At a glance
SURI charges 2.59% a year. It has $77.3M in assets; it paid 16.15% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +13.6% with distributions reinvested; over three years it returned +14.6% a year. Its ten largest positions make up 155.1% of the fund, out of 39 in all.
The short version
Simplify Propel Opportunities ETF (SURI) is an actively managed fund. It looks for undervalued small and mid-sized healthcare companies, mostly biotech and drug developers, and it can hold their stocks, bonds or convertibles, plus derivatives. It is highly concentrated: as of June 30, 2026, one stock, Plains GP Holdings, made up about 40% of assets. Its 2.59% expense ratio is far above that of a typical ETF, and its price has swung sharply.
Price history
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SURI +13.6% 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 | |
|---|---|---|---|---|---|---|
| SURI official prospectus, to Dec 31, 2025 | — | +25.10% | — | — | — | +2.51% |
| S&P 500 Index (reflects no deduction for fees, expenses or taxes) [Default Label] index, same period | — | +17.88% | — | — | — | +20.45% |
| MSCI USA IMI Health Care Net Total Return USD Index (reflects no deduction for fees, expenses or taxes) index, same period | — | +14.91% | — | — | — | +6.88% |
| SURI price data to Oct 27, 2026 | +13.9% | +13.6% | +14.6% | — | — | +5.7% |
- Over the year to Oct 27, 2026, SURI returned +13.6%.
- Its worst full calendar year was 2024 (-13.2%); its best was 2025 (+28.3%).
- The deepest fall in its price history was 47.7% (Nov 7, 2024 to Apr 8, 2025), recovered by Aug 19, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +13.9% | — |
| 2025 | +28.3% | +25.10% |
| 2024 | -13.2% | -10.22% |
| 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 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.0400 | |
| 2025 | $2.7200 | -17.3% |
| 2024 | $3.2900 |
What's inside
As of Jun 30, 2026, the fund held 39 securities; the ten largest made up 155.12% of assets.
| Holding | Weight | |
|---|---|---|
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 76.77% | |
| PLAINS GP HOLDINGS LP | 39.97% | |
| ACHIEVE LIFE SCIENCES INC | 12.11% | |
| MILESTONE PHARMACEUTICALS INC | 5.81% | |
| ACHIEVE LIFE SCIENCES INC | 4.42% | |
| DELCATH SYSTEMS INC | 4.26% | |
| PHATHOM PHARMACEUTICALS INC | 3.50% | |
| CORCEPT THERAPEUTICS INC | 2.98% | |
| ABEONA THERAPEUTICS INC | 2.76% | |
| CELLDEX THERAPEUTICS INC | 2.56% | |
| KYVERNA THERAPEUTICS INC | 2.11% | |
| COMPASS PATHWAYS PLC | 2.09% | |
| LEONABIO INC | 1.78% | |
| INVENTIVA SA | 1.53% | |
| AQUESTIVE THERAPEUTICS INC | 1.50% |
By country
United States 89.87%Canada 6.97%United Kingdom 2.09%France 1.53%By issuer
US Treasury 76.77%Companies 23.7%The bonds mature in 0.3 years on average (weighted by size), with an average coupon of 0.08%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $2.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +9.45%, +2.77%, +6.63%.
How it works
SURI does not track an index. Simplify Asset Management is the adviser. It works with a sub-adviser, Propel Bio Management, which picks the securities. The fund must keep more than 25% of its assets in biotech, pharmaceuticals, healthcare technology and life science tools. It may also invest in energy companies. For each company, the managers can choose its stock, preferred stock, convertible bonds or regular debt, depending on which they expect to return more. There are no limits on country, company size (including very small 'micro-cap' firms) or credit quality, so it can hold junk bonds, meaning bonds rated below investment grade. The fund is 'non-diversified', so it can put large amounts into just a few companies.
The sub-adviser's scientists rate each company on three things: its science, the chance that the science becomes a product, and the profits that product could earn. A holding is sold when it no longer looks undervalued or when something better turns up. Portfolio turnover was 62%.
Simplify can put up to 20% of the fund into futures, options and total return swaps. The prospectus calls this leveraged investing. It is meant to partly protect against market drops but will not fully protect against them. The June 30, 2026 holdings report showed no derivatives. It did show a Treasury bill maturing October 20, 2026, worth about 77% of assets. Gross positions added up to more than 100% of assets, offset by a negative entry of about 75%.
What it really costs
- SURI charges 2.59% a year.
- Of that, 2.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.25% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $262 in the first year and $3,152 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SURI | $262 | $857 | $1,478 | $3,152 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
SURI is a concentrated, actively managed bet on small healthcare companies with heavy swings and a high fee, so it fits only as a small add-on to a core portfolio.
SURI launched on February 8, 2023, so it has no record from the 2008, 2020 or 2022 sell-offs. Its own history has been bumpy. From November 7, 2024 to April 8, 2025, it fell 47.7%. It took about 16 months, until August 19, 2026, to get back to its old high. Its worst calendar year was 2024, a price loss of about 13%. Its worst quarter, which ended December 31, 2024, lost 29.82%. Anyone who had to sell or draw income during that stretch would have locked in large losses. The fund paid $2.72 a share over the 12 months to October 27, 2026, a trailing yield of 16.15%, in quarterly payments. Its goal is growth, though, so payouts like that may not repeat. In the SEC's standard example, the 2.59% expense ratio costs $262 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 who want a small, actively picked stake in small biotech and drug developers, chosen by a sub-adviser with scientific expertise.
- People who can live with a 47.7% drop and a recovery of about 16 months, as happened between November 2024 and August 2026.
- Holders willing to pay 2.59% a year for a manager free to mix stocks, convertibles, junk bonds and derivatives.
Look elsewhere if
- Investors who want broad diversification: as of June 30, 2026, Plains GP Holdings alone made up about 40% of a 39-position portfolio.
- Cost-conscious investors: the SEC's standard example shows $3,152 in costs over 10 years on a $10,000 investment.
- Retirees who need dependable income: the 16.15% trailing yield came from a fund that aims for growth, not steady payouts.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
No close alternatives found.
Questions investors ask
Is SURI good for retirement?
SURI is a high-risk fund, so it may suit only a small part of a retirement portfolio. It focuses on small, often unprofitable healthcare companies and can hold junk bonds and derivatives. From November 2024 to April 2025, it fell 47.7%. It needed about 16 months to recover, through August 19, 2026. It also charges a 2.59% expense ratio. Investors who might need to sell shares in a downturn may want to compare it with broader, cheaper funds.
Does SURI pay dividends?
Yes. SURI pays distributions every quarter. Over the 12 months to October 27, 2026, it paid $2.72 per share, a trailing yield of 16.15%. Treat that figure with care. The fund's stated goal is long-term growth, not income, and its holdings are mostly small biotech stocks plus a short-term Treasury bill. Payouts from a fund like this can change a lot from one year to the next.
What is SURI's expense ratio?
SURI's expense ratio is 2.59%, according to its prospectus filed October 28, 2026. That includes a 2.75% management fee, reduced by a 0.25% fee waiver. In the SEC's standard example ($10,000 invested, a 5% yearly return, shares sold at the end of each period), total costs come to $262 after one year, $857 after three, $1,478 after five and $3,152 after ten. That is far higher than most index ETFs charge.
What are SURI's top holdings?
As of June 30, 2026, SURI held 39 positions. The largest was a US Treasury bill maturing October 20, 2026, at about 77% of assets. Next came Plains GP Holdings at about 40%, Achieve Life Sciences at about 12% (plus about 4% in its warrants), Milestone Pharmaceuticals at about 6%, and Delcath Systems at about 4%. Gross holdings added up to more than 100% of assets, offset by a negative entry of about 75%.
How has SURI performed compared with the S&P 500?
SURI has trailed the S&P 500 since it launched, though it did better in 2025. As of December 31, 2025, the fund returned 2.51% a year since inception. Over the same period, the S&P 500 returned 20.45% a year and the MSCI USA IMI Health Care Index returned 6.88%. In 2025, SURI gained 25.1%, against 17.88% for the S&P 500. In 2024, it lost 10.22%.