The Simplify High Yield ETF (CDX) seeks to maximize current income by investing primarily in high-yield bonds while mitigating credit risk. CDX is designed to provide core high yield exposure, with its attractive income, while simultaneously deploying a host of compelling and flexible credit hedge techniques. The primary hedge in CDX is a Quality-Junk factor-based hedge, although CDX will opportunistically invest in CDX calls and equity puts based on cost-to-payout ratios.