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CRDT

Simplify Opportunistic Income ETF

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As of 10/31/2025

NAV

$ 23.30

NAV Change

+ $ 0.05 /0.22%

Price

$ 23.27

Price Change

+ $ 0.08 /0.34%
The Simplify Opportunistic Income ETF (CRDT) seeks to provide current income, with long-term capital appreciation as a secondary objective.

CRDT is an actively managed, opportunistic credit strategy focused on security selection within high-yield, investment grade, and distressed debt. By deploying a multi-step investment process that combines macroeconomic, quantitative, and fundamental research, the fund seeks to generate alpha that diversifies the traditional investment portfolio.

The strategy is sub-advised by Asterozoa Capital, an alternatives manager focused on opportunistic investing across the capital structure while minimizing risks/correlations through portfolio construction and hedging.
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Documents

Opportunistic Bond Investing with CRDT: Less “Fixed,” More “Income”

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CRDT Fund Deep Dive Live

Fund Overview

As of 10/31/2025

Ticker Symbol
CRDT
Gross Expense Ratio
0.99%
CUSIP
82889N558
Total Assets
$72,802,158.80
Shares Outstanding
3,125,001
Distribution Rate as of 09/30/2025 Distribution rate calculation employs the most recent distribution, and multiplies the payment by 12 (monthly) or 4 (quarterly) to get an annualized total. The annualized total is then divided by the most recent net asset value (NAV) to determine the distribution rate.
Distribution Rate Close
Distribution rate calculation employs the most recent distribution, and multiplies the payment by 12 (monthly) or 4 (quarterly) to get an annualized total. The annualized total is then divided by the most recent net asset value (NAV) to determine the distribution rate.
6.58%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized) as of 09/30/2025
-
30-Day SEC Yield (Unsubsidized) as of 09/30/2025
7.90%
Portfolio Duration
2.46
Options Available
No
Inception Date
06/26/2023
Premium/Discount (%) as of 10/31/2025
-0.11%
NAV Per Share as of 10/31/2025
$23.30
Market Price as of 10/31/2025
$23.27
30-Day Median Bid-Ask Spread
0.17%
Bid/Ask
$23.26/$23.29
Midpoint Price
$23.28
Volume
4,083
NAV Symbol
CRDT.NV
IOPV Symbol
CRDT.IV
Shares Out. Symbol
CRDT.SO
Schedule K-1
No
 
The Distribution Rate is the annual rate an investor would receive if the most recently declared distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by multiplying an ETF’s Distribution per Share by twelve (12), and dividing the resulting amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distribution includes an estimated 21% Return of Capital ("ROC"). The ROC percentage indicates the percentage of the distribution that reflects an investor's initial investment.

Management Fees

This table describes the fees and expenses that you may pay if you buy, sell, and hold shares of the Fund. Investors purchasing or selling shares of the Fund in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker. The fee table located in the prospectus and updates in prospectus supplements prevail.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees0.95%
Distribution and Service (12b-1) Fees0.00%
Other Expenses10.03%
Acquired Fund Fees and Expenses20.01%
Total Annual Fund Operating Expenses0.99%

1. Other Expenses include interest expenses of 0.03%. 
2. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table do not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund. 

Fund Performance (Total Return)

As of 09/30/2025 09/30/2025

Monthly Quarterly Annually
Cumulative 1 Month 3 Month 6 Month YTD 1 Year Since Inception
NAV -0.74% 1.20% -3.79% -0.29% 0.48% 10.12%
Market Price -1.08% 0.75% -4.11% -0.86% 0.02% 9.66%
Annualized 1 Year 3 Year Since Inception
NAV 0.48% — 4.35%
Market Price 0.02% — 4.17%
Cumulative 1 Year Since Inception
NAV 0.48% 10.12%
Market Price 0.02% 9.66%
Annualized 1 Year 3 Year 5 Year Since Inception
NAV 0.48% — — 4.35%
Market Price 0.02% — — 4.17%
Calendar Year NAV Market Price
2024 4.94% 5.18%
2023 — —
The performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance data for the most recent month-end is available above. 

NAV: The dollar value of a single share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. Calculated at the end of each business day.

Market Price: The current price at which shares are bought and sold. Market returns are based upon the last trade price.

Growth of $10,000

The Growth of $10,000 chart reflects a hypothetical investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted. Results are not indicative of future performance. 

Historical Premium/Discount

Calendar Year 2024 3rd Quarter of 2025
Days Traded at Premium
205
34
Days Traded at Discount
47
30
The above frequency distribution chart presents information about the difference between the daily market price for shares of the Fund and the Fund's reported Net Asset Value. The amount that the Fund's market price is above the reported NAV is called the premium. The amount that the Fund's market price is below the reported NAV is called the discount. The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated (usually 4:00 p.m. EST). The horizontal axis of the chart shows the premium or discount expressed in basis points. The vertical axis indicates the number of trading days in the period covered by the chart. Each bar in the chart shows the number of trading days in which the Fund traded within the premium/discount range indicated.

Portfolio Holdings

As of 10/31/2025

Holdings - All ETFs
Ticker Name Quantity Weight
ABCLN ALLY BK SANDY UT 8.036 15SEP32 144A 504,934 0.45%
ALLO ALLO ISSUER LLC 8.1 20APR55 144A 1,750,000 2.45%
AMSR AMSR 2024-SFR2 TR 4.15 17NOV41 144A 1,000,000 1.32%
APID APIDOS CLO L 10.38444 20APR38 144A 500,000 0.65%
APID APIDOS CLO X 10.52798 25JUL38 144A 1,000,000 1.30%
AZUBBZ AZUL INVESTMENTS LLP 7.25 15J DFLT 4,105,000 0.11%
AZUBBZ AZUL INVTS LLP 7.25 15JUN26 1 DFLT 149,000 0.00%
BBCMS BBCMS MTG TR 2025- 4.5 15FEB62 144A 1,000,000 1.02%
BMARK BENCHMARK 2019-B9 3.0 15MAR52 144A 1,000,000 0.67%
BMARK BENCHMARK 2021-B25 MT 3.201 15APR54 591,160 0.60%
CACLN JPMORGAN CHASE 10.418 25FEB33 144A 709,270 0.88%
CGMS CARLYLE US C 9.23166 15OCT38 144A F 1,000,000 1.38%
DRSLF DRYDEN 97 CL 10.03444 20OCT38 144A 1,000,000 1.39%
ELM12 ELMWOOD CLO 12.65454 15OCT37 144A F 1,677,000 2.30%
FBC FLAGSTAR BANCORP 4.125 01NOV30 FRN 1,109,000 1.50%
FCBSL FORTRESS CR 6.50635 15OCT38 144A FR 2,000,000 2.78%
FRCB FIRST REP BK SAN FRAN 4.625 13FEB47 1,500,000 0.01%
GLM GOLDEN TREE 11.63444 20JAN38 144A F 1,000,000 1.26%
GOODG GOODGREEN 2024-1 L 8.5 15JUL56 144A 327,396 0.32%
GRADE SALUDA GRADE ALT 8.486 25APR54 144A 725,614 0.75%
GRLPK GREEN LAKES 8.60798 25JAN38 144A FR 1,000,000 1.37%
HACLN HUNTINGTON N 11.68379 20OCT32 144A 497,533 0.46%
HACLN HUNTINGTON N 7.68379 21MAR33 144A F 390,188 0.42%
HERTZ HERTZ VEH FING II 8.55 26DEC29 144A 1,000,000 1.40%
HLM HPS LN MGMT 10.3598 23JAN35 144A FR 1,000,000 1.38%
IHSFR INVITATION HOMES 2 4.5 17SEP41 144A 1,000,000 1.30%
KSS KOHLS CORP 6.875 15DEC37 500,000 0.52%
LMRK LMRK ISSUER CO 2 8.12 15SEP55 144A 500,000 0.69%
LNC LINCOLN NATL CO 6.80426 17MAY66 FRN 812,000 0.98%
LOGM GOTO GROUP INC 5.5 01MAY28 144A 223,300 0.11%
MAGN MAGNERA CORP 7.25 15NOV31 144A 1,000,000 1.19%
MAGNE MAGNETITE 50 10.98884 25JUL38 144A 250,000 0.34%
MBONO MEXICAN BONOS 5.5 04MAR27 14,000,000 1.02%
MCAS MULTIFAMILY 9.38279 25MAY55 144A FR 1,300,000 1.86%
MLFPK MILFORD PK C 8.73444 20JAN38 144A F 1,000,000 1.37%
MSCR FREDDIE MAC 8.58279 25JUL45 144A FR 1,000,000 1.41%
NAVSL NAVIENT PRIVATE ED 0.0 15JUL69 144A 4,722 1.75%
PARL PARALLEL 202 10.64605 20JUL34 144A 800,000 1.09%
PDVSA PETROLEOS DE VENEZUELA 6.0 16 DFLT 1,800,000 0.55%
PNT POINT SECURITIZATI 5.5 25JUN55 144A 1,500,000 1.63%
PNT POINT SECURITIZATI 7.0 25SEP55 144A 1,000,000 1.38%
PRET PRET 2025-NPL6 5.7437 25JUN55 144A 234,229 0.30%
RMIR RADNOR RE 20 8.18279 25SEP34 144A F 1,150,000 1.63%
SMLR SEMLER SCIENTIFIC 4.25 01AUG30 144A 1,000,000 1.21%
USRE NEW ECONOMY ASSET 2.41 20OCT61 144A 750,000 0.68%
WFCM WELLS FARGO COML 4.25 15NOV57 144A 560,000 0.70%
- VINTY HLDG 5 SA NPV 110,068,832 0.14%
- 2,754 0.06%
AGNC AGNC INV C COM USD0.01 102,037 1.40%
ARR ARMOUR RES COM USD0.001(POST REV SP 63,000 1.40%
CIM CHIMERA IN COM USD0.01 (PST REV SPL 51,025 0.89%
DX DYNEX CAPI COM USD0.01(POST REV SPL 79,500 1.45%
MFA MFA FINANC COM USD0.01(POST REV SPL 139,000 1.72%
NLY ANNALY CAP COM USD0.01(POST REV SPL 69,655 2.03%
NRZ RITHM CAPI COM NPV 66,593 1.00%
QVCGA QVC GROUP INC USD 0.01 12,000 0.19%
TWO TWO HARBOR COM USD0.01(POST REV SPL 119,250 1.59%
FVZ5 COM US 5YR NOTE (CBT) DEC25 272 0.06%
TYZ5 COM US 10YR NOTE (CBT)DEC25 157 0.15%
USZ5 COM US LONG BOND(CBT) DEC25 -56 -0.24%
WNZ5 COM US ULTRA BOND CBT Dec25 -77 -0.48%
- 05Y5BRAD5 25,000,000 -2.50%
- MSSIQUA1B 4,500 7.42%
- MSSIJNK1B 4,379,840 6.02%
- MSSIJNK1B 00001 -4,362 -5.91%
- MSSIQUA1B 00001 -5,519,925 -7.58%
T Bills UNITED STS TREAS BILLS 0.0 04DEC25 7,200,000 9.86%
T Bills UNITED STS TREAS BILLS 0.0 11DEC25 2,500,000 3.42%
T Bills UNITED STS TREAS BILLS 0.0 26DEC25 1,300,000 1.78%
T Bills UNITED STS TREAS BILLS 0.0 08JAN26 2,000,000 2.73%
T Bills UNITED STS TREAS BILLS 0.0 24FEB26 1,500,000 2.04%
- DIAMOND SPORTS NE 01/03/28 TERM LOAN 68,113 0.07%
AGNCL AGNC INVT CORP 7.75 CUM PFD 22,060 0.75%
CIM CHIMERA INVT CORP 10.05411 CUM PFD 74,800 2.47%
CIM CHIMERA INVT CORP 7.75 CUM PFD 53,000 1.61%
MFAN MFA FINL INC 8.875 PFD 29,100 1.00%
NGL NGL ENERGY PARTNERS LP CUM PFD 38,100 1.16%
NLY ANNALY CAP MGMT INC 8.875 CUM PFD 33,000 1.18%
QVCGP QVC GROUP INC 8.0 SER A CUM RED PFD 82,789 0.63%
RILYZ B RILEY FINL INC 5.25 PFD 59,779 0.84%
RITM RITHM CAP CORP CUM PFD 79,228 2.67%
RITM RITHM CAP CORP 7.0 CUM PFD 60,564 2.05%
RITM RITHM CAP CORP 8.75 CUM PFD 42,900 1.48%
TWO TWO HBRS INVT CORP 8.125 CUM PFD 24,161 0.77%
- Estimated Cash 4,981,950 6.84%

Holdings are subject to change without notice.

Recent Distributions

Ex-Dividend Date Record Date Payable Date Total Distribution
N/A
$0.13000
$0.13000
$0.14000
$0.14000
View Distribution History
S19(a) Notices Data in the s19 reports should not be relied upon to estimate the tax classification of distributions. They are rough point-in-time estimates that do not line up with the fund's fiscal year end and are thus not reflective of the tax information investors should expect. S19 reports are posted for regulatory requirements only.
S19(a) Notices Close
Data in the s19 reports should not be relied upon to estimate the tax classification of distributions. They are rough point-in-time estimates that do not line up with the fund's fiscal year end and are thus not reflective of the tax information investors should expect. S19 reports are posted for regulatory requirements only.

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