At a glance
SPD charges 0.53% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $106.8M in assets, the 8th largest of that group; it paid 1.2% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +3.8% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +19.5% a year. At its worst it fell 24.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 20 months after the low.
The short version
Simplify US Equity PLUS Downside Convexity ETF (SPD) is a fund of funds. It puts nearly all its money in the iShares Core S&P 500 ETF (IVV) and adds S&P 500 put options meant to soften sharp market drops. At 0.53% a year, it costs less than the buffer ETFs it is often compared with. Unlike those funds, it has no set loss limit, and it trailed the S&P 500 over the five years to December 31, 2025.
Price history
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SPD +3.8% 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 | |
|---|---|---|---|---|---|---|
| SPD official prospectus, to Dec 31, 2025 | — | +18.57% | — | +9.31% | — | +10.29% |
| S&P 500 Index (reflects no deduction for fees, expenses or taxes) index, same period | — | +17.88% | — | +14.42% | — | +15.39% |
| SPD price data to Oct 27, 2026 | +7.2% | +3.8% | +19.5% | +7.0% | — | +9.0% |
- Over the year to Oct 27, 2026, SPD returned +3.8%, 8th of 8 among similar funds.
- Its 5-year annualized return was +7.0%.
- Its worst full calendar year was 2022 (-26.0%); its best was 2023 (+20.9%).
- The deepest fall in its price history was 27.4% (Dec 27, 2021 to Dec 28, 2022), recovered by Jun 12, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.3% | — |
| 2025 | +18.9% | +18.57% |
| 2024 | +17.5% | +17.57% |
| 2023 | +20.9% | +21.05% |
| 2022 | -26.0% | -25.64% |
| 2021 | — | +24.37% |
| 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 24.2% over that stretch · deepest drop along the way 24.3%, back to its old high 20 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.4000 | |
| 2025 | $0.3800 | 0.0% |
| 2024 | $0.3800 | -30.9% |
| 2023 | $0.5500 | +37.5% |
| 2022 | $0.4000 |
What's inside
As of Jun 30, 2026, the fund held 4 securities; the ten largest made up 99.17% of assets.
| Fund held | Weight | |
|---|---|---|
| ISHARES TRUST CORE S&P500 ETF | 95.48% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 2.14% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 0.86% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 0.69% |
By country
United States 99.17%By asset type
Stocks 95.48%Bonds and notes 3.69%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $7.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +9.45%, +5.25%, -0.81%.
How it works
Simplify invests at least 80% of the fund's net assets in US stocks, mainly by buying other ETFs. As of June 30, 2026, 95.5% sat in the iShares Core S&P 500 ETF (IVV), which tracks the S&P 500 Index. Most of the rest was short-term US Treasury bills, about 3.7%. The adviser rarely trades the stock portion, and portfolio turnover was 5%. The fund may also gain stock exposure through futures.
Up to 20% of net assets is covered by the "downside convexity" overlay. The fund buys put options on the S&P 500 or an S&P 500 ETF. A put gives its owner the right to sell at a set price (the strike) before a set date, so it gains value when the market falls. Puts are chosen on cost, strike and expiration date. They are rolled monthly, quarterly or yearly, or sooner if volatility rises or a put gains a lot. When puts are expensive, the fund may use put spreads: it buys one put and sells a cheaper, lower-strike put, which cuts the cost but limits the protection. "Convexity" means the fund's losses are designed to grow more slowly than the market's in a decline.
Separately, the fund sells option spreads on ETFs tied to stocks, bonds, volatility, commodities and currencies to earn extra income. That adds risks beyond the S&P 500. There is no buffer and no cap, and the prospectus says the overlay will not fully protect against market declines.
What it really costs
- SPD 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 |
|---|---|---|---|---|
| SPD | $54 | $170 | $296 | $665 |
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 carries roughly full stock-market risk plus the added complexity of an options strategy, and its hedge has not prevented deep losses.
SPD moves much like the S&P 500, with a small hedge attached. Its beta, a measure of how closely it follows the market, was 1.03 for the year to October 27, 2026. The hedge did not prevent a deep loss in 2022, when the fund fell 25.64%. Its deepest drop was 27.4%, from December 27, 2021 to December 28, 2022, and it did not regain that peak until June 12, 2024. Anyone selling shares for spending during that stretch would have sold at a loss. The fund launched after the 2008 and 2020 crashes, so it has no record for those.
The trailing 12-month yield was 1.2% as of October 27, 2026, paid quarterly. In the SEC's standard example, $10,000 would cost about $54 in fees over one year and $665 over 10 years. 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
- Investors who want S&P 500 exposure through IVV with a permanent put-option hedge, and who accept that the hedge has no defined loss limit.
- Cost-conscious investors comparing hedged stock funds: SPD's 0.53% expense ratio is below the 0.79% to 0.95% charged by the buffer ETFs it's compared with.
- Investors who understand options and can sit through stock-market swings, such as SPD's 27.4% drop from December 2021 to December 2022.
Look elsewhere if
- Those who need defined downside protection: SPD lost 25.64% in 2022 and, unlike buffer funds such as BUFR, has no set buffer.
- Those seeking full S&P 500 returns: SPD returned 9.31% a year over five years to December 31, 2025, versus 14.42% for the index.
- Those who prefer large, widely held funds: SPD had about $106.8 million in net assets as of June 30, 2026, and saw outflows of about $7.8 million over three months.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| SPD this fund | 0.53% | $106.8M | +3.8% | +19.5% |
| 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 SPD good for retirement?
SPD may suit retirees who want stock exposure with a modest hedge, but it hasn't prevented big losses. It fell 25.64% in 2022 and took until June 12, 2024 to regain its December 2021 peak. Over the five years to December 31, 2025, it returned 9.31% a year, versus 14.42% for the S&P 500. It carries roughly full market risk, so it fits better as a smaller holding within a diversified plan.
Does SPD beat the S&P 500?
Over longer periods, no. Through December 31, 2025, SPD returned 9.31% a year over five years and 10.29% a year since its September 2020 launch. The S&P 500 returned 14.42% and 15.39% over those periods. SPD did edge out the index in 2025, returning 18.57% versus 17.88%. The cost of buying put options, plus fund fees, tends to drag on returns when markets rise.
What's the difference between SPD and BUFR?
They take different approaches. FT Vest Laddered Buffer ETF (BUFR) is a buffer fund. Funds like it generally aim to absorb a set amount of losses in exchange for capped gains. SPD holds the S&P 500 through IVV plus put options, with no set buffer or cap. SPD costs 0.53% versus BUFR's 0.95%. As of October 27, 2026, SPD returned 3.8% over one year and 19.5% a year over three years, versus 11.6% and 16.8% for BUFR.
Does SPD pay dividends?
Yes, SPD pays distributions quarterly. Over the 12 months to October 27, 2026, it paid about $0.50 per share, for a yield of 1.2%. That's a modest yield, since the fund is built mainly for growth. Part of its income strategy involves selling option spreads, and income from options is usually taxed as ordinary income rather than at the lower rate for qualified dividends.
What is SPD's expense ratio?
SPD's expense ratio is 0.53% a year, according to its prospectus filed October 28, 2026, including a 0.50% management fee. That is below the 0.86% average for the buffer funds it's compared with, and the lowest of that group. In the SEC's standard example, a $10,000 investment earning 5% a year would cost about $54 after one year, $296 after five years and $665 after 10 years.