HARD Fees and Costs — Simplify Commodities Strategy No K-1 ETF
Data updated: 2026-09-11
The net expense ratio is 0.78%: a 0.75% management fee plus 0.03% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $706 in broker commissions, 0.0011% of average net assets, and portfolio turnover was 0%.
HARD Fees and Expenses
Annual operating expenses and sales charges of HARD. Prospectus, as of November 1, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.03% |
| Gross expense ratio | 0.78% |
| Fee waiver | — |
| Net expense ratio | 0.78% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
HARD Costs Over Time
On $10,000 invested in HARD, assuming 5% a year before costs, total costs come to $491 over 5 years, cutting the return by 0.82% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.78%) | $82 | $256 | $445 |
| Trading costs (broker commissions) | $0 | $0 | $1 |
| Lost growth on money paid in costs | $0 | $13 | $45 |
| Total costs | $82 | $269 | $491 |
| Value after costs | $10,418 | $11,307 | $12,272 |
| Impact on return, per year | 0.82% | 0.82% | 0.82% |
HARD Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0011%
- Total broker commissions: $706
- Bought from dealers (principal trades, not a cost): $324.6M
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
HARD Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| VIRTU AMERICAS LLC | $514 | 72.80% |
| Wolverine Execution Services LLC | $192 | 27.20% |
HARD Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Wolverine Execution Services, LLC | $114.8M | 35.36% |
| MORGAN STANLEY & CO. LLC | $114.2M | 35.17% |
| JANE STREET EXECUTION SERVICES, LLC | $50.4M | 15.52% |
| BNY MELLON CAPITAL MARKETS, LLC | $18.9M | 5.81% |
| GOLDMAN SACHS & CO. LLC | $14.6M | 4.49% |
| The Bank of New York Mellon | $4.5M | 1.39% |
| BARCLAYS CAPITAL, INC. | $4.5M | 1.37% |
| STONEX FINANCIAL INC. | $2.3M | 0.71% |
| NOMURA SECURITIES INTERNATIONAL, INC. | $600K | 0.18% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.