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HARD

Simplify Commodities Strategy No K-1 ETF

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As of 04/27/2026

NAV

$ 34.98

NAV Change

+ $ 0.80 /2.34%

Price

$ 34.92

Price Change

+ $ 0.64 /1.87%
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 04/27/2026

Ticker Symbol
HARD
Expense Ratio
0.78%
CUSIP
82889N566
Total Assets
$112,801,141.75
Shares Outstanding
3,225,001
Distribution Rate as of 03/31/2026 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.
3.42%
Distribution Frequency
Quarterly
30-Day SEC Yield (Subsidized) as of 03/31/2026
-
30-Day SEC Yield (Unsubsidized) as of 03/31/2026
2.18%
Options Available
No
Inception Date
03/27/2023
Premium/Discount (%) as of 04/27/2026
-0.16%
NAV Per Share as of 04/27/2026
$34.98
Market Price as of 04/27/2026
$34.92
30-Day Median Bid-Ask Spread
0.39%
Bid/Ask
$34.87/$35.02
Midpoint Price
$34.95
Volume
15,753
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 85% 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 Expenses10.03%
Total Annual Fund Operating Expenses0.78%

1. Other Expenses includes interest expenses of 0.03%.

Fund Performance (Total Return)

As of 03/31/2026 03/31/2026

Monthly Quarterly Annually
Cumulative 1 Month 3 Month 6 Month YTD 1 Year 3 Year 5 Year Since Inception
NAV 8.12% 19.41% 18.93% 19.41% 18.10% 55.64% — 54.96%
Market Price 8.55% 20.38% 19.37% 20.38% 18.19% 56.57% — 55.91%
Annualized 1 Year 3 Year 5 Year Since Inception
NAV 18.10% 15.89% — 15.66%
Market Price 18.19% 16.12% — 15.91%
Cumulative 1 Year 3 Year 5 Year Since Inception
NAV 18.10% 55.64% — 54.96%
Market Price 18.19% 56.57% — 55.91%
Annualized 1 Year 3 Year 5 Year Since Inception
NAV 18.10% 15.89% — 15.66%
Market Price 18.19% 16.12% — 15.91%
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 1st Quarter of 2026
Days Traded at Premium
171
45
Days Traded at Discount
79
16
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 04/27/2026

Holdings - All ETFs
Ticker Name Quantity Weight
SBIL SIMPLIFY GOVT MNY MRKT ET 783,500 69.42%
BON6 COM SOYBEAN OIL FUTR Jul26 109 4.15%
BOQ6 COM SOYBEAN OIL FUTR Aug26 22 0.82%
BOU6 COM SOYBEAN OIL FUTR Sep26 1 0.04%
C N6 COM CORN FUTURE Jul26 19 0.39%
C U6 COM CORN FUTURE Sep26 17 0.36%
C Z6 COM CORN FUTURE Dec26 25 0.54%
CAU6 COM MILL WHEAT EURO Sep26 1 0.01%
CAZ6 COM MILL WHEAT EURO Dec26 1 0.01%
CCN6 COM COCOA FUTURE Jul26 -34 -0.99%
CCU6 COM COCOA FUTURE Sep26 -16 -0.48%
CCZ6 COM COCOA FUTURE Dec26 -8 -0.24%
CON6 COM BRENT CRUDE FUTR Jul26 407 36.66%
CTN6 COM COTTON NO.2 FUTR Jul26 91 3.21%
CTZ6 COM COTTON NO.2 FUTR Dec26 91 3.26%
DFN6 COM COFF ROBUSTA 10tn Jul26 -5 -0.15%
DFU6 COM COFF ROBUSTA 10tn Sep26 -2 -0.06%
FCK6 COM CATTLE FEEDER FUT May26 5 0.81%
FCQ6 COM CATTLE FEEDER FUT Aug26 81 13.21%
FCU6 COM CATTLE FEEDER FUT Sep26 3 0.49%
GCM6 COM GOLD 100 OZ FUTR Jun26 14 5.82%
GCQ6 COM GOLD 100 OZ FUTR Aug26 1 0.42%
HGN6 COM COPPER FUTURE Jul26 46 6.19%
HGU6 COM COPPER FUTURE Sep26 9 1.22%
HOM6 COM NY Harb ULSD Fut Jun26 11 1.59%
HON6 COM NY Harb ULSD Fut Jul26 10 1.38%
HOQ6 COM NY Harb ULSD Fut Aug26 6 0.79%
HOU6 COM NY Harb ULSD Fut Sep26 4 0.51%
IJG7 COM RAPESEED EURO Feb27 6 0.16%
IJQ6 COM RAPESEED EURO Aug26 160 4.23%
IJX6 COM RAPESEED EURO Nov26 81 2.15%
KCN6 COM COFFEE 'C' FUTURE Jul26 6 0.57%
KCU6 COM COFFEE 'C' FUTURE Sep26 3 0.28%
KCZ6 COM COFFEE 'C' FUTURE Dec26 2 0.18%
KWN6 COM KC HRW WHEAT FUT Jul26 52 1.55%
KWU6 COM KC HRW WHEAT FUT Sep26 16 0.49%
LCM6 COM LIVE CATTLE FUTR Jun26 201 17.73%
LCQ6 COM LIVE CATTLE FUTR Aug26 130 11.30%
LCV6 COM LIVE CATTLE FUTR Oct26 61 5.21%
LHM6 COM LEAN HOGS FUTURE Jun26 -1 -0.04%
LHN6 COM LEAN HOGS FUTURE Jul26 16 0.60%
LHQ6 COM LEAN HOGS FUTURE Aug26 2 0.07%
NGF27 COM NATURAL GAS FUTR Jan27 -12 -0.49%
NGG27 COM NATURAL GAS FUTR Feb27 -2 -0.07%
NGM26 COM NATURAL GAS FUTR Jun26 3 0.07%
NGN26 COM NATURAL GAS FUTR Jul26 -4 -0.11%
NGQ26 COM NATURAL GAS FUTR Aug26 -5 -0.14%
NGU26 COM NATURAL GAS FUTR Sep26 -4 -0.11%
NGV26 COM NATURAL GAS FUTR Oct26 -9 -0.25%
NGX26 COM NATURAL GAS FUTR Nov26 -10 -0.31%
NGZ26 COM NATURAL GAS FUTR Dec26 -11 -0.41%
PAM6 COM PALLADIUM FUTURE Jun26 8 1.05%
PLN6 COM PLATINUM FUTURE Jul26 25 2.21%
QCN6 COM COCOA FUTURE - IC Jul26 -16 -0.47%
QCU6 COM COCOA FUTURE - IC Sep26 -8 -0.24%
QSM6 COM Low Su Gasoil G Jun26 10 1.06%
QSN6 COM Low Su Gasoil G Jul26 6 0.59%
QSQ6 COM Low Su Gasoil G Aug26 2 0.18%
QWQ6 COM WHITE SUGAR (ICE) Aug26 -9 -0.17%
QWV6 COM WHITE SUGAR (ICE) Oct26 -2 -0.04%
QWZ6 COM WHITE SUGAR (ICE) Dec26 -2 -0.04%
RSN6 COM CANOLA FUTR (WCE) Jul26 324 3.12%
RSX6 COM CANOLA FUTR (WCE) Nov26 170 1.63%
S N6 COM SOYBEAN FUTURE Jul26 60 3.17%
S Q6 COM SOYBEAN FUTURE Aug26 8 0.42%
S U6 COM SOYBEAN FUTURE Sep26 6 0.31%
SBH7 COM SUGAR #11 (WORLD) Mar27 -39 -0.59%
SBN6 COM SUGAR #11 (WORLD) Jul26 -188 -2.61%
SBV6 COM SUGAR #11 (WORLD) Oct26 -77 -1.10%
SIN6 COM SILVER FUTURE Jul26 7 2.34%
SMN6 COM SOYBEAN MEAL FUTR Jul26 -6 -0.17%
SMQ6 COM SOYBEAN MEAL FUTR Aug26 -2 -0.06%
SMU6 COM SOYBEAN MEAL FUTR Sep26 -6 -0.17%
W N6 COM WHEAT FUTURE(CBT) Jul26 45 1.25%
W U6 COM WHEAT FUTURE(CBT) Sep26 14 0.40%
XBM6 COM GASOLINE RBOB FUT Jun26 26 3.25%
XBN6 COM GASOLINE RBOB FUT Jul26 22 2.64%
XBQ6 COM GASOLINE RBOB FUT Aug26 8 0.92%
XBU6 COM GASOLINE RBOB FUT Sep26 3 0.33%
- TREASURY BILL DN 7/26 7,000,000 6.15%
- TREASURY BILL DN 7/26 6,000,000 5.27%
- TREASURY BILL DN 8/26 9,000,000 7.89%
- TREASURY BILL DN 8/26 2,000,000 1.75%
- TREASURY BILL DN 8/26 5,000,000 4.38%
- CANADIAN DOLLAR 405,707 0.26%
- EURO 218,448 0.23%
- POUND STERLING 49,252 0.06%
- DREYFUS TRSY OBLIG CASH M 142,350 0.13%
- Estimated Cash 1,264,472 1.14%

Holdings are subject to change without notice.

As of

Portfolio Risk Profile
Category Weight Est. Initial Margin Contrib to Vol
BRENT CRUDE FUTR 36.69% 4,221,651 45.64%
GASOLINE RBOB FUT 7.15% 520,729 7.35%
LIVE CATTLE FUTR 34.27% 1,422,960 7.18%
NY HARB ULSD FUT 4.27% 400,567 5.58%
GOLD 100 OZ FUTR 6.24% 469,583 4.09%
CATTLE FEEDER FUT 14.52% 587,400 4.06%
COPPER FUTURE 7.42% 726,000 3.38%
SILVER FUTURE 2.34% 325,836 2.42%
RAPESEED EURO 6.54% 0 2.34%
SOYBEAN OIL FUTR 5.01% 289,080 2.34%
SUGAR #11 (WORLD) -4.29% 220,828 2.16%
COTTON NO.2 FUTR 6.48% 212,716 1.87%
PLATINUM FUTURE 2.21% 307,100 1.78%
COCOA FUTURE -1.72% 231,058 1.65%
CANOLA FUTR (WCE) 4.76% 244,162 1.65%
KC HRW WHEAT FUT 2.04% 115,060 1.11%
PALLADIUM FUTURE 1.05% 159,440 0.99%
NATURAL GAS FUTR -1.82% 156,925 0.91%
SOYBEAN FUTURE 3.90% 154,990 0.78%
WHEAT FUTURE(CBT) 1.65% 99,055 0.70%
COFFEE 'C' FUTURE 1.03% 81,629 0.63%
COCOA FUTURE - IC -0.71% 177,033 0.60%
CORN FUTURE 1.29% 59,052 0.31%
LEAN HOGS FUTURE 0.63% 35,530 0.22%
SOYBEAN MEAL FUTR -0.40% 21,890 0.15%
WHITE SUGAR (ICE) -0.25% 18,482 0.11%
MILL WHEAT EURO 0.02% 0 0.01%
Total 140.37% 11,258,755 100.00%
Category Weight Market Value/Exposure Est. Yield
Treasury Bill 25.46% 28,721,974 3.68%
Money Market 69.49% 78,381,340 0.00%
Pure Cash 5.05% 5,697,828 0.00%
Total 100.00% 112,801,142 0.00%
Source: Bloomberg, Simplify

Recent Distributions

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