At a glance
SIMS charges 0.45% a year, below the 0.59% average of the 6 funds most like it (the cheapest of 7). It has $8.9M in assets, the 4th largest of that group; it paid 0.6% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −6.4% with distributions reinvested (S&P 500: +11.5%), 5th of those 7 funds; over three years it returned +16.3% a year. At its worst it fell 40.4% in the 2020 crash (S&P 500: 33.7%) and 30.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 36 months after the lows. Its ten largest positions make up 28.4% of the fund, out of 53 in all.
The short version
State Street's SPDR S&P Kensho Intelligent Structures ETF (SIMS) tracks the S&P Kensho Intelligent Infrastructure Index, holding stocks tied to smart power grids, water, transportation and connected buildings. Its 0.45% annual fee (expense ratio) ties for the lowest among similar funds, which average 0.59%. The catches: a 44% fall from November 2021 to April 2025, and only about $8.9 million in assets as of June 30, 2026.
Price history
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SIMS -6.4% 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 | |
|---|---|---|---|---|---|---|
| SIMS official prospectus, to Dec 31, 2025 | — | +23.56% | — | +1.03% | — | +5.36% |
| SIMS price data to Oct 27, 2026 | +4.3% | -6.4% | +16.3% | 0.0% | — | +5.3% |
- Over the year to Oct 27, 2026, SIMS returned -6.4%, 5th of 7 among similar funds.
- Its 5-year annualized return was 0.0%.
- In the 2020 COVID crash it fell 40.4% and regained its old high 4.7 months after the low.
- Its worst full calendar year was 2022 (-27.1%); its best was 2019 (+35.3%).
- The deepest fall in its price history was 44% (Nov 8, 2021 to Apr 8, 2025), recovered by Oct 29, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +4.3% | — |
| 2025 | +23.8% | +23.56% |
| 2024 | -0.3% | -0.28% |
| 2023 | +7.4% | +7.57% |
| 2022 | -27.1% | -27.16% |
| 2021 | +9.0% | +9.05% |
| 2020 | +29.9% | +29.48% |
| 2019 | +35.3% | +35.11% |
| 2018 | -18.1% | -17.54% |
| 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 | Lost 40.4% over that stretch · deepest drop along the way 40.4%, back to its old high 4.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 30.8% over that stretch · deepest drop along the way 30.8%, back to its old high 35.7 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.1700 | |
| 2025 | $0.2900 | -3.3% |
| 2024 | $0.3000 | -41.2% |
| 2023 | $0.5100 | +4.1% |
| 2022 | $0.4900 | +14.0% |
| 2021 | $0.4300 | +72.0% |
| 2020 | $0.2500 | -39.0% |
| 2019 | $0.4100 | +95.2% |
| 2018 | $0.2100 |
What's inside
As of Jun 30, 2026, the fund held 53 securities; the ten largest made up 28.37% of assets. It also reported 8.07% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| FuelCell Energy Inc | 3.20% | |
| Bloom Energy Corp | 3.16% | |
| Generac Holdings Inc | 3.00% | |
| Badger Meter Inc | 2.83% | |
| Energy Recovery Inc | 2.79% | |
| Xylem Inc/NY | 2.70% | |
| Tesla Inc | 2.70% | |
| Arlo Technologies Inc | 2.68% | |
| Itron Inc | 2.66% | |
| Select Water Solutions Inc | 2.66% | |
| Pentair PLC | 2.63% | |
| Veralto Corp | 2.63% | |
| Shoals Technologies Group Inc | 2.62% | |
| Ameresco Inc | 2.62% | |
| Tetra Tech Inc | 2.60% |
By country
United States 82.74%Ireland 8.2%Cayman Islands 3.91%United Kingdom 2.54%Canada 2.5%By asset type
Stocks 99.89%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +11.13%, -0.54%, +1.29%.
How it works
SIMS aims to match the total return (price moves plus dividends), before fees, of the S&P Kensho Intelligent Infrastructure Index. That index merges two S&P Kensho indexes. Smart Grids covers power grids plus water and transportation infrastructure, including for self-driving vehicles. Smart Buildings covers connected homes and building automation. To find members, S&P Dow Jones Indices scans companies' SEC filings, such as the annual 10-K report, for phrases describing these products. An index committee then checks the results.
Companies must also list on the NYSE, Nasdaq or Cboe and have a share price of at least $1. They need at least $100 million of stock available to the public and at least $1 million in average daily trading over three months. US-listed shares of foreign companies, including companies from emerging markets, also qualify. The process repeats at each periodic reconstitution, or membership reset.
The fund's adviser, SSGA Funds Management, uses sampling. That means it may hold a representative subset of index stocks rather than every one, while keeping at least 80% of net assets in index stocks. It may also use futures contracts, a type of derivative, to manage cash. As of June 30, 2026, it held 53 companies, and about 83% of assets were in US-based ones. The largest holding, FuelCell Energy, was just 3.2% of assets, and the top 10 totaled 28%.
What it really costs
- SIMS charges 0.45% a year, versus an average of 0.59% for the similar funds below (1st of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $46 in the first year and $567 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SIMS | $46 | $144 | $252 | $567 |
In a retirement portfolio
SIMS is a narrow thematic stock fund that fell 44% from its November 2021 peak, so it fits as a small add-on to a diversified core rather than as a foundation.
SIMS offers focused exposure to grid, water and smart-building companies, with steep swings. It launched in December 2017, so it has no 2008 record. It fell 40.4% in the 2020 COVID crash and 30.8% in the 2022 bear market. It recovered 4.7 months after the 2020 low and 35.7 months after the 2022 low. Its worst calendar year was 2022, down 27.16%. Its deepest drop, 44%, began in November 2021 and was not recovered until October 29, 2025. Withdrawals during those slumps would have locked in losses.
Income is minor: a 0.6% trailing 12-month yield as of October 27, 2026, paid quarterly. In the SEC's standard example, the 0.45% expense ratio costs $46 in the first year and $567 over 10 years on $10,000. Its tiny size, $8.9 million in net assets as of June 30, 2026, adds closure risk. Past results don't predict the future, and a plan needs to weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a small, targeted stake in power-grid, water and smart-building companies such as Bloom Energy, Xylem, Badger Meter and Itron.
- Cost-conscious thematic investors: its 0.45% expense ratio ties for the lowest among similar funds, which average 0.59%.
- Long-horizon investors who could wait out declines like its 44% fall from November 2021 to April 2025 without needing the money.
Look elsewhere if
- Retirees seeking income: the trailing 12-month yield was only 0.6% as of October 27, 2026, paid quarterly.
- Anyone needing stability: it lost 40.4% in the 2020 COVID crash and 27.16% in calendar 2022.
- Those wary of tiny funds: net assets were about $8.9 million as of June 30, 2026, and very small ETFs are more likely to close.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SIMS this fund | — | 0.45% | $8.9M | -6.4% | +16.3% |
| FIW First Trust Water ETF | 20% | 0.53% | $1.86B | -3.2% | +13.4% |
| CNRG SPDR S&P Kensho Clean Power ETF | 20% | 0.45% | $249.7M | -18.9% | +11.7% |
| PHO Invesco Water Resources ETF | 19% | 0.59% | $2.00B | -1.6% | +13.9% |
| CTEX ProShares S&P Kensho Cleantech ETF | 17% | 0.58% | $4.8M | -15.8% | +14.4% |
| GUNZ Tuttle Capital Self Defense Index ETF | 16% | 0.94% | $584K | 0.0% | — |
| EFRA iShares Environmental Infrastructure and In… | 14% | 0.47% | $5.7M | +3.3% | +15.7% |
Questions investors ask
What does the SIMS ETF invest in?
SIMS invests in companies tied to intelligent infrastructure: smart power grids, water systems, transportation and connected buildings. It tracks the S&P Kensho Intelligent Infrastructure Index, which finds companies by scanning their SEC filings for related products. As of June 30, 2026, it held 53 companies. The largest were FuelCell Energy, Bloom Energy and Generac, each about 3% of assets, followed by Badger Meter, Energy Recovery, Xylem and Tesla. About 83% was in US companies, with Ireland next at about 8%.
Does SIMS pay dividends?
Yes, SIMS pays dividends quarterly, but the amount is small. Its trailing 12-month yield was 0.6% as of October 27, 2026, or about $0.26 per share. That yield is the dividends paid over the prior 12 months divided by the share price. Most of its return has to come from changes in the share price. Investors who need steady income from their portfolio would get little from SIMS on its own.
How has the SIMS ETF performed?
SIMS's returns have swung widely. As of December 31, 2025, its prospectus shows average annual returns of 23.56% over one year, 1.03% over five years and 5.36% since its December 2017 launch. Calendar years ranged from a 35.11% gain in 2019 to a 27.16% loss in 2022. Based on share price, it returned -6.4% over the year to October 27, 2026. Over the three years to that date, it returned 16.3% a year.
Is SIMS good for retirement?
SIMS fits a small, higher-risk slice of a retirement portfolio better than a core role. It focuses on one theme. It lost 40.4% in the 2020 COVID crash and 27.16% in calendar 2022, and it fell 44% from November 2021 to April 2025. Its yield was just 0.6% as of October 27, 2026. In its favor, the 0.45% expense ratio is below the 0.59% average of similar funds. Past results don't predict future returns.
What's the difference between SIMS and FIW?
SIMS casts a wider net and costs less, but FIW is far larger. First Trust Water ETF (FIW), as its name suggests, targets water companies. SIMS also holds power-grid, transportation and smart-building stocks, and the two funds' holdings overlap by about 20%. SIMS charges 0.45% versus FIW's 0.53%. As of June 30, 2026, FIW had about $1.86 billion in net assets, against about $8.9 million for SIMS. As of October 27, 2026, SIMS returned -6.4% over one year and 16.3% a year over three years. FIW returned -3.2% and 13.4%.