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HARD

Simplify Commodities Strategy No K-1 ETF

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As of 02/02/2026

NAV

$ 30.31

NAV Change

- $ 0.56 /1.81%

Price

$ 30.44

Price Change

- $ 0.64 /2.06%
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 02/02/2026

Ticker Symbol
HARD
Expense Ratio
0.78%
CUSIP
82889N566
Total Assets
$60,610,330.21
Shares Outstanding
2,000,001
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 12/31/2025
-
30-Day SEC Yield (Unsubsidized) as of 12/31/2025
2.48%
Options Available
No
Inception Date
03/27/2023
Premium/Discount (%) as of 02/02/2026
0.44%
NAV Per Share as of 02/02/2026
$30.31
Market Price as of 02/02/2026
$30.44
30-Day Median Bid-Ask Spread
0.36%
Bid/Ask
$30.35/$30.44
Midpoint Price
$30.40
Volume
32,004
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.

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 12/31/2025 12/31/2025

Monthly Quarterly Annually
Cumulative 1 Month 3 Month 6 Month YTD 1 Year Since Inception
NAV 0.11% -0.41% 7.92% 14.86% 14.86% 29.76%
Market Price -0.22% -0.84% 7.55% 13.20% 13.20% 29.51%
Annualized 1 Year 3 Year Since Inception
NAV 14.86% — 9.88%
Market Price 13.20% — 9.82%
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 02/02/2026

Holdings - All ETFs
Ticker Name Quantity Weight
SBIL SIMPLIFY GOVT MNY MRKT ET 453,500 74.84%
BOH6 COM SOYBEAN OIL FUTR Mar26 8 0.42%
BOK6 COM SOYBEAN OIL FUTR May26 59 3.14%
BON6 COM SOYBEAN OIL FUTR Jul26 33 1.76%
C H6 COM CORN FUTURE Mar26 1 0.04%
C K6 COM CORN FUTURE May26 120 4.29%
C N6 COM CORN FUTURE Jul26 50 1.81%
C U6 COM CORN FUTURE Sep26 12 0.43%
CAK6 COM MILL WHEAT EURO May26 -3 -0.06%
CCK6 COM COCOA FUTURE May26 -4 -0.28%
CCN6 COM COCOA FUTURE Jul26 -3 -0.21%
CLH6 COM WTI CRUDE FUTURE Mar26 -2 -0.20%
CLJ6 COM WTI CRUDE FUTURE Apr26 45 4.58%
CLK6 COM WTI CRUDE FUTURE May26 20 2.02%
CLM6 COM WTI CRUDE FUTURE Jun26 23 2.31%
CLN6 COM WTI CRUDE FUTURE Jul26 9 0.90%
CLQ6 COM WTI CRUDE FUTURE Aug26 6 0.60%
CLU6 COM WTI CRUDE FUTURE Sep26 8 0.79%
CLV6 COM WTI CRUDE FUTURE Oct26 3 0.30%
COJ6 COM BRENT CRUDE FUTR Apr26 1 0.11%
COK6 COM BRENT CRUDE FUTR May26 25 2.70%
COM6 COM BRENT CRUDE FUTR Jun26 27 2.89%
CON6 COM BRENT CRUDE FUTR Jul26 15 1.60%
COQ6 COM BRENT CRUDE FUTR Aug26 11 1.16%
COU6 COM BRENT CRUDE FUTR Sep26 11 1.16%
CTH6 COM COTTON NO.2 FUTR Mar26 13 0.67%
CTK6 COM COTTON NO.2 FUTR May26 25 1.33%
CTN6 COM COTTON NO.2 FUTR Jul26 9 0.49%
DFK6 COM COFF ROBUSTA 10tn May26 7 0.46%
DFN6 COM COFF ROBUSTA 10tn Jul26 4 0.26%
FCH6 COM CATTLE FEEDER FUT Mar26 36 10.87%
FCJ6 COM CATTLE FEEDER FUT Apr26 25 7.50%
FCK6 COM CATTLE FEEDER FUT May26 15 4.46%
GCJ6 COM GOLD 100 OZ FUTR Apr26 5 3.83%
GCM6 COM GOLD 100 OZ FUTR Jun26 4 3.09%
HGH6 COM COPPER FUTURE Mar26 10 2.40%
HGK6 COM COPPER FUTURE May26 6 1.45%
HGN6 COM COPPER FUTURE Jul26 3 0.73%
HOH6 COM NY Harb ULSD Fut Mar26 1 0.16%
HOJ6 COM NY Harb ULSD Fut Apr26 -1 -0.16%
HOK6 COM NY Harb ULSD Fut May26 -2 -0.31%
IJK6 COM RAPESEED EURO May26 9 0.41%
IJQ6 COM RAPESEED EURO Aug26 4 0.18%
IJX6 COM RAPESEED EURO Nov26 3 0.13%
KCH6 COM COFFEE 'C' FUTURE Mar26 -1 -0.21%
KCK6 COM COFFEE 'C' FUTURE May26 -4 -0.78%
KWH6 COM KC HRW WHEAT FUT Mar26 -1 -0.04%
KWK6 COM KC HRW WHEAT FUT May26 7 0.32%
KWN6 COM KC HRW WHEAT FUT Jul26 4 0.18%
LCJ6 COM LIVE CATTLE FUTR Apr26 90 14.21%
LCM6 COM LIVE CATTLE FUTR Jun26 43 6.64%
LHJ6 COM LEAN HOGS FUTURE Apr26 89 5.67%
LHM6 COM LEAN HOGS FUTURE Jun26 40 2.90%
NGH26 COM NATURAL GAS FUTR Mar26 11 0.59%
NGJ26 COM NATURAL GAS FUTR Apr26 15 0.78%
NGK26 COM NATURAL GAS FUTR May26 6 0.32%
NGM26 COM NATURAL GAS FUTR Jun26 2 0.11%
NGN26 COM NATURAL GAS FUTR Jul26 -1 -0.06%
NGQ26 COM NATURAL GAS FUTR Aug26 -1 -0.06%
NGU26 COM NATURAL GAS FUTR Sep26 -3 -0.18%
NGV26 COM NATURAL GAS FUTR Oct26 -10 -0.61%
NGX26 COM NATURAL GAS FUTR Nov26 -2 -0.13%
PAH6 COM PALLADIUM FUTURE Mar26 8 2.25%
PLJ6 COM PLATINUM FUTURE Apr26 9 1.56%
QCH6 COM COCOA FUTURE - IC Mar26 -6 -0.41%
QCK6 COM COCOA FUTURE - IC May26 -7 -0.47%
QCN6 COM COCOA FUTURE - IC Jul26 -4 -0.27%
QSH6 COM Low Su Gasoil G Mar26 -4 -0.45%
QSJ6 COM Low Su Gasoil G Apr26 -4 -0.44%
QSK6 COM Low Su Gasoil G May26 -1 -0.11%
QWH6 COM WHITE SUGAR (ICE) Mar26 5 0.17%
QWK6 COM WHITE SUGAR (ICE) May26 7 0.24%
QWQ6 COM WHITE SUGAR (ICE) Aug26 3 0.10%
RSH6 COM CANOLA FUTR (WCE) Mar26 6 0.09%
RSK6 COM CANOLA FUTR (WCE) May26 56 0.89%
RSN6 COM CANOLA FUTR (WCE) Jul26 17 0.27%
S H6 COM SOYBEAN FUTURE Mar26 5 0.44%
S K6 COM SOYBEAN FUTURE May26 89 7.87%
S N6 COM SOYBEAN FUTURE Jul26 47 4.21%
S Q6 COM SOYBEAN FUTURE Aug26 5 0.45%
SBH6 COM SUGAR #11 (WORLD) Mar26 1 0.03%
SBK6 COM SUGAR #11 (WORLD) May26 2 0.05%
SBN6 COM SUGAR #11 (WORLD) Jul26 4 0.10%
SIK6 COM SILVER FUTURE May26 1 0.64%
SMH6 COM SOYBEAN MEAL FUTR Mar26 -4 -0.19%
SMK6 COM SOYBEAN MEAL FUTR May26 3 0.15%
SMN6 COM SOYBEAN MEAL FUTR Jul26 2 0.10%
W H6 COM WHEAT FUTURE(CBT) Mar26 -2 -0.09%
W K6 COM WHEAT FUTURE(CBT) May26 10 0.44%
W N6 COM WHEAT FUTURE(CBT) Jul26 5 0.23%
XBH6 COM GASOLINE RBOB FUT Mar26 3 0.38%
XBJ6 COM GASOLINE RBOB FUT Apr26 26 3.76%
XBK6 COM GASOLINE RBOB FUT May26 8 1.16%
XBM6 COM GASOLINE RBOB FUT Jun26 6 0.87%
- WI TSY BILL DN 3/26 3,000,000 4.93%
- WI TSY BILL DN 3/26 5,000,000 8.20%
- TREASURY BILL DN 4/26 5,000,000 8.18%
- TREASURY BILL DN 5/26 2,000,000 3.26%
- POUND STERLING 49,744 0.11%
- CANADIAN DOLLAR -127,280 -0.15%
- EURO -83,045 -0.16%
- DREYFUS TRSY OBLIG CASH M 245,983 0.41%
- Estimated Cash 264,559 0.38%

Holdings are subject to change without notice.

As of

Portfolio Risk Profile
Category Weight Est. Initial Margin Contrib to Vol
CATTLE FEEDER FUT 22.85% 501,600 10.68%
GOLD 100 OZ FUTR 6.93% 282,802 9.80%
BRENT CRUDE FUTR 9.63% 330,768 8.84%
NATURAL GAS FUTR 0.76% 196,056 8.35%
PALLADIUM FUTURE 2.25% 209,824 7.83%
LIVE CATTLE FUTR 20.87% 482,790 7.34%
WTI CRUDE FUTURE 11.30% 426,553 6.22%
COPPER FUTURE 4.59% 250,800 5.66%
PLATINUM FUTURE 1.56% 126,027 5.49%
GASOLINE RBOB FUT 6.18% 165,318 4.61%
SOYBEAN FUTURE 12.97% 301,455 4.46%
LEAN HOGS FUTURE 8.57% 241,230 3.87%
CORN FUTURE 6.58% 182,432 3.68%
SOYBEAN OIL FUTR 5.33% 219,065 3.00%
SILVER FUTURE 0.64% 47,879 2.88%
COCOA FUTURE - IC -1.15% 127,846 2.00%
COCOA FUTURE -0.50% 47,419 0.90%
COFFEE 'C' FUTURE -0.99% 45,534 0.87%
COTTON NO.2 FUTR 2.49% 52,659 0.65%
NY HARB ULSD FUT -0.30% 21,208 0.64%
CANOLA FUTR (WCE) 1.25% 42,099 0.62%
WHEAT FUTURE(CBT) 0.58% 28,655 0.38%
KC HRW WHEAT FUT 0.46% 20,295 0.30%
RAPESEED EURO 0.73% 0 0.28%
WHITE SUGAR (ICE) 0.50% 22,055 0.27%
SOYBEAN MEAL FUTR 0.05% 14,850 0.22%
SUGAR #11 (WORLD) 0.18% 4,936 0.12%
MILL WHEAT EURO -0.06% 0 0.02%
Total 124.26% 4,392,155 100.00%
Category Weight Market Value/Exposure Est. Yield
Treasury Bill 24.59% 14,902,813 3.67%
Money Market 74.90% 45,397,618 0.00%
Pure Cash 0.51% 309,900 0.00%
Total 100.00% 60,610,330 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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