SPD Fees and Costs — Simplify US Equity PLUS Downside Convexity ETF
Data updated: 2026-09-11
The net expense ratio is 0.53%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $71K in broker commissions, 0.0685% of average net assets, and portfolio turnover was 13%.
SPD Fees and Expenses
Annual operating expenses and sales charges of SPD. Prospectus, as of November 1, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.53% |
| Fee waiver | — |
| Net expense ratio | 0.53% |
| 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 |
SPD Costs Over Time
On $10,000 invested in SPD, assuming 5% a year before costs, total costs come to $377 over 5 years, cutting the return by 0.63% 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 0.53%) | $56 | $174 | $304 |
| Trading costs (broker commissions) | $7 | $23 | $39 |
| Lost growth on money paid in costs | $0 | $10 | $34 |
| Total costs | $63 | $207 | $377 |
| Value after costs | $10,437 | $11,370 | $12,385 |
| Impact on return, per year | 0.63% | 0.63% | 0.63% |
SPD 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): 0.0685%
- Total broker commissions: $71K
- Bought from dealers (principal trades, not a cost): $52.4M
- Portfolio turnover (prospectus): 13%
- Securities lending: none during the year
SPD Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Wolverine Execution Services LLC | $30K | 42.29% |
| JANE STREET EXECUTION SERVICES, LLC | $19K | 26.36% |
| IMC FINANCIAL MARKETS | $16K | 22.45% |
| STONEX FINANCIAL INC. | $4K | 5.70% |
| IMC EXECUTION SERVICES | $1K | 1.91% |
| GOLDMAN SACHS & CO. LLC | $363 | 0.51% |
| OPTIVER US LLC | $244 | 0.34% |
| OLD MISSION MARKETS LLC | $202 | 0.28% |
| VIRTU AMERICAS LLC | $110 | 0.15% |
SPD Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| JANE STREET EXECUTION SERVICES, LLC | $26.0M | 49.53% |
| VIRTU AMERICAS LLC | $11.9M | 22.72% |
| GOLDMAN SACHS & CO. LLC | $10.5M | 19.98% |
| NOMURA SECURITIES INTERNATIONAL, INC. | $3.3M | 6.22% |
| MORGAN STANLEY & CO. LLC | $591K | 1.13% |
| STONEX FINANCIAL INC. | $221K | 0.42% |
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.