Simplify Risk Parity Treasury ETF NPORTP Simplify Opportunistic Income ETF (Mar 2024 report)

Simplify

Opportunistic

Income

ETF

Schedule

Investments

March

31,

2024

(Unaudited)

Principal

Value

U.S.

Treasury

Bills

–

46.7%

U.S.

Treasury

Bill,

5.40%,

4/2/2024(a)

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

400,000‌

399,942‌

U.S.

Treasury

Bill,

5.42%,

4/9/2024(a)

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

5,000,000‌

4,994,182‌

U.S.

Treasury

Bill,

5.52%,

5/2/2024(a)

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

23,100,000‌

22,995,081‌

U.S.

Treasury

Bill,

5.40%,

6/25/2024(a)

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

6,300,000‌

6,223,146‌

Total

U.S.

Treasury

Bills

(Cost

$34,611,182)

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

34,612,351‌

Corporate

Bonds

–

21.2%

Basic

Materials

–

0.7%

Domtar

Corp.,

6.75%,

10/1/2028,

144A(b)

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

600,000‌

545,297‌

Communications

–

3.2%

Diamond

Sports

Group

LLC

Diamond

Sports

Finance

Co.,

5.38%,

8/15/2026,

144A(b)(c)

2,500,000‌

70,312‌

Frontier

Communications

Holdings

LLC,

8.63%,

3/15/2031,

144A(b)

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

200,000‌

204,445‌

Goto

Group,

Inc.,

5.50%,

5/1/2028,

144A(b)

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

223,300‌

151,011‌

Goto

Group,

Inc.,

5.50%,

5/1/2028,

144A(b)

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

161,700‌

140,477‌

GrubHub

Holdings,

Inc.,

5.50%,

7/1/2027,

144A(b)

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

700,000‌

636,099‌

Lumen

Technologies,

Inc.,

4.00%,

2/15/2027,

144A(b)

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

1,000,000‌

620,590‌

Lumen

Technologies,

Inc.,

7.60%,

9/15/2039,

Series

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

1,550,000‌

546,987‌

2,369,921‌

Consumer,

Cyclical

–

4.8%

QVC,

Inc.,

4.38%,

9/1/2028

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

600,000‌

481,444‌

Rivian

Holdings

LLC/Rivian

Automotive

LLC,

11.49%,

(CME

6-Month

SOFR

6.03%),

10/15/2026,

144A(b)(d)

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

1,650,000‌

1,667,656‌

Tenneco,

Inc.,

8.00%,

11/17/2028,

144A(b)

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

1,500,000‌

1,369,783‌

3,518,883‌

Consumer,

Non-cyclical

–

1.4%

Radiology

Partners,

Inc.,

8.50%,

1/31/2029,

144A(b)

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

1,075,698‌

999,377‌

Energy

–

1.7%

Enterprise

Products

Operating

LLC,

5.38%,

(CME

3-Month

SOFR

2.83%),

2/15/2078(d)

550,000‌

513,989‌

Valaris

Ltd.,

8.38%,

4/30/2030,

144A(b)

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

750,000‌

775,226‌

1,289,215‌

Financial

–

7.6%

Apollo

Commercial

Real

Estate

Finance,

Inc.,

4.63%,

6/15/2029,

144A(b)

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

400,000‌

337,183‌

Athene

Global

Funding,

6.06%,

(SOFR

0.70%),

5/24/2024,

144A(b)(d)

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

1,583,000‌

1,583,854‌

First

Republic

Bank,

4.63%,

2/13/2047

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

1,500,000‌

71,250‌

Icahn

Enterprises

Icahn

Enterprises

Finance

Corp.,

4.75%,

9/15/2024

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

200,000‌

199,224‌

Liberty

Mutual

Group,

Inc.,

4.13%,

(US

Year

CMT

T-Note

3.32%),

12/15/2051,

144A(b)

1,500,000‌

1,357,575‌

Rithm

Capital

Corp.,

6.25%,

10/15/2025,

144A(b)

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

173,000‌

171,868‌

Signature

Bank/New

York

NY,

4.00%,

Month

AMERIBOR

3.89%),

10/15/2030

......

750,000‌

348,750‌

Uniti

Group

Uniti

Group

Finance,

Inc.

CSL

Capital

LLC,

10.50%,

2/15/2028,

144A(b)

650,000‌

674,484‌

Uniti

Group

Uniti

Group

Finance,

Inc.

CSL

Capital

LLC,

4.75%,

4/15/2028,

144A(b)

800,000‌

699,102‌

WeWork

Cos.

LLC,

15.00%,

8/15/2027,

144A(b)(c)

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

1,500,000‌

165,000‌

5,608,290‌

Technology

–

0.7%

Veritone,

Inc.,

1.75%,

11/15/2026

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

1,444,000‌

547,837‌

Utilities

–

1.1%

NRG

Energy,

Inc.,

10.25%,

(US

Year

CMT

T-Note

5.92%),

9/15/2172,

144A(b)(d)

...

767,000‌

823,141‌

Total

Corporate

Bonds

(Cost

$15,135,623)

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

15,701,961‌

Simplify

Opportunistic

Income

ETF

Schedule

Investments

(Continued)

March

31,

2024

(Unaudited)

Principal

Value

Asset

Backed

Securities

–

8.4%

Adams

Outdoor

Advertising

LP,

Class

Series

2023-1,

144A,

8.81%,

7/15/2053(b)

.....

500,000‌

517,880‌

Coinstar

Funding

LLC

Series

2017-1,

Class

A2,

Series

2017-1A,

144A,

5.22%,

4/25/2047(b)

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

466,250‌

418,773‌

Frontier

Issuer

LLC,

Class

Series

2023-1,

144A,

8.30%,

8/20/2053(b)

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

300,000‌

305,763‌

Frontier

Issuer

LLC,

Class

Series

2023-1,

144A,

11.50%,

8/20/2053(b)

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

300,000‌

305,523‌

Hertz

Vehicle

Financing

III

LP,

Class

Series

2021-2A,

144A,

4.34%,

12/27/2027(b)

...

750,000‌

685,267‌

Hertz

Vehicle

Financing

LLC,

Class

Series

2022-4A,

144A,

6.56%,

9/25/2026(b)

.....

1,000,000‌

980,343‌

Navient

Private

Education

Refi

Loan

Trust

2021-B,

Class

Series

2021-BA,

144A,

7/15/2069(b)

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

2,222‌

1,005,455‌

Octane

Receivables

Trust

2022-1,

Class

R1,

Series

2022-1A,

144A,

12/20/2029(b)

.....

12,121‌

1,999,965‌

Total

Asset

Backed

Securities

(Cost

$6,156,077)

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

6,218,969‌

Foreign

Bonds

–

7.3%

Communications

–

1.4%

Altice

France

Holding

SA,

10.50%,

5/15/2027,

144A(b)

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

2,000,000‌

742,143‌

Telecom

Italia

SpA/Milano,

5.30%,

5/30/2024,

144A(b)

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

300,000‌

298,957‌

1,041,100‌

Energy

–

2.2%

Brazil

Downstream

Trading

SARL,

7.25%,

6/30/2031,

144A(b)

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

808,139‌

732,917‌

Sierracol

Energy

Andina

LLC,

6.00%,

6/15/2028,

144A(b)

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

1,000,000‌

879,403‌

1,612,320‌

Government

–

3.7%

Egypt

Government

International

Bond,

7.90%,

2/21/2048

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

750,000‌

570,757‌

Mexican

Bonos,

8.00%,

9/5/2024,

Series

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

MXN

27,700,000‌

1,643,877‌

Ukraine

Government

International

Bond,

7.75%,

9/1/2028

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

1,500,000‌

494,383‌

2,709,017‌

Total

Foreign

Bonds

(Cost

$5,121,255)

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

5,362,437‌

Common

Stocks

–

6.9%

Communications

–

1.1%

Lumen

Technologies,

Inc.*

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

500,000

780,000‌

Financial

–

5.8%

AGNC

Investment

Corp.

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

180,000

1,782,000‌

Annaly

Capital

Management,

Inc.

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

93,200

1,835,108‌

ARMOUR

Residential

REIT,

Inc.,

Class

REIT

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

15,000

296,550‌

Rithm

Capital

Corp.

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

35,800

399,528‌

4,313,186‌

Total

Common

Stocks

(Cost

$4,692,327)

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

5,093,186‌

Preferred

Stocks

–

6.3%

Consumer,

Cyclical

–

1.2%

Qurate

Retail,

Inc.

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

18,600

924,792‌

Financial

–

5.1%

AGNC

Investment

Corp.,

(CME

3-Month

SOFR

5.37%),

Series

C(d)

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

23,400

588,042‌

Annaly

Capital

Management,

Inc.,

(CME

3-Month

SOFR

5.25%),

Series

F(d)

........

24,500

615,195‌

Chimera

Investment

Corp.,

(3-Month

LIBOR

5.79%),

Series

B(d)

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

24,800

611,320‌

Federal

Home

Loan

Mortgage

Corporation,

Series

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

37,500

120,000‌

Franklin

BSP

Realty

Trust,

Inc.,

Series

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

11,300

230,520‌

Rithm

Capital

Corp.,

(3-Month

LIBOR

4.97%),

Series

C(d)

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

19,996

452,309‌

Simplify

Opportunistic

Income

ETF

Schedule

Investments

(Continued)

March

31,

2024

(Unaudited)

Value

Preferred

Stocks

(continued)

Financial

(continued)

Rithm

Capital

Corp.,

(US

Year

CMT

T-Note

6.22%),

Series

D(d)

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

45,564

1,024,279‌

Silvergate

Capital

Corp.,

Series

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

10,000

105,800‌

3,747,465‌

Total

Preferred

Stocks

(Cost

$4,194,072)

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

4,672,257‌

Closed-End

Funds

–

2.4%

Equity

Funds

–

0.5%

Central

and

Eastern

Europe

Fund,

Inc.

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

40,423

384,827‌

Fixed

Income

Funds

–

1.9%

Oxford

Lane

Capital

Corp.

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

127,068

645,505‌

Western

Asset

Emerging

Markets

Debt

Fund,

Inc.

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

80,000

768,800‌

1,414,305‌

Total

Closed-End

Funds

(Cost

$1,760,519)

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

1,799,132‌

Principal

Term

Loans

–

0.3%

Communications

–

0.3%

Diamond

Sports

Group

LLC,

5.00%,

8/2/2027

(Cost

$138,268)

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

138,267‌

229,754‌

Total

Investments

–

99.5%

(Cost

$71,809,323)

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

73,690,047‌

Other

Assets

Excess

Liabilities

–

0.5%

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

396,514‌

Net

Assets

–

100.0%

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

74,086,561‌

Non

Income

Producing

(a)

Represents

zero

coupon

bond.

Rate

shown

reflects

the

effective

yield.

(b)

Security

was

purchased

(sold)

pursuant

Rule

144A

under

the

Securities

Act

1933

and

may

not

resold

(repurchased)

subject

that

rule

except

qualified

institutional

buyers.

Unless

otherwise

noted,

Rule

144A

securities

are

deemed

liquid.

Total

fair

value

Rule

144A

securities

amounts

$21,864,869,

which

represents

29.5%

net

assets

March

31,

2024.

(c)

Defaulted

security.

(d)

Floating

rate

investment.

Interest

rates

reset

periodically.

Interest

rate

shown

reflects

the

rate

effect

March

31,

2024.

For

securities

based

published

reference

rate

and

spread,

the

reference

rate

and

spread

are

indicated

the

description

above.

Currency

Abbreviations:

MXN

Mexican

Pesos

March

31,

2024,

open

futures

contracts

were

follows:

Number

Contracts

Notional

Value

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Long

position

contracts:

CBOE

VIX

Future

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

732,804‌

4/17/24

(85,746‌)

WTI

Crude

Future

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

1,663,400‌

4/22/24

80,400‌

EURO

Schatz

Future

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

500

57,017,402‌

6/6/24

36,178‌

Simplify

Opportunistic

Income

ETF

Schedule

Investments

(Continued)

March

31,

2024

(Unaudited)

Number

Contracts

Notional

Value

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Long

position

contracts:

(continued)

Total

unrealized

appreciation/(depreciation)

30,832‌

Short

position

contracts:

EURO

BTP

Future

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

(136)

(17,461,631‌)

6/6/24

(201,541‌)

Total

net

unrealized

depreciation

(170,709‌)

March

31,

2024,

centrally

cleared

credit

default

swap

contracts

outstanding

were

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

28,000,000

(2,018,291‌)

(1,974,000‌)

(44,291‌)

(1)

Payments

received

quarterly.

(2)

The

maximum

amount

future

payments

(undiscounted)

that

Fund

seller

protection

could

required

make

receive

buyer

credit

protection

under

credit

default

swap

agreement

would

amount

equal

the

notional

amount

the

agreement.

(3)

the

Fund

buyer

protection

and

credit

event

occurs,

defined

under

the

terms

that

particular

swap

agreement,

the

Fund

will

either

receive

from

the

seller

protection

amount

equal

the

notional

amount

the

swap

and

deliver

the

referenced

obligation,

other

deliverable

obligations

underlying

securities

comprising

the

referenced

index

ii)

receive

net

settlement

amount

the

form

cash

securities

equal

the

notional

amount

the

swap

less

the

recovery

value

the

referenced

obligation

underlying

securities

comprising

the

referenced

index.

March

31,

2024,

over

the

counter

total

return

swap

contracts

outstanding

were

follows:

Reference

Obligation/Index

Termination

Date(a)

Financing

Rate

Paid

(Received)

the

Fund

Counterparty

Notional

Amount

Unrealized

Appreciation/

(Depreciation)(b)

Morgan

Stanley

Custom

Junk

Index*

2/19/2025

5.33%(c)

Morgan

Stanley

Capital

Services

LLC

10,998,538

(383,731‌)

Morgan

Stanley

Custom

Quality

Index*

2/19/2025

5.33%(c)

Morgan

Stanley

Capital

Services

LLC

(14,998,030)

229,676‌

(154,055‌)

The

following

table

shows

the

individual

positions

and

Unrealized

Appreciation/(Depreciation)

the

securities

within

the

Morgan

Stanley

Custom

Quality

Index

basket.

Unrealized

Appreciation/

(Depreciation)

basket

Common

Stocks

Communication

Services

Interpublic

Group

Cos

Inc/The

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

4,581

2,254‌

0.98%

Match

Group,

Inc.

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

4,422

2,420‌

1.06%

Omnicom

Group,

Inc.

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

1,608

2,347‌

1.02%

Sirius

Holdings,

Inc.

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

36,634

2,144‌

0.93%

9,165‌

Simplify

Opportunistic

Income

ETF

Schedule

Investments

(Continued)

March

31,

2024

(Unaudited)

Unrealized

Appreciation/

(Depreciation)

basket

Common

Stocks

(continued)

Consumer

Discretionary

AutoZone

Inc

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

2,257‌

0.98%

Birkenstock

Holding

Plc

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

3,151

2,246‌

0.98%

Deckers

Outdoor

Corp

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

163

2,315‌

1.01%

Domino's

Pizza,

Inc.

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

336

2,520‌

1.10%

Grand

Canyon

Education,

Inc.

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

1,118

2,297‌

1.00%

Home

Depot,

Inc.

(The)

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

398

2,300‌

1.00%

LKQ

Corp.

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

2,880

2,320‌

1.01%

Lululemon

Athletica,

Inc.

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

319

1,880‌

0.82%

NVR

Inc

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

2,396‌

1.04%

O'reilly

Automotive,

Inc.

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

133

2,269‌

0.99%

Pool

Corp.

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

372

2,261‌

0.98%

TopBuild

Corp

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

362

2,407‌

1.05%

Yum!

Brands,

Inc.

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

1,084

2,268‌

0.99%

29,736‌

Consumer

Staples

Church

Dwight

Inc

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

1,422

2,237‌

0.97%

General

Mills

Inc

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

2,222

2,345‌

1.02%

Hershey

Co/The

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

767

2,249‌

0.98%

Kenvue

Inc

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

7,294

2,361‌

1.03%

Kraft

Heinz

Co/The

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

4,317

2,402‌

1.04%

Philip

Morris

International,

Inc.

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

1,574

2,175‌

0.95%

Procter

Gamble

Co/The

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

919

2,250‌

0.98%

16,019‌

Energy

Antero

Midstream

Corp

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

11,105

2,355‌

1.03%

Cheniere

Energy

Inc

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

920

2,238‌

0.97%

Sinclair

Corp.

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

2,500

2,277‌

0.99%

Texas

Pacific

Land

Corp.

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

267

2,330‌

1.02%

9,200‌

Financials

Aon

PLC,

Class

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

465

2,341‌

1.02%

Arthur

Gallagher

Co.

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

586

2,210‌

0.96%

Brown

Brown,

Inc.

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

1,747

2,306‌

1.00%

Cboe

Global

Markets

Inc

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

808

2,240‌

0.98%

Corpay

Inc

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

502

2,336‌

1.02%

Intercontinental

Exchange

Inc

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

1,102

2,284‌

0.99%

Marsh

McLennan

Cos.,

Inc.

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

719

2,234‌

0.97%

NASDAQ,

Inc.

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

2,486

2,366‌

1.03%

18,317‌

Health

Care

AbbVie,

Inc.

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

834

2,291‌

1.00%

Avantor

Inc

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

5,916

2,281‌

0.99%

Chemed

Corp

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

229

2,220‌

0.97%

Cigna

Group

(The)

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

421

2,309‌

1.01%

CVS

Health

Corp.

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

1,917

2,306‌

1.00%

Elevance

Health

Inc

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

289

2,262‌

0.98%

IDEXX

Laboratories,

Inc.

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

280

2,281‌

0.99%

Mettler-Toledo

International

Inc

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

112

2,249‌

0.98%

Simplify

Opportunistic

Income

ETF

Schedule

Investments

(Continued)

March

31,

2024

(Unaudited)

Unrealized

Appreciation/

(Depreciation)

basket

Common

Stocks

(continued)

Health

Care

(continued)

Molina

Healthcare,

Inc.

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

367

2,273‌

0.99%

ResMed,

Inc.

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

781

2,332‌

1.02%

Stryker

Corp.

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

421

2,274‌

0.99%

UnitedHealth

Group,

Inc.

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

302

2,255‌

0.98%

27,333‌

Industrials

Allegion

PLC

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

1,138

2,312‌

1.01%

AMETEK

Inc

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

817

2,255‌

0.98%

Broadridge

Financial

Solutions

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

741

2,290‌

1.00%

CACI

International

Inc,

Class

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

398

2,275‌

0.99%

Cintas

Corp.

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

236

2,450‌

1.07%

Core

Main,

Inc.,

Class

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

2,914

2,516‌

1.09%

Dover

Corp.

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

845

2,259‌

0.98%

IDEX

Corp

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

618

2,275‌

0.99%

Illinois

Tool

Works

Inc

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

556

2,250‌

0.98%

Masco

Corp.

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

2,001

2,380‌

1.04%

Nordson

Corp.

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

564

2,334‌

1.02%

Nvent

Electric

PLC

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

2,121

2,412‌

1.05%

Paychex,

Inc.

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

1,234

2,285‌

0.99%

Pentair

PLC

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

1,840

2,371‌

1.03%

Rockwell

Automation,

Inc.

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

528

2,321‌

1.01%

Rollins,

Inc.

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

3,201

2,234‌

0.97%

Veralto

Corp.

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

1,715

2,294‌

1.00%

Verisk

Analytics

Inc,

Class

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

633

2,249‌

0.98%

41,762‌

Information

Technology

Accenture

PLC,

Class

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

396

2,071‌

0.90%

Adobe,

Inc.

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

301

2,293‌

1.00%

Amphenol

Corp.,

Class

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

1,357

2,362‌

1.03%

Broadcom,

Inc.

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

120

2,401‌

1.05%

Cisco

Systems,

Inc.

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

3,032

2,283‌

0.99%

Cognizant

Technology

Solutions

Corp.,

Class

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

1,970

2,177‌

0.95%

Crane

NXT

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

2,442

2,280‌

0.99%

Fiserv,

Inc.

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

992

2,390‌

1.04%

Intuit,

Inc.

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

237

2,325‌

1.01%

Manhattan

Associates,

Inc.

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

601

2,267‌

0.99%

Microsoft

Corp

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

356

2,261‌

0.98%

Motorola

Solutions,

Inc.

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

431

2,308‌

1.01%

NetApp

Inc

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

1,450

2,295‌

1.00%

Oracle

Corp

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

1,182

2,239‌

0.98%

Trimble

Inc

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

2,390

2,320‌

1.01%

Tyler

Technologies

Inc

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

356

2,284‌

0.99%

36,556‌

Materials

Amcor

PLC

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

15,650

2,245‌

0.98%

Avery

Dennison

Corp.

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

688

2,316‌

1.01%

Ecolab

Inc

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

654

2,279‌

0.99%

Element

Solutions

Inc

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

6,154

2,319‌

1.01%

Simplify

Opportunistic

Income

ETF

Schedule

Investments

(Continued)

March

31,

2024

(Unaudited)

Unrealized

Appreciation/

(Depreciation)

basket

Common

Stocks

(continued)

Materials

(continued)

Reliance

Steel

Aluminum

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

463

2,332‌

1.01%

Sherwin-Williams

Co/The

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

443

2,323‌

1.01%

13,814‌

Real

Estate

Agree

Realty

Corp

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

2,620

2,257‌

0.98%

CubeSmart

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

3,468

2,365‌

1.03%

EastGroup

Properties,

Inc.

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

842

2,283‌

0.99%

Equity

Residential

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

2,354

2,241‌

0.98%

Extra

Space

Storage

Inc

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

1,065

2,361‌

1.03%

First

Industrial

Realty

Trust

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

2,843

2,253‌

0.98%

National

Storage

Affiliates

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

4,100

2,421‌

1.06%

16,181‌

Utilities

Alliant

Energy

Corp.

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

3,066

2,331‌

1.02%

Edison

International

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

2,156

2,300‌

1.00%

Essential

Utilities

Inc

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

4,121

2,303‌

1.00%

NRG

Energy,

Inc.

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

2,321

2,369‌

1.03%

OGE

Energy

Corp.

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

4,426

2,290‌

1.00%

11,593‌

Total

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

229,676‌

100.00%

The

following

table

shows

the

individual

positions

and

Unrealized

Appreciation/(Depreciation)

the

securities

within

the

Morgan

Stanley

Custom

Junk

Index

basket.

Unrealized

Appreciation/

(Depreciation)

basket

Common

Stocks

Communication

Services

AT&T,

Inc.

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

(8,113)

(4,814‌)

1.25%

Cable

One,

Inc.

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

(255)

(3,644‌)

0.95%

Charter

Communications

Inc,

Class

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

(398)

(3,897‌)

1.01%

Frontier

Communications

Parent,

Inc.

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

(4,771)

(3,940‌)

1.03%

Nexstar

Media

Group,

Inc.,

Class

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

(659)

(3,828‌)

1.00%

Paramount

Global,

Class

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

(9,735)

(3,863‌)

1.01%

Verizon

Communications,

Inc.

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

(3,792)

(5,364‌)

1.40%

Warner

Bros

Discovery

Inc

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

(13,182)

(3,880‌)

1.01%

Zoominfo

Technologies,

Inc.,

Class

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

(6,737)

(3,641‌)

0.95%

(36,871‌)

Consumer

Discretionary

ADT

Inc

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

(17,209)

(3,899‌)

1.02%

Advance

Auto

Parts

Inc

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

(1,581)

(4,535‌)

1.18%

Caesars

Entertainment

Inc

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

(2,808)

(4,141‌)

1.08%

Carnival

Corp.

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

(6,884)

(3,792‌)

0.99%

Gap,

Inc.

(The)

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

(5,096)

(4,734‌)

1.23%

Hanesbrands,

Inc.

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

(18,682)

(3,653‌)

0.95%

Kohl's

Corp.

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

(4,342)

(4,267‌)

1.11%

Lithia

Motors

Inc,

Class

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

(343)

(3,476‌)

0.91%

Macy's,

Inc.

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

(5,333)

(3,594‌)

0.94%

Simplify

Opportunistic

Income

ETF

Schedule

Investments

(Continued)

March

31,

2024

(Unaudited)

Unrealized

Appreciation/

(Depreciation)

basket

Common

Stocks

(continued)

Consumer

Discretionary

(continued)

Marriott

Vacations

Worldwide

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

(1,083)

(3,934‌)

1.02%

MGM

Resorts

International

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

(2,545)

(4,051‌)

1.05%

Newell

Brands,

Inc.

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

(13,170)

(3,565‌)

0.93%

Nordstrom

Inc

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

(2,922)

(1,997‌)

0.52%

Norwegian

Cruise

Line

Holdings

Ltd.

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

(6,614)

(4,667‌)

1.22%

Peloton

Interactive

Inc,

Class

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

(24,937)

(3,602‌)

0.94%

Penn

Entertainment

Inc

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

(6,107)

(3,749‌)

0.98%

Petco

Health

Wellness

Inc,

Class

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

(48,656)

(3,740‌)

0.97%

Royal

Caribbean

Cruises

Ltd

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

(861)

(4,034‌)

1.05%

Sabre

Corp.

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

(22,960)

(1,873‌)

0.49%

Travel

Leisure

Co.

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

(2,544)

(4,199‌)

1.09%

Corp

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

(5,773)

(2,985‌)

0.78%

Victoria's

Secret

Co.

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

(5,874)

(3,838‌)

1.00%

Wayfair

Inc,

Class

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

(1,154)

(2,641‌)

0.69%

(84,966‌)

Consumer

Staples

Darling

Ingredients

Inc

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

(2,519)

(3,949‌)

1.03%

Dollar

General

Corp

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

(752)

(3,954‌)

1.03%

Walgreens

Boots

Alliance,

Inc.

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

(5,355)

(3,916‌)

1.02%

(11,819‌)

Energy

Apa

Corp.

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

(3,444)

(3,992‌)

1.04%

Kosmos

Energy

Ltd.

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

(12,323)

(2,476‌)

0.64%

PBF

Energy

Inc,

Class

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

(2,008)

(3,897‌)

1.02%

(10,365‌)

Health

Care

DaVita,

Inc.

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

(900)

(4,186‌)

1.09%

Elanco

Animal

Health,

Inc.

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

(6,853)

(3,761‌)

0.98%

Exact

Sciences

Corp

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

(1,867)

(4,346‌)

1.13%

Fortrea

Holdings

Inc

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

(2,991)

(4,047‌)

1.05%

ICU

Medical

Inc

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

(1,098)

(3,974‌)

1.04%

Integra

LifeSciences

Holdings

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

(2,111)

(2,523‌)

0.66%

Jazz

Pharmaceuticals

PLC

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

(891)

(3,617‌)

0.94%

Maravai

LifeSciences

Holdings,

Class

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

(19,559)

(5,717‌)

1.49%

Novocure

Ltd

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

(7,706)

(4,061‌)

1.06%

Organon

Co.

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

(5,893)

(3,735‌)

0.97%

Pediatrix

Medical

Group

Inc

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

(4,841)

(1,637‌)

0.43%

Perrigo

Co.

PLC

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

(3,547)

(3,850‌)

1.00%

Quidelortho

Corp.

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

(2,346)

(3,791‌)

0.99%

RCM

Inc

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

(9,649)

(4,190‌)

1.09%

Sotera

Health

Co.

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

(7,419)

(3,004‌)

0.78%

Teladoc

Health,

Inc.

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

(7,125)

(3,627‌)

0.95%

Tenet

Healthcare

Corp.

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

(1,190)

(4,215‌)

1.10%

Ultragenyx

Pharmaceutical

Inc

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

(1,612)

(2,538‌)

0.66%

Viatris

Inc

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

(9,320)

(3,752‌)

0.98%

(70,571‌)

Simplify

Opportunistic

Income

ETF

Schedule

Investments

(Continued)

March

31,

2024

(Unaudited)

Unrealized

Appreciation/

(Depreciation)

basket

Common

Stocks

(continued)

Industrials

Air

Lease

Corp.,

Class

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

(2,421)

(4,198‌)

1.10%

Alaska

Air

Group,

Inc.

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

(2,895)

(4,196‌)

1.09%

American

Airlines

Group,

Inc.

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

(7,879)

(4,077‌)

1.06%

Avis

Budget

Group,

Inc.

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

(1,000)

(4,130‌)

1.08%

Concentrix

Corp

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

(1,774)

(3,960‌)

1.03%

Delta

Air

Lines

Inc

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

(2,796)

(4,512‌)

1.18%

Driven

Brands

Holdings,

Inc.

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

(7,917)

(4,215‌)

1.10%

Hertz

Global

Holdings,

Inc.

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

(14,212)

(3,752‌)

0.98%

Jetblue

Airways

Corp.

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

(13,374)

(3,346‌)

0.87%

MasTec

Inc

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

(1,475)

(4,638‌)

1.21%

Ryder

System,

Inc.

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

(986)

(3,996‌)

1.04%

Sensata

Technologies

Holding

PLC

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

(3,150)

(3,901‌)

1.02%

Southwest

Airlines

Co.

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

(3,948)

(3,885‌)

1.01%

Spirit

Aerosystems

Holdings,

Inc.,

Class

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

(3,413)

(4,150‌)

1.08%

Sunrun,

Inc.

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

(10,893)

(4,840‌)

1.26%

United

Airlines

Holdings,

Inc.

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

(2,551)

(4,118‌)

1.07%

Vestis

Corp

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

(2,799)

(1,818‌)

0.47%

WESCO

International,

Inc.

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

(729)

(4,207‌)

1.10%

(71,939‌)

Information

Technology

Avnet

Inc

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

(1,664)

(2,782‌)

0.72%

BILL

Holdings

Inc

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

(1,703)

(3,945‌)

1.03%

Coherent

Corp.

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

(1,846)

(3,773‌)

0.98%

Dxc

Technology

Co.

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

(5,219)

(3,732‌)

0.97%

Kyndryl

Holdings

Inc

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

(4,981)

(3,654‌)

0.95%

Lumentum

Holdings

Inc

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

(2,365)

(3,775‌)

0.98%

MKS

Instruments,

Inc.

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

(889)

(3,985‌)

1.04%

NCR

Corp.

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

(8,730)

(3,717‌)

0.97%

Ringcentral,

Inc.,

Class

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

(3,330)

(3,900‌)

1.02%

Unity

Software

Inc

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

(4,129)

(3,717‌)

0.97%

Viasat,

Inc.

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

(6,159)

(3,757‌)

0.98%

Western

Digital

Corp.

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

(865)

(1,990‌)

0.52%

Wolfspeed

Inc

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

(4,131)

(4,108‌)

1.07%

Xerox

Holdings

Corp.

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

(5,780)

(3,488‌)

0.91%

(50,323‌)

Materials

Albemarle

Corp.

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

(956)

(4,246‌)

1.11%

Alcoa

Corp.

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

(3,850)

(4,386‌)

1.14%

Berry

Global

Group,

Inc.

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

(1,842)

(3,756‌)

0.98%

Celanese

Corp,

Class

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

(715)

(4,142‌)

1.08%

Chemours

Co.

(The)

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

(3,969)

(3,514‌)

0.92%

FMC

Corp

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

(2,070)

(4,446‌)

1.16%

Mosaic

Co.

(The)

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

(3,598)

(3,937‌)

1.03%

O-I

Glass,

Inc.,

Class

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

(4,521)

(2,529‌)

0.66%

Scotts

Miracle-GRO

Co.

(The)

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

(1,723)

(4,334‌)

1.13%

Sealed

Air

Corp.

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

(2,983)

(3,740‌)

0.97%

Silgan

Holdings,

Inc.

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

(2,420)

(3,961‌)

1.03%

Simplify

Opportunistic

Income

ETF

Schedule

Investments

(Continued)

March

31,

2024

(Unaudited)

††

The

percentage

shown

for

each

investment

Simplify Risk Parity Treasury ETF (TYA) NPORT-PSimplify Opportunistic Income ETF (Mar 2024 report)