ETF Evaluator:
Simplify Propel Opportunities ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Health Over the Last Year
| 129.4% | Virtus LifeSci Biotech Clinical Trls ETF (BBC) |
| 94.1% | ALPS Medical Breakthroughs ETF (SBIO) |
| 88.4% | F/m Emerald Life Sciences Innovation ETF (LFSC) |
| 72.5% | State Street® SPDR® S&P® Biotech ETF (XBI) |
| 65.8% | State Street® SPDR® S&P® PhrmctlsETF (XPH) |
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ETF Details
Simplify Propel Opportunities ETF Overview
Simplify Propel Opportunities ETF (SURI) is an actively managed Sector Equity Health exchange-traded fund (ETF). Simplify Asset Management launched the ETF in 2023.
The investment seeks long-term capital appreciation.
The fund is an actively managed exchange-traded fund. The Sub-Adviser concentrates the fund's investments (i.e., invests more than 25% of its net assets) in the securities of issuers in the biotechnology, pharmaceuticals, healthcare technology, and life science tools and services industries. The Sub-Adviser employs an actively managed opportunistic multi-asset strategy that focuses on common stock, preferred stock, convertible bonds, structured notes, corporate notes and bonds, and ETFs that primarily invest in the preceding security types. The fund is non-diversified.
About Simplify Propel Opportunities ETF (SURI)
There are 4 members of the management team with an average tenure of 3.05 years: David Berns (2023), Leen Kawas (2023), Xue Hua (2023) and Jeffrey Schwarte (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and MSCI USA IMI/Health Care NR USD index with a weighting of 100%. Simplify Propel Opportunities ETF has 38 securities in its portfolio. The top 10 holdings constitute 81.4% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Simplify Propel Opportunities ETF is part of the Equity global asset class and is within the Sector Equity ETF group. Simplify Propel Opportunities ETF has 9.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 86.9% There is 8.8% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 1.1% (0.0% domestic bond, 1.1% foreign bond and 0.0% convertible bond). Simplify Propel Opportunities ETF has 3.2% of the portfolio in cash.
Assets Under Management
The fund has $77 million in total assets, which is below the $1 billion average for the Health 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.
SURI 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 Propel Opportunities ETF expense ratio is high compared to funds in the Health category. Simplify Propel Opportunities ETF has an expense ratio of 2.56%, which is 394% higher than its category average, making the fund expense ratio grade a F. 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 Propel Opportunities ETF has a portfolio turnover rate of 22%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 45% for the Health category.
Recently, in the month of July 2026, Simplify Propel Opportunities ETF returned 0.7%, which earned it a grade of C, as the Health category had an average return of -0.1%. 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 Propel Opportunities ETF has a trailing yield of 15.01%, which is above the 1.10% category average.
The fund normally distributes its income quarterly and its capital gains annually.
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 Propel Opportunities ETF Grades
Year to date, the ETF has returned 17.1%, 7.4 percentage points better than the category, which translates into a grade of B. The fund has returned 41.4% over the past year (grade of B) and 9.5% over the past three years (grade of C).
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SURI 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 |
|
| SURI Return (NAV) | 0.7% | 10.3% | 41.4% | 9.5% | na | na |
| SURI Return (Price) | 0.8% | 10.3% | 40.6% | 9.3% | na | na |
| NAV +/- Price Return | -0.110% | -0.036% | 0.879% | 0.206% | na | na |
| Health Avg | -0.1% | 11.2% | 36.9% | 9.9% | 1.6% | 8.7% |
| SURI Grade (NAV) | C | D | B | C | na | na |
| +/- Category (NAV) | 0.7% | -0.9% | 4.6% | -0.4% | na | na |
| SURI Tax-Cost Ratio | na | na | 6.5% | 6.1% | na | na |
SURI Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SURI Return (NAV) | 17.1% | 25.1% | -10.2% | na | na | na | na | na | na | na | na |
| SURI Return (Price) | 17.4% | 28.3% | -13.2% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.014% | 0.126% | 0.293% | na | na | na | na | na | na | na | na |
| Health Avg | 9.7% | 21.8% | 0.1% | 2.2% | -16.3% | 4.3% | 30.5% | 25.4% | -1.5% | 26.5% | -10.2% |
| SURI Grade (NAV) | B | B | F | na | na | na | na | na | na | na | na |
| +/- Category | 7.4% | 3.3% | -10.3% | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 1.15 |
| R-Squared: | 27% |
| Standard Deviation: | 27.8% |
| Category Risk Index: | 1.38 |
| Category Risk Rating: | High |
| Total Risk Index: | 2.26 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 15.0% |
| Total Assets: | $ 78 Mil |
| Share Class Assets: | $ 78 Mil |
| Turnover: | 22.0% |
| Expense Ratio: | 2.56% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 3.5 years | |||
| Average Tenure: 3.0 years | |||
| Managers (Year): Berns David (2023), Kawas Leen (2023), Hua Xue (2023), Schwarte Jeffrey (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 38 |
| % in Top 10 Holdings: | 81.4% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 9.9% |
Portfolio Allocation |
|
| Domestic Stock: | 86.9% |
| Foreign Stock: | 8.8% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 1.1% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.2% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Simplify Asset Management |
| Phone Number: | 855-772-8488 |
| Website: | |
| Inception Date: | February 7, 2023 |
Expenses and Fees
| Expense Ratio (%): | 2.56% (Rating: High) |
| Category Average Expense Ratio (%): | 0.52% |
