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

Simplify

High

Yield

PLUS

Credit

Hedge

ETF

Schedule

of

Investments

September

30,

2023

(Unaudited)

1

Principal

Value

U.S.

Treasury

Bills

–

100.4%

U.S.

Treasury

Bill,

5.33%,

10/3/2023(a)(b)

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

$

15,000,000‌

$

14,997,816‌

U.S.

Treasury

Bill,

5.42%,

12/21/2023(a)(b)

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

28,400,000‌

28,065,274‌

U.S.

Treasury

Bill,

5.54%,

3/28/2024(a)

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

2,700,000‌

2,629,100‌

Total

U.S.

Treasury

Bills

(Cost

$45,686,199)

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

45,692,190‌

Number

of

Contracts

Notional

Amount

Purchased

Options

–

0.2%

Puts

–

Exchange-Traded

–

0.2%

S&P

500

Index,

October

Strike

Price

$3,870,

Expires

10/20/23

...........

22

8,514,000‌

8,030‌

S&P

500

Index,

November

Strike

Price

$3,700,

Expires

11/17/23

..........

13

4,810,000‌

9,750‌

S&P

500

Index,

December

Strike

Price

$3,810,

Expires

12/15/23

.........

24

9,144,000‌

52,560‌

70,340‌

Total

Purchased

Options

(Cost

$93,402)

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

70,340‌

Total

Investments

–

100.6%

(Cost

$45,779,601)

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

$

45,762,530‌

Liabilities

in

Excess

of

Other

Assets

–

(0.6)%

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

(257,666‌)

Net

Assets

–

100.0%

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

$

45,504,864‌

Number

of

Contracts

Notional

Amount

Written

Options

–

(0.1)%

Puts

–

Exchange-Traded

–

(0.1)%

S&P

500

Index,

October

Strike

Price

$3,640,

Expires

10/20/23

...........

(22)

$

(8,008,000‌)

$

(4,345‌)

S&P

500

Index,

November

Strike

Price

$3,475,

Expires

11/17/23

..........

(13)

(4,517,500‌)

(5,395‌)

S&P

500

Index,

December

Strike

Price

$3,575,

Expires

12/15/23

.........

(24)

(8,580,000‌)

(26,880‌)

(36,620‌)

Total

Written

Options

(Premiums

Received

$58,710)

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

$

(36,620‌)

(a)

Represents

a

zero

coupon

bond.

Rate

shown

reflects

the

effective

yield.

(b)

Securities

with

an

aggregate

market

value

of

$24,583,290

have

been

pledged

as

collateral

for

options

as

of

September

30,

2023.

At

September

30,

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

4.43%(c)

Morgan

Stanley

Capital

Services

LLC

(45,492,509)

$

(642,111‌)

Morgan

Stanley

Custom

Junk

Index*

2/15/2024

5.08%(c)

Morgan

Stanley

Capital

Services

LLC

11,858,481

541,896‌

Morgan

Stanley

Custom

Quality

Index*

2/15/2024

5.68%(c)

Morgan

Stanley

Capital

Services

LLC

(13,908,512)

(400,262‌)

$

(500,477‌)

Simplify

High

Yield

PLUS

Credit

Hedge

ETF

Schedule

of

Investments

(Continued)

September

30,

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.

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

(4,178)

$

(121,412‌)

1.07%

Celanese

Corp.,

Class

A

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

(1,107)

(138,957‌)

1.23%

Chemours

Co.

(The)

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

(3,819)

(107,123‌)

0.94%

Sylvamo

Corp

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

(2,578)

(113,273‌)

1.00%

(480,765‌)

Communications

AT&T,

Inc.

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

(11,719)

(176,018‌)

1.55%

Cable

One,

Inc.

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

(197)

(121,558‌)

1.07%

Charter

Communications

Inc,

Class

A

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

(365)

(160,630‌)

1.41%

Dish

Network

Corp.,

Class

A

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

(19,946)

(116,883‌)

1.03%

Frontier

Communications

Parent,

Inc.

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

(11,586)

(181,327‌)

1.60%

Lumen

Technologies,

Inc.

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

(64,434)

(91,496‌)

0.80%

Lyft,

Inc.,

Class

A

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

(10,329)

(108,873‌)

0.96%

Nexstar

Media

Group,

Inc.,

Class

A

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

(781)

(111,951‌)

0.99%

Verizon

Communications,

Inc.

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

(5,297)

(171,690‌)

1.51%

Viasat,

Inc.

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

(4,963)

(91,622‌)

0.81%

Warner

Bros

Discovery

Inc

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

(10,846)

(117,786‌)

1.04%

Wayfair

Inc,

Class

A

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

(753)

(45,588‌)

0.40%

(1,495,422‌)

Consumer,

Cyclical

Advance

Auto

Parts

Inc

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

(1,985)

(111,001‌)

0.98%

Alaska

Air

Group,

Inc.

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

(3,048)

(113,028‌)

0.99%

American

Airlines

Group,

Inc.

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

(9,127)

(116,921‌)

1.03%

Caesars

Entertainment,

Inc.

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

(2,483)

(115,096‌)

1.01%

Carnival

Corp.

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

(8,132)

(111,566‌)

0.98%

Delta

Air

Lines,

Inc.

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

(3,178)

(117,590‌)

1.04%

Gap,

Inc.

(The)

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

(13,446)

(142,927‌)

1.26%

Hanesbrands,

Inc.

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

(25,601)

(101,379‌)

0.89%

Jetblue

Airways

Corp.

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

(15,753)

(72,464‌)

0.64%

Kohl's

Corp.

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

(5,207)

(109,140‌)

0.96%

Lithia

Motors

Inc,

Class

A

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

(404)

(119,250‌)

1.05%

Macy's,

Inc.

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

(10,657)

(123,730‌)

1.09%

Marriott

Vacations

Worldwide

C

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

(1,033)

(103,991‌)

0.92%

MGM

Resorts

International

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

(3,025)

(111,204‌)

0.98%

Newell

Brands,

Inc.

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

(13,546)

(122,322‌)

1.08%

Norwegian

Cruise

Line

Holdings

Ltd.

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

(7,018)

(115,663‌)

1.02%

Peloton

Interactive

Inc,

Class

A

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

(23,556)

(118,956‌)

1.05%

Penn

Entertainment

Inc

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

(5,048)

(115,844‌)

1.02%

Simplify

High

Yield

PLUS

Credit

Hedge

ETF

Schedule

of

Investments

(Continued)

September

30,

2023

(Unaudited)

3

Shares

Value

%

of

basket

Common

Stocks

(continued)

Consumer,

Cyclical

(continued)

Petco

Health

&

Wellness

Co

Inc,

Class

A

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

(27,610)

$

(112,923‌)

0.99%

PVH

Corp

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

(1,134)

(86,736‌)

0.76%

Royal

Caribbean

Cruises

Ltd.

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

(1,289)

(118,728‌)

1.05%

Scotts

Miracle-GRO

Co.

(The)

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

(2,482)

(128,260‌)

1.13%

SIX

Flags

Entertainment

Corp.

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

(4,405)

(103,560‌)

0.91%

Southwest

Airlines

Co.

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

(4,182)

(113,213‌)

1.00%

Travel

+

Leisure

Co.

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

(3,081)

(113,175‌)

1.00%

United

Airlines

Holdings,

Inc.

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

(2,702)

(114,310‌)

1.01%

VF

Corp

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

(6,854)

(121,102‌)

1.07%

Victoria's

Secret

&

Co.

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

(6,421)

(107,099‌)

0.94%

Walgreens

Boots

Alliance,

Inc.

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

(5,518)

(122,716‌)

1.08%

WESCO

International,

Inc.

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

(832)

(119,672‌)

1.05%

(3,403,566‌)

Consumer,

Non-cyclical

ADT

Inc

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

(19,462)

(116,775‌)

1.03%

Avis

Budget

Group,

Inc.

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

(598)

(107,455‌)

0.95%

Baxter

International,

Inc.

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

(3,199)

(120,727‌)

1.06%

Catalent,

Inc.

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

(2,856)

(130,035‌)

1.15%

Clarivate

PLC

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

(17,406)

(116,793‌)

1.03%

DaVita,

Inc.

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

(1,241)

(117,274‌)

1.03%

Driven

Brands

Holdings,

Inc.

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

(8,698)

(109,502‌)

0.96%

Dun

&

Bradstreet

Holdings,

Inc.

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

(12,375)

(123,622‌)

1.09%

Elanco

Animal

Health,

Inc.

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

(10,972)

(123,330‌)

1.09%

Hertz

Global

Holdings,

Inc.

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

(7,360)

(90,163‌)

0.79%

ICU

Medical

Inc

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

(474)

(56,392‌)

0.50%

Maravai

LifeSciences

Holdings,

Class

A

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

(11,857)

(118,568‌)

1.04%

Olaplex

Holdings,

Inc.

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

(34,139)

(66,571‌)

0.59%

Organon

&

Co.

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

(6,226)

(108,076‌)

0.95%

Pediatrix

Medical

Group

Inc

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

(6,145)

(78,108‌)

0.69%

Sabre

Corp.

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

(24,259)

(108,922‌)

0.96%

Sarepta

Therapeutics

Inc

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

(1,003)

(121,549‌)

1.07%

Sotera

Health

Co.

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

(7,635)

(114,369‌)

1.01%

Spectrum

Brands

Holdings

Inc

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

(1,622)

(127,097‌)

1.12%

Teladoc

Health,

Inc.

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

(5,600)

(104,105‌)

0.92%

Tenet

Healthcare

Corp.

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

(1,782)

(117,385‌)

1.03%

Ultragenyx

Pharmaceutical

Inc

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

(2,988)

(106,534‌)

0.94%

Viatris,

Inc.

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

(13,337)

(131,505‌)

1.16%

(2,514,857‌)

Energy

Kosmos

Energy

Ltd.

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

(16,919)

(138,395‌)

1.22%

PBF

Energy

Inc,

Class

A

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

(2,806)

(150,214‌)

1.32%

Southwestern

Energy

Co.

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

(21,925)

(141,419‌)

1.25%

Sunrun,

Inc.

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

(7,883)

(99,013‌)

0.87%

(529,041‌)

Financial

Air

Lease

Corp.,

Class

A

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

(3,089)

(121,750‌)

1.07%

Simplify

High

Yield

PLUS

Credit

Hedge

ETF

Schedule

of

Investments

(Continued)

September

30,

2023

(Unaudited)

4

Shares

Value

%

of

basket

Common

Stocks

(continued)

Industrial

Berry

Global

Group,

Inc.

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

(1,953)

$

(120,924‌)

1.07%

Coherent

Corp.

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

(3,663)

(119,564‌)

1.05%

Gates

Industrial

Corp.

PLC

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

(10,795)

(125,326‌)

1.11%

Graphic

Packaging

Holding

Co

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

(2,050)

(45,675‌)

0.40%

MasTec

Inc

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

(1,407)

(101,248‌)

0.89%

MDU

Resources

Group

Inc

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

(5,972)

(116,938‌)

1.03%

O-I

Glass,

Inc.,

Class

I

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

(5,247)

(87,789‌)

0.77%

Ryder

System,

Inc.

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

(1,423)

(152,191‌)

1.34%

Sealed

Air

Corp.

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

(3,426)

(112,590‌)

0.99%

Silgan

Holdings,

Inc.

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

(2,698)

(116,320‌)

1.03%

Spirit

Aerosystems

Holdings,

Inc.,

Class

A

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

(7,054)

(113,854‌)

1.00%

XPO

Inc

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

(2,018)

(150,698‌)

1.33%

(1,363,117‌)

Technology

Alteryx,

Inc.,

Class

A

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

(4,284)

(161,446‌)

1.42%

Concentrix

Corp

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

(1,707)

(136,713‌)

1.20%

Dxc

Technology

Co.

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

(6,137)

(127,826‌)

1.13%

Everbridge

Inc

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

(1,576)

(35,342‌)

0.31%

Kyndryl

Holdings

Inc

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

(9,736)

(147,007‌)

1.30%

Lumentum

Holdings

Inc

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

(2,461)

(111,167‌)

0.98%

MKS

Instruments,

Inc.

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

(1,384)

(119,790‌)

1.06%

NCR

Corp.

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

(4,966)

(133,946‌)

1.18%

Ringcentral,

Inc.,

Class

A

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

(4,310)

(127,705‌)

1.12%

Wolfspeed

Inc

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

(2,719)

(103,578‌)

0.91%

Xerox

Holdings

Corp.

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

(7,910)

(124,112‌)

1.09%

Zoominfo

Technologies,

Inc.,

Class

A

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

(6,982)

(114,513‌)

1.01%

(1,443,145‌)

Total

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

$

(11,351,663‌)

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.

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

775

$

131,216‌

0.97%

FMC

Corp

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

1,822

122,030‌

0.90%

Reliance

Steel

&

Aluminum

Co

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

528

138,480‌

1.02%

Sherwin-Williams

Co/The

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

527

134,380‌

0.99%

526,106‌

Communications

Cisco

Systems,

Inc.

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

2,460

132,238‌

0.98%

Interpublic

Group

of

Cos.,

Inc.

(The)

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

4,484

128,519‌

0.95%

Match

Group,

Inc.

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

3,122

122,314‌

0.90%

Omnicom

Group,

Inc.

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

1,781

132,629‌

0.98%

Sirius

XM

Holdings,

Inc.

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

34,548

156,157‌

1.15%

671,857‌

Simplify

High

Yield

PLUS

Credit

Hedge

ETF

Schedule

of

Investments

(Continued)

September

30,

2023

(Unaudited)

5

Shares

Value

%

of

basket

Common

Stocks

(continued)

Consumer,

Cyclical

Autozone,

Inc.

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

54

$

138,408‌

1.02%

Core

&

Main,

Inc.,

Class

A

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

4,885

140,924‌

1.04%

Deckers

Outdoor

Corp

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

264

135,529‌

1.00%

Domino's

Pizza,

Inc.

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

355

134,408‌

0.99%

Home

Depot,

Inc.

(The)

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

429

129,595‌

0.96%

Lululemon

Athletica

Inc

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

354

136,319‌

1.01%

NVR,

Inc.

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

23

135,276‌

1.00%

O'reilly

Automotive,

Inc.

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

148

134,683‌

0.99%

Pool

Corp.

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

394

140,209‌

1.03%

Thor

Industries,

Inc.

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

1,446

137,601‌

1.02%

YETI

Holdings

Inc

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

2,892

139,437‌

1.03%

Yum!

Brands,

Inc.

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

1,077

134,562‌

0.99%

1,636,951‌

Consumer,

Non-cyclical

Abbott

Laboratories

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

1,355

131,221‌

0.97%

AbbVie,

Inc.

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

906

135,074‌

1.00%

Agilent

Technologies,

Inc.

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

1,189

132,982‌

0.98%

Automatic

Data

Processing,

Inc.

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

562

135,188‌

1.00%

Avantor,

Inc.

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

6,303

132,867‌

0.98%

Avery

Dennison

Corp.

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

763

139,457‌

1.03%

Centene

Corp

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

2,033

140,022‌

1.03%

Chemed

Corp

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

269

139,849‌

1.03%

Church

&

Dwight

Co

Inc

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

1,448

132,649‌

0.98%

Cigna

Group

(The)

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

487

139,234‌

1.03%

Cintas

Corp.

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

268

128,729‌

0.95%

CVS

Health

Corp.

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

1,945

135,804‌

1.00%

Elevance

Health

Inc

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

312

135,819‌

1.00%

General

Mills,

Inc.

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

2,093

133,953‌

0.99%

Grand

Canyon

Education,

Inc.

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

1,240

144,953‌

1.07%

Hershey

Co.

(The)

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

649

129,875‌

0.96%

Kraft

Heinz

Co.

(The)

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

4,121

138,629‌

1.02%

Molina

Healthcare,

Inc.

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

421

137,969‌

1.02%

Mondelez

International

Inc,

Class

A

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

1,916

132,980‌

0.98%

Philip

Morris

International,

Inc.

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

1,439

133,227‌

0.98%

Procter

&

Gamble

Co.

(The)

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

898

131,011‌

0.97%

ResMed

Inc

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

948

140,198‌

1.03%

Rollins,

Inc.

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

3,723

138,963‌

1.03%

UnitedHealth

Group,

Inc.

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

283

142,800‌

1.05%

Verisk

Analytics,

Inc.,

Class

A

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

561

132,566‌

0.98%

3,396,019‌

Energy

Antero

Midstream

Corp

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

11,742

140,664‌

1.04%

Cheniere

Energy,

Inc.

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

843

139,955‌

1.03%

Hf

Sinclair

Corp.

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

2,326

132,426‌

0.97%

Marathon

Petroleum

Corp

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

896

135,633‌

1.00%

Texas

Pacific

Land

Corp

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

78

141,928‌

1.05%

690,606‌

Simplify

High

Yield

PLUS

Credit

Hedge

ETF

Schedule

of

Investments

(Continued)

September

30,

2023

(Unaudited)

6

Shares

Value

%

of

basket

Common

Stocks

(continued)

Financial

Agree

Realty

Corp

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

2,318

$

128,042‌

0.95%

Aon

PLC,

Class

A

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

410

132,950‌

0.98%

Arthur

J

Gallagher

&

Co.

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

599

136,523‌

1.01%

Brown

&

Brown,

Inc.

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

1,898

132,551‌

0.98%

Cboe

Global

Markets,

Inc.

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

924

144,265‌

1.06%

CME

Group,

Inc.,

Class

A

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

667

133,448‌

0.98%

CubeSmart

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

3,354

127,885‌

0.94%

EastGroup

Properties,

Inc.

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

771

128,373‌

0.95%

First

Industrial

Realty

Trust

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

2,683

127,703‌

0.94%

Intercontinental

Exchange,

Inc.

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

1,191

131,057‌

0.97%

NASDAQ,

Inc.

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

2,715

131,928‌

0.97%

National

Storage

Affiliates

Tr

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

3,957

125,581‌

0.93%

ProLogis,

Inc.

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

1,119

125,570‌

0.93%

STAG

Industrial

Inc

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

3,760

129,762‌

0.96%

Visa

Inc,

Class

A

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

572

131,522‌

0.97%

1,967,160‌

Industrial

Allegion

PLC

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

1,304

135,916‌

1.00%

Amcor

PLC

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

14,743

135,045‌

1.00%

AMETEK

Inc

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

909

134,328‌

0.99%

Amphenol

Corp.,

Class

A

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

1,608

135,065‌

1.00%

CH

Robinson

Worldwide,

Inc.

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

1,522

131,132‌

0.97%

Landstar

System

Inc

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

739

130,823‌

0.97%

Lockheed

Martin

Corp.

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

325

132,941‌

0.98%

Masco

Corp

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

2,521

134,771‌

0.99%

Mettler-Toledo

International

Inc

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

118

130,695‌

0.96%

Nordson

Corp.

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

597

133,295‌

0.98%

Otis

Worldwide

Corp

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

1,699

136,470‌

1.01%

Rockwell

Automation,

Inc.

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

483

138,170‌

1.02%

TopBuild

Corp

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

529

133,198‌

0.98%

Trimble,

Inc.

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

2,685

144,613‌

1.07%

1,886,462‌

Technology

Accenture

PLC,

Class

A

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

441

135,456‌

1.00%

Adobe,

Inc.

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

261

132,897‌

0.98%

Broadcom,

Inc.

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

162

134,431‌

0.99%

Broadridge

Financial

Solutions,

Inc.

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

745

133,312‌

0.98%

CACI

International

Inc,

Class

A

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

434

136,125‌

1.00%

Cognizant

Technology

Solutions

Corp.,

Class

A

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

1,964

133,073‌

0.98%

Fiserv,

Inc.

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

1,139

128,634‌

0.95%

International

Business

Machine

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

944

132,474‌

0.98%

Intuit,

Inc.

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

256

130,894‌

0.97%

Microsoft

Corp.

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

417

131,806‌

0.97%

Netapp,

Inc.

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

1,774

134,583‌

0.99%

Oracle

Corp

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

1,210

128,178‌

0.95%

Paychex,

Inc.

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

1,189

137,086‌

1.01%

Texas

Instruments,

Inc.

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

848

134,786‌

1.00%

Tyler

Technologies

Inc

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

367

141,798‌

1.05%

Simplify

High

Yield

PLUS

Credit

Hedge

ETF

Schedule

of

Investments

(Continued)

September

30,

2023

(Unaudited)

7

Shares

Value

%

of

basket

Common

Stocks

(continued)

Technology

(continued)

Zebra

Technologies

Corp.,

Class

A

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

548

$

129,703‌

0.96%

2,135,236‌

Utilities

Alliant

Energy

Corp.

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

2,662

128,981‌

0.95%

Edison

International

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

1,926

121,916‌

0.90%

Essential

Utilities

Inc

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

3,656

125,524‌

0.93%

NRG

Energy,

Inc.

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

3,525

135,802‌

1.00%

OGE

Energy

Corp.

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

3,854

128,444‌

0.95%

640,667‌

Total

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

$

13,551,064‌

100.00%

Summary

of

Investment

Type

Industry

%

of

Net

Assets

U.S.

Treasury

Bills

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

100.4‌%

Purchased

Options

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

0.2‌%

Total

Investments

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

100.6‌%

Liabilities

in

Excess

of

Other

Assets

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

(0.6‌)%

Net

Assets

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

100.0‌%