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      <invstOrSec>
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      <invstOrSec>
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          <ticker value="CLX5"/>
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      <invstOrSec>
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        <curCd>USD</curCd>
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                <issuerName>WTI CRUDE OIL</issuerName>
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      <invstOrSec>
        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
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          <ticker value="TUU5"/>
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      <invstOrSec>
        <name>COMMODITY EXCHANGE, INC.</name>
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      <invstOrSec>
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        <name>ICE FUTURES U.S., INC.</name>
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      </invstOrSec>
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        <lei>254900HROIFWPRGM1V77</lei>
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        <fairValLevel>1</fairValLevel>
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        <securityLending>
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      <invstOrSec>
        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>NEW YORK MERCANTILE EXCHANGE, INC.</name>
        <lei>5493008GFNDTXFPHWI47</lei>
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        <fairValLevel>1</fairValLevel>
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            <payOffProf>Long</payOffProf>
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      </invstOrSec>
      <invstOrSec>
        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
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          <ticker value="KWU5"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
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      <invstOrSec>
        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
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          <ticker value="USU5"/>
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      <invstOrSec>
        <name>NEW YORK MERCANTILE EXCHANGE, INC.</name>
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        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
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        <name>ICE FUTURES U.S., INC.</name>
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        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
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        <name>ICE FUTURES U.S., INC.</name>
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      <invstOrSec>
        <name>ICE FUTURES U.S., INC.</name>
        <lei>5493004R83R1LVX2IL36</lei>
        <title>SUGAR #11 (WORLD)</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="SBH6"/>
          <other otherDesc="ID_BB_GLOBAL" value="BBG01G48LMX3"/>
        </identifiers>
        <balance>-696.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>243088.68000000</valUSD>
        <pctVal>0.023038682666</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ICE FUTURES U.S., INC.</counterpartyName>
              <counterpartyLei>5493004R83R1LVX2IL36</counterpartyLei>
            </counterparties>
            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>SUGAR #11</issuerName>
                <issueTitle>SUGAR #11</issueTitle>
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                  <cusip value="000000000"/>
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                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2026-02-27</expDate>
            <notionalAmt>-13448157.48000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>243088.68000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICE FUTURES U.S., INC.</name>
        <lei>5493004R83R1LVX2IL36</lei>
        <title>SUGAR #11 (WORLD)</title>
        <cusip>000000000</cusip>
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          <ticker value="SBK6"/>
          <other otherDesc="ID_BB_GLOBAL" value="BBG01GVXXCK1"/>
        </identifiers>
        <balance>-197.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>42456.54000000</valUSD>
        <pctVal>0.004023810373</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ICE FUTURES U.S., INC.</counterpartyName>
              <counterpartyLei>5493004R83R1LVX2IL36</counterpartyLei>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>SUGAR #11</issuerName>
                <issueTitle>SUGAR #11</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
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            </descRefInstrmnt>
            <expDate>2026-04-30</expDate>
            <notionalAmt>-3713906.14000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>42456.54000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>KC HRW WHEAT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="KWH6"/>
          <other otherDesc="ID_BB_GLOBAL" value="BBG01HD828V5"/>
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        <balance>9.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-11605.00000000</valUSD>
        <pctVal>-0.00109986163</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</counterpartyName>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>HARD RED WINTER WHEAT FUTURE</issuerName>
                <issueTitle>HARD RED WINTER WHEAT</issueTitle>
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                  <cusip value="000000000"/>
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            </descRefInstrmnt>
            <expDate>2026-03-13</expDate>
            <notionalAmt>268780.00000000</notionalAmt>
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            <unrealizedAppr>-11605.00000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICE FUTURES U.S., INC.</name>
        <lei>5493004R83R1LVX2IL36</lei>
        <title>COTTON NO.2</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="CTZ5"/>
          <other otherDesc="ID_BB_GLOBAL" value="BBG01C6NL9J2"/>
        </identifiers>
        <balance>-887.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-347909.15000000</valUSD>
        <pctVal>-0.03297302245</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>ICE FUTURES U.S., INC.</counterpartyName>
              <counterpartyLei>5493004R83R1LVX2IL36</counterpartyLei>
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            <payOffProf>Short</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>COTTON NO.2</issuerName>
                <issueTitle>COTTON NO.2</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <other otherDesc="INTERNAL" value="COTTONNO2"/>
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            </descRefInstrmnt>
            <expDate>2025-12-08</expDate>
            <notionalAmt>-29867745.85000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-347909.15000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>KC HRW WHEAT</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="KWZ5"/>
          <other otherDesc="ID_BB_GLOBAL" value="BBG01HD82970"/>
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        <balance>32.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-43786.84000000</valUSD>
        <pctVal>-0.00414988929</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</counterpartyName>
              <counterpartyLei>549300EX04Q2QBFQTQ27</counterpartyLei>
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            <payOffProf>Long</payOffProf>
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              <otherRefInst>
                <issuerName>KC HRW WHEAT</issuerName>
                <issueTitle>KC HRW WHEAT</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <other otherDesc="INTERNAL" value="KCHRWWHEAT"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-12-12</expDate>
            <notionalAmt>923786.84000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-43786.84000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHICAGO MERCANTILE EXCHANGE INC.</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>LIVE CATTLE</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="LCQ5"/>
          <other otherDesc="ID_BB_GLOBAL" value="BBG01LQ63ZC6"/>
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        <balance>484.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-946461.57000000</valUSD>
        <pctVal>-0.08970071238</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>CHICAGO MERCANTILE EXCHANGE INC.</counterpartyName>
              <counterpartyLei>SNZ2OJLFK8MNNCLQOF39</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>LIVE CATTLE</issuerName>
                <issueTitle>LIVE CATTLE</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <other otherDesc="INTERNAL" value="LIVECATTLE"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2025-08-29</expDate>
            <notionalAmt>42352661.57000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-946461.57000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2025-08-25</ncom:dateSigned>
      <ncom:nameOfApplicant>Simplify Exchange Traded Funds</ncom:nameOfApplicant>
      <ncom:signature>Paul Kim</ncom:signature>
      <ncom:signerName>Paul Kim</ncom:signerName>
      <ncom:title>Trustee, President and Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
