Simplify

US

Equity

PLUS

Upside

Convexity

ETF

Schedule

of

Investments

March

31,

2025

(Unaudited)

1

Shares

Value

U.S.

Exchange-Traded

Funds

–

98.4%

Equity

Funds

–

98.4%

iShares

Core

S&P

500

ETF(a)(b)

(Cost

$112,653,024)

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

186,928

$

105,034,844‌

Number

of

Contracts

Notional

Amount

Purchased

Options

–

1.5%

Puts

–

Exchange-Traded

–

1.5%

S&P

500

Index,

April

Strike

Price

$5,640,

Expires

4/17/25

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

200

$

112,800,000‌

1,665,000‌

Total

Purchased

Options

(Cost

$2,197,444)

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

1,665,000‌

Shares

Money

Market

Funds

–

0.1%

Fidelity

Investments

Money

Market

Treasury

Only

Portfolio

-

Class

I,

4.15%(c)

(Cost

$54,372)

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

54,372

54,372‌

Total

Investments

–

100.0%

(Cost

$114,904,840)

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

$

106,754,216‌

Liabilities

in

Excess

of

Other

Assets

–

(0.0)%†

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

(45,443‌)

Net

Assets

–

100.0%

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

$

106,708,773‌

†

Less

than

0.05%

(a)

A

copy

of

the

security's

annual

report

to

shareholders

may

be

obtained

without

charge

at

www.ishares.com.

(b)

Securities

with

an

aggregate

market

value

of

$18,823,650

have

been

pledged

as

collateral

for

options

as

of

March

31,

2025.

(c)

Rate

shown

reflects

the

7-day

yield

as

of

March

31,

2025.

Summary

of

Investment

Type††

Investment

Categories

%

of

Net

Assets

U.S.

Exchange-Traded

Funds

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

98.4‌%

Purchased

Options

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

1.5‌%

Money

Market

Funds

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

0.1‌%

Total

Investments

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

100.0‌%

Liabilities

in

Excess

of

Other

Assets

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

(0.0‌)%†

Net

Assets

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

100.0‌%

†

Less

than

0.05%

††

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.