At a glance
CUSD charges 0.81% a year. It has $11.5M in assets; it paid 13.65% of its price in distributions over the past 12 months, annual. Over the past year it returned +6.8% with distributions reinvested (S&P 500: +11.5%); over three years it returned +4.8% a year. At its worst it fell 0.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months after the low.
The short version
CrossingBridge Ultra-Short Duration ETF (CUSD) is an actively managed fund from Cohanzick Management. It seeks a higher yield than cash by holding short-term bonds and SPACs (cash-rich shell companies), while keeping interest-rate sensitivity low. It sets no credit-quality limit: up to 100% can sit in junk bonds, which are rated below investment grade. It is small, at about $11.5 million as of June 30, 2026, and charges 0.81% a year.
Price history
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CUSD +6.8% over the year to Jul 21, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| CUSD official prospectus, to Dec 31, 2025 | — | +6.85% | — | — | — | +5.17% |
| CUSD price data to Jul 21, 2026 | +2.9% | +6.8% | +4.8% | — | — | +4.6% |
- Over the year to Jul 21, 2026, CUSD returned +6.8%.
- Its worst full calendar year was 2022 (+2.0%); its best was 2023 (+6.1%).
- The deepest fall in its price history was 5.4% (Dec 24, 2025 to Jan 21, 2026), recovered by Jun 23, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +2.9% | — |
| 2025 | +4.5% | +6.85% |
| 2024 | +4.5% | +4.72% |
| 2023 | +6.1% | +6.05% |
| 2022 | +2.0% | +2.13% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 0.6% over that stretch · deepest drop along the way 0.7% |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $2.6900 | +84.2% |
| 2024 | $1.4600 | +89.6% |
| 2023 | $0.7700 | +234.8% |
| 2022 | $0.2300 |
What's inside
As of Jun 30, 2026, the fund held 9 securities; the ten largest made up 24.5% of assets, and 14.14% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Quetta Acquisition Corp | 7.24% | |
| Flag Ship Acquisition Corp | 4.32% | |
| DILLARDS INC Bonds and notes | 2.18% | |
| MATTEL INC Bonds and notes | 2.18% | |
| CONCENTRIX CORP Bonds and notes | 2.18% | |
| BACARDI LTD Bonds and notes | 2.18% | |
| ORACLE CORP Bonds and notes | 2.18% | |
| CROWN AMER/CAP CORP V Bonds and notes | 1.74% | |
| Black Hawk Acquisition Corp | 0.31% |
By country
United States 22.33%Bermuda 2.18%By asset type
Bonds and notes 12.64%Stocks 11.87%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $4K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.68%, +0.10%, +0.03%.
How it works
CUSD has no index; Cohanzick Management picks each holding, seeking a higher yield than cash while preserving capital. Its guardrail is duration, a measure of how sensitive a bond's price is to interest rates. Under normal conditions, average portfolio duration stays at 1.0 or less, so a 1 percentage point rise in rates would be expected to cut prices about 1% at most. The calculation uses expected maturities, which can be shorter than stated ones.
The fund can hold bonds, loans, convertibles, preferred stock and SPACs (cash-holding shell companies seeking a merger), which the manager treats as bond-like. With no credit-quality limit, up to 100% may sit in junk bonds, rated below investment grade, and it may buy securities of companies in default or bankruptcy. It uses its own credit analysis to pick issuers it expects to repay, whatever their rating. Holdings are mainly US-dollar securities from developed-market issuers; foreign-currency holdings are capped below 35% of assets.
Trading is frequent: turnover, the share of the portfolio replaced in a year, was 203%. As of June 30, 2026, cash was 14.14% of assets, with no derivatives. The largest positions were two SPACs, Quetta Acquisition Corp (7.2%) and Flag Ship Acquisition Corp (4.3%), then bonds from Dillard's, Mattel, Concentrix, Bacardi and Oracle at about 2.2% each.
What it really costs
- CUSD charges 0.81% a year.
- Of that, 0.8% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $83 in the first year and $1,002 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CUSD | $83 | $259 | $450 | $1,002 |
In a retirement portfolio
It seeks more than cash yields with an average duration of 1.0 or less, and its returns were positive in every calendar year from 2022 through 2025, though it takes more credit risk than cash.
CUSD could hold cash earmarked for near-term spending. It launched in September 2021, after the 2008 and 2020 crashes. In the 2022 bear market it gained 0.6%; its deepest dip was 0.7%, recovered in about 3.7 months. Its weakest calendar year, 2022, returned 2.13%. Its deepest price drop, 5.4% from December 24, 2025, to January 21, 2026, took five months to recover. Past dips have been shallow for anyone needing to sell, but junk-bond exposure means a credit crisis could hit harder.
It pays once a year. Its yield, based on the past year's $2.67 per share, was 13.65% as of July 21, 2026, about double its strongest calendar-year return, so it isn't a steady rate. The 0.81% fee is sizable against yearly returns of 2% to 7%. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Savers parking near-term cash who want more than cash yields and accept junk-bond and SPAC risk, with average duration held at 1.0 or less.
- Investors who value steadiness: returns were positive in every calendar year from 2022 through 2025, and its weakest quarter through 2025 lost just 0.21%.
- Those wanting a holding with little link to stocks: its one-year beta, a measure of stock-market sensitivity, was -0.04 as of July 21, 2026.
Look elsewhere if
- Those needing monthly income: CUSD pays once a year, and its 13.65% yield as of July 21, 2026, is about double its strongest annual return.
- Savers who can't risk any loss: CUSD isn't a money market fund or bank deposit, and it may own securities of companies in bankruptcy.
- Investors focused on cost or size: the expense ratio is 0.81%, and assets were only about $11.5 million as of June 30, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
What does CUSD invest in?
CUSD invests mainly in bonds and other debt kept to a short average duration, with no limit on credit quality. It also owns SPACs, shell companies holding cash while they seek a merger. As of June 30, 2026, its largest positions were the SPACs Quetta Acquisition Corp (7.2%) and Flag Ship Acquisition Corp (4.3%), then bonds from Dillard's, Mattel, Concentrix, Bacardi and Oracle at about 2.2% each. Cash made up 14.14% of assets, and the fund held no derivatives.
How has CUSD performed?
CUSD has posted modest, positive returns. Per its prospectus, it returned 6.85% in 2025 and 5.17% a year on average from its September 2021 launch through December 31, 2025, with calendar-year returns of 2.13% in 2022, 6.05% in 2023 and 4.72% in 2024. Based on price, it gained 6.8% over the year ending July 21, 2026, and 2.9% for 2026 through that date. Returns are after the 0.81% expense ratio.
Does CUSD pay monthly dividends?
No. CUSD pays distributions once a year, not monthly. Over the year to July 21, 2026, it paid $2.67 per share, a trailing yield of 13.65%. That yield is about double the fund's strongest calendar-year return, 6.85% in 2025, so it shouldn't be read as a steady income rate. A fund's share price drops by the amount of each distribution, so a big payout doesn't by itself add to total return.
Can you lose money in CUSD?
Yes, though losses so far have been modest. Its worst quarter through December 31, 2025, was a 0.21% loss in the quarter ended June 30, 2022, and its deepest price drop was 5.4%, from December 24, 2025, to January 21, 2026, recovered by June 23, 2026. Risks are real: up to 100% of assets may go into junk bonds, it may own securities of companies in default or bankruptcy, and unlike a money market fund, it isn't held to strict rules on credit quality and maturity.
What is CUSD's expense ratio?
CUSD's expense ratio, the yearly fee taken from fund assets, is 0.81%, almost all of it the 0.80% management fee, per its prospectus filed January 27, 2026. In the SEC's standard example, $10,000 invested at a 5% yearly return, with shares sold at the end of each period, would cost $83 after one year, $259 after three, $450 after five and $1,002 after ten. Against calendar-year returns of 2.13% to 6.85% from 2022 through 2025, that fee takes a meaningful share of what the holdings earn.