HARD Simplify Commodities Strategy No K-1 ETF
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.
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.
Why Invest in HARD?
HARD Spotlight
Fund Overview
As of 08/06/2026
Ticker Symbol
HARD
Expense Ratio
0.78%
CUSIP
82889N566
Total Assets
$79,584,019.58
Shares Outstanding
2,650,001
Distribution Rate as of 06/30/2026
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.4.05%
Distribution Frequency
Quarterly
30-Day SEC Yield (Subsidized) as of 06/30/2026
2.37%
30-Day SEC Yield (Unsubsidized) as of 06/30/2026
2.37%
Options Available
No
Inception Date
03/27/2023
Premium/Discount (%) as of 08/06/2026
0.53%
NAV Per Share as of 08/06/2026
$30.03
Market Price as of 08/06/2026
$30.19
30-Day Median Bid-Ask Spread
0.32%
Bid/Ask
$30.17/$30.28
Midpoint Price
$30.23
Volume
10,571
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. The distribution may include a combination of ordinary dividends, capital gains, and return of investor capital and has the potential to change during any given tax year. Please refer to the 19a-1 Notice, which can be found on the Fund’s website, for information regarding the composition of distributions, including return of capital. The final determination of a distribution’s tax character will be made on Form 1099-DIV.
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 Fees | 0.75% |
| Distribution and Service (12b-1) Fees | 0.00% |
| Other Expenses1 | 0.03% |
| Total Annual Fund Operating Expenses | 0.78% |
1. Other Expenses includes interest expenses of 0.03%.
Fund Performance (Total Return)
As of 07/31/2026 06/30/2026
| Cumulative | 1 Month | 3 Month | 6 Month | YTD | 1 Year | 3 Year | 5 Year | Since Inception |
|---|---|---|---|---|---|---|---|---|
| NAV | 6.66% | -13.00% | 4.36% | 8.53% | 16.35% | 36.44% | — | 40.84% |
| Market Price | 6.78% | -14.99% | 3.83% | 8.87% | 16.51% | 36.48% | — | 41.00% |
| Annualized | 1 Year | 3 Year | 5 Year | Since Inception |
|---|---|---|---|---|
| NAV | 16.35% | 10.91% | — | 10.78% |
| Market Price | 16.51% | 10.92% | — | 10.83% |
| Cumulative | 1 Year | 3 Year | 5 Year | Since Inception |
|---|---|---|---|---|
| NAV | 9.83% | 33.19% | — | 32.05% |
| Market Price | 9.66% | 33.19% | — | 32.06% |
| Annualized | 1 Year | 3 Year | 5 Year | Since Inception |
|---|---|---|---|---|
| NAV | 9.83% | 10.02% | — | 8.90% |
| Market Price | 9.66% | 10.03% | — | 8.91% |
| 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.
The chart above presents the Fund's daily premium or discount relative to its Net Asset Value (NAV) during the period shown. A premium occurs when the market price of the Fund's shares is greater than the Fund's NAV, while a discount occurs when the market price is less than the Fund's NAV. The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time the Fund's NAV is calculated (usually 4:00 p.m. Eastern Time). The horizontal axis shows the trading dates during the period presented. The vertical axis shows the daily premium or discount expressed as a percentage of NAV. Each bar represents the Fund's premium or discount on a particular trading day. Bars above 0% indicate that the Fund traded at a premium to NAV, while bars below 0% indicate that the Fund traded at a discount to NAV. Past premiums and discounts are not indicative of future results.
Portfolio Holdings
| Ticker | Name | Quantity | Weight |
|---|---|---|---|
| SBIL | SIMPLIFY GOVT MNY MRKT ET | 588,000 | 73.98% |
| CCU6 COM | COCOA FUTURE Sep26 | 39 | 2.83% |
| CCZ6 COM | COCOA FUTURE Dec26 | 26 | 1.92% |
| COF7 COM | BRENT CRUDE FUTR Jan27 | 2 | 0.19% |
| COV6 COM | BRENT CRUDE FUTR Oct26 | 287 | 29.75% |
| COX6 COM | BRENT CRUDE FUTR Nov26 | 49 | 4.95% |
| CTH7 COM | COTTON NO.2 FUTR Mar27 | 38 | 2.03% |
| CTZ6 COM | COTTON NO.2 FUTR Dec26 | 57 | 2.98% |
| HGU6 COM | COPPER FUTURE Sep26 | 35 | 7.38% |
| HGZ6 COM | COPPER FUTURE Dec26 | 7 | 1.50% |
| HOU6 COM | NY Harb ULSD Fut Sep26 | 40 | 8.20% |
| HOV6 COM | NY Harb ULSD Fut Oct26 | 25 | 4.99% |
| HOX6 COM | NY Harb ULSD Fut Nov26 | 1 | 0.19% |
| QSU6 COM | Low Su Gasoil G Sep26 | 92 | 12.85% |
| QSV6 COM | Low Su Gasoil G Oct26 | 31 | 4.17% |
| QSX6 COM | Low Su Gasoil G Nov26 | 3 | 0.39% |
| - | TREASURY BILL DN 8/26 | 500,000 | 0.63% |
| - | TREASURY BILL DN 9/26 | 2,500,000 | 3.13% |
| - | TREASURY BILL DN 9/26 | 2,000,000 | 2.50% |
| - | TREASURY BILL DN 10/26 | 4,500,000 | 5.61% |
| - | TREASURY BILL DN 10/26 | 2,500,000 | 3.12% |
| - | TREASURY BILL DN 11/26 | 1,000,000 | 1.24% |
| - | TREASURY BILL DN 11/26 | 2,000,000 | 2.49% |
| - | TREASURY BILL DN 11/26 | 4,000,000 | 4.97% |
| - | EURO | 441,346 | 0.64% |
| - | CANADIAN DOLLAR | 656,741 | 0.59% |
| - | POUND STERLING | 70,777 | 0.12% |
| - | DREYFUS TRSY OBLIG CASH M | 100,034 | 0.13% |
| - | Estimated Cash | 1,762,109 | 2.21% |
Holdings are subject to change without notice.
| Category | Weight | Est. Initial Margin | Contrib to Vol |
|---|---|---|---|
| BRENT CRUDE FUTR | 34.90% | 3,415,913 | 44.52% |
| LOW SU GASOIL G | 17.41% | 0 | 24.53% |
| NY HARB ULSD FUT | 13.38% | 763,470 | 16.12% |
| COCOA FUTURE | 4.75% | 604,016 | 8.05% |
| COPPER FUTURE | 8.87% | 554,400 | 4.43% |
| COTTON NO.2 FUTR | 5.01% | 200,741 | 2.35% |
| Total | 84.32% | 5,538,539 | 100.00% |
| Category | Weight | Market Value/Exposure | Est. Yield |
|---|---|---|---|
| Treasury Bill | 23.69% | 18,855,522 | 3.77% |
| Money Market | 73.98% | 58,876,440 | 0.00% |
| Pure Cash | 2.33% | 1,852,058 | 0.00% |
| Total | 100.01% | 79,584,020 | 0.00% |
Recent Distributions
| Ex-Dividend Date | Record Date | Payable Date | Total Distribution |
|---|---|---|---|
| N/A | |||
| $0.30000 | |||
| $0.30000 | |||
| $0.30000 | |||
| $0.30000 |
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.
