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

Simplify

High

Yield

PLUS

Credit

Hedge

ETF

Schedule

of

Investments

March

31,

2023

(Unaudited)

1

Principal

Value

U.S.

Treasury

Bills

–

95.4%

U.S.

Treasury

Bill,

4.65%,

6/8/2023(a)(b)

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

$

13,085,000‌

$

12,975,753‌

U.S.

Treasury

Bill,

4.92%,

8/10/2023(a)(b)

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

24,000,000‌

23,599,025‌

Total

U.S.

Treasury

Bills

(Cost

$36,552,230)

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

36,574,778‌

Number

of

Contracts

Notional

Amount

Purchased

Options

–

0.0%†

Puts

–

Exchange-Traded

–

0.0%†

S&P

500

Mini

Index,

April

Strike

Price

$396,

Expires

4/21/23

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

12

475,200‌

2,490‌

S&P

500

Mini

Index,

May

Strike

Price

$363,

Expires

5/19/23

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

40

1,452,000‌

5,400‌

7,890‌

Total

Purchased

Options

(Cost

$31,883)

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

7,890‌

Total

Investments

–

95.4%

(Cost

$36,584,113)

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

$

36,582,668‌

Other

Assets

in

Excess

of

Liabilities

–

4.6%

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

1,758,850‌

Net

Assets

–

100.0%

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

$

38,341,518‌

Number

of

Contracts

Notional

Amount

Written

Option

–

(0.0)%†

Puts

–

Exchange-Traded

–

(0.0)%†

S&P

500

Mini

Index,

May

Strike

Price

$345,

Expires

5/19/23

(Premiums

Received

$12,496)

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

(40)

(1,380,000‌)

$

(2,800‌)

†

Less

than

0.05%

(a)

Represents

a

zero

coupon

bond.

Rate

shown

reflects

the

effective

yield.

(b)

Securities

with

an

aggregate

market

value

of

$18,857,791

have

been

pledged

as

collateral

for

options

as

of

March

31,

2023.

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)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

3/17/2025

4.98%(c)

Morgan

Stanley

Capital

Services

LLC

(36,335,066)

$

946,247‌

Morgan

Stanley

Custom

Junk

Index*

2/15/2024

4.53%(c)

Morgan

Stanley

Capital

Services

LLC

8,609,927

(425,463‌)

Morgan

Stanley

Custom

Quality

Index*

2/15/2024

5.23%(c)

Morgan

Stanley

Capital

Services

LLC

(10,846,598)

513,719‌

$

1,034,503‌

Simplify

High

Yield

PLUS

Credit

Hedge

ETF

Schedule

of

Investments

(Continued)

March

31,

2023

(Unaudited)

2

*

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

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

(2,168)

$

(92,259‌)

1.02%

Celanese

Corp.,

Class

A

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

(261)

(28,391‌)

0.31%

Chemours

Co.

(The)

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

(3,018)

(90,345‌)

1.00%

Cleveland-Cliffs

Inc

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

(4,882)

(89,482‌)

0.99%

Sylvamo

Corp.

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

(1,935)

(89,507‌)

0.99%

United

States

Steel

Corp

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

(3,527)

(92,067‌)

1.01%

(482,051‌)

Communications

Altice

USA

Inc,

Class

A

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

(24,149)

(82,589‌)

0.91%

AT&T

Inc

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

(6,612)

(127,272‌)

1.40%

Cable

One,

Inc.

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

(125)

(87,764‌)

0.97%

Charter

Communications,

Inc.,

Class

A

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

(280)

(100,224‌)

1.11%

CommScope

Holding

Co

Inc

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

(7,128)

(45,404‌)

0.50%

DISH

Network

Corp,

Class

A

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

(8,796)

(82,064‌)

0.91%

Frontier

Communications

Parent,

Inc.

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

(3,595)

(81,861‌)

0.90%

Lumen

Technologies

Inc

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

(33,541)

(88,885‌)

0.98%

Lyft,

Inc.,

Class

A

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

(2,829)

(26,228‌)

0.29%

Nexstar

Media

Group

Inc,

Class

A

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

(537)

(92,772‌)

1.02%

Telephone

and

Data

Systems

Inc

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

(6,390)

(67,156‌)

0.74%

Viasat

Inc

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

(2,453)

(82,998‌)

0.92%

Warner

Bros

Discovery,

Inc.

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

(6,963)

(105,142‌)

1.16%

(1,070,359‌)

Consumer,

Cyclical

Alaska

Air

Group

Inc

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

(2,172)

(91,137‌)

1.01%

American

Airlines

Group

Inc

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

(6,406)

(94,491‌)

1.04%

Caesars

Entertainment

Inc

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

(2,004)

(97,801‌)

1.08%

Carnival

Corp

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

(10,158)

(103,108‌)

1.14%

Delta

Air

Lines

Inc

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

(2,778)

(97,019‌)

1.07%

Foot

Locker,

Inc.

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

(2,101)

(83,375‌)

0.92%

Gap,

Inc.

(The)

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

(8,842)

(88,775‌)

0.98%

Hanesbrands

Inc

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

(16,547)

(87,038‌)

0.96%

JetBlue

Airways

Corp

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

(12,458)

(90,696‌)

1.00%

Kohl's

Corp

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

(3,718)

(87,512‌)

0.97%

Macy's,

Inc.

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

(4,586)

(80,204‌)

0.89%

MGM

Resorts

International

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

(2,187)

(97,159‌)

1.07%

Newell

Brands,

Inc.

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

(7,152)

(88,973‌)

0.98%

Norwegian

Cruise

Line

Holdings

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

(6,796)

(91,400‌)

1.01%

Peloton

Interactive

Inc,

Class

A

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

(5,057)

(57,345‌)

0.63%

Simplify

High

Yield

PLUS

Credit

Hedge

ETF

Schedule

of

Investments

(Continued)

March

31,

2023

(Unaudited)

3

Shares

Value

%

of

basket

Common

Stocks

(continued)

Consumer,

Cyclical

(continued)

Penn

Entertainment,

Inc.

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

(3,246)

$

(96,273‌)

1.06%

Petco

Health

&

Wellness

Co

Inc,

Class

A

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

(8,797)

(79,173‌)

0.87%

Pvh

Corp.

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

(1,126)

(100,386‌)

1.11%

Qurate

Retail

Inc,

Series

A

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

(32,837)

(32,437‌)

0.36%

RH

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

(353)

(85,982‌)

0.95%

Royal

Caribbean

Cruises

Ltd

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

(1,450)

(94,673‌)

1.05%

Scotts

Miracle-GRO

Co.

(The)

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

(1,177)

(82,102‌)

0.91%

SIX

Flags

Entertainment

Corp.

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

(3,433)

(91,686‌)

1.01%

Southwest

Airlines

Co

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

(3,066)

(99,753‌)

1.10%

Travel

+

Leisure

Co

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

(2,190)

(85,850‌)

0.95%

United

Airlines

Holdings

Inc

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

(2,097)

(92,804‌)

1.02%

Victoria's

Secret

&

Co.

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

(2,847)

(97,229‌)

1.07%

Walgreens

Boots

Alliance

Inc

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

(2,421)

(83,732‌)

0.92%

WESCO

International,

Inc.

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

(596)

(92,137‌)

1.02%

(2,550,250‌)

Consumer,

Non-cyclical

Adt,

Inc.

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

(12,422)

(89,813‌)

0.99%

Avis

Budget

Group,

Inc.

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

(461)

(89,745‌)

0.99%

Clarivate

PLC

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

(8,708)

(81,770‌)

0.90%

Coty

Inc,

Class

A

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

(7,997)

(96,448‌)

1.06%

DaVita,

Inc.

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

(1,148)

(93,135‌)

1.03%

Driven

Brands

Holdings,

Inc.

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

(1,771)

(53,693‌)

0.59%

Dun

&

Bradstreet

Holdings,

Inc.

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

(5,625)

(66,032‌)

0.73%

Elanco

Animal

Health,

Inc.

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

(9,123)

(85,755‌)

0.95%

Guardant

Health

Inc

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

(3,219)

(75,459‌)

0.83%

Hertz

Global

Holdings,

Inc.

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

(5,388)

(87,774‌)

0.97%

Nektar

Therapeutics,

Class

A

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

(24,358)

(17,121‌)

0.19%

Olaplex

Holdings,

Inc.

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

(8,083)

(34,513‌)

0.38%

Organon

&

Co

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

(4,076)

(95,877‌)

1.06%

Pediatrix

Medical

Group,

Inc.

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

(4,731)

(70,543‌)

0.78%

Perrigo

Co

PLC

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

(2,422)

(86,889‌)

0.96%

Post

Holdings

Inc

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

(936)

(84,097‌)

0.93%

Sabre

Corp

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

(15,747)

(67,556‌)

0.75%

Shift4

Payments,

Inc.,

Class

A

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

(1,264)

(95,790‌)

1.06%

Sotera

Health

Co

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

(4,865)

(87,135‌)

0.96%

StoneCo

Ltd,

Class

A

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

(7,050)

(67,259‌)

0.74%

Syneos

Health,

Inc.,

Class

A

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

(2,552)

(90,907‌)

1.00%

Tenet

Healthcare

Corp.

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

(1,590)

(94,462‌)

1.04%

TreeHouse

Foods

Inc

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

(1,095)

(55,220‌)

0.61%

Viatris

Inc

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

(9,410)

(90,525‌)

1.00%

(1,857,518‌)

Energy

Antero

Resources

Corp.

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

(3,917)

(90,441‌)

1.00%

APA

Corp

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

(2,782)

(100,334‌)

1.11%

Cheniere

Energy

Inc

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

(598)

(94,294‌)

1.04%

Enviva,

Inc.

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

(1,633)

(47,158‌)

0.52%

EQT

Corp

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

(1,978)

(63,120‌)

0.70%

Kosmos

Energy

Ltd

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

(13,789)

(102,590‌)

1.13%

Occidental

Petroleum

Corp

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

(1,581)

(98,675‌)

1.09%

Simplify

High

Yield

PLUS

Credit

Hedge

ETF

Schedule

of

Investments

(Continued)

March

31,

2023

(Unaudited)

4

Shares

Value

%

of

basket

Common

Stocks

(continued)

Energy

(continued)

Ovintiv,

Inc.

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

(2,585)

$

(93,268‌)

1.03%

Pbf

Energy,

Inc.,

Class

A

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

(1,954)

(84,725‌)

0.93%

Range

Resources

Corp.

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

(3,580)

(94,768‌)

1.05%

Southwestern

Energy

Co.

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

(18,265)

(91,325‌)

1.01%

Sunrun

Inc

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

(4,383)

(88,315‌)

0.97%

(1,049,013‌)

Financial

Air

Lease

Corp,

Class

A

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

(2,278)

(89,673‌)

0.99%

Industrial

Berry

Global

Group

Inc

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

(1,557)

(91,724‌)

1.01%

Coherent

Corp.

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

(2,423)

(92,268‌)

1.02%

FedEx

Corp

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

(475)

(108,592‌)

1.20%

Gates

Industrial

Corp

PLC

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

(6,502)

(90,307‌)

1.00%

General

Electric

Co

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

(872)

(83,374‌)

0.92%

O-I

Glass

Inc,

Class

I

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

(4,086)

(92,789‌)

1.02%

Ryder

System

Inc

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

(1,003)

(89,542‌)

0.99%

Silgan

Holdings

Inc

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

(423)

(22,681‌)

0.25%

Spirit

AeroSystems

Holdings

In,

Class

A

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

(2,860)

(98,768‌)

1.09%

Vertiv

Holdings

Co,

Class

A

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

(6,472)

(92,619‌)

1.02%

Westrock

Co

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

(3,202)

(97,556‌)

1.08%

Xpo,

Inc.

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

(2,613)

(83,363‌)

0.92%

(1,043,583‌)

Technology

Applovin

Corp.,

Class

A

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

(4,813)

(75,807‌)

0.84%

Dell

Technologies

Inc,

Class

C

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

(2,022)

(81,292‌)

0.90%

DXC

Technology

Co

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

(3,759)

(96,091‌)

1.06%

Everbridge

Inc

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

(1,265)

(43,854‌)

0.48%

Kyndryl

Holdings,

Inc.

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

(6,330)

(93,427‌)

1.03%

MKS

Instruments,

Inc.

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

(990)

(87,766‌)

0.97%

NCR

Corp

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

(4,002)

(94,416‌)

1.04%

Ringcentral,

Inc.,

Class

A

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

(2,662)

(81,658‌)

0.90%

Western

Digital

Corp

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

(2,130)

(80,232‌)

0.88%

Xerox

Holdings

Corp

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

(5,706)

(87,880‌)

0.97%

Zoominfo

Technologies,

Inc.,

Class

A

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

(3,880)

(95,872‌)

1.06%

(918,295‌)

Total

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

$

(9,060,742‌)

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

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

682

$

112,885‌

0.99%

International

Flavors

&

Fragra

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

1,313

120,718‌

1.06%

Sherwin-Williams

Co.

(The)

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

501

112,711‌

0.99%

346,314‌

Simplify

High

Yield

PLUS

Credit

Hedge

ETF

Schedule

of

Investments

(Continued)

March

31,

2023

(Unaudited)

5

Shares

Value

%

of

basket

Common

Stocks

(continued)

Communications

Interpublic

Group

of

Cos.,

Inc.

(The)

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

3,269

$

121,729‌

1.07%

Match

Group,

Inc.

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

2,975

114,212‌

1.00%

Omnicom

Group

Inc

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

1,268

119,578‌

1.05%

Sirius

XM

Holdings

Inc

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

29,832

118,433‌

1.04%

473,952‌

Consumer,

Cyclical

AutoZone

Inc

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

45

110,498‌

0.97%

Core

&

Main

Inc,

Class

A

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

5,089

117,544‌

1.03%

Domino's

Pizza

Inc

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

347

114,588‌

1.01%

Hilton

Worldwide

Holdings,

Inc.

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

799

112,618‌

0.99%

Home

Depot,

Inc.

(The)

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

377

111,285‌

0.98%

LKQ

Corp

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

2,035

115,486‌

1.01%

Lululemon

Athletica,

Inc.

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

370

134,867‌

1.18%

NVR,

Inc.

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

20

113,675‌

1.00%

O'Reilly

Automotive

Inc

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

133

112,665‌

0.99%

Pool

Corp

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

314

107,475‌

0.94%

Thor

Industries

Inc

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

1,362

108,439‌

0.95%

Wyndham

Hotels

&

Resorts

Inc

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

1,610

109,216‌

0.96%

Yum!

Brands

Inc

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

854

112,817‌

0.99%

1,481,173‌

Consumer,

Non-cyclical

Abbott

Laboratories

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

1,110

112,430‌

0.99%

AbbVie,

Inc.

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

705

112,331‌

0.98%

Automatic

Data

Processing,

Inc.

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

509

113,365‌

0.99%

Avantor,

Inc.

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

5,292

111,870‌

0.98%

Avery

Dennison

Corp

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

634

113,479‌

1.00%

Centene

Corp

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

1,709

108,025‌

0.95%

Chemed

Corp.

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

210

113,146‌

0.99%

Church

&

Dwight

Co.,

Inc.

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

1,260

111,386‌

0.98%

Cigna

Corp.

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

402

102,632‌

0.90%

Cintas

Corp.

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

251

116,209‌

1.02%

CVS

Health

Corp

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

1,440

107,019‌

0.94%

Elevance

Health,

Inc.

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

238

109,381‌

0.96%

General

Mills,

Inc.

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

1,341

114,639‌

1.01%

Global

Payments

Inc

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

1,092

114,876‌

1.01%

Grand

Canyon

Education

Inc

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

1,002

114,077‌

1.00%

Hershey

Co.

(The)

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

444

113,027‌

0.99%

Kraft

Heinz

Co.

(The)

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

2,849

110,184‌

0.97%

Molina

Healthcare,

Inc.

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

417

111,443‌

0.98%

Philip

Morris

International

In

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

1,129

109,797‌

0.96%

Procter

&

Gamble

Co.

(The)

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

766

113,841‌

1.00%

ResMed,

Inc.

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

522

114,332‌

1.00%

Rollins

Inc

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

3,004

112,734‌

0.99%

UnitedHealth

Group,

Inc.

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

233

110,259‌

0.97%

Verisk

Analytics

Inc,

Class

A

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

603

115,763‌

1.02%

2,686,245‌

Energy

Antero

Midstream

Corp.

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

10,913

114,482‌

1.00%

Dt

Midstream,

Inc.

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

2,278

112,461‌

0.99%

ONEOK

Inc

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

1,784

113,333‌

0.99%

Simplify

High

Yield

PLUS

Credit

Hedge

ETF

Schedule

of

Investments

(Continued)

March

31,

2023

(Unaudited)

6

Shares

Value

%

of

basket

Common

Stocks

(continued)

Energy

(continued)

Texas

Pacific

Land

Corp.

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

68

$

115,892‌

1.02%

456,168‌

Financial

Aon

PLC,

Class

A

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

380

119,773‌

1.05%

Arthur

J

Gallagher

&

Co

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

613

117,308‌

1.03%

Brown

&

Brown

Inc

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

2,032

116,698‌

1.02%

Cboe

Global

Markets

Inc

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

888

119,239‌

1.05%

CME

Group,

Inc.,

Class

A

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

594

113,850‌

1.00%

Digital

Realty

Trust

Inc

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

1,032

101,419‌

0.89%

EastGroup

Properties,

Inc.

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

675

111,537‌

0.98%

Extra

Space

Storage,

Inc.

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

689

112,275‌

0.99%

Intercontinental

Exchange

Inc

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

1,114

116,127‌

1.02%

Life

Storage,

Inc.

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

917

120,227‌

1.06%

NASDAQ,

Inc.

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

2,092

114,362‌

1.00%

National

Storage

Affiliates

Tr

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

2,593

108,329‌

0.95%

Omega

Healthcare

Investors

Inc

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

3,824

104,804‌

0.92%

Prologis

Inc

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

905

112,896‌

0.99%

1,588,844‌

Industrial

Agilent

Technologies,

Inc.

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

810

112,081‌

0.98%

Allegion

plc

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

1,046

111,611‌

0.98%

AMETEK,

Inc.

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

810

117,770‌

1.03%

Amphenol

Corp,

Class

A

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

1,428

116,700‌

1.02%

CH

Robinson

Worldwide

Inc

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

1,113

110,558‌

0.97%

Crown

Holdings,

Inc.

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

1,392

115,146‌

1.01%

Dover

Corp

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

774

117,573‌

1.03%

Fortune

Brands

Innovations,

Inc.

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

1,932

113,437‌

1.00%

Lockheed

Martin

Corp.

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

229

108,456‌

0.95%

Masco

Corp.

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

2,165

107,636‌

0.95%

Mettler-Toledo

International,

Inc.

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

75

115,481‌

1.01%

Middleby

Corp.

(The)

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

781

114,558‌

1.01%

Nordson

Corp

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

526

116,938‌

1.03%

Otis

Worldwide

Corp

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

1,338

112,924‌

0.99%

Rockwell

Automation,

Inc.

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

393

115,179‌

1.01%

Sealed

Air

Corp.

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

2,425

111,354‌

0.98%

1,817,402‌

Technology

Accenture

PLC,

Class

A

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

441

126,075‌

1.11%

Adobe,

Inc.

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

326

125,437‌

1.10%

Black

Knight

Inc

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

1,952

112,356‌

0.99%

Broadcom,

Inc.

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

173

111,277‌

0.98%

Broadridge

Financial

Solutions

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

798

116,899‌

1.03%

CACI

International

Inc,

Class

A

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

384

113,741‌

1.00%

Cognizant

Technology

Solutions

Corp.,

Class

A

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

1,903

115,933‌

1.02%

Fidelity

National

Information

Services,

Inc.

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

2,106

114,400‌

1.00%

Fiserv,

Inc.

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

994

112,336‌

0.98%

International

Business

Machines

Corp.

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

881

115,468‌

1.01%

Intuit,

Inc.

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

267

119,148‌

1.04%

KLA

Corp.

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

293

117,052‌

1.03%

Paychex,

Inc.

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

1,015

116,292‌

1.02%

Simplify

High

Yield

PLUS

Credit

Hedge

ETF

Schedule

of

Investments

(Continued)

March

31,

2023

(Unaudited)

7

Shares

Value

%

of

basket

Common

Stocks

(continued)

Technology

(continued)

SS&C

Technologies

Holdings

Inc

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

2,018

$

113,935‌

1.00%

Texas

Instruments,

Inc.

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

623

115,824‌

1.02%

Tyler

Technologies,

Inc.

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

331

117,369‌

1.03%

Zebra

Technologies

Corp,

Class

A

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

377

120,008‌

1.05%

1,983,550‌

Utilities

AES

Corp.

(The)

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

4,711

113,441‌

1.00%

Alliant

Energy

Corp

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

2,045

109,202‌

0.96%

Edison

International

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

1,594

112,526‌

0.99%

Essential

Utilities,

Inc.

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

2,509

109,517‌

0.96%

OGE

Energy

Corp.

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

3,042

114,551‌

1.00%

559,237‌

Total

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

$

11,392,885‌

100.00%

Summary

of

Investment

Type

Industry

%

of

Net

Assets

U.S.

Treasury

Bills

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

95.4‌%

Purchased

Options

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

0.0‌%†

Total

Investments

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

95.4‌%

Other

Assets

in

Excess

of

Liabilities

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

4.6‌%

Net

Assets

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

100.0‌%