Shares
Value
Exchange-Traded
Funds
–
93.5%
Simplify
Aggregate
Bond
Plus
Credit
Hedge
ETF(a)(b)(c)
..............................
202,411
$
4,617,825
Simplify
Enhanced
Income
ETF(a)(c)
..............................................
71,332
1,778,692
Simplify
High
Yield
PLUS
Credit
Hedge
ETF(a)(c)
....................................
42,745
937,432
Simplify
Interest
Rate
Hedge
ETF(a)(c)
............................................
43,575
2,655,896
Simplify
Stable
Income
ETF(a)(c)
.................................................
71,759
1,794,879
Simplify
Volatility
Premium
ETF(a)(c)
..............................................
186,681
4,060,312
Total
Exchange-Traded
Funds
(Cost
$14,464,996)
.................................................
15,845,036
Number
of
Contracts
Notional
Amount
Purchased
Options
–
11.2%
Calls
–
Exchange-Traded
–
3.5%
Chicago
Board
Options,
November
Strike
Price
$20,
Expires
11/15/23
.....
1,000
$
2,000,000
600,000
Puts
–
Exchange-Traded
–
7.7%
iShares
iBoxx High
Yield
Corporate
Bond
ETF,
April
Strike
Price
$73,
Expires
4/21/23
......................................................
3,600
26,280,000
79,200
S&P
500
Index,
April
Strike
Price
$4,000,
Expires
4/17/23
...............
437
174,800,000
913,330
S&P
500
Index,
April
Strike
Price
$3,965,
Expires
4/21/23
...............
47
18,635,500
100,815
S&P
500
Index,
May
Strike
Price
$3,625,
Expires
5/19/23
...............
157
56,912,500
208,025
1,301,370
Total
Purchased
Options
(Cost
$3,829,513)
.........................................................
1,901,370
Shares
Money
Market
Funds
–
0.2%
Fidelity
Investments
Money
Market
Treasury
Only
Portfolio
-
Class
I,
4.41%(d)
(Cost
$30,765)
..............................................................
30,765
30,765
Total
Investments
–
104.9%
(Cost
$18,325,274)
..........................................................................
$
17,777,171
Liabilities
in
Excess
of
Other
Assets
–
(4.9)%
.......................................................
(834,483)
Net
Assets
–
100.0%
..........................................................................
$
16,942,688
Number
of
Contracts
Notional
Amount
Written
Options
–
(4.6)%
Calls
–
Exchange-Traded
–
(1.7)%
Chicago
Board
Options,
November
Strike
Price
$30,
Expires
11/15/23
.....
(1,000)
$
(3,000,000)
$
(288,500)
Puts
–
Exchange-Traded
–
(2.9)%
S&P
500
Index,
April
Strike
Price
$3,900,
Expires
4/17/23
...............
(437)
(170,430,000)
(393,300)
S&P
500
Index,
May
Strike
Price
$3,430,
Expires
5/19/23
...............
(157)
(53,851,000)
(103,620)
(496,920)
Total
Written
Options
(Premiums
Received
$1,507,606)
...............................................
$
(785,420)
(a)
Affiliated
fund
managed
by
Simplify
Asset
Management
Inc.
(b)
A
copy
of
the
security's
annual
report
to
shareholders
may
be
obtained
without
charge
at
www.simplify.us.
(c)
Securities
with
an
aggregate
market
value
of
$9,727,523
have
been
pledged
as
collateral
for
options
as
of
March
31,
2023.
