View All ETFs

HARD

Simplify Commodities Strategy No K-1 ETF

Spotlight Banner
As of 06/30/2025

NAV

$ 28.05

NAV Change

- $ 0.08 /0.28%

Price

$ 28.11

Price Change

- $ 0.06 /0.21%
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.
Spotlight Banner

Documents

Fund Overview

As of 06/30/2025

Ticker Symbol
HARD
Gross Expense Ratio
0.75%
CUSIP
82889N566
Total Assets
$31,555,185.33
Shares Outstanding
1,125,001
Distribution Rate as of 03/31/2025 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.
1.55%
Distribution Frequency
Quarterly
30-Day SEC Yield (Subsidized) as of 05/31/2025 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 05/31/2025
2.38%
Options Available
No
Inception Date
03/27/2023
Premium/Discount (%) as of 06/30/2025
0.22%
NAV Per Share as of 06/30/2025
$28.05
Market Price as of 06/30/2025
$28.11
30-Day Median Bid-Ask Spread
0.27%
Bid/Ask
$28.11/$28.19
Midpoint Price
$28.15
Volume
24,702
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 0% 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 05/31/2025 03/31/2025

Monthly Quarterly Annually
Cumulative 1 Month 3 Month 6 Month YTD 1 Year Since Inception
NAV -1.46% -4.50% 5.93% 3.89% 14.30% 17.37%
Market Price -1.36% -4.68% 5.91% 2.54% 14.55% 17.31%
Annualized 1 Year 3 Year Since Inception
NAV 14.30% — 7.63%
Market Price 14.55% — 7.62%
Cumulative 1 Year Since Inception
NAV 36.52% 31.21%
Market Price 37.22% 31.92%
Annualized 1 Year 3 Year 5 Year Since Inception
NAV 36.52% — — 14.46%
Market Price 37.22% — — 14.79%
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.

Historical Premium/Discount

Calendar Year 2024 1st Quarter of 2025
Days Traded at Premium
125
43
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 06/30/2025

Holdings - All ETFs
Ticker Name Quantity Weight
BOQ5 COM SOYBEAN OIL FUTR Aug25 19 1.90%
BOU5 COM SOYBEAN OIL FUTR Sep25 14 1.40%
C H6 COM CORN FUTURE Mar26 15 1.05%
C K6 COM CORN FUTURE May26 2 0.14%
C U5 COM CORN FUTURE Sep25 11 0.71%
C Z5 COM CORN FUTURE DEC25 65 4.38%
CCH6 COM COCOA FUTURE Mar26 4 1.00%
CCU5 COM COCOA FUTURE Sep25 23 6.56%
CCZ5 COM COCOA FUTURE Dec25 13 3.42%
CLF6 COM WTI CRUDE FUTURE Jan26 2 0.39%
CLG6 COM WTI CRUDE FUTURE Feb26 2 0.39%
CLH6 COM WTI CRUDE FUTURE Mar26 4 0.78%
CLQ5 COM WTI CRUDE FUTURE Aug25 1 0.21%
CLU5 COM WTI CRUDE FUTURE Sep25 11 2.23%
CLV5 COM WTI CRUDE FUTURE Oct25 5 0.99%
CLX5 COM WTI CRUDE FUTURE Nov25 5 0.98%
CLZ5 COM WTI CRUDE FUTURE Dec25 15 2.93%
CTK6 COM COTTON NO.2 FUTR May26 1 0.11%
CTZ5 COM COTTON NO.2 FUTR Dec25 -1 -0.11%
FCQ5 COM CATTLE FEEDER FUT Aug25 19 9.35%
FCU5 COM CATTLE FEEDER FUT Sep25 19 9.35%
FCV5 COM CATTLE FEEDER FUT Oct25 13 6.36%
GCQ5 COM GOLD 100 OZ FUTR Aug25 6 6.29%
GCZ5 COM GOLD 100 OZ FUTR Dec25 2 2.13%
HGU5 COM COPPER FUTURE Sep25 28 11.28%
HGZ5 COM COPPER FUTURE Dec25 3 1.22%
HOQ5 COM NY Harb ULSD Fut Aug25 4 1.21%
HOU5 COM NY Harb ULSD Fut Sep25 2 0.60%
KCU5 COM COFFEE 'C' FUTURE Sep25 -5 -1.78%
KCZ5 COM COFFEE 'C' FUTURE Dec25 -1 -0.35%
KWH6 COM KC HRW WHEAT FUT Mar26 1 0.09%
KWU5 COM KC HRW WHEAT FUT Sep25 6 0.50%
KWZ5 COM KC HRW WHEAT FUT Dec25 3 0.26%
LCQ5 COM LIVE CATTLE FUTR Aug25 15 4.07%
LCV5 COM LIVE CATTLE FUTR Oct25 38 10.12%
LCZ5 COM LIVE CATTLE FUTR Dec25 23 6.14%
LHQ5 COM LEAN HOGS FUTURE Aug25 135 18.40%
LHV5 COM LEAN HOGS FUTURE Oct25 71 8.32%
LHZ5 COM LEAN HOGS FUTURE Dec25 1 0.11%
NGF26 COM NATURAL GAS FUTR Jan26 -3 -0.46%
NGH26 COM NATURAL GAS FUTR Mar26 -1 -0.13%
NGU25 COM NATURAL GAS FUTR Sep25 -5 -0.55%
NGV25 COM NATURAL GAS FUTR Oct25 -6 -0.68%
NGX25 COM NATURAL GAS FUTR Nov25 -3 -0.38%
NGZ25 COM NATURAL GAS FUTR Dec25 -3 -0.43%
PAU5 COM PALLADIUM FUTURE Sep25 23 8.07%
PLV5 COM PLATINUM FUTURE Oct25 16 3.41%
RSF6 COM CANOLA FUTR (WCE) Jan26 23 0.77%
RSH6 COM CANOLA FUTR (WCE) Mar26 2 0.07%
RSX5 COM CANOLA FUTR (WCE) Nov25 159 5.25%
S F6 COM SOYBEAN FUTURE Jan26 1 0.17%
S Q5 COM SOYBEAN FUTURE Aug25 5 0.82%
S U5 COM SOYBEAN FUTURE Sep25 4 0.65%
S X5 COM SOYBEAN FUTURE Nov25 43 7.00%
SBH6 COM SUGAR #11 (WORLD) Mar26 -13 -0.78%
SBK6 COM SUGAR #11 (WORLD) May26 -6 -0.35%
SBV5 COM SUGAR #11 (WORLD) Oct25 -36 -2.07%
SIU5 COM SILVER FUTURE Sep25 17 9.74%
SMQ5 COM SOYBEAN MEAL FUTR Aug25 -4 -0.35%
SMU5 COM SOYBEAN MEAL FUTR Sep25 -6 -0.53%
SMV5 COM SOYBEAN MEAL FUTR Oct25 -2 -0.18%
W H6 COM WHEAT FUTURE(CBT) Mar26 3 0.28%
W U5 COM WHEAT FUTURE(CBT) Sep25 36 3.07%
W Z5 COM WHEAT FUTURE(CBT) Dec25 16 1.42%
XBQ5 COM GASOLINE RBOB FUT Aug25 7 1.93%
- TREASURY BILL DN 7/25 500,000 1.58%
- TREASURY BILL DN 7/25 14,100,000 44.54%
- TREASURY BILL DN 7/25 2,200,000 6.95%
- TREASURY BILL DN 8/25 2,300,000 7.26%
- TREASURY BILL DN 8/25 8,000,000 25.24%
- TREASURY BILL DN 8/25 5,500,000 17.31%
- TREASURY BILL DN 8/25 1,900,000 5.98%
- TREASURY BILL DN 9/25 2,600,000 8.15%
- TREASURY BILL DN 9/25 1,300,000 4.08%
- CANADIAN DOLLAR -27,565 -0.06%
- Estimated Cash -6,301,566 -20.07%

Holdings are subject to change without notice.

As of

Portfolio Risk Profile
Category Weight Est. Initial Margin Contrib to Vol
COCOA FUTURE 10.98% 546,952 13.77%
LEAN HOGS FUTURE 26.82% 421,245 10.68%
CATTLE FEEDER FUT 25.06% 231,387 8.88%
PALLADIUM FUTURE 8.07% 303,600 8.31%
LIVE CATTLE FUTR 20.33% 229,900 7.18%
COPPER FUTURE 12.50% 306,900 6.78%
SILVER FUTURE 9.74% 280,500 5.88%
WTI CRUDE FUTURE 8.90% 237,516 5.36%
GOLD 100 OZ FUTR 8.42% 132,000 3.79%
CANOLA FUTR (WCE) 6.09% 111,668 3.48%
PLATINUM FUTURE 3.40% 70,400 3.47%
WHEAT FUTURE(CBT) 4.77% 91,520 3.25%
NATURAL GAS FUTR -2.64% 68,829 3.15%
SOYBEAN FUTURE 8.62% 106,700 2.97%
SOYBEAN OIL FUTR 3.30% 71,830 2.94%
CORN FUTURE 6.29% 99,435 2.71%
NY HARB ULSD FUT 1.81% 41,994 1.75%
COFFEE 'C' FUTURE -2.13% 59,685 1.61%
GASOLINE RBOB FUT 1.93% 41,006 1.56%
SUGAR #11 (WORLD) -3.21% 53,579 1.52%
KC HRW WHEAT FUT 0.85% 17,875 0.56%
SOYBEAN MEAL FUTR -1.06% 20,130 0.34%
COTTON NO.2 FUTR 0.00% 3,101 0.06%
Total 158.84% 3,547,751 100.00%
Treasury Bill 121.09% 38,211,494 4.29%
Pure Cash 3.64% 1,149,406 0.00%
Total 124.74% 39,360,899 0.00%
Source: Bloomberg, Simplify

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.

Why Register?

  • In-depth case studies provide valuable insights into practical portfolio problems and their solutions
  • Simplify curated model portfolios that show investors how to incorporate alternatives into their portfolio
Create Your Account
Simplify Curated Model Portfolios Incorporating Alternatives In-Depth Case Studies To Help You Manage Portfolios
Contact Us