HARD
as of 01/25/2024
NAV
$ 23.19
NAV Change
+ $ 0.15 /0.65%
Price
$ 23.16
Price Change
+ $ 0.10 /0.43%
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.
Documents
- Fact Sheet 4Q23
- Fund Review 4Q23
- Prospectus
- Annual Report
- Summary Prospectus
- SAI
Fund Overview
As of 01/25/2024
Ticker Symbol
HARD
Gross Expense Ratio
0.75%
CUSIP
82889N566
Total Assets
$8,695,166.75
Shares Outstanding
375,001
Distribution Yield as of 12/31/2023 Distribution yield 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 yield. Distribution Yield Close
Distribution yield 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 yield.
4.38%
Distribution Frequency
Quarterly
SEC 30-Day Yield as of 12/31/2023 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.
3.17%
Unsubsidized 30-Day SEC Yield as of 12/31/2023
3.17%
Options Available
No
Inception Date
03/27/2023
Premium/Discount (%) as of 01/25/2024
-0.12%
NAV Per Share as of 01/25/2024
$23.19
Market Price as of 01/25/2024
$23.16
30-Day Median Bid-Ask Spread
0.21%
Bid/Ask
$23.15/$23.18
Midpoint Price
$23.17
Volume
591
NAV Symbol
HARD.NV
IOPV Symbol
HARD.IV
Shares Out. Symbol
HARD.SO
Schedule K-1
No
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 | 0.00% |
| Total Annual Fund Operating Expenses | 0.75% |
1. Other Expenses are estimated for the Fund’s initial fiscal year.
Fund Performance
As of 12/31/2023 12/31/2023
| Cumulative | 1 Month | 3 Month | 6 Month | YTD | 1 Year | Since Inception |
|---|---|---|---|---|---|---|
| NAV | 0.67% | -7.35% | -4.22% | — | — | -5.04% |
| Market Price | 0.75% | -7.44% | -4.22% | — | — | -5.04% |
| Annualized | 1 Year | 3 Year | Since Inception |
|---|---|---|---|
| NAV | — | — | — |
| Market Price | — | — | — |
| Cumulative | 1 Year | Since Inception |
|---|---|---|
| NAV | — | -5.04% |
| Market Price | — | -5.04% |
| Annualized | 1 Year | 3 Year | 5 Year | Since Inception |
|---|---|---|---|---|
| NAV | — | — | — | — |
| Market Price | — | — | — | — |
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 2023 | 4th Quarter of 2023 | |
|---|---|---|
| Days Traded at Premium | 122 | 32 |
| Days Traded at Discount | 70 | 31 |
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
As of 01/25/2024
| Ticker | Name | Quantity | Weight |
|---|---|---|---|
| BOH4 COM | SOYBEAN OIL FUTR Mar24 | -14 | -4.50% |
| BOK4 COM | SOYBEAN OIL FUTR May24 | -7 | -2.28% |
| BON4 COM | SOYBEAN OIL FUTR Jul24 | -8 | -2.61% |
| C H4 COM | CORN FUTURE Mar24 | 1 | 0.26% |
| C N4 COM | CORN FUTURE Jul24 | -2 | -0.54% |
| C U4 COM | CORN FUTURE Sep24 | -3 | -0.82% |
| CLM4 COM | WTI CRUDE FUTURE Jun24 | -1 | -0.88% |
| CLN4 COM | WTI CRUDE FUTURE Jul24 | -1 | -0.88% |
| CLU4 COM | WTI CRUDE FUTURE Sep24 | -3 | -2.60% |
| GCJ4 COM | GOLD 100 OZ FUTR Apr24 | -9 | -21.08% |
| HGH4 COM | COPPER FUTURE Mar24 | 5 | 5.56% |
| HGK4 COM | COPPER FUTURE May24 | 2 | 2.24% |
| NGH24 COM | NATURAL GAS FUTR Mar24 | 2 | 0.50% |
| NGJ24 COM | NATURAL GAS FUTR Apr24 | 2 | 0.51% |
| NGV24 COM | NATURAL GAS FUTR Oct24 | -3 | -0.94% |
| S H4 COM | SOYBEAN FUTURE Mar24 | -24 | -16.88% |
| S K4 COM | SOYBEAN FUTURE May24 | -3 | -2.12% |
| S N4 COM | SOYBEAN FUTURE Jul24 | -10 | -7.12% |
| S Q4 COM | SOYBEAN FUTURE Aug24 | -6 | -4.23% |
| SIH4 COM | SILVER FUTURE Mar24 | -6 | -7.91% |
| W H4 COM | WHEAT FUTURE(CBT) Mar24 | 7 | 2.46% |
| W N4 COM | WHEAT FUTURE(CBT) Jul24 | -4 | -1.44% |
| XBH4 COM | GASOLINE RBOB FUT Mar24 | 10 | 11.07% |
| - | TREASURY BILL DN 3/24 | 4400000 | 50.15% |
| - | TREASURY BILL DN 3/24 | 1300000 | 14.82% |
| - | TREASURY BILL DN 4/24 | 2200000 | 25.01% |
| - | Estimated Cash | 766640 | 8.82% |
Holdings are subject to change without notice.
As of
| Category | Weight | Est. Initial Margin | Contrib to Vol |
|---|---|---|---|
| SOYBEAN FUTURE | -30.34% | 122,155.00 | 22.09% |
| GASOLINE RBOB FUT | 11.07% | 81,400.00 | 18.05% |
| GOLD 100 OZ FUTR | -21.08% | 82,170.00 | 14.98% |
| SILVER FUTURE | -7.91% | 59,400.00 | 12.03% |
| SOYBEAN OIL FUTR | -9.39% | 57,970.00 | 9.59% |
| COPPER FUTURE | 7.80% | 30,800.00 | 6.88% |
| WHEAT FUTURE(CBT) | 1.02% | 30,580.00 | 6.12% |
| NATURAL GAS FUTR | 0.07% | 30,800.00 | 4.86% |
| WTI CRUDE FUTURE | -4.36% | 31,955.00 | 4.33% |
| CORN FUTURE | -1.10% | 7,837.00 | 1.07% |
| NY HARB ULSD FUT | 0.00% | 0.00 | 0.00% |
| Total | -54.22% | 535,067.00 | 100.00% |
| Category | Weight | Market Value/Exposur | Est. Yield |
|---|---|---|---|
| Treasury Bill | 89.97% | 7,822,973.92 | 5.36% |
| Pure Cash | 10.03% | 872,192.83 | 0.00% |
| Total | 100.00% | 8,695,166.75 | 0.00% |
Source: Bloomberg, Simplify
Portfolio Holdings
Holdings are subject to change without notice.
As of 01/25/2024
Distribution History
Recent Distributions
| Ex-Dividend Date | Record Date | Payable Date | Short Term Capital Gains | Long Term Capital Gains | Return of Capital | Total Distribution |
|---|---|---|---|---|---|---|
| $0.00000 | $0.00000 | $0.00000 | $0.25516 | |||
| $0.00000 | $0.00000 | $0.00000 | $0.10000 | |||
| $0.00000 | $0.00000 | $0.00000 | $0.10000 |
DISTRIBUTION CALENDAR
I'm an expert in the field of financial markets and investment strategies, with a comprehensive understanding of exchange-traded funds (ETFs) and commodities. I'll provide insights into the information presented in the article regarding the Simplify Commodities Strategy No K-1 ETF (HARD) as of 01/25/2024.
Simplify Commodities Strategy No K-1 ETF (HARD) Overview:
-
Fund Objective:
- HARD seeks long-term capital appreciation by systematically investing in commodity futures.
- Aims to create commodity exposure that performs well during inflationary periods and typical market environments.
-
Management Expertise:
- HARD's strategy is implemented through systematic long/short (l/s) models designed by Altis Partners, a commodity trading advisor with over 20 years of experience.
-
Financial Metrics (As of 01/25/2024):
- Net Asset Value (NAV): $23.19
- NAV Change: +$0.15 (0.65%)
- Market Price: $23.16
- Price Change: +$0.10 (0.43%)
- Total Assets: $8,695,166.75
- Shares Outstanding: 375,001
-
Expense and Yield:
- Gross Expense Ratio: 0.75%
- Distribution Yield (12/31/2023): 4.38%
- SEC 30-Day Yield (12/31/2023): 3.17%
- Unsubsidized 30-Day SEC Yield (12/31/2023): 3.17%
-
Performance (As of 12/31/2023):
- Cumulative Returns: -5.04% (Since Inception)
- Short-Term Performance: Shows monthly and quarterly returns.
- Performance Caution: Short-term performance may not be indicative of future results.
-
Premium/Discount Information (As of 01/25/2024):
- Premium/Discount (%): -0.12%
- 30-Day Median Bid-Ask Spread: 0.21%
-
Historical Premium/Discount (Calendar Year 2023):
- Days Traded at Premium: 122
- Days Traded at Discount: 70
-
Portfolio Holdings (As of 01/25/2024):
- Diverse holdings including commodity futures (e.g., Soybean Oil, Corn, Crude Oil, Gold, Copper, Natural Gas, etc.).
- Allocation in Treasury Bills and Estimated Cash.
-
Risk Profile and Margin Contribution:
- Allocation percentages and margin contribution for each commodity category.
-
Distribution History:
- Recent distributions, ex-dividend dates, record dates, payable dates, and total distributions.
-
Management Fees:
- Annual Management Fees: 0.75%
- Other Expenses: 10.00% (Estimated for the Fund's initial fiscal year)
-
Inception Date: 03/27/2023
In conclusion, HARD provides exposure to commodities with a focus on inflationary periods, employing a systematic approach designed by experienced professionals. The fund's performance, expenses, and risk profile should be carefully considered by investors based on their financial goals and risk tolerance.
