# EDGAR Filing Document

**Accession Number:** 0001810747
**File Stem:** 0001829126-23-001903
**Filing Date:** 2023-3
**Character Count:** 11232
**Document Hash:** 7e5dac8bc1cd69838b88871450d8d4ee
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-23-001903.hdr.sgml**: 20230307

**ACCESSION NUMBER**: 0001829126-23-001903

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 14

**FILED AS OF DATE**: 20230307

**DATE AS OF CHANGE**: 20230307

**EFFECTIVENESS DATE**: 20230307

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Simplify Exchange Traded Funds
- **CENTRAL INDEX KEY:** 0001810747
- **IRS NUMBER:** 851887571
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-238475
- **FILM NUMBER:** 23712665

**BUSINESS ADDRESS:**
- **STREET 1:** 54 W. 40TH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018
- **BUSINESS PHONE:** 614-469-3294

**MAIL ADDRESS:**
- **STREET 1:** 54 W. 40TH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10018

## Series and Classes Contracts Data

### Simplify Volatility Premium ETF (Series ID: S000071794)

---

|  |  |  |
|:---|:---|:---|
| Class Name                      | Ticker Symbol | Class ID   |
| Simplify Volatility Premium ETF | SVOL          | C000227300 |

---

### Simplify Tail Risk Strategy ETF (Series ID: S000073385)

---

|  |  |  |
|:---|:---|:---|
| Class Name                      | Ticker Symbol | Class ID   |
| Simplify Tail Risk Strategy ETF | CYA           | C000230232 |

---

## Series and Classes Contracts Data

### Simplify Volatility Premium ETF (Series ID: S000071794)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000227300 | Simplify Volatility Premium ETF | SVOL            |

### Simplify Tail Risk Strategy ETF (Series ID: S000073385)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000230232 | Simplify Tail Risk Strategy ETF | CYA             |

?xml version="1.0" encoding="utf-8"?

**Simplify Volatility Premium ETF**

**SVOL**

**Simplify Tail Risk Strategy ETF**

**CYA**

Supplement dated March 7, 2023 to the Prospectus dated October 28, 2022

**Simplify Volatility Premium ETF**

The "***Principal Investment Strategies***" subsection of the section entitled "**FUND SUMMARY – SIMPLIFY VOLATILITY PREMIUM ETF**" on page 30 in the Fund's Prospectus is replaced in its entirety with the following:

***Principal Investment Strategies***: The Fund is an actively managed exchange-traded fund ("ETF") that seeks daily investment results, before fees and expenses, that correspond to approximately one-fifth to three-tenths the inverse (-0.2x to -0.3x) of the performance of the S&P 500 VIX short-term futures index (the "Index") **for a single day, not for any other period**. In pursuing its investment objective, the Fund primarily purchases or sells futures contracts, call options, and put options on VIX futures. The Fund holds cash, cash-like instruments or high-quality fixed income securities (collectively, "Collateral"). The Collateral may consist of income-producing (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) fixed income ETFs; (4) collateralized repurchase agreements; and/or (5) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by companies that are rated investment grade or of comparable quality. The Fund seeks to engage in reverse repurchase agreements and use the proceeds for investment purposes. Reverse repurchase agreements are contracts in which a seller of securities, for example, U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price. Reverse repurchase agreements are primarily used by the Fund as an indirect means of borrowing. The Fund also applies an option overlay strategy in seeking to mitigate against extreme volatility.

The last paragraph under the "***Option Overlay Strategy***" subsection of the section entitled "**FUND SUMMARY – SIMPLIFY VOLATILITY PREMIUM ETF**" on page 31 in the Fund's Prospectus is replaced in its entirety with the following:

The Fund invests in certain futures markets (such as VIX futures) indirectly by investing up to 25% of its total assets (measured at the time of investment) in a wholly-owned and controlled subsidiary. These investments are designed to enhance the ability of the Fund to obtain exposure to the certain futures market consistent with the limits of the U.S. federal tax law requirements applicable to registered investment companies. The returns from the investments in the Fund's subsidiary are income to the Fund and the shareholders. Unlike the Fund, the Subsidiary may invest without limitation indirectly in certain futures-linked derivatives investments, however, the Subsidiary will comply with the same Investment Company Act of 1940 asset coverage requirements, when viewed on a consolidated basis with the Fund, with respect to its investments in derivatives.

The first paragraph of the "**<u>Volatility Premium ETF</u>"** subsection under "**ADDITIONAL INFORMATION ABOUT PRINCIPAL INVESTMENT STRATEGIES AND RELATED RISKS – PRINCIPAL INVESTMENT STRATEGIES**" on page 104 of the Fund's Prospectus is replaced in its entirety with the following:

The Fund seeks daily investment results, before fees and expenses, that correspond approximately to one-fifth to three-tenths the inverse (-0.2x to -0.3x) of the performance of the SP 500 short term futures index (the "Index") **for a single day, not for any other period**. In pursuing its investment objective, the Fund primarily purchases or sells futures contracts, call options, and put options on VIX futures. The Fund holds cash, cash-like instruments or high-quality fixed income securities (collectively, "Collateral"). The Collateral may consist of income-producing (1) U.S. Government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) money market funds; (3) fixed income ETFs; (4) collateralized repurchase agreements; and/or (5) corporate debt securities, such as commercial paper and other short-term unsecured promissory notes issued by companies that are rated investment grade or of comparable quality. The Fund also applies an option overlay strategy in seeking to mitigate against extreme volatility. The Fund seeks to engage in reverse repurchase agreements and use the proceeds for investment purposes. Reverse repurchase agreements are contracts in which a seller of securities, for example, U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price. Reverse repurchase agreements are primarily used by the Fund as an indirect means of borrowing.

The last paragraph under "<u>Option Overlay Strategy</u>" in the "**<u>Volatility Premium ETF</u>"** subsection under "**ADDITIONAL INFORMATION ABOUT PRINCIPAL INVESTMENT STRATEGIES AND RELATED RISKS – PRINCIPAL INVESTMENT STRATEGIES**" on page 105 of the Fund's Prospectus is replaced in its entirety with the following:

The Fund invests in certain futures markets (such as VIX futures) indirectly by investing up to 25% of its total assets (measured at the time of investment) in a wholly-owned and controlled subsidiary. These investments are designed to enhance the ability of the Fund to obtain exposure to the certain futures market consistent with the limits of the U.S. federal tax law requirements applicable to registered investment companies. The returns from the investments in the Fund's subsidiary are income to the Fund and the shareholders. Unlike the Fund, the Subsidiary may invest without limitation indirectly in certain futures-linked derivatives investments, however, the Subsidiary will comply with the same Investment Company Act of 1940 asset coverage requirements, when viewed on a consolidated basis with the Fund, with respect to its investments in derivatives.

**Simplify Tail Risk Strategy ETF**

The "**Fees and Expenses of the Fund**" subsection of the section entitled "**FUND SUMMARY – SIMLIFY TAIL RISK STRATEGY ETF**" is replaced in its entirety with the following:

**Fees and Expenses of the Fund:** This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. **Investors purchasing or selling shares of the Fund in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker. These costs are not included in the expense example below.**

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses**<br> (expenses that you pay each year as a percentage of the value of your investment) | |
| Management Fees | 0.75% |
| Distribution and Service (12b-1) Fees | 0.00% |
| Other Expenses | 0.01% |
| Acquired Fund Fees and Expenses<sup>(1)</sup> | 0.33% |
| Total Annual Fund Operating Expense | 1.09% |
| Fee Waiver and Reimbursement<sup>(2)</sup> | (0.25)% |
| Total Annual Fund Operating Expenses After Fee Waiver | 0.84% |

---

(1) Acquired
 Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table
 will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the
 direct operating expenses incurred by the Fund.-

(2) The
 Fund's adviser has contractually agreed, until at least October 31, 2023, to waive its management fees and/or pay or absorb
 the Fund's expenses, in order to limit the amount of "Specified Expenses" borne by the Fund to 0.50% of the Fund's
 average daily net assets. "Specified Expenses" means all ordinary operating expenses of the Fund, except for interest
 expenses, taxes, brokerage expenses, Rule 12b-1 fees (if any), acquired fund fees and expenses, and expenses incidental to a
 meeting of the Fund's shareholders. The fee waiver is subject to recoupment if such recoupment can be achieved within the lesser
 of the foregoing expense limits or those in place at the time of recapture. Any waived fees may only be recouped within three years
 from the date when the amount was waived or reimbursed. This agreement may be terminated only by the Trust's Board of Trustees
 on 60 days' written notice to the Fund's adviser.

***Example:*** This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $86 | $322 | $577 | $1306 |

---

\*\*\*

*This Supplement dated March 7, 2023, provides relevant information for all shareholders and should be retained for future reference. The Fund's Prospectus and Statement of Additional Information have been filed with the Securities and Exchange Commission, are incorporated by reference, and can be obtained without charge by calling 1 (855) 772-8488.*