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HARD

Simplify Commodities Strategy No K-1 ETF

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as of 03/21/2025

NAV

$ 30.70

NAV Change

- $ 0.51 /1.63%

Price

$ 30.76

Price Change

- $ 0.54 /1.73%
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 03/21/2025

Ticker Symbol
HARD
Gross Expense Ratio
0.75%
CUSIP
82889N566
Total Assets
$34,537,561.08
Shares Outstanding
1,125,001
Distribution Rate as of 12/31/2024 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.
5.22%
Distribution Frequency
Quarterly
30-Day SEC Yield (Subsidized) as of 02/28/2025 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 02/28/2025
2.56%
Options Available
No
Inception Date
03/27/2023
Premium/Discount (%) as of 03/21/2025
0.20%
NAV Per Share as of 03/21/2025
$30.70
Market Price as of 03/21/2025
$30.76
30-Day Median Bid-Ask Spread
0.27%
Bid/Ask
$30.72/$30.81
Midpoint Price
$30.77
Volume
16,366
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 rate may contain return of capital but an estimate cannot be provided at this time. Please refer to the 19a-1 notices for additional details regarding the distributions’ composition once they become available.

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 02/28/2025 12/31/2024

Monthly Quarterly
Cumulative 1 Month 3 Month 6 Month YTD 1 Year Since Inception
NAV 0.15% 10.93% 23.40% 8.79% 30.00% 22.90%
Market Price 0.24% 11.11% 23.76% 7.58% 30.17% 23.08%
Annualized 1 Year 3 Year Since Inception
NAV 30.00% — 11.30%
Market Price 30.17% — 11.40%
Cumulative 1 Year Since Inception
NAV 18.97% 12.98%
Market Price 20.48% 14.41%
Annualized 1 Year 3 Year 5 Year Since Inception
NAV 18.97% — — 7.16%
Market Price 20.48% — — 7.94%
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 4th Quarter of 2024
Days Traded at Premium
125
34
Days Traded at Discount
127
30
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 03/21/2025

Holdings - All ETFs
Ticker Name Quantity Weight
BOK5 COM SOYBEAN OIL FUTR MAY25 -8 -0.58%
BON5 COM SOYBEAN OIL FUTR JUL25 -1 -0.07%
C K5 COM CORN FUTURE May25 34 2.29%
C N5 COM CORN FUTURE Jul25 9 0.61%
C U5 COM CORN FUTURE Sep25 15 0.97%
CCK5 COM COCOA FUTURE MAY25 1 0.22%
CCN5 COM COCOA FUTURE Jul25 2 0.45%
CLK5 COM WTI CRUDE FUTURE MAY25 -13 -2.57%
CLM5 COM WTI CRUDE FUTURE JUN25 -23 -4.52%
CLN5 COM WTI CRUDE FUTURE Jul25 -4 -0.78%
CLQ5 COM WTI CRUDE FUTURE Aug25 -2 -0.39%
CLU5 COM WTI CRUDE FUTURE Sep25 -3 -0.58%
CLX5 COM WTI CRUDE FUTURE Nov25 1 0.19%
CTK5 COM COTTON NO.2 FUTR May25 -73 -6.90%
CTN5 COM COTTON NO.2 FUTR Jul25 -38 -3.67%
CTZ5 COM COTTON NO.2 FUTR Dec25 -12 -1.19%
FCJ5 COM CATTLE FEEDER FUT Apr25 3 1.24%
FCK5 COM CATTLE FEEDER FUT May25 50 20.64%
FCQ5 COM CATTLE FEEDER FUT Aug25 23 9.62%
GCM5 COM GOLD 100 OZ FUTR Jun25 43 37.95%
GCQ5 COM GOLD 100 OZ FUTR Aug25 5 4.45%
HGK5 COM COPPER FUTURE MAY25 45 16.66%
HGN5 COM COPPER FUTURE Jul25 9 3.36%
HOK5 COM NY Harb ULSD Fut May25 -2 -0.54%
HOM5 COM NY HARB ULSD FUT JUN25 -1 -0.27%
KCK5 COM COFFEE 'C' FUTURE MAY25 19 8.07%
KCN5 COM COFFEE 'C' FUTURE Jul25 25 10.46%
KCU5 COM COFFEE 'C' FUTURE Sep25 12 4.94%
KWK5 COM KC HRW WHEAT FUT May25 17 1.45%
KWN5 COM KC HRW WHEAT FUT JUL25 13 1.14%
LCJ5 COM LIVE CATTLE FUTR Apr25 6 1.44%
LCM5 COM LIVE CATTLE FUTR JUN25 133 31.24%
LCQ5 COM LIVE CATTLE FUTR Aug25 63 14.55%
LHM5 COM LEAN HOGS FUTURE Jun25 -3 -0.34%
LHN5 COM LEAN HOGS FUTURE Jul25 -1 -0.11%
NGK25 COM NATURAL GAS FUTR May25 14 1.63%
NGM25 COM NATURAL GAS FUTR Jun25 1 0.12%
NGQ25 COM NATURAL GAS FUTR Aug25 3 0.39%
NGU25 COM NATURAL GAS FUTR Sep25 6 0.78%
NGV25 COM NATURAL GAS FUTR Oct25 13 1.70%
NGX25 COM NATURAL GAS FUTR Nov25 5 0.69%
NGZ25 COM NATURAL GAS FUTR Dec25 5 0.76%
PAM5 COM PALLADIUM FUTURE Jun25 6 1.67%
PLJ5 COM PLATINUM FUTURE Apr25 32 4.53%
RSK5 COM CANOLA FUTR (WCE) May25 5 0.12%
S K5 COM SOYBEAN FUTURE MAY25 -20 -2.92%
S N5 COM SOYBEAN FUTURE Jul25 -9 -1.33%
S Q5 COM SOYBEAN FUTURE Aug25 -2 -0.29%
SBK5 COM SUGAR #11 (WORLD) MAY25 27 1.73%
SBN5 COM SUGAR #11 (WORLD) JUL25 69 4.34%
SBV5 COM SUGAR #11 (WORLD) Oct25 26 1.64%
SIK5 COM SILVER FUTURE MAY25 37 17.94%
SIN5 COM SILVER FUTURE Jul25 3 1.47%
SMK5 COM SOYBEAN MEAL FUTR May25 -29 -2.52%
SMN5 COM SOYBEAN MEAL FUTR Jul25 -5 -0.44%
SMQ5 COM SOYBEAN MEAL FUTR Aug25 -3 -0.27%
W K5 COM WHEAT FUTURE(CBT) May25 -6 -0.48%
W U5 COM WHEAT FUTURE(CBT) Sep25 -2 -0.17%
XBK5 COM GASOLINE RBOB FUT May25 -17 -4.54%
XBM5 COM GASOLINE RBOB FUT Jun25 -12 -3.19%
XBN5 COM GASOLINE RBOB FUT Jul25 -4 -1.06%
- TREASURY BILL DN 4/25 10,100,000 29.22%
- TREASURY BILL DN 4/25 2,200,000 6.36%
- TREASURY BILL DN 4/25 400,000 1.16%
- TREASURY BILL DN 6/25 6,700,000 19.21%
- TREASURY BILL DN 7/25 7,900,000 22.59%
- TREASURY BILL DN 7/25 7,200,000 20.59%
- CANADIAN DOLLAR -40,996 -0.08%
- Estimated Cash -550,392 -1.60%

Holdings are subject to change without notice.

As of

Portfolio Risk Profile
Category Weight Est. Initial Margin Contrib to Vol
COFFEE 'C' FUTURE 23.47% 615,385 19.01%
GOLD 100 OZ FUTR 42.40% 660,000 12.30%
LIVE CATTLE FUTR 47.22% 488,840 11.75%
COPPER FUTURE 20.02% 415,800 10.65%
SILVER FUTURE 19.40% 528,000 8.67%
CATTLE FEEDER FUT 31.49% 344,812 7.68%
NATURAL GAS FUTR 6.07% 151,293 5.61%
COTTON NO.2 FUTR -11.76% 193,867 4.18%
SUGAR #11 (WORLD) 7.71% 138,691 3.97%
GASOLINE RBOB FUT -8.79% 182,422 3.45%
WTI CRUDE FUTURE -8.65% 240,138 2.86%
PLATINUM FUTURE 4.53% 105,600 2.01%
CORN FUTURE 3.87% 65,250 1.44%
KC HRW WHEAT FUT 2.58% 61,270 1.35%
SOYBEAN FUTURE -4.55% 66,770 1.13%
PALLADIUM FUTURE 1.67% 79,200 0.96%
SOYBEAN MEAL FUTR -3.23% 84,260 0.96%
COCOA FUTURE 0.68% 39,332 0.81%
NY HARB ULSD FUT -0.80% 20,325 0.34%
WHEAT FUTURE(CBT) -0.66% 14,960 0.29%
SOYBEAN OIL FUTR -0.66% 17,710 0.27%
LEAN HOGS FUTURE -0.45% 7,480 0.22%
CANOLA FUTR (WCE) 0.12% 2,491 0.07%
Total 171.67% 4,523,897 100.00%
Treasury Bill 99.13% 34,236,164 4.28%
Pure Cash 0.87% 301,398 0.00%
Total 100.00% 34,537,561 0.00%
Source: Bloomberg, Simplify

Recent Distributions

Ex-Dividend Date Record Date Payable Date Total Distribution
N/A
$0.34840
$0.30000
$0.15000
$0.15000
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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