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HARD

Simplify Commodities Strategy No K-1 ETF

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As of 12/11/2025

NAV

$ 29.89

NAV Change

+ $ 0.51 /1.74%

Price

$ 29.89

Price Change

+ $ 0.25 /0.84%
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 12/11/2025

Ticker Symbol
HARD
Gross Expense Ratio
0.78%
CUSIP
82889N566
Total Assets
$54,544,425.62
Shares Outstanding
1,825,001
Distribution Rate as of 09/30/2025 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.
3.99%
Distribution Frequency
Quarterly
30-Day SEC Yield (Subsidized) as of 11/30/2025
-
30-Day SEC Yield (Unsubsidized) as of 11/30/2025
2.42%
Options Available
No
Inception Date
03/27/2023
Premium/Discount (%) as of 12/11/2025
0.01%
NAV Per Share as of 12/11/2025
$29.89
Market Price as of 12/11/2025
$29.89
30-Day Median Bid-Ask Spread
0.27%
Bid/Ask
$29.78/$29.90
Midpoint Price
$29.84
Volume
49,258
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 74% 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 11/30/2025 09/30/2025

Monthly Quarterly Annually
Cumulative 1 Month 3 Month 6 Month YTD 1 Year Since Inception
NAV 0.99% -1.68% 10.44% 14.73% 16.99% 29.62%
Market Price 1.15% -1.54% 10.64% 13.45% 17.17% 29.80%
Annualized 1 Year 3 Year Since Inception
NAV 16.99% — 10.17%
Market Price 17.17% — 10.23%
Cumulative 1 Year Since Inception
NAV 23.96% 30.29%
Market Price 24.28% 30.62%
Annualized 1 Year 3 Year 5 Year Since Inception
NAV 23.96% — — 11.11%
Market Price 24.28% — — 11.23%
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 3rd Quarter of 2025
Days Traded at Premium
125
47
Days Traded at Discount
127
17
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 12/11/2025

Holdings - All ETFs
Ticker Name Quantity Weight
SBIL SIMPLIFY GOVT MNY MRKT ET 395,500 72.71%
BOF6 COM SOYBEAN OIL FUTR Jan26 27 1.51%
BOH6 COM SOYBEAN OIL FUTR Mar26 176 9.94%
BOK6 COM SOYBEAN OIL FUTR May26 51 2.90%
C H6 COM CORN FUTURE Mar26 162 6.63%
C K6 COM CORN FUTURE May26 63 2.62%
C N6 COM CORN FUTURE Jul26 56 2.36%
C U6 COM CORN FUTURE Sep26 9 0.37%
CAH6 COM MILL WHEAT EURO Mar26 -52 -1.06%
CAK6 COM MILL WHEAT EURO May26 -11 -0.23%
CAU6 COM MILL WHEAT EURO Sep26 -1 -0.02%
CLG6 COM WTI CRUDE FUTURE Feb26 22 2.32%
CLH6 COM WTI CRUDE FUTURE Mar26 13 1.37%
CLJ6 COM WTI CRUDE FUTURE Apr26 8 0.84%
CLK6 COM WTI CRUDE FUTURE May26 9 0.95%
CLM6 COM WTI CRUDE FUTURE Jun26 20 2.10%
CLN6 COM WTI CRUDE FUTURE Jul26 6 0.63%
CLQ6 COM WTI CRUDE FUTURE Aug26 4 0.42%
COH6 COM BRENT CRUDE FUTR Mar26 4 0.45%
COJ6 COM BRENT CRUDE FUTR Apr26 4 0.45%
COK6 COM BRENT CRUDE FUTR May26 4 0.45%
COM6 COM BRENT CRUDE FUTR Jun26 10 1.12%
CON6 COM BRENT CRUDE FUTR Jul26 4 0.45%
CTH6 COM COTTON NO.2 FUTR Mar26 -19 -1.11%
CTK6 COM COTTON NO.2 FUTR May26 -13 -0.78%
CTN6 COM COTTON NO.2 FUTR Jul26 -1 -0.06%
DFF6 COM COFF ROBUSTA 10tn Jan26 2 0.15%
DFH6 COM COFF ROBUSTA 10tn Mar26 5 0.38%
FCF6 COM CATTLE FEEDER FUT Jan26 11 3.46%
FCH6 COM CATTLE FEEDER FUT Mar26 13 4.02%
FCJ6 COM CATTLE FEEDER FUT Apr26 3 0.93%
GCG6 COM GOLD 100 OZ FUTR Feb26 19 15.03%
GCJ6 COM GOLD 100 OZ FUTR Apr26 1 0.80%
HGH6 COM COPPER FUTURE Mar26 57 14.38%
HGK6 COM COPPER FUTURE May26 9 2.29%
HOG6 COM NY Harb ULSD Fut Feb26 -8 -1.37%
HOH6 COM NY Harb ULSD Fut Mar26 -4 -0.67%
IJG6 COM RAPESEED EURO Feb26 31 1.60%
IJK6 COM RAPESEED EURO May26 21 1.06%
IJQ6 COM RAPESEED EURO Aug26 5 0.25%
KCH6 COM COFFEE 'C' FUTURE Mar26 3 0.78%
KCK6 COM COFFEE 'C' FUTURE May26 1 0.25%
KCN6 COM COFFEE 'C' FUTURE Jul26 1 0.24%
KWH6 COM KC HRW WHEAT FUT Mar26 23 1.10%
KWK6 COM KC HRW WHEAT FUT May26 10 0.49%
KWN6 COM KC HRW WHEAT FUT Jul26 11 0.55%
LCG6 COM LIVE CATTLE FUTR Feb26 49 8.30%
LCJ6 COM LIVE CATTLE FUTR Apr26 32 5.41%
LCM6 COM LIVE CATTLE FUTR Jun26 14 2.30%
LHG6 COM LEAN HOGS FUTURE Feb26 5 0.31%
LHJ6 COM LEAN HOGS FUTURE Apr26 4 0.26%
LHM6 COM LEAN HOGS FUTURE Jun26 8 0.59%
NGF26 COM NATURAL GAS FUTR Jan26 1 0.08%
NGG26 COM NATURAL GAS FUTR Feb26 -8 -0.58%
NGH26 COM NATURAL GAS FUTR Mar26 -4 -0.26%
NGJ26 COM NATURAL GAS FUTR Apr26 -1 -0.07%
NGK26 COM NATURAL GAS FUTR May26 -3 -0.20%
NGN26 COM NATURAL GAS FUTR Jul26 1 0.07%
NGQ26 COM NATURAL GAS FUTR Aug26 1 0.07%
NGU26 COM NATURAL GAS FUTR Sep26 1 0.07%
PAH6 COM PALLADIUM FUTURE Mar26 5 1.41%
PLF6 COM PLATINUM FUTURE Jan26 28 4.40%
QCH6 COM COCOA FUTURE - IC Mar26 -3 -0.33%
QCK6 COM COCOA FUTURE - IC May26 -1 -0.11%
QSF6 COM Low Su Gasoil G Jan26 -29 -3.35%
QSG6 COM Low Su Gasoil G Feb26 -17 -1.95%
QSH6 COM Low Su Gasoil G Mar26 -6 -0.68%
QWH6 COM WHITE SUGAR (ICE) Mar26 28 1.09%
QWK6 COM WHITE SUGAR (ICE) May26 13 0.50%
QWQ6 COM WHITE SUGAR (ICE) Aug26 6 0.23%
RSF6 COM CANOLA FUTR (WCE) Jan26 41 0.68%
RSH6 COM CANOLA FUTR (WCE) Mar26 246 4.15%
RSK6 COM CANOLA FUTR (WCE) May26 63 1.08%
S F6 COM SOYBEAN FUTURE Jan26 12 1.20%
S H6 COM SOYBEAN FUTURE Mar26 58 5.86%
S K6 COM SOYBEAN FUTURE May26 33 3.37%
S N6 COM SOYBEAN FUTURE Jul26 24 2.47%
SBH6 COM SUGAR #11 (WORLD) Mar26 99 3.02%
SBK6 COM SUGAR #11 (WORLD) May26 37 1.10%
SBN6 COM SUGAR #11 (WORLD) Jul26 16 0.47%
SIH6 COM SILVER FUTURE Mar26 13 7.70%
SMF6 COM SOYBEAN MEAL FUTR Jan26 2 0.11%
SMH6 COM SOYBEAN MEAL FUTR Mar26 -3 -0.17%
SMK6 COM SOYBEAN MEAL FUTR May26 -7 -0.40%
W H6 COM WHEAT FUTURE(CBT) Mar26 3 0.15%
W K6 COM WHEAT FUTURE(CBT) May26 3 0.15%
W N6 COM WHEAT FUTURE(CBT) Jul26 7 0.35%
XBF6 COM GASOLINE RBOB FUT Jan26 2 0.27%
XBG6 COM GASOLINE RBOB FUT Feb26 23 3.12%
XBH6 COM GASOLINE RBOB FUT Mar26 13 1.79%
XBJ6 COM GASOLINE RBOB FUT Apr26 5 0.77%
- TREASURY BILL DN 12/25 3,000,000 5.49%
- TREASURY BILL DN 1/26 4,500,000 8.23%
- TREASURY BILL DN 3/26 5,000,000 9.10%
- TREASURY BILL DN 3/26 1,000,000 1.81%
- EURO -5,852 -0.01%
- POUND STERLING -9,671 -0.02%
- CANADIAN DOLLAR -286,577 -0.38%
- DREYFUS TRSY OBLIG CASH M 289,456 0.53%
- Estimated Cash -315,492 -0.67%

Holdings are subject to change without notice.

As of

Portfolio Risk Profile
Category Weight Est. Initial Margin Contrib to Vol
LIVE CATTLE FUTR 16.01% 344,850 13.02%
COPPER FUTURE 16.66% 653,400 11.14%
SILVER FUTURE 7.70% 286,000 9.65%
GOLD 100 OZ FUTR 15.82% 440,000 8.27%
SOYBEAN OIL FUTR 14.34% 543,510 8.07%
CATTLE FEEDER FUT 8.41% 178,200 7.11%
SOYBEAN FUTURE 12.90% 257,895 6.31%
CORN FUTURE 11.99% 285,640 5.55%
PLATINUM FUTURE 4.40% 200,200 4.49%
GASOLINE RBOB FUT 5.95% 207,656 3.92%
SUGAR #11 (WORLD) 4.59% 145,165 2.94%
CANOLA FUTR (WCE) 5.90% 185,037 2.79%
WTI CRUDE FUTURE 8.62% 291,193 2.15%
NATURAL GAS FUTR -0.81% 70,627 1.92%
NY HARB ULSD FUT -2.04% 78,980 1.78%
BRENT CRUDE FUTR 2.90% 97,544 1.74%
PALLADIUM FUTURE 1.41% 79,750 1.43%
COFFEE 'C' FUTURE 1.26% 63,220 1.34%
KC HRW WHEAT FUT 2.14% 73,260 1.27%
WHITE SUGAR (ICE) 1.82% 78,283 1.10%
RAPESEED EURO 2.91% 0 0.86%
LEAN HOGS FUTURE 1.16% 31,790 0.82%
COCOA FUTURE - IC -0.44% 37,248 0.63%
COTTON NO.2 FUTR -1.95% 39,853 0.46%
MILL WHEAT EURO -1.30% 0 0.45%
SOYBEAN MEAL FUTR -0.46% 18,315 0.42%
WHEAT FUTURE(CBT) 0.65% 20,680 0.38%
Total 140.56% 4,708,296 100.00%
Category Weight Market Value/Exposure Est. Yield
Treasury Bill 24.63% 13,435,618 3.66%
Money Market 72.69% 39,650,853 0.00%
Pure Cash 2.67% 1,457,955 0.00%
Total 100.00% 54,544,426 0.00%
Source: Bloomberg, Simplify

Recent Distributions

Ex-Dividend Date Record Date Payable Date Total Distribution
N/A
$0.30000
$0.25000
$0.12000
$0.34840
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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