At a glance
HEQT charges 0.48% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $313.7M in assets, the 8th largest of that group; it paid 1.16% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +10.1% with distributions reinvested (S&P 500: +11.5%), 7th of those 8 funds; over three years it returned +16.0% a year. At its worst it fell 11.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 12 months after the low.
The short version
Simplify Hedged Equity ETF (HEQT) holds the iShares Core S&P 500 ETF (IVV) and adds S&P 500 options, called a put/spread collar, to soften part of a market fall in exchange for capping some gains. Its 0.48% annual expense ratio is below all seven buffer funds it was compared with, which average 0.86%. But it lags in strong markets: it returned 10.08% in 2025, against 17.88% for the S&P 500.
Price history
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HEQT +10.1% 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 | |
|---|---|---|---|---|---|---|
| HEQT official prospectus, to Dec 31, 2025 | — | +10.08% | — | — | — | +8.92% |
| S&P 500 Index (reflects no deduction for fees, expenses or taxes) [Default Label] index, same period | — | +17.88% | — | — | — | +11.58% |
| Bloomberg US EQ:FI 60:40 Index (BMA) (reflects no deduction for fees, expenses or taxes) index, same period | — | +13.81% | — | — | — | +6.74% |
| HEQT price data to Oct 27, 2026 | +8.9% | +10.1% | +16.0% | — | — | +9.1% |
- Over the year to Oct 27, 2026, HEQT returned +10.1%, 7th of 8 among similar funds.
- Its worst full calendar year was 2022 (-8.2%); its best was 2024 (+18.3%).
- The deepest fall in its price history was 11.5% (Jan 4, 2022 to Jun 16, 2022), recovered by Jun 6, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.9% | — |
| 2025 | +10.1% | +10.08% |
| 2024 | +18.3% | +18.32% |
| 2023 | +16.6% | +16.73% |
| 2022 | -8.2% | -8.40% |
| 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 | Lost 10.6% over that stretch · deepest drop along the way 11.5%, back to its old high 11.7 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3000 | |
| 2025 | $0.3800 | 0.0% |
| 2024 | $0.3800 | -63.5% |
| 2023 | $1.0400 | +16.9% |
| 2022 | $0.8900 |
What's inside
As of Jun 30, 2026, the fund held 1 securities; the ten largest made up 100.66% of assets.
| Fund held | Weight | |
|---|---|---|
| ISHARES TRUST CORE S&P500 ETF | 100.66% |
By country
United States 100.66%By asset type
Stocks 100.66%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $15.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.59%, +1.69%, +0.16%.
How it works
Simplify runs HEQT as an actively managed fund that pairs S&P 500 exposure with an options hedge. Under normal conditions, it invests at least 80% of net assets in stocks, mainly through ETFs that track the S&P 500 Index. As of June 30, 2026, its only fund holding was the iShares Core S&P 500 ETF (IVV), at about 100.7% of net assets. The adviser rarely trades it, and portfolio turnover was 1%.
The fund also runs a “put/spread collar” on the S&P 500 Index or S&P 500 ETFs. A put option pays off when the market falls below a set level, called the strike price. The fund purchases a put at a higher strike and writes (sells) one at a lower strike. This cushions losses between the strikes, but not small dips or further losses below the lower strike. It also writes call options. The premiums it collects help pay for the puts, but the fund gives up gains above the call's strike. The options reset at least quarterly.
As of June 30, 2026, the fund held nine derivative positions, including S&P 500 index puts expiring between July and September 2026. It may also use index futures to put cash to work or to hedge. It may hold affiliated money market ETFs for liquidity and collateral.
What it really costs
- HEQT charges 0.48% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Of that, 0.45% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $49 in the first year and $604 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| HEQT | $49 | $154 | $269 | $604 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
It keeps S&P 500 exposure but had a one-year beta of 0.53 as of October 27, 2026, meaning it moved about half as much as the market.
HEQT launched in November 2021, so it has no record in the 2008 or 2020 crashes. In the 2022 bear market it fell 11.5% from January 4 to June 16, 2022. It recovered by June 6, 2023, about 11.7 months later. 2022 was its worst calendar year, at −8.4%. For someone drawing income, smaller drops mean fewer shares sold at low prices. The cost is weaker rallies: in 2025 it returned 10.08%, against 17.88% for the S&P 500. The yield was 1.16% as of October 27, 2026, paid quarterly. Income from selling options is usually taxed as ordinary income. Expenses of 0.48% come to $49 in the first year in the SEC's $10,000 example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Retirees wanting S&P 500 exposure with smaller swings: one-year volatility was 7.2% and beta (market sensitivity) 0.53 as of October 27, 2026.
- Cost-conscious hedgers: its 0.48% expense ratio undercut all seven buffer ETFs it was compared with, which averaged 0.86%.
- Savers worried about bear markets: its deepest drop was 11.5%, from January to June 2022, and it recovered by June 2023.
Look elsewhere if
- Investors seeking full S&P 500 gains: HEQT returned 10.08% in 2025 versus 17.88% for the S&P 500 Index, because written calls cap rallies.
- Income seekers: the trailing yield was 1.16% as of October 27, 2026, paid quarterly, and option income is usually taxed as ordinary income.
- Anyone expecting full crash protection: the put spread skips small dips and losses beyond its lower strike, and the fund lost 8.4% in 2022.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| HEQT this fund | 0.48% | $313.7M | +10.1% | +16.0% |
| 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
Is HEQT good for retirement?
It may suit retirees who value a smoother ride over full stock market gains. As of October 27, 2026, one-year volatility (how much returns swing) was 7.2%, and beta, a gauge of market sensitivity, was 0.53. The fund lost 8.4% in 2022, and its deepest drop, 11.5%, recovered in about 11.7 months. The trade-off is upside: in 2025 it returned 10.08%, versus 17.88% for the S&P 500 Index. Its 1.16% trailing yield is modest.
Does HEQT protect against a market crash?
Only partly. The put spread covers only the band between its strike prices, so small dips and losses beyond the lower strike are not hedged. HEQT launched on November 1, 2021, so it has no record through the 2008 financial crisis or the 2020 COVID crash. In the 2022 bear market, it fell 11.5% from its January 4 peak to its June 16 trough. Its worst quarter was a 5.67% loss, in the quarter ending June 30, 2022.
What is HEQT's expense ratio?
HEQT's expense ratio, the yearly fee taken from fund assets, is 0.48%, including a 0.45% management fee, according to the prospectus filed October 28, 2026. In the SEC's standard example, $10,000 earning 5% a year would cost about $49 after one year, $154 after three, $269 after five and $604 after ten. That is lower than all seven buffer ETFs it was compared with, which averaged 0.86%. HEQT also pays IVV's costs indirectly because it holds that fund.
HEQT vs BUFR: what's the difference?
BUFR costs more and works differently. The FT Vest Laddered Buffer ETF (BUFR) is a buffer, or defined-outcome, fund. Funds of this type generally aim for a stated cushion against losses and a cap on gains over set periods. HEQT instead holds an S&P 500 ETF with a put spread collar that resets at least quarterly. BUFR charges 0.95% versus HEQT's 0.48%. As of October 27, 2026, BUFR's one-year return was 11.6% versus HEQT's 10.1%. Over three years, it was 16.8% a year versus 16%.
Does HEQT pay dividends?
Yes, HEQT pays distributions quarterly, but the amount is small. The trailing yield was 1.16% as of October 27, 2026, or about $0.40 per share over the prior year. Much of its income may come from option premiums. That income is usually taxed as ordinary income rather than as lower-taxed qualified dividends. The fund's stated goal is long-term capital appreciation, not income.