ETF Evaluator:
Simplify US Equity PLUS Convexity ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Large Blend Over the Last Year
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| 33.9% | Impact Shares NAACP Minority Empwrmt ETF (NACP) |
| 31.8% | Astoria US Equal Weight Quality KingsETF (ROE) |
| 30.5% | FIS Bright Portfolios Focused Equity ETF (BRIF) |
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ETF Details
Simplify US Equity PLUS Convexity ETF Overview
Simplify US Equity PLUS Convexity ETF (SPYC) is an actively managed U.S. Equity Large Blend exchange-traded fund (ETF). Simplify Asset Management launched the ETF in 2020.
The investment seeks long-term capital appreciation.
The adviser seeks to achieve the fund's investment objective by investing primarily in equity securities of U.S. companies and applying a convexity option overlay strategy to the equity investments. Under normal circumstances, it invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of U.S. companies, primarily by purchasing exchange-traded funds ("ETFs"). The option overlay consists of purchasing exchange-traded and over the counter ("OTC") put and call options on the S&P 500 Index or an S&P 500 Index ETF.
About Simplify US Equity PLUS Convexity ETF (SPYC)
There are 4 members of the management team with an average tenure of 3.42 years: David Berns (2020), Michael Green (2021), Emilio Freire (2025) and Jeffrey Schwarte (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 100%. Simplify US Equity PLUS Convexity ETF has 24 securities in its portfolio. The top 10 holdings constitute 173.6% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Simplify US Equity PLUS Convexity ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Simplify US Equity PLUS Convexity ETF has 0.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 94.3% There is 0.5% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 1.9% (1.9% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Simplify US Equity PLUS Convexity ETF has 4.1% of the portfolio in cash.
Assets Under Management
The fund has $111 million in total assets, which is below the $13 billion average for the Large Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
SPYC Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Simplify US Equity PLUS Convexity ETF expense ratio is average compared to funds in the Large Blend category. Simplify US Equity PLUS Convexity ETF has an expense ratio of 0.53%, which is 28% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Simplify US Equity PLUS Convexity ETF has a portfolio turnover rate of 8%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 158% for the Large Blend category.
Recently, in the month of July 2026, Simplify US Equity PLUS Convexity ETF returned -1.0%, which earned it a grade of D, as the Large Blend category had an average return of -0.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Simplify US Equity PLUS Convexity ETF has a trailing yield of 0.89%, which is below the 1.16% category average.
The fund normally distributes its income quarterly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Simplify US Equity PLUS Convexity ETF Grades
Year to date, the ETF has returned 6.2%, 3.4 percentage points worse than the category, which translates into a grade of F. The fund has returned 11.9% over the past year (grade of F), 15.6% over the past three years (grade of D) and 8.7% per year over the past five years (grade of F).
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SPYC Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| SPYC Return (NAV) | -1.0% | 3.8% | 11.9% | 15.6% | 8.7% | na |
| SPYC Return (Price) | -0.9% | 4.1% | 12.3% | 15.8% | 8.8% | na |
| NAV +/- Price Return | -0.028% | -0.261% | -0.404% | -0.189% | -0.079% | na |
| Large Blend Avg | -0.8% | 3.7% | 17.5% | 17.4% | 11.2% | 13.6% |
| SPYC Grade (NAV) | D | D | F | D | F | na |
| +/- Category (NAV) | -0.1% | 0.1% | -5.7% | -1.8% | -2.5% | na |
| SPYC Tax-Cost Ratio | na | na | 0.4% | 0.4% | 0.5% | na |
SPYC Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SPYC Return (NAV) | 6.2% | 15.5% | 22.2% | 24.0% | -25.4% | 29.0% | na | na | na | na | na |
| SPYC Return (Price) | 6.4% | 15.3% | 22.6% | 24.0% | -25.7% | 29.3% | na | na | na | na | na |
| NAV +/- Price Ret | 0.036% | -0.014% | 0.019% | -0.002% | 0.010% | 0.009% | na | na | na | na | na |
| Large Blend Avg | 9.5% | 15.3% | 21.9% | 22.9% | -17.1% | 26.9% | 18.3% | 29.6% | -5.1% | 21.5% | 11.4% |
| SPYC Grade (NAV) | F | C | C | C | F | B | na | na | na | na | na |
| +/- Category | -3.4% | 0.2% | 0.3% | 1.1% | -8.3% | 2.1% | na | na | na | na | na |
| Risk Measures | |
| Beta: | 1.14 |
| R-Squared: | 85% |
| Standard Deviation: | 16.2% |
| Category Risk Index: | 1.20 |
| Category Risk Rating: | High |
| Total Risk Index: | 1.32 |
| Total Risk Rating: | Above Average |
| Portfolio Characteristics | |
| Yield: | 0.9% |
| Total Assets: | $ 112 Mil |
| Share Class Assets: | $ 112 Mil |
| Turnover: | 8.0% |
| Expense Ratio: | 0.53% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 5.9 years | |||
| Average Tenure: 3.4 years | |||
| Managers (Year): Berns David (2020), Green Michael (2021), Schwarte Jeffrey (2024), Freire Emilio (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 24 |
| % in Top 10 Holdings: | 173.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.5% |
Portfolio Allocation |
|
| Domestic Stock: | 94.3% |
| Foreign Stock: | 0.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 1.9% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.7% |
| Cash: | 4.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Simplify Asset Management |
| Phone Number: | 855-772-8488 |
| Website: | |
| Inception Date: | September 3, 2020 |
Expenses and Fees
| Expense Ratio (%): | 0.53% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.41% |
