CTAP vs RPAR

CTAPASimplify US Equity PLUS Managed Futures Strategy ETF

RPARCRPAR Risk Parity ETF

In short

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.

RPAR Most allocation funds split dollars between stocks and bonds. RPAR splits risk: an equal share to global stocks, long-dated TIPS, Treasuries and commodities including gold. It arrived in 2019 as the first US ETF built around risk parity.

Stated mandate

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

RPAR The Fund seeks positive returns during economic growth, capital preservation during contraction, and preservation of real returns during heightened inflation.

Why people hold it

• 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.

• RPAR Balances by risk, not dollars. The index targets a 25% risk share for each of four asset classes, so low-volatility long-term TIPS carry a bigger dollar weight than stocks.sec.gov
• The stated objective covers three economic weather patterns: gains in growth, capital preservation in contraction, and real returns intact when inflation runs hot.sec.gov
• A 0.52% expense ratio, below the median for multi-asset allocation funds, and it stands in the upper half of that large, crowded cohort.
• Rules over hunches. The adviser trades to reflect the index's quarterly rebalance rather than picking what looks attractive that week.sec.gov

Worth knowing

• 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.usbusinesswire.com
• Launched in December 2025, so the operating history is short, and the prospectus classifies the fund as non-diversified.simplify.us

• RPAR The Treasury sleeve runs through futures collateralized by T-bills, so notional Treasury exposure exceeds the cash weight. That built-in leverage magnifies moves both ways.sec.gov
• The TIPS target is 15+ year maturities, the most rate-sensitive corner of the inflation-linked market.sec.gov
• Thinly traded next to the category's giants, so spreads and order type matter more here than with a mega-fund.

Full CTAP profile⁠

Full RPAR profile⁠