{
 "ticker": "XXV",
 "name": "Simplify Ancorato Target 25 Distribution ETF",
 "issuer": "Simplify",
 "desk": "income",
 "url": "https://etfiq.com/funds/xxv",
 "html": "https://etfiq.com/funds/xxv",
 "markdown": "https://etfiq.com/funds/xxv.md",
 "as_of": "2026-11-12",
 "verdict": "Since launch in Nov 2025, XXV paid 21.9% in cash and returned 6.0% in total.",
 "lead": "Since launch in Nov 2025, XXV paid 21.9% in cash and returned 6.0% in total.",
 "promise": {
  "badge": "missed",
  "label": "Missed",
  "category": "income",
  "sentence": "Over the time since its launch to Nov 12, 2026, XXV paid 21.9% in cash and returned 6.0% in total, covering 27.4% of its payout.",
  "figure": 27.4,
  "unit": "%",
  "from": "2025-11-18",
  "to": "2026-11-12",
  "url": "https://etfiq.com/promise-index/income/"
 },
 "key_facts": [
  {
   "key": "cash_paid_since_launch_on_its_starting_price",
   "label": "Cash paid, since launch, on its starting price",
   "value": "21.9%",
   "source": "computed by ETFIQ from Tiingo daily prices and distributions",
   "as_of": "2026-11-12",
   "sentence": "XXV, cash paid, since launch, on its starting price: 21.9%, as of Nov 12, 2026.",
   "cite": {
    "value": "21.9%",
    "as_of": "2026-11-12",
    "source": "computed by ETFIQ from Tiingo daily prices and distributions",
    "url": "https://etfiq.com/funds/xxv#fact-cash-paid-since-launch-on-its-starting-price",
    "text": "XXV, cash paid, since launch, on its starting price: 21.9%, as of Nov 12, 2026."
   }
  },
  {
   "key": "total_return_since_launch",
   "label": "Total return, since launch",
   "value": "+6.0%",
   "source": "computed by ETFIQ from Tiingo daily prices",
   "as_of": "2026-11-12",
   "sentence": "XXV, total return, since launch: +6.0%, as of Nov 12, 2026.",
   "cite": {
    "value": "+6.0%",
    "as_of": "2026-11-12",
    "source": "computed by ETFIQ from Tiingo daily prices",
    "url": "https://etfiq.com/funds/xxv#fact-total-return-since-launch",
    "text": "XXV, total return, since launch: +6.0%, as of Nov 12, 2026."
   }
  },
  {
   "key": "benchmark",
   "label": "Benchmark",
   "value": "not set",
   "source": null,
   "as_of": "2026-11-12",
   "sentence": "XXV, benchmark: not set, as of Nov 12, 2026.",
   "cite": {
    "value": "not set",
    "as_of": "2026-11-12",
    "source": null,
    "url": "https://etfiq.com/funds/xxv#fact-benchmark",
    "text": "XXV, benchmark: not set, as of Nov 12, 2026."
   }
  },
  {
   "key": "return_of_capital_annual_report_fiscal_year_to_jun_30_2026",
   "label": "Return of capital, annual report, fiscal year to Jun 30, 2026 (Simplify latest estimate 85.6%, Oct 27, 2026)",
   "value": "31.6%",
   "source": "Simplify latest estimate 85.6%, Oct 27, 2026",
   "as_of": "2026-10-27",
   "sentence": "XXV, return of capital, annual report, fiscal year to Jun 30, 2026 (Simplify latest estimate 85.6%, Oct 27, 2026): 31.6%, as of Oct 27, 2026.",
   "cite": {
    "value": "31.6%",
    "as_of": "2026-10-27",
    "source": "Simplify latest estimate 85.6%, Oct 27, 2026",
    "url": "https://etfiq.com/funds/xxv#fact-return-of-capital-annual-report-fiscal-year-to-jun-30-2026",
    "text": "XXV, return of capital, annual report, fiscal year to Jun 30, 2026 (Simplify latest estimate 85.6%, Oct 27, 2026): 31.6%, as of Oct 27, 2026."
   }
  },
  {
   "key": "last_payment",
   "label": "Last payment (paid monthly), ex-date Oct 27, 2026",
   "value": "$0.46",
   "source": "Tiingo end-of-day distributions",
   "as_of": "2026-10-27",
   "sentence": "XXV, last payment (paid monthly), ex-date Oct 27, 2026: $0.46, as of Oct 27, 2026.",
   "cite": {
    "value": "$0.46",
    "as_of": "2026-10-27",
    "source": "Tiingo end-of-day distributions",
    "url": "https://etfiq.com/funds/xxv#fact-last-payment",
    "text": "XXV, last payment (paid monthly), ex-date Oct 27, 2026: $0.46, as of Oct 27, 2026."
   }
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$48m",
   "source": "issuer page, as of Nov 11, 2026",
   "as_of": "2026-11-11",
   "sentence": "XXV, net assets: $48m (issuer page, as of Nov 11, 2026).",
   "cite": {
    "value": "$48m",
    "as_of": "2026-11-11",
    "source": "issuer page, as of Nov 11, 2026",
    "url": "https://etfiq.com/funds/xxv#fact-net-assets",
    "text": "XXV, net assets: $48m (issuer page, as of Nov 11, 2026)."
   }
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.78%",
   "source": "485BPOS XBRL, Oct 28, 2026",
   "as_of": "2026-10-28",
   "sentence": "XXV, expense ratio: 0.78% (485BPOS XBRL, Oct 28, 2026).",
   "cite": {
    "value": "0.78%",
    "as_of": "2026-10-28",
    "source": "485BPOS XBRL, Oct 28, 2026",
    "url": "https://etfiq.com/funds/xxv#fact-expense-ratio",
    "text": "XXV, expense ratio: 0.78% (485BPOS XBRL, Oct 28, 2026)."
   }
  }
 ],
 "fields": [
  {
   "key": "strategy",
   "label": "Strategy",
   "value": "option income",
   "source": null
  },
  {
   "key": "benchmark",
   "label": "Benchmark",
   "value": "Not set",
   "source": null
  },
  {
   "key": "how_the_benchmark_is_set",
   "label": "How the benchmark is set",
   "value": "ETFIQ sets no benchmark for it. XXV has no published holdings, and its prospectus names no one reference, so none could be read.",
   "source": "ETFIQ"
  },
  {
   "key": "pays",
   "label": "Pays",
   "value": "monthly",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$48m",
   "source": "issuer page, as of Nov 11, 2026"
  },
  {
   "key": "latest_payout_annualized",
   "label": "Latest payout, annualized",
   "value": "26.2%",
   "source": "ETFIQ"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.78%",
   "source": "485BPOS XBRL, Oct 28, 2026"
  },
  {
   "key": "cash_paid_since_launch_over_today_s_price",
   "label": "Cash paid, since launch, Nov 18, 2025, over today\u2019s price",
   "value": "26.0%",
   "source": "ETFIQ"
  },
  {
   "key": "first_traded",
   "label": "First traded",
   "value": "Nov 18, 2025",
   "source": null
  },
  {
   "key": "return_of_capital_latest_distribution",
   "label": "Return of capital, latest distribution",
   "value": "85.6%",
   "source": "Simplify 19a-1 estimate"
  },
  {
   "key": "pays",
   "label": "Pays",
   "value": "monthly",
   "source": null
  },
  {
   "key": "typical_gap_between_ex_dates",
   "label": "Typical gap between ex-dates",
   "value": "30 days",
   "source": null
  },
  {
   "key": "typical_wait_from_ex_date_to_payment",
   "label": "Typical wait from ex-date to payment",
   "value": "2 days",
   "source": null
  },
  {
   "key": "last_paid_per_share",
   "label": "Last paid, per share",
   "value": "$0.46 ex Oct 27, 2026",
   "source": null
  },
  {
   "key": "cash_paid_in_the_12_months_to_nov_12_2026_11_distributions_ex_dec_23_2025_to_oct_27_2026",
   "label": "Cash paid in the 12 months to Nov 12, 2026, 11 distributions, ex Dec 23, 2025 to Oct 27, 2026",
   "value": "$5.47",
   "source": null
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Total return": "\u22127.7%",
   "Cash paid": "2.0%",
   "Price": "\u22129.6%"
  },
  {
   "window": "3 months",
   "Total return": "\u22126.8%",
   "Cash paid": "6.0%",
   "Price": "\u221212.5%"
  },
  {
   "window": "6 months",
   "Total return": "+0.2%",
   "Cash paid": "12.1%",
   "Price": "\u221211.6%"
  },
  {
   "window": "Year to date",
   "Total return": "+1.8%",
   "Cash paid": "19.2%",
   "Price": "\u221217.3%"
  },
  {
   "window": "Since launch",
   "Total return": "+6.0%",
   "Cash paid": "21.9%",
   "Price": "\u221215.8%"
  }
 ],
 "questions": [
  {
   "q": "How much has XXV paid since it launched?",
   "a": "Over the period from its first trade on Nov 18, 2025 to Nov 12, 2026, XXV paid 21.9% of its starting price in cash distributions, while the price fell 15.8%."
  },
  {
   "q": "How often does XXV pay, and how much?",
   "a": "XXV pays monthly. The latest distribution annualizes to 26.2% at its price on Nov 12, 2026, which is not a promise; the next one can differ."
  },
  {
   "q": "Is the XXV distribution return of capital?",
   "a": "Simplify estimates 86% of the distribution paid Oct 27, 2026 was return of capital. That is a tax characterization from the fund's own 19a-1 notice, not a measure of erosion."
  },
  {
   "q": "When does XXV next pay a distribution?",
   "a": "XXV pays monthly. The last distribution went ex on Oct 27, 2026 at $0.46 a share. The next is not declared; on a cadence of about 30 days the ex-date falls near Nov 26, 2026, which is an ETFIQ projection. Payment usually follows the ex-date by 2 days."
  },
  {
   "q": "What does XXV cost?",
   "a": "The prospectus expense ratio is 0.78% a year."
  },
  {
   "q": "How much of XXV\u2019s distribution is return of capital?",
   "a": "Simplify\u2019s Rule 19a-1 notice estimates 85.6% of the distribution paid Oct 27, 2026 was return of capital. Across its notices for distributions paid Dec 23, 2025 to Oct 27, 2026, the estimate is 88.5%. The annual report for the fiscal year to Jun 30, 2026 puts it at 31.6% of distributions. Estimates come before the fund year closes and often change."
  }
 ],
 "key_stats": [
  {
   "key": "high52",
   "label": "52-week high, daily closes to Nov 12, 2026",
   "value": "$26.23 on Dec 22, 2025",
   "as_of": "2025-12-22",
   "source": "computed by ETFIQ from Tiingo daily prices",
   "number": 26.2252,
   "window": {
    "from": "2025-11-18",
    "to": "2026-11-12"
   }
  },
  {
   "key": "low52",
   "label": "52-week low, daily closes to Nov 12, 2026",
   "value": "$19.76 on Nov 6, 2026",
   "as_of": "2026-11-06",
   "source": "computed by ETFIQ from Tiingo daily prices",
   "number": 19.76,
   "window": {
    "from": "2025-11-18",
    "to": "2026-11-12"
   }
  },
  {
   "key": "inrange",
   "label": "Close on Nov 12, 2026, within that range",
   "value": "$21.04, 20% of the way from the low to the high",
   "as_of": "2026-11-12",
   "source": "computed by ETFIQ from Tiingo daily prices",
   "number": 21.04
  }
 ],
 "return_of_capital": [
  {
   "key": "final",
   "label": "Return of capital, fiscal year to Jun 30, 2026 (annual report, filed Sep 8, 2026)",
   "value": "31.6%",
   "to": "2026-06-30",
   "date": "2026-09-08",
   "source": "annual report",
   "number": 31.6,
   "url": "https://www.sec.gov/Archives/edgar/data/1810747/000182912626009902/simplifyetf_ncsr.htm"
  },
  {
   "key": "latest",
   "label": "Return of capital, latest notice (Simplify estimate, Oct 27, 2026)",
   "value": "85.6%",
   "date": "2026-10-27",
   "source": "Simplify",
   "number": 85.6,
   "url": "https://www.simplify.us/sites/default/files/2026-10/S19a_Notice_2026_October_M.pdf"
  },
  {
   "key": "window",
   "label": "Return of capital, distributions paid Dec 23, 2025 to Oct 27, 2026 (Simplify estimates)",
   "value": "88.5%",
   "from": "2025-12-23",
   "to": "2026-10-27",
   "source": "Simplify",
   "number": 88.5
  },
  {
   "key": "notices",
   "label": "Notices behind that number",
   "value": "8 of 11 distributions"
  },
  {
   "key": "options",
   "label": "Options it writes (holdings as of Jun 30, 2026)",
   "value": "Options on one company\u2019s shares, which are not Section 1256 contracts",
   "date": "2026-06-30",
   "url": "https://etfiq.com/learn/return-of-capital#section-1256-contract"
  }
 ],
 "trading": {
  "as_of": "2026-11-11",
  "score": null,
  "tier": null,
  "status": "not-scored",
  "lines": [
   "Not scored.",
   "Premium to NAV at the Nov 11 close: \u22120.01%; 95% of days within \u00b10.65%."
  ],
  "page": "https://etfiq.com/funds/xxv/trading/"
 },
 "outside_us": [
  {
   "key": "statutory",
   "label": "US tax withheld on dividends, no treaty",
   "value": "30%",
   "date": "2026-10-30",
   "source": "https://www.irs.gov/pub/irs-lbi/tax-treaty-table-1.pdf",
   "number": 30.0,
   "url": "https://www.irs.gov/pub/irs-lbi/tax-treaty-table-1.pdf"
  },
  {
   "key": "treaty",
   "label": "Treaty rates on dividends (IRS table, read Oct 30, 2026)",
   "value": "65 countries, 10% to 30%",
   "date": "2026-10-30",
   "source": "https://www.irs.gov/pub/irs-lbi/tax-treaty-table-1.pdf",
   "number": 65.0,
   "url": "https://www.irs.gov/individuals/international-taxpayers/tax-treaty-tables"
  },
  {
   "key": "qii",
   "label": "XXV interest-related and short-term gain dividends",
   "value": "not read by ETFIQ"
  },
  {
   "key": "estate",
   "label": "US estate tax filing threshold, non-resident holders",
   "value": "$60,000",
   "date": "2026-10-30",
   "source": "https://www.irs.gov/instructions/i706na",
   "number": 60000.0,
   "url": "https://www.irs.gov/instructions/i706na"
  },
  {
   "key": "dist",
   "label": "Share class",
   "value": "Distributing",
   "source": "https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title26-section852&num=0&edition=prelim",
   "url": "https://etfiq.com/learn/non-us-holders"
  }
 ],
 "flows": {
  "as_of": "2026-11-11",
  "coverage": "daily",
  "computed_by": "ETFIQ, from the change in shares outstanding times the previous day\u2019s NAV",
  "method": "https://etfiq.com/methodology/flows",
  "data": "https://etfiq.com/data/flows/funds/xxv.json",
  "windows": [
   {
    "window": "1 day",
    "from": "2026-11-11",
    "to": "2026-11-11",
    "net_flow_usd": 0,
    "net_flow": "$0",
    "round_trip_usd": 0,
    "days_counted": 1,
    "trading_days": 1
   }
  ],
  "daily_counts_start": "2026-11-09",
  "windows_without_daily_figure": [
   "1 week",
   "1 month",
   "3 months",
   "Year to date",
   "1 year"
  ]
 },
 "generated": "2026-11-13",
 "license": "https://etfiq.com/license/",
 "license_text": "Data ETFIQ computes is free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.",
 "citation": "ETFIQ, XXV, income ETFs, data as of Nov 12, 2026. https://etfiq.com/funds/xxv"
}