ETF Evaluator:
Simplify Piper Sandler USSm-CpPLUSIncETF ()
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(as of Aug 26)
Best Performing in Small Blend Over the Last Year
| 55.4% | Invesco NASDAQ Future Gen 200 ETF (QQQS) |
| 45.8% | iShares Micro-Cap ETF (IWC) |
| 45.6% | First Trust Small Cap Core AlphaDEX® ETF (FYX) |
| 43.8% | Fidelity Enhanced Small Cap Core ETF (FESM) |
| 38.9% | Inspire Small/Mid Cap ETF (ISMD) |
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ETF Details
Simplify Piper Sandler USSm-CpPLUSIncETF Overview
Simplify Piper Sandler USSm-CpPLUSIncETF (LITL) is an actively managed U.S. Equity Small Blend exchange-traded fund (ETF). Simplify Asset Management launched the ETF in 2025.
The investment seeks capital appreciation and income.
Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of U.S. small-capitalization companies. The manager defines small-capitalization companies as those, at the time of purchase, with market capitalizations no larger than the largest constituent of the Russell 2000® Index. The fund is non-diversified.
About Simplify Piper Sandler USSm-CpPLUSIncETF (LITL)
There are 4 members of the management team with an average tenure of 1.13 years: David Berns (2025), Stephen Gregory (2025), Michael Kantrowitz (2025) and Jeffrey Schwarte (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
Simplify Piper Sandler USSm-CpPLUSIncETF has 171 securities in its portfolio. The top 10 holdings constitute 135.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Simplify Piper Sandler USSm-CpPLUSIncETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Simplify Piper Sandler USSm-CpPLUSIncETF has 4.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 88.1% There is 4.6% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 3.7% (3.7% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Simplify Piper Sandler USSm-CpPLUSIncETF has 4.8% of the portfolio in cash.
Assets Under Management
The fund has $6 million in total assets, which is below the $4 billion average for the Small Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
LITL Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Simplify Piper Sandler USSm-CpPLUSIncETF expense ratio is high compared to funds in the Small Blend category. Simplify Piper Sandler USSm-CpPLUSIncETF has an expense ratio of 0.91%, which is 115% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Simplify Piper Sandler USSm-CpPLUSIncETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 50% for the Small Blend category.
Recently, in the month of July 2026, Simplify Piper Sandler USSm-CpPLUSIncETF returned -2.1%, which earned it a grade of C, as the Small Blend category had an average return of -2.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Simplify Piper Sandler USSm-CpPLUSIncETF has a trailing yield of 1.92%, which is above the 1.17% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Simplify Piper Sandler USSm-CpPLUSIncETF Grades
Year to date, the ETF has returned 15.2%, 2.8 percentage points worse than the category, which translates into a grade of F. The fund has returned 28.8% over the past year (grade of C).
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LITL Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| LITL Return (NAV) | -2.1% | 7.9% | 28.8% | na | na | na |
| LITL Return (Price) | -1.1% | 8.9% | 28.4% | na | na | na |
| NAV +/- Price Return | -0.985% | -1.017% | 0.356% | na | na | na |
| Small Blend Avg | -2.1% | 5.7% | 28.5% | 14.0% | 8.0% | 10.8% |
| LITL Grade (NAV) | C | A | C | na | na | na |
| +/- Category (NAV) | 0.0% | 2.2% | 0.3% | na | na | na |
| LITL Tax-Cost Ratio | na | na | 0.9% | na | na | na |
LITL Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| LITL Return (NAV) | 15.2% | na | na | na | na | na | na | na | na | na | na |
| LITL Return (Price) | 13.1% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.132% | na | na | na | na | na | na | na | na | na | na |
| Small Blend Avg | 18.0% | 8.7% | 11.7% | 16.3% | -15.9% | 24.0% | 12.7% | 24.8% | -9.2% | 14.4% | 19.6% |
| LITL Grade (NAV) | F | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -2.8% | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 1.9% |
| Total Assets: | $ 7 Mil |
| Share Class Assets: | $ 7 Mil |
| Turnover: | na |
| Expense Ratio: | 0.91% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 1.3 years | |||
| Average Tenure: 1.1 years | |||
| Managers (Year): Berns David (2025), Gregory Stephen (2025), Kantrowitz Michael (2025), Schwarte Jeffrey (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 171 |
| % in Top 10 Holdings: | 135.0% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 4.6% |
Portfolio Allocation |
|
| Domestic Stock: | 88.1% |
| Foreign Stock: | 4.6% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 3.7% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -1.1% |
| Cash: | 4.8% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Simplify Asset Management |
| Phone Number: | 855-772-8488 |
| Website: | |
| Inception Date: | April 28, 2025 |
Expenses and Fees
| Expense Ratio (%): | 0.91% (Rating: High) |
| Category Average Expense Ratio (%): | 0.42% |
