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.
HARD Spotlight
Fund Overview
As of 06/30/2026
Ticker Symbol
HARD
Expense Ratio
0.78%
CUSIP
82889N566
Total Assets
$81,518,552.83
Shares Outstanding
2,750,001
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 05/31/2026
2.09%
30-Day SEC Yield (Unsubsidized) as of 05/31/2026
2.09%
Options Available
No
Inception Date
03/27/2023
Premium/Discount (%) as of 06/30/2026
0.06%
NAV Per Share as of 06/30/2026
$29.64
Market Price as of 06/30/2026
$29.66
30-Day Median Bid-Ask Spread
0.36%
Bid/Ask
$29.66/$29.72
Midpoint Price
$29.69
Volume
12,013
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 05/31/2026 03/31/2026
| Cumulative | 1 Month | 3 Month | 6 Month | YTD | 1 Year | 3 Year | 5 Year | Since Inception |
|---|---|---|---|---|---|---|---|---|
| NAV | -10.24% | 1.39% | 12.11% | 11.98% | 23.81% | 41.56% | — | 45.31% |
| Market Price | -12.38% | 1.19% | 11.97% | 12.21% | 23.88% | 41.73% | — | 45.34% |
| Annualized | 1 Year | 3 Year | 5 Year | Since Inception |
|---|---|---|---|---|
| NAV | 23.81% | 12.28% | — | 12.48% |
| Market Price | 23.88% | 12.33% | — | 12.50% |
| 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.
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
| Ticker | Name | Quantity | Weight |
|---|---|---|---|
| SBIL | SIMPLIFY GOVT MNY MRKT ET | 615,500 | 75.55% |
| BOQ6 COM | SOYBEAN OIL FUTR Aug26 | 31 | 1.53% |
| BOU6 COM | SOYBEAN OIL FUTR Sep26 | 30 | 1.47% |
| CAH7 COM | MILL WHEAT EURO Mar27 | -1 | -0.01% |
| CAU6 COM | MILL WHEAT EURO Sep26 | -13 | -0.18% |
| CAZ6 COM | MILL WHEAT EURO Dec26 | -22 | -0.32% |
| CCU6 COM | COCOA FUTURE Sep26 | -1 | -0.06% |
| CCZ6 COM | COCOA FUTURE Dec26 | -1 | -0.06% |
| CLF7 COM | WTI CRUDE FUTURE Jan27 | 4 | 0.33% |
| CLG7 COM | WTI CRUDE FUTURE Feb27 | 2 | 0.17% |
| CLU6 COM | WTI CRUDE FUTURE Sep26 | -3 | -0.25% |
| CLX6 COM | WTI CRUDE FUTURE Nov26 | 1 | 0.08% |
| CLZ6 COM | WTI CRUDE FUTURE Dec26 | 9 | 0.75% |
| COF7 COM | BRENT CRUDE FUTR Jan27 | 2 | 0.18% |
| COU6 COM | BRENT CRUDE FUTR Sep26 | 138 | 12.35% |
| CTH7 COM | COTTON NO.2 FUTR Mar27 | 5 | 0.24% |
| CTZ6 COM | COTTON NO.2 FUTR Dec26 | 25 | 1.18% |
| DFF7 COM | COFF ROBUSTA 10tn Jan27 | 9 | 0.40% |
| DFU6 COM | COFF ROBUSTA 10tn Sep26 | 83 | 3.72% |
| DFX6 COM | COFF ROBUSTA 10tn Nov26 | 31 | 1.37% |
| FCQ6 COM | CATTLE FEEDER FUT Aug26 | 65 | 14.54% |
| FCU6 COM | CATTLE FEEDER FUT Sep26 | 23 | 5.11% |
| FCV6 COM | CATTLE FEEDER FUT Oct26 | 13 | 2.87% |
| GCQ6 COM | GOLD 100 OZ FUTR Aug26 | 10 | 4.95% |
| HGU6 COM | COPPER FUTURE Sep26 | 31 | 5.95% |
| HGZ6 COM | COPPER FUTURE Dec26 | 7 | 1.36% |
| HOQ6 COM | NY Harb ULSD Fut Aug26 | 3 | 0.50% |
| HOU6 COM | NY Harb ULSD Fut Sep26 | 5 | 0.81% |
| HOV6 COM | NY Harb ULSD Fut Oct26 | 1 | 0.16% |
| IJG7 COM | RAPESEED EURO Feb27 | 7 | 0.25% |
| IJQ6 COM | RAPESEED EURO Aug26 | 4 | 0.14% |
| IJX6 COM | RAPESEED EURO Nov26 | 81 | 2.91% |
| KCH7 COM | COFFEE 'C' FUTURE Mar27 | 6 | 0.77% |
| KCU6 COM | COFFEE 'C' FUTURE Sep26 | 40 | 5.46% |
| KCZ6 COM | COFFEE 'C' FUTURE Dec26 | 21 | 2.73% |
| KWU6 COM | KC HRW WHEAT FUT Sep26 | -16 | -0.61% |
| KWZ6 COM | KC HRW WHEAT FUT Dec26 | -10 | -0.39% |
| LCQ6 COM | LIVE CATTLE FUTR Aug26 | 121 | 14.39% |
| LCV6 COM | LIVE CATTLE FUTR Oct26 | 80 | 9.29% |
| LCZ6 COM | LIVE CATTLE FUTR Dec26 | 26 | 3.02% |
| LHQ6 COM | LEAN HOGS FUTURE Aug26 | -56 | -2.70% |
| LHV6 COM | LEAN HOGS FUTURE Oct26 | -28 | -1.13% |
| NGF27 COM | NATURAL GAS FUTR Jan27 | 2 | 0.11% |
| NGQ26 COM | NATURAL GAS FUTR Aug26 | 11 | 0.44% |
| NGU26 COM | NATURAL GAS FUTR Sep26 | 43 | 1.68% |
| NGV26 COM | NATURAL GAS FUTR Oct26 | 21 | 0.83% |
| NGX26 COM | NATURAL GAS FUTR Nov26 | 12 | 0.50% |
| NGZ26 COM | NATURAL GAS FUTR Dec26 | 4 | 0.20% |
| PAU6 COM | PALLADIUM FUTURE Sep26 | 5 | 0.74% |
| QCU6 COM | COCOA FUTURE - IC Sep26 | 4 | 0.25% |
| QCZ6 COM | COCOA FUTURE - IC Dec26 | 4 | 0.25% |
| QWQ6 COM | WHITE SUGAR (ICE) Aug26 | 2 | 0.06% |
| QWV6 COM | WHITE SUGAR (ICE) Oct26 | 2 | 0.06% |
| RSF7 COM | CANOLA FUTR (WCE) Jan27 | 3 | 0.04% |
| RSX6 COM | CANOLA FUTR (WCE) Nov26 | 135 | 1.72% |
| S F7 COM | SOYBEAN FUTURE Jan27 | 2 | 0.14% |
| S Q6 COM | SOYBEAN FUTURE Aug26 | 7 | 0.48% |
| S U6 COM | SOYBEAN FUTURE Sep26 | 7 | 0.48% |
| S X6 COM | SOYBEAN FUTURE Nov26 | 40 | 2.81% |
| SBH7 COM | SUGAR #11 (WORLD) Mar27 | -24 | -0.52% |
| SBK7 COM | SUGAR #11 (WORLD) May27 | -7 | -0.15% |
| SBV6 COM | SUGAR #11 (WORLD) Oct26 | -52 | -1.06% |
| SIU6 COM | SILVER FUTURE Sep26 | 6 | 2.21% |
| SMQ6 COM | SOYBEAN MEAL FUTR Aug26 | -4 | -0.15% |
| SMU6 COM | SOYBEAN MEAL FUTR Sep26 | -7 | -0.26% |
| W U6 COM | WHEAT FUTURE(CBT) Sep26 | -44 | -1.59% |
| W Z6 COM | WHEAT FUTURE(CBT) Dec26 | -25 | -0.93% |
| XBQ6 COM | GASOLINE RBOB FUT Aug26 | 12 | 1.79% |
| XBU6 COM | GASOLINE RBOB FUT Sep26 | 6 | 0.84% |
| XBV6 COM | GASOLINE RBOB FUT Oct26 | 3 | 0.38% |
| - | TREASURY BILL DN 8/26 | 5,000,000 | 6.10% |
| - | TREASURY BILL DN 8/26 | 4,500,000 | 5.49% |
| - | TREASURY BILL DN 9/26 | 2,500,000 | 3.05% |
| - | TREASURY BILL DN 9/26 | 2,000,000 | 2.43% |
| - | TREASURY BILL DN 10/26 | 4,500,000 | 5.46% |
| - | EURO | 343,643 | 0.48% |
| - | CANADIAN DOLLAR | 527,201 | 0.46% |
| - | POUND STERLING | 46,191 | 0.08% |
| - | DREYFUS TRSY OBLIG CASH M | 2,156,806 | 2.65% |
| - | Estimated Cash | -455,998 | -0.56% |
Holdings are subject to change without notice.
| Category | Weight | Est. Initial Margin | Contrib to Vol |
|---|---|---|---|
| BRENT CRUDE FUTR | 12.53% | 1,443,733 | 17.51% |
| CATTLE FEEDER FUT | 22.52% | 633,270 | 14.91% |
| LIVE CATTLE FUTR | 26.70% | 799,040 | 14.75% |
| COFFEE 'C' FUTURE | 8.95% | 410,163 | 10.13% |
| COPPER FUTURE | 7.31% | 501,600 | 6.80% |
| NATURAL GAS FUTR | 3.76% | 287,600 | 4.81% |
| GOLD 100 OZ FUTR | 4.95% | 222,140 | 4.39% |
| GASOLINE RBOB FUT | 3.02% | 140,364 | 3.64% |
| SILVER FUTURE | 2.21% | 193,482 | 3.52% |
| SOYBEAN OIL FUTR | 2.99% | 132,550 | 2.24% |
| LEAN HOGS FUTURE | -3.83% | 138,600 | 2.14% |
| NY HARB ULSD FUT | 1.47% | 78,464 | 1.94% |
| RAPESEED EURO | 3.30% | 0 | 1.73% |
| SOYBEAN FUTURE | 3.92% | 116,930 | 1.65% |
| WHEAT FUTURE(CBT) | -2.52% | 137,665 | 1.60% |
| WTI CRUDE FUTURE | 1.08% | 92,802 | 1.41% |
| SUGAR #11 (WORLD) | -1.73% | 66,007 | 1.21% |
| CANOLA FUTR (WCE) | 1.76% | 55,226 | 1.17% |
| COTTON NO.2 FUTR | 1.42% | 60,362 | 1.09% |
| PALLADIUM FUTURE | 0.74% | 67,200 | 1.06% |
| COCOA FUTURE - IC | 0.50% | 51,607 | 0.91% |
| KC HRW WHEAT FUT | -1.01% | 55,220 | 0.62% |
| MILL WHEAT EURO | -0.52% | 0 | 0.28% |
| COCOA FUTURE | -0.13% | 12,441 | 0.25% |
| SOYBEAN MEAL FUTR | -0.41% | 17,380 | 0.17% |
| WHITE SUGAR (ICE) | 0.12% | 6,421 | 0.08% |
| Total | 99.10% | 5,720,267 | 100.00% |
| Category | Weight | Market Value/Exposure | Est. Yield |
|---|---|---|---|
| Treasury Bill | 22.53% | 18,362,636 | 3.76% |
| Money Market | 75.55% | 61,586,930 | 0.00% |
| Pure Cash | 1.92% | 1,568,987 | 0.00% |
| Total | 100.00% | 81,518,553 | 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.
