CPII
Ionic Inflation
Protection ETF
CPII
Fund Summary & Investment Objective
The Ionic Inflation Protection ETF (CPII) is an actively managed exchange-traded fund that seeks to generate positive returns during periods of elevated and/or rising inflation and inflation expectations as well as during periods of increasing interest rates and fixed income volatility.
Investment Strategy
Ionic utilizes a proprietary process to construct an investment portfolio of inflation swaps on CPI, swaptions on US interest rates and TIPS.
Why Invest in CPII

Provides direct exposure to inflation and inflation expectations

Leverages the firm’s interest rate derivatives expertise

Offers daily liquidity and transparency at an attractive fee
Overview
Fund Information
wdt_ID | Name | Data |
---|---|---|
1 | Fund Name | Ionic Inflation Protection ETF |
2 | Fund Inception | 06/28/2022 |
3 | Ticker | CPII |
4 | Primary Exchange | NYSE Arca |
5 | CUSIP | 886364553 |
6 | NAV Symbol | CPII.NV |
7 | Gross Expense Ratio | 0.70% |
8 | Data as of: 04/30/23 30-Day SEC Yield |
6.71% |
Fund Data & Pricing
Fund Name | Ionic Inflation Protection ETF |
---|---|
Fund Ticker | CPII |
CUSIP | 886364553 |
Net Assets | $9.75m |
Shares Outstanding | 500,000 |
NAV | $19.51 |
NAV Change Dollars | -0.06 |
NAV Change Percentage | -0.3 |
Market Price | 19.53 |
Market Price Change Dollars | -0.1 |
Market Price Change Percentage | -0.51 |
Premium/Discount Percentage | 0.08% |
Rate Date | 05/30/2023 |
Median 30 Day Spread Percentage | 0.15 |
Closing Price | $19.53 |
Median 30-Day Spread Percentage | 0.15% |
Fund Name | Ionic Inflation Protection ETF |
---|---|
Fund Ticker | CPII |
CUSIP | 886364553 |
Net Assets | $9.75m |
Shares Outstanding | 500,000 |
NAV | $19.51 |
NAV Change Dollars | -0.06 |
NAV Change Percentage | -0.3 |
Market Price | 19.53 |
Market Price Change Dollars | -0.1 |
Market Price Change Percentage | -0.51 |
Premium/Discount Percentage | 0.08% |
Rate Date | 05/30/2023 |
Median 30 Day Spread Percentage | 0.15 |
Closing Price | $19.53 |
Median 30-Day Spread Percentage | 0.15% |
30-Day Median Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.
Performance
Inception Date: 06/28/2022
Fund Name | Fund Ticker | 1 Month | 3 Month | 6 Month | YTD | Since Inception Cumulative | 1 Year | 3 Year | 5 Year | Since Inception Annualized | Date |
---|---|---|---|---|---|---|---|---|---|---|---|
Ionic Inflation Protection ETF | CPII NAV | -0.58 | 2.15 | -2.41 | -0.3 | 0.71 | – | – | – | – | 04/30/2023 |
Ionic Inflation Protection ETF | CPII MKT | -0.68 | 2.24 | -2.53 | -0.4 | 0.89 | – | – | – | – | 04/30/2023 |
S&P 500 TR | SPTR2 | 1.56 | 2.72 | 8.63 | 9.17 | 10.67 | – | – | – | 04/30/2023 |
Fund Name | Fund Ticker | 1MO | 3MO | 6MO | YTD | 1YR | 3YR | 5YR | Since Inception (Cumulative) | Since Inception (Annualized) | Date |
---|---|---|---|---|---|---|---|---|---|---|---|
Ionic Inflation Protection ETF | CPII NAV | -0.58 | 2.15 | -2.41 | -0.30 | – | – | – | 0.71 | – | 04/30/2023 |
Ionic Inflation Protection ETF | CPII MKT | -0.68 | 2.24 | -2.53 | -0.40 | – | – | – | 0.89 | – | 04/30/2023 |
S&P 500 TR | SPTR2 | 1.56 | 2.72 | 8.63 | 9.17 | – | – | – | 10.67 | 04/30/2023 |
As of 03/31/23
Fund Name | Fund Ticker | 1MO | 3MO | 6MO | YTD | 1YR | 3YR | 5YR | Since Inception (Cumulative) | Since Inception (Annualized) | Date |
---|---|---|---|---|---|---|---|---|---|---|---|
Ionic Inflation Protection ETF | CPII NAV | 0.25 | 0.28 | 1.18 | 0.28 | – | – | – | 1.30 | – | 03/31/2023 |
Ionic Inflation Protection ETF | CPII MKT | 0.36 | 0.28 | 1.20 | 0.28 | – | – | – | 1.58 | – | 03/31/2023 |
S&P 500 TR | SPTR2 | 3.67 | 7.50 | 15.62 | 7.5 | – | – | – | 8.97 | 03/31/2023 |
Fund Name | Fund Ticker | 1 Month | 3 Month | 6 Month | YTD | Since Inception Cumulative | 1 Year | 3 Year | 5 Year | Since Inception Annualized | Date |
---|---|---|---|---|---|---|---|---|---|---|---|
Ionic Inflation Protection ETF | CPII NAV | -0.58 | 2.15 | -2.41 | -0.3 | 0.71 | – | – | – | – | 04/30/2023 |
Ionic Inflation Protection ETF | CPII MKT | -0.68 | 2.24 | -2.53 | -0.4 | 0.89 | – | – | – | – | 04/30/2023 |
S&P 500 TR | SPTR2 | 1.56 | 2.72 | 8.63 | 9.17 | 10.67 | – | – | – | 04/30/2023 |
Fund Name | Fund Ticker | 1MO | 3MO | 6MO | YTD | 1YR | 3YR | 5YR | Since Inception (Cumulative) | Since Inception (Annualized) | Date |
---|---|---|---|---|---|---|---|---|---|---|---|
Ionic Inflation Protection ETF | CPII NAV | -0.58 | 2.15 | -2.41 | -0.30 | – | – | – | 0.71 | – | 04/30/2023 |
Ionic Inflation Protection ETF | CPII MKT | -0.68 | 2.24 | -2.53 | -0.40 | – | – | – | 0.89 | – | 04/30/2023 |
S&P 500 TR | SPTR2 | 1.56 | 2.72 | 8.63 | 9.17 | – | – | – | 10.67 | 04/30/2023 |
As of 06/30/22
Fund Name | Fund Ticker | 1MO | 3MO | 6MO | YTD | 1YR | 3YR | 5YR | Since Inception (Cumulative) | Since Inception (Annualized) | Date |
---|---|---|---|---|---|---|---|---|---|---|---|
Ionic Inflation Protection ETF | CPII NAV | 0.25 | 0.28 | 1.18 | 0.28 | – | – | – | 1.30 | – | 03/31/2023 |
Ionic Inflation Protection ETF | CPII MKT | 0.36 | 0.28 | 1.20 | 0.28 | – | – | – | 1.58 | – | 03/31/2023 |
S&P 500 TR | SPTR2 | 3.67 | 7.50 | 15.62 | 7.5 | – | – | – | 8.97 | 03/31/2023 |
As of 12/31/21
wdt_ID | Name | 1MO | 3MO | 6MO | YTD | 1YR | 3YR | 2022 | 2023 | 2024 |
---|---|---|---|---|---|---|---|---|---|---|
1 | CPII MKT | – | – | – | – | – | – | – | – | – |
2 | CPII NAV | – | – | – | – | – | – | – | – | – |

Top 10 Holdings
Holdings subject to change.
Date | Account | StockTicker | CUSIP | SecurityName | Shares | Price | MarketValue | Weightings | NetAssets | SharesOutstanding | CreationUnits | MoneyMarketFlag | Ticker | Name | Shares Held | Market Value | % Of Net Assets |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
05/31/2023 | CPII | 912828H45 | 912828H45 | United States Treasury Inflation Indexed Bonds 0.25% 01/15/2025 | 1,172,282 | 96.30 | 1,128,868.53 | 11.57 | 9,754,300 | 500,000 | 20 | 912828H45 | United States Treasury Inflation Indexed Bonds 0.25% 01/15/2025 | 1,172,282 | 1,128,868.53 | 11.57% | |
05/31/2023 | CPII | 9128286N5 | 9128286N5 | United States Treasury Inflation Indexed Bonds 0.5% 04/15/2024 | 1,148,774 | 97.57 | 1,120,824.06 | 11.49 | 9,754,300 | 500,000 | 20 | 9128286N5 | United States Treasury Inflation Indexed Bonds 0.5% 04/15/2024 | 1,148,774 | 1,120,824.06 | 11.49% | |
05/31/2023 | CPII | 912828B25 | 912828B25 | United States Treasury Inflation Indexed Bonds 0.625% 01/15/2024 | 1,138,244 | 98.27 | 1,118,571.22 | 11.47 | 9,754,300 | 500,000 | 20 | 912828B25 | United States Treasury Inflation Indexed Bonds 0.625% 01/15/2024 | 1,138,244 | 1,118,571.22 | 11.47% | |
05/31/2023 | CPII | 912828ZJ2 | 912828ZJ2 | United States Treasury Inflation Indexed Bonds 0.125% 04/15/2025 | 1,168,420 | 95.72 | 1,118,436.56 | 11.47 | 9,754,300 | 500,000 | 20 | 912828ZJ2 | United States Treasury Inflation Indexed Bonds 0.125% 04/15/2025 | 1,168,420 | 1,118,436.56 | 11.47% | |
05/31/2023 | CPII | 912828YL8 | 912828YL8 | United States Treasury Inflation Indexed Bonds 0.125% 10/15/2024 | 1,152,793 | 96.71 | 1,114,862.99 | 11.43 | 9,754,300 | 500,000 | 20 | 912828YL8 | United States Treasury Inflation Indexed Bonds 0.125% 10/15/2024 | 1,152,793 | 1,114,862.99 | 11.43% | |
05/31/2023 | CPII | 91282CAQ4 | 91282CAQ4 | United States Treasury Inflation Indexed Bonds 0.125% 10/15/2025 | 1,163,160 | 95.56 | 1,111,487.64 | 11.39 | 9,754,300 | 500,000 | 20 | 91282CAQ4 | United States Treasury Inflation Indexed Bonds 0.125% 10/15/2025 | 1,163,160 | 1,111,487.64 | 11.39% | |
05/31/2023 | CPII | 912828WU0 | 912828WU0 | United States Treasury Inflation Indexed Bonds 0.125% 07/15/2024 | 1,143,936 | 97.06 | 1,110,306.99 | 11.38 | 9,754,300 | 500,000 | 20 | 912828WU0 | United States Treasury Inflation Indexed Bonds 0.125% 07/15/2024 | 1,143,936 | 1,110,306.99 | 11.38% | |
05/31/2023 | CPII | 912828XL9 | 912828XL9 | United States Treasury Inflation Indexed Bonds 0.375% 07/15/2025 | 1,145,394 | 96.38 | 1,103,937.01 | 11.32 | 9,754,300 | 500,000 | 20 | 912828XL9 | United States Treasury Inflation Indexed Bonds 0.375% 07/15/2025 | 1,145,394 | 1,103,937.01 | 11.32% | |
05/31/2023 | CPII | Cash&Other | Cash&Other | Cash & Other | 551,016 | 1.00 | 551,016.25 | 5.65 | 9,754,300 | 500,000 | 20 | Y | Cash&Other | Cash & Other | 551,016 | 551,016.25 | 5.65% |
05/31/2023 | CPII | CPIISWAPTION2023010301 | CPIISWAPTION2023010301 | IR SWAPTION PAYER 3.9% 1/3/2025 | 20,000,000 | 0.01 | 297,420.00 | 3.05 | 9,754,300 | 500,000 | 20 | CPIISWAPTION2023010301 | IR SWAPTION PAYER 3.9% 1/3/2025 | 20,000,000 | 297,420.00 | 3.05% | |
05/31/2023 | CPII | CPIISWAP2022063002 | CPIISWAP2022063002 | INFLATION SWAP REC CPI PAY 2.89% 06/30/2027 | 10,000,000 | -0.22 | -21,517.39 | -0.22 | 9,754,300 | 500,000 | 20 | CPIISWAP2022063002 | INFLATION SWAP REC CPI PAY 2.89% 06/30/2027 | 10,000,000 | -21,517.39 | -0.22% |
Date | Account | StockTicker | SecurityName | Shares | Price | MarketValue | Weightings | NetAssets | SharesOutstanding | CreationUnits | MoneyMarketFlag | Name | Ticker | Security Identifier | Quantity | Market Value | % Of Net Assets |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
05/31/2023 | CPII | 912828H45 | United States Treasury Inflation Indexed Bonds 0.25% 01/15/2025 | 1,172,282 | 96.30 | 1,128,868.53 | 11.57 | 9,754,300 | 500,000 | 20 | United States Treasury Inflation Indexed Bonds 0.25% 01/15/2025 | 912828H45 | 912828H45 | 1,172,282 | 1,128,868.53 | 11.57% | |
05/31/2023 | CPII | 9128286N5 | United States Treasury Inflation Indexed Bonds 0.5% 04/15/2024 | 1,148,774 | 97.57 | 1,120,824.06 | 11.49 | 9,754,300 | 500,000 | 20 | United States Treasury Inflation Indexed Bonds 0.5% 04/15/2024 | 9128286N5 | 9128286N5 | 1,148,774 | 1,120,824.06 | 11.49% | |
05/31/2023 | CPII | 912828B25 | United States Treasury Inflation Indexed Bonds 0.625% 01/15/2024 | 1,138,244 | 98.27 | 1,118,571.22 | 11.47 | 9,754,300 | 500,000 | 20 | United States Treasury Inflation Indexed Bonds 0.625% 01/15/2024 | 912828B25 | 912828B25 | 1,138,244 | 1,118,571.22 | 11.47% | |
05/31/2023 | CPII | 912828ZJ2 | United States Treasury Inflation Indexed Bonds 0.125% 04/15/2025 | 1,168,420 | 95.72 | 1,118,436.56 | 11.47 | 9,754,300 | 500,000 | 20 | United States Treasury Inflation Indexed Bonds 0.125% 04/15/2025 | 912828ZJ2 | 912828ZJ2 | 1,168,420 | 1,118,436.56 | 11.47% | |
05/31/2023 | CPII | 912828YL8 | United States Treasury Inflation Indexed Bonds 0.125% 10/15/2024 | 1,152,793 | 96.71 | 1,114,862.99 | 11.43 | 9,754,300 | 500,000 | 20 | United States Treasury Inflation Indexed Bonds 0.125% 10/15/2024 | 912828YL8 | 912828YL8 | 1,152,793 | 1,114,862.99 | 11.43% | |
05/31/2023 | CPII | 91282CAQ4 | United States Treasury Inflation Indexed Bonds 0.125% 10/15/2025 | 1,163,160 | 95.56 | 1,111,487.64 | 11.39 | 9,754,300 | 500,000 | 20 | United States Treasury Inflation Indexed Bonds 0.125% 10/15/2025 | 91282CAQ4 | 91282CAQ4 | 1,163,160 | 1,111,487.64 | 11.39% | |
05/31/2023 | CPII | 912828WU0 | United States Treasury Inflation Indexed Bonds 0.125% 07/15/2024 | 1,143,936 | 97.06 | 1,110,306.99 | 11.38 | 9,754,300 | 500,000 | 20 | United States Treasury Inflation Indexed Bonds 0.125% 07/15/2024 | 912828WU0 | 912828WU0 | 1,143,936 | 1,110,306.99 | 11.38% | |
05/31/2023 | CPII | 912828XL9 | United States Treasury Inflation Indexed Bonds 0.375% 07/15/2025 | 1,145,394 | 96.38 | 1,103,937.01 | 11.32 | 9,754,300 | 500,000 | 20 | United States Treasury Inflation Indexed Bonds 0.375% 07/15/2025 | 912828XL9 | 912828XL9 | 1,145,394 | 1,103,937.01 | 11.32% | |
05/31/2023 | CPII | Cash&Other | Cash & Other | 551,016 | 1.00 | 551,016.25 | 5.65 | 9,754,300 | 500,000 | 20 | Y | Cash & Other | Cash&Other | Cash&Other | 551,016 | 551,016.25 | 5.65% |
05/31/2023 | CPII | CPIISWAPTION2023010301 | IR SWAPTION PAYER 3.9% 1/3/2025 | 20,000,000 | 0.01 | 297,420.00 | 3.05 | 9,754,300 | 500,000 | 20 | IR SWAPTION PAYER 3.9% 1/3/2025 | CPIISWAPTION2023010301 | CPIISWAPTION2023010301 | 20,000,000 | 297,420.00 | 3.05% | |
05/31/2023 | CPII | CPIISWAP2022063002 | INFLATION SWAP REC CPI PAY 2.89% 06/30/2027 | 10,000,000 | -0.22 | -21,517.39 | -0.22 | 9,754,300 | 500,000 | 20 | INFLATION SWAP REC CPI PAY 2.89% 06/30/2027 | CPIISWAP2022063002 | CPIISWAP2022063002 | 10,000,000 | -21,517.39 | -0.22% |
Purchase Information
Glossary
30-Day SEC Yield
The 30-Day Yield represents net investment income earned by the Fund over the 30-Day period ended on the date indicated by the Yield, expressed as an annual percentage rate based on the Fund’s share price at the end of the 30-Day period. The 30-Day unsubsidized SEC Yield does not reflect any fee waivers/reimbursements/limits in effect.
Consumer Price Index (CPI)
A calculation of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.
Net Asset Value (NAV)
The “market value” of all a company’s assets, including but not limited to its properties, after subtracting the “market value” of all its liabilities and obligations.
S&P 500 Index
Swaption
An option to enter into an interest rate swap or some other type of swap. In exchange for an options premium, the buyer is granted the right but not the obligation to enter into a specified swap agreement with the issuer on a date specified in the future.
TIPS Treasury Inflation-Protected Securities (“TIPS”)
A type of U.S. Treasury security issued by the government. TIPS are indexed to the rate of inflation in order to protect investors from a decline in their purchasing power.