Simplify Tara India Opportunities ETF

Simplify Tara India Opportunities ETF (IOPP) is an actively managed fund holding about 25 Indian stocks that its managers pick one by one around three themes: a growing middle class, formalization of the economy, and government support for manufacturing. Its 0.71% annual expense ratio, after a fee waiver, is lower than that of three similar India ETFs, but at $7.1 million in net assets as of June 30, 2026, it is much smaller than any of them.

• Over the year to Oct 27, 2026, IOPP returned -10.5%, 1st of 4 among similar funds.
• Its worst full calendar year was 2025 (+1.9%); its best was 2025 (+1.9%).
• The deepest fall in its price history was 23.6% (Sep 23, 2024 to Mar 30, 2026), not yet recovered.

As of Jun 30, 2026, the fund held 25 securities; the ten largest made up 50.31% of assets.

• Over the three months to Jun 30, 2026, investors withdrew a net $1.2M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +8.31%, +1.63%, +2.85%.

IOPP is actively managed: its portfolio managers pick stocks rather than track an index. Normally at least 80% of assets go into Indian companies, broadly defined as those organized in India, mainly traded there, or doing more than half their business there. Companies of any size qualify, including micro-caps, the smallest listed firms.

Selection is bottom-up: it starts with individual companies, not economic forecasts. The managers screen 800 to 1,000 stocks on competitive position, management, growth potential and track record, then on business metrics and valuation. They favor companies tied to India's growing middle class, formalization (more activity moving into the official economy) and government support for manufacturing, especially defense, green energy and exports. As of June 30, 2026, that produced 25 stocks, with the top 10 at about 50% of assets, led by Eternal (6.1%), Indian Hotels (5.3%) and ICICI Bank (5.3%).

Instead of an index rebalance, the managers track news and quarterly results, adjust positions based on whether each company delivers on its original thesis, and guard against too much weight in one stock or industry. Portfolio turnover, a gauge of how much it trades, was 42%, per the prospectus. The fund must stay registered with India's market regulator, SEBI, to trade Indian shares, and Indian taxes on its trades reduce returns.

• IOPP charges 0.71% a year, versus an average of 0.81% for the similar funds below (1st of 4, cheapest first).
• Of that, 1% is the management fee; the rest covers other fund expenses.
• The fee includes a 0.3% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $73 in the first year and $1,211 over 10 years (assuming a 5% annual return).

IOPP is a concentrated, actively managed portfolio of about 25 stocks in a single emerging market, with a short record and a small asset base.

IOPP adds exposure to about 25 Indian stocks such as Eternal, ICICI Bank and Titan. Launched in March 2024, it has no record from the 2008, 2020 or 2022 downturns, and its only full calendar year, 2025, returned 1.02%. Its deepest drop was 23.6%, from September 23, 2024 to March 30, 2026, and it had not recovered as of October 27, 2026. Withdrawing during such a stretch means cashing out at reduced prices.

Income is minimal: a 0.61% yield over the trailing 12 months as of October 27, 2026, paid twice a year. The 0.71% net expense ratio, below the 0.81% average for similar funds, relies on a 0.30% fee waiver; the SEC's standard example shows $73 in costs on $10,000 after one year and $1,211 after 10. Past results don't predict the future, and a plan needs to weigh the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.