Simplify

Intermediate

Term

Treasury

Futures

Strategy

ETF

Schedule

of

Investments

March

31,

2025

(Unaudited)

1

Principal

Value

U.S.

Treasury

Bills

–

110.1%

U.S.

Treasury

Bill,

4.49%,

4/1/2025

(a)

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

$

17,100,000‌

$

17,100,000‌

U.S.

Treasury

Bill,

4.32%,

4/10/2025

(a)

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

78,300,000‌

78,216,953‌

U.S.

Treasury

Bill,

4.31%,

6/17/2025

(a)

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

18,100,000‌

17,938,757‌

U.S.

Treasury

Bill,

4.29%,

7/8/2025

(a)

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

41,950,000‌

41,472,084‌

U.S.

Treasury

Bill,

4.30%,

7/29/2025

(a)

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

17,700,000‌

17,454,872‌

Total

U.S.

Treasury

Bills

(Cost

$172,181,466)

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

172,182,666‌

Shares

Money

Market

Funds

–

0.2%

Fidelity

Investments

Money

Market

Treasury

Only

Portfolio

-

Class

I,

4.15%(b)

(Cost

$276,590)

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

276,590

276,590‌

Total

Investments

–

110.3%

(Cost

$172,458,056)

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

$

172,459,256‌

Liabilities

in

Excess

of

Other

Assets

–

(10.3)%

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

(16,090,285‌)

Net

Assets

–

100.0%

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

$

156,368,971‌

(a)

Represents

a

zero

coupon

bond.

Rate

shown

reflects

the

effective

yield.

(b)

Rate

shown

reflects

the

7-day

yield

as

of

March

31,

2025.

At

March

31,

2025,

open

futures

contracts

were

as

follows:

Number

of

Contracts

Notional

Value

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Long

position

contracts:

U.S.

Treasury

10

Year

Note

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

4,275

$

475,460,156‌

6/18/25

$

4,702,755‌

Summary

of

Investment

Type††

Investment

Categories

%

of

Net

Assets

U.S.

Treasury

Bills

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

110.1‌%

Money

Market

Funds

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

0.2‌%

Total

Investments

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

110.3‌%

Liabilities

in

Excess

of

Other

Assets

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

(10.3‌)%

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.