Simplify's $27m ETF Ran a 291% VaR. Its Shareholders Never Saw the Breach
The first Rule 18f-4 enforcement action, the Carvana short behind it, and why 2,804 reports explain the rule and none disclose a breach.
Simplify’s Macro Strategy ETF ran a 291% relative value-at-risk reading against a 200% regulatory cap across two episodes in 2024, and the only reason any of us can read about it is that an enforcement action arrived twenty seven months later.
