Simplify

China

A

Shares

PLUS

Income

ETF

Schedule

of

Investments

March

31,

2025

(Unaudited)

1

Principal

Value

U.S.

Treasury

Bills

–

106.2%

U.S.

Treasury

Bill,

4.31%,

4/10/2025

(a)

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

$

5,020,000‌

$

5,014,676‌

U.S.

Treasury

Bill,

4.29%,

7/8/2025

(a)(b)

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

5,250,000‌

5,190,189‌

Total

U.S.

Treasury

Bills

(Cost

$10,204,931)

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

10,204,865‌

Number

of

Contracts

Notional

Amount

Purchased

Options

–

1.2%

Calls

–

Exchange-Traded

–

0.5%

S&P

500

Index,

April

Strike

Price

$5,800,

Expires

4/04/25

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

31

17,980,000‌

11,160‌

S&P

500

Index,

April

Strike

Price

$6,000,

Expires

4/04/25

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

4

2,400,000‌

40‌

S&P

500

Index,

April

Strike

Price

$6,150,

Expires

4/11/25

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

9

5,535,000‌

157‌

S&P

500

Index,

April

Strike

Price

$6,230,

Expires

4/11/25

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

10

6,230,000‌

125‌

S&P

500

Index,

April

Strike

Price

$5,800,

Expires

4/17/25

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

16

9,280,000‌

34,400‌

45,882‌

Puts

–

Exchange-Traded

–

0.7%

MicroStrategy,

Inc.,

April

Strike

Price

$190,

Expires

4/04/25

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

21

399,000‌

515‌

MicroStrategy,

Inc.,

April

Strike

Price

$200,

Expires

4/04/25

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

42

840,000‌

1,680‌

MicroStrategy,

Inc.,

April

Strike

Price

$230,

Expires

4/11/25

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

20

460,000‌

5,930‌

Nasdaq

100

Index,

April

Strike

Price

$17,500,

Expires

4/04/25

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

1

1,750,000‌

550‌

Nasdaq

100

Index,

April

Strike

Price

$18,100,

Expires

4/04/25

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

1

1,810,000‌

2,410‌

Nasdaq

100

Index,

April

Strike

Price

$18,200,

Expires

4/09/25

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

1

1,820,000‌

6,580‌

Nasdaq

100

Index,

April

Strike

Price

$17,700,

Expires

4/11/25

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

1

1,770,000‌

4,180‌

Russell

2000

Index,

April

Strike

Price

$1,840,

Expires

4/03/25

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

11

2,024,000‌

220‌

Russell

2000

Index,

April

Strike

Price

$1,835,

Expires

4/04/25

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

10

1,835,000‌

950‌

Russell

2000

Index,

April

Strike

Price

$1,885,

Expires

4/04/25

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

10

1,885,000‌

2,450‌

S&P

500

Index,

April

Strike

Price

$5,325,

Expires

4/03/25

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

59

31,417,500‌

10,620‌

S&P

500

Index,

April

Strike

Price

$5,400,

Expires

4/03/25

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

28

15,120,000‌

10,920‌

S&P

500

Index,

April

Strike

Price

$5,150,

Expires

4/04/25

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

4

2,060,000‌

860‌

S&P

500

Index,

April

Strike

Price

$5,250,

Expires

4/04/25

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

4

2,100,000‌

1,400‌

S&P

500

Index,

April

Strike

Price

$5,300,

Expires

4/04/25

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

22

11,660,000‌

11,000‌

S&P

500

Index,

April

Strike

Price

$5,250,

Expires

4/09/25

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

3

1,575,000‌

2,385‌

S&P

500

Index,

April

Strike

Price

$5,175,

Expires

4/11/25

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

4

2,070,000‌

3,220‌

SPDR

Gold

Shares,

April

Strike

Price

$260,

Expires

4/03/25

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

105

2,730,000‌

210‌

SPDR

Gold

Shares,

April

Strike

Price

$256,

Expires

4/04/25

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

86

2,201,600‌

301‌

SPDR

Gold

Shares,

April

Strike

Price

$260,

Expires

4/09/25

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

113

2,938,000‌

904‌

67,285‌

Total

Purchased

Options

(Cost

$152,745)

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

113,167‌

Total

Investments

–

107.4%

(Cost

$10,357,676)

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

$

10,318,032‌

Liabilities

in

Excess

of

Other

Assets

–

(7.4)%

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

(714,079‌)

Net

Assets

–

100.0%

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

$

9,603,953‌

Simplify

China

A

Shares

PLUS

Income

ETF

Schedule

of

Investments

(Continued)

March

31,

2025

(Unaudited)

2

Value

Number

of

Contracts

Notional

Amount

Written

Options

–

(2.3)%

Puts

–

Exchange-Traded

–

(2.3)%

MicroStrategy,

Inc.,

April

Strike

Price

$240,

Expires

4/04/25

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

(21)

$

(504,000‌)

$

(3,686‌)

MicroStrategy,

Inc.,

April

Strike

Price

$250,

Expires

4/04/25

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

(42)

(1,050,000‌)

(10,920‌)

MicroStrategy,

Inc.,

April

Strike

Price

$280,

Expires

4/11/25

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

(20)

(560,000‌)

(28,850‌)

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

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

(11)

(2,178,000‌)

(10,120‌)

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

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

(59)

(31,122,500‌)

(7,670‌)

S&P

500

Index,

April

Strike

Price

$5,300,

Expires

4/03/25

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

(28)

(14,840,000‌)

(4,270‌)

S&P

500

Index,

April

Strike

Price

$5,200,

Expires

4/04/25

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

(22)

(11,440,000‌)

(5,830‌)

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

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

(105)

(2,835,000‌)

(420‌)

SPDR

Gold

Shares,

April

Strike

Price

$268,

Expires

4/04/25

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

(86)

(2,304,800‌)

(731‌)

SPDR

Gold

Shares,

April

Strike

Price

$269,

Expires

4/09/25

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

(113)

(3,039,700‌)

(1,921‌)

(221,813‌)

Total

Written

Options

(Premiums

Received

$136,969)

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

$

(221,813‌)

(a)

Represents

a

zero

coupon

bond.

Rate

shown

reflects

the

effective

yield.

(b)

Securities

with

an

aggregate

market

value

of

$5,041,809

have

been

pledged

as

collateral

for

options

and

swaps

as

of

March

31,

2025.

Summary

of

Investment

Type††

Investment

Categories

%

of

Net

Assets

U.S.

Treasury

Bills

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

106.2‌%

Purchased

Options

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

1.2‌%

Total

Investments

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

107.4‌%

Liabilities

in

Excess

of

Other

Assets

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

(7.4‌)%

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

Liabilities

in

Excess

of

Other

Assets.

Simplify

China

A

Shares

PLUS

Income

ETF

Schedule

of

Investments

(Continued)

March

31,

2025

(Unaudited)

3

,

At

March

31,

2025,

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)

CSI

1000

Net

Total

Return

Index

7/15/2025

(5.09)%

(SOFR-

9.50%)(c)

BOFA

2,192,472

$

(124,668‌)

CSI

2000

Net

Total

Return

Index

7/15/2025

(8.59)%

(SOFR-

13.00%)

(c)

BOFA

2,818,652

(195,770‌)

CSI

300

Net

Return

Index

7/15/2025

0.91%

(SOFR-

3.50%)(c)

BOFA

3,583,107

(112,601‌)

CSI

500

Net

Total

Return

Index

7/15/2025

(3.79)%

(SOFR-

8.20%)(c)

BOFA

2,115,766

(91,403‌)

$

(524,442‌)

(a)

The

Fund

pays/receives

annual

coupon

payments

in

accordance

with

the

swap

contract.

On

the

termination

date

of

the

swap

contract(s),

the

Fund

will

either

receive

from

or

pay

to

the

counterparty

an

amount

equal

to

the

net

of

the

accrued

financing

fees

and

the

value

of

the

reference

security

subtracted

from

the

original

notional

cost

(notional

multiplied

by

the

price

change

of

the

reference

security).

(b)

There

are

no

upfront

payments

on

the

swap

contracts,

therefore

the

unrealized

gain

(loss)

on

the

swap

contracts

is

equal

to

their

market

value.

(c)

Payments

made

quarterly.

Abbreviations:

BOFA

:

Bank

of

America