Simplify

Managed

Futures

Strategy

ETF

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

1

Principal

Value

U.S.

Treasury

Bills

–

128.5%

U.S.

Treasury

Bill,

4.40%,

4/1/2025

(a)

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

$

287,300,000‌

$

287,300,000‌

U.S.

Treasury

Bill,

4.32%,

4/10/2025

(a)

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

138,000,000‌

137,853,633‌

U.S.

Treasury

Bill,

4.33%,

6/17/2025

(a)

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

180,800,000‌

179,189,349‌

U.S.

Treasury

Bill,

4.29%,

7/8/2025

(a)

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

340,300,000‌

336,423,132‌

U.S.

Treasury

Bill,

4.31%,

7/29/2025

(a)

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

303,000,000‌

298,803,741‌

Total

U.S.

Treasury

Bills

(Cost

$1,239,548,792)

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

1,239,569,855‌

Total

Investments

–

128.5%

(Cost

$1,239,548,792)

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

$

1,239,569,855‌

Liabilities

in

Excess

of

Other

Assets

–

(28.5)%

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

(275,201,914‌)

Net

Assets

–

100.0%

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

$

964,367,941‌

(a)

Represents

a

zero

coupon

bond.

Rate

shown

reflects

the

effective

yield.

At

March

31,

2025,

open

futures

contracts

were

as

follows:

Number

of

Contracts

Notional

Value

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Long

position

contracts:

Cattle

Feeder

Future

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

1

$

143,225‌

4/17/25

$

4,377‌

Gasoline

RBOB

Future

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

80

7,696,752‌

4/30/25

152,804‌

NY

Harbor

ULSD

Future

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

40

3,829,392‌

4/30/25

81,561‌

Sugar

#11

(World)

Future

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

468

9,885,658‌

4/30/25

(391,168‌)

Canola

(WCE)

Future

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

15

127,688‌

5/14/25

(5,505‌)

Kansas

City

Hard

Red

Winter

Wheat

Future

...........

81

2,255,850‌

5/14/25

(185,534‌)

Coffee

“C”

Future

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

169

24,066,656‌

5/19/25

(384,055‌)

Cattle

Feeder

Future

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

578

82,220,500‌

5/22/25

47,119‌

Silver

Future

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

420

72,683,100‌

5/28/25

1,255,116‌

Copper

Future

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

552

69,469,200‌

5/28/25

571,096‌

NY

Harbor

ULSD

Future

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

70

6,641,754‌

5/30/25

86,537‌

Gasoline

RBOB

Future

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

66

6,321,546‌

5/30/25

74,693‌

U.S.

Long

Bond

(CBT)

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

740

90,465,000‌

6/18/25

(149,451‌)

CAN

10Year

Bond

Future

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

3,161

272,706,404‌

6/19/25

1,050,163‌

CAN

5Year

Bond

Future

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

1,836

147,895,570‌

6/19/25

581,225‌

CAN

2Year

Bond

Future

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

94

6,915,847‌

6/19/25

11,902‌

Gold

100

OZ

Future

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

591

186,182,730‌

6/26/25

8,496,867‌

Palladium

Future

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

32

3,202,240‌

6/26/25

67,640‌

Live

Cattle

Future

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

1,735

141,333,100‌

6/30/25

2,618,842‌

U.S.

2

Years

Note

(CBT)

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

418

86,597,844‌

6/30/25

201,059‌

Gasoline

RBOB

Future

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

34

3,226,423‌

6/30/25

37,489‌

NY

Harbor

ULSD

Future

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

28

2,651,645‌

6/30/25

32,168‌

Sugar

#11

(World)

Future

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

355

7,415,240‌

6/30/25

(135,445‌)

Canola

(WCE)

Future

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

10

86,015‌

7/14/25

(40‌)

Soybean

Oil

Future

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

607

16,531,038‌

7/14/25

(41,242‌)

Kansas

City

Hard

Red

Winter

Wheat

Future

...........

69

1,966,500‌

7/14/25

(149,787‌)

Corn

Future

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

88

2,038,300‌

7/14/25

(176,565‌)

Coffee

“C”

Future

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

302

42,514,050‌

7/21/25

(574,211‌)

Simplify

Managed

Futures

Strategy

ETF

Consolidated

Schedule

of

Investments

(Continued)

March

31,

2025

(Unaudited)

2

Number

of

Contracts

Notional

Value

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Long

position

contracts:

(continued)

Platinum

Future

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

268

$

13,768,500‌

7/29/25

$

657,380‌

Copper

Future

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

105

13,337,625‌

7/29/25

269,248‌

Silver

Future

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

35

6,113,450‌

7/29/25

151,033‌

Gasoline

RBOB

Future

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

13

1,216,706‌

7/31/25

21,281‌

NY

Harbor

ULSD

Future

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

14

1,325,528‌

7/31/25

15,154‌

Soybean

Oil

Future

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

125

3,411,000‌

8/14/25

(7,524‌)

Gold

100

OZ

Future

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

59

18,733,680‌

8/27/25

949,583‌

Cattle

Feeder

Future

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

374

54,136,500‌

8/28/25

289,300‌

Live

Cattle

Future

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

830

66,408,300‌

8/29/25

947,886‌

Corn

Future

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

148

3,217,150‌

9/12/25

(196,577‌)

3-Month

CORRA

Futures

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

439

74,366,579‌

9/16/25

37,772‌

Coffee

“C”

Future

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

143

19,860,019‌

9/18/25

(18,966‌)

Silver

Future

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

10

1,760,950‌

9/26/25

33,775‌

Copper

Future

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

19

2,431,525‌

9/26/25

22,091‌

Natural

Gas

Future

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

18

817,020‌

9/26/25

(55,994‌)

Sugar

#11

(World)

Future

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

80

1,687,168‌

9/30/25

(32,357‌)

3-Month

CORRA

Futures

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

1,004

170,417,671‌

12/16/25

152,801‌

3

Month

SOFR

Future

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

2,537

610,085,075‌

12/16/25

55,213‌

3

Month

SOFR

Future

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

3,335

803,526,563‌

3/17/26

227,575‌

3-Month

CORRA

Futures

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

930

157,978,180‌

3/17/26

131,937‌

3

Month

SOFR

Future

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

2,505

604,299,938‌

6/16/26

473,280‌

3-Month

CORRA

Futures

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

453

76,950,662‌

6/16/26

57,060‌

3

Month

SOFR

Future

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

1,115

269,147,063‌

9/15/26

396,451‌

Total

unrealized

appreciation/(depreciation)

$

17,755,057‌

Short

position

contracts:

Cotton

No.

2

Future

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

(888)

(29,672,520‌)

5/7/25

150,018‌

Soybean

Meal

Future

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

(840)

(24,586,800‌)

5/14/25

702,295‌

Cocoa

Future

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

(19)

(1,501,380‌)

5/14/25

204,158‌

Soybean

Future

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

(659)

(33,436,013‌)

5/14/25

153,666‌

Wheat

Future

(CBT)

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

(45)

(1,208,250‌)

5/14/25

43,269‌

WTI

Crude

Future

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

(67)

(4,753,650‌)

5/20/25

(261,490‌)

Natural

Gas

Future

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

(53)

(2,256,210‌)

5/28/25

(85,500‌)

Lean

Hogs

Future

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

(899)

(34,260,890‌)

6/13/25

336,131‌

Natural

Gas

Future

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

(48)

(2,147,520‌)

6/26/25

(60,660‌)

Cotton

No.

2

Future

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

(1,022)

(34,742,890‌)

7/9/25

(49,498‌)

Soybean

Meal

Future

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

(260)

(7,784,400‌)

7/14/25

163,340‌

Wheat

Future

(CBT)

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

(24)

(660,600‌)

7/14/25

3,190‌

Soybean

Future

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

(118)

(6,066,675‌)

7/14/25

(19,479‌)

Lean

Hogs

Future

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

(318)

(12,188,940‌)

7/15/25

301,061‌

Cocoa

Future

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

(29)

(2,287,520‌)

7/16/25

26,900‌

Natural

Gas

Future

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

(21)

(954,450‌)

7/29/25

(25,210‌)

Soybean

Meal

Future

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

(40)

(1,205,600‌)

8/14/25

33,930‌

Lean

Hogs

Future

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

(48)

(1,829,760‌)

8/14/25

(1,800‌)

Soybean

Future

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

(12)

(615,600‌)

8/14/25

(2,763‌)

Natural

Gas

Future

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

(3)

(135,120‌)

8/27/25

(4,618‌)

Wheat

Future

(CBT)

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

(13)

(368,063‌)

9/12/25

7,750‌

Simplify

Managed

Futures

Strategy

ETF

Consolidated

Schedule

of

Investments

(Continued)

March

31,

2025

(Unaudited)

3

Number

of

Contracts

Notional

Value

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Short

position

contracts:

(continued)

Kansas

City

Hard

Red

Winter

Wheat

Future

...........

(3)

$

(87,750‌)

9/12/25

$

2,238‌

Soybean

Future

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

(10)

(507,250‌)

9/12/25

(2,315‌)

Cocoa

Future

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

(14)

(1,091,720‌)

9/15/25

12,110‌

Natural

Gas

Future

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

(4)

(207,720‌)

11/25/25

(4,440‌)

Cotton

No.

2

Future

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

(310)

(10,837,600‌)

12/8/25

(232,695‌)

Total

unrealized

appreciation/(depreciation)

$

1,389,588‌

Total

net

unrealized

appreciation

$

19,144,645‌

Summary

of

Investment

Type††

Investment

Categories

%

of

Net

Assets

U.S.

Treasury

Bills

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

128.5‌%

Total

Investments

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

128.5‌%

Liabilities

in

Excess

of

Other

Assets

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

(28.5‌)%

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.