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SPD

GradeBNew York Stock Exchange Arca

Simplify US Equity PLUS Downside Convexity ETF

Multi-Asset & Alternatives · Simplify · Inception 2020-09-03

$42.16−0.43 (−1.01%)

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

Intraday session: down, 56 prints from 42.60 to 42.16. Range 42.05 to 42.60. Use the arrow keys to read each point.$42.00$42.40$42.6010 AM12 PM2 PM4 PM
Expense ratio
0.53%
Fund size
$103M
1Y return
+8.4%
Yield · Last 12 months
0.94%
Holdings
40
Volume · 30D
0M sh
NAV per share
$42.63
52W range
low $35.72high $43.93

The ETF.net SPD Grade

B

62/ 100

Rank 3 of 13 in Portfolio Hedging⁠

Confidence Medium

Six-pillar profile for SPD. Scores out of 100: Cost 74, Risk 60, Mission not scored, Tradability 43, Holdings 22, Durability 65. Strongest: Cost (74). Weakest: Holdings (22). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 62 of 100 sits in the B 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 74
    Category rank4/13 · top 31%

  • 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.
    BScore 60
    Category rank5/13 · top 38%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 43
    Category rank8/13 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    FScore 22
    Category rank6/6 · bottom quartile

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 65
    Category rank6/13 · top 46%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on SPD

ETF.net Research

BMost S&P 500 options funds sell options to collect premium. SPD runs the trade in reverse: US equity exposure plus a standing options overlay built to cushion deep market drops rather than harvest income.

Stated mandate

The fund seeks long-term capital appreciation through primarily U.S. equity investments combined with a persistent downside-convexity options overlay intended to hedge market declines.

Why people hold it

  1. 01The hedge is always on, not bolted in after volatility spikes. The overlay is built to soften declines instead of selling premium, the rarer job in this crowd.simplify.us
  2. 02At 0.53% a year it undercuts the median fee among its S&P 500 options peers, notable for a fund carrying a live derivatives book.simplify.us
  3. 03Trading since 2020. Equity core benchmarked to the S&P 500, a compact book of roughly 40 positions, distributions on a quarterly schedule.

Worth knowing

  1. 01Convexity is not free. A persistent hedge overlay has an ongoing cost that the fund carries whether or not the market actually falls.simplify.us
  2. 02Shares trade lightly and assets are modest next to the cohort's giants, so spreads can be wider than the headline fee suggests.
  3. 03It lands in the lower half of its S&P 500 options peer group. The fee is competitive; the hedged build simply has more moving parts than a plain buy-write.

SPD Holdings

As of Sep 20, 2026, 5:08 AM
Asset class
Stocks
Holdings
40
Top-10 weight
126%
Largest holding
IVV96.4%

Sectors

Geography

The fund’s holdings, weight-ordered — page 1 of 2.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001IVVISHARES CORE S+P 500 ETF96.40%127,982$98M54
002—TRS SBAR SOFR +93 05142715.68%620,141$16M5
003—TRS SBAR SOFR +95 06152710.54%416,930$11M5
004—B 1/28/27 Govt1.93%1,990,000$2M31
005—SPXW US 11/20/26 P7050 Index0.61%131$619K3
006—B 12/3/26 Govt0.53%540,000$536K32
007—SPXW US 11/20/26 P6525 Index0.44%212$448K3
008—B 3/11/27 Govt0.14%150,000$147K20
009—SPXW US 10/16/26 P6350 Index0.06%141$65K3
010—SPXW US 12/18/26 C8250 Index0.06%21$59K6
011—SPXW US 09/21/26 P7500 Index0.06%126$57K6
012—SPXW US 10/16/26 C7860 Index0.04%18$44K6
013—SPXW US 11/30/26 C8250 Index0.04%29$42K6
014—SPXW US 10/16/26 C7900 Index0.03%20$34K6
015—SPXW US 11/20/26 C8150 Index0.03%15$29K6

Showing 1–15 of 23 holdings

SPD Performance

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

SPD$10,841
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. SPD $10,841. SPY $11,723. Use the arrow keys to read each point.$8,855$10,416$11,977Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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 SPD. Periods over one year show the average yearly return.
PeriodSPD
Year to date+9.3%
1 month+0.8%
3 months+2.9%
1 year+8.4%
3 years+18.6%per year
5 years+8.0%per year
10 yearsFund is under 10 years old—per year

As of the close, 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 SPD
YearReturn barSPD
2026 YTD+9.3%
2025+18.9%
2024+17.5%
2023+20.9%
2022−26.0%
2021+24.8%
2020+8.8%

History from Sep 4, 2020

SPD in the news

ETF.net Research hasn’t filed on SPD yet — coverage lands here as it’s written.

SPD 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 Sep 22, 2026.
0.94%Last 12 months
Payout per share
$0.40Last 12 months
Last payment
$0.10 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2020–2026

One bar per payment. 21 payments from 2020 to 2026 YTD. Dec 14, 2020 $0.12; Jun 28, 2021 $0.12; Sep 27, 2021 $0.07; Dec 27, 2021 $0.10; Mar 28, 2022 $0.04; Jun 27, 2022 $0.16; Dec 27, 2022 $0.20; Mar 27, 2023 $0.08; Jun 27, 2023 $0.21; Sep 27, 2023 $0.10; Dec 26, 2023 $0.16; Mar 25, 2024 $0.10; Jun 25, 2024 $0.10; Sep 25, 2024 $0.08; Dec 23, 2024 $0.10; Mar 26, 2025 $0.08; Jun 25, 2025 $0.10; Sep 25, 2025 $0.10; Dec 23, 2025 $0.10; Mar 26, 2026 $0.10; Jun 25, 2026 $0.10. Use the arrow keys to read each point.2020202120222023202420252026YTD
Ex-datePay dateAmount per share
Jun 25, 2026Jun 30, 2026$0.10
Mar 26, 2026Mar 31, 2026$0.10
Dec 23, 2025Dec 31, 2025$0.10
Sep 25, 2025Sep 30, 2025$0.10
Jun 25, 2025Jun 30, 2025$0.10
Mar 26, 2025Mar 31, 2025$0.08
Dec 23, 2024Dec 31, 2024$0.10
Sep 25, 2024Sep 30, 2024$0.08
Jun 25, 2024Jun 28, 2024$0.10
Mar 25, 2024Mar 28, 2024$0.10
Dec 26, 2023Dec 29, 2023$0.16
Sep 27, 2023Sep 29, 2023$0.10

SPD Risk

How much the fund’s monthly returns vary, scaled to a year.
14.5%
Annualised · 36 months to Aug 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.
0.83
vs 3-month T-bills · to Aug 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.
−27.4%
Trough Dec 2022
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.
0.94
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.

SPD Cost

Expense ratio0.53%
  • The middle half of Portfolio Hedging funds
  • Median 0.63%

3 of the 11 Portfolio Hedging funds charge less.

SPD costs $53.00 a year on $10,000. The median Portfolio Hedging fund costs $63.00.