At a glance
SPYC charges 0.53% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $111.6M in assets, the 8th largest of that group; it paid 1.1% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +3.4% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +20.8% a year. At its worst it fell 27.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 17 months after the low.
The short version
Simplify US Equity PLUS Convexity ETF (SPYC) is an actively managed fund. Most of its money sits in one S&P 500 fund, iShares Core S&P 500 ETF (IVV). On top of that, it buys S&P 500 put and call options meant to soften falls and add to gains. Its 0.53% expense ratio is below the 0.86% average of the buffer ETFs it was compared with. Even so, it trailed the S&P 500 over one and five years to December 31, 2025.
Price history
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SPYC +3.4% 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 | |
|---|---|---|---|---|---|---|
| SPYC official prospectus, to Dec 31, 2025 | — | +15.52% | — | +13.65% | — | +11.95% |
| S&P 500 Index (reflects no deduction for fees, expenses or taxes) [Default Label] index, same period | — | +17.88% | — | +14.42% | — | +15.39% |
| SPYC price data to Oct 27, 2026 | +7.5% | +3.4% | +20.8% | +8.2% | — | +10.3% |
- Over the year to Oct 27, 2026, SPYC returned +3.4%, 8th of 8 among similar funds.
- Its 5-year annualized return was +8.2%.
- Its worst full calendar year was 2022 (-25.6%); its best was 2023 (+23.9%).
- The deepest fall in its price history was 28.5% (Dec 27, 2021 to Oct 14, 2022), recovered by Mar 1, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.5% | — |
| 2025 | +15.3% | +15.52% |
| 2024 | +22.6% | +22.14% |
| 2023 | +23.9% | +24.01% |
| 2022 | -25.6% | -25.39% |
| 2021 | — | +28.99% |
| 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 27.1% over that stretch · deepest drop along the way 27.6%, back to its old high 16.6 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 | -29.6% |
| 2023 | $0.5400 | +58.6% |
| 2022 | $0.3404 |
What's inside
As of Jun 30, 2026, the fund held 4 securities; the ten largest made up 98.9% of assets.
| Fund held | Weight | |
|---|---|---|
| ISHARES TRUST CORE S&P500 ETF | 93.62% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 3.20% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 1.19% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 0.89% |
By country
United States 98.9%By asset type
Stocks 93.62%Bonds and notes 5.28%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $7.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +10.32%, +5.76%, -0.89%.
How it works
Simplify actively manages SPYC rather than tracking an index. At least 80% of net assets goes into US stocks, mainly through other ETFs, which it rarely trades. As of June 30, 2026, about 93.6% sat in the iShares Core S&P 500 ETF (IVV), with roughly 5.3% in short-term Treasury bills.
An option overlay covers up to 20% of net assets. Options give the right to buy (calls) or sell (puts) at a set price, the strike, by a set date. The fund buys both on the S&P 500 or an S&P 500 ETF. Calls aim to add gains in rallies; puts aim to soften losses in sell-offs. That uneven payoff is the "convexity" in the name, not bond convexity. Simplify picks options by cost, strike price and expiry, trading them monthly, quarterly or yearly, or sooner after sharp moves. As of June 30, 2026, 16 option positions made up about 0.7% of the fund.
When buying options outright looks costly, the fund may use spreads, pairing a bought option with a sold one to cut the cost, which also limits the payoff. For extra income, it sells options on ETFs tied to stocks, bonds, volatility, commodities and currencies, buying others to partly offset the risk. Bought options can expire worthless, and the overlay will not fully protect against declines.
What it really costs
- SPYC 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 |
|---|---|---|---|---|
| SPYC | $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
Its base is an S&P 500 fund, but the active options layer, a one-year beta of 1.22 and its record of lagging the index make it a better fit for a smaller slice than for the foundation.
SPYC launched in September 2020, so it has no record for the 2008 crisis or the 2020 COVID crash. In the 2022 bear market it fell 27.6% from January 4 to October 12, 2022. Its deepest drop, 28.5%, did not recover until March 1, 2024, about 16.6 months after the low. According to the prospectus, it lost 25.39% in calendar 2022. Anyone who had to sell shares or take cash out that year would have locked in steep losses, and the put options did not prevent that. Income is small: the trailing yield was 1.1% as of October 27, 2026, paid quarterly. Costs are $54 in the first year on $10,000 under the SEC's standard example. Past results don't predict future returns, and a retirement 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 plus a small, ongoing options hedge, at 0.53% a year versus 0.86% for the buffer ETFs compared.
- Holders comfortable with active option decisions inside a fund that had $111.6 million in net assets as of June 30, 2026.
- Long-term investors who can hold through drops like its 28.5% fall in 2022, which took until March 2024 to recover.
Look elsewhere if
- Those wanting set downside limits: SPYC is not a buffer fund, and it lost 25.39% in 2022 despite its put options.
- Investors wanting plain S&P 500 returns: it trailed the index over one year, five years and since inception through December 31, 2025.
- Income seekers: its trailing yield was 1.1% as of October 27, 2026, paid quarterly, which is modest for living expenses.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| SPYC this fund | 0.53% | $111.6M | +3.4% | +20.8% |
| 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 SPYC good for retirement?
SPYC may suit a smaller part of a retirement portfolio rather than its core. It holds mostly the S&P 500 through IVV and adds an options hedge, but it still lost 25.39% in 2022. Its deepest drop, 28.5%, took until March 1, 2024 to recover. It pays a modest 1.1% trailing yield (as of October 27, 2026) and costs 0.53% a year. It also trailed the S&P 500 over five years to December 31, 2025, returning 13.65% a year versus 14.42%.
What's the difference between SPYC and BUFR?
They take different approaches. FT Vest Laddered Buffer ETF (BUFR) is a buffer, or defined-outcome, fund. SPYC is not: it holds an S&P 500 ETF and buys put and call options without set loss limits. SPYC is cheaper at 0.53% versus 0.95% for BUFR. As of October 27, 2026, SPYC returned 3.4% over one year versus 11.6% for BUFR, and 20.8% a year over three years versus 16.8%. BUFR is far larger, with $10.5 billion in net assets as of August 31, 2026.
Does SPYC pay dividends?
Yes. SPYC pays distributions quarterly. Over the 12 months to October 27, 2026, it paid about $0.50 per share, a trailing yield of 1.1%. Most of its assets are in an S&P 500 ETF, so much of that income likely reflects stock dividends passed through. The fund also sells option spreads to earn extra income, though income is not its stated goal. Its objective is long-term capital appreciation.
Does SPYC protect against stock market crashes?
Only partly, and not reliably. SPYC buys S&P 500 put options meant to help it fall less than the market, but the prospectus says the overlay will not fully protect it. In the 2022 bear market, the fund dropped 27.6% from January 4 to October 12, 2022. Its worst quarter was a 16.24% loss in the second quarter of 2022. The fund launched in September 2020, so it has no record from the 2008 or early 2020 crashes.
What is SPYC's expense ratio?
SPYC's expense ratio is 0.53%, according to its prospectus filed October 28, 2026. That includes a 0.50% management fee. In the SEC's standard example, a $10,000 investment earning 5% a year would pay about $54 in costs after one year, $170 after three years, $296 after five and $665 after ten. That ranks it the cheapest of eight funds compared, where the average is 0.86%. Plain S&P 500 index funds typically cost less.