{ "projection_schema": "ETFCTA-PUBLIC-EXPORT-001-v0.1.0", "release": "0.5.0", "generated_from": "../registry.json", "fund": { "record_id": "ETFCTA-FUND-US-CTA", "ticker": "CTA", "legal_name": "Simplify Managed Futures Strategy ETF", "issuer": "Simplify Exchange Traded Funds", "inception_date": "2022-03-07", "jurisdiction": "US", "exchange": "NYSE Arca", "identifiers": { "sec_cik": "0001810747", "sec_series": "S000075092", "sec_class": "C000233897" }, "identity_source_ids": [ "SRC-CTA-497K-20251101" ], "classification_standard": "ECS-001", "classification_version": "0.1.0", "last_reviewed": "2026-07-26", "next_review_due": "2027-07-26", "freshness_state": "within_review_window", "dimensions": { "strategy_family": { "value": "explicit_trend_following", "decision_id": "DEC-CTA-SF-001", "knowledge_state": "derived_ecs" }, "market_breadth": { "value": "multi_asset", "decision_id": "DEC-CTA-MB-001", "knowledge_state": "derived_ecs" }, "implementation_route": { "value": "direct_futures_with_commodity_subsidiary", "decision_id": "DEC-CTA-IR-001", "knowledge_state": "derived_ecs" }, "directional_flexibility": { "value": "long_short", "decision_id": "DEC-CTA-DF-001", "knowledge_state": "derived_ecs" }, "signal_horizon": { "value": "not_determinable_from_reviewed_sources", "decision_id": "DEC-CTA-SH-001", "knowledge_state": "not_disclosed" } } }, "sources": [ { "source_id": "SRC-CTA-497K-20251101", "source_type": "primary_fund_document", "title": "Simplify Managed Futures Strategy ETF Summary Prospectus", "issuer": "Simplify Exchange Traded Funds", "authority": "Simplify Asset Management", "effective_date": "2025-11-01", "retrieved_at": "2026-07-26", "filing_form": "497K", "accession_number": "0001829126-25-008748", "document_sha256": "3c97b1983f65041a80bf13d86b90a8e0dd26500c320531066da5f51eb4089eff", "verification_status": "verified", "locator": { "url": "https://www.sec.gov/Archives/edgar/data/1810747/000182912625008748/simplifyetf-cta_497k.htm", "fund_section": "Simplify Managed Futures Strategy ETF summary - Principal Investment Strategies" }, "preservation": { "status": "preserved", "document_sha256": "3c97b1983f65041a80bf13d86b90a8e0dd26500c320531066da5f51eb4089eff", "access": "restricted", "retrievability": "internal_restricted_archive", "public_locator": null } } ], "evidence": [ { "evidence_id": "EVD-CTA-SF-001", "source_id": "SRC-CTA-497K-20251101", "location": { "section": "Principal Investment Strategies", "topic": "trend-following methodology" }, "evidence_summary": "The summary prospectus states the fund attempts to capture the economic benefit derived from rising trends based on the price changes of the futures contracts, positioning long on positive price trends and taking short positions on negative price trends using momentum signals.", "supports": [ "ECS-SF-R01" ], "status": "direct_source", "admission": { "state": "admitted", "protocol_version": "EAP-001-v0.1.0", "history": [ { "state": "candidate", "recorded_at": "2026-07-26T12:00:00Z" }, { "state": "identity_verified", "recorded_at": "2026-07-26T12:01:00Z" }, { "state": "preserved", "recorded_at": "2026-07-26T12:02:00Z" }, { "state": "extracted", "recorded_at": "2026-07-26T12:03:00Z" }, { "state": "admitted", "recorded_at": "2026-07-26T12:04:00Z" } ] } }, { "evidence_id": "EVD-CTA-MB-001", "source_id": "SRC-CTA-497K-20251101", "location": { "section": "Principal Investment Strategies", "topic": "eligible futures contracts" }, "evidence_summary": "The disclosed portfolio spans equity, U.S. Treasury, commodity, and foreign exchange futures contracts, satisfying the governed multi-asset threshold.", "supports": [ "ECS-MB-R02" ], "status": "direct_source", "admission": { "state": "admitted", "protocol_version": "EAP-001-v0.1.0", "history": [ { "state": "candidate", "recorded_at": "2026-07-26T12:06:00Z" }, { "state": "identity_verified", "recorded_at": "2026-07-26T12:07:00Z" }, { "state": "preserved", "recorded_at": "2026-07-26T12:08:00Z" }, { "state": "extracted", "recorded_at": "2026-07-26T12:09:00Z" }, { "state": "admitted", "recorded_at": "2026-07-26T12:10:00Z" } ] } }, { "evidence_id": "EVD-CTA-IR-001", "source_id": "SRC-CTA-497K-20251101", "location": { "section": "Principal Investment Strategies", "topic": "direct futures implementation" }, "evidence_summary": "The fund invests directly in a portfolio of equity, U.S. Treasury, commodity, and foreign exchange futures contracts.", "supports": [ "ECS-IR-R03" ], "status": "direct_source", "admission": { "state": "admitted", "protocol_version": "EAP-001-v0.1.0", "history": [ { "state": "candidate", "recorded_at": "2026-07-26T12:12:00Z" }, { "state": "identity_verified", "recorded_at": "2026-07-26T12:13:00Z" }, { "state": "preserved", "recorded_at": "2026-07-26T12:14:00Z" }, { "state": "extracted", "recorded_at": "2026-07-26T12:15:00Z" }, { "state": "admitted", "recorded_at": "2026-07-26T12:16:00Z" } ] } }, { "evidence_id": "EVD-CTA-IR-002", "source_id": "SRC-CTA-497K-20251101", "location": { "section": "Principal Investment Strategies", "topic": "controlled commodity subsidiary" }, "evidence_summary": "The same summary prospectus discloses that the fund gains commodity exposure by investing up to 25% of its assets in a wholly-owned subsidiary organized under the laws of the Cayman Islands.", "supports": [ "ECS-IR-R03" ], "status": "corroborating_source", "admission": { "state": "admitted", "protocol_version": "EAP-001-v0.1.0", "history": [ { "state": "candidate", "recorded_at": "2026-07-26T12:18:00Z" }, { "state": "identity_verified", "recorded_at": "2026-07-26T12:19:00Z" }, { "state": "preserved", "recorded_at": "2026-07-26T12:20:00Z" }, { "state": "extracted", "recorded_at": "2026-07-26T12:21:00Z" }, { "state": "admitted", "recorded_at": "2026-07-26T12:22:00Z" } ] } }, { "evidence_id": "EVD-CTA-DF-001", "source_id": "SRC-CTA-497K-20251101", "location": { "section": "Principal Investment Strategies", "topic": "long and short positioning" }, "evidence_summary": "The strategy positions each futures contract long when it experiences a positive price trend and permits short positions when it experiences a negative price trend.", "supports": [ "ECS-DF-R01" ], "status": "direct_source", "admission": { "state": "admitted", "protocol_version": "EAP-001-v0.1.0", "history": [ { "state": "candidate", "recorded_at": "2026-07-26T12:24:00Z" }, { "state": "identity_verified", "recorded_at": "2026-07-26T12:25:00Z" }, { "state": "preserved", "recorded_at": "2026-07-26T12:26:00Z" }, { "state": "extracted", "recorded_at": "2026-07-26T12:27:00Z" }, { "state": "admitted", "recorded_at": "2026-07-26T12:28:00Z" } ] } }, { "evidence_id": "EVD-CTA-SH-001", "source_id": "SRC-CTA-497K-20251101", "location": { "section": "Principal Investment Strategies", "topic": "signal look-back horizon" }, "evidence_summary": "The disclosure references momentum signals over various look-back periods and monthly positioning but does not state a specific signal look-back horizon; those frequencies are not treated as the horizon.", "supports": [ "ECS-SH-R00" ], "status": "insufficient", "admission": { "state": "admitted", "protocol_version": "EAP-001-v0.1.0", "history": [ { "state": "candidate", "recorded_at": "2026-07-26T12:30:00Z" }, { "state": "identity_verified", "recorded_at": "2026-07-26T12:31:00Z" }, { "state": "preserved", "recorded_at": "2026-07-26T12:32:00Z" }, { "state": "extracted", "recorded_at": "2026-07-26T12:33:00Z" }, { "state": "admitted", "recorded_at": "2026-07-26T12:34:00Z", "note": "Admitted as bounded evidence of non-disclosure, not as evidence of a horizon value." } ] } } ], "decisions": [ { "decision_id": "DEC-CTA-SF-001", "fund_id": "ETFCTA-FUND-US-CTA", "dimension": "strategy_family", "result": "explicit_trend_following", "rule_id": "ECS-SF-R01", "rule_version": "0.1.0", "evidence_ids": [ "EVD-CTA-SF-001" ], "reasoning_summary": "The verified summary prospectus explicitly identifies a trend-following methodology; ECS-SF-R01 maps that disclosure to the controlled result.", "decision_status": "confirmed", "confidence": "high", "sufficiency_result": "pass", "limitations": [ "Structural classification only; no performance or relative-quality claim.", "Solo-operator review; no independent second reviewer.", "Derived from the fund summary prospectus (Form 497K)." ], "decided_at": "2026-07-26", "review_due": "2027-07-26", "workflow": { "actions": [ { "role": "extractor", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:00:00Z", "conflict_status": "none_declared" }, { "role": "classifier", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:01:00Z", "conflict_status": "none_declared" }, { "role": "reviewer", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:02:00Z", "conflict_status": "none_declared" }, { "role": "publisher", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:03:00Z", "conflict_status": "none_declared" } ], "solo_operator": true, "second_review_required": false, "second_review_completed": false } }, { "decision_id": "DEC-CTA-MB-001", "fund_id": "ETFCTA-FUND-US-CTA", "dimension": "market_breadth", "result": "multi_asset", "rule_id": "ECS-MB-R02", "rule_version": "0.1.0", "evidence_ids": [ "EVD-CTA-MB-001" ], "reasoning_summary": "The verified summary prospectus names four governed asset families, satisfying ECS-MB-R02.", "decision_status": "confirmed", "confidence": "high", "sufficiency_result": "pass", "limitations": [ "Structural classification only; no performance or relative-quality claim.", "Solo-operator review; no independent second reviewer.", "Derived from the fund summary prospectus (Form 497K)." ], "decided_at": "2026-07-26", "review_due": "2027-07-26", "workflow": { "actions": [ { "role": "extractor", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:06:00Z", "conflict_status": "none_declared" }, { "role": "classifier", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:07:00Z", "conflict_status": "none_declared" }, { "role": "reviewer", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:08:00Z", "conflict_status": "none_declared" }, { "role": "publisher", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:09:00Z", "conflict_status": "none_declared" } ], "solo_operator": true, "second_review_required": false, "second_review_completed": false } }, { "decision_id": "DEC-CTA-IR-001", "fund_id": "ETFCTA-FUND-US-CTA", "dimension": "implementation_route", "result": "direct_futures_with_commodity_subsidiary", "rule_id": "ECS-IR-R03", "rule_version": "0.1.0", "evidence_ids": [ "EVD-CTA-IR-001", "EVD-CTA-IR-002" ], "reasoning_summary": "The summary prospectus establishes direct futures implementation by the fund and a wholly owned Cayman commodity subsidiary; two distinct passages of the same primary document jointly satisfy ECS-IR-R03.", "decision_status": "confirmed", "confidence": "high", "sufficiency_result": "pass", "limitations": [ "Both supporting records derive from the same summary prospectus; independent Statement of Additional Information corroboration is a recorded future-review item.", "Structural classification only; no performance or relative-quality claim.", "Solo-operator review; no independent second reviewer.", "Derived from the fund summary prospectus (Form 497K)." ], "decided_at": "2026-07-26", "review_due": "2027-07-26", "workflow": { "actions": [ { "role": "extractor", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:12:00Z", "conflict_status": "none_declared" }, { "role": "classifier", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:13:00Z", "conflict_status": "none_declared" }, { "role": "reviewer", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:14:00Z", "conflict_status": "none_declared" }, { "role": "publisher", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:15:00Z", "conflict_status": "none_declared" } ], "solo_operator": true, "second_review_required": false, "second_review_completed": false } }, { "decision_id": "DEC-CTA-DF-001", "fund_id": "ETFCTA-FUND-US-CTA", "dimension": "directional_flexibility", "result": "long_short", "rule_id": "ECS-DF-R01", "rule_version": "0.1.0", "evidence_ids": [ "EVD-CTA-DF-001" ], "reasoning_summary": "The primary disclosure explicitly permits both long and short futures positions, satisfying ECS-DF-R01.", "decision_status": "confirmed", "confidence": "high", "sufficiency_result": "pass", "limitations": [ "Structural classification only; no performance or relative-quality claim.", "Solo-operator review; no independent second reviewer.", "Derived from the fund summary prospectus (Form 497K)." ], "decided_at": "2026-07-26", "review_due": "2027-07-26", "workflow": { "actions": [ { "role": "extractor", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:18:00Z", "conflict_status": "none_declared" }, { "role": "classifier", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:19:00Z", "conflict_status": "none_declared" }, { "role": "reviewer", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:20:00Z", "conflict_status": "none_declared" }, { "role": "publisher", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:21:00Z", "conflict_status": "none_declared" } ], "solo_operator": true, "second_review_required": false, "second_review_completed": false } }, { "decision_id": "DEC-CTA-SH-001", "fund_id": "ETFCTA-FUND-US-CTA", "dimension": "signal_horizon", "result": "not_determinable_from_reviewed_sources", "rule_id": "ECS-SH-R00", "rule_version": "0.1.0", "evidence_ids": [ "EVD-CTA-SH-001" ], "reasoning_summary": "The disclosure references various look-back periods and monthly positioning but does not disclose a specific signal look-back horizon; ECS-SH-R00 preserves that distinction as an explicit unknown.", "decision_status": "confirmed", "confidence": "high", "sufficiency_result": "pass", "limitations": [ "The result is a bounded non-disclosure finding, not a claim that no horizon exists.", "Structural classification only; no performance or relative-quality claim.", "Solo-operator review; no independent second reviewer.", "Derived from the fund summary prospectus (Form 497K)." ], "decided_at": "2026-07-26", "review_due": "2027-07-26", "workflow": { "actions": [ { "role": "extractor", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:24:00Z", "conflict_status": "none_declared" }, { "role": "classifier", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:25:00Z", "conflict_status": "none_declared" }, { "role": "reviewer", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:26:00Z", "conflict_status": "none_declared" }, { "role": "publisher", "actor_id": "ACT-ETFCTA-OPERATOR-001", "acted_at": "2026-07-26T13:27:00Z", "conflict_status": "none_declared" } ], "solo_operator": true, "second_review_required": false, "second_review_completed": false } } ], "changes": [ { "event_id": "CHG-CTA-ADMISSION-012", "fund_id": "ETFCTA-FUND-US-CTA", "effective_date": "2026-07-26", "recorded_at": "2026-07-26T14:00:00Z", "dimension": "strategy_family", "previous_value": null, "new_value": "explicit_trend_following", "previous_decision_id": null, "new_decision_id": "DEC-CTA-SF-001", "change_type": "initial_admission", "trigger": "canonical_fund_admission", "source_ids": [ "SRC-CTA-497K-20251101" ], "standard_version": "ECS-001-v0.1.0", "recording_mode": "real_time", "batch_id": "ETFCTA-ADMISSION-CTA-20260726", "sequence": 12, "memory_record_created_in_site_release": "1.7.0", "decision_origin_data_release": "0.5.0" }, { "event_id": "CHG-CTA-ADMISSION-013", "fund_id": "ETFCTA-FUND-US-CTA", "effective_date": "2026-07-26", "recorded_at": "2026-07-26T14:01:00Z", "dimension": "market_breadth", "previous_value": null, "new_value": "multi_asset", "previous_decision_id": null, "new_decision_id": "DEC-CTA-MB-001", "change_type": "initial_admission", "trigger": "canonical_fund_admission", "source_ids": [ "SRC-CTA-497K-20251101" ], "standard_version": "ECS-001-v0.1.0", "recording_mode": "real_time", "batch_id": "ETFCTA-ADMISSION-CTA-20260726", "sequence": 13, "memory_record_created_in_site_release": "1.7.0", "decision_origin_data_release": "0.5.0" }, { "event_id": "CHG-CTA-ADMISSION-014", "fund_id": "ETFCTA-FUND-US-CTA", "effective_date": "2026-07-26", "recorded_at": "2026-07-26T14:02:00Z", "dimension": "implementation_route", "previous_value": null, "new_value": "direct_futures_with_commodity_subsidiary", "previous_decision_id": null, "new_decision_id": "DEC-CTA-IR-001", "change_type": "initial_admission", "trigger": "canonical_fund_admission", "source_ids": [ "SRC-CTA-497K-20251101" ], "standard_version": "ECS-001-v0.1.0", "recording_mode": "real_time", "batch_id": "ETFCTA-ADMISSION-CTA-20260726", "sequence": 14, "memory_record_created_in_site_release": "1.7.0", "decision_origin_data_release": "0.5.0" }, { "event_id": "CHG-CTA-ADMISSION-015", "fund_id": "ETFCTA-FUND-US-CTA", "effective_date": "2026-07-26", "recorded_at": "2026-07-26T14:03:00Z", "dimension": "directional_flexibility", "previous_value": null, "new_value": "long_short", "previous_decision_id": null, "new_decision_id": "DEC-CTA-DF-001", "change_type": "initial_admission", "trigger": "canonical_fund_admission", "source_ids": [ "SRC-CTA-497K-20251101" ], "standard_version": "ECS-001-v0.1.0", "recording_mode": "real_time", "batch_id": "ETFCTA-ADMISSION-CTA-20260726", "sequence": 15, "memory_record_created_in_site_release": "1.7.0", "decision_origin_data_release": "0.5.0" }, { "event_id": "CHG-CTA-ADMISSION-016", "fund_id": "ETFCTA-FUND-US-CTA", "effective_date": "2026-07-26", "recorded_at": "2026-07-26T14:04:00Z", "dimension": "signal_horizon", "previous_value": null, "new_value": "not_determinable_from_reviewed_sources", "previous_decision_id": null, "new_decision_id": "DEC-CTA-SH-001", "change_type": "initial_admission", "trigger": "canonical_fund_admission", "source_ids": [ "SRC-CTA-497K-20251101" ], "standard_version": "ECS-001-v0.1.0", "recording_mode": "real_time", "batch_id": "ETFCTA-ADMISSION-CTA-20260726", "sequence": 16, "memory_record_created_in_site_release": "1.7.0", "decision_origin_data_release": "0.5.0" } ] }