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HARD

Simplify Commodities Strategy No K-1 ETF

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As of 03/18/2026

NAV

$ 35.48

NAV Change

+ $ 0.44 /1.26%

Price

$ 35.77

Price Change

+ $ 0.63 /1.79%
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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A Better Way to Invest in Commodities

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Fund Overview

As of 03/18/2026

Ticker Symbol
HARD
Expense Ratio
0.78%
CUSIP
82889N566
Total Assets
$96,696,391.45
Shares Outstanding
2,725,001
Distribution Rate as of 12/31/2025 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.
4.04%
Distribution Frequency
Quarterly
30-Day SEC Yield (Subsidized) as of 02/28/2026
-
30-Day SEC Yield (Unsubsidized) as of 02/28/2026
2.23%
Options Available
No
Inception Date
03/27/2023
Premium/Discount (%) as of 03/18/2026
0.80%
NAV Per Share as of 03/18/2026
$35.48
Market Price as of 03/18/2026
$35.77
30-Day Median Bid-Ask Spread
0.38%
Bid/Ask
$35.67/$35.77
Midpoint Price
$35.72
Volume
20,797
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 39% Return of Capital ("ROC"). The ROC percentage indicates the percentage of the distribution that reflects an investor's initial investment.
A Better Way to Invest in Commodities

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 Expenses10.03%
Total Annual Fund Operating Expenses0.78%

1. Other Expenses includes interest expenses of 0.03%.

Fund Performance (Total Return)

As of 02/28/2026 12/31/2025

Monthly Quarterly Annually
Cumulative 1 Month 3 Month 6 Month YTD 1 Year Since Inception
NAV 6.20% 10.57% 8.71% 10.45% 16.62% 43.32%
Market Price 5.76% 10.66% 8.95% 10.90% 16.70% 43.63%
Annualized 1 Year 3 Year Since Inception
NAV 16.62% — 13.09%
Market Price 16.70% — 13.19%
Cumulative 1 Year Since Inception
NAV 14.86% 29.76%
Market Price 13.20% 29.51%
Annualized 1 Year 3 Year 5 Year Since Inception
NAV 14.86% — — 9.88%
Market Price 13.20% — — 9.82%
Calendar Year NAV Market Price
2025 14.86% 13.20%
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 2025 4th Quarter of 2025
Days Traded at Premium
171
40
Days Traded at Discount
79
24
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 03/18/2026

Holdings - All ETFs
Ticker Name Quantity Weight
SBIL SIMPLIFY GOVT MNY MRKT ET 698,500 72.30%
BOK6 COM SOYBEAN OIL FUTR May26 119 4.83%
BON6 COM SOYBEAN OIL FUTR Jul26 80 3.24%
BOQ6 COM SOYBEAN OIL FUTR Aug26 11 0.44%
C K6 COM CORN FUTURE May26 173 4.14%
C N6 COM CORN FUTURE Jul26 158 3.87%
C U6 COM CORN FUTURE Sep26 51 1.26%
C Z6 COM CORN FUTURE Dec26 67 1.69%
CAK6 COM MILL WHEAT EURO May26 13 0.16%
CAU6 COM MILL WHEAT EURO Sep26 7 0.09%
CAZ6 COM MILL WHEAT EURO Dec26 3 0.04%
CCK6 COM COCOA FUTURE May26 -28 -0.94%
CCN6 COM COCOA FUTURE Jul26 -12 -0.41%
CCU6 COM COCOA FUTURE Sep26 -6 -0.21%
COK6 COM BRENT CRUDE FUTR May26 110 12.20%
COM6 COM BRENT CRUDE FUTR Jun26 114 12.12%
CON6 COM BRENT CRUDE FUTR Jul26 120 12.17%
COQ6 COM BRENT CRUDE FUTR Aug26 24 2.33%
CTK6 COM COTTON NO.2 FUTR May26 39 1.38%
CTN6 COM COTTON NO.2 FUTR Jul26 28 1.02%
CTZ6 COM COTTON NO.2 FUTR Dec26 14 0.53%
DFK6 COM COFF ROBUSTA 10tn May26 -9 -0.33%
DFN6 COM COFF ROBUSTA 10tn Jul26 -6 -0.22%
DFU6 COM COFF ROBUSTA 10tn Sep26 -1 -0.04%
FCJ6 COM CATTLE FEEDER FUT Apr26 17 3.11%
FCK6 COM CATTLE FEEDER FUT May26 34 6.14%
FCQ6 COM CATTLE FEEDER FUT Aug26 10 1.81%
GCJ6 COM GOLD 100 OZ FUTR Apr26 1 0.51%
GCM6 COM GOLD 100 OZ FUTR Jun26 18 9.17%
HGK6 COM COPPER FUTURE May26 16 2.31%
HGN6 COM COPPER FUTURE Jul26 3 0.44%
HOK6 COM NY Harb ULSD Fut May26 17 2.94%
HOM6 COM NY Harb ULSD Fut Jun26 10 1.54%
HON6 COM NY Harb ULSD Fut Jul26 4 0.57%
IJK6 COM RAPESEED EURO May26 72 2.14%
IJQ6 COM RAPESEED EURO Aug26 114 3.32%
IJX6 COM RAPESEED EURO Nov26 57 1.67%
KCK6 COM COFFEE 'C' FUTURE May26 -4 -0.45%
KCN6 COM COFFEE 'C' FUTURE Jul26 -4 -0.44%
KWK6 COM KC HRW WHEAT FUT May26 24 0.78%
KWN6 COM KC HRW WHEAT FUT Jul26 13 0.43%
KWU6 COM KC HRW WHEAT FUT Sep26 3 0.10%
LCJ6 COM LIVE CATTLE FUTR Apr26 8 0.78%
LCM6 COM LIVE CATTLE FUTR Jun26 130 12.57%
LCQ6 COM LIVE CATTLE FUTR Aug26 59 5.65%
LHJ6 COM LEAN HOGS FUTURE Apr26 15 0.58%
LHM6 COM LEAN HOGS FUTURE Jun26 115 5.11%
LHN6 COM LEAN HOGS FUTURE Jul26 45 2.04%
NGF27 COM NATURAL GAS FUTR Jan27 1 0.05%
NGK26 COM NATURAL GAS FUTR May26 24 0.75%
NGM26 COM NATURAL GAS FUTR Jun26 8 0.26%
NGN26 COM NATURAL GAS FUTR Jul26 5 0.18%
NGQ26 COM NATURAL GAS FUTR Aug26 1 0.04%
NGU26 COM NATURAL GAS FUTR Sep26 -3 -0.11%
NGV26 COM NATURAL GAS FUTR Oct26 -11 -0.40%
NGX26 COM NATURAL GAS FUTR Nov26 -5 -0.20%
NGZ26 COM NATURAL GAS FUTR Dec26 -3 -0.15%
PAM6 COM PALLADIUM FUTURE Jun26 9 1.43%
PLJ6 COM PLATINUM FUTURE Apr26 17 1.81%
QCK6 COM COCOA FUTURE - IC May26 -15 -0.49%
QCN6 COM COCOA FUTURE - IC Jul26 -12 -0.40%
QCU6 COM COCOA FUTURE - IC Sep26 -3 -0.10%
QSJ6 COM Low Su Gasoil G Apr26 3 0.39%
QSK6 COM Low Su Gasoil G May26 9 1.04%
QSM6 COM Low Su Gasoil G Jun26 6 0.62%
QSN6 COM Low Su Gasoil G Jul26 3 0.29%
RSK6 COM CANOLA FUTR (WCE) May26 540 5.90%
RSN6 COM CANOLA FUTR (WCE) Jul26 282 3.13%
RSX6 COM CANOLA FUTR (WCE) Nov26 115 1.26%
S K6 COM SOYBEAN FUTURE May26 122 7.32%
S N6 COM SOYBEAN FUTURE Jul26 77 4.68%
S Q6 COM SOYBEAN FUTURE Aug26 11 0.66%
S U6 COM SOYBEAN FUTURE Sep26 4 0.24%
SBK6 COM SUGAR #11 (WORLD) May26 -81 -1.39%
SBN6 COM SUGAR #11 (WORLD) Jul26 -86 -1.49%
SBV6 COM SUGAR #11 (WORLD) Oct26 -36 -0.64%
SIK6 COM SILVER FUTURE May26 6 2.40%
SMK6 COM SOYBEAN MEAL FUTR May26 41 1.36%
SMN6 COM SOYBEAN MEAL FUTR Jul26 15 0.49%
W K6 COM WHEAT FUTURE(CBT) May26 67 2.09%
W N6 COM WHEAT FUTURE(CBT) Jul26 34 1.08%
W U6 COM WHEAT FUTURE(CBT) Sep26 10 0.32%
XBK6 COM GASOLINE RBOB FUT May26 9 1.20%
XBM6 COM GASOLINE RBOB FUT Jun26 2 0.26%
- TREASURY BILL DN 3/26 5,000,000 5.16%
- TREASURY BILL DN 4/26 1,000,000 1.03%
- TREASURY BILL DN 4/26 5,000,000 5.15%
- TREASURY BILL DN 5/26 1,000,000 1.03%
- TREASURY BILL DN 5/26 2,000,000 2.05%
- TREASURY BILL DN 6/26 1,000,000 1.02%
- TREASURY BILL DN 6/26 5,000,000 5.11%
- TREASURY BILL DN 7/26 4,500,000 4.60%
- CANADIAN DOLLAR 516,813 0.39%
- POUND STERLING 101,407 0.14%
- EURO 115,625 0.14%
- DREYFUS TRSY OBLIG CASH M 2,458,592 2.54%
- Estimated Cash -4,677,943 -4.68%

Holdings are subject to change without notice.

As of

Portfolio Risk Profile
Category Weight Est. Initial Margin Contrib to Vol
BRENT CRUDE FUTR 38.86% 1,568,328 39.72%
LIVE CATTLE FUTR 19.02% 715,110 5.57%
NY HARB ULSD FUT 5.07% 391,804 5.46%
GOLD 100 OZ FUTR 9.69% 737,899 5.03%
SOYBEAN FUTURE 12.91% 462,000 4.95%
CANOLA FUTR (WCE) 10.30% 498,721 4.27%
SOYBEAN OIL FUTR 8.52% 474,485 4.12%
CATTLE FEEDER FUT 11.07% 402,600 3.75%
SILVER FUTURE 2.41% 369,234 3.35%
CORN FUTURE 10.98% 457,849 3.34%
RAPESEED EURO 7.14% 0 2.30%
PLATINUM FUTURE 1.81% 259,692 2.11%
WHEAT FUTURE(CBT) 3.50% 195,525 2.00%
LEAN HOGS FUTURE 7.74% 327,250 1.96%
COCOA FUTURE -1.57% 249,397 1.62%
NATURAL GAS FUTR 0.42% 180,726 1.49%
SUGAR #11 (WORLD) -3.51% 154,586 1.36%
COPPER FUTURE 2.75% 250,800 1.32%
PALLADIUM FUTURE 1.43% 226,341 1.31%
GASOLINE RBOB FUT 1.46% 94,187 1.07%
COCOA FUTURE - IC -1.00% 218,596 1.00%
COTTON NO.2 FUTR 2.93% 99,633 0.81%
SOYBEAN MEAL FUTR 1.86% 94,655 0.78%
KC HRW WHEAT FUT 1.31% 69,355 0.74%
COFFEE 'C' FUTURE -0.90% 59,938 0.47%
MILL WHEAT EURO 0.29% 0 0.11%
Total 154.48% 8,558,711 100.00%
Category Weight Market Value/Exposure Est. Yield
Treasury Bill 25.18% 24,345,771 3.68%
Money Market 72.39% 69,998,082 0.00%
Pure Cash 2.43% 2,352,539 0.00%
Total 100.00% 96,696,391 0.00%
Source: Bloomberg, Simplify

Recent Distributions

Ex-Dividend Date Record Date Payable Date Total Distribution
N/A
$0.30000
$0.30000
$0.25000
$0.12000
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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