Simplify

Volatility

Premium

ETF

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

1

Shares

Value

U.S.

Exchange-Traded

Funds

–

93.2%

Alternative

Funds

–

9.2%

Simplify

Multi-QIS

Alternative

ETF(a)

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

3,975,000

$

92,264,520‌

Equity

Funds

–

57.9%

Simplify

US

Equity

PLUS

Upside

Convexity

ETF(a)

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

2,334,812

89,079,382‌

Simplify

US

Small

Cap

PLUS

Income

ETF(a)

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

95,000

1,859,122‌

SPDR

S&P500

ETF

Trust(b)

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

872,087

487,836,747‌

578,775,251‌

Fixed

Income

Funds

–

26.1%

Simplify

Aggregate

Bond

ETF(a)

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

5,193,254

109,837,322‌

Simplify

High

Yield

PLUS

Credit

Hedge

ETF(a)

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

1,299,393

29,808,075‌

Simplify

Intermediate

Term

Treasury

Futures

Strategy

ETF(a)

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

3,843,182

50,845,298‌

Simplify

National

Muni

Bond

ETF(a)

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

3,121,709

70,581,840‌

261,072,535‌

Total

U.S.

Exchange-Traded

Funds

(Cost

$993,528,326)

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

932,112,306‌

Principal

U.S.

Treasury

Bills

–

92.8%

U.S.

Treasury

Bill,

4.29%,

6/26/2025

(c)(d)

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

$

900,000,000‌

890,991,504‌

U.S.

Treasury

Bill,

4.29%,

7/8/2025

(c)

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

37,000,000‌

36,578,477‌

Total

U.S.

Treasury

Bills

(Cost

$927,579,814)

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

927,569,981‌

Number

of

Contracts

Notional

Amount

Purchased

Options

–

0.6%

Calls

–

Exchange-Traded

–

0.6%

CBOE

Volatility

Index,

May

Strike

Price

$50,

Expires

5/21/25

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

50,170

250,850,000‌

1,931,545‌

CBOE

Volatility

Index,

June

Strike

Price

$50,

Expires

6/18/25

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

48,000

240,000,000‌

2,592,000‌

CBOE

Volatility

Index,

July

Strike

Price

$50,

Expires

7/16/25

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

18,171

90,855,000‌

1,172,030‌

5,695,575‌

Total

Purchased

Options

(Cost

$9,488,247)

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

5,695,575‌

Principal

U.S.

Government

Obligations

–

0.0%†

U.S.

Treasury

Note,

2.88%,

6/15/2025(b)

(Cost

$99,642)

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

$

100,000‌

99,701‌

Total

Investments

–

186.6%

(Cost

$1,930,696,029)

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

$

1,865,477,563‌

Liabilities

in

Excess

of

Other

Assets

–

(86.6)%

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

(865,884,198‌)

Net

Assets

–

100.0%

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

$

999,593,365‌

Simplify

Volatility

Premium

ETF

Consolidated

Schedule

of

Investments

(Continued)

March

31,

2025

(Unaudited)

2

Number

of

Contracts

Notional

Amount

Value

Written

Options

–

(0.5)%

Calls

–

Exchange-Traded

–

(0.2)%

S&P

500

Index,

April

Strike

Price

$600,

Expires

4/11/25

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

(8,579)

$

(1,029,480,000‌)

$

(38,606‌)

U.S.

6-7

Note

FRI,

April

Strike

Price

$111,

Expires

4/04/25

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

(4,000)

(444,000,000‌)

(2,062,500‌)

(2,101,106‌)

Puts

–

Exchange-Traded

–

(0.3)%

U.S.

2

Years

Future

Option,

May

Strike

Price

$103.5,

Expires

5/23/25

......

(6,000)

(1,242,000,000‌)

(3,187,500‌)

Total

Written

Options

(Premiums

Received

$7,143,108)

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

$

(5,288,606‌)

†

Less

than

0.05%

(a)

Affiliated

fund

managed

by

Simplify

Asset

Management

Inc.

(b)

Securities

with

an

aggregate

market

value

of

$2,449,134

have

been

pledged

as

collateral

for

options

as

of

March

31,

2025.

(c)

Represents

a

zero

coupon

bond.

Rate

shown

reflects

the

effective

yield.

(d)

Security,

or

a

portion

thereof,

in

the

amount

of

$890,982,000

has

been

pledged

as

collateral

for

reverse

repurchase

agreements

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.

10

Years

Note

(CBT)

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

4,000

$

444,875,000‌

6/18/25

$

2,367,188‌

S&P

500

E-Mini

Future

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

3,442

972,924,325‌

6/20/25

(5,727,166‌)

Total

unrealized

appreciation/(depreciation)

$

(3,359,978‌)

Short

position

contracts:

CBOE

VIX

Future

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

(5,010)

(102,640,872‌)

5/21/25

3,617,181‌

Total

net

unrealized

appreciation

$

257,203‌

Simplify

Volatility

Premium

ETF

Consolidated

Schedule

of

Investments

(Continued)

March

31,

2025

(Unaudited)

3

Affiliates

Fiscal

period

to

date

transactions

with

companies

which

are

or

were

affiliates

are

as

follows:

Affiliate

Value

at

beginning

of

the

period

Purchases

Cost

Sales

Proceeds

Net

Realized

Gain/(Loss)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Value

at

the

end

of

the

period

Number

of

Shares

at

the

end

of

the

period

Dividend

Income

Capital

Gain

Distributions

Simplify

Aggregate

Bond

ETF

$

101,656,343‌

$

6,238,604‌

$

—‌

$

—‌

$

1,942,375‌

$

109,837,322‌

5,193,254‌

$

5,982,663‌

$

—‌

Simplify

Enhanced

Income

ETF

—‌

80,085,479‌

(78,569,074‌)

(1,516,405‌)

—‌

—‌

—‌

822,522‌

—‌

Simplify

High

Yield

PLUS

Credit

Hedge

ETF

90,712,714‌

17,509,622‌

(80,026,023‌)

1,566,966‌

44,796‌

29,808,075‌

1,299,393‌

3,450,005‌

—‌

Simplify

Intermediate

Term

Treasury

Futures

Strategy

ETF

—‌

54,646,973‌

—‌

—‌

(3,801,675‌)

50,845,298‌

3,843,182‌

1,437,850‌

—‌

Simplify

MBS

ETF

44,541,053‌

126,751,311‌

(170,713,287‌)

(844,855‌)

265,778‌

—‌

—‌

1,909,181‌

—‌

Simplify

Multi-QIS

Alternative

ETF

—‌

98,585,565‌

—‌

—‌

(6,321,045‌)

92,264,520‌

3,975,000‌

1,192,500‌

—‌

Simplify

National

Muni

Bond

ETF

—‌

78,697,622‌

(122,571‌)

(3,688‌)

(7,989,523‌)

70,581,840‌

3,121,709‌

1,666,237‌

—‌

Simplify

Treasury

Option

Income

ETF

79,180,333‌

30,276,389‌

(109,325,612‌)

(1,262,905‌)

1,131,795‌

—‌

—‌

4,527,741‌

—‌

Simplify

US

Equity

PLUS

Upside

Convexity

ETF

—‌

99,046,461‌

—‌

—‌

(9,967,079‌)

89,079,382‌

2,334,812‌

186,785‌

—‌

Simplify

US

Small

Cap

PLUS

Income

ETF

—‌

2,148,900‌

—‌

—‌

(289,778‌)

1,859,122‌

95,000‌

9,500‌

—‌

$

316,090,443‌

$

593,986,926‌

$

(438,756,567‌)

$

(2,060,887‌)

$

(24,984,356‌)

$

444,275,559‌

19,862,350‌

$

21,184,984‌

$

—‌

Summary

of

Investment

Type††

Investment

Categories

%

of

Net

Assets

U.S.

Exchange-Traded

Funds

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

93.2‌%

U.S.

Treasury

Bills

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

92.8‌%

Purchased

Options

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

0.6‌%

U.S.

Government

Obligations

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

0.0‌%†

Total

Investments

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

186.6‌%

Liabilities

in

Excess

of

Other

Assets

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

(86.6‌)%

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.

Simplify

Volatility

Premium

ETF

Consolidated

Schedule

of

Investments

(Continued)

March

31,

2025

(Unaudited)

4

At

March

31,

2025,

open

reverse

repurchase

agreements

were

as

follows:

Counterparty

Interest

Rate

Trade

Date

Maturity

Date

Face

Amount

Payable

for

Reverse

Repurchase

Agreements

Morgan

Stanley

Capital

Services

LLC

4.56%

3/31/2025

4/2/2025

$

873,155,867‌

$

873,155,867‌

$

873,155,867‌

$

873,155,867‌