Simplify Risk Parity Treasury ETF (TYA) NPORT-P Simplify High Yield PLUS Credit Hedge ETF (Mar 2024 report)

Simplify

High

Yield

PLUS

Credit

Hedge

ETF

Schedule

of

Investments

March

31,

2024

(Unaudited)

1

††

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

Other

Assets

in

Excess

of

Liabilities.

Principal

Value

U.S.

Treasury

Bills

–

98.4%

U.S.

Treasury

Bill,

5.38%,

4/16/2024(a)(b)

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

$

28,200,000‌

$

28,138,142‌

U.S.

Treasury

Bill,

5.40%,

4/30/2024(a)

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

1,500,000‌

1,493,653‌

U.S.

Treasury

Bill,

5.41%,

6/25/2024(a)(b)

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

34,000,000‌

33,585,231‌

Total

U.S.

Treasury

Bills

(Cost

$63,214,127)

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

63,217,026‌

Number

of

Contracts

Notional

Amount

Purchased

Options

–

0.0%†

Puts

–

Exchange-Traded

–

0.0%†

S&P

500

Index,

April

Strike

Price

$4,075,

Expires

4/19/24

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

31

12,632,500‌

2,790‌

S&P

500

Index,

May

Strike

Price

$4,280,

Expires

5/17/24

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

30

12,840,000‌

9,900‌

12,690‌

Total

Purchased

Options

(Cost

$79,897)

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

12,690‌

Total

Investments

–

98.4%

(Cost

$63,294,024)

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

$

63,229,716‌

Other

Assets

in

Excess

of

Liabilities

–

1.6%

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

1,035,455‌

Net

Assets

–

100.0%

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

$

64,265,171‌

Number

of

Contracts

Notional

Amount

Written

Options

–

(0.0)%†

Puts

–

Exchange-Traded

–

(0.0)%†

S&P

500

Index,

April

Strike

Price

$3,840,

Expires

4/19/24

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

(31)

$

(11,904,000‌)

$

(1,860‌)

S&P

500

Index,

May

Strike

Price

$4,025,

Expires

5/17/24

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

(30)

(12,075,000‌)

(6,825‌)

(8,685‌)

Total

Written

Options

(Premiums

Received

$49,933)

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

$

(8,685‌)

†

Less

than

0.05%

(a)

Represents

a

zero

coupon

bond.

Rate

shown

reflects

the

effective

yield.

(b)

Securities

with

an

aggregate

market

value

of

$26,900,479

have

been

pledged

as

collateral

for

options

as

of

March

31,

2024.

Summary

of

Investment

Type††

Industry

%

of

Net

Assets

U.S.

Treasury

Bills

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

98.4‌%

Purchased

Options

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

0.0‌%†

Total

Investments

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

98.4‌%

Other

Assets

in

Excess

of

Liabilities

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

1.6‌%

Net

Assets

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

100.0‌%

Simplify

High

Yield

PLUS

Credit

Hedge

ETF

Schedule

of

Investments

(Continued)

March

31,

2024

(Unaudited)

2

At

March

31,

2024,

centrally

cleared

credit

default

swap

contracts

outstanding

were

as

follows:

Reference

Entity

Maturity

Date

Buy/Sell

Protection

(Pay)/

Receive

Financing

Rate

(1)

Counterparty

Notional

Amount

(2)

Fair

Value

Premium

(Paid)/

Received

Unrealized

Appreciation/

(Depreciation)

CDX.NA.HY.42

06/20/2029

Buy

(3)

5.00%

Morgan

Stanley

Capital

Services

10,000,000

$

(720,818‌)

$

(689,722‌)

$

(31,096‌)

(1)

Payments

received

quarterly.

(2)

The

maximum

amount

of

future

payments

(undiscounted)

that

a

Fund

as

seller

of

protection

could

be

required

to

make

or

receive

as

a

buyer

of

credit

protection

under

a

credit

default

swap

agreement

would

be

an

amount

equal

to

the

notional

amount

of

the

agreement.

(3)

If

the

Fund

is

a

buyer

of

protection

and

a

credit

event

occurs,

as

defined

under

the

terms

of

that

particular

swap

agreement,

the

Fund

will

either

i)

receive

from

the

seller

of

protection

an

amount

equal

to

the

notional

amount

of

the

swap

and

deliver

the

referenced

obligation,

other

deliverable

obligations

or

underlying

securities

comprising

the

referenced

index

or

ii)

receive

a

net

settlement

amount

in

the

form

of

cash

or

securities

equal

to

the

notional

amount

of

the

swap

less

the

recovery

value

of

the

referenced

obligation

or

underlying

securities

comprising

the

referenced

index.

At

March

31,

2024,

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

5.33%(c)

Morgan

Stanley

Capital

Services

LLC

(63,433,697)

$

449,307‌

Morgan

Stanley

Custom

Junk

Index*

2/14/2025

5.08%(c)

Morgan

Stanley

Capital

Services

LLC

16,537,496

(912,217‌)

Morgan

Stanley

Custom

Quality

Index*

2/14/2025

5.68%(c)

Morgan

Stanley

Capital

Services

LLC

(19,431,166

)

481,623‌

$

18,713‌

*

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

Unrealized

Appreciation/(Depreciation)

of

the

securities

within

the

Morgan

Stanley

Custom

Junk

Index

basket.

Shares

Unrealized

Appreciation/

(Depreciation)

%

of

basket

Common

Stocks

Communication

Services

AT&T

Inc

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

(12,454)

$

(11,443‌)

1.25%

Cable

One

Inc

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

(392)

(8,663‌)

0.95%

Charter

Communications

Inc,

Class

A

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

(611)

(9,263‌)

1.01%

Frontier

Communications

Parent

Inc

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

(7,324)

(9,368‌)

1.03%

Nexstar

Media

Group

Inc,

Class

A

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

(1,012)

(9,100‌)

1.00%

Paramount

Global,

Class

B

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

(14,944)

(9,183‌)

1.01%

Verizon

Communications

Inc

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

(5,821)

(12,752‌)

1.40%

Simplify

High

Yield

PLUS

Credit

Hedge

ETF

Schedule

of

Investments

(Continued)

March

31,

2024

(Unaudited)

3

Shares

Unrealized

Appreciation/

(Depreciation)

%

of

basket

Common

Stocks

(continued)

Communication

Services

(continued)

Warner

Bros

Discovery

Inc

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

(20,236)

$

(9,223‌)

1.01%

ZoomInfo

Technologies

Inc,

Class

A

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

(10,342)

(8,655‌)

0.95%

(87,650‌)

Consumer

Discretionary

ADT

Inc

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

(26,418)

(9,268‌)

1.02%

Advance

Auto

Parts

Inc

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

(2,427)

(10,781‌)

1.18%

Caesars

Entertainment

Inc

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

(4,311)

(9,843‌)

1.08%

Carnival

Corp

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

(10,567)

(9,015‌)

0.99%

Gap,

Inc.

(The)

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

(7,824)

(11,253‌)

1.23%

Hanesbrands

Inc

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

(28,679)

(8,684‌)

0.95%

Kohl's

Corp

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

(6,666)

(10,144‌)

1.11%

Lithia

Motors

Inc,

Class

A

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

(526)

(8,264‌)

0.91%

Macy's

Inc

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

(8,187)

(8,544‌)

0.94%

Marriott

Vacations

Worldwide

Corp

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

(1,663)

(9,352‌)

1.02%

MGM

Resorts

International

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

(3,907)

(9,629‌)

1.05%

Newell

Brands

Inc

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

(20,217)

(8,475‌)

0.93%

Nordstrom

Inc

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

(4,486)

(4,747‌)

0.52%

Norwegian

Cruise

Line

Holdings

Ltd

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

(10,153)

(11,094‌)

1.22%

Peloton

Interactive

Inc,

Class

A

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

(38,281)

(8,564‌)

0.94%

Penn

Entertainment

Inc

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

(9,375)

(8,913‌)

0.98%

Petco

Health

&

Wellness

Co

Inc,

Class

A

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

(74,693)

(8,891‌)

0.97%

Royal

Caribbean

Cruises

Ltd

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

(1,321)

(9,589‌)

1.05%

Sabre

Corp

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

(35,246)

(4,453‌)

0.49%

Travel

+

Leisure

Co

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

(3,905)

(9,982‌)

1.09%

VF

Corp

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

(8,862)

(7,097‌)

0.78%

Victoria's

Secret

&

Co

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

(9,017)

(9,123‌)

1.00%

Wayfair

Inc,

Class

A

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

(1,772)

(6,279‌)

0.69%

(201,984‌)

Consumer

Staples

Darling

Ingredients

Inc

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

(3,866)

(9,388‌)

1.03%

Dollar

General

Corp

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

(1,154)

(9,399‌)

1.03%

Walgreens

Boots

Alliance

Inc

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

(8,221)

(9,310‌)

1.02%

(28,097‌)

Energy

Apa

Corp.

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

(5,287)

(9,489‌)

1.04%

Kosmos

Energy

Ltd

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

(18,917)

(5,886‌)

0.64%

PBF

Energy

Inc,

Class

A

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

(3,083)

(9,265‌)

1.02%

(24,640‌)

Health

Care

DaVita

Inc

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

(1,381)

(9,952‌)

1.09%

Elanco

Animal

Health

Inc

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

(10,520)

(8,941‌)

0.98%

Exact

Sciences

Corp

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

(2,866)

(10,332‌)

1.13%

Fortrea

Holdings

Inc

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

(4,591)

(9,621‌)

1.05%

ICU

Medical

Inc

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

(1,686)

(9,447‌)

1.04%

Integra

LifeSciences

Holdings

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

(3,241)

(5,998‌)

0.66%

Jazz

Pharmaceuticals

PLC

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

(1,368)

(8,599‌)

0.94%

Maravai

LifeSciences

Holdings

Inc,

Class

A

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

(30,025)

(13,591‌)

1.49%

Novocure

Ltd

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

(11,829)

(9,653‌)

1.06%

Simplify

High

Yield

PLUS

Credit

Hedge

ETF

Schedule

of

Investments

(Continued)

March

31,

2024

(Unaudited)

4

Shares

Unrealized

Appreciation/

(Depreciation)

%

of

basket

Common

Stocks

(continued)

Health

Care

(continued)

Organon

&

Co

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

(9,047)

$

(8,879‌)

0.97%

Pediatrix

Medical

Group

Inc

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

(7,431)

(3,891‌)

0.43%

Perrigo

Co

PLC

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

(5,445)

(9,151‌)

1.00%

QuidelOrtho

Corp

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

(3,601)

(9,012‌)

0.99%

R1

RCM

Inc

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

(14,813)

(9,961‌)

1.09%

Sotera

Health

Co

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

(11,389)

(7,141‌)

0.78%

Teladoc

Health

Inc

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

(10,937)

(8,622‌)

0.95%

Tenet

Healthcare

Corp

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

(1,826)

(10,021‌)

1.10%

Ultragenyx

Pharmaceutical

Inc

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

(2,475)

(6,033‌)

0.66%

Viatris

Inc

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

(14,308)

(8,919‌)

0.98%

(167,764‌)

Industrials

Air

Lease

Corp,

Class

A

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

(3,716)

(9,979‌)

1.10%

Alaska

Air

Group

Inc

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

(4,444)

(9,974‌)

1.09%

American

Airlines

Group

Inc

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

(12,095)

(9,693‌)

1.06%

Avis

Budget

Group

Inc

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

(1,536)

(9,817‌)

1.08%

Concentrix

Corp

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

(2,723)

(9,414‌)

1.03%

Delta

Air

Lines

Inc

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

(4,292)

(10,725‌)

1.18%

Driven

Brands

Holdings

Inc

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

(12,153)

(10,019‌)

1.10%

Hertz

Global

Holdings

Inc

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

(21,817)

(8,919‌)

0.98%

JetBlue

Airways

Corp

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

(20,531)

(7,953‌)

0.87%

MasTec

Inc

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

(2,265)

(11,026‌)

1.21%

Ryder

System

Inc

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

(1,514)

(9,500‌)

1.04%

Sensata

Technologies

Holding

PLC

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

(4,835)

(9,275‌)

1.02%

Southwest

Airlines

Co

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

(6,061)

(9,236‌)

1.01%

Spirit

AeroSystems

Holdings

Inc,

Class

A

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

(5,239)

(9,866‌)

1.08%

Sunrun

Inc

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

(16,721)

(11,506‌)

1.26%

United

Airlines

Holdings

Inc

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

(3,916)

(9,790‌)

1.07%

Vestis

Corp

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

(4,296)

(4,322‌)

0.47%

WESCO

International

Inc

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

(1,118)

(10,001‌)

1.10%

(171,015‌)

Information

Technology

Avnet

Inc

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

(2,555)

(6,613‌)

0.72%

BILL

Holdings

Inc

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

(2,614)

(9,379‌)

1.03%

Coherent

Corp

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

(2,834)

(8,969‌)

0.98%

DXC

Technology

Co

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

(8,012)

(8,872‌)

0.97%

Kyndryl

Holdings

Inc

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

(7,646)

(8,686‌)

0.95%

Lumentum

Holdings

Inc

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

(3,631)

(8,975‌)

0.98%

MKS

Instruments

Inc

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

(1,364)

(9,473‌)

1.04%

NCR

Voyix

Corp

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

(13,402)

(8,837‌)

0.97%

RingCentral

Inc,

Class

A

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

(5,112)

(9,272‌)

1.02%

Unity

Software

Inc

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

(6,339)

(8,836‌)

0.97%

Viasat

Inc

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

(9,455)

(8,930‌)

0.98%

Western

Digital

Corp.

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

(1,328)

(4,730‌)

0.52%

Wolfspeed

Inc

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

(6,341)

(9,766‌)

1.07%

Xerox

Holdings

Corp

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

(8,872)

(8,291‌)

0.91%

(119,629‌)

Simplify

High

Yield

PLUS

Credit

Hedge

ETF

Schedule

of

Investments

(Continued)

March

31,

2024

(Unaudited)

5

Shares

Unrealized

Appreciation/

(Depreciation)

%

of

basket

Common

Stocks

(continued)

Materials

Albemarle

Corp.

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

(1,468)

$

(10,095‌)

1.11%

Alcoa

Corp

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

(5,911)

(10,427‌)

1.14%

Berry

Global

Group

Inc

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

(2,828)

(8,929‌)

0.98%

Celanese

Corp,

Class

A

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

(1,097)

(9,846‌)

1.08%

Chemours

Co.

(The)

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

(6,093)

(8,354‌)

0.92%

FMC

Corp

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

(3,178)

(10,568‌)

1.16%

Mosaic

Co.

(The)

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

(5,523)

(9,359‌)

1.03%

O-I

Glass

Inc,

Class

I

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

(6,940)

(6,011‌)

0.66%

Scotts

Miracle-Gro

Co/The

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

(2,646)

(10,302‌)

1.13%

Sealed

Air

Corp

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

(4,578)

(8,892‌)

0.97%

Silgan

Holdings

Inc

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

(3,715)

(9,417‌)

1.03%

Sylvamo

Corp

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

(2,866)

(9,238‌)

1.01%

(111,438‌)

Total

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

$

(912,217‌)

100.00%

*

The

following

table

shows

the

individual

positions

and

related

Unrealized

Appreciation/(Depreciation)

of

the

securities

within

the

Morgan

Stanley

Custom

Quality

Index

basket.

Shares

Unrealized

Appreciation/

(Depreciation)

%

of

basket

Common

Stocks

Communication

Services

Interpublic

Group

of

Cos

Inc/T

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

5,999

$

4,727‌

0.98%

Match

Group,

Inc.

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

5,792

5,074‌

1.06%

Omnicom

Group

Inc

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

2,106

4,922‌

1.02%

Sirius

XM

Holdings

Inc

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

47,978

4,496‌

0.93%

19,219‌

Consumer

Discretionary

AutoZone

Inc

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

62

4,733‌

0.98%

Birkenstock

Holding

Plc

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

4,126

4,708‌

0.98%

Deckers

Outdoor

Corp

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

214

4,855‌

1.01%

Domino's

Pizza

Inc

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

440

5,284‌

1.10%

Grand

Canyon

Education

Inc

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

1,464

4,817‌

1.00%

Home

Depot,

Inc.

(The)

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

521

4,823‌

1.00%

LKQ

Corp

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

3,772

4,866‌

1.01%

Lululemon

Athletica,

Inc.

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

418

3,943‌

0.82%

NVR

Inc

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

26

5,024‌

1.04%

O'Reilly

Automotive

Inc

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

175

4,759‌

0.99%

Pool

Corp

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

487

4,742‌

0.98%

TopBuild

Corp

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

474

5,047‌

1.05%

Yum!

Brands

Inc

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

1,420

4,754‌

0.99%

62,355‌

Consumer

Staples

Church

&

Dwight

Co

Inc

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

1,862

4,691‌

0.97%

General

Mills

Inc

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

2,911

4,918‌

1.02%

Hershey

Co/The

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

1,004

4,716‌

0.98%

Kenvue

Inc

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

9,553

4,951‌

1.03%

Simplify

High

Yield

PLUS

Credit

Hedge

ETF

Schedule

of

Investments

(Continued)

March

31,

2024

(Unaudited)

6

Shares

Unrealized

Appreciation/

(Depreciation)

%

of

basket

Common

Stocks

(continued)

Consumer

Staples

(continued)

Kraft

Heinz

Co/The

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

5,654

$

5,038‌

1.04%

Philip

Morris

International

Inc

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

2,061

4,560‌

0.95%

Procter

&

Gamble

Co/The

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

1,204

4,718‌

0.98%

33,592‌

Energy

Antero

Midstream

Corp

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

14,544

4,938‌

1.03%

Cheniere

Energy

Inc

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

1,205

4,692‌

0.97%

HF

Sinclair

Corp

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

3,275

4,774‌

0.99%

Texas

Pacific

Land

Corp.

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

350

4,887‌

1.02%

19,291‌

Financials

Aon

PLC,

Class

A

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

609

4,909‌

1.02%

Arthur

J

Gallagher

&

Co

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

768

4,635‌

0.96%

Brown

&

Brown

Inc

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

2,288

4,836‌

1.00%

Cboe

Global

Markets

Inc

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

1,059

4,698‌

0.98%

Corpay

Inc

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

657

4,897‌

1.02%

Fiserv

Inc

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

1,299

5,012‌

1.04%

Intercontinental

Exchange

Inc

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

1,443

4,790‌

1.00%

Marsh

&

McLennan

Cos.,

Inc.

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

942

4,684‌

0.97%

Nasdaq

Inc

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

3,256

4,962‌

1.03%

43,423‌

Health

Care

AbbVie

Inc

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

1,092

4,804‌

1.00%

Avantor

Inc

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

7,748

4,784‌

0.99%

Chemed

Corp

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

300

4,656‌

0.97%

Cigna

Group/The

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

552

4,841‌

1.01%

CVS

Health

Corp

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

2,510

4,836‌

1.00%

Elevance

Health

Inc

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

379

4,742‌

0.98%

IDEXX

Laboratories,

Inc.

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

367

4,782‌

0.99%

Mettler-Toledo

International

Inc

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

147

4,717‌

0.98%

Molina

Healthcare

Inc

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

480

4,766‌

0.99%

ResMed,

Inc.

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

1,022

4,890‌

1.02%

Stryker

Corp.

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

552

4,768‌

0.99%

UnitedHealth

Group

Inc

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

396

4,730‌

0.98%

57,316‌

Industrials

Allegion

plc

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

1,490

4,848‌

1.01%

AMETEK

Inc

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

1,070

4,728‌

0.98%

Broadridge

Financial

Solutions

Inc

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

971

4,802‌

1.00%

CACI

International

Inc,

Class

A

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

521

4,770‌

0.99%

Cintas

Corp

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

310

5,139‌

1.07%

Core

&

Main

Inc,

Class

A

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

3,816

5,276‌

1.09%

Dover

Corp.

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

1,107

4,737‌

0.98%

IDEX

Corp

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

810

4,772‌

0.99%

Illinois

Tool

Works

Inc

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

728

4,717‌

0.98%

Masco

Corp.

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

2,620

4,991‌

1.04%

Nordson

Corp

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

738

4,895‌

1.02%

Nvent

Electric

PLC

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

2,777

5,057‌

1.05%

Simplify

High

Yield

PLUS

Credit

Hedge

ETF

Schedule

of

Investments

(Continued)

March

31,

2024

(Unaudited)

7

Shares

Unrealized

Appreciation/

(Depreciation)

%

of

basket

Common

Stocks

(continued)

Industrials

(continued)

Paychex

Inc

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

1,616

$

4,791‌

0.99%

Pentair

PLC

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

2,410

4,972‌

1.03%

Rockwell

Automation

Inc

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

692

4,867‌

1.01%

Rollins

Inc

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

4,192

4,684‌

0.97%

Veralto

Corp

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

2,246

4,810‌

1.00%

Verisk

Analytics

Inc,

Class

A

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

829

4,717‌

0.98%

87,573‌

Information

Technology

Accenture

PLC,

Class

A

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

519

4,342‌

0.90%

Adobe

Inc

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

395

4,808‌

1.00%

Amphenol

Corp,

Class

A

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

1,778

4,952‌

1.03%

Broadcom

Inc

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

157

5,034‌

1.05%

Cisco

Systems

Inc

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

3,971

4,786‌

0.99%

Cognizant

Technology

Solutions

Corp,

Class

A

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

2,579

4,565‌

0.95%

Crane

NXT

Co

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

3,199

4,781‌

0.99%

Intuit

Inc

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

311

4,876‌

1.01%

Manhattan

Associates,

Inc.

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

787

4,754‌

0.99%

Microsoft

Corp

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

467

4,741‌

0.98%

Motorola

Solutions,

Inc.

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

565

4,840‌

1.01%

NetApp

Inc

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

1,899

4,813‌

1.00%

Oracle

Corp

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

1,548

4,695‌

0.98%

Trimble

Inc

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

3,131

4,866‌

1.01%

Tyler

Technologies

Inc

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

467

4,791‌

0.99%

71,644‌

Materials

Amcor

PLC

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

20,497

4,707‌

0.98%

Avery

Dennison

Corp

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

901

4,857‌

1.01%

Ecolab

Inc

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

857

4,780‌

0.99%

Element

Solutions

Inc

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

8,059

4,862‌

1.01%

Reliance

Steel

&

Aluminum

Co

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

606

4,891‌

1.01%

Sherwin-Williams

Co/The

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

581

4,870‌

1.01%

28,967‌

Real

Estate

Agree

Realty

Corp

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

3,431

4,733‌

0.98%

CubeSmart

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

4,542

4,960‌

1.03%

EastGroup

Properties

Inc

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

1,103

4,787‌

0.99%

Equity

Residential

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

3,083

4,698‌

0.98%

Extra

Space

Storage

Inc

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

1,395

4,951‌

1.03%

First

Industrial

Realty

Trust

Inc

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

3,724

4,725‌

0.98%

National

Storage

Affiliates

Trust

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

5,369

5,078‌

1.05%

33,932‌

Utilities

Alliant

Energy

Corp

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

4,016

4,887‌

1.02%

Edison

International

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

2,824

4,824‌

1.00%

Essential

Utilities

Inc

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

5,398

4,829‌

1.00%

NRG

Energy

Inc

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

3,039

4,969‌

1.03%

Simplify

High

Yield

PLUS

Credit

Hedge

ETF

Schedule

of

Investments

(Continued)

March

31,

2024

(Unaudited)

8

Shares

Unrealized

Appreciation/

(Depreciation)

%

of

basket

Common

Stocks

(continued)

Utilities

(continued)

OGE

Energy

Corp

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

5,797

$

4,802‌

1.00%

24,311‌

Total

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

$

481,623‌

100.00%