Principal
Value
U.S.
Treasury
Bills
–
126.3%
U.S.
Treasury
Bill,
4.98%,
10/15/2024(a)
.......................................
$
304,500,000
$
303,941,903
U.S.
Treasury
Bill,
5.38%,
10/29/2024(a)
.......................................
512,400,000
510,513,943
U.S.
Treasury
Bill,
4.75%,
11/7/2024(a)(b)
......................................
180,000,000
179,135,149
U.S.
Treasury
Bill,
4.71%,
11/12/2024(a)(b)
.....................................
600,000,000
596,727,324
Total
U.S.
Treasury
Bills
(Cost
$1,590,214,854)
......................................
1,590,318,319
Shares
Exchange-Traded
Funds
–
35.1%
Fixed
Income
Funds
–
35.1%
Simplify
Aggregate
Bond
ETF(c)
..............................................
5,193,254
112,745,544
Simplify
High
Yield
PLUS
Credit
Hedge
ETF(c)
..................................
1,299,393
30,843,432
Simplify
MBS
ETF(c)
.......................................................
1,075,137
55,348,053
Simplify
National
Muni
Bond
ETF(c)
...........................................
3,126,710
78,839,680
Simplify
Risk
Parity
Treasury
ETF(c)
..........................................
3,843,182
55,226,525
Simplify
Stable
Income
ETF(c)
...............................................
4,448,579
109,346,072
Total
Exchange-Traded
Funds
(Cost
$440,503,555)
..................................
442,349,306
Principal
U.S.
Government
Obligations
–
0.0%†
U.S.
Treasury
Note,
2.88%,
6/15/2025(d)
(Cost
$98,791)
..........................................................
$
100,000
99,101
Total
Investments
–
161.7%
(Cost
$2,039,128,922)
..........................................................
$
2,036,796,039
Liabilities
in
Excess
of
Other
Assets
–
(61.7)%
........................................
(776,904,483)
Net
Assets
–
100.0%
............................................................
$
1,259,891,556
†
Less
than
0.05%
(a)
Represents
a
zero
coupon
bond.
Rate
shown
reflects
the
effective
yield.
(b)
Security,
or
a
portion
thereof,
in
the
amount
of
$775,856,400
has
been
pledged
as
collateral
for
reverse
repurchase
agreements
as
of
September
30,
2024.
(c)
Affiliated
fund
managed
by
Simplify
Asset
Management
Inc.
(d)
Securities
with
an
aggregate
market
value
of
$99,095
have
been
pledged
as
collateral
for
options
as
of
September
30,
2024.
At
September
30,
2024,
open
futures
contracts
were
as
follows:
Number
of
Contracts
Notional
Value
Expiration
Date
Value/
Unrealized
Appreciation
(Depreciation)
Short
position
contracts:
CBOE
VIX
Future
................................
(579)
$
(10,909,808)
10/16/24
$
334,082
CBOE
VIX
Future
................................
(12,502)
(226,254,945)
11/20/24
3,371,428
CBOE
VIX
Future
................................
(1,423)
(27,001,425)
3/18/25
(802,616)
Total
net
unrealized
appreciation
$
2,902,894
