Simplify
Opportunistic
Income
ETF
Schedule
of
Investments
March
31,
2024
(Unaudited)
1
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
P
............................
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
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
LP
/
Icahn
Enterprises
Finance
Corp.,
4.75%,
9/15/2024
............
200,000
199,224
Liberty
Mutual
Group,
Inc.,
4.13%,
(US
5
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%,
(3
Month
AMERIBOR
+
3.89%),
10/15/2030
......
750,000
348,750
Uniti
Group
LP
/
Uniti
Group
Finance,
Inc.
/
CSL
Capital
LLC,
10.50%,
2/15/2028,
144A(b)
650,000
674,484
Uniti
Group
LP
/
Uniti
Group
Finance,
Inc.
/
CSL
Capital
LLC,
4.75%,
4/15/2028,
144A(b)
800,000
699,102
WeWork
Cos.
US
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
5
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
of
Investments
(Continued)
March
31,
2024
(Unaudited)
2
Principal
Value
Asset
Backed
Securities
–
8.4%
Adams
Outdoor
Advertising
LP,
Class
B,
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
B,
Series
2023-1,
144A,
8.30%,
8/20/2053(b)
..............
300,000
305,763
Frontier
Issuer
LLC,
Class
C,
Series
2023-1,
144A,
11.50%,
8/20/2053(b)
.............
300,000
305,523
Hertz
Vehicle
Financing
III
LP,
Class
D,
Series
2021-2A,
144A,
4.34%,
12/27/2027(b)
...
750,000
685,267
Hertz
Vehicle
Financing
LLC,
Class
D,
Series
2022-4A,
144A,
6.56%,
9/25/2026(b)
.....
1,000,000
980,343
Navient
Private
Education
Refi
Loan
Trust
2021-B,
Class
R,
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%
MC
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
M
.....................................
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
Shares
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
US
LIBOR
+
5.79%),
Series
B(d)
...............
24,800
611,320
Federal
Home
Loan
Mortgage
Corporation,
Series
W*
............................
37,500
120,000
Franklin
BSP
Realty
Trust,
Inc.,
Series
E
.......................................
11,300
230,520
Rithm
Capital
Corp.,
(3-Month
US
LIBOR
+
4.97%),
Series
C(d)
....................
19,996
452,309
Simplify
Opportunistic
Income
ETF
Schedule
of
Investments
(Continued)
March
31,
2024
(Unaudited)
3
Shares
Value
Preferred
Stocks
(continued)
Financial
(continued)
Rithm
Capital
Corp.,
(US
5
Year
CMT
T-Note
+
6.22%),
Series
D(d)
.................
45,564
$
1,024,279
Silvergate
Capital
Corp.,
Series
A*
............................................
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
in
Excess
of
Liabilities
–
0.5%
...........................................
396,514
Net
Assets
–
100.0%
............................................................
$
74,086,561
*
Non
Income
Producing
(a)
Represents
a
zero
coupon
bond.
Rate
shown
reflects
the
effective
yield.
(b)
Security
was
purchased
(sold)
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
not
be
resold
(repurchased)
subject
to
that
rule
except
to
qualified
institutional
buyers.
Unless
otherwise
noted,
Rule
144A
securities
are
deemed
to
be
liquid.
Total
fair
value
of
Rule
144A
securities
amounts
to
$21,864,869,
which
represents
29.5%
of
net
assets
as
of
March
31,
2024.
(c)
Defaulted
security.
(d)
Floating
rate
investment.
Interest
rates
reset
periodically.
Interest
rate
shown
reflects
the
rate
in
effect
at
March
31,
2024.
For
securities
based
on
a
published
reference
rate
and
spread,
the
reference
rate
and
spread
are
indicated
in
the
description
above.
Currency
Abbreviations:
MXN
:
Mexican
Pesos
At
March
31,
2024,
open
futures
contracts
were
as
follows:
Number
of
Contracts
Notional
Value
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Long
position
contracts:
CBOE
VIX
Future
................................
51
$
732,804
4/17/24
$
(85,746)
WTI
Crude
Future
................................
20
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
of
Investments
(Continued)
March
31,
2024
(Unaudited)
4
Number
of
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)
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
28,000,000
$
(2,018,291)
$
(1,974,000)
$
(44,291)
(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)
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
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/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
XM
Holdings,
Inc.
..........................................
36,634
2,144
0.93%
9,165
Simplify
Opportunistic
Income
ETF
Schedule
of
Investments
(Continued)
March
31,
2024
(Unaudited)
5
Shares
Unrealized
Appreciation/
(Depreciation)
%
of
basket
Common
Stocks
(continued)
Consumer
Discretionary
AutoZone
Inc
...................................................
47
$
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
.......................................................
20
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
Co
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%
Hf
Sinclair
Corp.
................................................
2,500
2,277
0.99%
Texas
Pacific
Land
Corp.
.........................................
267
2,330
1.02%
9,200
Financials
Aon
PLC,
Class
A
...............................................
465
2,341
1.02%
Arthur
J
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
of
Investments
(Continued)
March
31,
2024
(Unaudited)
6
Shares
Unrealized
Appreciation/
(Depreciation)
%
of
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
A
.....................................
398
2,275
0.99%
Cintas
Corp.
...................................................
236
2,450
1.07%
Core
&
Main,
Inc.,
Class
A
........................................
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
A
.......................................
633
2,249
0.98%
41,762
Information
Technology
Accenture
PLC,
Class
A
..........................................
396
2,071
0.90%
Adobe,
Inc.
....................................................
301
2,293
1.00%
Amphenol
Corp.,
Class
A
.........................................
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
A
........................
1,970
2,177
0.95%
Crane
NXT
Co
..................................................
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
of
Investments
(Continued)
March
31,
2024
(Unaudited)
7
Shares
Unrealized
Appreciation/
(Depreciation)
%
of
basket
Common
Stocks
(continued)
Materials
(continued)
Reliance
Steel
&
Aluminum
Co
.....................................
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
Tr
.......................................
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
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.
.....................................................
(8,113)
$
(4,814)
1.25%
Cable
One,
Inc.
.................................................
(255)
(3,644)
0.95%
Charter
Communications
Inc,
Class
A
...............................
(398)
(3,897)
1.01%
Frontier
Communications
Parent,
Inc.
...............................
(4,771)
(3,940)
1.03%
Nexstar
Media
Group,
Inc.,
Class
A
.................................
(659)
(3,828)
1.00%
Paramount
Global,
Class
B
........................................
(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
A
................................
(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
A
.........................................
(343)
(3,476)
0.91%
Macy's,
Inc.
....................................................
(5,333)
(3,594)
0.94%
Simplify
Opportunistic
Income
ETF
Schedule
of
Investments
(Continued)
March
31,
2024
(Unaudited)
8
Shares
Unrealized
Appreciation/
(Depreciation)
%
of
basket
Common
Stocks
(continued)
Consumer
Discretionary
(continued)
Marriott
Vacations
Worldwide
C
....................................
(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
A
....................................
(24,937)
(3,602)
0.94%
Penn
Entertainment
Inc
...........................................
(6,107)
(3,749)
0.98%
Petco
Health
&
Wellness
Co
Inc,
Class
A
.............................
(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%
VF
Corp
.......................................................
(5,773)
(2,985)
0.78%
Victoria's
Secret
&
Co.
...........................................
(5,874)
(3,838)
1.00%
Wayfair
Inc,
Class
A
.............................................
(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
A
..........................................
(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
A
..............................
(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%
R1
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
of
Investments
(Continued)
March
31,
2024
(Unaudited)
9
Shares
Unrealized
Appreciation/
(Depreciation)
%
of
basket
Common
Stocks
(continued)
Industrials
Air
Lease
Corp.,
Class
A
..........................................
(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
A
............................
(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
A
.........................................
(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
A
..........................................
(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
I
...........................................
(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
of
Investments
(Continued)
March
31,
2024
(Unaudited)
10
††
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.
Shares
Unrealized
Appreciation/
(Depreciation)
%
of
basket
Common
Stocks
(continued)
Materials
(continued)
Sylvamo
Corp
..................................................
(1,867)
$
(3,886)
1.01%
(46,877)
Total
.......................................................................
$
(383,731)
100.00%
Affiliates
Fiscal
period
to
date
transactions
with
companies
which
are
or
were
affiliates
are
as
follows:
Affiliate
Value
at
beginning
of
the
period
Purchases
Cost
Sales
Proceeds
Net
Realized
Gain/(Loss)
Net
Change
in
Unrealized
Value
at
the
end
of
the
period
Number
of
Shares
at
the
end
of
the
period
Dividend
Income
Capital
Gain
Distributions
Simplify
Aggregate
Bond
ETF
$
—
$
4,113,584
$
(3,909,627)
$
(203,957)
$
—
$
—
—
$
82,252
$
—
Simplify
Interest
Rate
Hedge
ETF
—
4,961,720
(5,140,357)
178,637
—
—
—
68,388
—
Simplify
MBS
ETF
—
3,118,470
(3,160,693)
42,223
—
—
—
46,510
—
Simplify
Short
Term
Treasury
Futures
Strategy
ETF
—
16,246,739
(16,165,190)
(81,549)
—
—
—
182,302
—
$
—
$
28,440,513
$
(28,375,867)
$
(64,646)
$
—
$
—
—
$
379,452
$
—
Summary
of
Investment
Type††
Industry
%
of
Net
Assets
U.S.
Treasury
Bills
................................................................................
46.7%
Corporate
Bonds
.................................................................................
21.2%
Asset
Backed
Securities
...........................................................................
8.4%
Foreign
Bonds
...................................................................................
7.3%
Common
Stocks
.................................................................................
6.9%
Preferred
Stocks
.................................................................................
6.3%
Closed-End
Funds
...............................................................................
2.4%
Term
Loans
.....................................................................................
0.3%
Total
Investments
................................................................................
99.5%
Other
Assets
in
Excess
of
Liabilities
..................................................................
0.5%
Net
Assets
.....................................................................................
100.0%