Category Review
Municipal bond funds are down for the year after a third-quarter selloff erased the first-half gain
Simplify Opportunistic Income ETF
$20.15−0.11 (−0.53%)
- 0.99%
- $26M
- −9.0%
- 6.52%
- 0M sh
- $20.36
- low $20.24high $23.98
The ETF.net CRDT Grade
F
Score 13 out of 100
- 115 of 117
Score 13 of 100 falls in the F band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.F0 out of 100Rank 116 of 117Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.F21 out of 100Rank 111 of 116Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.F11 out of 100Rank 110 of 117Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.D29 out of 100Rank 104 of 116Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C40 out of 100Rank 84 of 117
Our read on CRDT
FNot an index bond fund. CRDT roams high yield, investment grade and distressed debt hunting income, run by an alternatives shop that also handles the hedging, and it pays monthly.
CRDT seeks current income as its primary objective, with long-term capital appreciation as a secondary objective.
Why people hold it
- Active across the credit spectrum: investment grade and high yield corporate bonds, preferred stock, Treasuries and bank loans, chosen by bottom-up research instead of an index.simplify.us
- Sub-advised by Asterozoa Capital, an alternatives manager responsible for both fixed income security selection and the fund's derivatives strategy.simplify.ussimplify.us
- The prospectus puts guardrails on the racy stuff: up to 15% in illiquid holdings such as distressed or private investments, and no more than 10% rated CCC or lower.simplify.us
- Pays monthly, with current income as the stated primary objective and long-term capital appreciation second.
Worth knowing
- The 0.99% expense ratio is alternatives-manager pricing next to index core bond funds like BND at 0.03%. Active credit selection has to cover that gap.
- Small and thinly traded, so bid-ask spreads can run wider than the giant core bond ETFs. Limit orders matter more here.
- Junk and distressed debt move more like stocks than Treasuries when credit sours, and the fund currently sits in the bottom quartile of our aggregate-bond group.simplify.us
CRDT Holdings
- Bonds
- 43
- 79%
- Us 2YR Note (Cbt) DEC26
Sectors
- Real Estate88.1%
- Consumer Discretionary11.9%
Geography
- United States83.55%
- Norway6.41%
- Japan3.76%
- United Kingdom3.34%
- Luxembourg2.93%
CRDT Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.
CRDT$9,105
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | CRDT |
|---|---|
| Year to date | −9.5% |
| 1 month | −9.0% |
| 3 months | −11.9% |
| 1 year | −9.0% |
| 3 years | −0.8% |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | CRDT |
|---|---|---|
| 2026 YTD | −9.5% | |
| 2025 | −0.7% | |
| 2024 | +5.2% | |
| 2023 | +5.2% |
CRDT in the news
CRDT Dividends
- 6.52%
- $1.32
- $0.10 per share
- Monthly
Distribution history
CRDT Risk
- 7.9%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.54
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −14.8%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.50
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
CRDT Cost
0.99%
CRDT0.99%
- The middle half of US Aggregate Bond funds
- Median 0.34%
Every other US Aggregate Bond fund charges less.
Other funds in US Aggregate Bond
- DLVIGLongview Advantage Fixed Income ETFExpense ratio 0.49%1 year return —
- DABXBAbacus Flexible Bond Leaders ETFExpense ratio 0.83%1 year return +0.1%
- DTPFIThe Timothy Plan - Timothy Plan Fixed Income ETFExpense ratio 0.55%1 year return —
- FSJCPSanJac Alpha Core Plus Bond ETFExpense ratio 0.65%1 year return +1.8%
- FFFIUUVA Unconstrained Medium-Term Fixed Income ETFExpense ratio 0.82%1 year return −3.6%