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HARD

GradeCNew York Stock Exchange Arca

Simplify Commodities Strategy No K-1 ETF

Simplify · Inception 2023-03-27

$34.64+0.37 (+1.08%)

As of Sep 23, 2026, 2:20 PM EDT

History starts Mar 29, 2023.
Intraday session: up, 58 prints from 34.27 to 34.64. Range 34.45 to 34.84. Use the arrow keys to read each point.$34.50$34.70$34.8010 AM12 PM2 PM4 PM
Expense ratio
0.78%
Fund size
$82M
1Y return
+17.5%
Yield · Last 12 months
Data unavailable
Holdings
75
Volume · 30D
0M sh
NAV per share
$31.75
52W range
low $28.52high $37.63

The ETF.net HARD Grade

C

55/ 100

Confidence Medium

Six-pillar profile for HARD. Scores out of 100: Cost 73, Risk 39, Mission not scored, Tradability 34, Holdings not scored, Durability 59. Strongest: Cost (73). Weakest: Tradability (34). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 55 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    AScore 73
    —

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    DScore 39
    —

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 34
    —

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 59
    —

Graded as of Aug 18, 2026 · Based on 4 of 6 pillars

Our read on HARD

ETF.net Research

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.

Stated mandate

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

  1. 01Long/short by design: the models can take short positions as well as long ones across commodities, not just ride a long-only basket.
  2. 02Built as a 1940 Act fund, so holders get standard 1099 paperwork rather than the partnership K-1 some commodity futures funds send.
  3. 03A 0.78% expense ratio sits under the median fee in its commodity futures cohort, which is rare for an actively managed futures strategy.
  4. 04Lands in the upper half of its commodity futures peer group, in company with broad names like PDBC and DBB.

Worth knowing

  1. 01Model-driven and launched in 2023: no index to check it against, and a short live record so far.
  2. 02Commodity futures move in big steps, and a long/short book can end up offside on either side of a trade.
  3. 03Moderately traded and smaller than the category's giants, so spreads can run wider than the largest commodity ETFs.

HARD Holdings

As of Aug 19, 2026, 3:00 AM
Asset class
Other
Holdings
75
Top-10 weight
78%
Largest holding
SBIL31.6%

Sectors

Geography

The fund’s holdings, weight-ordered — page 1 of 2.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001SBILSIMPLIFY E GOVT MONEY MKT ETF31.58%—$56M16
002—BRENT CRUDE FUTR OCT2614.83%—$26M—
003—BRENT CRUDE FUTR NOV267.31%—$13M—
004—LOW SU GASOIL G SEP266.78%—$12M—
005—NY HARB ULSD FUT SEP264.24%—$7M—
006—COPPER FUTURE SEP263.22%—$6M—
007—NY HARB ULSD FUT OCT262.58%—$5M—
008—B 10/20/26 Govt2.54%—$4M—
009—B 11/17/26 Govt2.25%—$4M—
010—B 12/08/26 Govt2.24%—$4M—
011—LOW SU GASOIL G OCT262.19%—$4M—
012—SOYBEAN OIL FUTR DEC262.11%—$4M—
013—Cash1.78%—$3M—
014—WHITE SUGAR (ICE) OCT261.50%—$3M—
015—SUGAR #11 (WORLD) OCT261.44%—$3M—

Showing 1–15 of 29 holdings

HARD Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Performance data is unavailable.

Returns run to the last market 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.

Trailing total return for HARD. Periods over one year show the average yearly return.
PeriodHARD
Year to dateHistory unavailable—
1 monthHistory unavailable—
3 monthsHistory unavailable—
1 yearHistory unavailable—
3 yearsHistory unavailable—per year
5 yearsHistory unavailable—per year
10 yearsHistory unavailable—per year

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual return data is unavailable.

HARD in the news

HARD Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months

Distribution data unavailable.

HARD Risk

How much the fund’s monthly returns vary, scaled to a year.
—
No data available
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.

Return above 3-month US Treasury bills per unit of volatility.
—
No data available
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.

The largest fall from a peak to the low that followed.
—
No data available
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.

How strongly the fund’s returns move with its asset-class index.
0.82
vs its asset-class index
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

Expense Ratio
0.78%