Simplify Commodities Strategy No K-1 ETF
$35.03+0.32 (+0.92%)
- 0.78%
- $58M
- +17.3%
- 3.46%
- 0M sh
- $34.41
- low $28.52high $37.63
The ETF.net HARD Grade
C
Score 52 out of 100
- 7 of 15
Score 52 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.B64 out of 100Rank 6 of 15Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C41 out of 100Rank 10 of 15Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D37 out of 100Rank 10 of 15Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B58 out of 100Rank 7 of 15
Our read on HARD
CMost broad commodity funds buy the basket and hold on. HARD runs a systematic long/short model built by Altis Partners across the futures complex, and mails a 1099 instead of a K-1.
HARD seeks long-term capital appreciation through systematic investment in commodity futures. Its strategy uses systematic long/short models designed by Altis Partners to pursue commodity exposure across inflationary and typical market environments.
Why people hold it
- Long/short by design: the models can take short positions as well as long ones across commodities, not just ride a long-only basket.
- Built as a 1940 Act fund, so holders get standard 1099 paperwork rather than the partnership K-1 some commodity futures funds send.
- A 0.78% expense ratio sits under the median fee in its commodity futures cohort, which is rare for an actively managed futures strategy.
- Lands in the upper half of its commodity futures peer group, in company with broad names like PDBC and DBB.
Worth knowing
- Model-driven and launched in 2023: no index to check it against, and a short live record so far.
- Commodity futures move in big steps, and a long/short book can end up offside on either side of a trade.
- Moderately traded and smaller than the category's giants, so spreads can run wider than the largest commodity ETFs.
HARD Holdings
- Other
- 21
- 83%
- SBIL
Sectors
- Financials100.0%
Geography
- United States100.00%
HARD Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.
HARD$11,730
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | HARD |
|---|---|
| Year to date | +20.4% |
| 1 month | −2.4% |
| 3 months | +16.9% |
| 1 year | +17.3% |
| 3 years | +16.3% |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | HARD |
|---|---|---|
| 2026 YTD | +20.4% | |
| 2025 | +13.2% | |
| 2024 | +20.5% | |
| 2023 | −4.9% |
HARD in the news
HARD Dividends
- 3.46%
- $1.20
- $0.30 per share
- Quarterly
Distribution history
HARD Risk
- 17.5%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 0.57
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −21.0%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.82
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
HARD Cost
0.78%
HARD0.78%
- The middle half of Commodity Futures funds
- Median 0.79%
5 of the 14 Commodity Futures funds charge less.
Other funds in Commodity Futures
- BDBBInvesco DB Base Metals FundExpense ratio 0.81%1 year return +24.1%
- BEVMTInvesco Electric Vehicle Metals Commodity Strategy No K-1 ETFExpense ratio 0.74%1 year return +16.0%
- CACOMHarbor Active Commodity ETFExpense ratio 0.93%1 year return —
- CCMDTPIMCO Commodity Strategy Active Exchange-Traded FundExpense ratio 0.98%1 year return +34.1%
- CUSEUSCF Energy Commodity Strategy Absolute Return FundExpense ratio 0.79%1 year return +41.7%