At a glance
SPBC charges 0.53% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $43.6M in assets, the 8th largest of that group; it paid 0.79% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +10.2% with distributions reinvested (S&P 500: +11.5%), 7th of those 8 funds; over three years it returned +29.6% a year.
The short version
Simplify US Equity PLUS Bitcoin Strategy ETF (SPBC) is an actively managed fund that invests in other funds. It pairs a large S&P 500 position with a target 10% slice in bitcoin funds. As of June 30, 2026, it held 90.7% in iShares Core S&P 500 ETF (IVV) and 7.6% in VanEck Bitcoin ETF (HODL). For a 0.53% expense ratio, it holds a rebalanced stock-and-bitcoin mix in one ticker, but the bitcoin slice adds sharp swings.
Price history
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SPBC +10.2% 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 | |
|---|---|---|---|---|---|---|
| SPBC official prospectus, to Dec 31, 2025 | — | +16.47% | — | — | — | +15.70% |
| S&P 500 Index (reflects no deduction for fees, expenses or taxes) [Default Label] index, same period | — | +17.88% | — | — | — | +12.85% |
| SPBC price data to Oct 27, 2026 | +13.3% | +10.2% | +29.6% | — | — | +17.7% |
- Over the year to Oct 27, 2026, SPBC returned +10.2%, 7th of 8 among similar funds.
- Its worst full calendar year was 2025 (+16.8%); its best was 2023 (+48.1%).
- The deepest fall in its price history was 24.8% (Mar 2, 2022 to Oct 14, 2022), recovered by Jun 27, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +13.3% | — |
| 2025 | +16.8% | +16.47% |
| 2024 | +37.3% | +37.07% |
| 2023 | +48.1% | +48.66% |
| 2022 | — | -27.94% |
| 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 | Not in the price data, which starts Feb 28, 2022 |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3000 | |
| 2025 | $0.3800 | 0.0% |
| 2024 | $0.3800 | -64.8% |
| 2023 | $1.0800 |
What's inside
As of Jun 30, 2026, the fund held 2 securities; the ten largest made up 98.3% of assets.
| Fund held | Weight | |
|---|---|---|
| ISHARES TRUST CORE S&P500 ETF | 90.73% | |
| VANECK BITCOIN ETF SH BEN INT | 7.56% |
By country
United States 98.3%By asset type
Stocks 98.3%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $2.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +11.74%, +4.77%, -3.09%.
How it works
SPBC is actively managed, so it doesn't follow an index. Simplify must keep at least 80% of net assets in US stocks, bitcoin exchange-traded products and bitcoin ETFs. For the stock side, the manager can own shares directly, buy ETFs, or use S&P 500 futures (contracts that track the index). It chooses among them based on expected return, cost and leverage effects. It aims for steady US market exposure and trades rarely: portfolio turnover was 15%. As of June 30, 2026, the stock side was one main holding, iShares Core S&P 500 ETF (IVV), at 90.7% of assets. The fund also held a sliver of E-mini S&P 500 futures and 0.74% cash.
The bitcoin slice targets 10% of total assets. Simplify generally rebalances it each quarter, and sooner if needed to keep it under 25%. The fund doesn't hold bitcoin itself. It can use spot products that hold actual bitcoin, which aren't registered under the Investment Company Act of 1940 and so lack some fund-investor protections. It can also use ETFs that get exposure through futures, options or swaps. As of June 30, 2026, it held VanEck Bitcoin ETF (HODL), a spot product, at 7.6%.
Two mechanics matter. Rebalancing means trimming bitcoin after rallies and adding after drops. And Simplify may choose its own bitcoin ETFs, which earns it more revenue. The prospectus flags this as a conflict of interest.
What it really costs
- SPBC charges 0.53% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Of that, 0.5% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $54 in the first year and $665 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SPBC | $54 | $170 | $296 | $665 |
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
About 90% of the fund is S&P 500 exposure, but the bitcoin slice, the fund's small size and its 27.94% loss in 2022 make it riskier than a plain core stock fund.
SPBC could add a capped amount of bitcoin to a stock allocation without holding coins directly. The trade-off is bigger swings. The fund launched in 2021, so it has no record from the 2008 or 2020 crashes. In 2022, its worst calendar year, it lost 27.94%. From a March 2, 2022 peak, shares fell 24.8% by October 14, 2022. They took about 8.4 months to recover, until June 27, 2023. Anyone who sold shares to cover spending in that stretch would have locked in losses. Income is minor: the trailing 12-month yield was 0.79% as of October 27, 2026, paid quarterly. The 0.53% expense ratio works out to $54 in the first year on $10,000 under the SEC's standard example. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want S&P 500 exposure plus a bitcoin slice capped at 25%, targeted at 10% and rebalanced quarterly, in one fund costing 0.53%.
- People who would rather hold bitcoin through exchange-traded funds than buy coins and manage a crypto wallet themselves.
- Long-term holders who can sit through deep drops, like the 27.94% loss in 2022, without needing to sell.
Look elsewhere if
- Investors seeking income: the trailing yield was 0.79% as of October 27, 2026, paid quarterly.
- Investors who want downside protection: unlike the buffer ETFs it is often grouped with, SPBC uses no options to limit losses.
- Those wary of small funds: net assets were about $43.6 million as of June 30, 2026, after $2.3 million of outflows over three months.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| SPBC this fund | 0.53% | $43.6M | +10.2% | +29.6% |
| 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 SPBC hold?
SPBC is mostly an S&P 500 fund with a bitcoin slice. As of June 30, 2026, 90.7% of assets were in iShares Core S&P 500 ETF (IVV). Another 7.6% was in VanEck Bitcoin ETF (HODL), a spot fund that holds actual bitcoin. The rest was a small E-mini S&P 500 futures position and 0.74% cash. Because SPBC owns other funds, investors hold those funds' stocks and bitcoin indirectly.
How much bitcoin is in SPBC?
SPBC targets 10% of total assets in bitcoin funds and generally rebalances back to that level each quarter. If bitcoin rallies sharply, it rebalances sooner so the slice never exceeds 25%. Between rebalances the weight drifts: it was 7.6% as of June 30, 2026. The fund doesn't hold bitcoin directly, and its prospectus says it isn't expected to track bitcoin's price.
How has SPBC performed vs the S&P 500?
SPBC has beaten the S&P 500 since launch but trailed it in 2025. As of December 31, 2025, its average annual return since its May 24, 2021 inception was 15.7%, versus 12.85% for the S&P 500 Index, which deducts no fees. In 2025 alone, SPBC returned 16.47% against the index's 17.88%. The bitcoin slice cuts both ways: SPBC lost 27.94% in 2022 and gained 48.66% in 2023.
Is SPBC a buffer ETF like BUFR?
No. SPBC is sometimes grouped with buffer, or defined-outcome, ETFs such as FT Vest Laddered Buffer ETF (BUFR), but it works differently. Buffer funds use options to absorb part of a market drop and cap gains in return. SPBC has no buffer and no cap: it owns S&P 500 and bitcoin funds outright. It costs less, at 0.53% versus 0.95% for BUFR, but it can fall further in a selloff.
Does SPBC pay dividends?
Yes. SPBC pays quarterly, but the amounts are small. Over the 12 months to October 27, 2026, it paid about $0.40 per share, a yield of 0.79%. The payouts come from dividends on the S&P 500 stocks it holds through IVV, and Simplify says this income helps cover fund expenses. Bitcoin produces no income, so the fund is built for growth rather than income.