Bond ETF

GAEM Fund Overview

GAEM — Simplify Gamma Emerging Market Bond ETF is a US ETF managed by Simplify Exchange Traded Funds, categorised as Intermediate Total / Aggregate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: Simplify Exchange Traded Funds
• Category: Intermediate Total / Aggregate Bond
• Assets under management: $41.10M
• 1-year return: 11.9%
• Ticker: GAEM
• SEC CIK: 0001810747
• SEC series ID: S000085697
• Share class ID: C000251041

GAEM Investment Objective and Strategy

Simplify Gamma Emerging Market Bond ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Simplify Exchange Traded Funds.

Investment objective

Investment Objective: The Simplify Gamma Emerging Market Bond ETF (the Fund or GAEM) seeks to maximize total return.

Principal investment strategy

The Fund is an actively managed exchange-traded fund that seeks to achieve its investment objective by investing primarily in bonds issued by, or tied economically to, issuers in emerging markets, denominated in USD or local currency. The Fund has adopted a non-fundamental investment policy that, under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in debt securities of issuers in emerging markets. Debt securities include bonds issued by governments, their agencies or instrumentalities, multilateral organizations such as World Bank (as defined below), and corporations. It is expected that the emerging markets in which the Fund will invest will include, among others, Latin America and the Caribbean. The Fund considers an emerging market country to include any country that is (1) generally recognized to be an emerging market country by International Bank for Reconstruction and Development (commonly known as the World Bank); (2) classified by the United Nations as a developing country; or (3) included in the MSCI Emerging Markets Index.

The Funds sub-adviser determines that an investment is tied economically to an emerging market if such investment satisfies one or more of the following conditions: (1) the issuers primary trading market is in an emerging market; (2) the issuer is organized under the laws of, derives at least 50% of its revenues from, or has at least 50% of its assets in emerging markets; and (3) the investment is included in the MSCI Markets Index or the JP Morgan Emerging Market Bond Index. The Fund also may invest in non-emerging market debt securities. The Fund may hedge its non-dollar investments back to the U.S. dollar through the use of derivatives, including futures, but has the ability to invest in bonds denominated in a local currency on an unhedged basis. The Fund may invest in high yield securities, also known as junk bonds.

The Fund defines junk bonds as those rated below Baa3 by Moodys Investors Service or below BBB- by Standard and Poors Rating Group, or, if unrated, determined by the adviser to be of similar credit quality. The sub-adviser takes an opportunistic, tactical approach in selecting investments for the Fund. The Funds investments are not limited to securities of a particular maturity range, duration or credit rating. The sub-adviser applies a top-down macroeconomic analysis in selecting potential emerging market countries and a bottom-up analysis on specific corporate issuers. The Fund also may invest up to 20% of its portfolio in derivatives such as emerging market credit default swaps (CDS), indices of CDS (CDX) and single-name CDS; foreign exchange (FX) instruments such as foreign currency forward contracts, foreign currency swaps and foreign currency futures contracts.

In a CDS, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party on its debt obligation or an index of debt obligations. CDX are designed to track a representative segment of the CDS market (in this case, emerging markets) and provide exposure to specific baskets of issuers of debt instruments. CDX can provide the same investment exposure as entering into an individual CDS except with more diversification. Investments in CDS, CDX and FX instruments may be made for hedging, investment and other portfolio management purposes. FX instruments will be utilized for exposure to emerging market countries currencies, either long or short. The Fund expects to use these instruments to enhance portfolio flexibility and help achieve its investment objective of income and capital appreciation.

Specifically, CDS and CDX may be used to gain or hedge exposure to the creditworthiness of emerging market issuers, while FX instruments may be used to hedge currency risk or express views on emerging market currencies. When using certain derivatives, the Fund is required to post collateral to assure its performance to the counterparty. The Fund will hold cash and cash-like instruments (including affiliated money market ETFs) or high-quality short term fixed income securities. The Fund may also invest in reverse repurchase agreements and use the proceeds for investment purposes. Reverse repurchase agreements are contracts in which a seller of securities, for example, U.S. government securities, agrees to buy the securities back at a specified time and price. Reverse repurchase agreements are primarily used by the Fund as an indirect means of borrowing.

When the Fund earns more on its additional investments than the interest cost related to the reverse repurchase agreement, it generates additional income. The Funds 80% policy may be changed by the Board of Trustees upon 60 days written notice to shareholders. The Fund is classified as a non-diversified investment company under the Investment Company Act of 1940, as amended, which means that the Fund may invest a higher percentage of its assets in a fewer number of issuers than is permissible for a diversified fund.

GAEM Holdings

Top 10 holdings of Simplify Gamma Emerging Market Bond ETF by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all GAEM holdings

GAEM Portfolio Allocation

Asset-class allocation of Simplify Gamma Emerging Market Bond ETF by percentage of net assets, from the latest SEC N-PORT filing.

GAEM Performance

Total returns for GAEM (as of 2026-10-01), from SEC filings.

GAEM Risk Information

Risk metrics for GAEM, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 5.4%

GAEM Costs and Fees

GAEM costs about $76 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.76%
• Gross expense ratio: 0.96%
• Portfolio turnover: 131%
• Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)

GAEM Cashflows

Over the 12 months to 2026-06, Simplify Gamma Emerging Market Bond ETF had net inflows of $28.81M, from monthly SEC N-PORT filings.

GAEM Debt Constituents

Largest debt holdings of Simplify Gamma Emerging Market Bond ETF by percentage of net assets, from the latest SEC N-PORT filing.

GAEM Prospectus and SEC Filings

Official Simplify Gamma Emerging Market Bond ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2025-10-28
• Prospectus (485BPOS) — filed 2025-08-14
• Prospectus supplement (497) — filed 2025-10-31
• Portfolio holdings (N-PORT) — filed 2026-08-24
• Portfolio holdings (N-PORT) — filed 2026-05-27
• Portfolio holdings (N-PORT) — filed 2026-02-23
• Annual census (N-CEN) — filed 2026-09-11
• Annual census (N-CEN) — filed 2025-09-08

Related Funds

Other Intermediate Total / Aggregate Bond funds tracked on ABC INVEST:

• Vanguard Total Bond Market Index Fund (VBMFX)
• Vanguard Total Bond Market II Index Fund (VTBIX)
• Vanguard Total International Bond II Index Fund (VTIIX)
• iShares Core U.S. Aggregate Bond ETF (AGG)
• Vanguard Total International Bond Index Fund (VTIBX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.