At a glance
SPUC charges 0.53% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $92.0M in assets, the 8th largest of that group; it paid 14.75% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +8.5% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +27.0% a year. At its worst it fell 28.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 16 months after the low.
The short version
Simplify US Equity PLUS Upside Convexity ETF (SPUC) puts almost all of its money in one other fund, the iShares Core S&P 500 ETF (IVV), and adds an actively managed layer of S&P 500 index options. Its prospectus filed October 28, 2026 calls it the Simplify US Equity Income ETF and says it aims for monthly, tax-efficient income. Its 0.53% fee is lower than the buffer funds it is often grouped with, but it has no set downside protection.
Price history
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SPUC +8.5% 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 | |
|---|---|---|---|---|---|---|
| SPUC official prospectus, to Dec 31, 2025 | — | +22.58% | — | +14.58% | — | +15.44% |
| S&P 500 Index (reflects no deduction for fees, expenses or taxes) [Default Label] index, same period | — | +17.88% | — | +14.42% | — | +15.39% |
| SPUC price data to Oct 27, 2026 | +12.4% | +8.5% | +27.0% | +12.0% | — | +14.2% |
- Over the year to Oct 27, 2026, SPUC returned +8.5%, 8th of 8 among similar funds.
- Its 5-year annualized return was +12.0%.
- Its worst full calendar year was 2022 (-24.8%); its best was 2023 (+27.5%).
- The deepest fall in its price history was 29.2% (Dec 27, 2021 to Oct 12, 2022), recovered by Feb 2, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.4% | — |
| 2025 | +22.6% | +22.58% |
| 2024 | +25.4% | +25.34% |
| 2023 | +27.5% | +27.46% |
| 2022 | -24.8% | -24.64% |
| 2021 | — | +33.87% |
| 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 28.9% over that stretch · deepest drop along the way 28.9%, back to its old high 15.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $3.8300 | |
| 2025 | $3.5900 | +844.7% |
| 2024 | $0.3800 | -13.6% |
| 2023 | $0.4400 | +12.8% |
| 2022 | $0.3900 |
What's inside
As of Jun 30, 2026, the fund held 1 securities; the ten largest made up 99.7% of assets.
| Fund held | Weight | |
|---|---|---|
| ISHARES TRUST CORE S&P500 ETF | 99.70% |
By country
United States 99.7%By asset type
Stocks 99.7%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $19.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +9.23%, +4.96%, -0.69%.
How it works
Simplify runs SPUC as an actively managed fund, so it does not track an index. Its prospectus, filed October 28, 2026, calls it the Simplify US Equity Income ETF. The stated goal is tax-efficient monthly income, plus growth when stocks rise. At least 80% of net assets must be in US stocks, and stock ETFs count toward that. As of June 30, 2026, 99.7% of assets sat in one fund, the iShares Core S&P 500 ETF (IVV), which the manager rarely trades.
On top of that sits an option overlay. An option is a contract that gives the right to buy (a call) or sell (a put) at a set strike price by a set date. The manager picks index options based on their cost, strike price and expiration date. As of June 30, 2026, the fund held a call spread on the S&P 500 expiring July 17, 2026. It had bought a call worth about 0.59% of assets. A call it sold at a higher strike, a liability of about 0.31%, paid for part of it. This setup adds gains above the lower strike but caps them above the higher one.
The manager replaces options monthly, quarterly or annually, or sooner after big market swings. Futures may hedge some stock risk. Index options can qualify as Section 1256 contracts, taxed 60% long-term and 40% short-term. The overlay will not fully protect against market declines, and the fund can lose the full price it paid for its options.
What it really costs
- SPUC 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 |
|---|---|---|---|---|
| SPUC | $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
SPUC carries full stock-market risk, sometimes a little more, plus an active options strategy, so it fits better as a smaller position than as a core holding or a defensive one.
SPUC behaves much like the S&P 500, and sometimes a bit more so: its one-year beta was 1.16 as of October 27, 2026. Beta measures how much a fund moves with the market, and a figure above 1 means it tended to swing more. In the 2022 bear market it fell 28.9% and needed about 15.6 months after the October 2022 low to recover. Its official 2022 return was −24.64%. Its price history starts in 2021, so there is no record for 2008 or 2020. Anyone forced to sell in a year like 2022 would have locked in losses. The trailing 12-month yield was 14.75% as of October 27, 2026, paid quarterly even though the prospectus targets monthly income. Payouts that large may not repeat. The 0.53% expense ratio works out to about $54 in the first year on $10,000. 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 wanting S&P 500 exposure through IVV with an active options layer, at 0.53% a year against a 0.86% average for the buffer funds it's compared with.
- Those who can sit through market-sized drops, like its 28.9% fall in 2022 and the roughly 15.6 months it took to recover.
- Taxable investors interested in index options, whose gains may be taxed as 60% long-term and 40% short-term under Section 1256.
Look elsewhere if
- Retirees who want a set downside buffer. Unlike the FT Vest and Innovator buffer funds it's grouped with, SPUC promises no set protection.
- Anyone counting on a steady paycheck: the 14.75% trailing yield as of October 27, 2026 came in quarterly payments and may not repeat.
- Investors wary of small funds: net assets were about $92 million as of June 30, 2026, after about $19.6 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 |
|---|---|---|---|---|
| SPUC this fund | 0.53% | $92.0M | +8.5% | +27.0% |
| 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 SPUC a buffer ETF?
No. SPUC doesn't promise any set level of downside protection, even though it is often grouped with buffer funds. It holds the iShares Core S&P 500 ETF and trades S&P 500 index options, and its prospectus says this options layer will not fully protect the fund when markets fall. In the 2022 bear market it dropped 28.9%. Its worst quarter was −17.79%, in the quarter ending June 30, 2022.
What's the difference between SPUC and BUFR?
They follow different strategies. BUFR, the FT Vest Laddered Buffer ETF, is a defined-outcome fund built around a set buffer against losses. SPUC holds an S&P 500 ETF with an active options layer and has no set buffer. SPUC costs less: 0.53% a year against 0.95%. As of October 27, 2026, SPUC returned 27% a year over three years versus 16.8% for BUFR, but it trailed over one year, 8.5% versus 11.6%. It is also far smaller.
Does SPUC pay monthly dividends?
Not according to its payment record, though monthly income is its stated goal. The prospectus says it aims to pay monthly from the dividends of its holdings and from option premiums. Its record shows quarterly payments: $7.14 a share over the 12 months to October 27, 2026, a trailing yield of 14.75%. That yield is unusually high for a fund that mostly owns an S&P 500 ETF. It may include option gains or one-time payouts, so it may not repeat.
Has SPUC beaten the S&P 500?
Slightly, over the longer periods in its prospectus, as of December 31, 2025. Its five-year average annual return was 14.58%, against 14.42% for the S&P 500 Index. Since inception it returned 15.44% a year versus 15.39%. Over one year the gap was wider: 22.58% versus 17.88%. The fund's returns are after fees and the index's are not. SPUC still lost 24.64% in 2022, so it did not avoid that downturn.
What is SPUC's expense ratio?
SPUC's expense ratio is 0.53% a year, including a 0.50% management fee, according to its prospectus filed October 28, 2026. In the SEC's standard example, $10,000 earning 5% a year would cost about $54 over one year, $170 over three, $296 over five and $665 over ten. That is below the 0.86% average of the buffer funds it is compared with, though those funds follow a different strategy.