Simplify

Gold

Strategy

PLUS

Income

ETF

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

1

Principal

Value

U.S.

Treasury

Bills

–

86.8%

U.S.

Treasury

Bill,

4.39%,

4/1/2025

(a)

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

$

1,150,000‌

$

1,150,000‌

U.S.

Treasury

Bill,

4.34%,

6/17/2025

(a)

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

7,850,000‌

7,780,069‌

U.S.

Treasury

Bill,

4.28%,

7/8/2025

(a)

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

4,800,000‌

4,745,316‌

U.S.

Treasury

Bill,

4.30%,

7/29/2025

(a)

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

6,520,000‌

6,429,704‌

Total

U.S.

Treasury

Bills

(Cost

$20,104,035)

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

20,105,089‌

Number

of

Contracts

Notional

Amount

Purchased

Options

–

0.8%

Puts

–

Exchange-Traded

–

0.8%

MicroStrategy,

Inc.,

April

Strike

Price

$190,

Expires

4/04/25(b)

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

19

361,000‌

466‌

MicroStrategy,

Inc.,

April

Strike

Price

$200,

Expires

4/04/25(b)

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

38

760,000‌

1,520‌

MicroStrategy,

Inc.,

April

Strike

Price

$230,

Expires

4/11/25(b)

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

19

437,000‌

5,634‌

Nasdaq

100

Index,

April

Strike

Price

$17,500,

Expires

4/04/25(b)

.........

1

1,750,000‌

550‌

Nasdaq

100

Index,

April

Strike

Price

$18,100,

Expires

4/04/25(b)

.........

1

1,810,000‌

2,410‌

Nasdaq

100

Index,

April

Strike

Price

$18,200,

Expires

4/09/25(b)

.........

1

1,820,000‌

6,580‌

Nasdaq

100

Index,

April

Strike

Price

$17,700,

Expires

4/11/25(b)

..........

1

1,770,000‌

4,180‌

Russell

2000

Index,

April

Strike

Price

$1,840,

Expires

4/03/25(b)

..........

10

1,840,000‌

200‌

Russell

2000

Index,

April

Strike

Price

$1,835,

Expires

4/04/25(b)

..........

10

1,835,000‌

950‌

Russell

2000

Index,

April

Strike

Price

$1,885,

Expires

4/04/25(b)

..........

10

1,885,000‌

2,450‌

S&P

500

Index,

April

Strike

Price

$5,325,

Expires

4/03/25(b)

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

119

63,367,500‌

21,420‌

S&P

500

Index,

April

Strike

Price

$5,400,

Expires

4/03/25(b)

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

58

31,320,000‌

22,620‌

S&P

500

Index,

April

Strike

Price

$5,150,

Expires

4/04/25(b)

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

4

2,060,000‌

860‌

S&P

500

Index,

April

Strike

Price

$5,250,

Expires

4/04/25(b)

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

4

2,100,000‌

1,400‌

S&P

500

Index,

April

Strike

Price

$5,300,

Expires

4/04/25(b)

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

44

23,320,000‌

22,000‌

S&P

500

Index,

April

Strike

Price

$5,800,

Expires

4/04/25(b)

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

63

36,540,000‌

22,680‌

S&P

500

Index,

April

Strike

Price

$6,000,

Expires

4/04/25(b)

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

5

3,000,000‌

50‌

S&P

500

Index,

April

Strike

Price

$5,250,

Expires

4/09/25(b)

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

3

1,575,000‌

2,385‌

S&P

500

Index,

April

Strike

Price

$5,175,

Expires

4/11/25(b)

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

4

2,070,000‌

3,220‌

S&P

500

Index,

April

Strike

Price

$6,150,

Expires

4/11/25(b)

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

13

7,995,000‌

227‌

S&P

500

Index,

April

Strike

Price

$6,230,

Expires

4/11/25(b)

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

15

9,345,000‌

187‌

S&P

500

Index,

April

Strike

Price

$5,800,

Expires

4/17/25(b)

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

31

17,980,000‌

66,650‌

SPDR

Gold

Shares,

April

Strike

Price

$260,

Expires

4/03/25(b)

...........

95

2,470,000‌

190‌

SPDR

Gold

Shares,

April

Strike

Price

$256,

Expires

4/04/25(b)

...........

81

2,073,600‌

283‌

SPDR

Gold

Shares,

April

Strike

Price

$260,

Expires

4/09/25(b)

...........

113

2,938,000‌

904‌

190,016‌

Total

Purchased

Options

(Cost

$253,682)

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

190,016‌

Total

Investments

–

87.6%

(Cost

$20,357,717)

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

$

20,295,105‌

Other

Assets

in

Excess

of

Liabilities

–

12.4%

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

2,861,377‌

Net

Assets

–

100.0%

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

$

23,156,482‌

Simplify

Gold

Strategy

PLUS

Income

ETF

Consolidated

Schedule

of

Investments

(Continued)

March

31,

2025

(Unaudited)

2

Number

of

Contracts

Notional

Amount

Value

Written

Options

–

(1.0)%

Puts

–

Exchange-Traded

–

(1.0)%

MicroStrategy,

Inc.,

April

Strike

Price

$240,

Expires

4/04/25

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

(19)

$

(456,000‌)

$

(3,335‌)

MicroStrategy,

Inc.,

April

Strike

Price

$250,

Expires

4/04/25

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

(38)

(950,000‌)

(9,880‌)

MicroStrategy,

Inc.,

April

Strike

Price

$280,

Expires

4/11/25

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

(19)

(532,000‌)

(27,408‌)

Nasdaq

100

Index,

April

Strike

Price

$18,500,

Expires

4/04/25

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

(1)

(1,850,000‌)

(6,560‌)

Nasdaq

100

Index,

April

Strike

Price

$19,150,

Expires

4/04/25

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

(1)

(1,915,000‌)

(23,530‌)

Nasdaq

100

Index,

April

Strike

Price

$19,200,

Expires

4/09/25

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

(1)

(1,920,000‌)

(31,285‌)

Nasdaq

100

Index,

April

Strike

Price

$18,700,

Expires

4/11/25

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

(1)

(1,870,000‌)

(18,395‌)

Russell

2000

Index,

April

Strike

Price

$1,980,

Expires

4/03/25

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

(10)

(1,980,000‌)

(9,200‌)

Russell

2000

Index,

April

Strike

Price

$1,935,

Expires

4/04/25

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

(10)

(1,935,000‌)

(7,250‌)

Russell

2000

Index,

April

Strike

Price

$1,985,

Expires

4/04/25

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

(10)

(1,985,000‌)

(19,950‌)

S&P

500

Index,

April

Strike

Price

$5,275,

Expires

4/03/25

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

(119)

(62,772,500‌)

(15,470‌)

S&P

500

Index,

April

Strike

Price

$5,300,

Expires

4/03/25

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

(58)

(30,740,000‌)

(8,845‌)

S&P

500

Index,

April

Strike

Price

$5,200,

Expires

4/04/25

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

(44)

(22,880,000‌)

(11,660‌)

S&P

500

Index,

April

Strike

Price

$5,375,

Expires

4/04/25

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

(4)

(2,150,000‌)

(3,840‌)

S&P

500

Index,

April

Strike

Price

$5,475,

Expires

4/04/25

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

(4)

(2,190,000‌)

(9,460‌)

S&P

500

Index,

April

Strike

Price

$5,525,

Expires

4/09/25

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

(3)

(1,657,500‌)

(14,385‌)

S&P

500

Index,

April

Strike

Price

$5,425,

Expires

4/11/25

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

(4)

(2,170,000‌)

(12,740‌)

SPDR

Gold

Shares,

April

Strike

Price

$270,

Expires

4/03/25

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

(95)

(2,565,000‌)

(380‌)

SPDR

Gold

Shares,

April

Strike

Price

$268,

Expires

4/04/25

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

(81)

(2,170,800‌)

(688‌)

SPDR

Gold

Shares,

April

Strike

Price

$269,

Expires

4/09/25

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

(113)

(3,039,700‌)

(1,921‌)

(236,182‌)

Total

Written

Options

(Premiums

Received

$154,024)

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

$

(236,182‌)

(a)

Represents

a

zero

coupon

bond.

Rate

shown

reflects

the

effective

yield.

(b)

Held

in

connection

with

Written

Options.

Summary

of

Investment

Type††

Investment

Categories

%

of

Net

Assets

U.S.

Treasury

Bills

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

86.8‌%

Purchased

Options

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

0.8‌%

Total

Investments

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

87.6‌%

Other

Assets

in

Excess

of

Liabilities

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

12.4‌%

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

Other

Assets

in

Excess

of

Liabilities.