View All ETFs

HARD

Simplify Commodities Strategy No K-1 ETF

Spotlight Banner
As of 05/12/2026

NAV

$ 36.47

NAV Change

+ $ 0.81 /2.27%

Price

$ 36.60

Price Change

+ $ 0.83 /2.32%
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

A Better Way to Invest in Commodities

Read Article

Fund Overview

As of 05/12/2026

Ticker Symbol
HARD
Expense Ratio
0.78%
CUSIP
82889N566
Total Assets
$113,953,211.03
Shares Outstanding
3,125,001
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 05/12/2026
0.37%
NAV Per Share as of 05/12/2026
$36.47
Market Price as of 05/12/2026
$36.60
30-Day Median Bid-Ask Spread
0.38%
Bid/Ask
$36.52/$36.68
Midpoint Price
$36.60
Volume
43,336
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 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 04/30/2026 03/31/2026

Monthly Quarterly Annually
Cumulative 1 Month 3 Month 6 Month YTD 1 Year 3 Year 5 Year Since Inception
NAV 4.47% 19.95% 26.13% 24.75% 35.91% 60.78% — 61.88%
Market Price 6.39% 22.14% 29.26% 28.07% 39.48% 64.66% — 65.88%
Annualized 1 Year 3 Year 5 Year Since Inception
NAV 35.91% 17.15% — 16.85%
Market Price 39.48% 18.09% — 17.79%
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 05/12/2026

Holdings - All ETFs
Ticker Name Quantity Weight
SBIL SIMPLIFY GOVT MNY MRKT ET 745,500 65.54%
BON6 COM SOYBEAN OIL FUTR Jul26 168 6.67%
BOQ6 COM SOYBEAN OIL FUTR Aug26 38 1.48%
BOU6 COM SOYBEAN OIL FUTR Sep26 21 0.80%
C H7 COM CORN FUTURE Mar27 8 0.18%
C N6 COM CORN FUTURE Jul26 125 2.63%
C U6 COM CORN FUTURE Sep26 54 1.15%
C Z6 COM CORN FUTURE Dec26 79 1.74%
CAU6 COM MILL WHEAT EURO Sep26 1 0.01%
CAZ6 COM MILL WHEAT EURO Dec26 1 0.01%
CCN6 COM COCOA FUTURE Jul26 -26 -1.05%
CCU6 COM COCOA FUTURE Sep26 -11 -0.45%
CCZ6 COM COCOA FUTURE Dec26 -7 -0.29%
CLF7 COM WTI CRUDE FUTURE Jan27 4 0.29%
CLN6 COM WTI CRUDE FUTURE Jul26 34 2.94%
CLQ6 COM WTI CRUDE FUTURE Aug26 6 0.50%
CLU6 COM WTI CRUDE FUTURE Sep26 2 0.16%
CLV6 COM WTI CRUDE FUTURE Oct26 6 0.46%
CLX6 COM WTI CRUDE FUTURE Nov26 6 0.45%
CLZ6 COM WTI CRUDE FUTURE Dec26 27 1.98%
CON6 COM BRENT CRUDE FUTR Jul26 407 38.49%
CTH7 COM COTTON NO.2 FUTR Mar27 8 0.30%
CTN6 COM COTTON NO.2 FUTR Jul26 92 3.48%
CTZ6 COM COTTON NO.2 FUTR Dec26 92 3.48%
DFU6 COM COFF ROBUSTA 10tn Sep26 -1 -0.03%
FCQ6 COM CATTLE FEEDER FUT Aug26 83 12.99%
FCU6 COM CATTLE FEEDER FUT Sep26 11 1.71%
FCV6 COM CATTLE FEEDER FUT Oct26 2 0.31%
GCM6 COM GOLD 100 OZ FUTR Jun26 -1 -0.41%
GCQ6 COM GOLD 100 OZ FUTR Aug26 7 2.90%
HGN6 COM COPPER FUTURE Jul26 46 6.59%
HGU6 COM COPPER FUTURE Sep26 9 1.30%
HOM6 COM NY Harb ULSD Fut Jun26 1 0.15%
HON6 COM NY Harb ULSD Fut Jul26 16 2.34%
HOQ6 COM NY Harb ULSD Fut Aug26 7 0.98%
HOU6 COM NY Harb ULSD Fut Sep26 5 0.68%
IJG7 COM RAPESEED EURO Feb27 6 0.16%
IJQ6 COM RAPESEED EURO Aug26 155 4.17%
IJX6 COM RAPESEED EURO Nov26 80 2.16%
KCN6 COM COFFEE 'C' FUTURE Jul26 7 0.65%
KCU6 COM COFFEE 'C' FUTURE Sep26 3 0.27%
KCZ6 COM COFFEE 'C' FUTURE Dec26 2 0.18%
KWN6 COM KC HRW WHEAT FUT Jul26 55 1.76%
KWU6 COM KC HRW WHEAT FUT Sep26 19 0.62%
KWZ6 COM KC HRW WHEAT FUT Dec26 3 0.10%
LCM6 COM LIVE CATTLE FUTR Jun26 109 9.48%
LCQ6 COM LIVE CATTLE FUTR Aug26 130 11.00%
LCV6 COM LIVE CATTLE FUTR Oct26 65 5.34%
LHM6 COM LEAN HOGS FUTURE Jun26 -1 -0.03%
LHN6 COM LEAN HOGS FUTURE Jul26 -5 -0.18%
LHQ6 COM LEAN HOGS FUTURE Aug26 -6 -0.22%
NGF27 COM NATURAL GAS FUTR Jan27 -18 -0.73%
NGG27 COM NATURAL GAS FUTR Feb27 -4 -0.15%
NGM26 COM NATURAL GAS FUTR Jun26 -1 -0.02%
NGN26 COM NATURAL GAS FUTR Jul26 -28 -0.75%
NGQ26 COM NATURAL GAS FUTR Aug26 -14 -0.38%
NGU26 COM NATURAL GAS FUTR Sep26 -14 -0.38%
NGV26 COM NATURAL GAS FUTR Oct26 -18 -0.50%
NGX26 COM NATURAL GAS FUTR Nov26 -16 -0.49%
NGZ26 COM NATURAL GAS FUTR Dec26 -16 -0.59%
PAM6 COM PALLADIUM FUTURE Jun26 8 1.05%
PLN6 COM PLATINUM FUTURE Jul26 26 2.42%
QCN6 COM COCOA FUTURE - IC Jul26 -8 -0.33%
QCU6 COM COCOA FUTURE - IC Sep26 -6 -0.24%
QSM6 COM Low Su Gasoil G Jun26 9 0.95%
QSN6 COM Low Su Gasoil G Jul26 8 0.81%
QSQ6 COM Low Su Gasoil G Aug26 2 0.19%
QWQ6 COM WHITE SUGAR (ICE) Aug26 3 0.06%
QWV6 COM WHITE SUGAR (ICE) Oct26 1 0.02%
RSN6 COM CANOLA FUTR (WCE) Jul26 300 2.90%
RSX6 COM CANOLA FUTR (WCE) Nov26 168 1.64%
S N6 COM SOYBEAN FUTURE Jul26 63 3.39%
S Q6 COM SOYBEAN FUTURE Aug26 9 0.48%
S U6 COM SOYBEAN FUTURE Sep26 6 0.32%
S X6 COM SOYBEAN FUTURE Nov26 15 0.79%
SBH7 COM SUGAR #11 (WORLD) Mar27 -10 -0.16%
SBN6 COM SUGAR #11 (WORLD) Jul26 -56 -0.83%
SBV6 COM SUGAR #11 (WORLD) Oct26 -29 -0.44%
SIN6 COM SILVER FUTURE Jul26 13 4.88%
SMN6 COM SOYBEAN MEAL FUTR Jul26 -36 -1.04%
SMQ6 COM SOYBEAN MEAL FUTR Aug26 -10 -0.28%
SMU6 COM SOYBEAN MEAL FUTR Sep26 -10 -0.28%
W N6 COM WHEAT FUTURE(CBT) Jul26 56 1.67%
W U6 COM WHEAT FUTURE(CBT) Sep26 19 0.58%
W Z6 COM WHEAT FUTURE(CBT) Dec26 5 0.16%
XBM6 COM GASOLINE RBOB FUT Jun26 2 0.27%
XBN6 COM GASOLINE RBOB FUT Jul26 31 4.04%
XBQ6 COM GASOLINE RBOB FUT Aug26 11 1.37%
XBU6 COM GASOLINE RBOB FUT Sep26 4 0.47%
- TREASURY BILL DN 7/26 4,000,000 3.49%
- TREASURY BILL DN 7/26 6,000,000 5.23%
- TREASURY BILL DN 8/26 9,000,000 7.83%
- TREASURY BILL DN 8/26 2,000,000 1.74%
- TREASURY BILL DN 8/26 5,000,000 4.35%
- TREASURY BILL DN 8/26 7,000,000 6.08%
- TREASURY BIL 0.0 9/26 2,500,000 2.17%
- EURO 360,651 0.37%
- CANADIAN DOLLAR 447,262 0.29%
- POUND STERLING -141,506 -0.17%
- DREYFUS TRSY OBLIG CASH M 295,347 0.26%
- Estimated Cash -4,720,121 -4.11%

Holdings are subject to change without notice.

As of

Portfolio Risk Profile
Category Weight Est. Initial Margin Contrib to Vol
BRENT CRUDE FUTR 38.49% 5,197,797 44.15%
LIVE CATTLE FUTR 25.81% 1,103,520 5.29%
WTI CRUDE FUTURE 6.78% 727,466 4.89%
GASOLINE RBOB FUT 6.15% 429,330 4.70%
NY HARB ULSD FUT 4.16% 379,331 4.14%
SILVER FUTURE 4.88% 675,987 4.00%
SOYBEAN OIL FUTR 8.95% 495,000 3.97%
CATTLE FEEDER FUT 15.00% 633,600 3.92%
COPPER FUTURE 7.89% 726,000 3.31%
COTTON NO.2 FUTR 7.27% 350,943 2.80%
RAPESEED EURO 6.49% 0 2.19%
COCOA FUTURE -1.79% 283,934 2.16%
NATURAL GAS FUTR -3.98% 367,404 1.63%
PLATINUM FUTURE 2.42% 334,464 1.56%
KC HRW WHEAT FUT 2.48% 146,850 1.46%
CANOLA FUTR (WCE) 4.54% 229,179 1.41%
WHEAT FUTURE(CBT) 2.40% 151,085 1.38%
CORN FUTURE 5.71% 259,978 1.37%
GOLD 100 OZ FUTR 2.49% 251,325 1.21%
SOYBEAN FUTURE 4.98% 189,750 1.00%
PALLADIUM FUTURE 1.05% 160,352 0.80%
SUGAR #11 (WORLD) -1.43% 80,931 0.71%
COCOA FUTURE - IC -0.57% 103,842 0.69%
COFFEE 'C' FUTURE 1.09% 89,240 0.58%
SOYBEAN MEAL FUTR -1.60% 89,650 0.52%
LEAN HOGS FUTURE -0.43% 22,440 0.13%
WHITE SUGAR (ICE) 0.08% 6,048 0.03%
MILL WHEAT EURO 0.02% 0 0.01%
Total 149.34% 13,485,446 100.00%
Category Weight Market Value/Exposure Est. Yield
Treasury Bill 30.88% 35,183,789 3.68%
Money Market 65.54% 74,684,115 0.00%
Pure Cash 3.59% 4,085,307 0.00%
Total 100.00% 113,953,211 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.

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