IVOL vs SPD: Grades, Fees and Holdings Compared

Quadratic Interest Rate Volatility and Inflation Hedge ETF

IVOLDNYSE Arca

Simplify US Equity PLUS Downside Convexity ETF

SPDBNYSE Arca

Overlap

0.8%by weight

Expense ratio

SPD −0.45pt a year

IVOL0.98%SPD0.53%

Avg volume · 30D

IVOL 11.9×the volume

IVOL167KSPD14K

5Y return · a year

SPD +12.1pt

IVOL−5.6%SPD+6.5%

IVOL vs SPD Performance

Oct 29, 2021 – Oct 30, 2026

−25.2%IVOL+37.3%SPD

Expense ratio: IVOL 0.98%; SPD 0.53%, better
Fund size: IVOL $217M; SPD $78M
1Y total return: IVOL −8.0%; SPD +2.5%, better
Yield (12M): IVOL 3.82%, better; SPD 1.23%
Holdings: IVOL 11; SPD 22
Avg volume (30D): IVOL 167K sh, better; SPD 14K sh
NAV per share: IVOL $17.12; SPD $40.77
52W range

ETF.net Grade

Pillar letters and Scores for IVOL, SPD, with each pillar’s weight
Pillar	IVOL	SPD
Cost30% weight	F3	A78Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	C40	B62Higher
Tradability15% weight	C43	C53Higher
Holdings10% weight	C48Higher	D37
Durability5% weight	A73Higher	B62

Rank among Portfolio Hedging funds

How we build Categories ›

Same Category. IVOL and SPD are both graded against the same 10 Portfolio Hedging funds, so their Grades compare head to head.

Portfolio Hedging⁠

Category · 10 funds

See all 10 ›

SPD ranks 1st and IVOL 10th of 10 funds in the Portfolio Hedging Category.

Rank 1BSPDSimplify US Equity PLUS Downside Convexity ETFScore 67
Rank 2BCAOSAlpha Architect Tail Risk ETFScore 66
Rank 9DVIXMProShares VIX Mid-Term Futures ETFScore 31
Rank 10DIVOLQuadratic Interest Rate Volatility and Inflation Hedge ETFScore 25

Our read on each fund

ETF.net Research

IVOLDQuadratic Interest Rate Volatility and Inflation Hedge ETF

SPDBSimplify US Equity PLUS Downside Convexity ETF

In short

IVOL The original curve-shape ETF. A core of inflation-protected Treasuries wrapped in long options on the 2-year/10-year rate curve, so it responds to inflation expectations and rate volatility, not just bond prices.

SPD Most 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

IVOL The fund seeks to hedge fixed-income volatility, inflation expectations, and yield-curve steepening through inflation-protected U.S. Treasury securities and long OTC interest-rate options.

SPD 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

IVOL Unusual plumbing: at least 80% sits in inflation-protected Treasuries or cash, with the rest in fully funded, long-only OTC options on the 2s10s curve.kraneshares.com kraneshares.com 2
The option sleeve is fully funded and long-only, so the curve exposure is not built on borrowed money.kraneshares.com
Actively managed since its May 2019 launch, it pays monthly from the TIPS core while the options do the hedging work.kraneshares.com

SPD The 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
At 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
Trading since 2020. Equity core benchmarked to the S&P 500, a compact book of roughly 40 positions, distributions on a quarterly schedule.

Worth knowing

IVOL 0.98% net of a waiver through August 1, 2028 (1.02% gross) runs above the category median and above rate-hedge peers like PFIX at 0.50% and CAOS at 0.63%.
Long options are a long-volatility stance: when the curve sits still, the premiums paid can decay and weigh on results. The sleeve can lose what was paid for it.kraneshares.com
Non-diversified by design and only moderately traded, so spreads and the OTC option positions deserve a look before you size it.yahoo.com

SPD Convexity is not free. A persistent hedge overlay has an ongoing cost that the fund carries whether or not the market actually falls.simplify.us
Shares trade lightly and assets are modest next to the cohort's giants, so spreads can be wider than the headline fee suggests.
It 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.

Full IVOL profile⁠

Full SPD profile⁠

IVOL vs SPD Holdings

How IVOL and SPD differ

Overlap by weight

0.8%

Shared holdings make up 15.7% of IVOL and 0.8% of SPD.

Level by level

Asset classFixed Income, Equity0.0%
Holdings0 in both0.8%
Countryby domicile99.5%

Sector

No Sector split for IVOL.

Country, concentration and asset class

Country by domicile

Country weights in IVOL and SPD, widest gap first
Country	More in IVOLMore in SPD	IVOL	SPD
United States	IVOL +0.4 points	100.0%	99.5%
Switzerland	SPD +0.3 points	0.0%	0.3%
China	SPD +0.1 points	0.0%	0.1%
Mexico	Same weight	0.0%	0.0%
Ireland	Same weight	0.0%	0.0%
United Kingdom	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

IVOL100.0%
SPD132.7%

Securities held

IVOL10
SPD20

Asset class

IVOL: Fixed Income
SPD: Equity

Holdings

Only in IVOL10
In both0
Only in SPD20

Only in IVOL

10 securities, 84.3% of IVOL by weight

Schwab U.s. Tips Etf72.93%
USD Cms 2-10 06/15/27 32.67%
USD Cms 2-10 10/18/29 382.62%
USD Cms 2-10 05/17/28 552.04%
USD Cms 2-10 09/15/28 851.60%
USD Cms 2-10 04/14/27 201.05%
USD Cms 2-10 09/15/27 500.57%
USD Cms 2-10 01/13/27 10.41%
USD Cms 2-10 02/08/27 130.41%
USD Cms 2-10 11/13/26 43<0.01%

Only in SPD

20 securities, 100% of SPD by weight

Ishares Core S+p 500 Etf91.57%
Trs Sbar 05142718.87%
Trs Sbar 06152712.68%
B 1/28/27 Govt2.41%
SPXW US 01/15/27 P6550 Index1.04%
B 12/3/26 Govt0.66%
SPXW US 11/20/26 P7050 Index0.36%
SPXW US 11/20/26 P6525 Index0.22%
SPXW US 12/18/26 C8100 Index0.04%
SPXW US 01/15/27 C8150 Index0.04%
SPXW US 12/18/26 C8075 Index0.03%
SPXW US 12/18/26 C8275 Index0.01%
SPXW US 12/18/26 C8250 Index0.01%
SPXW US 11/20/26 C8000 Index<0.01%
SPXW US 11/30/26 C8150 Index<0.01%
SPXW US 11/30/26 C8250 Index<0.01%
SPXW US 11/20/26 C8150 Index<0.01%
SPXW US 11/13/26 C8100 Index<0.01%
SPXW US 11/20/26 C8250 Index<0.01%
SPXW US 11/20/26 C8350 Index<0.01%

Weight gaps

IVOL and SPD share no securities.

All 8 IVOL holdings⁠All 40 SPD holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

IVOL vs SPD Cost

Overpaying IVOL vs SPD

$7,826

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

IVOL 0.98%
$18,362
SPD 0.53%
$10,536

Amount$10,000

Years30 years

Cost over time

IVOL 0.98%
SPD 0.53%
Overpaying

Year by year

Year	IVOL	SPD	Overpaying
10	$1,729	$953	$776
20	$6,504	$3,658	$2,846
30	$18,362	$10,536	$7,826

Expense ratio

0.98%IVOL
0.53%SPD, cheaper

SPD0.53%IVOL0.98%

0.50%0.98%

Middle half of Portfolio Hedging funds
Median 0.63%

SPD 2nd cheapest of 10 funds

IVOL 10th cheapest of 10 funds

IVOL vs SPD Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IVOL 3.82%, better; SPD 1.23%
Payout (12M): IVOL $0.65; SPD $0.50
Last payment: IVOL $0.05; SPD $0.20
Ex-dividend: IVOL Oct 29, 2026; SPD Sep 25, 2026
Paid on: IVOL Oct 30, 2026; SPD Sep 30, 2026
Frequency: IVOL Monthly; SPD Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

IVOLMonthly · 46 paymentsAll IVOL payments⁠

SPDQuarterly · 15 paymentsAll SPD payments⁠

IVOL vs SPD Risk

Fall from peak · 5 years

IVOL
SPD

Risk facts

VolatilityStd dev, 3 years: IVOL 8.6%, betterSPD 14.1%
Return per unit of riskSharpe ratio, 3 years: IVOL −0.85SPD 0.95, better
Worst fallMax drawdown, 5 years: IVOL −30.7%SPD −27.4%, better
Market sensitivityBeta, 5 years: IVOL 0.53SPD 0.94; Market = 1

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