At a glance
TYA charges 0.38% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $66.3M in assets, the 8th largest of that group; it paid 4.6% of its price in distributions over the past 12 months, monthly. Over the past year it returned −14.1% with distributions reinvested, the weakest of those 8 funds; over three years it returned +2.4% a year. At its worst it fell 38.4% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high.
The short version
Simplify Intermediate Term Treasury Futures Strategy ETF (TYA) is an actively managed fund. It uses 10-year Treasury note futures, backed by a money market ETF, to try to match or beat the ICE US Treasury 20+ Year Index each calendar quarter. Despite its name, it targets long-bond returns. Its prospectus says it is meant for short-term holding periods. Expenses are 0.38% a year.
Price history
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TYA -14.1% 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 | |
|---|---|---|---|---|---|---|
| TYA official prospectus, to Dec 31, 2025 | — | +15.06% | — | — | — | -10.31% |
| Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) [Default Label] index, same period | — | +7.30% | — | — | — | -0.12% |
| ICE US Treasury 20+ Year Bond Index (reflects no deduction for fees, expenses or taxes) index, same period | — | +4.29% | — | — | — | -8.32% |
| TYA price data to Oct 27, 2026 | -12.2% | -14.1% | +2.4% | -11.1% | — | -11.2% |
- Over the year to Oct 27, 2026, TYA returned -14.1%, 8th of 8 among similar funds.
- Its 5-year annualized return was -11.1%.
- Its worst full calendar year was 2022 (-37.6%); its best was 2025 (+14.4%).
- The deepest fall in its price history was 51.1% (Oct 1, 2021 to Oct 19, 2023), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -12.2% | — |
| 2025 | +14.4% | +15.06% |
| 2024 | -9.7% | -10.03% |
| 2023 | -2.2% | -2.56% |
| 2022 | -37.6% | -37.27% |
| 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 37.1% over that stretch · deepest drop along the way 38.4%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3600 | |
| 2025 | $0.5200 | -11.9% |
| 2024 | $0.5900 | -3.3% |
| 2023 | $0.6100 | +79.4% |
| 2022 | $0.3400 |
What's inside
As of Jun 30, 2026, the fund held 1 securities; the ten largest made up 99.14% of assets.
| Fund held | Weight | |
|---|---|---|
| Simplify Government Money Market ETF | 99.14% |
By country
United States 99.14%By asset type
Stocks 99.14%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $1.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.93%, -1.11%, +0.41%.
How it works
TYA is actively managed, so Simplify's managers decide what to own rather than copying an index. According to the prospectus, the goal is to match or beat the total return of the ICE US Treasury 20+ Year Index over each calendar quarter, and over no other period. That index covers fixed-rate, US dollar Treasury bonds with more than 20 years left to maturity. Under normal conditions, at least 80% of net assets go into Treasury futures, options on those futures, Treasury securities or Treasury bond ETFs.
In practice, the fund pairs futures with collateral. A futures contract is an agreement to buy a bond later at a set price. It needs only a small deposit, so most of the money can sit in short-term, high-quality assets. As of June 30, 2026, 99.14% of the fund was in the Simplify Government Money Market ETF (SBIL), which Simplify also runs. The September 2026 10-Year T-Note futures position was valued at 0.91% of assets. That figure reflects the contract's gain or loss, not the bond exposure it controls.
The fund rebalances at least once a quarter to reset its exposure to the index. Because the target resets each quarter, returns over longer periods can drift from the index. The prospectus also discloses a conflict of interest: Simplify earns more revenue when the fund uses its own money market ETF.
What it really costs
- TYA charges 0.38% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Of that, 0.25% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $34 in the first year and $472 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TYA | $34 | $117 | $207 | $472 |
Structure and tax notes
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
- 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
The prospectus says the fund is intended only for short-term investment horizons, and its quarterly target and long-bond-style swings fit tactical use better than a long-term hold.
TYA launched in September 2021, so it has no record from the 2008 or 2020 crashes. In the 2022 bear market it fell 38.4% between January 3 and September 27, 2022, and it lost 37.27% for calendar 2022. Its deepest drop was 51.1%, from October 1, 2021 to October 19, 2023. As of October 27, 2026, it had not recovered that loss. Anyone who has to sell shares in a bad year could lock in steep losses.
As of October 27, 2026, its trailing 12-month yield was 4.6%, paid monthly. Expenses are 0.38% a year. That income has not made up for the price declines. 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
- Active traders who want quarterly exposure to long-term Treasury price moves through one ETF, with expenses of 0.38% a year.
- Investors who expect long-term interest rates to fall and want a futures-based way to act on that view for a quarter or so.
- Short-term holders who can live with large price swings and value monthly payouts, a 4.6% trailing yield as of October 27, 2026.
Look elsewhere if
- Retirees who want calm bond ballast: the fund lost 37.27% in 2022 and was still below its 2021 peak as of October 27, 2026.
- Buy-and-hold investors: the prospectus says it is intended only for short-term horizons and targets index-like returns only within each calendar quarter.
- Anyone expecting intermediate-term bond behavior from the name; the fund measures itself against the ICE US Treasury 20+ Year Index instead.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| TYA this fund | 0.38% | $66.3M | -14.1% | +2.4% |
| 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
Does TYA pay monthly dividends?
Yes. TYA pays distributions monthly. Over the 12 months to October 27, 2026, it paid about $0.53 per share, a trailing yield of 4.6%. Nearly all of its assets sit in the Simplify Government Money Market ETF, which earns short-term interest. Keep in mind that those payouts have not offset the fund's price losses. The fund lost 12.2% in 2026 through October 27.
Is TYA an intermediate-term Treasury fund?
Not in the usual sense. The name says intermediate term, and the fund holds 10-year Treasury note futures. But the prospectus says its goal is to match or beat the ICE US Treasury 20+ Year Index each calendar quarter. Long-term bonds react more sharply to rate changes, which is why TYA has swung much more than a typical intermediate bond fund. For example, it lost 37.27% in 2022.
How has TYA performed compared with the 20+ year Treasury index?
Its record against the index is mixed. As of December 31, 2025, TYA returned 15.06% over one year, compared with 4.29% for the ICE US Treasury 20+ Year Bond Index. Since its September 2021 launch, the fund lost 10.31% a year on average, compared with 8.32% a year for the index. The broader Bloomberg U.S. Aggregate Bond Index lost only 0.12% a year over the same period.
Is TYA good for retirement?
Its own prospectus says the fund is intended only for short-term investment horizons and warns that longer holding periods can raise the risk of loss. TYA fell 51.1% from October 1, 2021 to October 19, 2023. As of October 27, 2026, it had not recovered that loss. Its quarterly target and large price swings make it a poor match for retirees who may need to sell shares in a down year.
What is TYA's expense ratio?
TYA's expense ratio is 0.38% a year, according to the prospectus filed October 28, 2026. That includes a 0.25% management fee. The SEC's standard example assumes $10,000 invested and a 5% annual return. On that basis, costs would total about $34 after one year, $117 after three years, $207 after five years and $472 after ten years, if shares are sold at the end of each period.