Simplify Risk Parity Treasury ETF (TYA) NPORT-P Simplify Aggregate Bond PLUS Credit Hedge ETF (Mar 2023 report)

Simplify

Aggregate

Bond

PLUS

Credit

Hedge

ETF

Schedule

of

Investments

March

31,

2023

(Unaudited)

1

Shares

Value

Exchange-Traded

Funds

–

73.0%

iShares

Core

U.S.

Aggregate

Bond

ETF(a)

.........................................

6,221

$

619,861‌

iShares

iBonds

Dec

2023

Term

Corporate

ETF

......................................

25,000

629,750‌

iShares

iBonds

Dec

2024

Term

Corporate

ETF

......................................

25,000

614,750‌

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF

...............................

5,675

622,037‌

iShares

MBS

ETF

.............................................................

6,531

618,681‌

Simplify

Interest

Rate

Hedge

ETF(b)

..............................................

10,022

610,841‌

Simplify

Volatility

Premium

ETF(a)(b)

..............................................

30,000

652,500‌

Vanguard

Short-Term

Bond

ETF

..................................................

8,087

618,575‌

Total

Exchange-Traded

Funds

(Cost

$4,995,756)

..................................................

4,986,995‌

Principal

U.S.

Government

Obligations

–

12.2%

U.S.

Treasury

Note,

3.88%,

12/31/2029

............................................

$

700,000‌

712,195‌

U.S.

Treasury

Note,

4.25%,

10/15/2025(a)

..........................................

120,000‌

120,872‌

Total

U.S.

Government

Obligations

(Cost

$829,744)

................................................

833,067‌

Number

of

Contracts

Notional

Amount

Purchased

Options

–

0.0%†

Calls

–

Exchange-Traded

–

0.0%†

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF,

April

Strike

Price

$111,

Expires

4/03/23

..........................................

393

4,362,300‌

393‌

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF,

April

Strike

Price

$113,

Expires

4/14/23

..........................................

342

3,864,600‌

3,078‌

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF,

April

Strike

Price

$114,

Expires

4/14/23

..........................................

288

3,283,200‌

1,008‌

4,479‌

Total

Purchased

Options

(Cost

$8,174)

............................................................

4,479‌

Total

Investments

–

85.2%

(Cost

$5,833,674)

...........................................................................

$

5,824,541‌

Other

Assets

in

Excess

of

Liabilities

–

14.8%

........................................................

1,008,501‌

Net

Assets

–

100.0%

..........................................................................

$

6,833,042‌

Number

of

Contracts

Notional

Amount

Written

Options

–

(0.9)%

Calls

–

Exchange-Traded

–

(0.9)%

iShares

Core

U.S.

Aggregate

Bond

ETF,

September

Strike

Price

$104,

Expires

9/15/23

...............................................

(337)

$

(3,504,800‌)

$

(29,487‌)

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF,

April

Strike

Price

$110,

Expires

4/03/23

..........................................

(393)

(4,323,000‌)

(786‌)

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF,

April

Strike

Price

$110,

Expires

4/14/23

..........................................

(342)

(3,762,000‌)

(24,282‌)

iShares

iBoxx

$

Investment

Grade

Corporate

Bond

ETF,

April

Strike

Price

$111,

Expires

4/14/23

..........................................

(288)

(3,196,800‌)

(11,088‌)

(65,643‌)

Total

Written

Options

(Premiums

Received

$56,461)

..................................................

$

(65,643‌)

Simplify

Aggregate

Bond

PLUS

Credit

Hedge

ETF

Schedule

of

Investments

(Continued)

March

31,

2023

(Unaudited)

2

†

Less

than

0.05%

(a)

Securities

with

an

aggregate

market

value

of

$1,044,084

have

been

pledged

as

collateral

for

options

as

of

March

31,

2023.

(b)

Affiliated

fund

managed

by

Simplify

Asset

Management

Inc.

At

March

31,

2023,

open

futures

contracts

were

as

follows:

Number

of

Contracts

Notional

Value

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Long

position

contracts:

U.S.

Treasury

10

Year

Note

........................

26

$

2,987,969‌

6/21/23

$

28,644‌

Short

position

contracts:

S&P

500

E-Mini

Future

............................

(2)

(413,775‌)

6/16/23

(6,140‌)

Total

net

unrealized

appreciation

$

22,504‌

At

March

31,

2023,

over

the

counter

total

return

swap

contracts

outstanding

were

as

follows:

Reference

Obligation/Index

Termination

Date(a)

Financing

Rate

Paid

(Received)

by

the

Fund

Counterparty

Notional

Amount

Unrealized

Appreciation/

(Depreciation)(b)

Morgan

Stanley

Custom

Junk

Index*

2/15/2024

4.53%(c)

Morgan

Stanley

Capital

Services

LLC

85,461

$

(4,165‌)

Morgan

Stanley

Custom

Quality

Index*

2/15/2024

5.23%(c)

Morgan

Stanley

Capital

Services

LLC

(113,504)

5,262‌

$

1,097‌

*

The

components

of

the

basket

shown

below.

(a)

The

Fund

pays/receives

annual

coupon

payments

in

accordance

with

the

swap

contract.

On

the

termination

date

of

the

swap

contract(s),

the

Fund

will

either

receive

from

or

pay

to

the

counterparty

an

amount

equal

to

the

net

of

the

accrued

financing

fees

and

the

value

of

the

reference

security

subtracted

from

the

original

notional

cost

(notional

multiplied

by

the

price

change

of

the

reference

security).

(b)

There

are

no

upfront

payments

on

the

swap

contracts,

therefore

the

unrealized

gain

(loss)

on

the

swap

contracts

is

equal

to

their

market

value.

(c)

Payments

made

quarterly.

*

The

following

table

shows

the

individual

positions

and

related

values

of

the

securities

within

the

Morgan

Stanley

Custom

Junk

Index

basket.

Shares

Value

%

of

basket

Common

Stocks

Basic

Materials

Alcoa

Corp

.....................................................

(22)

$

(915‌)

1.02%

Celanese

Corp.,

Class

A

..........................................

(3)

(282‌)

0.31%

Chemours

Co.

(The)

.............................................

(30)

(897‌)

1.00%

Cleveland-Cliffs

Inc

..............................................

(48)

(888‌)

0.99%

Sylvamo

Corp.

..................................................

(19)

(888‌)

0.99%

United

States

Steel

Corp

..........................................

(35)

(914‌)

1.01%

(4,784‌)

Communications

Altice

USA

Inc,

Class

A

...........................................

(240)

(820‌)

0.91%

AT&T

Inc

......................................................

(66)

(1,263‌)

1.40%

Cable

One,

Inc.

.................................................

(1)

(871‌)

0.97%

Charter

Communications,

Inc.,

Class

A

..............................

(3)

(995‌)

1.11%

Simplify

Aggregate

Bond

PLUS

Credit

Hedge

ETF

Schedule

of

Investments

(Continued)

March

31,

2023

(Unaudited)

3

Shares

Value

%

of

basket

Common

Stocks

(continued)

Communications

(continued)

CommScope

Holding

Co

Inc

.......................................

(71)

$

(451‌)

0.50%

DISH

Network

Corp,

Class

A

......................................

(87)

(814‌)

0.91%

Frontier

Communications

Parent,

Inc.

...............................

(36)

(812‌)

0.90%

Lumen

Technologies

Inc

..........................................

(333)

(882‌)

0.98%

Lyft,

Inc.,

Class

A

................................................

(28)

(260‌)

0.29%

Nexstar

Media

Group

Inc,

Class

A

..................................

(5)

(921‌)

1.02%

Telephone

and

Data

Systems

Inc

...................................

(63)

(667‌)

0.74%

Viasat

Inc

......................................................

(24)

(824‌)

0.92%

Warner

Bros

Discovery,

Inc.

.......................................

(69)

(1,043‌)

1.16%

(10,623‌)

Consumer,

Cyclical

Alaska

Air

Group

Inc

.............................................

(22)

(905‌)

1.01%

American

Airlines

Group

Inc

.......................................

(64)

(938‌)

1.04%

Caesars

Entertainment

Inc

........................................

(20)

(971‌)

1.08%

Carnival

Corp

..................................................

(101)

(1,023‌)

1.14%

Delta

Air

Lines

Inc

...............................................

(28)

(963‌)

1.07%

Foot

Locker,

Inc.

................................................

(21)

(827‌)

0.92%

Gap,

Inc.

(The)

.................................................

(88)

(881‌)

0.98%

Hanesbrands

Inc

................................................

(164)

(864‌)

0.96%

JetBlue

Airways

Corp

............................................

(124)

(900‌)

1.00%

Kohl's

Corp

....................................................

(37)

(869‌)

0.97%

Macy's,

Inc.

....................................................

(46)

(796‌)

0.89%

MGM

Resorts

International

........................................

(22)

(964‌)

1.07%

Newell

Brands,

Inc.

..............................................

(71)

(883‌)

0.98%

Norwegian

Cruise

Line

Holdings

....................................

(67)

(907‌)

1.01%

Peloton

Interactive

Inc,

Class

A

....................................

(50)

(569‌)

0.63%

Penn

Entertainment,

Inc.

..........................................

(32)

(955‌)

1.06%

Petco

Health

&

Wellness

Co

Inc,

Class

A

.............................

(87)

(786‌)

0.87%

Pvh

Corp.

.....................................................

(11)

(996‌)

1.11%

Qurate

Retail

Inc,

Series

A

........................................

(326)

(322‌)

0.36%

RH

...........................................................

(4)

(853‌)

0.95%

Royal

Caribbean

Cruises

Ltd

......................................

(14)

(940‌)

1.05%

Scotts

Miracle-GRO

Co.

(The)

.....................................

(12)

(815‌)

0.91%

SIX

Flags

Entertainment

Corp.

.....................................

(34)

(910‌)

1.01%

Southwest

Airlines

Co

............................................

(30)

(990‌)

1.10%

Travel

+

Leisure

Co

..............................................

(22)

(852‌)

0.95%

United

Airlines

Holdings

Inc

.......................................

(21)

(921‌)

1.02%

Victoria's

Secret

&

Co.

...........................................

(28)

(965‌)

1.07%

Walgreens

Boots

Alliance

Inc

......................................

(24)

(831‌)

0.92%

WESCO

International,

Inc.

........................................

(6)

(914‌)

1.02%

(25,310‌)

Consumer,

Non-cyclical

Adt,

Inc.

.......................................................

(123)

(891‌)

0.99%

Avis

Budget

Group,

Inc.

..........................................

(5)

(891‌)

0.99%

Clarivate

PLC

..................................................

(86)

(812‌)

0.90%

Coty

Inc,

Class

A

................................................

(79)

(957‌)

1.06%

DaVita,

Inc.

....................................................

(11)

(924‌)

1.03%

Driven

Brands

Holdings,

Inc.

......................................

(18)

(533‌)

0.59%

Dun

&

Bradstreet

Holdings,

Inc.

....................................

(56)

(655‌)

0.73%

Simplify

Aggregate

Bond

PLUS

Credit

Hedge

ETF

Schedule

of

Investments

(Continued)

March

31,

2023

(Unaudited)

4

Shares

Value

%

of

basket

Common

Stocks

(continued)

Consumer,

Non-cyclical

(continued)

Elanco

Animal

Health,

Inc.

........................................

(91)

$

(851‌)

0.95%

Guardant

Health

Inc

.............................................

(32)

(749‌)

0.83%

Hertz

Global

Holdings,

Inc.

........................................

(53)

(871‌)

0.97%

Nektar

Therapeutics,

Class

A

......................................

(242)

(170‌)

0.19%

Olaplex

Holdings,

Inc.

............................................

(80)

(343‌)

0.38%

Organon

&

Co

..................................................

(40)

(952‌)

1.06%

Pediatrix

Medical

Group,

Inc.

......................................

(47)

(700‌)

0.78%

Perrigo

Co

PLC

.................................................

(24)

(862‌)

0.96%

Post

Holdings

Inc

...............................................

(9)

(835‌)

0.93%

Sabre

Corp

....................................................

(156)

(670‌)

0.75%

Shift4

Payments,

Inc.,

Class

A

.....................................

(13)

(951‌)

1.06%

Sotera

Health

Co

................................................

(48)

(865‌)

0.96%

StoneCo

Ltd,

Class

A

............................................

(70)

(668‌)

0.74%

Syneos

Health,

Inc.,

Class

A

.......................................

(25)

(902‌)

1.00%

Tenet

Healthcare

Corp.

...........................................

(16)

(937‌)

1.04%

TreeHouse

Foods

Inc

............................................

(11)

(548‌)

0.61%

Viatris

Inc

......................................................

(93)

(898‌)

1.00%

(18,435‌)

Energy

Antero

Resources

Corp.

..........................................

(39)

(898‌)

1.00%

APA

Corp

......................................................

(28)

(996‌)

1.11%

Cheniere

Energy

Inc

.............................................

(6)

(936‌)

1.04%

Enviva,

Inc.

....................................................

(16)

(468‌)

0.52%

EQT

Corp

.....................................................

(20)

(626‌)

0.70%

Kosmos

Energy

Ltd

..............................................

(137)

(1,018‌)

1.13%

Occidental

Petroleum

Corp

........................................

(16)

(979‌)

1.09%

Ovintiv,

Inc.

....................................................

(26)

(926‌)

1.03%

Pbf

Energy,

Inc.,

Class

A

..........................................

(19)

(841‌)

0.93%

Range

Resources

Corp.

..........................................

(36)

(941‌)

1.05%

Southwestern

Energy

Co.

.........................................

(181)

(906‌)

1.01%

Sunrun

Inc

.....................................................

(44)

(876‌)

0.97%

(10,411‌)

Financial

Air

Lease

Corp,

Class

A

..........................................

(23)

(890‌)

0.99%

Industrial

Berry

Global

Group

Inc

...........................................

(15)

(910‌)

1.01%

Coherent

Corp.

.................................................

(24)

(916‌)

1.02%

FedEx

Corp

....................................................

(5)

(1,078‌)

1.20%

Gates

Industrial

Corp

PLC

........................................

(65)

(896‌)

1.00%

General

Electric

Co

..............................................

(9)

(828‌)

0.92%

O-I

Glass

Inc,

Class

I

............................................

(41)

(921‌)

1.02%

Ryder

System

Inc

...............................................

(10)

(889‌)

0.99%

Silgan

Holdings

Inc

..............................................

(4)

(225‌)

0.25%

Spirit

AeroSystems

Holdings

In,

Class

A

.............................

(28)

(980‌)

1.09%

Vertiv

Holdings

Co,

Class

A

.......................................

(64)

(919‌)

1.02%

Westrock

Co

...................................................

(32)

(968‌)

1.08%

Xpo,

Inc.

......................................................

(26)

(827‌)

0.92%

(10,357‌)

Simplify

Aggregate

Bond

PLUS

Credit

Hedge

ETF

Schedule

of

Investments

(Continued)

March

31,

2023

(Unaudited)

5

Shares

Value

%

of

basket

Common

Stocks

(continued)

Technology

Applovin

Corp.,

Class

A

...........................................

(48)

$

(752‌)

0.84%

Dell

Technologies

Inc,

Class

C

.....................................

(20)

(807‌)

0.90%

DXC

Technology

Co

.............................................

(37)

(954‌)

1.06%

Everbridge

Inc

..................................................

(13)

(435‌)

0.48%

Kyndryl

Holdings,

Inc.

............................................

(63)

(927‌)

1.03%

MKS

Instruments,

Inc.

............................................

(10)

(871‌)

0.97%

NCR

Corp

.....................................................

(40)

(937‌)

1.04%

Ringcentral,

Inc.,

Class

A

.........................................

(26)

(811‌)

0.90%

Western

Digital

Corp

.............................................

(21)

(796‌)

0.88%

Xerox

Holdings

Corp

.............................................

(57)

(872‌)

0.97%

Zoominfo

Technologies,

Inc.,

Class

A

................................

(39)

(952‌)

1.06%

(9,114‌)

Total

.......................................................................

$

(89,924‌)

100.00%

*

The

following

table

shows

the

individual

positions

and

related

values

of

the

securities

within

the

Morgan

Stanley

Custom

Quality

Index

basket.

Shares

Value

%

of

basket

Common

Stocks

Basic

Materials

Ecolab

Inc

.....................................................

7

$

1,181‌

0.99%

International

Flavors

&

Fragra

.....................................

14

1,263‌

1.06%

Sherwin-Williams

Co.

(The)

.......................................

5

1,180‌

0.99%

3,624‌

Communications

Interpublic

Group

of

Cos.,

Inc.

(The)

.................................

34

1,274‌

1.07%

Match

Group,

Inc.

...............................................

31

1,195‌

1.00%

Omnicom

Group

Inc

.............................................

13

1,251‌

1.05%

Sirius

XM

Holdings

Inc

...........................................

312

1,240‌

1.04%

4,960‌

Consumer,

Cyclical

AutoZone

Inc

...................................................

0

1,156‌

0.97%

Core

&

Main

Inc,

Class

A

.........................................

53

1,230‌

1.03%

Domino's

Pizza

Inc

..............................................

4

1,199‌

1.01%

Hilton

Worldwide

Holdings,

Inc.

....................................

8

1,178‌

0.99%

Home

Depot,

Inc.

(The)

...........................................

4

1,164‌

0.98%

LKQ

Corp

.....................................................

21

1,208‌

1.01%

Lululemon

Athletica,

Inc.

..........................................

4

1,411‌

1.18%

NVR,

Inc.

......................................................

0

1,190‌

1.00%

O'Reilly

Automotive

Inc

...........................................

1

1,179‌

0.99%

Pool

Corp

.....................................................

3

1,125‌

0.94%

Thor

Industries

Inc

..............................................

14

1,135‌

0.95%

Wyndham

Hotels

&

Resorts

Inc

....................................

17

1,143‌

0.96%

Yum!

Brands

Inc

................................................

9

1,181‌

0.99%

15,499‌

Consumer,

Non-cyclical

Abbott

Laboratories

..............................................

12

1,177‌

0.99%

AbbVie,

Inc.

....................................................

7

1,175‌

0.98%

Automatic

Data

Processing,

Inc.

....................................

5

1,186‌

0.99%

Avantor,

Inc.

...................................................

55

1,171‌

0.98%

Simplify

Aggregate

Bond

PLUS

Credit

Hedge

ETF

Schedule

of

Investments

(Continued)

March

31,

2023

(Unaudited)

6

Shares

Value

%

of

basket

Common

Stocks

(continued)

Consumer,

Non-cyclical

(continued)

Avery

Dennison

Corp

............................................

7

$

1,187‌

1.00%

Centene

Corp

..................................................

18

1,130‌

0.95%

Chemed

Corp.

..................................................

2

1,184‌

0.99%

Church

&

Dwight

Co.,

Inc.

.........................................

13

1,166‌

0.98%

Cigna

Corp.

....................................................

4

1,074‌

0.90%

Cintas

Corp.

...................................................

3

1,216‌

1.02%

CVS

Health

Corp

................................................

15

1,120‌

0.94%

Elevance

Health,

Inc.

............................................

2

1,145‌

0.96%

General

Mills,

Inc.

...............................................

14

1,200‌

1.01%

Global

Payments

Inc

.............................................

11

1,202‌

1.01%

Grand

Canyon

Education

Inc

......................................

10

1,194‌

1.00%

Hershey

Co.

(The)

...............................................

5

1,183‌

0.99%

Kraft

Heinz

Co.

(The)

............................................

30

1,153‌

0.97%

Molina

Healthcare,

Inc.

...........................................

4

1,166‌

0.98%

Philip

Morris

International

In

.......................................

12

1,149‌

0.96%

Procter

&

Gamble

Co.

(The)

.......................................

8

1,191‌

1.00%

ResMed,

Inc.

...................................................

5

1,196‌

1.00%

Rollins

Inc

.....................................................

31

1,180‌

0.99%

UnitedHealth

Group,

Inc.

..........................................

2

1,154‌

0.97%

Verisk

Analytics

Inc,

Class

A

.......................................

6

1,211‌

1.02%

28,110‌

Energy

Antero

Midstream

Corp.

..........................................

114

1,198‌

1.00%

Dt

Midstream,

Inc.

...............................................

24

1,177‌

0.99%

ONEOK

Inc

....................................................

19

1,186‌

0.99%

Texas

Pacific

Land

Corp.

.........................................

1

1,212‌

1.02%

4,773‌

Financial

Aon

PLC,

Class

A

...............................................

4

1,253‌

1.05%

Arthur

J

Gallagher

&

Co

..........................................

6

1,228‌

1.03%

Brown

&

Brown

Inc

..............................................

21

1,221‌

1.02%

Cboe

Global

Markets

Inc

..........................................

9

1,248‌

1.05%

CME

Group,

Inc.,

Class

A

.........................................

6

1,191‌

1.00%

Digital

Realty

Trust

Inc

...........................................

11

1,061‌

0.89%

EastGroup

Properties,

Inc.

........................................

7

1,167‌

0.98%

Extra

Space

Storage,

Inc.

.........................................

7

1,175‌

0.99%

Intercontinental

Exchange

Inc

......................................

12

1,215‌

1.02%

Life

Storage,

Inc.

................................................

10

1,258‌

1.06%

NASDAQ,

Inc.

..................................................

22

1,197‌

1.00%

National

Storage

Affiliates

Tr

.......................................

27

1,134‌

0.95%

Omega

Healthcare

Investors

Inc

...................................

40

1,097‌

0.92%

Prologis

Inc

....................................................

9

1,181‌

0.99%

16,626‌

Industrial

Agilent

Technologies,

Inc.

.........................................

8

1,173‌

0.98%

Allegion

plc

....................................................

11

1,168‌

0.98%

AMETEK,

Inc.

..................................................

8

1,232‌

1.03%

Amphenol

Corp,

Class

A

..........................................

15

1,221‌

1.02%

CH

Robinson

Worldwide

Inc

.......................................

12

1,157‌

0.97%

Crown

Holdings,

Inc.

.............................................

15

1,205‌

1.01%

Simplify

Aggregate

Bond

PLUS

Credit

Hedge

ETF

Schedule

of

Investments

(Continued)

March

31,

2023

(Unaudited)

7

Shares

Value

%

of

basket

Common

Stocks

(continued)

Industrial

(continued)

Dover

Corp

....................................................

8

$

1,230‌

1.03%

Fortune

Brands

Innovations,

Inc.

...................................

20

1,187‌

1.00%

Lockheed

Martin

Corp.

...........................................

2

1,135‌

0.95%

Masco

Corp.

...................................................

23

1,126‌

0.95%

Mettler-Toledo

International,

Inc.

....................................

1

1,209‌

1.01%

Middleby

Corp.

(The)

............................................

8

1,199‌

1.01%

Nordson

Corp

..................................................

6

1,224‌

1.03%

Otis

Worldwide

Corp

.............................................

14

1,182‌

0.99%

Rockwell

Automation,

Inc.

.........................................

4

1,205‌

1.01%

Sealed

Air

Corp.

................................................

25

1,165‌

0.98%

19,018‌

Technology

Accenture

PLC,

Class

A

..........................................

5

1,319‌

1.11%

Adobe,

Inc.

....................................................

3

1,313‌

1.10%

Black

Knight

Inc

................................................

20

1,176‌

0.99%

Broadcom,

Inc.

.................................................

2

1,165‌

0.98%

Broadridge

Financial

Solutions

.....................................

8

1,223‌

1.03%

CACI

International

Inc,

Class

A

.....................................

4

1,190‌

1.00%

Cognizant

Technology

Solutions

Corp.,

Class

A

........................

20

1,213‌

1.02%

Fidelity

National

Information

Services,

Inc.

............................

22

1,197‌

1.00%

Fiserv,

Inc.

.....................................................

10

1,176‌

0.98%

International

Business

Machines

Corp.

..............................

9

1,208‌

1.01%

Intuit,

Inc.

......................................................

3

1,247‌

1.04%

KLA

Corp.

.....................................................

3

1,225‌

1.03%

Paychex,

Inc.

...................................................

11

1,217‌

1.02%

SS&C

Technologies

Holdings

Inc

...................................

21

1,192‌

1.00%

Texas

Instruments,

Inc.

...........................................

7

1,212‌

1.02%

Tyler

Technologies,

Inc.

...........................................

3

1,228‌

1.03%

Zebra

Technologies

Corp,

Class

A

..................................

4

1,256‌

1.05%

20,757‌

Utilities

AES

Corp.

(The)

................................................

49

1,187‌

1.00%

Alliant

Energy

Corp

..............................................

21

1,143‌

0.96%

Edison

International

.............................................

17

1,177‌

0.99%

Essential

Utilities,

Inc.

............................................

26

1,146‌

0.96%

OGE

Energy

Corp.

..............................................

32

1,199‌

1.00%

5,852‌

Total

.......................................................................

$

119,219‌

100.00%

Simplify

Aggregate

Bond

PLUS

Credit

Hedge

ETF

Schedule

of

Investments

(Continued)

March

31,

2023

(Unaudited)

8

Affiliates

Fiscal

period

to

date

transactions

with

companies

which

are

or

were

affiliates

are

as

follows:

Affiliate

Value

at

beginning

of

the

period

Purchases

Cost

Sales

Proceeds

Net

Realized

Gain/(Loss)

Net

Change

in

Unrealized

Value

at

the

end

of

the

period

Number

of

Shares

at

the

end

of

the

period

Dividend

Income

Capital

Gain

Distributions

Simplify

Interest

Rate

Hedge

ETF

$

32,075‌

$

755,376‌

$

(160,998‌)

$

14,130‌

$

(29,742‌)

$

610,841‌

10,022‌

$

299‌

$

—‌

Simplify

Volatility

Premium

ETF

—‌

653,269‌

—‌

—‌

(769‌)

652,500‌

30,000‌

6,400‌

—‌

$

32,075‌

$

1,408,645‌

$

(160,998‌)

$

14,130‌

$

(30,511‌)

$

1,263,341‌

40,022‌

$

6,699‌

$

—‌

Summary

of

Investment

Type

Industry

%

of

Net

Assets

Exchange-Traded

Funds

...........................................................................

73.0‌%

U.S.

Government

Obligations

.......................................................................

12.2‌%

Purchased

Options

...............................................................................

0.0‌%†

Total

Investments

................................................................................

85.2‌%

Other

Assets

in

Excess

of

Liabilities

..................................................................

14.8‌%

Net

Assets

.....................................................................................

100.0‌%