SBAR ETF - no NAV change unless the index drops 30%?

I am doing some research on SBAR, "Simplify Barrier Income ETF". "The strategy sells a 30-barrier put option based on the worst performing of three reference indices: S&P 500 Index, Nasdaq 100 Index and Russell 2000 Index. Premiums from selling this option are distributed to shareholders as monthly income." I was watching a youtube video that interviewed one of the executives at Simplify, titled "The Simplify Barrier ETFs: A Game-Changer for Your Portfolio". (I didn't post a link because I wasn't sure it was allowed.) The video shared a slide that was interesting at 17:18. [](https://preview.redd.it/anyone-checked-out-simplify-sbar-and-xv-barrier-options-v0-7m5rkx5b6u8g1.png?width=1024&format=png&auto=webp&s=bc0058937d55afac79ae0c1ffaf696146243eb8c) https://preview.redd.it/uui63nw17oeg1.jpg?width=1024&format=pjpg&auto=webp&s=cdbcc8213b1b83eaf5ec0d56d2c0801a2c7a581c The video explained that if the market is up 16%, the theoretical change in ETF share price of SBAR would be 0%. If the market is down 28%, the share price change is also zero because it hasn't breached the 30% barrier. If the market is down 33%, then the ETF share price would drop 33%. If this is the case, couldn't an investor sell SBAR when the markets are getting close to a 30% drop for "full price" to avoid suffering losses? It seems that if the index is down 28% and close to breeching the barrier, then there would be fewer buyers and more sellers, so I'm not sure why the share price would be unchanged? Thank you for any input you can offer.