Key Takeaways
- • CTAP holds $178.6 million in total assets with a highly leveraged portfolio structure; top 10 holdings represent 242% of total assets, reflecting significant use of futures and derivative positions as of May 31, 2026.
- • Expense ratio of 0.10% after fee waiver makes CTAP competitively priced in the managed futures space; base management fee is 0.25% with a contractual fee waiver reducing it to 0.07% through at least December 4, 2026.
- • Core portfolio allocation emphasizes futures exposure: E-mini S&P 500 futures represent 24.36% of holdings, while US Treasury bills comprise 7.17% combined (0.23077% and 0.26923% tranches), with significant allocation to the Simplify Managed Futures Strategy ETF (CTA) at 75.82%.
- • Year-to-date performance through May 31, 2026 reached 18.47% on NAV basis, with cumulative since-inception returns of 20.99%, demonstrating positive performance trajectory in the fund's initial fiscal year.
- • Strategy combines US equity exposure with managed futures positioning to provide long-term capital appreciation through selective long and short positions in exchange-traded futures across equities, US Treasuries, and commodities.
Summary
The Simplify US Equity PLUS Managed Futures Strategy ETF (CTAP) represents a structured approach to blending traditional equity market exposure with systematic managed futures strategies. As of June 17, 2026, the fund manages $178.6 million in assets across a portfolio designed to capture long-term capital appreciation through a combination of direct equity holdings and futures-based tactical positioning.
The fund's fee structure is notably attractive for institutional investors. The total annual fund operating expenses are 0.28% before fee waivers, but the adviser has contractually agreed to reduce management fees to 0.07% of average daily net assets through December 4, 2026, bringing the effective annual operating expense ratio down to 0.10% after the 0.18% fee waiver. This pricing positions CTAP competitively within the managed futures ETF landscape. The base management fee stands at 0.25%, with minimal distribution and service fees (0.00%) and negligible acquired fund fees and expenses at 0.03%.
Portfolio composition reflects a leveraged approach typical of diversified futures strategies. The Simplify Managed Futures Strategy ETF (CTA) represents the largest single holding at 75.82% of assets, indicating that CTAP delegates significant strategy execution to the underlying managed futures fund. E-mini S&P 500 futures comprise 24.36% of holdings, providing direct equity market beta alongside tactical upside/downside positioning. US Treasury bills across two tranches represent 7.17% of the portfolio (combined 0.23077% and 0.26923% coupons), serving as liquidity and duration management tools. The portfolio's top 10 holdings represent 242% of total assets, a clear signal that the fund employs leverage through derivatives and futures contracts to enhance exposure.
Performance data as of May 31, 2026 demonstrates early traction. The fund posted year-to-date returns of 18.47% on a net asset value basis and 18.04% at market price (as of March 31, 2026), with cumulative since-inception returns reaching 20.99% as of the same date. Monthly returns as of May 31, 2026 declined 5.71% on a NAV basis and 6.04% at market price, reflecting normal volatility within a mixed equity-futures strategy during what appears to be a challenging late-May trading environment.
The fund's strategy design emphasizes selective positioning across multiple asset classes—equities, US Treasuries, commodities, and related exchange-traded futures—rather than passive index replication. This active mandate appeals to institutional allocators seeking diversification beyond traditional large-cap equity benchmarks while maintaining systematic, rules-based implementation through managed futures overlay.
The fund's fee structure is notably attractive for institutional investors. The total annual fund operating expenses are 0.28% before fee waivers, but the adviser has contractually agreed to reduce management fees to 0.07% of average daily net assets through December 4, 2026, bringing the effective annual operating expense ratio down to 0.10% after the 0.18% fee waiver. This pricing positions CTAP competitively within the managed futures ETF landscape. The base management fee stands at 0.25%, with minimal distribution and service fees (0.00%) and negligible acquired fund fees and expenses at 0.03%.
Portfolio composition reflects a leveraged approach typical of diversified futures strategies. The Simplify Managed Futures Strategy ETF (CTA) represents the largest single holding at 75.82% of assets, indicating that CTAP delegates significant strategy execution to the underlying managed futures fund. E-mini S&P 500 futures comprise 24.36% of holdings, providing direct equity market beta alongside tactical upside/downside positioning. US Treasury bills across two tranches represent 7.17% of the portfolio (combined 0.23077% and 0.26923% coupons), serving as liquidity and duration management tools. The portfolio's top 10 holdings represent 242% of total assets, a clear signal that the fund employs leverage through derivatives and futures contracts to enhance exposure.
Performance data as of May 31, 2026 demonstrates early traction. The fund posted year-to-date returns of 18.47% on a net asset value basis and 18.04% at market price (as of March 31, 2026), with cumulative since-inception returns reaching 20.99% as of the same date. Monthly returns as of May 31, 2026 declined 5.71% on a NAV basis and 6.04% at market price, reflecting normal volatility within a mixed equity-futures strategy during what appears to be a challenging late-May trading environment.
The fund's strategy design emphasizes selective positioning across multiple asset classes—equities, US Treasuries, commodities, and related exchange-traded futures—rather than passive index replication. This active mandate appeals to institutional allocators seeking diversification beyond traditional large-cap equity benchmarks while maintaining systematic, rules-based implementation through managed futures overlay.
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