At a glance
FIG charges 0.78% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $11.6M in assets, the 8th largest of that group. Over the past year it returned −56.8% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
Simplify Macro Strategy ETF (FIG) is an actively managed fund of funds that invests mostly in other Simplify ETFs covering currencies, commodities, managed futures and US stocks, plus options and swaps. It aims for absolute returns, meaning gains whether markets rise or fall, with an options hedge meant to soften drops. It charges 0.78% a year and is very small, with $11.6 million in net assets as of March 31, 2025.
Price history
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FIG -56.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| FIG price data to Oct 27, 2026 | -38.5% | -56.8% | — | — | — | -72.8% |
- Over the year to Oct 27, 2026, FIG returned -56.8%, 8th of 8 among similar funds.
- The deepest fall in its price history was 86.2% (Aug 1, 2025 to Jun 25, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -38.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
As of Mar 31, 2025, the fund held 8 securities; the ten largest made up 98.68% of assets.
| Fund held | Weight | |
|---|---|---|
| Simplify Currency Strategy ETF | 21.81% | |
| Simplify Commodities Strategy NO K-1 ETF | 17.88% | |
| Simplify Managed Futures Strategy ETF | 17.04% | |
| Simplify Wolfe US Equity 150/50 ETF | 11.73% | |
| TREASURY BILL Bonds and notes | 11.59% | |
| Simplify US Equity PLUS QIS ETF | 6.83% | |
| Simplify Next Intangible Core Index ETF | 6.14% | |
| Simplify Next Intangible Value Index ETF | 5.66% |
By country
United States 98.68%By asset type
Stocks 87.09%Bonds and notes 11.59%What changed recently
- Over the three months to Mar 31, 2025, investors withdrew a net $540K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.48%, -0.94%, -0.57%.
How it works
FIG does not track an index. Simplify Asset Management runs it actively, aiming for “absolute returns,” or gains in any market, though nothing is guaranteed. The manager builds a “long bias cross-asset portfolio” of stocks, bonds and alternatives. Long bias means it mostly owns assets rather than betting against them. The manager shifts the mix based on its reading of economic trends. As of March 31, 2025, its largest holdings were other Simplify ETFs: Simplify Currency Strategy ETF (FOXY) at 21.8%, Simplify Commodities Strategy NO K-1 ETF (HARD) at 17.9%, Simplify Managed Futures Strategy ETF (CTA) at 17.0% and Simplify Wolfe US Equity 150/50 ETF (WUSA) at 11.7%. Another 11.6% was in Treasury bills.
Up to 20% of the portfolio can go into derivatives: futures, total return swaps (contracts that pay the fund an index's return) and options. Put options gain when prices fall and call options gain when prices rise. The manager keeps both as a standing hedge meant to partly cushion market drops. On March 31, 2025, these included S&P 500 puts and calls. They're usually replaced monthly, quarterly or yearly. The fund may also make short sales, betting against borrowed securities, where losses can be unlimited.
Some commodity and alternative exposure runs through a Cayman Islands subsidiary, capped at 25% of assets. The subsidiary isn't registered under the Investment Company Act of 1940, so it lacks some investor protections.
What it really costs
- FIG charges 0.78% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.25% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $80 in the first year and $1,237 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FIG | $80 | $303 | $544 | $1,237 |
Structure and tax notes
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
Its three largest holdings as of March 31, 2025, were Simplify currency, commodity and managed-futures funds, strategies that can behave differently from stocks and bonds.
FIG could add currency, commodity and managed-futures strategies, which can move differently from stocks and bonds. Its record is thin, though. It launched on May 16, 2022, after the 2008 and 2020 crashes and partway through the 2022 bear market. Its prospectus shows a strongest quarter of 4.12% (ended December 31, 2023) and a weakest of -2.96% (ended September 30, 2023). Neither reveals how FIG would fare in a steep downturn, when a retiree might need cash. It isn't built for income. Under the SEC's standard example on $10,000, the 0.78% expense ratio costs $80 in year one and $1,237 over 10 years. Net assets were just $11.6 million as of March 31, 2025, and small funds can close. Past results don't predict the future, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting currency, commodity and managed-futures exposure through FOXY, HARD and CTA, bundled with US stock funds, as a small slice beside core holdings.
- Those comfortable with an active manager using futures, options, swaps, short sales and a Cayman Islands subsidiary to pursue absolute returns.
- Investors who already like Simplify's strategies and want one fund that spreads money across them, at a 0.78% expense ratio.
Look elsewhere if
- Retirees seeking steady income: FIG's stated objective is absolute returns, not payouts, so it isn't designed as an income source.
- Anyone wanting a defined loss cushion: unlike buffer ETFs such as BUFR, FIG's options hedge is only partial, with no stated buffer.
- Investors wary of tiny funds: net assets were $11.6 million as of March 31, 2025, after $540,093 of net outflows over three months.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| FIG this fund | 0.78% | $11.6M | -56.8% | — |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
What does FIG ETF invest in?
Mostly other Simplify ETFs. As of March 31, 2025, other funds made up 87.1% of assets and US Treasury bills 11.6%. The largest positions were Simplify Currency Strategy ETF (FOXY) at 21.8%, Simplify Commodities Strategy NO K-1 ETF (HARD) at 17.9%, Simplify Managed Futures Strategy ETF (CTA) at 17.0% and Simplify Wolfe US Equity 150/50 ETF (WUSA) at 11.7%. The fund also held 43 derivative positions, including S&P 500 options and a total return swap with Bank of America.
What is FIG's expense ratio?
It's 0.78% a year after a fee waiver, according to the prospectus filed October 28, 2024. Under the SEC's standard example, $10,000 earning 5% a year would cost a total of about $80 after one year, $303 after three, $544 after five and $1,237 after ten. That 0.78% is below the 0.79% to 0.95% charged by buffer ETFs such as Innovator's PJAN and FT Vest's BUFR, though those funds follow a different strategy.
Is FIG a buffer ETF like BUFR?
No. FT Vest Laddered Buffer ETF (BUFR) is a buffer, or defined-outcome, fund. Funds like this use options to absorb a stated slice of stock losses over a set period, and in exchange they cap gains. FIG is an actively managed macro fund spread across currency, commodity, managed-futures and stock ETFs. Its options overlay is meant only to partly hedge declines. FIG charges 0.78% against BUFR's 0.95%, but BUFR is far larger, with $10.5 billion in net assets as of August 31, 2026.
Is FIG ETF risky?
Yes, and its risks differ from a plain stock fund's. FIG can use futures, options, total return swaps and short sales, where losses can be unlimited. Its underlying funds may hold junk bonds (rated below investment grade) and VIX futures. Its prospectus shows a strongest quarter of 4.12% and a weakest of -2.96%, both in 2023, but that record is short. Net assets were $11.6 million as of March 31, 2025, so the fund is also very small.
Why does FIG use a Cayman Islands subsidiary?
To hold some commodity-linked investments within US tax rules. The prospectus says FIG can put up to 25% of its assets in a wholly owned Cayman Islands subsidiary, also advised by Simplify Asset Management, for exposure to alternative ETFs and commodity-linked derivatives. Unlike FIG, the subsidiary isn't registered under the Investment Company Act of 1940, so it doesn't carry all the investor protections that law provides.