Simplify

Macro

Strategy

ETF

Consolidated

Schedule

of

Investments

March

31,

2025

(Unaudited)

1

Shares

Value

U.S.

Exchange-Traded

Funds

–

87.1%

Alternative

Funds

–

38.8%

Simplify

Currency

Strategy

ETF(a)

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

93,739

$

2,537,515‌

Simplify

Managed

Futures

Strategy

ETF(a)(b)

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

66,957

1,981,927‌

4,519,442‌

Commodity

Funds

–

17.9%

Simplify

Commodities

Strategy

No

K-1

ETF(a)(b)

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

66,957

2,080,354‌

Equity

Funds

–

30.4%

Simplify

Next

Intangible

Core

Index

ETF(a)

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

25,825

714,407‌

Simplify

Next

Intangible

Value

Index

ETF(a)

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

25,825

659,054‌

Simplify

US

Equity

PLUS

QIS

ETF(a)

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

32,131

794,921‌

Simplify

Wolfe

US

Equity

150/50

ETF(a)

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

57,200

1,364,443‌

3,532,825‌

Total

U.S.

Exchange-Traded

Funds

(Cost

$9,666,487)

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

10,132,621‌

Principal

U.S.

Treasury

Bills

–

11.6%

U.S.

Treasury

Bill,

4.33%,

6/17/2025

(b)(c)

(Cost

$1,347,707)

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

$

1,360,000‌

1,347,884‌

Number

of

Contracts

Notional

Amount

Purchased

Options

–

0.7%

Calls

–

Exchange-Traded

–

0.2%

S&P

500

Index,

April

Strike

Price

$5,800,

Expires

4/04/25

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

37

21,460,000‌

13,320‌

S&P

500

Index,

April

Strike

Price

$6,000,

Expires

4/04/25

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

2

1,200,000‌

20‌

S&P

500

Index,

April

Strike

Price

$6,150,

Expires

4/11/25

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

9

5,535,000‌

158‌

S&P

500

Index,

April

Strike

Price

$6,230,

Expires

4/11/25

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

6

3,738,000‌

75‌

S&P

500

Index,

April

Strike

Price

$5,800,

Expires

4/17/25

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

8

4,640,000‌

17,200‌

30,773‌

Puts

–

Exchange-Traded

–

0.5%

MicroStrategy

,

Inc.,

April

Strike

Price

$190,

Expires

4/04/25(d)

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

12

228,000‌

294‌

MicroStrategy

,

Inc.,

April

Strike

Price

$200,

Expires

4/04/25(d)

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

24

480,000‌

960‌

MicroStrategy

,

Inc.,

April

Strike

Price

$230,

Expires

4/11/25(d)

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

12

276,000‌

3,558‌

Russell

2000

Index,

April

Strike

Price

$1,840,

Expires

4/03/25(d)

..........

8

1,472,000‌

160‌

Russell

2000

Index,

April

Strike

Price

$1,835,

Expires

4/04/25(d)

..........

9

1,651,500‌

855‌

Russell

2000

Index,

April

Strike

Price

$1,885,

Expires

4/04/25(d)

..........

9

1,696,500‌

2,205‌

S&P

500

Index,

April

Strike

Price

$5,325,

Expires

4/03/25(d)

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

70

37,275,000‌

12,600‌

S&P

500

Index,

April

Strike

Price

$5,400,

Expires

4/03/25(d)

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

35

18,900,000‌

13,650‌

S&P

500

Index,

April

Strike

Price

$5,150,

Expires

4/04/25(d)

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

4

2,060,000‌

860‌

S&P

500

Index,

April

Strike

Price

$5,250,

Expires

4/04/25(d)

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

4

2,100,000‌

1,400‌

S&P

500

Index,

April

Strike

Price

$5,300,

Expires

4/04/25(d)

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

26

13,780,000‌

13,000‌

S&P

500

Index,

April

Strike

Price

$5,250,

Expires

4/09/25(d)

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

3

1,575,000‌

2,385‌

S&P

500

Index,

April

Strike

Price

$5,175,

Expires

4/11/25(d)

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

3

1,552,500‌

2,415‌

SPDR

Gold

Shares,

April

Strike

Price

$260,

Expires

4/03/25(d)

...........

61

1,586,000‌

122‌

SPDR

Gold

Shares,

April

Strike

Price

$256,

Expires

4/04/25(d)

...........

50

1,280,000‌

175‌

Simplify

Macro

Strategy

ETF

Consolidated

Schedule

of

Investments

(Continued)

March

31,

2025

(Unaudited)

2

Number

of

Contracts

Notional

Amount

Value

Purchased

Options

–

0.7%

(continued)

Puts

–

Exchange-Traded

–

0.5%

(continued)

SPDR

Gold

Shares,

April

Strike

Price

$260,

Expires

4/09/25(d)

...........

69

$

1,794,000‌

$

552‌

55,191‌

Total

Purchased

Options

(Cost

$123,043)

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

85,964‌

Total

Investments

–

99.4%

(Cost

$11,137,237)

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

$

11,566,469‌

Other

Assets

in

Excess

of

Liabilities

–

0.6%

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

67,550‌

Net

Assets

–

100.0%

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

$

11,634,019‌

Number

of

Contracts

Notional

Amount

Written

Options

–

(1.0)%

Puts

–

Exchange-Traded

–

(1.0)%

MicroStrategy

,

Inc.,

April

Strike

Price

$240,

Expires

4/04/25

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

(12)

$

(288,000‌)

$

(2,106‌)

MicroStrategy

,

Inc.,

April

Strike

Price

$250,

Expires

4/04/25

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

(24)

(600,000‌)

(6,240‌)

MicroStrategy

,

Inc.,

April

Strike

Price

$280,

Expires

4/11/25

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

(12)

(336,000‌)

(17,310‌)

Russell

2000

Index,

April

Strike

Price

$1,980,

Expires

4/03/25

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

(8)

(1,584,000‌)

(7,360‌)

Russell

2000

Index,

April

Strike

Price

$1,935,

Expires

4/04/25

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

(9)

(1,741,500‌)

(6,525‌)

Russell

2000

Index,

April

Strike

Price

$1,985,

Expires

4/04/25

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

(9)

(1,786,500‌)

(17,955‌)

S&P

500

Index,

April

Strike

Price

$5,275,

Expires

4/03/25

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

(70)

(36,925,000‌)

(9,100‌)

S&P

500

Index,

April

Strike

Price

$5,300,

Expires

4/03/25

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

(35)

(18,550,000‌)

(5,338‌)

S&P

500

Index,

April

Strike

Price

$5,200,

Expires

4/04/25

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

(26)

(13,520,000‌)

(6,890‌)

S&P

500

Index,

April

Strike

Price

$5,375,

Expires

4/04/25

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

(4)

(2,150,000‌)

(3,840‌)

S&P

500

Index,

April

Strike

Price

$5,475,

Expires

4/04/25

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

(4)

(2,190,000‌)

(9,460‌)

S&P

500

Index,

April

Strike

Price

$5,525,

Expires

4/09/25

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

(3)

(1,657,500‌)

(14,385‌)

S&P

500

Index,

April

Strike

Price

$5,425,

Expires

4/11/25

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

(3)

(1,627,500‌)

(9,555‌)

SPDR

Gold

Shares,

April

Strike

Price

$270,

Expires

4/03/25

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

(61)

(1,647,000‌)

(244‌)

SPDR

Gold

Shares,

April

Strike

Price

$268,

Expires

4/04/25

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

(50)

(1,340,000‌)

(425‌)

SPDR

Gold

Shares,

April

Strike

Price

$269,

Expires

4/09/25

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

(69)

(1,856,100‌)

(1,173‌)

(117,906‌)

Total

Written

Options

(Premiums

Received

$89,413)

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

$

(117,906‌)

(a)

Affiliated

fund

managed

by

Simplify

Asset

Management

Inc.

(b)

Securities

with

an

aggregate

market

value

of

$5,023,901

have

been

pledged

as

collateral

for

options

and

swaps

as

of

March

31,

2025.

(c)

Represents

a

zero

coupon

bond.

Rate

shown

reflects

the

effective

yield.

(d)

Held

in

connection

with

Written

Options.

Simplify

Macro

Strategy

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

Commodities

Strategy

No

K-1

ETF

$

—‌

$

2,042,677‌

$

(94,150‌)

$

5,352‌

$

126,475‌

$

2,080,354‌

66,957‌

$

7,863‌

$

—‌

Simplify

Currency

Strategy

ETF

—‌

2,455,880‌

(114,323‌)

7,542‌

188,416‌

2,537,515‌

93,739‌

18,748‌

—‌

Simplify

High

Yield

PLUS

Credit

Hedge

ETF

2,205,629‌

—‌

(2,242,318‌)

113,842‌

(77,153‌)

—‌

—‌

45,308‌

—‌

Simplify

Intermediate

Term

Treasury

Futures

Strategy

ETF

348,938‌

—‌

(367,410‌)

(64,525‌)

82,997‌

—‌

—‌

3,677‌

—‌

Simplify

Managed

Futures

Strategy

ETF

2,150,450‌

3,456,700‌

(3,968,086‌)

189,595‌

153,268‌

1,981,927‌

66,957‌

130,697‌

—‌

Simplify

Market

Neutral

Equity

Long/Short

ETF

2,871,422‌

—‌

(2,694,144‌)

(215,353‌)

38,075‌

—‌

—‌

9,467‌

—‌

Simplify

Multi-QIS

Alternative

ETF

—‌

5,273,880‌

(5,266,642‌)

(7,238‌)

—‌

—‌

—‌

1,328‌

—‌

Simplify

Next

Intangible

Core

Index

ETF

968,288‌

—‌

(312,128‌)

36,786‌

21,461‌

714,407‌

25,825‌

28,191‌

—‌

Simplify

Next

Intangible

Value

Index

ETF

960,246‌

—‌

(304,072‌)

25,698‌

(22,818‌)

659,054‌

25,825‌

57,546‌

—‌

Simplify

Short

Term

Treasury

Futures

Strategy

ETF

2,163,639‌

—‌

(2,273,644‌)

(178,011‌)

288,016‌

—‌

—‌

20,460‌

—‌

Simplify

US

Equity

PLUS

QIS

ETF

1,383,961‌

—‌

(423,545‌)

70,446‌

(235,941‌)

794,921‌

32,131‌

87,777‌

—‌

Simplify

Wolfe

US

Equity

150/50

ETF

—‌

1,696,448‌

(200,243‌)

(3,331‌)

(128,431‌)

1,364,443‌

57,200‌

—‌

—‌

$

13,052,573‌

$

14,925,585‌

$

(18,260,705‌)

$

(19,197‌)

$

434,365‌

$

10,132,621‌

368,634‌

$

411,062‌

$

—‌

Summary

of

Investment

Type††

Investment

Categories

%

of

Net

Assets

U.S.

Exchange-Traded

Funds

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

87.1‌%

U.S.

Treasury

Bills

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

11.6‌%

Purchased

Options

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

0.7‌%

Total

Investments

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

99.4‌%

Other

Assets

in

Excess

of

Liabilities

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

0.6‌%

Net

Assets

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

100.0‌%

Simplify

Macro

Strategy

ETF

Consolidated

Schedule

of

Investments

(Continued)

March

31,

2025

(Unaudited)

4

††

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.

At

March

31,

2025,

over

the

counter

total

return

swap

contracts

outstanding

were

as

follows:

Reference

Obligation/Index

Termination

Date(a)

Financing

Rate

Paid

(Received)

by

the

Fund

Counterparty

Notional

Amount

Unrealized

Appreciation/

(Depreciation)(b)

ARCMBBARS*

12/12/2025

0.00%(c)

BOA

(7,022,109)

$

(142,489‌)

Morgan

Stanley

Custom

Junk

Index*

10/15/2026

4.08%

(EFFR

-

0.25%)(c)

MSCS

2,325,329

75,397‌

Morgan

Stanley

Custom

Quality

Index*

10/15/2026

4.68%

(EFFR

+

0.35%)(c)

MSCS

(3,079,172)

(12,707‌)

$

(79,799‌)

*

The

components

of

the

basket

shown

below.

(a)

The

Fund

pays/receives

annual

coupon

payments

in

accordance

with

the

swap

contract.

On

the

termination

date

of

the

swap

contract(s),

the

Fund

will

either

receive

from

or

pay

to

the

counterparty

an

amount

equal

to

the

net

of

the

accrued

financing

fees

and

the

value

of

the

reference

security

subtracted

from

the

original

notional

cost

(notional

multiplied

by

the

price

change

of

the

reference

security).

(b)

There

are

no

upfront

payments

on

the

swap

contracts,

therefore

the

unrealized

gain

(loss)

on

the

swap

contracts

is

equal

to

their

market

value.

(c)

Payments

made

quarterly.

*

The

following

table

shows

the

top

50

positions

and

related

Unrealized

Appreciation/(Depreciation)

of

the

securities

within

the

ARCMBBARS

basket.

Notional

Value

Unrealized

Appreciation/

(Depreciation)

%

of

basket

Foreign

Currency

EUR

Currency

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

347,182

$

0‌

0.00%

EUR

Currency

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

229,898

0‌

0.00%

GBP

Currency

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

347,792

0‌

0.00%

Future

Long

Position

BOK5

Comdty

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

522,364

(3,021‌)

2.12%

BOK5

Comdty

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

406,887

(2,353‌)

1.65%

BOK5

Comdty

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

231,466

(1,339‌)

0.94%

BOZ5

Comdty

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

510,308

(2,951‌)

2.07%

C

U5

Comdty

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

487,019

(2,817‌)

1.98%

C

Z5

Comdty

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

487,200

(2,818‌)

1.98%

CAU5

Comdty

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

347,182

(2,008‌)

1.41%

CCK5

Comdty

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

522,364

(3,021‌)

2.12%

CCK5

Comdty

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

289,594

(1,675‌)

1.18%

CCU5

Comdty

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

484,420

(2,802‌)

1.97%

CLK5

Comdty

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

843,818

(4,880‌)

3.42%

CLK5

Comdty

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

240,061

(1,388‌)

0.97%

COM5

Comdty

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

843,818

(4,880‌)

3.42%

COM5

Comdty

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

240,859

(1,393‌)

0.98%

CTK5

Comdty

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

500,806

(2,897‌)

2.03%

CTZ5

Comdty

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

301,660

(1,745‌)

1.22%

FCK5

Comdty

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

488,969

(2,828‌)

1.98%

FCK5

Comdty

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

522,364

(3,021‌)

2.12%

FCQ5

Comdty

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

490,765

(2,838‌)

1.99%

HGK5

Comdty

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

522,364

(3,021‌)

2.12%

HOK5

Comdty

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

843,818

(4,880‌)

3.43%

IJK5

Comdty

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

229,898

(1,330‌)

0.93%

Simplify

Macro

Strategy

ETF

Consolidated

Schedule

of

Investments

(Continued)

March

31,

2025

(Unaudited)

5

Notional

Value

Unrealized

Appreciation/

(Depreciation)

%

of

basket

Future

(continued)

Long

Position

(continued)

KCN5

Comdty

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

385,178

$

(2,228‌)

1.56%

KCZ5

Comdty

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

481,058

(2,782‌)

1.95%

KWK5

Comdty

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

522,364

(3,021‌)

2.12%

LCM5

Comdty

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

491,462

(2,842‌)

1.99%

LCQ5

Comdty

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

392,805

(2,272‌)

1.59%

LHM5

Comdty

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

489,174

(2,829‌)

1.99%

LHM5

Comdty

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

522,364

(3,021‌)

2.12%

LHM5

Comdty

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

662,905

(3,834‌)

2.69%

LHN5

Comdty

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

487,733

(2,821‌)

1.98%

LPK25

Comdty

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

522,364

(3,021‌)

2.12%

NGN25

Comdty

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

307,272

(1,777‌)

1.25%

NGU25

Comdty

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

511,864

(2,961‌)

2.08%

QCN5

Comdty

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

347,792

(2,012‌)

1.41%

QWQ5

Comdty

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

345,934

(2,001‌)

1.40%

S

K5

Comdty

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

494,160

(2,858‌)

2.01%

S

X5

Comdty

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

494,445

(2,860‌)

2.01%

SBH6

Comdty

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

482,664

(2,792‌)

1.96%

SBK5

Comdty

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

479,473

(2,773‌)

1.95%

SBK5

Comdty

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

522,364

(3,021‌)

2.12%

SMK5

Comdty

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

432,839

(2,503‌)

1.76%

SMK5

Comdty

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

522,364

(3,021‌)

2.12%

W

K5

Comdty

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

494,602

(2,861‌)

2.01%

W

U5

Comdty

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

491,724

(2,844‌)

2.00%

XBK5

Comdty

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

473,977

(2,741‌)

1.92%

XBK5

Comdty

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

843,818

(4,880‌)

3.43%

(130,482)

Other

Components

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

38,807

(12,007)

8.43%

Total

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

$

(142,489‌)

100.00%

*

The

following

table

shows

the

top

50

positions

and

related

Unrealized

Appreciation/(Depreciation)

of

the

securities

within

the

Morgan

Stanley

Custom

Quality

Index

basket.

Shares

Unrealized

Appreciation/

(Depreciation)

%

of

basket

Common

Stocks

Communication

Services

Fox

Corp.,

Class

A

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

575

$

(190‌)

1.49%

Match

Group,

Inc.

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

972

(320‌)

2.52%

Omnicom

Group,

Inc.

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

372

(123‌)

0.97%

(633‌)

Consumer

Discretionary

Birkenstock

Holding

Plc

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

689

(227‌)

1.79%

Crocs,

Inc.

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

305

(101‌)

0.79%

Deckers

Outdoor

Corp.

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

253

(84‌)

0.66%

LKQ

Corp.

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

722

(238‌)

1.87%

(650‌)

Simplify

Macro

Strategy

ETF

Consolidated

Schedule

of

Investments

(Continued)

March

31,

2025

(Unaudited)

6

Shares

Unrealized

Appreciation/

(Depreciation)

%

of

basket

Common

Stocks

(continued)

Consumer

Staples

Colgate-Palmolive

Co

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

335

$

(110‌)

0.87%

General

Mills,

Inc.

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

505

(167‌)

1.31%

Kenvue

,

Inc.

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

1,319

(435‌)

3.43%

Kraft

Heinz

Co.

(The)

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

995

(328‌)

2.58%

(1,040‌)

Energy

Antero

Midstream

Corp.

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

1,768

(583‌)

4.59%

Baker

Hughes

Co.

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

702

(232‌)

1.82%

DT

Midstream,

Inc.

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

314

(104‌)

0.82%

Schlumberger

NV

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

732

(241‌)

1.90%

(1,160‌)

Financials

Ares

Management

Corp.,

Class

A

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

208

(69‌)

0.54%

Brown

&

Brown,

Inc.

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

255

(84‌)

0.66%

(153‌)

Health

Care

Avantor

,

Inc.

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

1,845

(609‌)

4.79%

Henry

Schein,

Inc.

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

426

(140‌)

1.11%

Solventum

Corp.

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

406

(134‌)

1.05%

(883‌)

Industrials

Allegion

PLC

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

238

(79‌)

0.62%

Allison

Transmission

Holdings,

Inc.

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

313

(103‌)

0.81%

Core

&

Mai,

Inc.,

Class

A

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

631

(208‌)

1.64%

Leidos

Holdings,

Inc.

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

224

(74‌)

0.58%

Loar

Holdings,

Inc.

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

457

(151‌)

1.18%

Masco

Corp.

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

428

(141‌)

1.11%

nVent

Electric

PLC

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

531

(175‌)

1.38%

Paychex,

Inc.

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

207

(68‌)

0.54%

Pentair

PLC

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

349

(115‌)

0.91%

Rollins,

Inc.

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

585

(193‌)

1.52%

SS&C

Technologies

Holdings,

Inc.

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

370

(122‌)

0.96%

(1,429‌)

Information

Technology

Amphenol

Corp.,

Class

A

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

477

(158‌)

1.24%

Bentley

Systems,

Inc.,

Class

B

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

726

(239‌)

1.88%

Cisco

Systems,

Inc.

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

497

(164‌)

1.29%

Cognizant

Technology

Solutions

Corp.,

Class

A

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

380

(125‌)

0.99%

Crane

NXT

Co.

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

551

(182‌)

1.43%

(868‌)

Materials

Amcor

PLC

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

3,076

(1,015‌)

7.99%

Crown

Holdings,

Inc.

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

338

(111‌)

0.88%

Element

Solutions,

Inc.

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

1,153

(380‌)

2.99%

(1,506‌)

Real

Estate

Agree

Realty

Corp.

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

391

(129‌)

1.02%

Digital

Realty

Trust,

Inc.

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

202

(67‌)

0.52%

Host

Hotels

&

Resorts,

Inc.,

Class

REIT

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

2,018

(666‌)

5.24%

Simplify

Macro

Strategy

ETF

Consolidated

Schedule

of

Investments

(Continued)

March

31,

2025

(Unaudited)

7

Shares

Unrealized

Appreciation/

(Depreciation)

%

of

basket

Common

Stocks

(continued)

Real

Estate

(continued)

Realty

Income

Corp.

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

531

$

(175‌)

1.38%

UDR,

Inc.,

Class

REIT

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

695

(229‌)

1.80%

Weyerhaeuser

Co

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

1,021

(337‌)

2.65%

(1,603‌)

Utilities

Alliant

Energy

Corp.

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

478

(158‌)

1.24%

CenterPoint

Energy,

Inc.

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

848

(280‌)

2.20%

Edison

International

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

528

(174‌)

1.37%

Essential

Utilities,

Inc.

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

762

(251‌)

1.98%

NRG

Energy,

Inc.

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

315

(104‌)

0.82%

(967‌)

Other

Components

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

5,501

(1,815‌)

14.28%

Total

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

$

(12,707‌)

100.00%

*

The

following

table

shows

the

top

50

positions

and

related

Unrealized

Appreciation/(Depreciation)

of

the

securities

within

the

Morgan

Stanley

Custom

Junk

Index

basket.

Shares

Unrealized

Appreciation/

(Depreciation)

%

of

basket

Common

Stocks

Communication

Services

Liberty

Global

Ltd.,

Class

A

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

(1,131)

$

622‌

0.82%

Sirius

XM

Holdings,

Inc.

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

(1,002)

551‌

0.73%

TripAdvisor,

Inc.

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

(1,473)

809‌

1.07%

Warner

Bros

Discovery,

Inc.

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

(2,339)

1,286‌

1.71%

ZoomInfo

Technologies,

Inc.

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

(2,175)

1,195‌

1.59%

4,463‌

Consumer

Discretionary

ADT,

Inc.

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

(3,038)

1,670‌

2.21%

Capri

Holdings

Ltd.

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

(1,057)

581‌

0.77%

Carnival

Corp

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

(1,037)

570‌

0.75%

Ford

Motor

Co.

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

(2,520)

1,385‌

1.84%

Hanesbrands,

Inc.

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

(3,871)

2,128‌

2.82%

Leggett

&

Platt,

Inc.

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

(2,802)

1,540‌

2.04%

Macy's,

Inc.

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

(1,737)

955‌

1.27%

Newell

Brands,

Inc.

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

(3,469)

1,907‌

2.53%

Norwegian

Cruise

Line

Holdings

Ltd.

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

(1,205)

662‌

0.88%

Penn

Entertainment,

Inc.

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

(1,330)

731‌

0.97%

Petco

Health

&

Wellness

Co.,

Inc.

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

(6,808)

3,742‌

4.96%

Rivian

Automotive,

Inc.,

Class

A

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

(1,934)

1,063‌

1.41%

Sabre

Corp.

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

(4,907)

2,697‌

3.58%

VF

Corp

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

(1,045)

574‌

0.76%

Wendy's

Co.

(The)

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

(1,480)

813‌

1.08%

21,018‌

Consumer

Staples

Coty,

Inc.,

Class

A

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

(4,124)

2,267‌

3.01%

Grocery

Outlet

Holding

Corp

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

(1,895)

1,041‌

1.38%

3,308‌

Simplify

Macro

Strategy

ETF

Consolidated

Schedule

of

Investments

(Continued)

March

31,

2025

(Unaudited)

8

Shares

Unrealized

Appreciation/

(Depreciation)

%

of

basket

Common

Stocks

(continued)

Energy

APA

Corp

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

(1,161)

$

638‌

0.85%

Kosmos

Energy

Ltd.

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

(4,117)

2,263‌

3.00%

2,901‌

Health

Care

DENTSPLY

SIRONA,

Inc.

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

(1,420)

780‌

1.03%

Elanco

Animal

Health,

Inc.

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

(2,177)

1,196‌

1.59%

Envista

Holdings

Corp

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

(1,227)

675‌

0.89%

Fortrea

Holdings,

Inc.

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

(2,352)

1,293‌

1.72%

Maravai

LifeSciences

Holdings,

Inc.,

Class

A

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

(4,647)

2,554‌

3.39%

Organon

&

Co

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

(1,484)

816‌

1.08%

Pediatrix

Medical

Group,

Inc.

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

(1,201)

660‌

0.88%

Sotera

Health

Co

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

(1,961)

1,078‌

1.43%

Teladoc

Health,

Inc.

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

(1,898)

1,043‌

1.38%

Viatris

,

Inc.

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

(2,555)

1,404‌

1.86%

11,499‌

Industrials

Amentum

Holdings,

Inc.

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

(1,270)

698‌

0.93%

American

Airlines

Group,

Inc.

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

(2,091)

1,149‌

1.52%

Clarivate

PLC

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

(5,502)

3,024‌

4.01%

Driven

Brands

Holdings,

Inc.

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

(1,341)

737‌

0.98%

JetBlue

Airways

Corp.

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

(2,772)

1,523‌

2.02%

Sunrun

,

Inc.

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

(1,363)

749‌

0.99%

Vestis

Corp

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

(1,366)

751‌

1.00%

8,631‌

Information

Technology

DXC

Technology

Co

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

(1,315)

723‌

0.96%

Intel

Corp

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

(1,123)

617‌

0.82%

NCR

Voyix

Corp

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

(1,789)

983‌

1.30%

Unity

Software,

Inc.

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

(1,094)

601‌

0.80%

Viasat

,

Inc.

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

(1,119)

615‌

0.81%

Wolfspeed

,

Inc.

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

(3,414)

1,877‌

2.49%

Xerox

Holdings

Corp

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

(1,409)

774‌

1.03%

6,190‌

Materials

Chemours

Co.

(The)

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

(1,578)

867‌

1.15%

O-I

Glass,

Inc.,

Class

I

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

(1,046)

575‌

0.76%

1,442‌

Other

Components

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

(29,011)

15,945‌

21.15%

Total

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

$

75,397‌

100.00%