ALLW vs CTAP: Grades, Fees and Holdings Compared

State Street Bridgewater All Weather ETF

ALLWBNasdaq

Simplify US Equity PLUS Managed Futures Strategy ETF

CTAPANYSE Arca

Overlap

0.0%by weight

Expense ratio

CTAP −0.72pt a year

ALLW0.85%CTAP0.13%

Avg volume · 30D

ALLW 6.6×the volume

ALLW572KCTAP86.8K

ALLW vs CTAP Performance

Dec 31, 2025 – Oct 30, 2026

+5.7%ALLW+21.5%CTAP

Expense ratio: ALLW 0.85%; CTAP 0.13%, better
Fund size: ALLW $1.84B; CTAP $167M
1Y total return: ALLW +6.2%; CTAP No data
Holdings: ALLW 40; CTAP 42
Avg volume (30D): ALLW 572K sh, better; CTAP 86.8K sh
NAV per share: ALLW $29.17; CTAP $30.26
52W range

ETF.net Grade

Pillar letters and Scores for ALLW, CTAP, with each pillar’s weight
Pillar	ALLW	CTAP
Cost30% weight	D39	A100Higher
Mission25% weight	A77	Not scored
Risk15% weight	A72Higher	C45
Tradability15% weight	A92Higher	B67
Holdings10% weight	B66Higher	C42
Durability5% weight	A79Higher	B59

Rank among Capital-Efficient Allocation funds

How we build Categories ›

Same Category. ALLW and CTAP are both graded against the same 19 Capital-Efficient Allocation funds, so their Grades compare head to head.

Capital-Efficient Allocation⁠

Category · 19 funds

See all 19 ›

CTAP ranks 2nd and ALLW 5th of 19 funds in the Capital-Efficient Allocation Category.

Rank 1ANTSXWisdomTree U.S. Efficient Core FundScore 77
Rank 2ACTAPSimplify US Equity PLUS Managed Futures Strategy ETFScore 71
Rank 3BGDEWisdomTree Efficient Gold Plus Equity Strategy FundScore 69
Rank 4BNTSIWisdomTree International Efficient Core FundScore 68
Rank 5BALLWState Street Bridgewater All Weather ETFScore 62
Rank 5BNTSDWisdomtree Efficient U.s. Plus International Equity FundScore 62

Our read on each fund

ETF.net Research

ALLWBState Street Bridgewater All Weather ETF

CTAPASimplify US Equity PLUS Managed Futures Strategy ETF

In short

ALLW Bridgewater's All Weather framework in a SPDR wrapper: global stocks, nominal and inflation-linked bonds, and commodities in one ticker, built around contractions and inflation spikes, not just bull markets.

CTAP Most capital-efficient funds stack bonds or gold on top of stocks. This one stacks a systematic long/short managed futures program: 100% equities plus 100% trend following in a single share, at 0.10% net of a waiver through December 4, 2026.

Stated mandate

ALLW The ETF seeks resilience across varied market conditions, including economic contractions and elevated inflation, through diversified exposure to global equities, nominal and inflation-linked bonds, and commodities.

CTAP The fund seeks long-term capital appreciation through two actively managed strategies: US large-cap equities and managed futures.

Why people hold it

ALLW One ticker spans global equities, nominal and inflation-linked bonds, and commodities, a roughly 40-position mix aimed at resilience in both economic contractions and high inflation.
A multi-billion-dollar, actively traded fund, and one of the easiest to get in and out of in the allocation group.
Institutional-style balancing, once the province of pensions and endowments, arrives here in a plain ETF from a major issuer.

CTAP Cheapest fee in its capital-efficient peer group: 0.10% net of a waiver through December 4, 2026 (0.28% gross), versus 0.20% for NTSX and 0.20% for GDE, neither of which is waived.
One share carries 100% large-cap US equity exposure plus 100% managed futures exposure, so the diversifier rides on top of the stock sleeve instead of replacing it.simplify.us
The trend engine isn't homemade. It's a swap on Simplify's CTA ETF, a long/short futures program designed by Altis Partners, a firm with 20 years in the category.businesswire.com
A below-median fee and a clean two-sleeve build put it among the stronger implementations in the capital-efficient multi-asset group.

Worth knowing

ALLW At 0.85%, it runs above the 0.78% typical for allocation funds and well above index-built peers like AOA (0.19%) and IRTR (0.08%). Active judgment is what the fee buys.
Launched in 2025, so the live record is short and the strategy has not yet been observed through a full market cycle in this wrapper.
Commodities and inflation-linked bonds are ballast, and ballast lags when stocks alone are running hot. That gap is the design working, not breaking.

CTAP Stacking is leverage. Exposure runs to roughly twice assets via a total return swap, which magnifies losses if a sleeve falls and leaves the fund reliant on the counterparty paying.simplify.us
The futures sleeve is built for low correlation with stocks, not a timed hedge, so it can move against the equity leg in either direction.simplify.us businesswire.com
Launched in December 2025, so the operating history is short, and the prospectus classifies the fund as non-diversified.simplify.us

Full ALLW profile⁠

Full CTAP profile⁠

ALLW vs CTAP Holdings

How ALLW and CTAP differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of ALLW and 0.0% of CTAP.

Level by level

Holdings0 in both0.0%
Sector11 Sectors86.9%
Countryby domicile88.2%

Sector

Sector weights in ALLW and CTAP, widest gap first
Sector	More in ALLWMore in CTAP	ALLW	CTAP
Technology	CTAP +11.2 points	29.2%	40.4%
Financials	ALLW +4.9 points	16.1%	11.2%
Materials	ALLW +2.8 points	4.4%	1.6%
Industrials	ALLW +1.4 points	8.9%	7.5%
Communication	CTAP +1.2 points	8.7%	9.9%
Consumer Staples	ALLW +1.3 points	5.6%	4.3%
Energy	ALLW +1.3 points	4.7%	3.4%
Consumer Discretionary	ALLW +1.0 points	9.7%	8.7%
Utilities	ALLW +0.5 points	2.4%	1.9%
Health Care	CTAP +0.6 points	8.7%	9.3%
Real Estate	CTAP +0.1 points	1.6%	1.7%

Country, concentration and asset class

Country by domicile

Country weights in ALLW and CTAP, widest gap first
Country	More in ALLWMore in CTAP	ALLW	CTAP
United States	CTAP +11.6 points	87.9%	99.5%
China	ALLW +6.3 points	6.4%	0.1%
Taiwan	ALLW +3.0 points	3.0%	0.0%
Hong Kong	ALLW +0.6 points	0.6%	0.0%
Other countries (15)	ALLW +1.7 points	2.1%	0.4%

Concentration

Weight in the 10 largest Holdings

ALLW69.8%
CTAP228.9%

Securities held

ALLW33
CTAP27

Asset class

ALLW: Multi-Asset
CTAP: Alternatives

Holdings

Only in ALLW33
In both0
Only in CTAP27

Only in ALLW

33 securities, 76.0% of ALLW by weight

Us 10YR Note (CBT)DEC2611.98%
Euro-Bund Future DEC269.04%
State Street Spdr Portfolio S+6.63%
Us Long Bond(Cbt) DEC265.68%
Gold 100 Oz Futr DEC264.77%
Euro Stoxx 50 DEC264.70%
Aust 10Y Bond Fut DEC264.68%
Treasury Bill 02/27 0.000002.43%
Topix Indx Futr DEC262.34%
Tsy Infl Ix N/B 07/35 1.8752.13%
State Street Spdr Portfolio Em2.11%
Tsy Infl Ix N/B 01/36 1.8752.08%
Tsy Infl Ix N/B 01/35 2.1251.99%
Spi 200 Futures DEC261.85%
Tsy Infl Ix N/B 07/34 1.8751.83%
Tsy Infl Ix N/B 01/34 1.751.74%
State Street Spdr S+p China Et1.60%
Tsy Infl Ix N/B 07/36 2.3751.26%
Tsy Infl Ix N/B 02/44 1.3750.74%
Tsy Infl Ix N/B 02/45 0.750.66%
Tsy Infl Ix N/B 02/55 2.3750.62%
Tsy Infl Ix N/B 02/54 2.1250.59%
Tsy Infl Ix N/B 02/56 2.3750.57%
Tsy Infl Ix N/B 02/42 0.750.55%
Tsy Infl Ix N/B 02/53 1.50.48%
Tsy Infl Ix N/B 02/43 0.6250.47%
Tsy Infl Ix N/B 02/47 0.8750.45%
Tsy Infl Ix N/B 02/52 0.1250.37%
Tsy Infl Ix N/B 02/46 10.37%
Tsy Infl Ix N/B 02/50 0.250.36%
Tsy Infl Ix N/B 02/51 0.1250.31%
Tsy Infl Ix N/B 02/48 10.29%
Tsy Infl Ix N/B 02/49 10.28%

Only in CTAP

27 securities, 100% of CTAP by weight

Simplify E Govt Money Mkt Etf60.20%
Trs Cta 030827 Bullet39.76%
Trs Spuc 083127 Bullet24.16%
Trs Spuc 082427 Bullet24.16%
Trs Spuc 081727 Bullet22.74%
B 1/28/27 Govt16.62%
Trs Cta 050727 Bullet14.33%
Trs Cta 082427 Bullet13.43%
Trs Cta 102927 Bullet12.54%
B 3/11/27 Govt12.44%
Trs Spuc 102927 Bullet7.82%
Trs Cta 083127 Bullet5.82%
Trs Spuc 101427 Bullet5.68%
Trs Spuc 082727 Bullet5.68%
Trs Spuc 111227 Bullet4.97%
Trs Spuc 100127 Bullet4.26%
B 12/3/26 Govt3.10%
B 12/31/26 Govt2.88%
Trs Cta 020827 Bullet2.74%
Trs Cta 011227 Bullet2.56%
Trs Cta 070227 Bullet2.24%
Trs Cta 111227 Bullet1.79%
Trs Cta 080227 Bullet1.79%
Trs Cta 040827 Bullet1.79%
Trs Cta 010827 Bullet1.68%
Trs Cta 060427 Bullet1.34%
B 2/16/27 Govt0.30%

Weight gaps

ALLW and CTAP share no securities.

All 45 ALLW holdings⁠All CTAP holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

ALLW vs CTAP Cost

Overpaying ALLW vs CTAP

$13,473

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

ALLW 0.85%
$16,199
CTAP 0.13%
$2,726

Amount$10,000

Years30 years

Cost over time

ALLW 0.85%
CTAP 0.13%
Overpaying

Year by year

Year	ALLW	CTAP	Overpaying
10	$1,508	$238	$1,270
20	$5,706	$930	$4,776
30	$16,199	$2,726	$13,473

Expense ratio

0.85%ALLW
0.13%CTAP, cheaper

CTAP0.13%ALLW0.85%

0.13%1.86%

Middle half of Capital-Efficient Allocation funds
Median 0.67%

CTAP cheapest of 19 funds

ALLW 12th cheapest of 19 funds

ALLW vs CTAP Dividends

Last 12 months to Oct 30, 2026

Last payment: ALLW $1.29; CTAP $0.30
Ex-dividend: ALLW Dec 29, 2025; CTAP Sep 25, 2026
Paid on: ALLW Dec 31, 2025; CTAP Sep 30, 2026
Frequency: ALLW Irregular; CTAP Quarterly

Distribution history

Per share, 2025 to 2026, same scale for both

ALLWIrregular · 1 paymentAll ALLW payments⁠

CTAPQuarterly · 3 paymentsAll CTAP payments⁠

ALLW vs CTAP Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: ALLW 10.0%since Apr 2025CTAP No data
Return per unit of riskSharpe ratio, 3 years: ALLW 0.86since Apr 2025CTAP No data
Worst fallMax drawdown, 5 years: ALLW −8.8%since Mar 2025CTAP No data
Market sensitivityBeta, 5 years: ALLW 0.42CTAP 1.34; Market = 1

ALLW and CTAP in the news

All news⁠

ETF Filings
Simplify files four funds that would take exposure through swaps on its own ETFs
Oct 16, 2026CTAP
New ETFs
iMGP's new ETF stacks stocks on managed futures and charges like the old fund
Oct 5, 2026CTAP
ETF Filings
Winton proposes two managed-futures ETFs at 0.80% and 0.93%
Sep 22, 2026CTAP

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ALLW vs CTAP

In short

Stated mandate

Why people hold it