ETF Education Report: CTAP

What this ETF is trying to do

The Simplify US Equity PLUS Managed Futures Strategy ETF (ticker: CTAP) is an exchange-traded fund. Based on its top holdings, it focuses on US equity income and managed futures strategies. It is not a leveraged or inverse fund, meaning it does not use borrowed money to multiply returns or bet against the market.

What the numbers show

As of October 9, 2026, the current price of CTAP is $30.33.

When looking at how this ETF has performed so far this year (Year-to-Date), it is important to look at two different numbers:

• YTD Price Return: This was approximately 18.40%. This number only tracks how much the share price itself has changed.

• YTD Total Return: This was approximately 21.90%. Total return is a more complete picture because it includes both the change in share price and the impact of distributions.

Because this ETF does not have a recorded history of stock splits, we cannot compare the current price to an estimated price from one year ago.

Income and distribution explanation

Some investors look at ETFs for cash payments, known as distributions. CTAP has a distribution yield of approximately 2.64%. This means the cash distributed is about 2.64% of the ETF's price.

In the last 12 months, the fund made three distributions totaling $0.80 per share. The frequency of these payments is described as "irregular" or "less frequent." While distributions provide cash, they are not the same as total return.

NAV erosion explanation

"NAV erosion" refers to a situation where the value of the underlying assets in the fund decreases over time. StockValueFinder uses an "erosion score" to measure this risk. For CTAP, the erosion score is currently withheld because there is not enough verified price history to provide a score. There is no severe erosion-risk flag for this ETF at this time.

Pros

• The fund has shown a positive YTD total return of approximately 21.90%.

• The fund provides regular, though irregular, cash distributions.

Cons

• There is not enough historical data available to provide a verified erosion score or one-year performance figures.

• Distributions are irregular, meaning they do not happen on a set schedule every month or quarter.

Top Holdings

The following are the top holdings for this fund (as of October 4, 2026). Please note that holdings can change over time:

• SIMPLIFY US EQUITY INCOME ETF (SPUC): 98.47%

• SIMPLIFY MANAGED FUTURES STRATEGY ETF (CTA): 51.04%

Beginner takeaway

When learning about ETFs like CTAP, remember that price return and total return are different. Price return only tells you if the share price went up or down, while total return includes the cash distributions you received. Also, a distribution yield tells you how much cash was paid out, but it does not guarantee that the investment's value will stay the same.