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HARD

Simplify Commodities Strategy No K-1 ETF

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As of 09/11/2025

NAV

$ 30.16

NAV Change

+ $ 0.06 /0.20%

Price

$ 30.18

Price Change

+ $ 0.07 /0.23%
Commodities are a terrific way to hedge portfolios against strong inflation, but long-only commodity investments are challenging to hold over strategic horizons given their prevalence for extended periods of underperformance.

The Simplify Commodities Strategy No K-1 ETF (HARD) seeks long term capital appreciation by systematically investing in commodity futures in an attempt to create commodity exposure that performs strongly during inflationary periods while still performing well in more typical market environments.

To this end, HARD deploys a suite of systematic long/short (l/s) models that have been designed by Altis Partners, a commodity trading advisor with over 20 years of experience.
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Documents

Fund Overview

As of 09/11/2025

Ticker Symbol
HARD
Gross Expense Ratio
0.75%
CUSIP
82889N566
Total Assets
$33,933,975.41
Shares Outstanding
1,125,001
Distribution Rate as of 06/30/2025 Distribution rate calculation employs the most recent distribution, and multiplies the payment by 12 (monthly) or 4 (quarterly) to get an annualized total. The annualized total is then divided by the most recent net asset value (NAV) to determine the distribution rate.
Distribution Rate Close
Distribution rate calculation employs the most recent distribution, and multiplies the payment by 12 (monthly) or 4 (quarterly) to get an annualized total. The annualized total is then divided by the most recent net asset value (NAV) to determine the distribution rate.
3.57%
Distribution Frequency
Quarterly
30-Day SEC Yield (Subsidized) as of 08/31/2025 SEC 30-day Yield is available once fund has a full quarter of performance.
SEC 30-Day Yield Close
SEC 30-day Yield is available once fund has a full quarter of performance.
-
30-Day SEC Yield (Unsubsidized) as of 08/31/2025
2.95%
Options Available
No
Inception Date
03/27/2023
Premium/Discount (%) as of 09/11/2025
0.05%
NAV Per Share as of 09/11/2025
$30.16
Market Price as of 09/11/2025
$30.18
30-Day Median Bid-Ask Spread
0.27%
Bid/Ask
$30.15/$30.22
Midpoint Price
$30.19
Volume
11,085
NAV Symbol
HARD.NV
IOPV Symbol
HARD.IV
Shares Out. Symbol
HARD.SO
Schedule K-1
No
 
The Distribution Rate is the annual rate an investor would receive if the most recently declared distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by multiplying an ETF’s Distribution per Share by twelve (12), and dividing the resulting amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distribution includes an estimated 25% Return of Capital ("ROC"). The ROC percentage indicates the percentage of the distribution that reflects an investor's initial investment.

Management Fees

This table describes the fees and expenses that you may pay if you buy, sell, and hold shares of the Fund. Investors purchasing or selling shares of the Fund in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker. The fee table located in the prospectus and updates in prospectus supplements prevail.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees0.75%
Distribution and Service (12b-1) Fees0.00%
Other Expenses0.00%
Total Annual Fund Operating Expenses0.75%

Fund Performance (Total Return)

As of 08/31/2025 06/30/2025

Monthly Quarterly Annually
Cumulative 1 Month 3 Month 6 Month YTD 1 Year Since Inception
NAV 8.91% 12.33% 7.27% 16.69% 32.37% 31.84%
Market Price 8.92% 12.37% 7.10% 15.22% 32.55% 31.82%
Annualized 1 Year 3 Year Since Inception
NAV 32.37% — 12.05%
Market Price 32.55% — 12.05%
Cumulative 1 Year Since Inception
NAV 20.52% 20.23%
Market Price 20.94% 20.43%
Annualized 1 Year 3 Year 5 Year Since Inception
NAV 20.52% — — 8.49%
Market Price 20.94% — — 8.58%
Calendar Year NAV Market Price
2024 18.97% 20.48%
2023 — —
The performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance data for the most recent month-end is available above.

NAV: The dollar value of a single share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. Calculated at the end of each business day.

Market Price: The current price at which shares are bought and sold. Market returns are based upon the last trade price.

Short term performance, in particular, is not a good indication of the fund's future performance, and an investment should not be made based solely on returns.

Growth of $10,000

The Growth of $10,000 chart reflects a hypothetical investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted. Results are not indicative of future performance. 

Historical Premium/Discount

Calendar Year 2024 2nd Quarter of 2025
Days Traded at Premium
125
41
Days Traded at Discount
127
21
The above frequency distribution chart presents information about the difference between the daily market price for shares of the Fund and the Fund's reported Net Asset Value. The amount that the Fund's market price is above the reported NAV is called the premium. The amount that the Fund's market price is below the reported NAV is called the discount. The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated (usually 4:00 p.m. EST). The horizontal axis of the chart shows the premium or discount expressed in basis points. The vertical axis indicates the number of trading days in the period covered by the chart. Each bar in the chart shows the number of trading days in which the Fund traded within the premium/discount range indicated.

Portfolio Holdings

Holdings Summary Risk Profile

As of 09/11/2025

Holdings - All ETFs
Ticker Name Quantity Weight
SBIL SIMPLIFY GOVT MNY MRKT ET 224,500 66.32%
BOF6 COM SOYBEAN OIL FUTR Jan26 6 0.55%
BOV5 COM SOYBEAN OIL FUTR Oct25 2 0.18%
BOZ5 COM SOYBEAN OIL FUTR Dec25 13 1.19%
C H6 COM CORN FUTURE Mar26 97 6.25%
C K6 COM CORN FUTURE May26 50 3.30%
C N6 COM CORN FUTURE Jul26 44 2.95%
C Z5 COM CORN FUTURE DEC25 164 10.14%
CCH6 COM COCOA FUTURE Mar26 12 2.62%
CCK6 COM COCOA FUTURE May26 3 0.65%
CCZ5 COM COCOA FUTURE Dec25 16 3.55%
CLF6 COM WTI CRUDE FUTURE Jan26 13 2.36%
CLG6 COM WTI CRUDE FUTURE Feb26 12 2.18%
CLH6 COM WTI CRUDE FUTURE Mar26 20 3.63%
CLJ6 COM WTI CRUDE FUTURE Apr26 8 1.45%
CLK6 COM WTI CRUDE FUTURE May26 6 1.09%
CLM6 COM WTI CRUDE FUTURE Jun26 2 0.36%
CLX5 COM WTI CRUDE FUTURE Nov25 12 2.20%
CLZ5 COM WTI CRUDE FUTURE Dec25 16 2.92%
CTH6 COM COTTON NO.2 FUTR Mar26 2 0.20%
CTK6 COM COTTON NO.2 FUTR May26 1 0.10%
CTZ5 COM COTTON NO.2 FUTR Dec25 6 0.59%
FCF6 COM CATTLE FEEDER FUT Jan26 3 1.52%
FCV5 COM CATTLE FEEDER FUT Oct25 21 10.90%
FCX5 COM CATTLE FEEDER FUT Nov25 17 8.78%
GCZ5 COM GOLD 100 OZ FUTR Dec25 42 45.47%
HGH6 COM COPPER FUTURE Mar26 3 1.04%
HGZ5 COM COPPER FUTURE Dec25 26 8.92%
HOF6 COM NY Harb ULSD Fut Jan26 1 0.28%
HOV5 COM NY Harb ULSD Fut Oct25 1 0.28%
HOX5 COM NY Harb ULSD Fut Nov25 6 1.69%
HOZ5 COM NY Harb ULSD Fut Dec25 5 1.40%
KCH6 COM COFFEE 'C' FUTURE Mar26 9 3.71%
KCK6 COM COFFEE 'C' FUTURE May26 2 0.80%
KCZ5 COM COFFEE 'C' FUTURE Dec25 20 8.53%
KWH6 COM KC HRW WHEAT FUT Mar26 -13 -1.02%
KWK6 COM KC HRW WHEAT FUT May26 -4 -0.32%
KWZ5 COM KC HRW WHEAT FUT Dec25 -38 -2.86%
LCG6 COM LIVE CATTLE FUTR Feb26 26 7.21%
LCV5 COM LIVE CATTLE FUTR Oct25 10 2.74%
LCZ5 COM LIVE CATTLE FUTR Dec25 48 13.25%
LHG6 COM LEAN HOGS FUTURE Feb26 35 3.74%
LHV5 COM LEAN HOGS FUTURE Oct25 18 2.08%
LHZ5 COM LEAN HOGS FUTURE Dec25 67 7.05%
NGF26 COM NATURAL GAS FUTR Jan26 5 0.61%
NGH26 COM NATURAL GAS FUTR Mar26 -2 -0.21%
NGJ26 COM NATURAL GAS FUTR Apr26 -2 -0.21%
NGX25 COM NATURAL GAS FUTR Nov25 12 1.14%
NGZ25 COM NATURAL GAS FUTR Dec25 4 0.45%
PAZ5 COM PALLADIUM FUTURE Dec25 1 0.36%
PLV5 COM PLATINUM FUTURE Oct25 5 1.03%
RSF6 COM CANOLA FUTR (WCE) Jan26 44 1.21%
RSH6 COM CANOLA FUTR (WCE) Mar26 10 0.28%
RSX5 COM CANOLA FUTR (WCE) Nov25 200 5.38%
S F6 COM SOYBEAN FUTURE Jan26 21 3.26%
S H6 COM SOYBEAN FUTURE Mar26 20 3.15%
S K6 COM SOYBEAN FUTURE May26 11 1.75%
S X5 COM SOYBEAN FUTURE Nov25 23 3.50%
SBH6 COM SUGAR #11 (WORLD) Mar26 -81 -4.41%
SBK6 COM SUGAR #11 (WORLD) May26 -19 -1.01%
SBN6 COM SUGAR #11 (WORLD) Jul26 -14 -0.74%
SIZ5 COM SILVER FUTURE Dec25 21 13.04%
SMF6 COM SOYBEAN MEAL FUTR Jan26 -1 -0.09%
SMV5 COM SOYBEAN MEAL FUTR Oct25 1 0.08%
SMZ5 COM SOYBEAN MEAL FUTR Dec25 -9 -0.76%
W H6 COM WHEAT FUTURE(CBT) Mar26 -17 -1.35%
W K6 COM WHEAT FUTURE(CBT) May26 -4 -0.32%
W Z5 COM WHEAT FUTURE(CBT) Dec25 -52 -4.00%
XBF6 COM GASOLINE RBOB FUT Jan26 8 1.83%
XBV5 COM GASOLINE RBOB FUT Oct25 3 0.73%
XBX5 COM GASOLINE RBOB FUT Nov25 40 9.52%
XBZ5 COM GASOLINE RBOB FUT Dec25 20 4.64%
- TREASURY BILL DN 9/25 3,900,000 11.47%
- TREASURY BILL DN 9/25 100,000 0.29%
- TREASURY BILL DN 10/25 4,100,000 12.02%
- TREASURY BILL DN 11/25 3,500,000 10.24%
- DREYFUS TRSY OBLIG CASH M 139,055 0.41%
- CANADIAN DOLLAR -369,342 -0.79%
- Estimated Cash -1,228,995 -3.96%

Holdings are subject to change without notice.

As of

Portfolio Risk Profile
Category Weight Est. Initial Margin Contrib to Vol
GOLD 100 OZ FUTR 45.28% 693,000 14.05%
COFFEE 'C' FUTURE 12.85% 301,502 10.07%
CORN FUTURE 22.73% 341,504 9.53%
CATTLE FEEDER FUT 18.61% 215,710 8.31%
LIVE CATTLE FUTR 21.19% 265,980 8.22%
GASOLINE RBOB FUT 16.42% 397,910 7.56%
COCOA FUTURE 6.67% 288,445 6.09%
SILVER FUTURE 11.90% 313,500 5.33%
WTI CRUDE FUTURE 16.34% 464,918 4.83%
LEAN HOGS FUTURE 12.46% 220,660 4.08%
SOYBEAN FUTURE 11.71% 145,420 3.91%
CANOLA FUTR (WCE) 6.90% 133,686 3.76%
COPPER FUTURE 10.22% 313,500 3.04%
SUGAR #11 (WORLD) -6.12% 111,235 2.18%
WHEAT FUTURE(CBT) -5.72% 123,640 1.90%
NY HARB ULSD FUT 3.07% 80,412 1.58%
KC HRW WHEAT FUT -4.20% 92,620 1.54%
NATURAL GAS FUTR 1.76% 75,802 1.44%
SOYBEAN OIL FUTR 1.92% 44,825 1.14%
PLATINUM FUTURE 1.03% 27,500 0.63%
PALLADIUM FUTURE 0.37% 13,200 0.30%
COTTON NO.2 FUTR 1.09% 14,103 0.27%
SOYBEAN MEAL FUTR -0.42% 10,890 0.22%
Total 206.05% 4,689,962 100.00%

Recent Distributions

Ex-Dividend Date Record Date Payable Date Total Distribution
N/A
$0.25000
$0.12000
$0.34840
$0.30000
View Distribution History
S19(a) Notices Data in the s19 reports should not be relied upon to estimate the tax classification of distributions. They are rough point-in-time estimates that do not line up with the fund's fiscal year end and are thus not reflective of the tax information investors should expect. S19 reports are posted for regulatory requirements only.
S19(a) Notices Close
Data in the s19 reports should not be relied upon to estimate the tax classification of distributions. They are rough point-in-time estimates that do not line up with the fund's fiscal year end and are thus not reflective of the tax information investors should expect. S19 reports are posted for regulatory requirements only.

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