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SPBC — Simplify US Equity PLUS Bitcoin Strategy ETF

SPBC holds 100% S&P 500 equity exposure alongside a targeted ~10% spot bitcoin allocation via exchange-traded products, offering a measured way to add bitcoin to a core equity position.

Equity Efficiency:ACapital Efficiency grades how well this ETF delivers equity-side returns relative to the capital and beta it uses, with SPY as the B baseline. Leveraged ETFs score higher when they free up capital for an alpha sleeve. Long/short and factor ETFs are graded on excess return versus SPY, net of costs. SPBC holds 100% S&P 500 equity (via IVV and E-mini futures) as its capital sleeve. Capital efficiency grades the equity book versus SPY as the benchmark.Alpha Efficiency:DAlpha Efficiency grades the non-equity sleeve of this stacked ETF on return above its borrowing cost: that's the true hurdle for a futures overlay. A sleeve that only matches its financing cost adds no value; grades above B mean the overlay is genuinely earning its keep. The alpha sleeve is a ~10% allocation to spot bitcoin via exchange-traded products (currently VanEck HODL), rebalanced quarterly. The grade scores the incremental bitcoin return per unit of crypto-spread risk added above the equity core.Stacked Efficiency:AStacked Efficiency blends Capital- and Alpha-bucket grades using the configured sleeve weights (91% capital / 9% alpha).

SPBC price history

Range
+19.25%
Total return (1Y)
SPBC

Total return (Yahoo adjusted close—dividends and splits per Yahoo), normalized to $10,000 at first available trade date. Educational only.

Strategy

Unlike full one-plus-one stacked designs that place a complete second sleeve on every invested dollar, SPBC is deliberately measured: IVV (iShares Core S&P 500) anchors the equity book while S&P 500 E-mini futures supplement to hold 100% notional, and spot bitcoin ETPs (currently VanEck HODL) target 10% of NAV with quarterly rebalancing and a hard 25% cap. Gross notional runs roughly 110%, not 200%.

Simplify avoids bitcoin futures entirely, using only spot ETPs. That choice sidesteps roll costs and contango friction common in futures-based wrappers but means the bitcoin exposure is fully price-linked. Investors should size the 10% sleeve as a convexity addition, not a hedge: in a sharp crypto selloff it clips 3-5 percentage points of NAV regardless of equity direction.

Manager and Issuer Pedigree

Simplify Asset Management was co-founded in 2020 by Paul Kim (CEO) and David Berns, PhD (CIO), with Michael Green (Managing Director and Chief Strategist) also serving as a portfolio manager for SPBC. The firm built its reputation on options-enhanced and convexity-aware ETF structures before expanding into stacked and bitcoin-overlay products; it manages approximately $6.1B in ETF assets across its complex.

Berns holds a PhD in physics from MIT with a background in quantum computation; Green is widely followed for macro and market-structure research. The team's orientation is toward engineering exposures precisely rather than replicating index conventions: SPBC's quarterly rebalance cadence and explicit bitcoin cap reflect that design-first philosophy.

Outperformance

Outperforms when U.S. large-cap equities trend higher and bitcoin captures an independent digital-scarcity bid: the 10% sleeve adds meaningful convexity to the upside without proportionally increasing drawdown drag because the notional is modest.

Underperforms when bitcoin sells off hard while equities are flat or moderately positive; the 10% sleeve is large enough to impose real NAV drag (3-5 percentage points in a severe crypto drawdown) with no offsetting diversification if the equity sleeve is only generating muted returns on the weaker leg.

Similar ETFs

TickerNameScoreMERAUM
SPBCSimplify US Equity PLUS Bitcoin Strategy ETFA0.54%~$45M
OOSBOne+One™ S&P 500® and Bitcoin ETFB+0.85%~$95M
RSSXReturn Stacked U.S. Stocks & Gold/Bitcoin ETFB+0.68%~$55M

Official ETF page

Read the official ETF page for current NAV, holdings, and documents: Simplify Asset Management (SPBC).

Beta and MER may not be accurate.
Educational content only; not investment advice. Past performance does not guarantee future results.