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HARD

Simplify Commodities Strategy No K-1 ETF

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as of 02/20/2025

NAV

$ 31.18

NAV Change

- $ 0.24 /0.76%

Price

$ 31.15

Price Change

- $ 0.51 /1.61%
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 02/20/2025

Ticker Symbol
HARD
Gross Expense Ratio
0.75%
CUSIP
82889N566
Total Assets
$43,647,953.72
Shares Outstanding
1,400,001
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 01/31/2025 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 01/31/2025
2.06%
Options Available
No
Inception Date
03/27/2023
Premium/Discount (%) as of 02/20/2025
-0.09%
NAV Per Share as of 02/20/2025
$31.18
Market Price as of 02/20/2025
$31.15
30-Day Median Bid-Ask Spread
0.27%
Bid/Ask
$31.12/$31.18
Midpoint Price
$31.15
Volume
38,523
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

As of 01/31/2025 12/31/2024

Monthly Quarterly
Cumulative 1 Month 3 Month 6 Month YTD 1 Year Since Inception
NAV 8.63% 17.78% 25.45% 8.63% 30.52% 22.72%
Market Price 7.32% 17.53% 25.70% 7.32% 30.59% 22.78%
Annualized 1 Year 3 Year Since Inception
NAV 30.52% — 11.71%
Market Price 30.59% — 11.75%
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 02/20/2025

Holdings - All ETFs
Ticker Name Quantity Weight
BOH5 COM SOYBEAN OIL FUTR Mar25 2 0.13%
C H5 COM CORN FUTURE Mar25 10 0.57%
C K5 COM CORN FUTURE May25 154 9.05%
C N5 COM CORN FUTURE Jul25 74 4.38%
C U5 COM CORN FUTURE Sep25 29 1.60%
CCK5 COM COCOA FUTURE MAY25 1 0.24%
CCN5 COM COCOA FUTURE Jul25 4 0.92%
CLJ5 COM WTI CRUDE FUTURE APR25 -8 -1.33%
CLK5 COM WTI CRUDE FUTURE MAY25 -14 -2.32%
CLM5 COM WTI CRUDE FUTURE JUN25 -6 -0.99%
CLU5 COM WTI CRUDE FUTURE Sep25 1 0.16%
CLV5 COM WTI CRUDE FUTURE Oct25 1 0.16%
CLX5 COM WTI CRUDE FUTURE Nov25 1 0.16%
CTK5 COM COTTON NO.2 FUTR May25 -40 -3.09%
CTN5 COM COTTON NO.2 FUTR Jul25 -11 -0.86%
FCJ5 COM CATTLE FEEDER FUT Apr25 6 1.83%
FCK5 COM CATTLE FEEDER FUT May25 2 0.61%
GCJ5 COM GOLD 100 OZ FUTR Apr25 44 29.81%
GCM5 COM GOLD 100 OZ FUTR Jun25 3 2.05%
HGK5 COM COPPER FUTURE MAY25 31 8.29%
HGN5 COM COPPER FUTURE Jul25 7 1.89%
HOJ5 COM NY Harb ULSD Fut Apr25 29 6.83%
HOK5 COM NY Harb ULSD Fut May25 14 3.21%
HOM5 COM NY HARB ULSD FUT JUN25 8 1.81%
HON5 COM NY Harb ULSD Fut Jul25 1 0.22%
KCK5 COM COFFEE 'C' FUTURE MAY25 25 8.38%
KCN5 COM COFFEE 'C' FUTURE Jul25 16 5.22%
KCU5 COM COFFEE 'C' FUTURE Sep25 4 1.27%
KWK5 COM KC HRW WHEAT FUT May25 75 5.33%
KWN5 COM KC HRW WHEAT FUT JUL25 40 2.90%
LCJ5 COM LIVE CATTLE FUTR Apr25 19 3.38%
LCM5 COM LIVE CATTLE FUTR JUN25 23 4.01%
LCQ5 COM LIVE CATTLE FUTR Aug25 10 1.73%
LHJ5 COM LEAN HOGS FUTURE APR25 39 3.16%
LHM5 COM LEAN HOGS FUTURE Jun25 39 3.59%
LHN5 COM LEAN HOGS FUTURE Jul25 14 1.30%
NGJ25 COM NATURAL GAS FUTR Apr25 50 4.68%
NGK25 COM NATURAL GAS FUTR May25 19 1.80%
NGM25 COM NATURAL GAS FUTR Jun25 10 0.97%
NGN25 COM NATURAL GAS FUTR Jul25 14 1.41%
NGQ25 COM NATURAL GAS FUTR Aug25 11 1.11%
NGU25 COM NATURAL GAS FUTR Sep25 13 1.30%
NGV25 COM NATURAL GAS FUTR Oct25 22 2.22%
NGX25 COM NATURAL GAS FUTR Nov25 6 0.63%
NGZ25 COM NATURAL GAS FUTR Dec25 1 0.11%
PAH5 COM PALLADIUM FUTURE Mar25 12 2.77%
PLJ5 COM PLATINUM FUTURE Apr25 17 1.94%
RSH5 COM CANOLA FUTR (WCE) Mar25 4 0.09%
RSK5 COM CANOLA FUTR (WCE) May25 36 0.79%
RSN5 COM CANOLA FUTR (WCE) JUL25 11 0.24%
S K5 COM SOYBEAN FUTURE MAY25 32 3.90%
S N5 COM SOYBEAN FUTURE Jul25 16 1.98%
S Q5 COM SOYBEAN FUTURE Aug25 1 0.12%
SBK5 COM SUGAR #11 (WORLD) MAY25 127 6.44%
SBN5 COM SUGAR #11 (WORLD) JUL25 61 3.02%
SBV5 COM SUGAR #11 (WORLD) Oct25 27 1.34%
SIK5 COM SILVER FUTURE MAY25 7 2.71%
SIN5 COM SILVER FUTURE Jul25 1 0.39%
SMK5 COM SOYBEAN MEAL FUTR May25 125 8.72%
SMN5 COM SOYBEAN MEAL FUTR Jul25 68 4.85%
W K5 COM WHEAT FUTURE(CBT) May25 98 6.74%
W N5 COM WHEAT FUTURE(CBT) Jul25 44 3.10%
XBJ5 COM GASOLINE RBOB FUT APR25 -2 -0.45%
XBK5 COM GASOLINE RBOB FUT May25 1 0.22%
XBM5 COM GASOLINE RBOB FUT Jun25 1 0.22%
- TREASURY BILL DN 2/25 1,800,000 4.12%
- TREASURY BILL DN 3/25 6,600,000 15.09%
- TREASURY BILL DN 3/25 1,900,000 4.34%
- TREASURY BILL DN 4/25 12,600,000 28.74%
- TREASURY BILL DN 4/25 3,700,000 8.44%
- TREASURY BILL DN 4/25 3,200,000 7.29%
- TREASURY BILL DN 4/25 500,000 1.14%
- TREASURY BILL DN 6/25 13,000,000 29.39%
- CANADIAN DOLLAR 55,237 0.09%
- Estimated Cash -970,256 -2.21%

Holdings are subject to change without notice.

As of

Portfolio Risk Profile
Category Weight Est. Initial Margin Contrib to Vol
NATURAL GAS FUTR 14.23% 415,936 15.50%
COFFEE 'C' FUTURE 14.86% 459,464 12.43%
GOLD 100 OZ FUTR 31.85% 646,250 9.81%
SOYBEAN MEAL FUTR 13.57% 417,120 8.09%
CORN FUTURE 15.60% 290,583 6.44%
NY HARB ULSD FUT 12.07% 366,705 6.28%
WHEAT FUTURE(CBT) 9.83% 252,890 5.42%
COPPER FUTURE 10.17% 271,700 4.99%
KC HRW WHEAT FUT 8.22% 223,300 4.94%
SUGAR #11 (WORLD) 10.79% 227,067 4.71%
LEAN HOGS FUTURE 8.05% 161,920 4.56%
LIVE CATTLE FUTR 9.11% 125,840 2.99%
SOYBEAN FUTURE 6.00% 100,430 2.81%
PALLADIUM FUTURE 2.77% 158,400 2.33%
SILVER FUTURE 3.10% 105,600 1.72%
WTI CRUDE FUTURE -4.15% 161,131 1.65%
COTTON NO.2 FUTR -3.95% 93,638 1.23%
PLATINUM FUTURE 1.94% 56,100 1.19%
COCOA FUTURE 1.16% 72,566 1.11%
CATTLE FEEDER FUT 2.44% 36,296 0.86%
CANOLA FUTR (WCE) 1.12% 25,710 0.51%
GASOLINE RBOB FUT 0.00% 21,831 0.34%
SOYBEAN OIL FUTR 0.13% 3,960 0.09%
Total 168.90% 4,694,437 100.00%
Treasury Bill 98.53% 43,007,096 4.32%
Pure Cash 1.47% 640,857 0.00%
Total 100.00% 43,647,954 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
Supplemental Information: S19(a) Notices

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