SPYC Fees and Costs — Simplify US Equity PLUS 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 $87K in broker commissions, 0.0911% of average net assets, and portfolio turnover was 8%.
SPYC Fees and Expenses
Annual operating expenses and sales charges of SPYC. 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 |
SPYC Costs Over Time
On $10,000 invested in SPYC, assuming 5% a year before costs, total costs come to $391 over 5 years, cutting the return by 0.65% 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) | $10 | $30 | $52 |
| Lost growth on money paid in costs | $0 | $10 | $36 |
| Total costs | $65 | $214 | $391 |
| Value after costs | $10,435 | $11,362 | $12,371 |
| Impact on return, per year | 0.65% | 0.65% | 0.65% |
SPYC 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): 0.0911%
- Total broker commissions: $87K
- Bought from dealers (principal trades, not a cost): $34.2M
- Portfolio turnover (prospectus): 8%
- Securities lending: none during the year
SPYC Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Wolverine Execution Services LLC | $35K | 39.91% |
| JANE STREET EXECUTION SERVICES, LLC | $26K | 29.92% |
| IMC FINANCIAL MARKETS | $19K | 21.54% |
| STONEX FINANCIAL INC. | $5K | 5.52% |
| IMC EXECUTION SERVICES | $2K | 2.08% |
| OPTIVER US LLC | $302 | 0.35% |
| GOLDMAN SACHS & CO. LLC | $292 | 0.33% |
| OLD MISSION MARKETS LLC | $190 | 0.22% |
| VIRTU AMERICAS LLC | $105 | 0.12% |
SPYC Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $13.6M | 39.76% |
| JANE STREET EXECUTION SERVICES, LLC | $6.5M | 18.89% |
| NOMURA SECURITIES INTERNATIONAL, INC. | $5.1M | 14.86% |
| VIRTU AMERICAS LLC | $4.4M | 12.88% |
| BOFA SECURITIES, INC. | $3.1M | 9.01% |
| STONEX FINANCIAL INC. | $1.3M | 3.74% |
| MORGAN STANLEY & CO. LLC | $295K | 0.86% |
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.