Simplify

Currency

Strategy

ETF

Schedule

of

Investments

March

31,

2025

(Unaudited)

1

Principal

Value

U.S.

Treasury

Bills

–

107.6%

U.S.

Treasury

Bill,

4.32%,

4/1/2025

(a)

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

$

1,660,000‌

$

1,660,000‌

U.S.

Treasury

Bill,

4.34%,

6/17/2025

(a)

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

2,600,000‌

2,576,838‌

U.S.

Treasury

Bill,

4.28%,

7/8/2025

(a)

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

13,775,000‌

13,618,068‌

U.S.

Treasury

Bill,

4.30%,

7/29/2025

(a)

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

1,660,000‌

1,637,011‌

Total

U.S.

Treasury

Bills

(Cost

$19,491,541)

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

19,491,917‌

Total

Investments

–

107.6%

(Cost

$19,491,541)

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

$

19,491,917‌

Liabilities

in

Excess

of

Other

Assets

–

(7.6)%

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

(1,370,425‌)

Net

Assets

–

100.0%

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

$

18,121,492‌

(a)

Represents

a

zero

coupon

bond.

Rate

shown

reflects

the

effective

yield.

As

of

March

31,

2025,

the

Fund

had

the

following

forward

foreign

currency

contracts

outstanding:

Settlement

Currency

To

Currency

To

Unrealized

Unrealized

Counterparty

Date

Deliver

Receive

Appreciation

Depreciation

Nomura

Securities

.........

6/18/2025

AUD

9,930,000‌

USD

6,241,814

$

32,969‌

$

–‌

Merrill

Lynch

Pierce

Fenner

&

Smith,

Inc.

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

6/18/2025

BRL

6,387,651‌

USD

1,100,000

–‌

(577‌)

Merrill

Lynch

Pierce

Fenner

&

Smith,

Inc.

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

6/18/2025

BRL

5,593,433‌

USD

963,000

–‌

(736‌)

Merrill

Lynch

Pierce

Fenner

&

Smith,

Inc.

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

6/18/2025

BRL

2,689,465‌

USD

460,000

–‌

(3,389‌)

Nomura

Securities

.........

6/18/2025

CAD

1,410,000‌

USD

980,532

–‌

(3,173‌)

Nomura

Securities

.........

6/18/2025

CAD

6,580,000‌

USD

4,626,480

35,852‌

–‌

Nomura

Securities

.........

6/18/2025

CAD

3,260,000‌

USD

2,268,884

–‌

(5,500‌)

Nomura

Securities

.........

6/18/2025

CAD

800,000‌

USD

561,901

3,770‌

–‌

Nomura

Securities

.........

6/18/2025

CAD

1,120,000‌

USD

787,206

5,823‌

–‌

Nomura

Securities

.........

6/18/2025

CHF

2,000,000‌

USD

2,296,030

13,899‌

–‌

Nomura

Securities

.........

6/18/2025

CHF

4,070,000‌

USD

4,668,933

24,795‌

–‌

Nomura

Securities

.........

6/18/2025

CHF

460,000‌

USD

530,159

5,268‌

–‌

Nomura

Securities

.........

6/18/2025

CHF

780,000‌

USD

890,345

314‌

–‌

Nomura

Securities

.........

6/18/2025

CHF

850,000‌

USD

975,184

5,278‌

–‌

Merrill

Lynch

Pierce

Fenner

&

Smith,

Inc.

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

6/18/2025

CNH

4,481,801‌

USD

619,000

–‌

(1,208‌)

Merrill

Lynch

Pierce

Fenner

&

Smith,

Inc.

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

6/18/2025

CNH

24,601,310‌

USD

3,424,000

19,581‌

–‌

Merrill

Lynch

Pierce

Fenner

&

Smith,

Inc.

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

6/18/2025

CNH

3,232,672‌

USD

450,000

2,651‌

–‌

The

Bank

of

New

York

Mellon

6/18/2025

CNH

17,672,000‌

USD

2,455,413

9,897‌

–‌

Goldman

Sachs

&

Co.

......

6/18/2025

COP

6,354,660,000‌

USD

1,500,000

–‌

(3,271‌)

Nomura

Securities

.........

6/18/2025

EUR

7,870,000‌

USD

8,539,564

–‌

(8,562‌)

Nomura

Securities

.........

6/18/2025

EUR

690,000‌

USD

745,114

–‌

(4,340‌)

Nomura

Securities

.........

6/18/2025

GBP

4,855,000‌

USD

6,301,460

30,441‌

–‌

Nomura

Securities

.........

6/18/2025

GBP

3,770,000‌

USD

4,897,553

27,988‌

–‌

Nomura

Securities

.........

6/18/2025

GBP

4,855,000‌

USD

6,292,855

21,836‌

–‌

Nomura

Securities

.........

6/18/2025

JPY

92,690,000‌

USD

627,561

4,050‌

–‌

Nomura

Securities

.........

6/18/2025

JPY

334,480,000‌

USD

2,296,566

46,569‌

–‌

Nomura

Securities

.........

6/18/2025

JPY

143,500,000‌

USD

984,536

19,233‌

–‌

Simplify

Currency

Strategy

ETF

Schedule

of

Investments

(Continued)

March

31,

2025

(Unaudited)

2

Settlement

Currency

To

Currency

To

Unrealized

Unrealized

Counterparty

Date

Deliver

Receive

Appreciation

Depreciation

Nomura

Securities

.........

6/18/2025

JPY

685,830,000‌

USD

4,642,034

$

28,557‌

$

–‌

Merrill

Lynch

Pierce

Fenner

&

Smith,

Inc.

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

6/18/2025

KRW

1,647,472,380‌

USD

1,139,000

15,315‌

–‌

Merrill

Lynch

Pierce

Fenner

&

Smith,

Inc.

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

6/18/2025

KRW

1,340,785,840‌

USD

916,000

1,496‌

–‌

Merrill

Lynch

Pierce

Fenner

&

Smith,

Inc.

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

6/18/2025

KRW

6,942,229,480‌

USD

4,828,000

92,941‌

–‌

Merrill

Lynch

Pierce

Fenner

&

Smith,

Inc.

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

6/18/2025

KRW

912,615,300‌

USD

631,000

8,536‌

–‌

Merrill

Lynch

Pierce

Fenner

&

Smith,

Inc.

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

6/18/2025

KRW

3,281,640,808‌

USD

2,267,266

28,970‌

–‌

Goldman

Sachs

&

Co.

......

6/18/2025

MXN

31,920,772‌

USD

1,553,000

9,643‌

–‌

Merrill

Lynch

Pierce

Fenner

&

Smith,

Inc.

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

6/18/2025

MXN

8,536,045‌

USD

424,000

11,286‌

–‌

Nomura

Securities

.........

6/18/2025

NOK

57,740,000‌

USD

5,474,291

–‌

(13,815‌)

Nomura

Securities

.........

6/18/2025

NOK

133,380,000‌

USD

12,687,174

9,593‌

–‌

Goldman

Sachs

&

Co.

......

6/18/2025

SEK

69,690,000‌

USD

7,004,839

38,904‌

–‌

Nomura

Securities

.........

6/18/2025

SEK

59,510,000‌

USD

5,962,911

14,528‌

–‌

Goldman

Sachs

&

Co.

......

6/18/2025

SGD

711,015‌

USD

536,000

4,587‌

–‌

Goldman

Sachs

&

Co.

......

6/18/2025

SGD

996,079‌

USD

746,000

1,530‌

–‌

Merrill

Lynch

Pierce

Fenner

&

Smith,

Inc.

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

6/18/2025

SGD

5,454,928‌

USD

4,119,000

41,987‌

–‌

The

Bank

of

New

York

Mellon

6/18/2025

SGD

3,900,000‌

USD

2,934,058

19,198‌

–‌

Merrill

Lynch

Pierce

Fenner

&

Smith,

Inc.

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

6/18/2025

TWD

7,722,491‌

USD

234,000

–‌

(131‌)

Merrill

Lynch

Pierce

Fenner

&

Smith,

Inc.

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

6/18/2025

TWD

10,156,716‌

USD

310,000

2,069‌

–‌

Merrill

Lynch

Pierce

Fenner

&

Smith,

Inc.

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

6/18/2025

TWD

10,721,336‌

USD

328,000

2,950‌

–‌

Merrill

Lynch

Pierce

Fenner

&

Smith,

Inc.

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

6/18/2025

TWD

11,546,383‌

USD

353,587

3,524‌

–‌

Merrill

Lynch

Pierce

Fenner

&

Smith,

Inc.

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

6/18/2025

TWD

6,004,779‌

USD

183,000

947‌

–‌

Merrill

Lynch

Pierce

Fenner

&

Smith,

Inc.

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

6/18/2025

TWD

44,629,880‌

USD

1,362,000

8,911‌

–‌

Merrill

Lynch

Pierce

Fenner

&

Smith,

Inc.

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

6/18/2025

USD

6,819,489‌

AUD

10,810,000

–‌

(60,414‌)

Nomura

Securities

.........

6/18/2025

USD

729,053‌

AUD

1,160,000

–‌

(3,749‌)

Nomura

Securities

.........

6/18/2025

USD

1,707,788‌

AUD

2,710,000

–‌

(13,330‌)

Nomura

Securities

.........

6/18/2025

USD

3,445,519‌

AUD

5,390,000

–‌

(75,360‌)

Nomura

Securities

.........

6/18/2025

USD

426,703‌

AUD

670,000

–‌

(7,778‌)

Goldman

Sachs

&

Co.

......

6/18/2025

USD

607,000‌

BRL

3,539,660

2,875‌

–‌

Goldman

Sachs

&

Co.

......

6/18/2025

USD

2,579,000‌

BRL

15,105,977

23,725‌

–‌

Merrill

Lynch

Pierce

Fenner

&

Smith,

Inc.

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

6/18/2025

USD

5,882,000‌

BRL

34,084,802

–‌

(9,267‌)

Merrill

Lynch

Pierce

Fenner

&

Smith,

Inc.

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

6/18/2025

USD

2,608,433‌

BRL

15,530,610

67,455‌

–‌

Merrill

Lynch

Pierce

Fenner

&

Smith,

Inc.

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

6/18/2025

USD

313,400‌

BRL

1,863,472

7,672‌

–‌

Merrill

Lynch

Pierce

Fenner

&

Smith,

Inc.

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

6/18/2025

USD

152,000‌

CNH

1,098,951

77‌

–‌

Goldman

Sachs

&

Co.

......

6/18/2025

USD

526,000‌

COP

2,200,936,540

–‌

(5,342‌)

Merrill

Lynch

Pierce

Fenner

&

Smith,

Inc.

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

6/18/2025

USD

969,000‌

COP

4,052,464,590

–‌

(10,341‌)

Simplify

Currency

Strategy

ETF

Schedule

of

Investments

(Continued)

March

31,

2025

(Unaudited)

3

Settlement

Currency

To

Currency

To

Unrealized

Unrealized

Counterparty

Date

Deliver

Receive

Appreciation

Depreciation

Merrill

Lynch

Pierce

Fenner

&

Smith,

Inc.

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

6/18/2025

USD

4,076,000‌

COP

16,801,190,480

$

–‌

$

(101,477‌)

Merrill

Lynch

Pierce

Fenner

&

Smith,

Inc.

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

6/18/2025

USD

829,000‌

COP

3,461,904,000

–‌

(10,045‌)

Merrill

Lynch

Pierce

Fenner

&

Smith,

Inc.

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

6/18/2025

USD

1,274,000‌

COP

5,298,782,580

–‌

(20,509‌)

Merrill

Lynch

Pierce

Fenner

&

Smith,

Inc.

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

6/18/2025

USD

722,805‌

COP

3,041,129,757

–‌

(3,389‌)

Nomura

Securities

.........

6/18/2025

USD

12,752,048‌

GBP

9,870,000

–‌

(3,344‌)

Nomura

Securities

.........

6/18/2025

USD

12,628,993‌

GBP

9,710,000

–‌

(86,955‌)

Nomura

Securities

.........

6/18/2025

USD

1,454,232‌

GBP

1,130,000

5,346‌

–‌

Nomura

Securities

.........

6/18/2025

USD

3,402,506‌

GBP

2,640,000

7,482‌

–‌

Nomura

Securities

.........

6/18/2025

USD

1,120,914‌

GBP

870,000

2,832‌

–‌

Goldman

Sachs

&

Co.

......

6/18/2025

USD

2,530,000‌

INR

219,098,000

18,522‌

–‌

Merrill

Lynch

Pierce

Fenner

&

Smith,

Inc.

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

6/18/2025

USD

239,000‌

INR

20,636,909

1,046‌

–‌

Nomura

Securities

.........

6/18/2025

USD

14,845,820‌

JPY

2,215,070,000

54,626‌

–‌

Nomura

Securities

.........

6/18/2025

USD

544,829‌

JPY

81,280,000

1,930‌

–‌

Merrill

Lynch

Pierce

Fenner

&

Smith,

Inc.

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

6/18/2025

USD

212,000‌

KRW

309,810,440

–‌

(689‌)

Goldman

Sachs

&

Co.

......

6/18/2025

USD

938,000‌

MXN

19,088,510

–‌

(15,078‌)

Goldman

Sachs

&

Co.

......

6/18/2025

USD

650,000‌

MXN

13,205,046

–‌

(11,541‌)

Goldman

Sachs

&

Co.

......

6/18/2025

USD

4,784,000‌

MXN

96,523,831

–‌

(117,112‌)

The

Bank

of

New

York

Mellon

6/18/2025

USD

3,875,536‌

MXN

78,200,000

–‌

(94,597‌)

Nomura

Securities

.........

6/18/2025

USD

6,313,509‌

NOK

66,730,000

29,083‌

–‌

Nomura

Securities

.........

6/18/2025

USD

11,807,421‌

NOK

124,390,000

15,673‌

–‌

Nomura

Securities

.........

6/18/2025

USD

1,706,554‌

SEK

17,170,000

9,691‌

–‌

Nomura

Securities

.........

6/18/2025

USD

636,618‌

SEK

6,370,000

102‌

–‌

Nomura

Securities

.........

6/18/2025

USD

730,663‌

SEK

7,360,000

5,014‌

–‌

Nomura

Securities

.........

6/18/2025

USD

3,485,143‌

SEK

34,980,000

11,318‌

–‌

Nomura

Securities

.........

6/18/2025

USD

6,287,266‌

SEK

63,320,000

41,949‌

–‌

Merrill

Lynch

Pierce

Fenner

&

Smith,

Inc.

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

6/18/2025

USD

176,000‌

SGD

234,892

–‌

(442‌)

Goldman

Sachs

&

Co.

......

6/18/2025

USD

180,000‌

ZAR

3,283,885

–‌

(2,043‌)

Merrill

Lynch

Pierce

Fenner

&

Smith,

Inc.

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

6/18/2025

USD

1,381,000‌

ZAR

25,140,738

–‌

(18,599‌)

The

Bank

of

New

York

Mellon

6/18/2025

USD

971,554‌

ZAR

17,800,000

–‌

(6,954‌)

Goldman

Sachs

&

Co.

......

6/18/2025

ZAR

46,312,633‌

USD

2,529,404

19,677‌

–‌

Total

unrealized

appreciation

(depreciation)

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

$

981,781‌

$

(723,057‌)

Simplify

Currency

Strategy

ETF

Schedule

of

Investments

(Continued)

March

31,

2025

(Unaudited)

4

Currency

Abbreviations

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

CNH

Chinese

Yuan

COP

Colombian

Peso

EUR

Euro

GBP

Pound

Sterling

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

NOK

Norwegian

Krone

SEK

Swedish

Krona

SGD

Singapore

Dollar

TWD

New

Taiwan

Dollar

USD

U.S.

Dollar

ZAR

South

African

Rand

Summary

of

Investment

Type††

Investment

Categories

%

of

Net

Assets

U.S.

Treasury

Bills

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

107.6‌%

Total

Investments

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

107.6‌%

Liabilities

in

Excess

of

Other

Assets

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

(7.6‌)%

Net

Assets

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

100.0‌%

††

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

Liabilities

in

Excess

of

Other

Assets.