Simplify
Bitcoin
Strategy
PLUS
Income
ETF
Consolidated
Schedule
of
Investments
March
31,
2024
(Unaudited)
1
Principal
Value
U.S.
Treasury
Bills
–
286.3%
U.S.
Treasury
Bill,
5.40%,
4/2/2024(a)
.........................................
$
4,500,000
$
4,499,348
U.S.
Treasury
Bill,
5.40%,
4/30/2024(a)(b)
......................................
4,000,000
3,983,074
U.S.
Treasury
Bill,
5.39%,
5/21/2024(a)(c)
......................................
45,000,000
44,671,250
U.S.
Treasury
Bill,
5.39%,
6/6/2024(a)
.........................................
5,500,000
5,447,440
U.S.
Treasury
Bill,
5.39%,
6/18/2024(a)(b)
......................................
1,400,000
1,384,284
U.S.
Treasury
Bill,
5.35%,
6/25/2024(a)(b)
......................................
4,300,000
4,247,544
Total
U.S.
Treasury
Bills
(Cost
$64,232,201)
........................................
64,232,940
Number
of
Contracts
Notional
Amount
Purchased
Options
–
0.2%
Calls
–
Exchange-Traded
–
0.1%
iShares
20+
Year
Treasury
Bond
ETF,
April
Strike
Price
$104,
Expires
4/12/24
359
3,733,600
718
ishares
Russell
2000
ETF,
April
Strike
Price
$230,
Expires
4/05/24
........
355
8,165,000
710
ishares
Russell
2000
ETF,
April
Strike
Price
$230,
Expires
4/12/24
........
914
21,022,000
5,941
SPDR
Gold
Shares,
April
Strike
Price
$230,
Expires
4/12/24
.............
233
5,359,000
1,631
SPDR
S&P
Biotech
ETF,
April
Strike
Price
$109,
Expires
4/05/24
.........
806
8,785,400
1,612
SPDR
S&P
Biotech
ETF,
April
Strike
Price
$106,
Expires
4/12/24
.........
652
6,911,200
7,498
SPDR
S&P
Oil
&
Gas
Exploration
&
Production
ETF,
April
Strike
Price
$170,
Expires
4/05/24
...............................................
398
6,766,000
597
SPDR
S&P
Oil
&
Gas
Exploration
&
Production
ETF,
April
Strike
Price
$170,
Expires
4/12/24
...............................................
162
2,754,000
891
19,598
Puts
–
Exchange-Traded
–
0.1%
iShares
20+
Year
Treasury
Bond
ETF,
April
Strike
Price
$85,
Expires
4/12/24
359
3,051,500
718
S&P
500
Index,
April
Strike
Price
$4,750,
Expires
4/05/24
...............
63
29,925,000
2,363
S&P
500
Index,
April
Strike
Price
$4,750,
Expires
4/10/24
...............
64
30,400,000
6,880
9,961
Total
Purchased
Options
(Cost
$54,547)
.............................................
29,559
Total
Investments
–
286.5%
(Cost
$64,286,748)
............................................................
$
64,262,499
Liabilities
in
Excess
of
Other
Assets
–
(186.5)%
.......................................
(41,828,789)
Net
Assets
–
100.0%
............................................................
$
22,433,710
Number
of
Contracts
Notional
Amount
Written
Options
–
(0.5)%
Calls
–
Exchange-Traded
–
(0.3)%
iShares
20+
Year
Treasury
Bond
ETF,
April
Strike
Price
$98.5,
Expires
4/12/24
......................................................
(359)
$
(3,536,150)
$
(3,231)
ishares
Russell
2000
ETF,
April
Strike
Price
$221,
Expires
4/05/24
........
(355)
(7,845,500)
(1,953)
ishares
Russell
2000
ETF,
April
Strike
Price
$220,
Expires
4/12/24
........
(914)
(20,108,000)
(42,958)
SPDR
Gold
Shares,
April
Strike
Price
$220,
Expires
4/12/24
.............
(233)
(5,126,000)
(5,825)
SPDR
S&P
Biotech
ETF,
April
Strike
Price
$105,
Expires
4/05/24
.........
(806)
(8,463,000)
(2,418)
SPDR
S&P
Biotech
ETF,
April
Strike
Price
$102.5,
Expires
4/12/24
........
(652)
(6,683,000)
(18,582)
Simplify
Bitcoin
Strategy
PLUS
Income
ETF
Consolidated
Schedule
of
Investments
(Continued)
March
31,
2024
(Unaudited)
2
††
The
percentage
shown
for
each
investment
category
is
the
total
value
of
investments
in
that
category
as
a
percentage
of
the
net
assets
of
the
Fund.
The
table
depicts
the
Fund's
investments
but
may
not
represent
the
Fund's
market
exposure
to
certain
derivatives,
if
any,
which
are
included
in
Liabilities
in
Excess
of
Other
Assets.
Number
of
Contracts
Notional
Amount
Value
SPDR
S&P
Oil
&
Gas
Exploration
&
Production
ETF,
April
Strike
Price
$162,
Expires
4/05/24
...............................................
(398)
$
(6,447,600)
$
(4,577)
SPDR
S&P
Oil
&
Gas
Exploration
&
Production
ETF,
April
Strike
Price
$162,
Expires
4/12/24
...............................................
(162)
(2,624,400)
(6,723)
(86,267)
Puts
–
Exchange-Traded
–
(0.2)%
iShares
20+
Year
Treasury
Bond
ETF,
April
Strike
Price
$91.5,
Expires
4/12/24
......................................................
(359)
$
(3,284,850)
$
(5,026)
S&P
500
Index,
April
Strike
Price
$5,050,
Expires
4/05/24
...............
(63)
(31,815,000)
(6,930)
S&P
500
Index,
April
Strike
Price
$5,050,
Expires
4/10/24
...............
(64)
(32,320,000)
(22,720)
(34,676)
Total
Written
Options
(Premiums
Received
$162,902)
...................................
$
(120,943)
(a)
Represents
a
zero
coupon
bond.
Rate
shown
reflects
the
effective
yield.
(b)
Securities
with
an
aggregate
market
value
of
$5,058,548
have
been
pledged
as
collateral
for
options
as
of
March
31,
2024.
(c)
Security,
or
a
portion
thereof,
in
the
amount
of
$44,671,250
has
been
pledged
as
collateral
for
reverse
repurchase
agreements
as
of
March
31,
2024.
At
March
31,
2024,
open
futures
contracts
were
as
follows:
Number
of
Contracts
Notional
Value
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Long
position
contracts:
CME
Bitcoin
Futures
..............................
63
$
22,531,950
4/26/24
$
603,470
Summary
of
Investment
Type††
Industry
%
of
Net
Assets
U.S.
Treasury
Bills
................................................................................
286.3%
Purchased
Options
...............................................................................
0.2%
Total
Investments
................................................................................
286.5%
Liabilities
in
Excess
of
Other
Assets
..................................................................
(186.5)%
Net
Assets
.....................................................................................
100.0%
At
March
31,
2024,
open
reverse
repurchase
agreements
were
as
follows:
Counterparty
Interest
Rate
Trade
Date
Maturity
Date
Face
Amount
Payable
for
Reverse
Repurchase
Agreements
Morgan
Stanley
Capital
Services
LLC
5.50%
3/28/2024
4/2/2024
$
43,777,825
$
43,777,825
$
43,777,825
$
43,777,825