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Launched

Simplify Commodities Strategy No K-1 ETF

HARDNYSE ArcaSimplifyC

$33.28−2.44 (−6.83%)

At close: Nov 2, 2026, 4:00 PM ET

C42/ 100

Rank 8 of 14 in Commodity Futures

C42/100Rank 8 of 14inCommodity Futures
Intraday session: down, 79 prints from 35.72 to 33.28. Range 33.22 to 34.03. Use the arrow keys to read each point.34.0034.5035.0010 AM12 PM2 PM4 PM
Expense ratio
0.85%*
Fund size
$59M
1Y total return
+25.0%
Yield · Last 12 months
3.36%
Holdings
20
Avg volume · 30D
31.3K sh
52W range
low $28.52high $37.63
Launched

*After a fee waiver that ends Oct 31, 2027. Without it: 0.90%.

The ETF.net HARD Grade

Based on 4 of 6 pillars

C

Score 42 out of 100

Category
Commodity Futures⁠
Rank
8 of 14
Six-pillar profile for HARD. Scores out of 100: Cost 38, Risk 49, Mission not scored, Tradability 39, Holdings not scored, Durability 54. Strongest: Durability (54). Weakest: Cost (38). Based on 4 of 6 pillars.

Score 42 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.
    D38 out of 100
    Rank 9 of 14

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C49 out of 100
    Rank 7 of 14

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D39 out of 100
    Rank 8 of 14

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C54 out of 100
    Rank 7 of 14

Our read on HARD

ETF.net Research

In short

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

  • 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 Performance

Launched Mar 27, 2023

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$12,503
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. HARD $12,503. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000$12,000$13,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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.

Trailing total return for HARD. Periods over one year show the average yearly return.
PeriodHARD
Year to date+23.9%
1 month+6.1%
3 months+13.7%
1 year+25.0%
3 yearsper year+18.2%
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

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 total returns for HARD
YearReturn barHARD
2026 YTD+23.9%
2025+13.2%
2024+20.5%
2023−4.9%

History from Mar 29, 2023

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 through Oct 30, 2026.
3.36%Last 12 months
Payout per share
$1.20Last 12 months
Last payment
$0.30 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2023–2026

One bar per payment. 14 payments from 2023 to 2026 YTD. Jun 27, 2023 $0.10; Sep 27, 2023 $0.10; Dec 26, 2023 $0.26; Mar 25, 2024 $0.15; Jun 25, 2024 $0.15; Sep 25, 2024 $0.30; Dec 23, 2024 $0.35; Mar 26, 2025 $0.12; Jun 25, 2025 $0.25; Sep 25, 2025 $0.30; Dec 23, 2025 $0.30; Mar 26, 2026 $0.30; Jun 25, 2026 $0.30; Sep 25, 2026 $0.30. Use the arrow keys to read each point.2023202420252026YTD
Ex-datePay dateAmount per share
Sep 25, 2026Sep 30, 2026$0.30
Jun 25, 2026Jun 30, 2026$0.30
Mar 26, 2026Mar 31, 2026$0.30
Dec 23, 2025Dec 31, 2025$0.30
Sep 25, 2025Sep 30, 2025$0.30
Jun 25, 2025Jun 30, 2025$0.25
Mar 26, 2025Mar 31, 2025$0.12
Dec 23, 2024Dec 31, 2024$0.35
Sep 25, 2024Sep 30, 2024$0.30
Jun 25, 2024Jun 28, 2024$0.15
Mar 25, 2024Mar 28, 2024$0.15
Dec 26, 2023Dec 29, 2023$0.26

See all 14 payments⁠

$10,000 in HARD 3 years ago paid $1,263 in dividends.⁠

HARD Risk

Risk pillarC49 out of 100Rank 7 of 14 in Commodity Futures
How much the fund’s monthly returns vary, scaled to a year.
17.2%
Annualised · 36 months to Oct 2026
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.
0.80
vs 3-month T-bills · to Oct 2026
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.
−21.0%
43 months · trough Aug 2026
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.

FMP measures it over up to five years of monthly returns.

HARD Cost

Compare HARD and USG

Overpaying vs USG, cheapest in Commodity Futures

$7,158

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • HARD 0.85%

    $16,199

  • USG 0.45% Cheapest

    $9,041

$10,000
30 years

Cost over time

  • HARD 0.85%
  • USG 0.45%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530HARD $16,199USG $9,041

Year by year

YearHARDUSGOverpaying
10$1,508$812$696
20$5,706$3,128$2,578
30$16,199$9,041$7,158
How the 0.85% is worked out

Full fee 0.90%− waiver 0.05%= you pay 0.85%

The waiver ends Oct 31, 2027. After that the fee is 0.90% unless Simplify renews it. Source: prospectus, Oct 2026.

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