Shares
Value
Exchange-Traded
Funds
–
70.2%
Alternative
Funds
–
22.1%
Simplify
Managed
Futures
Strategy
ETF(a)(b)
...................................
54,118
$
1,407,068
Simplify
Market
Neutral
Equity
Long/Short
ETF(b)(c)
.............................
94,670
2,048,659
3,455,727
Commodity
Funds
–
7.0%
iShares
Gold
Trust*
........................................................
22,085
1,097,624
Equity
Funds
–
19.2%
Simplify
Next
Intangible
Core
Index
ETF(a)
.....................................
31,521
898,030
Simplify
Next
Intangible
Value
Index
ETF(a)
....................................
31,521
872,318
Simplify
US
Equity
PLUS
QIS
ETF(a)
..........................................
39,218
1,219,876
2,990,224
Fixed
Income
Funds
–
21.9%
Simplify
High
Yield
PLUS
Credit
Hedge
ETF(a)(b)
................................
75,514
1,792,461
Simplify
Intermediate
Term
Treasury
Futures
Strategy
ETF(a)(b)
....................
22,982
330,251
Simplify
Short
Term
Treasury
Futures
Strategy
ETF(a)(b)
..........................
55,929
1,285,808
3,408,520
Total
Exchange-Traded
Funds
(Cost
$10,373,980)
...................................
10,952,095
Principal
U.S.
Treasury
Inflation
Indexed
Bonds
–
23.0%
U.S.
Treasury
Inflation
Indexed
Bond,
0.13%,
2/15/2052(b)
(Cost
$3,510,584)
.......................................................
$
5,100,000
3,576,303
U.S.
Treasury
Bills
–
6.0%
U.S.
Treasury
Bill,
4.80%,
1/14/2025(b)(d)
(Cost
$937,307)
.........................................................
$
950,000
937,657
Shares
Money
Market
Funds
–
1.7%
Fidelity
Investments
Money
Market
Treasury
Only
Portfolio
-
Class
I,
4.92%(e)
(Cost
$269,411)
.........................................................
269,411
269,411
Number
of
Contracts
Notional
Amount
Purchased
Options
–
0.0%†
Puts
–
Exchange-Traded
–
0.0%†
S&P
500
Index,
October
Strike
Price
$5,450,
Expires
10/02/24(f)
..........
50
$
27,250,000
375
Total
Purchased
Options
(Cost
$171,039)
............................................
375
Total
Investments
–
100.9%
(Cost
$15,262,321)
............................................................
$
15,735,841
Liabilities
in
Excess
of
Other
Assets
–
(0.9)%
.........................................
(138,901)
Net
Assets
–
100.0%
............................................................
$
15,596,940
