Simplify

Next

Intangible

Value

Index

ETF

Schedule

of

Investments

March

31,

2025

(Unaudited)

1

Shares

Value

Common

Stocks

–

99.4%

Communication

Services

–

20.6%

AT&T,

Inc.

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

2,394

$

67,702‌

Cargurus,

Inc.,

Class

A*

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

53

1,544‌

Comcast

Corp.,

Class

A

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

1,799

66,383‌

EchoStar

Corp.,

Class

A*

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

163

4,170‌

Frontier

Communications

Parent,

Inc.*

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

129

4,626‌

IAC,

Inc.*

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

41

1,884‌

Liberty

Broadband

Corp.,

Class

C*

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

78

6,634‌

Lumen

Technologies,

Inc.*

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

517

2,027‌

New

York

Times

Co.

(The),

Class

A

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

81

4,018‌

News

Corp.,

Class

B

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

300

9,111‌

Nexstar

Media

Group,

Inc.,

Class

A

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

16

2,867‌

Paramount

Global,

Class

B

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

75

897‌

Roku,

Inc.*

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

60

4,226‌

Sirius

XM

Holdings,

Inc.

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

181

4,081‌

Snap,

Inc.,

Class

A*

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

928

8,083‌

Telephone

And

Data

Systems,

Inc.

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

57

2,208‌

United

States

Cellular

Corp.*

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

43

2,973‌

Verizon

Communications,

Inc.

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

1,473

66,815‌

Warner

Bros

Discovery,

Inc.*

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

279

2,994‌

263,243‌

Consumer

Discretionary

–

11.2%

Abercrombie

&

Fitch

Co.,

Class

A*

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

31

2,367‌

ADT,

Inc.

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

318

2,589‌

Aptiv

PLC*

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

66

3,927‌

AutoNation,

Inc.*

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

11

1,781‌

BorgWarner,

Inc.

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

62

1,776‌

Boyd

Gaming

Corp.

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

10

658‌

Columbia

Sportswear

Co.

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

36

2,725‌

Dillard's,

Inc.,

Class

A

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

10

3,581‌

DR

Horton,

Inc.

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

55

6,992‌

eBay,

Inc.

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

242

16,391‌

Expedia

Group,

Inc.

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

39

6,556‌

Ford

Motor

Co.

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

1,057

10,602‌

Gap,

Inc.

(The)

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

224

4,617‌

General

Motors

Co.

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

264

12,416‌

Genuine

Parts

Co.

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

39

4,646‌

Group

1

Automotive,

Inc.

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

4

1,528‌

Lennar

Corp.,

Class

A

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

47

5,395‌

Levi

Strauss

&

Co.,

Class

A

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

244

3,804‌

Lithia

Motors,

Inc.

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

7

2,055‌

LKQ

Corp.

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

73

3,105‌

Lucid

Group,

Inc.,

Class

A*

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

816

1,975‌

Macy's,

Inc.

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

165

2,072‌

Mattel,

Inc.*

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

115

2,234‌

MGM

Resorts

International*

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

31

919‌

Nordstrom,

Inc.

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

102

2,494‌

Other

Components

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

141

10,379‌

Penske

Automotive

Group,

Inc.

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

21

3,024‌

PulteGroup,

Inc.

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

35

3,598‌

Simplify

Next

Intangible

Value

Index

ETF

Schedule

of

Investments

(Continued)

March

31,

2025

(Unaudited)

2

Shares

Value

Common

Stocks

(continued)

Consumer

Discretionary

(continued)

Rivian

Automotive,

Inc.,

Class

A*

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

311

$

3,872‌

Skechers

USA,

Inc.,

Class

A*

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

52

2,953‌

Toll

Brothers,

Inc.

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

18

1,901‌

Urban

Outfitters,

Inc.*

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

63

3,301‌

VF

Corp.

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

162

2,514‌

Wayfair,

Inc.,

Class

A*

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

80

2,562‌

Whirlpool

Corp.

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

19

1,712‌

143,021‌

Consumer

Staples

–

9.7%

Archer-Daniels-Midland

Co.

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

55

2,641‌

Coty,

Inc.,

Class

A*

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

298

1,630‌

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

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

125

8,250‌

Kraft

Heinz

Co.

(The)

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

139

4,230‌

Kroger

Co.

(The)

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

429

29,039‌

Maplebear,

Inc.*

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

69

2,752‌

PepsiCo,

Inc.

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

162

24,290‌

Performance

Food

Group

Co.*

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

44

3,460‌

Sysco

Corp.

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

56

4,202‌

Target

Corp.

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

302

31,517‌

Tyson

Foods,

Inc.,

Class

A

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

40

2,552‌

US

Foods

Holding

Corp*

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

144

9,426‌

123,989‌

Energy

–

2.0%

California

Resources

Corp.

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

38

1,671‌

Chord

Energy

Corp.

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

25

2,818‌

CNX

Resources

Corp.*

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

61

1,920‌

HF

Sinclair

Corp.

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

78

2,565‌

Matador

Resources

Co.

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

49

2,503‌

Noble

Corp.

PLC

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

66

1,564‌

NOV,

Inc.

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

163

2,481‌

Ovintiv,

Inc.

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

105

4,494‌

Permian

Resources

Corp.

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

280

3,878‌

Weatherford

International

PLC

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

31

1,660‌

25,554‌

Financials

–

13.1%

Allstate

Corp.

(The)

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

41

8,490‌

Ally

Financial,

Inc.

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

52

1,897‌

American

International

Group,

Inc.

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

94

8,172‌

Arch

Capital

Group

Ltd.

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

59

5,675‌

Assurant,

Inc.

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

8

1,678‌

Block,

Inc.*

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

325

17,657‌

Cincinnati

Financial

Corp.

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

25

3,693‌

Citigroup,

Inc.

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

313

22,220‌

CNA

Financial

Corp.

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

43

2,184‌

Corebridge

Financial

Inc

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

90

2,841‌

Equitable

Holdings,

Inc.

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

49

2,552‌

Everest

Group

Ltd.

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

7

2,543‌

Fidelity

National

Financial,

Inc.

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

44

2,864‌

First

Citizens

BancShares,

Inc.,

Class

A

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

2

3,708‌

Simplify

Next

Intangible

Value

Index

ETF

Schedule

of

Investments

(Continued)

March

31,

2025

(Unaudited)

3

Shares

Value

Common

Stocks

(continued)

Financials

(continued)

Franklin

Resources,

Inc.

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

87

$

1,675‌

Hartford

Insurance

Group,

Inc.

(The)

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

45

5,568‌

Jefferies

Financial

Group,

Inc.

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

34

1,821‌

Loews

Corp.

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

34

3,125‌

Markel

Group,

Inc.*

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

2

3,739‌

MetLife,

Inc.

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

112

8,993‌

PayPal

Holdings

Inc*

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

345

22,511‌

Principal

Financial

Group,

Inc.

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

38

3,206‌

Prudential

Financial,

Inc.

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

58

6,477‌

Reinsurance

Group

of

America,

Inc.

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

11

2,166‌

RenaissanceRe

Holdings

Ltd.

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

8

1,920‌

Synchrony

Financial

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

66

3,494‌

Travelers

Cos.,

Inc.

(The)

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

36

9,521‌

Unum

Group

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

28

2,281‌

W

R

Berkley

Corp.

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

60

4,270‌

166,941‌

Health

Care

–

13.2%

Alkermes

PLC*

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

63

2,080‌

Baxter

International,

Inc.

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

201

6,880‌

Biogen,

Inc.*

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

58

7,937‌

Bio-Rad

Laboratories,

Inc.,

Class

A*

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

10

2,436‌

Centene

Corp.*

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

82

4,978‌

Cigna

Group

(The)

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

45

14,805‌

CVS

Health

Corp.

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

202

13,685‌

Elanco

Animal

Health,

Inc.*

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

193

2,027‌

Elevance

Health,

Inc.

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

35

15,224‌

Henry

Schein,

Inc.*

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

49

3,356‌

Humana,

Inc.

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

20

5,292‌

Illumina,

Inc.*

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

56

4,443‌

Incyte

Corp.*

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

83

5,026‌

Jazz

Pharmaceuticals

PLC*

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

23

2,855‌

Moderna,

Inc.*

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

135

3,827‌

Molina

Healthcare,

Inc.*

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

9

2,965‌

Pfizer,

Inc.

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

2,202

55,799‌

Teleflex,

Inc.

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

18

2,487‌

Viatris,

Inc.

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

472

4,111‌

Zimmer

Biomet

Holdings,

Inc.

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

72

8,149‌

168,362‌

Industrials

–

5.5%

Air

Lease

Corp.

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

39

1,884‌

Alight,

Inc.,

Class

A

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

273

1,619‌

Brady

Corp.,

Class

A

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

24

1,695‌

Builders

FirstSource,

Inc.*

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

20

2,499‌

CACI

International

Inc,

Class

A*

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

11

4,036‌

CNH

Industrial

NV

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

137

1,682‌

Dun

&

Bradstreet

Holdings,

Inc.

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

236

2,110‌

FedEx

Corp.

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

67

16,333‌

Ferguson

Enterprises,

Inc.

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

34

5,448‌

Flowserve

Corp.

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

45

2,198‌

Simplify

Next

Intangible

Value

Index

ETF

Schedule

of

Investments

(Continued)

March

31,

2025

(Unaudited)

4

Shares

Value

Common

Stocks

(continued)

Industrials

(continued)

Gates

Industrial

Corp

PLC*

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

92

$

1,694‌

Lyft,

Inc.,

Class

A*

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

213

2,528‌

Parsons

Corp.*

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

53

3,138‌

Robert

Half,

Inc.

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

38

2,073‌

Ryder

System,

Inc.

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

13

1,870‌

Southwest

Airlines

Co.

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

149

5,004‌

Stanley

Black

&

Decker,

Inc.

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

44

3,383‌

Textron,

Inc.

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

49

3,540‌

Walgreens

Boots

Alliance,

Inc.

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

501

5,596‌

WESCO

International,

Inc.

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

18

2,795‌

71,125‌

Information

Technology

–

16.4%

Akamai

Technologies,

Inc.*

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

78

6,279‌

Amkor

Technology,

Inc.

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

129

2,330‌

Arrow

Electronics,

Inc.*

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

19

1,973‌

BILL

Holdings,

Inc.*

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

53

2,432‌

Ciena

Corp.*

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

77

4,653‌

Cirrus

Logic,

Inc.*

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

28

2,790‌

Dell

Technologies,

Inc.,

Class

C

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

342

31,173‌

Dolby

Laboratories,

Inc.,

Class

A

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

11

883‌

Dropbox,

Inc.,

Class

A*

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

152

4,060‌

DXC

Technology

Co.*

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

96

1,637‌

First

Solar

Inc*

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

54

6,827‌

Hewlett

Packard

Enterprise

Co.

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

765

11,804‌

HP,

Inc.

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

504

13,956‌

Informatica,

Inc.,

Class

A*

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

155

2,705‌

Insight

Enterprises,

Inc.*

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

16

2,400‌

Intel

Corp.

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

1,771

40,219‌

Juniper

Networks,

Inc.

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

172

6,225‌

Kyndryl

Holdings,

Inc.*

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

119

3,737‌

MARA

Holdings,

Inc.*

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

208

2,392‌

NetApp,

Inc.

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

102

8,960‌

ON

Semiconductor

Corp.*

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

218

8,871‌

Pegasystems,

Inc.

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

47

3,268‌

Qorvo,

Inc.*

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

47

3,403‌

QXO,

Inc.

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

215

2,911‌

Sanmina

Corp.*

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

28

2,133‌

Silicon

Laboratories,

Inc.*

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

18

2,026‌

Skyworks

Solutions,

Inc.

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

78

5,041‌

TD

SYNNEX

Corp.

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

44

4,574‌

Twilio

Inc,

Class

A*

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

85

8,322‌

Unity

Software,

Inc.*

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

227

4,447‌

Western

Digital

Corp*

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

165

6,671‌

209,102‌

Materials

–

3.6%

Albemarle

Corp.

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

59

4,249‌

Alcoa

Corp.

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

68

2,074‌

Cleveland-Cliffs,

Inc.*

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

214

1,759‌

Corteva,

Inc.

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

78

4,909‌

Simplify

Next

Intangible

Value

Index

ETF

Schedule

of

Investments

(Continued)

March

31,

2025

(Unaudited)

5

Shares

Value

Common

Stocks

(continued)

Materials

(continued)

Dow,

Inc.

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

192

$

6,705‌

International

Paper

Co.

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

187

9,976‌

PPG

Industries,

Inc.

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

38

4,155‌

Reliance,

Inc.

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

24

6,930‌

United

States

Steel

Corp.

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

58

2,451‌

Westlake

Corp.

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

36

3,601‌

46,809‌

Real

Estate

–

0.8%

Alexandria

Real

Estate

Equities,

Inc.

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

28

2,590‌

Jones

Lang

LaSalle,

Inc.*

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

8

1,983‌

VICI

Properties,

Inc.

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

170

5,546‌

10,119‌

Utilities

–

3.3%

Atmos

Energy

Corp.

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

19

2,937‌

Consolidated

Edison,

Inc.

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

41

4,534‌

Dominion

Energy,

Inc.

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

104

5,831‌

Edison

International

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

45

2,651‌

Evergy,

Inc.

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

28

1,931‌

Eversource

Energy

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

44

2,733‌

NiSource,

Inc.

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

57

2,285‌

PG&E

Corp.

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

257

4,415‌

Sempra

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

79

5,638‌

UGI

Corp.

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

129

4,266‌

Xcel

Energy,

Inc.

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

70

4,955‌

42,176‌

Total

Common

Stocks

(Cost

$1,313,171)

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

1,270,441‌

Money

Market

Funds

–

0.5%

Fidelity

Investments

Money

Market

Treasury

Only

Portfolio

-

Class

I,

4.15%(a)

(Cost

$5,759)

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

5,759

5,759‌

Total

Investments

–

99.9%

(Cost

$1,318,930)

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

$

1,276,200‌

Other

Assets

in

Excess

of

Liabilities

–

0.1%

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

977‌

Net

Assets

–

100.0%

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

$

1,277,177‌

*

Non

Income

Producing

(a)

Rate

shown

reflects

the

7-day

yield

as

of

March

31,

2025.

Summary

of

Investment

Type††

Investment

Categories

%

of

Net

Assets

Common

Stocks

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

99.4‌%

Money

Market

Funds

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

0.5‌%

Total

Investments

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

99.9‌%

Other

Assets

in

Excess

of

Liabilities

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

0.1‌%

Net

Assets

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

100.0‌%

Simplify

Next

Intangible

Value

Index

ETF

Schedule

of

Investments

(Continued)

March

31,

2025

(Unaudited)

6

††

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.