Key Takeaways
- • CTAP trades at $26.13 with a net asset value of $26.06 as of July 6, 2026, reflecting a market capitalization of approximately $163.31 million and a 52-week trading range of $24.80 to $33.64.
- • The fund charges a net expense ratio of 0.10% after fee waivers, down from a gross 0.28% through a contractual management fee reduction of 0.18% in effect through at least December 4, 2026, making it a low-cost option for institutional investors.
- • CTAP combines dual 100% exposure strategies: full large-cap U.S. equity exposure integrated with a systematic managed futures overlay, positioning it as a hybrid approach to long-term capital appreciation.
- • Year-to-date performance through May 31, 2026 shows +18.47% NAV return, with since-inception returns of +20.99%, though the fund experienced a -5.71% pullback in the most recent month measured.
- • The fund holds 55 total positions with a complex allocation structure including 46.64% cash, 15.20% U.S. bonds, and negative exposures to non-U.S. bonds (-73.44%), indicating active dynamic positioning typical of managed futures strategies.
Summary
The Simplify US Equity PLUS Managed Futures Strategy ETF (CTAP) is a dual-strategy fund that targets long-term capital appreciation through the integration of complete exposure to large-cap U.S. equities combined with a systematic managed futures strategy overlay. As of July 6, 2026, the fund is priced at $26.13 per share with a net asset value of $26.06, reflecting a market capitalization of $163.31 million across its holdings. The fund's 52-week range of $24.80 to $33.64 demonstrates meaningful volatility consistent with equity-focused strategies.
From a cost perspective, CTAP offers institutional investors attractive fee economics. The fund's gross annual operating expense ratio is 0.28%, comprised of 0.25% management fees, 0.03% acquired fund fees and expenses, with no distribution or service fees. Critically, the fund's adviser has contractually agreed through at least December 4, 2026 to reduce management fees by 0.18%, resulting in a net expense ratio of 0.10% after waivers—a significant advantage for cost-conscious institutional allocators. This temporary fee reduction structures a competitive entry point relative to comparable large-cap and alternative strategies.
Performance metrics show solid returns through May 31, 2026. The fund delivered +18.47% year-to-date NAV returns and +20.99% since-inception returns as of that reporting date. However, the most recent monthly performance was negative at -5.71% NAV (or -6.04% at market price), reflecting typical managed futures drawdowns during sustained equity momentum periods. The three-month return through March 31, 2026 was +6.27% on a NAV basis, indicating intra-period volatility consistent with strategies that hedge equity exposure through systematic futures positioning.
The fund's allocation structure reflects its hybrid design: as of the latest available data, holdings include 46.64% cash, 15.20% U.S. bonds, -1.34% non-U.S. stocks (short positioning), and -73.44% non-U.S. bonds (substantial short exposure), with 28.51% allocated to other strategies. This dynamic positioning, concentrated across 55 total holdings, suggests active tactical rebalancing and downside hedging consistent with managed futures systematic approaches. The substantial cash and short allocations indicate the strategy is currently maintaining defensive positioning within its long equity framework.
From a cost perspective, CTAP offers institutional investors attractive fee economics. The fund's gross annual operating expense ratio is 0.28%, comprised of 0.25% management fees, 0.03% acquired fund fees and expenses, with no distribution or service fees. Critically, the fund's adviser has contractually agreed through at least December 4, 2026 to reduce management fees by 0.18%, resulting in a net expense ratio of 0.10% after waivers—a significant advantage for cost-conscious institutional allocators. This temporary fee reduction structures a competitive entry point relative to comparable large-cap and alternative strategies.
Performance metrics show solid returns through May 31, 2026. The fund delivered +18.47% year-to-date NAV returns and +20.99% since-inception returns as of that reporting date. However, the most recent monthly performance was negative at -5.71% NAV (or -6.04% at market price), reflecting typical managed futures drawdowns during sustained equity momentum periods. The three-month return through March 31, 2026 was +6.27% on a NAV basis, indicating intra-period volatility consistent with strategies that hedge equity exposure through systematic futures positioning.
The fund's allocation structure reflects its hybrid design: as of the latest available data, holdings include 46.64% cash, 15.20% U.S. bonds, -1.34% non-U.S. stocks (short positioning), and -73.44% non-U.S. bonds (substantial short exposure), with 28.51% allocated to other strategies. This dynamic positioning, concentrated across 55 total holdings, suggests active tactical rebalancing and downside hedging consistent with managed futures systematic approaches. The substantial cash and short allocations indicate the strategy is currently maintaining defensive positioning within its long equity framework.
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