ETF Education Report: SIMPLIFY US EQUITY PLUS DOWNSIDE CONVEXITY ETF (SPD)

What this ETF is trying to do

The SIMPLIFY US EQUITY PLUS DOWNSIDE CONVEXITY ETF (SPD) is an exchange-traded fund listed on the NYSE. While the specific strategy is not detailed in the data, the Top Holdings show that a very large portion of the fund is held in the iShares Core S&P 500 ETF (IVV), which makes up 99.10% of the portfolio.

What the numbers show

When looking at an ETF, it is important to understand the difference between price return and total return. Price return only tracks how much the share price moves. Total return includes both the price movement and any cash distributions paid out to investors.

Based on the data provided:

• Year-to-Date (YTD): The price return is approximately 6.45%, while the total return is approximately 7.01%.

• One-Year: The price return is approximately 6.38%, while the total return is approximately 7.48%.

• Three-Year: The price return is approximately 53.32%, while the total return is approximately 59.02%.

For a visual example, the current price is $41.79. The estimated price from roughly one year ago was approximately $39.29.

Income and distribution explanation

This ETF pays out cash distributions to investors. The distribution yield is approximately 0.96%. This number describes the cash paid out relative to the ETF's price. It is important to remember that a distribution yield is not the same as total return.

The fund usually pays distributions on a quarterly basis. Over the last 12 months, there were 4 payouts.

NAV erosion explanation

"NAV erosion" refers to a decline in the Net Asset Value (the actual value of the assets held by the fund). Some investors worry that high payouts might cause the fund's value to shrink over time.

For this ETF, the erosion-risk score is 100, and the label states "No price erosion detected." The erosion severity is rated as "good," and there is no severe erosion-risk flag present.

Pros

• Positive Returns: The fund has shown positive price returns and total returns over the one-year and three-year periods.

• Low Erosion Risk: The data indicates no detected price erosion.

Cons

• Partial Data: The list of Top Holdings is only a partial list, meaning there are other assets in the fund not shown here.

• Holdings Change: Portfolio holdings can change over time, as noted by the last update on October 4, 2026.

Beginner takeaway

When studying SPD, remember that the total return is higher than the price return because it includes cash distributions. While this fund provides some income, always look at the total return to see how the investment performed overall. Always remember that holdings can change, and past performance does not guarantee future results.