RFIX NAV Correction: Here's What Happened with the Simplify Bond Bull ETF

The Simplify Bond Bull ETF (NYSE Arca: RFIX) just had its net asset value restated, and if you’re holding this fund, you’ll want to know the details.

The Numbers Behind the Adjustment

On December 8, 2025, RFIX’s NAV per share was originally reported at $40.63. Three days later on December 10, the company corrected that figure to $40.15—a downward revision of approximately 1.20%. While this might seem like a small percentage shift, the underlying reason matters for any investor in options-based bond strategies.

What Went Wrong?

Simplify Asset Management traced the NAV restatement to a single culprit: an incorrect swaption price in their valuation calculations. For those unfamiliar, swaptions are derivatives that give the holder the right to enter into an interest rate swap at a future date. Pricing these instruments correctly is critical, especially for an actively-managed ETF that relies on derivatives as a core component of its strategy. Apparently, the initial valuation missed the mark, requiring this correction.

What This Means for RFIX Investors

The fund pursues an options overlay strategy applied to bond holdings, which is designed to enhance returns in bullish bond environments. However, as with any leveraged or derivative-heavy fund, precision in pricing is non-negotiable. Simplify manages this actively, which is why they caught and corrected the error relatively quickly.

Investors should be aware that funds utilizing derivatives—whether swaptions, puts, calls, or other instruments—carry inherent risks. Derivative prices can be highly volatile, counterparty risk exists, and mispricing (as this case illustrates) can occasionally occur. Additionally, RFIX employs leverage through options strategies, which magnifies both potential gains and losses.

The Bottom Line

A 1.20% NAV restatement is not unusual in the world of complex ETFs, but it’s a good reminder to stay informed about what’s inside your portfolio. If you own RFIX or are considering it, understand that you’re betting on a specialized strategy—one that requires active management and carries risks beyond traditional bond funds.

For more details about RFIX’s strategy, risks, and current prospectus, investors can reach Simplify’s team at (855) 772-8488 or visit SimplifyETFs.com. As always, carefully review any fund’s prospectus before making investment decisions.