# EDGAR Filing Document

**Accession Number:** 0001810747
**File Stem:** 0001829126-25-007181
**Filing Date:** 2025-9
**Character Count:** 1161839
**Document Hash:** 6d1c23892c9c79c89ef13a16a9adef64
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-25-007181.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001829126-25-007181

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 54

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Simplify Exchange Traded Funds
- **CENTRAL INDEX KEY:** 0001810747

**ORGANIZATION NAME:**
- **EIN:** 851887571
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23570
- **FILM NUMBER:** 251295282

**BUSINESS ADDRESS:**
- **STREET 1:** 222 BROADWAY
- **STREET 2:** 22ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10038
- **BUSINESS PHONE:** 646-741-2438

**MAIL ADDRESS:**
- **STREET 1:** 222 BROADWAY
- **STREET 2:** 22ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10038

## Series and Classes Contracts Data

### Simplify US Equity PLUS Convexity ETF (Series ID: S000069152)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000220986 | Simplify US Equity PLUS Convexity ETF | SPYC            |

### Simplify US Equity PLUS Downside Convexity ETF (Series ID: S000069153)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000220987 | Simplify US Equity PLUS Downside Convexity ETF | SPD             |

### Simplify US Equity PLUS Upside Convexity ETF (Series ID: S000069154)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000220988 | Simplify US Equity PLUS Upside Convexity ETF | SPUC            |

### Simplify Volt TSLA Revolution ETF (Series ID: S000070133)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000223058 | Simplify Volt TSLA Revolution ETF | TESL            |

### Simplify Interest Rate Hedge ETF (Series ID: S000071793)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000227299 | Simplify Interest Rate Hedge ETF | PFIX            |

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

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

### Simplify US Equity Plus Bitcoin Strategy ETF (Series ID: S000071926)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000227543 | Simplify US Equity Plus Bitcoin Strategy ETF | SPBC            |

### Simplify Intermediate Term Treasury Futures Strategy ETF (Series ID: S000073384)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000230231 | Simplify Intermediate Term Treasury Futures Strategy ETF | TYA             |

### Simplify Health Care ETF (Series ID: S000073751)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000230898 | Simplify Health Care ETF | PINK            |

### Simplify Hedged Equity ETF (Series ID: S000073925)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000231201 | Simplify Hedged Equity ETF | HEQT            |

### Simplify Aggregate Bond ETF (Series ID: S000075089)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000233894 | Simplify Aggregate Bond ETF | AGGH            |

### Simplify High Yield ETF (Series ID: S000075090)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000233895 | Simplify High Yield ETF | CDX             |

### Simplify Managed Futures Strategy ETF (Series ID: S000075092)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000233897 | Simplify Managed Futures Strategy ETF | CTA             |

### Simplify Bitcoin Strategy PLUS Income ETF (Series ID: S000076784)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000236819 | Simplify Bitcoin Strategy PLUS Income ETF | MAXI            |

### Simplify Short Term Treasury Futures Strategy ETF (Series ID: S000077857)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000238444 | Simplify Short Term Treasury Futures Strategy ETF | TUA             |

### Simplify Enhanced Income ETF (Series ID: S000077868)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000238456 | Simplify Enhanced Income ETF | HIGH            |

### Simplify Treasury Option Income ETF (Series ID: S000077869)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000238457 | Simplify Treasury Option Income ETF | BUCK            |

### Simplify Propel Opportunities ETF (Series ID: S000078061)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000238807 | Simplify Propel Opportunities ETF | SURI            |

### Simplify Commodities Strategy No K-1 ETF (Series ID: S000079963)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000241460 | Simplify Commodities Strategy No K-1 ETF | HARD            |

### Simplify Multi-QIS Alternative ETF (Series ID: S000080584)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000243093 | Simplify Multi-QIS Alternative ETF | QIS             |

### Simplify Opportunistic Income ETF (Series ID: S000080585)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000243094 | Simplify Opportunistic Income ETF | CRDT            |

### Simplify MBS ETF (Series ID: S000082966)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000246389 | Simplify MBS ETF | MTBA            |

### Simplify Tara India Opportunities ETF (Series ID: S000084069)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000248321 | Simplify Tara India Opportunities ETF | IOPP            |

### Simplify NEXT Intangible Core Index ETF (Series ID: S000084680)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000249114 | Simplify NEXT Intangible Core Index ETF | NXTI            |

### Simplify Gamma Emerging Market Bond ETF (Series ID: S000085697)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000251041 | Simplify Gamma Emerging Market Bond ETF |  |

### Simplify National Muni Bond ETF (Series ID: S000085698)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000251042 | Simplify National Muni Bond ETF |  |

### Simplify Currency Strategy ETF (Series ID: S000088353)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000254609 | Simplify Currency Strategy ETF |  |

### Simplify Bond Bull ETF (Series ID: S000088354)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000254610 | Simplify Bond Bull ETF |  |

### Simplify Gold Strategy PLUS Income ETF (Series ID: S000088355)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000254611 | Simplify Gold Strategy PLUS Income ETF |  |

### Simplify China A Shares PLUS Income ETF (Series ID: S000088953)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000255354 | Simplify China A Shares PLUS Income ETF |  |

### Simplify Barrier Income ETF (Series ID: S000091618)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000259296 | Simplify Barrier Income ETF |  |

### Simplify Target 15 Distribution ETF (Series ID: S000091619)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000259297 | Simplify Target 15 Distribution ETF |  |

### Simplify Kayne Anderson Energy and Infrastructure Credit ETF (Series ID: S000091848)

| Class ID   | Class Name                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000259668 | Simplify Kayne Anderson Energy and Infrastructure Credit ETF |  |

### Simplify Piper Sandler US Small-Cap PLUS Income ETF (Series ID: S000091859)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000259701 | Simplify Piper Sandler US Small-Cap PLUS Income ETF |  |

?xml version='1.0' encoding='ASCII'?

**united states securities and exchange commission Washington, d.c. 20549** 

**form n-csr**

**certified shareholder report of registered management investment companies**

Investment Company Act file number: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 811-23570&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

**Simplify Exchange Traded Funds**

(Exact name of registrant as specified in charter)

<u>10845 Griffith Peak Drive 2/F Las Vegas, NV 89135</u> <br> (Address of principal executive offices) (Zip code)

The Corporation Trust Company

Corporation Trust Center

1209 Orange Street

Wilmington, DE 19801

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (646) 585-0476&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Date of fiscal year end: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; June 30&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Date of reporting period: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; June 30, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.**

(a) ![Image](if545836f400df12a9cf0eb24.jpg)

# Simplify Aggregate Bond ETF
AGGH

\| NYSE Arca, Inc.

Annual Shareholder Report \| June 30, 2025

This annual shareholder report contains important information about Simplify Aggregate Bond ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.simplify.us/resources. You can also request this information by contacting us at (855) 772-8488.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Simplify Aggregate Bond ETF | $26 | 0.25% |

---

## Management's Discussion of Fund Performance
For the year ended June 30, 2025, AGGH returned 6.19% vs. the Bloomberg U.S. Aggregate Bond Index's return of 6.08% for the same period, outperforming the index by 0.11%.

Rising interest rates were a headwind for AGGH and the bond market in general over the period, especially during the ''Tariff Tantrum'' in early April. AGGH outperformed despite the challenges in structural volatility option-selling strategies, as rate volatility and long-term Treasury rates spiked over just a few days with rates resetting to a higher level. AGGH used structural income opportunities such as more efficient option writing and curve positioning.

In the next 12 months, we believe the Federal Reserve will likely restart their rate-cutting cycle, thus reducing front-end rates, however back-end rates may continue to have upward pressures due to the fiscal outlook. AGGH's structural volatility selling strategies are well-positioned to capture returns as long-term treasury rates stabilize in a higher range.

## Fund Performance

# Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](ie5fe85dd734772d9d02abdd7.jpg)

---

| | | |
|:---|:---|:---|
| | **Simplify Aggregate Bond ETF- NAV** | **Bloomberg U.S. Aggregate Bond Index** |
| **2/14/22** | $10000 | $10000 |
| **3/31/22** | $9797 | $9795 |
| **6/30/22** | $9511 | $9335 |
| **9/30/22** | $9243 | $8892 |
| **12/31/22** | $9124 | $9058 |
| **3/31/23** | $9424 | $9326 |
| **6/30/23** | $9558 | $9248 |
| **9/30/23** | $9336 | $8949 |
| **12/31/23** | $9897 | $9559 |
| **3/31/24** | $9861 | $9485 |
| **6/30/24** | $9795 | $9491 |
| **9/30/24** | $10411 | $9984 |
| **12/31/24** | $10057 | $9678 |
| **3/31/25** | $10533 | $9948 |
| **6/30/25** | $10401 | $10068 |

---

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN Fund/Index** | **1 Year** | **Since Inception 2/14/2022** |
| Simplify Aggregate Bond ETF - NAV | 6.19% | 1.18% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | 0.20% |

---

**The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

The Fund had a return of capital of $10,913,767.

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $324930843 |
| Total number of portfolio holdings | 5 |
| Total advisory fee paid | $667617 |
| Portfolio turnover rate | 299% |

---

## Graphical Representation of Holdings
The table below shows the types of investments that make up the Fund as of the end of the reporting period.

---

| | |
|:---|:---|
| Investment Categories | % of Net Assets |
| U.S. Exchange-Traded Funds | 94.9% |
| U.S. Treasury Bills | 4.5% |
| Other Assets in Excess of Liabilities | 0.6% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

![Image](if545836f400df12a9cf0eb24.jpg)

# Simplify Barrier Income ETF
SBAR

\| NYSE Arca, Inc.

Annual Shareholder Report \| June 30, 2025

This annual shareholder report contains important information about Simplify Barrier Income ETF (the "Fund") for the period of April 14, 2025 (commencement of operations) to June 30, 2025. You can find additional information about the Fund at www.simplify.us/resources. You can also request this information by contacting us at (855) 772-8488.

## What were the Fund's costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Simplify Barrier Income ETF | $16<sup>Footnote Reference(1)</sup> | 0.75% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Based on the period April 14, 2025 (commencement of operations) through June 30, 2025. Expenses would have been higher if based on the full reporting period. |

---

## Management's Discussion of Fund Performance
For the period April 14, 2025, to June 30, 2025, SBAR returned 6.52% vs. the return of 15.11% of the S&P 500 Index, underperforming by 8.59%.

SBAR's strong absolute returns were supported by robust equity market performance and a decline in overall market volatility. SBAR's income generation is derived from a combination of Treasury yields and premium income from selling barrier options. On a relative basis, SBAR's performance has been consistent with expectations, reflecting its income-oriented strategy.

Looking ahead, we believe SBAR is well-positioned to appeal to investors seeking high monthly income through barrier option structures, while also offering operational efficiencies typically lacking in traditional structured note investments.

## Fund Performance

# Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](icac9c09af1fd43331eac5bd6.jpg)

---

| | | |
|:---|:---|:---|
| | **Simplify Barrier Income ETF- NAV** | **S&P 500 TR Index** |
| **4/14/25** | $10000 | $10000 |
| **6/30/25** | $10652 | $11511 |

---

---

| | |
|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN Fund/Index** | **Since Inception 4/14/2025** |
| Simplify Barrier Income ETF - NAV | 6.52% |
| S&P 500 TR Index | 15.11% |

---

**The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $35180297 |
| Total number of portfolio holdings | 3 |
| Total advisory fee paid | $46972 |
| Portfolio turnover rate | 0% |

---

## Graphical Representation of Holdings
The table below shows the types of investments that make up the Fund as of the end of the reporting period.

---

| | |
|:---|:---|
| Investment Categories | % of Net Assets |
| U.S. Treasury Bills | 100.0% |
| Liabilities in Excess of Other Assets | (0.0)%<sup>Footnote Reference†</sup> |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Less than 0.05% |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

![Image](if545836f400df12a9cf0eb24.jpg)

# Simplify Bond Bull ETF
RFIX

\| NYSE Arca, Inc.

Annual Shareholder Report \| June 30, 2025

This annual shareholder report contains important information about Simplify Bond Bull ETF (the "Fund") for the period of December 9, 2024 to June 30, 2025. You can find additional information about the Fund at www.simplify.us/resources. You can also request this information by contacting us at (855) 772-8488.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund's costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Simplify Bond Bull ETF | $25<sup>Footnote Reference(1)</sup> | 0.50% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Based on the period December 9, 2024 (commencement of operations) through June 30, 2025. Expenses would have been higher if based on the full reporting period. |

---

## Management's Discussion of Fund Performance
For the period December 9, 2024, to June 30, 2025, RFIX returned -17.43% vs. the return of -11.7% of the ICE BofA Long US Treasury Principal STRIPS Index for the same period, underperforming the index by 6.26%.

The main reason for the difference is that RFIX holds a position in long-term expiry (5 to 7 years) over the counter (OTC) receiver swaptions which function similarly to a long-term call option on the 10-year rate. These swaptions underperformed as the forward interest rates under them increased.

Looking forward, we anticipate decreases in rates that drive decreases in the forward rates along with decreases in implied volatilities would be beneficial to RFIX's performance while increases in forward rates and increases in implied volatilities would be harmful. The path of future interest rates and implied volatilities is notoriously difficult to predict.

## Fund Performance

# Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](ib52c2fbfe002b1a948b86731.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Simplify Bond Bull ETF- NAV** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA Long US Treasury Principal STRIPS Index (USD) TR** |
| **12/9/24** | $10000 | $10000 | $10000 |
| **12/31/24** | $8685 | $9817 | $8989 |
| **3/31/25** | $8812 | $10090 | $9398 |
| **6/30/25** | $8257 | $10211 | $8883 |

---

---

| | |
|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN Fund/Index** | **Since Inception 12/9/2024** |
| Simplify Bond Bull ETF - NAV | -17.43% |
| Bloomberg U.S. Aggregate Bond Index | 2.11% |
| ICE BofA Long US Treasury Principal STRIPS Index (USD) TR | -11.17% |

---

**The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $152635408 |
| Total number of portfolio holdings | 11 |
| Total advisory fee paid | $312976 |
| Portfolio turnover rate | 0% |

---

## Graphical Representation of Holdings
The table below shows the types of investments that make up the Fund as of the end of the reporting period.

---

| | |
|:---|:---|
| Investment Categories | % of Net Assets |
| U.S. Treasury Bills | 106.0% |
| Purchased Swaptions | (6.2)% |
| Other Assets in Excess of Liabilities | 0.2% |
| Total | 100.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since December 9, 2024. For more complete information, you may review the Fund's prospectus dated February 20, 2025, which is available at www.simplify.us/resources or upon request at 1 (855)772-8488.

(1) The Fund was renamed from Simplify Downside Interest Rate Hedge Strategy ETF to Simplify Bond Bull ETF.

(2) In connection with this, the Fund also adopted a non-fundamental policy to invest at least 80% of its assets in bonds and other debt securities and instruments that provide investment exposure to such debt securities including derivatives.

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

![Image](if545836f400df12a9cf0eb24.jpg)

# Simplify China A Shares PLUS Income ETF
CAS

\| NYSE Arca, Inc.

Annual Shareholder Report \| June 30, 2025

This annual shareholder report contains important information about Simplify China A Shares PLUS Income ETF (the "Fund") for the period of January 13, 2025 (commencement of operations) to June 30, 2025. You can find additional information about the Fund at www.simplify.us/resources. You can also request this information by contacting us at (855) 772-8488.

## What were the Fund's costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Simplify China A Shares PLUS Income ETF | $45<sup>Footnote Reference(1)</sup> | 0.88% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Based on the period January 13, 2025 (commencement of operations) through June 30, 2025. Expenses would have been higher if based on the full reporting period. |

---

## Management's Discussion of Fund Performance
Since its inception on January 13, 2025, CAS returned 21.86% vs. the CSI 300 Net Total Return Index USD return of 9.73% for the same period.

CAS' allocations to the smaller market capitalization indices, including the CSI 500, 1000, and 2000 contributed to performance as each outperformed the CSI 300 index meaningfully over the period.

Looking forward, we intend to maintain a diversified exposure within CAS across the various market capitalization segments of the onshore China stock market.

## Fund Performance

# Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](i670027ec43c32b9af2b5df91.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Simplify China A Shares PLUS Income ETF- NAV** | **MSCI China Net Total Return USD Index** | **CSI 300 Net Total Return Index USD - 011325** |
| **1/13/25** | $10000 | $10000 | $10002 |
| **3/31/25** | $10244 | $12342 | $10578 |
| **6/30/25** | $12186 | $12589 | $10947 |

---

---

| | |
|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN Fund/Index** | **Since Inception 1/13/2025** |
| Simplify China A Shares PLUS Income ETF - NAV | 21.86% |
| MSCI China Net Total Return USD Index | 25.89% |
| CSI 300 Net Total Return Index USD - 011325 | 9.73% |

---

**The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $11330285 |
| Total number of portfolio holdings | 22 |
| Total advisory fee paid | $40387 |
| Portfolio turnover rate | 0% |

---

## Graphical Representation of Holdings
The table below shows the types of investments that make up the Fund as of the end of the reporting period.

---

| | |
|:---|:---|
| Investment Categories | % of Net Assets |
| U.S. Treasury Bills | 93.0% |
| Purchased Options | 3.7% |
| Other Assets in Excess of Liabilities | 3.3% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

![Image](if545836f400df12a9cf0eb24.jpg)

# Simplify Currency Strategy ETF
FOXY

\| NYSE Arca, Inc.

Annual Shareholder Report \| June 30, 2025

This annual shareholder report contains important information about Simplify Currency Strategy ETF (the "Fund") for the period of February 3, 2025 (commencement of operations) to June 30, 2025. You can find additional information about the Fund at www.simplify.us/resources. You can also request this information by contacting us at (855) 772-8488.

## What were the Fund's costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Simplify Currency Strategy ETF | $34<sup>Footnote Reference(1)</sup> | 0.81% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Based on the period February 3, 2025 (commencement of operations) through June 30, 2025. Expenses would have been higher if based on the full reporting period. |

---

## Management's Discussion of Fund Performance
Since its inception on February 3, 2025, FOXY returned 6.16% vs. the benchmark Bloomberg GSAM FX Carry Index return of -1.12% for the same period.

The Fund's approach of dynamically adjusting its currency exposures benefited performance. Among the G10 currencies, the Japanese Yen, Australian Dollar, and British Pound contributed. Within EM currencies, the Mexican Peso and Brazilian Real rounded out the top contributors.

Looking forward, it is intended that FOXY will continue to adhere to its systematic investment approach which aims to harvest yield in the currency market in a volatility managed fashion. Uncertainty over the direction of the U.S. Dollar has risen as a consequence of the current U.S. presidential administration's pursuit of a new trade arrangements with other countries. And while FOXY is managed on a dollar-neutral basis, it remains to be seen whether changes to trade relationships will present a challenge to the structure of the currency market on which FOXY's investment strategy is based.

## Fund Performance

# Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](i1a7743ab130f64bc8cdaac2b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Simplify Currency Strategy ETF- NAV** | **MSCI World Index (Net)** | **Bloomberg GSAM FX Carry Index - 020325** |
| **2/3/25** | $10000 | $10000 | $10000 |
| **3/31/25** | $10819 | $9586 | $10118 |
| **6/30/25** | $10616 | $10685 | $9889 |

---

---

| | |
|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN Fund/Index** | **Since Inception 2/3/2025** |
| Simplify Currency Strategy ETF - NAV | 6.16% |
| MSCI World Index (Net) | 6.85% |
| Bloomberg GSAM FX Carry Index - 020325 | -1.12% |

---

**The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

The Fund had a return capital of $159,179.

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $14943973 |
| Total number of portfolio holdings | 4 |
| Total advisory fee paid | $34712 |
| Portfolio turnover rate | 0% |

---

## Graphical Representation of Holdings
The table below shows the types of investments that make up the Fund as of the end of the reporting period.

---

| | |
|:---|:---|
| Investment Categories | % of Net Assets |
| U.S. Treasury Bills | 97.7% |
| Other Assets in Excess of Liabilities | 2.3% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

![Image](if545836f400df12a9cf0eb24.jpg)

# Simplify Enhanced Income ETF
HIGH

\| NYSE Arca, Inc.

Annual Shareholder Report \| June 30, 2025

This annual shareholder report contains important information about Simplify Enhanced Income ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.simplify.us/resources. You can also request this information by contacting us at (855) 772-8488.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Simplify Enhanced Income ETF | $52 | 0.50% |

---

## Management's Discussion of Fund Performance
For the year ended June 30, 2025, HIGH returned 6.95% vs the ICE BofA US 3-Month Treasury Bill Index, return of 4.68% for the same period, outperforming the benchmark by 2.27%.

Around August 2024, the Portfolio Management team identified an opportunity to start spending low premium amounts for convex tail hedges on both upside and downside to improve the core income generating component of HIGH's investment strategy. While this initially detracted from performance, the approach paid off during the ''tariff tantrum'' allowing HIGH to outperform in the first half of 2025.

Looking ahead, HIGH aims to maintain a steady NAV and distribution by putting on cost effective hedges to navigate extreme market conditions.

## Fund Performance

# Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](i322f067adc1cf049aa4755c3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Simplify Enhanced Income ETF- NAV** | **Bloomberg U.S. Aggregate Bond Index** | **Capital U.S. Corporate High Yield Index** | **ICE BofA 3 Month US Treasury Bill Index** |
| **10/27/22** | $10000 | $10000 | $10000 | $10000 |
| **12/31/22** | $10073 | $10253 | $10161 | $10070 |
| **3/31/23** | $10244 | $10557 | $10524 | $10178 |
| **6/30/23** | $10507 | $10468 | $10708 | $10297 |
| **9/30/23** | $10706 | $10130 | $10757 | $10432 |
| **12/31/23** | $10830 | $10820 | $11528 | $10575 |
| **3/31/24** | $11010 | $10736 | $11697 | $10712 |
| **6/30/24** | $11191 | $10743 | $11825 | $10853 |
| **9/30/24** | $11029 | $11302 | $12450 | $11002 |
| **12/31/24** | $11022 | $10956 | $12472 | $11130 |
| **3/31/25** | $10649 | $11260 | $12597 | $11244 |
| **6/30/25** | $11969 | $11396 | $13042 | $11361 |

---

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN Fund/Index** | **1 Year** | **Since Inception 10/27/2022** |
| Simplify Enhanced Income ETF - NAV | 6.95% | 6.95% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | 5.01% |
| Capital U.S. Corporate High Yield Index | 10.29% | 10.44% |
| ICE BofA 3 Month US Treasury Bill Index | 4.68% | 4.89% |

---

**The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

The Fund had a return of capital of $6,963,751.

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $192166444 |
| Total number of portfolio holdings | 22 |
| Total advisory fee paid | $1518590 |
| Portfolio turnover rate | 0% |

---

## Graphical Representation of Holdings
The table below shows the types of investments that make up the Fund as of the end of the reporting period.

---

| | |
|:---|:---|
| Investment Categories | % of Net Assets |
| U.S. Treasury Bills | 96.2% |
| Purchased Options | 3.7% |
| Other Assets in Excess of Liabilities | 0.1% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

![Image](if545836f400df12a9cf0eb24.jpg)

# Simplify Health Care ETF
PINK

\| NYSE Arca, Inc.

Annual Shareholder Report \| June 30, 2025

This annual shareholder report contains important information about Simplify Health Care ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.simplify.us/resources. You can also request this information by contacting us at (855) 772-8488.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Simplify Health Care ETF | $49 | 0.50% |

---

## Management's Discussion of Fund Performance
For the year ended June 30, 2025, PINK returned -3.84% vs the return of -5.66% of MSCI USA IMI/Health Care Net Index for the same period, outperforming the index by 1.82%.

PINK's outperformance is attributed to bottoms-up analysis, tactical trading, and strategic weightings in subsectors. In FY2025, stock selection played the most significant role, avoiding major drawdowns and identifying alpha-generating stocks across subsectors.

Looking ahead, PINK's will employ rigorous bottom-up fundamental analysis, leveraging mosaic theory, industry insights, and channel checks seeking to identify high-conviction alpha opportunities.

## Fund Performance

# Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](ib600f9374c4b62d7385c31fe.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Simplify Health Care ETF- NAV** | **S&P 500 TR Index** | **MSCI USA IMI/Health Care Net (USD) Index** |
| **10/7/21** | $10000 | $10000 | $10000 |
| **12/31/21** | $11178 | $10866 | $10774 |
| **3/31/22** | $10865 | $10366 | $10318 |
| **6/30/22** | $9863 | $8697 | $9563 |
| **9/30/22** | $9531 | $8272 | $9112 |
| **12/31/22** | $10701 | $8898 | $10151 |
| **3/31/23** | $10109 | $9565 | $9778 |
| **6/30/23** | $10731 | $10401 | $10076 |
| **9/30/23** | $10159 | $10060 | $9689 |
| **12/31/23** | $11102 | $11237 | $10364 |
| **3/31/24** | $12570 | $12423 | $11218 |
| **6/30/24** | $12752 | $12955 | $11060 |
| **9/30/24** | $13352 | $13718 | $11758 |
| **12/31/24** | $12087 | $14048 | $10596 |
| **3/31/25** | $11967 | $13448 | $11095 |
| **6/30/25** | $12262 | $14919 | $10434 |

---

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN Fund/Index** | **1 Year** | **Since Inception 10/7/2021** |
| Simplify Health Care ETF - NAV | -3.84% | 5.62% |
| S&P 500 TR Index | 15.16% | 11.33% |
| MSCI USA IMI/Health Care Net (USD) Index | -5.66% | 1.15% |

---

**The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $130567740 |
| Total number of portfolio holdings | 65 |
| Total advisory fee paid | $832382 |
| Portfolio turnover rate | 201% |

---

## Graphical Representation of Holdings
The table below shows the types of investments that make up the Fund as of the end of the reporting period.

---

| | |
|:---|:---|
| Investment Categories | % of Net Assets |
| Common Stocks | 96.0% |
| Money Market Funds | 4.0% |
| Other Assets in Excess of Liabilities | 0.0%<sup>Footnote Reference†</sup> |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Less than 0.05% |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

![Image](if545836f400df12a9cf0eb24.jpg)

# Simplify Hedged Equity ETF
HEQT

\| NYSE Arca, Inc.

Annual Shareholder Report \| June 30, 2025

This annual shareholder report contains important information about Simplify Hedged Equity ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.simplify.us/resources. You can also request this information by contacting us at (855) 772-8488.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Simplify Hedged Equity ETF | $45 | 0.42% |

---

## Management's Discussion of Fund Performance
For the year ended June 30, 2025, HEQT returned 10.13% vs Bloomberg US EQ:FI 60:40 Index, which had a return of 12.07% for the same period, under-performing the index by 1.94%.

Over the past year, U.S. equities have demonstrated resilience and recovery following a turbulent early 2025 period. The large-cap market rebounded approximately 25% from spring lows, supported by easing tariff concerns, strong earnings, and labor market data. After declining nearly 19% in April due to the unexpected "Liberation Day" tariffs, markets recovered on policy adjustments and coordinated intervention, reaching record highs by late June. During the drawdown, HEQT provided downside protection through its systematic collar strategy. As equities rebounded, HEQT lagged due to capped upside exposure, a trade-off of its risk-managed design. Nonetheless, HEQT reduced portfolio volatility and drawdown risk.

Looking ahead, HEQT will seek to continue to allow investors access to U.S. large cap U.S. equities while hedging downside volatility with a risk-managed options overlay.

## Fund Performance

# Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](i7643a0e1debb52d17c2945e1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Simplify Hedged Equity ETF- NAV** | **Bloomberg US EQ:FI 60:40 Index** | **S&P 500 TR Index** |
| **11/1/21** | $10000 | $10000 | $10000 |
| **12/31/21** | $10251 | $10168 | $10357 |
| **3/31/22** | $9810 | $9606 | $9881 |
| **6/30/22** | $9254 | $8449 | $8290 |
| **9/30/22** | $9128 | $8053 | $7885 |
| **12/31/22** | $9389 | $8454 | $8481 |
| **3/31/23** | $9895 | $8953 | $9117 |
| **6/30/23** | $10425 | $9398 | $9914 |
| **9/30/23** | $10258 | $9108 | $9590 |
| **12/31/23** | $10961 | $10010 | $10711 |
| **3/31/24** | $11545 | $10597 | $11841 |
| **6/30/24** | $12101 | $10873 | $12349 |
| **9/30/24** | $12671 | $11476 | $13076 |
| **12/31/24** | $12968 | $11529 | $13391 |
| **3/31/25** | $12620 | $11346 | $12819 |
| **6/30/25** | $13326 | $12186 | $14221 |

---

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN Fund/Index** | **1 Year** | **Since Inception 11/1/2021** |
| Simplify Hedged Equity ETF - NAV | 10.13% | 8.16% |
| S&P 500 TR Index | 15.16% | 10.10% |
| Bloomberg US EQ:FI 60:40 Index | 12.07% | 5.55% |

---

**The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $331626457 |
| Total number of portfolio holdings | 5 |
| Total advisory fee paid | $1258330 |
| Portfolio turnover rate | 5% |

---

## Graphical Representation of Holdings
The table below shows the types of investments that make up the Fund as of the end of the reporting period.

---

| | |
|:---|:---|
| Investment Categories | % of Net Assets |
| U.S. Exchange-Traded Funds | 104.8% |
| Purchased Options | 0.4% |
| Money Market Funds | 0.1% |
| Liabilities in Excess of Other Assets | (5.3)% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

![Image](if545836f400df12a9cf0eb24.jpg)

# Simplify High Yield ETF
CDX

\| NYSE Arca, Inc.

Annual Shareholder Report \| June 30, 2025

This annual shareholder report contains important information about Simplify High Yield ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.simplify.us/resources. You can also request this information by contacting us at (855) 772-8488.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Simplify High Yield ETF | $27 | 0.25% |

---

## Management's Discussion of Fund Performance
For the year ended June 30, 2025, CDX returned 13.60% vs the ICE BofA U.S. High Yield Index return of 10.24% for the same period, outperforming the benchmark by +3.36%.

Over the period, High Yield spreads were relatively unchanged starting the fiscal year at 3.09% and ending the year at 2.90%. However, there were two impactful periods of spread widening occurring in August of 2024 and April 2025, which led to strong returns from CDX.

The two key drivers of outperformance continue to be the embedded credit hedge overlay, referred to as 'Quality minus Junk' or 'Q-J' as well as the favorable funding received on the Total Return Swap for iShares iBoxx $ High Yield Corporate Bond ETF. Over the trailing 12-month period, the Quality basket of the hedge returned +11.97% while the short Junk basket of the hedge returned +0.03%, providing a performance tailwind as the strategy is long Quality and short Junk.

Looking forward, CDX is modestly over-hedged due to tight credit spreads and deteriorating US growth. Tight conditions and high bankruptcy filings suggest outperformance if spreads widen.

## Fund Performance

# Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](i514d247d5b12544df54f8ee2.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Simplify High Yield ETF- NAV** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA US High Yield Index** |
| **2/14/22** | $10000 | $10000 | $10000 |
| **3/31/22** | $9859 | $9795 | $9999 |
| **6/30/22** | $9027 | $9335 | $9002 |
| **9/30/22** | $8983 | $8892 | $8941 |
| **12/31/22** | $9200 | $9058 | $9297 |
| **3/31/23** | $9551 | $9326 | $9643 |
| **6/30/23** | $9636 | $9248 | $9800 |
| **9/30/23** | $9709 | $8949 | $9852 |
| **12/31/23** | $10347 | $9559 | $10548 |
| **3/31/24** | $10583 | $9485 | $10707 |
| **6/30/24** | $10775 | $9491 | $10824 |
| **9/30/24** | $11417 | $9984 | $11395 |
| **12/31/24** | $11239 | $9678 | $11413 |
| **3/31/25** | $11839 | $9948 | $11521 |
| **6/30/25** | $12241 | $10068 | $11933 |

---

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN Fund/Index** | **1 Year** | **Since Inception 2/14/2022** |
| Simplify High Yield ETF - NAV | 13.60% | 6.18% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | 0.20% |
| ICE BofA US High Yield Index | 10.24% | 5.38% |

---

**The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $245327789 |
| Total number of portfolio holdings | 9 |
| Total advisory fee paid | $358952 |
| Portfolio turnover rate | 622% |

---

## Graphical Representation of Holdings
The table below shows the types of investments that make up the Fund as of the end of the reporting period.

---

| | |
|:---|:---|
| Investment Categories | % of Net Assets |
| U.S. Treasury Bills | 97.5% |
| U.S. Exchange-Traded Funds | 0.6% |
| Money Market Funds | 0.5% |
| Purchased Options | 0.2% |
| Other Assets in Excess of Liabilities | 1.2% |
| Total | 100.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's prospectus dated February 12, 2025, which is available at www.simplify.us/resources or upon request at 1 (855) 772-8488.

1) The Fund changed its name from Simplify High Yield PLUS Credit Hedge ETF to Simplify High Yield ETF, and

2) The Fund added an income generating option strategy to its principal investment strategies and also expanded option-related risk disclosures.

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

![Image](if545836f400df12a9cf0eb24.jpg)

# Simplify Interest Rate Hedge ETF
PFIX

\| NYSE Arca, Inc.

Annual Shareholder Report \| June 30, 2025

This annual shareholder report contains important information about Simplify Interest Rate Hedge ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.simplify.us/resources. You can also request this information by contacting us at (855) 772-8488.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Simplify Interest Rate Hedge ETF | $54 | 0.50% |

---

## Management's Discussion of Fund Performance
For the year ended June 30, 2025, PFIX returned 16.28% vs. the ICE U.S. Treasury 20+ Year Bond Index return of 0.30% for the same period, outperforming the index by 15.96%.

The main reason for the difference is that PFIX holds a position in long-term expiry (5 to 7 years) over the counter (OTC) payer swaptions which function similarly to a long-term put option on the 20-year rate. These swaptions performed well as the forward interest rates that underly them increased. These increases were offset somewhat by time decay on the options and increases in the interest rates used to discount the option payoff.

Looking forward, increases in interest rates that drive increases in the forward rates along with increases in implied volatilities would be beneficial to PFIX's performance while decreases in forward rates and declines in implied volatilities would be harmful. The path of future interest rates and implied volatilities is notoriously difficult to predict.

## Fund Performance

# Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](i1bbcab9b9ae66efc0494f9b3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Simplify Interest Rate Hedge ETF - NAV** | **Bloomberg U.S. Aggregate Bond Index** | **ICE US Treasury 20+ Year Bond Index TR** |
| **5/10/21** | $10000 | $10000 | $10000 |
| **6/30/21** | $8111 | $10095 | $10478 |
| **12/31/21** | $7489 | $10101 | $10885 |
| **6/30/22** | $11452 | $9056 | $8527 |
| **12/31/22** | $14523 | $8787 | $7506 |
| **6/30/23** | $12981 | $8971 | $7805 |
| **12/31/23** | $15133 | $9273 | $7669 |
| **6/30/24** | $18534 | $9207 | $7247 |
| **12/31/24** | $20650 | $9389 | $7076 |
| **6/30/25** | $21549 | $9766 | $7269 |

---

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN Fund/Index** | **1 Year** | **Since Inception 5/10/2021** |
| Simplify Interest Rate Hedge ETF - NAV | 16.28% | 20.38% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.57% |
| ICE US Treasury 20+ Year Bond Index TR | 0.30% | -7.42% |

---

**The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $156051239 |
| Total number of portfolio holdings | 12 |
| Total advisory fee paid | $754832 |
| Portfolio turnover rate | 0% |

---

## Graphical Representation of Holdings
The table below shows the types of investments that make up the Fund as of the end of the reporting period.

---

| | |
|:---|:---|
| Investment Categories | % of Net Assets |
| U.S. Treasury Bills | 61.1% |
| U.S. Government Obligations | 28.1% |
| Purchased Swaptions | 10.1% |
| Money Market Funds | 0.2% |
| Other Assets in Excess of Liabilities | 0.5% |
| Total | 100.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's prospectus dated February 12, 2025, which is available at www.simplify.us/resources or upon request at 1 (855) 772-8488.

Changes were made to the Fund's investment strategy to enhance the description of asset allocation, swaptions and the potential impact of interest rate risk on the Fund's investments.

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

![Image](if545836f400df12a9cf0eb24.jpg)

# Simplify Intermediate Term Treasury Futures Strategy ETF
TYA

\| Cboe BZX Exchange, Inc.

Annual Shareholder Report \| June 30, 2025

This annual shareholder report contains important information about Simplify Intermediate Term Treasury Futures Strategy ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.simplify.us/resources. You can also request this information by contacting us at (855) 772-8488.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Simplify Intermediate Term Treasury Futures Strategy ETF | $16 | 0.15% |

---

## Management's Discussion of Fund Performance
For the year ended June 30, 2025, TYA returned 8.42% vs. the ICE U.S. Treasury 20+ Year Bond Index's return of 0.30% for the same period, outperforming the index by 8.12%.

The primary drivers of return were TYA's long position in near-to-expiry 10-year U.S. Treasury futures and its holdings of short-term Treasuries and cash. A long futures position earns the return of the cheapest-to-deliver bond in exchange for paying a short-term financing rate. The intermediate part of the yield curve was most attractive this year, as long-term rates remained elevated amid concerns over tariff-driven inflation and the U.S. fiscal outlook. TYA benefited from its positioning, leveraged up to three times, as the intermediate sector presented a more favorable risk-reward tradeoff than owning long-duration bonds outright.

Looking forward, TYA's future performance will depend on interest rate movements—declines and curve steepening would benefit returns, while rising intermediate rates would detract.

## Fund Performance

# Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](ic52517564890c4f19ce703c9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Simplify Intermediate Term Treasury Futures Strategy ETF- NAV** | **Bloomberg U.S. Aggregate Bond Index** | **ICE US Treasury 20+ Year Bond Index TR** |
| **9/27/21** | $10000 | $10000 | $10000 |
| **9/30/21** | $10031 | $9973 | $9816 |
| **12/31/21** | $9944 | $9974 | $10187 |
| **3/31/22** | $8132 | $9382 | $9083 |
| **6/30/22** | $7353 | $8942 | $7981 |
| **9/30/22** | $6204 | $8517 | $7123 |
| **12/31/22** | $6238 | $8677 | $7026 |
| **3/31/23** | $6688 | $8934 | $7483 |
| **6/30/23** | $6132 | $8858 | $7305 |
| **9/30/23** | $5345 | $8572 | $6356 |
| **12/31/23** | $6078 | $9156 | $7177 |
| **3/31/24** | $5747 | $9085 | $6920 |
| **6/30/24** | $5646 | $9091 | $6783 |
| **9/30/24** | $6309 | $9564 | $7322 |
| **12/31/24** | $5468 | $9271 | $6623 |
| **3/31/25** | $5919 | $9529 | $6938 |
| **6/30/25** | $6121 | $9644 | $6803 |

---

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN Fund/Index** | **1 Year** | **Since Inception 9/27/2021** |
| Simplify Intermediate Term Treasury Futures Strategy ETF - NAV | 8.42% | -12.25% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.96% |
| ICE US Treasury 20+ Year Bond Index TR | 0.30% | -9.75% |

---

**The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $152686772 |
| Total number of portfolio holdings | 6 |
| Total advisory fee paid | $179227 |
| Portfolio turnover rate | 0% |

---

## Graphical Representation of Holdings
The table below shows the types of investments that make up the Fund as of the end of the reporting period.

---

| | |
|:---|:---|
| Investment Categories | % of Net Assets |
| U.S. Treasury Bills | 98.6% |
| Money Market Funds | 0.1% |
| Other Assets in Excess of Liabilities | 1.3% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

![Image](if545836f400df12a9cf0eb24.jpg)

# Simplify MBS ETF
MTBA

\| NYSE Arca, Inc.

Annual Shareholder Report \| June 30, 2025

This annual shareholder report contains important information about Simplify MBS ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.simplify.us/resources. You can also request this information by contacting us at (855) 772-8488.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Simplify MBS ETF | $15 | 0.15% |

---

## Management's Discussion of Fund Performance
For the year ended June 30, 2025, MTBA returned 5.52% vs. the 6.52% return of the Bloomberg U.S. Mortgage Backed Securities Index for the same period, underperforming the index by 1.00%.

MTBA invests in current coupon agency mortgage-backed securities (MBS) via TBA – "To-Be-Announced" contracts in the over-the-counter market. These positions accrue mortgage interest, incur financing charges, and experience mark-to-market gains and losses from interest rate changes.Mortgage rates were volatile over the period but the rates hovered above 6% generating attractive yield. TBA positions are notional, leaving cash to be invested in short-term treasuries.

Looking forward, we believe MTBA's performance is sensitive to changes in fixed-rate mortgage rates and short-term financing rates. Mortgage rates depend on multiple points on the term structure, volatilities, and supply-demand dynamics, all of which are challenging to predict.

## Fund Performance

# Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](i72328d7f7bfafca609cbf66b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Simplify MBS ETF - NAV** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Mortgage Backed Securities Index** |
| **11/6/23** | $10000 | $10000 | $10000 |
| **12/31/23** | $10367 | $10656 | $10713 |
| **6/30/24** | $10424 | $10581 | $10609 |
| **12/31/24** | $10595 | $10790 | $10842 |
| **6/30/25** | $10999 | $11223 | $11300 |

---

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN Fund/Index** | **1 Year** | **Since Inception 11/6/2023** |
| Simplify MBS ETF - NAV | 5.52% | 5.95% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | 7.25% |
| Bloomberg U.S. Mortgage Backed Securities Index | 6.52% | 7.69% |

---

**The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

The Fund had a return of capital of $22,181,637.

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $1372905745 |
| Total number of portfolio holdings | 10 |
| Total advisory fee paid | $2152579 |
| Portfolio turnover rate | 1376% |

---

## Graphical Representation of Holdings
The table below shows the types of investments that make up the Fund as of the end of the reporting period.

---

| | |
|:---|:---|
| Investment Categories | % of Net Assets |
| U.S. Government Agency Mortgage Backed Securities | 99.7% |
| U.S. Treasury Bills | 98.3% |
| Money Market Funds | 0.1% |
| Liabilities in Excess of Other Assets | (98.1)% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

![Image](if545836f400df12a9cf0eb24.jpg)

# Simplify NEXT Intangible Core Index ETF
NXTI

\| Cboe BZX Exchange, Inc.

Annual Shareholder Report \| June 30, 2025

This annual shareholder report contains important information about Simplify NEXT Intangible Core Index ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.simplify.us/resources. You can also request this information by contacting us at (855) 772-8488.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Simplify NEXT Intangible Core Index ETF | $28 | 0.25% |

---

## Management's Discussion of Fund Performance
For the year ended June 30, 2025, NXTI returned 21.95% vs. the S&P 500 index return of 15.16%, out-performing by 6.79%.

NXTI delivered positive returns across all sectors, with particularly strong stock selection in Information Technology, Healthcare, Consumer Staples, Communication Services, Energy, and Industrials. Key contributors to performance included Palantir Technologies, Walmart, and IBM, which collectively supported the fund's outperformance. Offsetting some of these gains were negative contributions from Adobe, UnitedHealth Group, and Sarepta Therapeutics.

Looking ahead, NXTI will continue to seek companies with high intangible capital-to-book asset ratios within their respective sectors.

## Fund Performance

# Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](i4786bd4466789c76d986174b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Simplify NEXT Intangible Core Index ETF - NAV** | **S&P 500 TR Index** | **Next Intangible Core Index TR (USD)** |
| **4/15/24** | $10000 | $10000 | $10000 |
| **6/30/24** | $10503 | $10819 | $10505 |
| **12/31/24** | $11635 | $11732 | $11682 |
| **6/30/25** | $12809 | $12460 | $12943 |

---

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN Fund/Index** | **1 Year** | **Since Inception 4/15/2024** |
| Simplify NEXT Intangible Core Index ETF - NAV | 21.95% | 22.75% |
| S&P 500 TR Index | 15.16% | 19.96% |
| NEXT Intangible Core Index TR (USD) | 23.20% | 23.80% |

---

**The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $1538687 |
| Total number of portfolio holdings | 201 |
| Total advisory fee paid | $3880 |
| Portfolio turnover rate | 34% |

---

## Graphical Representation of Holdings
The table below shows the types of investments that make up the Fund as of the end of the reporting period.

---

| | |
|:---|:---|
| Investment Categories | % of Net Assets |
| Common Stocks | 99.6% |
| Money Market Funds | 0.4% |
| Other Assets in Excess of Liabilities | 0.0%<sup>Footnote Reference†</sup> |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Less than 0.05% |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

![Image](if545836f400df12a9cf0eb24.jpg)

# Simplify Short Term Treasury Futures Strategy ETF
TUA

\| NYSE Arca, Inc.

Annual Shareholder Report \| June 30, 2025

This annual shareholder report contains important information about Simplify Short Term Treasury Futures Strategy ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.simplify.us/resources. You can also request this information by contacting us at (855) 772-8488.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Simplify Short Term Treasury Futures Strategy ETF | $16 | 0.15% |

---

## Management's Discussion of Fund Performance
For the year ended June 30, 2025, TUA returned 8.04% vs. the 6.28% return of ICE U.S. Treasury 7-10 Year Bond Index for the same period, outperforming the index by 1.76%.

The primary drivers of return were TUA's long position in the most liquid, near-to-expiry 2-year U.S. Treasury futures contract and its holdings of short-term treasuries and cash. A long position in Treasury futures earns returns on the cheapest to deliver bond in exchange for paying a short-term financing rate. The strategy continues to face headwinds with an inverted yield curve (2-year rates below the Federal Funds rate), causing the coupon earned to be lower than the borrowing rate. However, 2-year rates decreased over the period benefiting TUA's long exposure to this part of the yield curve, which is leveraged up 5 times.

Looking forward, TUA's performance will depend on interest rates movements. Increases in rates and/or further inversions will generally be harmful and decreases accompanied by steepening would be beneficial. Anticipating the future path interest rates may take and their term structure is challenging.

## Fund Performance

# Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](i7a23ae33067235a8d90c0281.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Simplify Short Term Treasury Futures Strategy ETF- NAV** | **Bloomberg U.S. Aggregate Bond Index** | **ICE US Treasury 7-10 Year Bond Index** |
| **11/14/22** | $10000 | $10000 | $10000 |
| **12/31/22** | $9940 | $10146 | $10081 |
| **3/31/23** | $10267 | $10446 | $10438 |
| **6/30/23** | $9303 | $10358 | $10244 |
| **9/30/23** | $9055 | $10024 | $9792 |
| **12/31/23** | $9725 | $10707 | $10422 |
| **3/31/24** | $9286 | $10624 | $10283 |
| **6/30/24** | $9179 | $10631 | $10277 |
| **9/30/24** | $10014 | $11183 | $10864 |
| **12/31/24** | $9380 | $10841 | $10366 |
| **3/31/25** | $9753 | $11142 | $10770 |
| **6/30/25** | $9917 | $11277 | $10920 |

---

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN Fund/Index** | **1 Year** | **Since Inception 11/14/2022** |
| Simplify Short Term Treasury Futures Strategy ETF - NAV | 8.04% | -0.32% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | 4.68% |
| ICE US Treasury 7-10 Year Bond Index | 6.26% | 3.41% |

---

**The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $666170733 |
| Total number of portfolio holdings | 5 |
| Total advisory fee paid | $914002 |
| Portfolio turnover rate | 0% |

---

## Graphical Representation of Holdings
The table below shows the types of investments that make up the Fund as of the end of the reporting period.

---

| | |
|:---|:---|
| Investment Categories | % of Net Assets |
| U.S. Treasury Bills | 99.8% |
| Other Assets in Excess of Liabilities | 0.2% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

![Image](if545836f400df12a9cf0eb24.jpg)

# Simplify Target 15 Distribution ETF
XV

\| NYSE Arca, Inc.

Annual Shareholder Report \| June 30, 2025

This annual shareholder report contains important information about Simplify Target 15 Distribution ETF (the "Fund") for the period of April 14, 2025 (commencement of operations) to June 30, 2025. You can find additional information about the Fund at www.simplify.us/resources. You can also request this information by contacting us at (855) 772-8488.

## What were the Fund's costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Simplify Target 15 Distribution ETF | $16<sup>Footnote Reference(1)</sup> | 0.75% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Based on the period April 14, 2025 (commencement of operations) through June 30, 2025. Expenses would have been higher if based on the full reporting period. |

---

## Management's Discussion of Fund Performance
For the period April 14, 2025 to June 30, 2025, XV returned 7.99% vs. its referenced benchmark, S&P 500 Index, return of 15.11%, underperforming by 7.12%.

XV's strong absolute returns were supported by robust equity market performance and a decline in overall market volatility. XV's income generation is derived from a combination of interest income strategy and income generating option spread strategy. The interest income is from investments in the US Government securities and the option income is from selling barrier put options, essentially an option spread writing strategy by accepting the risk of a potential loss defined by the barrier levels in exchange for option premium/income. On a relative basis, XV's performance has been consistent with expectations, reflecting its income-oriented strategy.

Looking ahead, we believe XV is well-positioned to appeal to investors seeking high monthly income potential through barrier option structures, while also offering operational efficiencies typically lacking in traditional structured note investments.

## Fund Performance

# Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](if0d09d4ce26231f8ec426be3.jpg)

---

| | | |
|:---|:---|:---|
| | **Simplify Target 15 Distribution ETF- NAV** | **S&P 500 TR Index** |
| **4/14/25** | $10000 | $10000 |
| **6/30/25** | $10799 | $11511 |

---

---

| | |
|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN Fund/Index** | **Since Inception 4/14/2025** |
| Simplify Target 15 Distribution ETF - NAV | 7.99% |
| S&P 500 TR Index | 15.11% |

---

**The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $47402442 |
| Total number of portfolio holdings | 3 |
| Total advisory fee paid | $57579 |
| Portfolio turnover rate | 0% |

---

## Graphical Representation of Holdings
The table below shows the types of investments that make up the Fund as of the end of the reporting period.

---

| | |
|:---|:---|
| Investment Categories | % of Net Assets |
| U.S. Treasury Bills | 101.2% |
| Liabilities in Excess of Other Assets | (1.2)% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

![Image](if545836f400df12a9cf0eb24.jpg)

# Simplify Treasury Option Income ETF
BUCK

\| NYSE Arca, Inc.

Annual Shareholder Report \| June 30, 2025

This annual shareholder report contains important information about Simplify Treasury Option Income ETF (formerly, Simplify Stable Income ETF) (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.simplify.us/resources. You can also request this information by contacting us at (855) 772-8488.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Simplify Treasury Option Income ETF | $36 | 0.35% |

---

## Management's Discussion of Fund Performance
For the year ended June 30, 2025, BUCK returned 4.06% vs. the ICE BofA US 3-Month Treasury Bill Index, return of 4.68% for the same period, underperforming the benchmark by 0.62%.

It has been a challenging year for option-selling strategies especially during the ''Tariff Tantrum'' in early April, as rate volatility and long-term Treasury rates spiked over just a few days. The strategy in BUCK has focused on structural volatility selling in the treasury market and even though the options are short dated, with such a sharp selloff in interest rates over a very short timeframe (largest move in over 20 years) the fund performance was adversely impacted.

Looking ahead, we expect long-term treasury rates to stabilize in a higher range as uncertainties regarding fiscal outlook resolve and the increased volatility in Treasuries also results in higher yields from the increased premiums on the Fund's options positions. We believe BUCK is well-positioned to capture the higher potential returns generated in such environments.

## Fund Performance

# Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](i86c6c56aa976d133a3d1a930.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Simplify Treasury Option Income ETF- NAV** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg 1 - 3 Month U.S. Treasury Bill Index** | **ICE BofA 3 Month US Treasury Bill Index** |
| **10/27/22** | $10000 | $10000 | $10000 | $10000 |
| **12/31/22** | $10077 | $10253 | $10070 | $10070 |
| **3/31/23** | $10188 | $10557 | $10180 | $10178 |
| **6/30/23** | $10327 | $10468 | $10304 | $10297 |
| **9/30/23** | $10466 | $10130 | $10443 | $10432 |
| **12/31/23** | $10533 | $10820 | $10587 | $10575 |
| **3/31/24** | $10882 | $10736 | $10727 | $10712 |
| **6/30/24** | $10884 | $10743 | $10871 | $10853 |
| **9/30/24** | $11150 | $11302 | $11019 | $11002 |
| **12/31/24** | $11293 | $10956 | $11150 | $11130 |
| **3/31/25** | $11570 | $11260 | $11267 | $11244 |
| **6/30/25** | $11326 | $11396 | $11387 | $11361 |

---

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN Fund/Index** | **1 Year** | **Since Inception 10/27/2022** |
| Simplify Treasury Option Income ETF - NAV | 4.06% | 4.77% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | 5.01% |
| Bloomberg 1 - 3 Month U.S. Treasury Bill Index | 4.75% | 4.98% |
| ICE BofA 3 Month US Treasury Bill Index | 4.68% | 4.89% |

---

**The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

The Fund had a return of capital of $8,307,884.

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $343277369 |
| Total number of portfolio holdings | 5 |
| Total advisory fee paid | $889296 |
| Portfolio turnover rate | 0% |

---

## Graphical Representation of Holdings
The table below shows the types of investments that make up the Fund as of the end of the reporting period.

---

| | |
|:---|:---|
| Investment Categories | % of Net Assets |
| U.S. Treasury Bills | 100.1% |
| Liabilities in Excess of Other Assets | (0.1)% |
| Total | 100.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's prospectus dated November 1, 2024, which is available at www.simplify.us/resources or upon request at 1 (855) 772-8488.

(1) The Fund was renamed from the Simplify Stable Income ETF to the Simplify Treasury Option Income ETF.

(2) The Fund revised its investment strategy to include direct investments in U.S. Treasury securities, in addition to gaining exposure to such securities through investments in ETFs.

This included the addition of:

1) a non-fundamental policy to invest at least 80% of the Fund's assets in U.S. Treasuries and ETFs

2) the addition of U.S. Treasury Inflation-Protected Securities (TIPS) as potential investments

3) new or enhanced risk disclosures relating to these investments

4) clarification around the types of assets on which the Fund may write options when implementing its option strategy.

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

![Image](if545836f400df12a9cf0eb24.jpg)

# Simplify US Equity PLUS Bitcoin Strategy ETF
SPBC

\| Nasdaq Stock Market LLC

Annual Shareholder Report \| June 30, 2025

This annual shareholder report contains important information about Simplify US Equity PLUS Bitcoin Strategy ETF (formerly, Simplify US Equity PLUS GBTC ETF) (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.simplify.us/resources. You can also request this information by contacting us at (855) 772-8488.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Simplify US Equity PLUS Bitcoin Strategy ETF | $56 | 0.51% |

---

## Management's Discussion of Fund Performance
For the year ended June 30, 2025, SPBC returned 21.35% vs its referenced benchmark, S&P 500 Index, return of 15.16%, outperforming the benchmark by 6.19%.

During the reporting period SPBC targeted a 10% exposure to Grayscale Bitcoin (GBTC) and/or Vaneck Bitcoin (HODL), which returned 59.34% and 79.58% respectively over the same period, driving the outperformance of 6.19% vs. the benchmark. Periodic rebalancing to the target weight results in adding to Bitcoin ETP and/or Bitcoin ETF exposure when Bitcoin is underperforming and trimming outsized exposure when it's outperforming, effectively capturing a rebalancing premium through disciplined, systematic allocation.

Looking ahead, we believe SPBC remains uniquely positioned to provide investors with exposure to U.S. Large Cap Equity combined with Bitcoin exposure. With the advent of Bitcoin ETFs in early 2024, HODL should act as a good proxy for exposure to the price of spot Bitcoin moving forward, as the Fund seeks to achieve its stated investment objectives.

## Fund Performance

# Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](idfb632ef67c28ebe69f01a23.jpg)

---

| | | |
|:---|:---|:---|
| | **Simplify US Equity PLUS Bitcoin Strategy ETF - NAV** | **S&P 500 TR Index** |
| **5/24/21** | $10000 | $10000 |
| **6/30/21** | $10146 | $10253 |
| **12/31/21** | $11444 | $11450 |
| **6/30/22** | $8355 | $9165 |
| **12/31/22** | $8247 | $9376 |
| **6/30/23** | $10668 | $10960 |
| **12/31/23** | $12260 | $11841 |
| **6/30/24** | $14860 | $13652 |
| **12/31/24** | $16804 | $14804 |
| **6/30/25** | $18032 | $15722 |

---

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN Fund/Index** | **1 Year** | **Since Inception 5/24/2021** |
| Simplify US Equity PLUS Bitcoin Strategy ETF - NAV | 21.35% | 15.46% |
| S&P 500 TR Index | 15.16% | 11.66% |

---

**The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $75566342 |
| Total number of portfolio holdings | 5 |
| Total advisory fee paid | $189440 |
| Portfolio turnover rate | 30% |

---

## Graphical Representation of Holdings
The table below shows the types of investments that make up the Fund as of the end of the reporting period.

---

| | |
|:---|:---|
| Investment Categories | % of Net Assets |
| U.S. Exchange-Traded Funds | 98.6% |
| U.S. Treasury Bills | 0.8% |
| Money Market Funds | 0.1% |
| Other Assets in Excess of Liabilities | 0.5% |
| Total | 100.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's prospectus dated February 5, 2025, which is available at www.simplify.us/resources or upon request at 1 (855) 772-8488.

(1) The Fund was renamed from the Simplify US Equity PLUS GBTC ETF to the Simplify US Equity PLUS Bitcoin Strategy ETF.

(2) The Fund revised its investment strategy to expand the investable universe of Bitcoin-related investments.

(3) The Fund expanded its non-fundamental 80% investment policy to invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of U.S. companies, exchange-traded products with direct exposure to Bitcoin ("Bitcoin ETPs), and exchange-traded funds with indirect exposure to Bitcoin primarily through Bitcoin futures, options, swaps, or other derivative instruments ("Bitcoin ETFs").

(4) Because of the strategy changes, the Fund became subject to additional Bitcoin-related risks such as Bitcoin ETFs Risk.

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

![Image](if545836f400df12a9cf0eb24.jpg)

# Simplify US Equity PLUS Convexity ETF
SPYC

\| NYSE Arca, Inc.

Annual Shareholder Report \| June 30, 2025

This annual shareholder report contains important information about Simplify US Equity PLUS Convexity ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.simplify.us/resources. You can also request this information by contacting us at (855) 772-8488.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Simplify US Equity PLUS Convexity ETF | $54 | 0.50% |

---

## Management's Discussion of Fund Performance
For the year ended June 30, 2025, SPYC returned 14.71% vs its referenced benchmark, S&P 500 Index, return of 15.16%, underperforming the benchmark by 0.45%.

Over the past year, U.S. equities have demonstrated notable resilience and recovery following a turbulent early-2025 period. The U.S. large-cap market rebounded sharply, rising approximately 25% from its spring lows, driven by easing tariff concerns, robust corporate earnings, and strong labor market data. After plunging nearly 19% in April due to the unexpected announcement of "Liberation Day" tariffs, markets quickly regained footing on the back of policy adjustments and coordinated intervention, eventually reaching record highs by late June. SPYC's dual mandate of capturing upside & downside convexity performed in line with expectations over the past year.

We will continue to monetize and exercise options, when possible, to outperform on the upside while maintaining a strong notional coverage on the downside.

## Fund Performance

# Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](ia34a8a8a3c57f138ee43df59.jpg)

---

| | | |
|:---|:---|:---|
| | **Simplify US Equity PLUS Convexity ETF - NAV** | **S&P 500 TR Index** |
| **9/3/20** | $10000 | $10000 |
| **12/31/20** | $10834 | $10927 |
| **6/30/21** | $12367 | $12593 |
| **12/31/21** | $13976 | $14063 |
| **6/30/22** | $10923 | $11256 |
| **12/31/22** | $10427 | $11516 |
| **6/30/23** | $12088 | $13462 |
| **12/31/23** | $12931 | $14543 |
| **6/30/24** | $15257 | $16767 |
| **12/31/24** | $15794 | $18182 |
| **6/30/25** | $17501 | $19310 |

---

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN Fund/Index** | **1 Year** | **Since Inception 9/3/2020** |
| Simplify US Equity PLUS Convexity ETF - NAV | 14.71% | 12.31% |
| S&P 500 TR Index | 15.16% | 14.62% |

---

**The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $83345978 |
| Total number of portfolio holdings | 22 |
| Total advisory fee paid | $369331 |
| Portfolio turnover rate | 8% |

---

## Graphical Representation of Holdings
The table below shows the types of investments that make up the Fund as of the end of the reporting period.

---

| | |
|:---|:---|
| Investment Categories | % of Net Assets |
| U.S. Exchange-Traded Funds | 96.1% |
| Purchased Options | 3.3% |
| Money Market Funds | 0.4% |
| Other Assets in Excess of Liabilities | 0.2% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

![Image](if545836f400df12a9cf0eb24.jpg)

# Simplify US Equity PLUS Downside Convexity ETF
SPD

\| NYSE Arca, Inc.

Annual Shareholder Report \| June 30, 2025

This annual shareholder report contains important information about Simplify US Equity PLUS Downside Convexity ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.simplify.us/resources. You can also request this information by contacting us at (855) 772-8488.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Simplify US Equity PLUS Downside Convexity ETF | $55 | 0.50% |

---

## Management's Discussion of Fund Performance
For the year ended June 30, 2025, SPD returned 18.38% vs its referenced benchmark, S&P 500 Index, return of 15.16%, outperforming the benchmark by 3.22%.

Over the past year, U.S. equities have demonstrated notable resilience and recovery following a turbulent early-2025 period. The U.S. large-cap market rebounded sharply, rising approximately 25% from its spring lows, driven by easing tariff concerns, robust corporate earnings, and strong labor market data. After plunging nearly 19% in April due to the unexpected announcement of "Liberation Day" tariffs, markets quickly regained footing on the back of policy adjustments and coordinated intervention, eventually reaching record highs by late June. SPD performed well against the deep drawdown in early April and delivered strong outperformance during the subsequent rebound, supported by its income overlay strategy and downside convexity exposure.

In the next 12 months, we will continue to actively manage the downside convexity profile while aiming to offset the cost with the Fund's income overlay approach.

## Fund Performance

# Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](i2a3c083f7b60313142e7a87d.jpg)

---

| | | |
|:---|:---|:---|
| | **Simplify US Equity PLUS Downside Convexity ETF - NAV** | **S&P 500 TR Index** |
| **9/3/20** | $10000 | $10000 |
| **12/31/20** | $10798 | $10927 |
| **6/30/21** | $12207 | $12593 |
| **12/31/21** | $13429 | $14063 |
| **6/30/22** | $10818 | $11256 |
| **12/31/22** | $9986 | $11516 |
| **6/30/23** | $11393 | $13462 |
| **12/31/23** | $12088 | $14543 |
| **6/30/24** | $13698 | $16767 |
| **12/31/24** | $14212 | $18182 |
| **6/30/25** | $16216 | $19310 |

---

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN Fund/Index** | **1 Year** | **Since Inception 9/3/2020** |
| Simplify US Equity PLUS Downside Convexity ETF - NAV | 18.38% | 10.54% |
| S&P 500 TR Index | 15.16% | 14.62% |

---

**The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $88213096 |
| Total number of portfolio holdings | 21 |
| Total advisory fee paid | $531814 |
| Portfolio turnover rate | 13% |

---

## Graphical Representation of Holdings
The table below shows the types of investments that make up the Fund as of the end of the reporting period.

---

| | |
|:---|:---|
| Investment Categories | % of Net Assets |
| U.S. Exchange-Traded Funds | 97.3% |
| Purchased Options | 2.8% |
| Liabilities in Excess of Other Assets | (0.1)% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

![Image](if545836f400df12a9cf0eb24.jpg)

# Simplify US Equity PLUS Upside Convexity ETF
SPUC

\| NYSE Arca, Inc.

Annual Shareholder Report \| June 30, 2025

This annual shareholder report contains important information about Simplify US Equity PLUS Upside Convexity ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.simplify.us/resources. You can also request this information by contacting us at (855) 772-8488.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Simplify US Equity PLUS Upside Convexity ETF | $53 | 0.50% |

---

## Management's Discussion of Fund Performance
For the year ended June 30, 2025, SPUC returned 11.20% vs its referenced benchmark, S&P 500 Index, return of 15.16%, under-performing the benchmark by 3.96%.

Over the past year, U.S. equities have demonstrated notable resilience and recovery following a turbulent early-2025 period. The U.S. large-cap market rebounded sharply, rising approximately 25% from its spring lows, driven by easing tariff concerns, robust corporate earnings, and strong labor market data. After plunging nearly 19% in April due to the unexpected announcement of "Liberation Day" tariffs, markets quickly regained footing on the back of policy adjustments and coordinated intervention, eventually reaching record highs by late June.

As anticipated, SPUC underperformed the S&P 500 during the initial drawdown in early 2025, reflecting its design as an upside convexity strategy rather than a defensive vehicle. While SPUC recovered much of its relative underperformance during the ensuing market rally, it ultimately trailed the index for the full year.

Looking ahead,we believe SPUC is positioned to capture U.S. equities market strength via its investment in call options. This approach offers investors an upside convexity solution that transforms a persistent market inefficiency into a source of enhanced return potential.

## Fund Performance

# Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](ifc14d65de6f19474ef67ec1a.jpg)

---

| | | |
|:---|:---|:---|
| | **Simplify US Equity PLUS Upside Convexity ETF - NAV** | **S&P 500 TR Index** |
| **9/3/20** | $10000 | $10000 |
| **12/31/20** | $10877 | $10927 |
| **6/30/21** | $12552 | $12593 |
| **12/31/21** | $14561 | $14063 |
| **6/30/22** | $11047 | $11256 |
| **12/31/22** | $10973 | $11516 |
| **6/30/23** | $12886 | $13462 |
| **12/31/23** | $13986 | $14543 |
| **6/30/24** | $17174 | $16767 |
| **12/31/24** | $17529 | $18182 |
| **6/30/25** | $19097 | $19310 |

---

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN Fund/Index** | **1 Year** | **Since Inception 9/3/2020** |
| Simplify US Equity PLUS Upside Convexity ETF - NAV | 11.20% | 14.36% |
| S&P 500 TR Index | 15.16% | 14.62% |

---

**The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $116667833 |
| Total number of portfolio holdings | 3 |
| Total advisory fee paid | $251486 |
| Portfolio turnover rate | 94% |

---

## Graphical Representation of Holdings
The table below shows the types of investments that make up the Fund as of the end of the reporting period.

---

| | |
|:---|:---|
| Investment Categories | % of Net Assets |
| U.S. Exchange-Traded Funds | 95.1% |
| Purchased Options | 4.2% |
| Money Market Funds | 1.0% |
| Liabilities in Excess of Other Assets | (0.3)% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

![Image](if545836f400df12a9cf0eb24.jpg)

# Simplify Bitcoin Strategy PLUS Income ETF
MAXI

\| Nasdaq Stock Market LLC

Annual Shareholder Report \| June 30, 2025

This annual shareholder report contains important information about Simplify Bitcoin Strategy PLUS Income ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.simplify.us/resources. You can also request this information by contacting us at (855) 772-8488.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Simplify Bitcoin Strategy PLUS Income ETF | $180 | 1.31% |

---

## Management's Discussion of Fund Performance
For the year ended June 30, 2025, MAXI returned 74.47% vs the return of 78.20% of the Nasdaq Bitcoin Reference Price Index for the same period, underperforming the index by 3.73%.

The underperformance of -3.73% is primarily attributable to the cost of obtaining exposure through futures contracts, compounded at times by the use of leverage, which amplifies both funding and roll costs. Between July 2024 and June 2025, the average annualized roll cost between BTC2 and BTC1 futures was approximately 6.8%. The remaining performance drag is likely due to the impact of the options overlay.

Looking ahead, we expect MAXI to perform better if the futures roll cost, as well as implied volatility and the equity market trends, are closer to their historical long-term average.

## Fund Performance

# Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](i0c9d5bedc1d895402691c437.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Simplify Bitcoin Strategy PLUS Income ETF - NAV** | **S&P 500 TR Index** | **Nasdaq Bitcoin Reference Price Index (USD) 09-29-22** |
| **9/29/22** | $10000 | $10000 | $10000 |
| **9/30/22** | $10000 | $9850 | $9925 |
| **12/31/22** | $8693 | $10595 | $8511 |
| **3/31/23** | $14761 | $11389 | $14423 |
| **6/30/23** | $15816 | $12384 | $15648 |
| **9/30/23** | $13805 | $11979 | $13791 |
| **12/31/23** | $21172 | $13380 | $21544 |
| **3/31/24** | $34930 | $14792 | $35790 |
| **6/30/24** | $29106 | $15426 | $30899 |
| **9/30/24** | $28815 | $16334 | $32658 |
| **12/31/24** | $40339 | $16727 | $47964 |
| **3/31/25** | $31346 | $16013 | $42229 |
| **6/30/25** | $50781 | $17765 | $55063 |

---

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN Fund/Index** | **1 Year** | **Since Inception 9/29/2022** |
| Simplify Bitcoin Strategy PLUS Income ETF - NAV | 74.47% | 80.53% |
| S&P 500 TR Index | 15.16% | 23.23% |
| Nasdaq Bitcoin Reference Price Index (USD) 09-29-22 | 78.20% | 85.92% |

---

**The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $52290824 |
| Total number of portfolio holdings | 24 |
| Total advisory fee paid | $347717 |
| Portfolio turnover rate | 0% |

---

## Graphical Representation of Holdings
The table below shows the types of investments that make up the Fund as of the end of the reporting period.

---

| | |
|:---|:---|
| Investment Categories | % of Net Assets |
| U.S. Treasury Bills | 194.9% |
| Purchased Options | 15.8% |
| Liabilities in Excess of Other Assets | (110.7)% |
| Total | 100.0% |

---

## Material Fund Changes
This summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's prospectus dated February 5, 2025, which is available at www.simplify.us/resources or upon request at 1 (855) 772-8488.

(1) The Fund revised its investment strategy to expand the investable universe of Bitcoin-related investments.

(2) The Fund changed its targeted Bitcoin exposure from 100% to a range of 50-200%.

(3) Because of the strategy changes, the Fund became subject to additional Bitcoin-related risks such as Bitcoin ETFs Risk, Exchange Traded Product Risk, and Valuation Risk.

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

![Image](if545836f400df12a9cf0eb24.jpg)

# Simplify Gold Strategy PLUS Income ETF
YGLD

\| NYSE Arca, Inc.

Annual Shareholder Report \| June 30, 2025

This annual shareholder report contains important information about Simplify Gold Strategy PLUS Income ETF (the "Fund") for the period of December 2, 2024 to June 30, 2025. You can find additional information about the Fund at www.simplify.us/resources. You can also request this information by contacting us at (855) 772-8488.

## What were the Fund's costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Simplify Gold Strategy PLUS Income ETF | $37<sup>Footnote Reference(1)</sup> | 0.53% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Based on the period December 2, 2024 (commencement of operations) through June 30, 2025. Expenses would have been higher if based on the full reporting period. |

---

## Management's Discussion of Fund Performance
Since its inception on December 2nd, 2024, YGLD returned 39.74% vs. the Solactive Gold Spot Index's return of 25.44% for the same period, outperforming the index by +14.29%.

Much of the outperformance occurred in the period from 4/7/25-5/19/25 as gold prices rallied post the tariff-pause announcement and the option overlay was additive given the positive convexity. Gold prices have seen continued support from economic uncertainty, geopolitical risk and continued investment from foreign central banks.

Looking forward, we believe gold will remain well bid given continued market uncertainty and flows from overseas, while the income overlay can continue to add value in a risk-on market.

## Fund Performance

# Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](ieb5b57ade6b5401e6e439b00.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Simplify Gold Strategy PLUS Income ETF - NAV** | **Bloomberg U.S. Aggregate Bond Index** | **Solactive Gold Spot Index ER USD Index** |
| **12/2/24** | $10000 | $10000 | $10000 |
| **12/31/24** | $9585 | $9830 | $9946 |
| **3/31/25** | $11640 | $10103 | $11844 |
| **6/30/25** | $13974 | $10225 | $12544 |

---

---

| | |
|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN Fund/Index** | **Since Inception 12/2/2024** |
| Simplify Gold Strategy PLUS Income ETF - NAV | 39.74% |
| Bloomberg U.S. Aggregate Bond Index | 2.25% |
| Solactive Gold Spot Index ER USD Index | 25.44% |

---

**The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $28249612 |
| Total number of portfolio holdings | 22 |
| Total advisory fee paid | $54284 |
| Portfolio turnover rate | 0% |

---

## Graphical Representation of Holdings
The table below shows the types of investments that make up the Fund as of the end of the reporting period.

---

| | |
|:---|:---|
| Investment Categories | % of Net Assets |
| U.S. Treasury Bills | 92.9% |
| Purchased Options | 3.0% |
| Other Assets in Excess of Liabilities | 4.1% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

![Image](if545836f400df12a9cf0eb24.jpg)

# Simplify Multi-QIS Alternative ETF
QIS

\| NYSE Arca, Inc.

Annual Shareholder Report \| June 30, 2025

This annual shareholder report contains important information about Simplify Multi-QIS Alternative ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.simplify.us/resources. You can also request this information by contacting us at (855) 772-8488.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Simplify Multi-QIS Alternative ETF | $95.2 | 1.00% |

---

## Management's Discussion of Fund Performance
For the year ended June 30, 2025, QIS returned -9.89% vs the 4.68%, return of the ICE BofA US 3-Months Treasury Bill Index for the same period, underperforming the index by -14.57%.

Much of the underperformance occurred from March 2025 until June 2025, as the February market sell-off and subsequent "tariff tantrum" were headwinds for QIS.

During the last 12 months, the strategy was streamlined to increase resiliency in stressed markets. The new approach aims to improve performance and diversify exposures in various market conditions.

Quantitative strategies across the board have had one of their most challenging periods in the last decade, and we have seen above average correlations between strategies further reduce normal diversification benefits. Equity volatility strategies have also been a headwind, as implied volatilities have been low and realized volatilities have been high. We did also see some more idiosyncratic headwinds out of the commodity complex.

Looking forward, we anticipate normalization of these aforementioned headwinds, which we believe could become tailwinds and improve performance.

## Fund Performance

# Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](ia8cc782b085659b10dc6c94a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Simplify Multi-QIS Alternative ETF - NAV** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA 3 Month US Treasury Bill Index** |
| **7/10/23** | $10000 | $10000 | $10000 |
| **12/31/23** | $10237 | $10437 | $10259 |
| **6/30/24** | $10478 | $10362 | $10529 |
| **12/31/24** | $10218 | $10567 | $10797 |
| **6/30/25** | $9441 | $10992 | $11021 |

---

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN Fund/Index** | **1 Year** | **Since Inception 7/10/2023** |
| Simplify Multi-QIS Alternative ETF - NAV | -9.89% | -2.87% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | 4.90% |
| ICE BofA 3 Month US Treasury Bill Index | 4.68% | 5.05% |

---

**The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $96118608 |
| Total number of portfolio holdings | 21 |
| Total advisory fee paid | $1084120 |
| Portfolio turnover rate | 29% |

---

## Graphical Representation of Holdings
The table below shows the types of investments that make up the Fund as of the end of the reporting period.

---

| | |
|:---|:---|
| Investment Categories | % of Net Assets |
| U.S. Treasury Bills | 85.5% |
| U.S. Exchange-Traded Funds | 7.9% |
| Purchased Options | 8.0% |
| Liabilities in Excess of Other Assets | (1.4)% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

![Image](if545836f400df12a9cf0eb24.jpg)

# Simplify Volatility Premium ETF
SVOL

\| NYSE Arca, Inc.

Annual Shareholder Report \| June 30, 2025

This annual shareholder report contains important information about Simplify Volatility Premium ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.simplify.us/resources. You can also request this information by contacting us at (855) 772-8488.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Simplify Volatility Premium ETF | $62 | 0.63% |

---

## Management's Discussion of Fund Performance
For the year ended June 30, 2025, SVOL returned -3.00% vs its referenced benchmark, S&P 500 Index, return of 15.16%, underperforming the benchmark by 18.16%.

The past year presented challenges for SVOL's volatility premium harvesting strategy, marked by episodes of elevated market volatility in August 2024, December 2024, and throughout the first half of 2025. To navigate abrupt shifts in volatility regimes, the portfolio management team focused on NAV stability when confronted with abrupt shifts in volatility regimes. The timely response positioned SVOL well to recover from the market bottom on April 9, 2025.

In the next 12 months, we believe SVOL is strategically positioned to capitalize on structural inefficiencies in volatility markets by selling options where implied volatility is elevated and buying where it's undervalued. We believe SVOL remains well-placed to extract risk premia in a risk-managed framework, reinforcing its role as a structural volatility strategy.

## Fund Performance

# Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](i3022ef75613338761024551d.jpg)

---

| | | |
|:---|:---|:---|
| | **Simplify Volatility Premium ETF - NAV** | **S&P 500 TR Index** |
| **5/12/21** | $10000 | $10000 |
| **6/30/21** | $10805 | $10599 |
| **12/31/21** | $11436 | $11836 |
| **6/30/22** | $10132 | $9474 |
| **12/31/22** | $10914 | $9693 |
| **6/30/23** | $12476 | $11330 |
| **12/31/23** | $13429 | $12241 |
| **6/30/24** | $14353 | $14113 |
| **12/31/24** | $14392 | $15303 |
| **6/30/25** | $13923 | $16253 |

---

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN Fund/Index** | **1 Year** | **Since Inception 5/12/2021** |
| Simplify Volatility Premium ETF - NAV | -3.00% | 8.33% |
| S&P 500 TR Index | 15.16% | 12.47% |

---

**The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

The Fund had a return capital of $97,126,311.

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $916740325 |
| Total number of portfolio holdings | 27 |
| Total advisory fee paid | $5469662 |
| Portfolio turnover rate | 298% |

---

## Graphical Representation of Holdings
The table below shows the types of investments that make up the Fund as of the end of the reporting period.

---

| | |
|:---|:---|
| Investment Categories | % of Net Assets |
| U.S. Treasury Bills | 110.7% |
| U.S. Exchange-Traded Funds | 48.6% |
| Purchased Options | 7.5% |
| Liabilities in Excess of Other Assets | (66.8)% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

![Image](if545836f400df12a9cf0eb24.jpg)

# Simplify Opportunistic Income ETF
CRDT

\| NYSE Arca, Inc.

Annual Shareholder Report \| June 30, 2025

This annual shareholder report contains important information about Simplify Opportunistic Income ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.simplify.us/resources. You can also request this information by contacting us at (855) 772-8488.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Simplify Opportunistic Income ETF | $86 | 0.84% |

---

## Management's Discussion of Fund Performance
For the year ended June 30, 2025, CRDT returned 3.54% vs. the Bloomberg U.S. Universal Total Return Index return of 6.49% for the same period.

CRDT's underweight duration positioning detracted modestly from performance over the period as yields on short and intermediate maturity US Treasuries moved lower. However, the primary detraction came from one of the positions in the distressed portion of the portfolio. Just prior to the close of the period, the position was marked down substantially despite the lack of any meaningful news around the restructuring.

Looking forward, we anticipate CRDT will continue to adjust its holdings opportunistically across the credit markets. At present, CRDT remains relatively cautiously positioned. This includes an underweight duration positioning in response to anticipated growth in the level of government debt as well as an underweight to credit markets given seemingly stretched valuations.

## Fund Performance

# Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](i6963e59916c64e7eb5a98b34.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Simplify Opportunistic Income ETF - NAV** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA US High Yield Index** | **Bloomberg U.S. Universal Total Return Index** |
| **6/26/23** | $10000 | $10000 | $10000 | $10000 |
| **6/30/23** | $10004 | $9958 | $10077 | $9965 |
| **12/31/23** | $10526 | $10293 | $10846 | $10340 |
| **6/30/24** | $10510 | $10219 | $11130 | $10311 |
| **12/31/24** | $11045 | $10421 | $11735 | $10551 |
| **6/30/25** | $10882 | $10840 | $12269 | $10983 |

---

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN Fund/Index** | **1 Year** | **Since Inception 6/26/2023** |
| Simplify Opportunistic Income ETF - NAV | 3.54% | 4.29% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | 4.09% |
| ICE BofA US High Yield Index | 10.24% | 10.71% |
| Bloomberg U.S. Universal Total Return Index | 6.49% | 4.78% |

---

**The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

The Fund had a return capital of $587,298.

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $78043591 |
| Total number of portfolio holdings | 77 |
| Total advisory fee paid | $663658 |
| Portfolio turnover rate | 418% |

---

## Graphical Representation of Holdings
The table below shows the types of investments that make up the Fund as of the end of the reporting period.

---

| | |
|:---|:---|
| Investment Categories | % of Net Assets |
| Asset Backed Securities | 33.3% |
| Corporate Bonds | 18.0% |
| U.S. Treasury Bills | 14.4% |
| Preferred Stocks | 13.2% |
| Common Stocks | 6.5% |
| Mortgage Backed Securities | 6.2% |
| U.S. Government Agency Mortgage Backed Securities | 2.5% |
| Foreign Bonds | 2.5% |
| Purchased Options | 0.1% |
| Term Loans | 0.1% |
| Other Assets in Excess of Liabilities | 3.2% |
| Total | 100.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's prospectus dated November 1, 2024, which is available at www.simplify.us/resources or upon request at 1 (855) 772-8488.

A fee waiver agreement previously in place for the period beginning October 27, 2023 expired at the end of its term on October 31, 2024.

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

![Image](if545836f400df12a9cf0eb24.jpg)

# Simplify Propel Opportunities ETF
SURI

\| NYSE Arca, Inc.

Annual Shareholder Report \| June 30, 2025

This annual shareholder report contains important information about Simplify Propel Opportunities ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.simplify.us/resources. You can also request this information by contacting us at (855) 772-8488.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Simplify Propel Opportunities ETF | $229 | 2.56% |

---

## Management's Discussion of Fund Performance
For the year ended June 30, 2025, SURI returned -20.69% vs. the MSCI USA IMI Health Care Net Total Return USD Index benchmark return of -5.66% for the same period, underperforming the index by 15.03%.

SURI has a heavier weighting of early-stage and small/mid-cap (SMID) companies versus MSCI USA IMI Health Care Net Total Return USD Index. In general, SMID healthcare companies have underperformed versus large cap healthcare companies during this period. Positive contributors to SURI's performance include Akero Therapeutics, Achieve Life Science and Plan GP Holdings. Detractors from SURI's performance include Applied Therapeutics, Tscan Therapuetics and Athira Pharma.

Looking ahead, while we anticipate continued volatility in SMID healthcare companies versus the overall market, we belive specific catalysts within the SURI portfolio along with increased M&A and strategic activities targeting SMID healthcare companies to potentially drive outperformance.

## Fund Performance

# Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](i0a1d250719767c2f4da0e3a4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Simplify Propel Opportunities ETF - NAV** | **S&P 500 TR Index** | **MSCI USA IMI/Health Care Net (USD) Index** |
| **2/7/23** | $10000 | $10000 | $10000 |
| **6/30/23** | $9503 | $10766 | $10034 |
| **12/31/23** | $9566 | $11631 | $10321 |
| **6/30/24** | $11144 | $13409 | $11014 |
| **12/31/24** | $8588 | $14540 | $10552 |
| **6/30/25** | $8838 | $15442 | $10390 |

---

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN Fund/Index** | **1 Year** | **Since Inception 2/7/2023** |
| Simplify Propel Opportunities ETF - NAV | -20.69% | -5.03% |
| S&P 500 TR Index | 15.16% | 19.92% |
| MSCI USA IMI/Health Care Net (USD) Index | -5.66% | 1.61% |

---

**The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

The Fund had a return of capital of $12,083,603.

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $65973784 |
| Total number of portfolio holdings | 20 |
| Total advisory fee paid | $2113065 |
| Portfolio turnover rate | 22% |

---

## Graphical Representation of Holdings
The table below shows the types of investments that make up the Fund as of the end of the reporting period.

---

| | |
|:---|:---|
| Investment Categories | % of Net Assets |
| U.S. Treasury Bills | 54.3% |
| Common Stocks | 42.5% |
| Limited Partnership | 37.5% |
| Money Market Funds | 17.4% |
| Corporate Bonds | 5.9% |
| Liabilities in Excess of Other Assets | (57.6)% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

![Image](if545836f400df12a9cf0eb24.jpg)

# Simplify Volt TSLA Revolution ETF
TESL

\| NYSE Arca, Inc.

Annual Shareholder Report \| June 30, 2025

This annual shareholder report contains important information about Simplify Volt TSLA Revolution ETF (formerly, Simplify Volt RoboCar Disruption and Tech ETF trading under ticker VCAR) (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.simplify.us/resources. You can also request this information by contacting us at (855) 772-8488.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Simplify Volt TSLA Revolution ETF | $154 | 0.96% |

---

## Management's Discussion of Fund Performance
For the year ended June 30, 2025, TESL returned 122.93% vs its referenced benchmark, S&P 500 Index, return of 15.16%, out-performing the benchmark by 107.77%.

TESL has delivered a strong return, showcasing the effectiveness of its proprietary algorithm and strategic use of derivative instruments—including options and swaps—for targeted protection, participation, and income generation.The dynamic exposure of 80 to 150% in Tesla-related instruments allows TESL to capture potential opportunities from Tesla's volatile stock price movements.

Looking ahead, we anticipate sustained momentum in the broader autonomous driving sector. Leveraging active management and risk-managed options overlay, we believe TESL is positioned to harness upside potential while enhancing income and managing downside risk—offering a distinct and sophisticated approach to equity investing.

## Fund Performance

# Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](i01282b4ff8a0142559bb7c5b.jpg)

---

| | | |
|:---|:---|:---|
| | **Simplify Volt TSLA Revolution ETF - NAV** | **S&P 500 TR Index** |
| **12/28/20** | $10000 | $10000 |
| **12/31/20** | $10456 | $10057 |
| **6/30/21** | $9466 | $11591 |
| **12/31/21** | $12382 | $12944 |
| **6/30/22** | $7297 | $10361 |
| **12/31/22** | $4810 | $10600 |
| **6/30/23** | $7258 | $12391 |
| **12/31/23** | $7699 | $13387 |
| **6/30/24** | $8852 | $15434 |
| **12/31/24** | $19185 | $16736 |
| **6/30/25** | $19732 | $17774 |

---

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN Fund/Index** | **1 Year** | **Since Inception 12/28/2020** |
| Simplify Volt TSLA Revolution ETF - NAV | 122.93% | 16.29% |
| S&P 500 TR Index | 15.16% | 13.62% |

---

**The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $32489812 |
| Total number of portfolio holdings | 24 |
| Total advisory fee paid | $145570 |
| Portfolio turnover rate | 872% |

---

## Graphical Representation of Holdings
The table below shows the types of investments that make up the Fund as of the end of the reporting period.

---

| | |
|:---|:---|
| Investment Categories | % of Net Assets |
| U.S. Treasury Bills | 69.3% |
| Common Stocks | 23.6% |
| Purchased Options | 4.5% |
| Money Market Funds | 2.3% |
| Other Assets in Excess of Liabilities | 0.3% |
| Total | 100.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's prospectus dated November 1, 2024, which is available at www.simplify.us/resources or upon request at 1 (855) 772-8488.

(1) The Fund changed its name from Simplify Volt RoboCar Disruption and Tech ETF to Simplify Volt TSLA Revolution ETF.

(2) The Fund refocused its investment strategy to emphasize returns linked to Tesla, Inc. (NASDAQ: TSLA) ("Tesla").

(3) The Fund revised its 80% investment policy such that it invests at least 80% of its net assets (plus any borrowings for investment purposes) in Tesla-related instruments.

(4) Because of the strategy changes, the Fund also became subject to compounding risk, leverage risk, and has a greater risk exposure to the price of Tesla stock.

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

![Image](if545836f400df12a9cf0eb24.jpg)

# Simplify Commodities Strategy No K-1 ETF
HARD

\| NYSE Arca, Inc.

Annual Shareholder Report \| June 30, 2025

This annual shareholder report contains important information about Simplify Commodities Strategy No K-1 ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.simplify.us/resources. You can also request this information by contacting us at (855) 772-8488.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Simplify Commodities Strategy No K-1 ETF | $86 | 0.78% |

---

## Management's Discussion of Fund Performance
For the year ended June 30, 2025, HARD returned 20.52% vs the Bloomberg Commodity Index Total Return, which returned 5.77% for the same period, outperforming the benchmark by +14.75%. HARD surpassed its 2-year track record in March 2025.

A key enhancement was made to HARD's portfolio to add investment across diversified commodity markets: Cocoa, Cotton, Coffee, Winter Wheat, Canola, Sugar, Soybean Meal, Feeder Cattle, Live Cattle, Lean Hogs, Palladium and Platinum.

Positive returns from positions in softs (Cocoa, Coffee), select metals (Gold, Platinum), and Live and Feeder Cattle were additive to performance. HARD's average commodity exposure was about +40%, reflecting its long commodity bias, while avoiding negative carry in commodities with excessively steep or inverted curves.

Looking ahead, we believe HARD's asset selection and positioning should enable it to outperform during a cyclical bull market in commodities, while also adding value from supply-demand imbalances.

## Fund Performance

# Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](ia833451838c7e1c39d5cdc2b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Simplify Commodities Strategy No K-1 ETF - NAV** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg Commodity Index Total Return** |
| **3/27/23** | $10000 | $10000 | $10000 |
| **3/31/23** | $9956 | $10050 | $10175 |
| **6/30/23** | $9914 | $9966 | $9914 |
| **9/30/23** | $10250 | $9644 | $10381 |
| **12/31/23** | $9497 | $10301 | $9901 |
| **3/31/24** | $9611 | $10221 | $10118 |
| **6/30/24** | $9977 | $10228 | $10410 |
| **9/30/24** | $10510 | $10759 | $10480 |
| **12/31/24** | $11298 | $10430 | $10433 |
| **3/31/25** | $13121 | $10720 | $11360 |
| **6/30/25** | $12024 | $10849 | $11010 |

---

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN Fund/Index** | **1 Year** | **Since Inception 3/27/2023** |
| Simplify Commodities Strategy No K-1 ETF - NAV | 20.52% | 8.49% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | 3.67% |
| Bloomberg Commodity Index Total Return | 5.77% | 4.35% |

---

**The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $31554991 |
| Total number of portfolio holdings | 6 |
| Total advisory fee paid | $144331 |
| Portfolio turnover rate | 0% |

---

## Graphical Representation of Holdings
The table below shows the types of investments that make up the Fund as of the end of the reporting period.

---

| | |
|:---|:---|
| Investment Categories | % of Net Assets |
| U.S. Treasury Bills | 121.1% |
| Liabilities in Excess of Other Assets | (21.1)% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

![Image](if545836f400df12a9cf0eb24.jpg)

# Simplify Managed Futures Strategy ETF
CTA

\| NYSE Arca, Inc.

Annual Shareholder Report \| June 30, 2025

This annual shareholder report contains important information about Simplify Managed Futures Strategy ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.simplify.us/resources. You can also request this information by contacting us at (855) 772-8488.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Simplify Managed Futures Strategy ETF | $77 | 0.75% |

---

## Management's Discussion of Fund Performance
For the year ended June 30, 2025, CTA returned 4.23% vs the -11.87% of the SG CTA Index for the same period, outperforming the index by 16.10%.

During the last 12 months, interest rates and additional commodity markets were added to the proprietary model to further enhance diversification. These included: Cocoa, Cotton, Coffee, Winter Wheat, Canola, Sugar, Soybean Meal, Feeder Cattle, Live Cattle, Lean Hogs, Palladium, Platinum, Canadian 2Y/5Y and U.S. 2Y/10Y/20Y/30Y rates.

Long positions in Cocoa and Gold, and to a lesser extent, Cattle, contributed positively. Short positions in the front end of the U.S. curve also added value as rates rose in late 2024.

The notional exposure of interest rates was primarily short in the second half of 2024 due to the shape of the curve which was identified by the model's 'carry' signal. Interest rate exposure was positive in March/April 2025 due to the sell-off in equities, identified by the model's 'intermarket' signal. Commodity exposure has been dynamic over the last 12 months.

In the next 12 months, we expect geopolitical and macroeconomic risks to remain heightened. CTA will continue to seek to provide absolute returns and risk diversification from traditional stocks and bonds via its dynamic positioning in various markets.

## Fund Performance

# Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](ifacc4b10043cfd0b5498292d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Simplify Managed Futures Strategy ETF- NAV** | **Bloomberg U.S. Aggregate Bond Index** | **SG CTA Index** |
| **3/7/22** | $10000 | $10000 | $10000 |
| **3/31/22** | $9566 | $9749 | $10070 |
| **6/30/22** | $10907 | $9292 | $10814 |
| **9/30/22** | $11809 | $8850 | $11258 |
| **12/31/22** | $11182 | $9016 | $10725 |
| **3/31/23** | $9963 | $9283 | $10169 |
| **6/30/23** | $10922 | $9205 | $10727 |
| **9/30/23** | $11783 | $8907 | $10930 |
| **12/31/23** | $10789 | $9515 | $10362 |
| **3/31/24** | $11492 | $9441 | $11367 |
| **6/30/24** | $12508 | $9447 | $11116 |
| **9/30/24** | $12168 | $9938 | $10623 |
| **12/31/24** | $13398 | $9634 | $10606 |
| **3/31/25** | $14257 | $9901 | $10339 |
| **6/30/25** | $13037 | $10021 | $9799 |

---

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN Fund/Index** | **1 Year** | **Since Inception 3/7/2022** |
| Simplify Managed Futures Strategy ETF - NAV | 4.23% | 8.33% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | 0.06% |
| SG CTA Index | -11.85% | -0.61% |

---

**The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $1055122574 |
| Total number of portfolio holdings | 5 |
| Total advisory fee paid | $4364164 |
| Portfolio turnover rate | 0% |

---

## Graphical Representation of Holdings
The table below shows the types of investments that make up the Fund as of the end of the reporting period.

---

| | |
|:---|:---|
| Investment Categories | % of Net Assets |
| U.S. Treasury Bills | 99.6% |
| Other Assets in Excess of Liabilities | 0.4% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

![Image](if545836f400df12a9cf0eb24.jpg)

# Simplify Piper Sandler US Small-Cap PLUS Income ETF
LITL

\| NYSE Arca, Inc.

Annual Shareholder Report \| June 30, 2025

This annual shareholder report contains important information about Simplify Piper Sandler US Small-Cap PLUS Income ETF (the "Fund") for the period of April 28, 2025 (commencement of operations) to June 30, 2025. You can find additional information about the Fund at www.simplify.us/resources. You can also request this information by contacting us at (855) 772-8488.

## What were the Fund's costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Simplify Piper Sandler US Small-Cap PLUS Income ETF | $16<sup>Footnote Reference(1)</sup> | 0.90% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Based on the period April 28, 2025 (commencement of operations) through June 30, 2025. Expenses would have been higher if based on the full reporting period. |

---

## Management's Discussion of Fund Performance
For the period April 28, 2025, to June 30, 2025, LITL returned 10.25% vs. the Russell 2000 Total Return index return of 11.00%, underperforming by 0.75%.

LITL delivered positive returns across all sectors with the exception of Consumer Staples. At the sector level, the strategy demonstrated strong stock selection in Financials, Utilities, Communication Services, Healthcare, and Industrials. Notable contributors to performance included Dave Inc., Hims & Hers Health, and Oscar Health, while ADMA Biologics, ACI Worldwide, and Lifestance Health Group were among the `primary detractors. The option based income overlay added 0.08% since the inception of LITL .

Looking ahead, we anticipate the portfolio management team will maintain a disciplined focus on business cycle analysis to identify companies best positioned to outperform in the current economic environment. In addition, risk-managed options overlay enhances LITL's income potential and contributes meaningfully to total return, offering a differentiated approach to equity investing.

## Fund Performance

# Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](i65c428637e97d2766b21c694.jpg)

---

| | | |
|:---|:---|:---|
| | **Simplify Piper Sandler US Small-Cap PLUS Income ETF- NAV** | **Russell 2000 Total Return** |
| **4/28/25** | $10000 | $10000 |
| **6/30/25** | $11025 | $11100 |

---

---

| | |
|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN Fund/Index** | **Since Inception 4/28/2025** |
| Simplify Piper Sandler US Small-Cap PLUS Income ETF - NAV | 10.25% |
| Russell 2000 Total Return | 11.00% |

---

**The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $4134519 |
| Total number of portfolio holdings | 205 |
| Total advisory fee paid | $4820 |
| Portfolio turnover rate | 44% |

---

## Graphical Representation of Holdings
The table below shows the types of investments that make up the Fund as of the end of the reporting period.

---

| | |
|:---|:---|
| Investment Categories | % of Net Assets |
| Common Stocks | 80.4% |
| Purchased Options | 1.6% |
| U.S. Exchange-Traded Funds | 1.4% |
| Other Assets in Excess of Liabilities | 16.6% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

![Image](if545836f400df12a9cf0eb24.jpg)

# Simplify Tara India Opportunities ETF
IOPP

\| NYSE Arca, Inc.

Annual Shareholder Report \| June 30, 2025

This annual shareholder report contains important information about Simplify Tara India Opportunities ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at www.simplify.us/resources. You can also request this information by contacting us at (855) 772-8488.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Simplify Tara India Opportunities ETF | $75 | 0.73% |

---

## Management's Discussion of Fund Performance
For the year ended June 30, 2025, IOPP returned 4.93% vs. the benchmark MSCI India Net Total Return USD MSCI India Index return of 0.85% for the same period.

The Fund's holdings in a number of securities not included in the MSCI India Index, particularly in the Information Technology, Financials, and Consumer Discretionary sectors, contributed meaningfully to relative performance. Conversely, an off-benchmark holding in the Industrials sector detracted.

Looking forward, we expect the Fund will continue to focus on the sectors which are levered to domestic income growth in India. And within that context, we anticipate the portfolio management team will utilize its local research presence across India to identify names which the team judges to exhibit more attractive growth potential than is currently priced into the market.

## Fund Performance

# Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](ibb2fae4c89f0c9505b4788c8.jpg)

---

| | | |
|:---|:---|:---|
| | **Simplify Tara India Opportunities ETF - NAV** | **MSCI INDIA INDEX** |
| **3/4/24** | $10000 | $10000 |
| **6/30/24** | $11229 | $10916 |
| **12/31/24** | $11513 | $10385 |
| **6/30/25** | $11782 | $11008 |

---

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN Fund/Index** | **1 Year** | **Since Inception 3/4/2024** |
| Simplify Tara India Opportunities ETF - NAV | 4.93% | 13.20% |
| MSCI INDIA INDEX | 0.85% | 7.53% |

---

**The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $8929572 |
| Total number of portfolio holdings | 28 |
| Total advisory fee paid | $75476 |
| Portfolio turnover rate | 108% |

---

## Graphical Representation of Holdings
The table below shows the types of investments that make up the Fund as of the end of the reporting period.

---

| | |
|:---|:---|
| Investment Categories | % of Net Assets |
| Common Stocks | 95.0% |
| Money Market Funds | 2.8% |
| Other Assets in Excess of Liabilities | 2.2% |
| Total | 100.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's prospectus dated November 1, 2024, as supplemented May 23, 2025, which is available at www.simplify.us/resources or upon

request at 1 (855) 772-8488.

Effective May 23, 2025, the Fund's "other expenses" were re-estimated and restated from 0.51% to 0.04% of the Fund's average daily net assets due to a decrease in expenses that were expected to occur during the current fiscal year.

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

![Image](if545836f400df12a9cf0eb24.jpg)

# Simplify National Muni Bond ETF
NMB

\| NYSE Arca, Inc.

Annual Shareholder Report \| June 30, 2025

This annual shareholder report contains important information about Simplify National Muni Bond ETF (the "Fund") for the period of September 9, 2024 to June 30, 2025. You can find additional information about the Fund at www.simplify.us/resources. You can also request this information by contacting us at (855) 772-8488.

## What were the Fund's costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Simplify National Muni Bond ETF | $41<sup>Footnote Reference(1)</sup> | 0.50% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Based on the period September 9, 2024 (commencement of operations) through June 30, 2025. Expenses would have been higher if based on the full reporting period. |

---

## Management's Discussion of Fund Performance
For the period September 9 2024, to June 30, 2025, NMB returned 2.80% vs. the Bloomberg Municipal Bond Index, return of -1.14% for the same period, outperforming the index by 3.94%.

The primary drivers of return were NMB's long position in an actively managed municipal bond strategy and a risk-managed, income generating options selling strategy spread across a variety of instruments, which included equity, fixed income, and commodity indices and ETFs. The municipal bond strategy detracted from performance during the period while the option selling strategy had strong performance adding to returns.

Looking forward, we anticipate the performance of NMB's municipal bond strategy will depend on interest rate movements and municipal-to-treasury ratios and the options selling strategy will depend on implied volatility and market trends.

## Fund Performance

# Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](i4e16f5b8718d2ee0be12ab83.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Simplify National Muni Bond ETF- NAV** | **S&P 500 TR Index** | **Bloomberg Municipal Bond Index** |
| **9/9/24** | $10000 | $10000 | $10000 |
| **9/30/24** | $10095 | $10540 | $10042 |
| **12/31/24** | $9843 | $10794 | $9920 |
| **3/31/25** | $9289 | $10333 | $9898 |
| **6/30/25** | $10280 | $11464 | $9886 |

---

---

| | |
|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN Fund/Index** | **Since Inception 9/9/2024** |
| Simplify National Muni Bond ETF - NAV | 2.80% |
| S&P 500 TR Index | 14.64% |
| Bloomberg Municipal Bond Index | -1.14% |

---

**The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $73958352 |
| Total number of portfolio holdings | 47 |
| Total advisory fee paid | $349350 |
| Portfolio turnover rate | 678% |

---

## Graphical Representation of Holdings
The table below shows the types of investments that make up the Fund as of the end of the reporting period.

---

| | |
|:---|:---|
| Investment Categories | % of Net Assets |
| Municipal Bonds | 85.1% |
| Money Market Funds | 17.0% |
| Purchased Options | 2.2% |
| Liabilities in Excess of Other Assets | (4.3)% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

![Image](if545836f400df12a9cf0eb24.jpg)

# Simplify Gamma Emerging Market Bond ETF
GAEM

\| NYSE Arca, Inc.

Annual Shareholder Report \| June 30, 2025

This annual shareholder report contains important information about Simplify Gamma Emerging Market Bond ETF (the "Fund") for the period of August 12, 2024 to June 30, 2025. You can find additional information about the Fund at www.simplify.us/resources. You can also request this information by contacting us at (855) 772-8488.

## What were the Fund's costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Simplify Gamma Emerging Market Bond ETF | $70<sup>Footnote Reference(1)</sup> | 0.76% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Based on the period August 12, 2024 (commencement of operations) through June 30, 2025. Expenses would have been higher if based on the full reporting period. |

---

## Management's Discussion of Fund Performance
Since its inception on August 12, 2024, GAEM returned 9.42% vs. the benchmark J.P. Morgan EMBI Global Diversified Composite Index return of 7.29% for the same period.

GAEM's local currency-denominated positions in the Dominican Republic contributed to relative performance over the period as did allocations to the bonds of Republic of El Salvador & Republic of Argentina.

Looking forward, GAEM's sub-adviser intends to continue applying its on-the-ground presence and expertise in Latin American bonds to identify compelling investment opportunities with the potential to produce attractive yield in the portfolio without taking a meaningful step down in credit quality.

## Fund Performance

# Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](i0a5967b40738e9da50cf3eef.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Simplify Gamma Emerging Market Bond ETF - NAV** | **J.P. Morgan EMBI Global Core Index (USD)** | **J.P. Morgan EMBI Global Diversified Composite Index - 081224** |
| **8/12/24** | $10000 | $10000 | $10000 |
| **9/30/24** | $10289 | $10377 | $10355 |
| **12/31/24** | $10395 | $10138 | $10154 |
| **3/31/25** | $10585 | $10347 | $10382 |
| **6/30/25** | $10942 | $10705 | $10727 |

---

---

| | |
|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN Fund/Index** | **Since Inception 8/12/2024** |
| Simplify Gamma Emerging Market Bond ETF - NAV | 9.42% |
| J.P. Morgan EMBI Global Core Index (USD) | 7.05% |
| J.P. Morgan EMBI Global Diversified Composite Index - 081224 | 7.29% |

---

**The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $11494950 |
| Total number of portfolio holdings | 45 |
| Total advisory fee paid | $73744 |
| Portfolio turnover rate | 131% |

---

## Graphical Representation of Holdings
The table below shows the types of investments that make up the Fund as of the end of the reporting period.

---

| | |
|:---|:---|
| Investment Categories | % of Net Assets |
| Foreign Bonds | 92.5% |
| U.S. Treasury Bills | 7.8% |
| Money Market Funds | 0.1% |
| Liabilities in Excess of Other Assets | (0.4)% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

![Image](if545836f400df12a9cf0eb24.jpg)

# Simplify Kayne Anderson Energy and Infrastructure Credit ETF
KNRG

\| NYSE Arca, Inc.

Annual Shareholder Report \| June 30, 2025

This annual shareholder report contains important information about Simplify Kayne Anderson Energy and Infrastructure Credit ETF (the "Fund") for the period of May 27, 2025 (commencement of operations) to June 30, 2025. You can find additional information about the Fund at www.simplify.us/resources. You can also request this information by contacting us at (855) 772-8488.

## What were the Fund's costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Simplify Kayne Anderson Energy and Infrastructure Credit ETF | $7<sup>Footnote Reference(1)</sup> | 0.75% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Based on the period May 27, 2025 (commencement of operations) through June 30, 2025. Expenses would have been higher if based on the full reporting period. |

---

## Management's Discussion of Fund Performance
Since its inception on May 27, 2025, KNRG returned 2.56% vs. ICE BofA US High Yield Index's return of 2.05% for the same period.

Over the short period, KNRG benefited from having a slightly longer duration than the index as treasury yields declined modestly, allowing price appreciation to compensate for earning a yield slightly below that of the index.

Looking forward, we anticipate KNRG will continue to exploit opportunities in the Energy Infrastructure space, using its wide remit to source attractive yield across the investment grade and high yield bond markets, hybrids, preferreds, and other security types.

## Fund Performance

# Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](iabb7c9d64f94c5cf4e93e6b4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Simplify Kayne Anderson Energy and Infrastructure Credit ETF- NAV** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA US High Yield Index** |
| **5/27/25** | $10000 | $10000 | $10000 |
| **6/30/25** | $10256 | $10191 | $10205 |

---

---

| | |
|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURN Fund/Index** | **Since Inception 5/27/2025** |
| Simplify Kayne Anderson Energy and Infrastructure Credit ETF - NAV | 2.56% |
| Bloomberg U.S. Aggregate Bond Index | 1.91% |
| ICE BofA US High Yield Index | 2.05% |

---

**The Fund's past performance is not a good predictor of future performance. The graph and table do not reflect deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.** 

## Key Fund Statistics
The following table outlines key fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| Fund net assets | $9558791 |
| Total number of portfolio holdings | 32 |
| Total advisory fee paid | $5769 |
| Portfolio turnover rate | 8% |

---

## Graphical Representation of Holdings
The table below shows the types of investments that make up the Fund as of the end of the reporting period.

---

| | |
|:---|:---|
| Investment Categories | % of Net Assets |
| Corporate Bonds | 96.7% |
| Preferred Stocks | 1.0% |
| Money Market Funds | 0.5% |
| Other Assets in Excess of Liabilities | 1.8% |
| Total | 100.0% |

---

## Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting at the website address or contact number included at the beginning of this shareholder report.

(b) Not applicable.

**Item 2. Code of Ethics.**

(a) As of the end of the period
 covered by the report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer,
 principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether
 these individuals are employed by the registrant or a third party.

(b) Not applicable.

(c) There have been no amendments
 to the registrant's code of ethics that apply to its principal executive officer or principal financial officer or that relate to
 one or more of the items set forth in paragraph (b) of Item 2 on Form N-CSR.

(d) During the period covered
 by this report, the Registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that
 applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller,
 or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that
 relates to one or more of the items set forth in paragraph (b) of this item's instructions.

(e) Not Applicable.

(f) (1) See Item 19 (a)(1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Not applicable.

**Item 3. Audit Committee Financial Expert.**

As of the end of the period covered by the report, the registrant's board of Trustees has determined that Christopher Caltagirone is qualified to serve as an audit committee financial expert serving on its audit committee and that he is "independent," as defined by Item 3(b) of Form N-CSR.

**Item 4. Principal Accountant Fees and Services.**

<u>Audit Fees</u>

(a) The
 aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit
 of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory
 and regulatory filings or engagements for those fiscal years are $515,900 for 2024 and $606,450 for 2025.

<u>Audit-Related Fees</u>

(b) The aggregate fees billed
 in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the
 performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 for
 2024 and $0 for 2025.

<u>Tax Fees</u>

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal
 accountant for tax services in regard to the year-end audit, tax compliance, tax advice, and tax planning are $124,000 for 2024 and $163,000 for 2025.

<u>All Other Fees</u>

(d) The aggregate fees billed
 in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported
 in paragraphs (a) through (c) of this Item are $0 for 2024 and $0 for 2025.

(e) (1) The audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01
 of Regulation S-X are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(a) *<u>Pre-Approval Requirements</u>.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Pre-Approval Requirements*.
 Before the Auditor is engaged by a Fund to render audit or non-audit services, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Audit Committee shall
 pre-approve all auditing services and permissible non-audit services (*e.g.,* tax services) provided to a Fund. The Audit Committee
 may delegate to one or more of its members the authority to grant pre-approvals. The decisions of any member to whom authority is delegated
 under this section shall be presented to the full Audit Committee at each of its scheduled meetings; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The engagement to render
 the audit service or permissible non-audit service is entered into pursuant to pre-approval policies and procedures established by the
 Audit Committee. Any such policies and procedures must (1) be detailed as to the particular service and (2) not involve any delegation
 of the Audit Committee's responsibilities to the Advisers. The Audit Committee must be informed of each service entered into pursuant
 to the policies and procedures. A copy of any such policies and procedures shall be attached as an exhibit to the Audit Committee Charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *De Minimis Exceptions to Pre-Approval Requirements.* Pre-Approval for a service provided to a Fund other than audit, review or attest services is not required
 if: (1) the aggregate amount of all such non-audit services provided to a Fund constitutes not more than 5 percent of the total amount
 of revenues paid by a Fund to the Auditor during the fiscal year in which the non-audit services are provided; (2) such services were
 not recognized by a Fund at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention
 of the Audit Committee and are approved by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant
 such approvals has been delegated by the Audit Committee prior to the completion of the audit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Pre-Approval of Non-Audit Services Provided to the Advisers and Certain Control Persons.* The Audit Committee shall pre-approve any non-audit services proposed
 to be provided by the Auditor to (a) the Advisers and (b) any entity controlling, controlled by, or under common control with the Advisers
 that provides ongoing services to a Fund, if the Auditor's engagement with the Advisers or any such control persons relates directly
 to the operations and financial reporting of a Fund.

*Application of De Minimis Exception.* The De Minimis exception set forth above under Section 5(d)(ii) applies to pre-approvals under this Section (iii) as well, except that the "total amount of revenues" calculation is based on the total amount of revenues paid to the Auditor by a Fund and any other entity that has its services approved under this Section (i.e., the Advisers or any control person).

(e) (2) The percentage of services
 described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C)
 of Rule 2-01 of Regulation S-X are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(b) N/A

&nbsp;&nbsp;&nbsp;&nbsp;(c) 100%

&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

(f) If greater than 50%, disclose the percentage of hours expended on the principal accountant's engagement
 to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons
 other than the principal accountant's full-time, permanent employees. Not applicable

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant,
 and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management
 and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control
 with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $124,000
 for 2024 and $163,000 for 2025.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

(a) The registrant has a separately
 designated audit committee consisting of all the independent trustees of the registrant. The members of the audit committee are Christopher
 Caltagirone, Craig Enders and Zung T. Nguyen.

(b) Not applicable.

**Item 6. Investments.**

(a) The Registrant's schedule
 of investments in unaffiliated issuers is included in the financial statements filed under Item 7 of this Form.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) A copy of the report(s) of
 the Funds' Financial Statements and Financial Highlights are attached.

June 30, 2025

Annual Financial Statements and

Other Important Information

Simplify Exchange Traded Funds

Simplify Aggregate Bond ETF (AGGH)

Simplify Barrier Income ETF (SBAR)

Simplify Bond Bull ETF (formerly Simplify Downside Interest Rate Hedge Strate-gy ETF) (RFIX)

Simplify China A Shares PLUS Income ETF (CAS)

Simplify Currency Strategy ETF (FOXY)

Simplify Enhanced Income ETF (HIGH)

Simplify Health Care ETF (PINK)

Simplify Hedged Equity ETF (HEQT)

Simplify High Yield ETF (formerly Simplify High Yield PLUS Credit Hedge ETF) (CDX)

Simplify Interest Rate Hedge ETF (PFIX)

Simplify Intermediate Term Treasury Futures Strategy ETF (TYA)

Simplify MBS ETF (MTBA)

Simplify NEXT Intangible Core Index ETF (NXTI)

Simplify Short Term Treasury Futures Strategy ETF (TUA)

Simplify Target 15 Distribution ETF (XV)

Simplify Treasury Option Income ETF (formerly Simplify Stable Income ETF) (BUCK)

Simplify US Equity PLUS Bitcoin Strategy ETF (formerly Simplify US Equity PLUS GBTC ETF) (SPBC)

Simplify US Equity PLUS Convexity ETF (SPYC)

Simplify US Equity PLUS Downside Convexity ETF (SPD)

Simplify US Equity PLUS Upside Convexity ETF (SPUC)

Simplify Bitcoin Strategy PLUS Income ETF (MAXI)

Simplify Gold Strategy PLUS Income ETF (YGLD)

Simplify Multi-QIS Alternative ETF (QIS)

Simplify Volatility Premium ETF (SVOL)

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**Simplify Exchange Traded Funds**

**Table of Contents**

---

| | |
|:---|:---|
| Schedule of Investments: |  |
| &nbsp;&nbsp;&nbsp;[Simplify Aggregate Bond ETF](#book1_001) | 4 |
| &nbsp;&nbsp;&nbsp;[Simplify Barrier Income Strategy ETF](#book1_002) | 6 |
| &nbsp;&nbsp;&nbsp;[Simplify Bond Bull ETF](#book1_003) | 8 |
| &nbsp;&nbsp;&nbsp;[Simplify China A Shares PLUS Income ETF](#book1_004) | 10 |
| &nbsp;&nbsp;&nbsp;[Simplify Currency Strategy ETF](#book1_005) | 13 |
| &nbsp;&nbsp;&nbsp;[Simplify Enhanced Income ETF](#book1_006) | 16 |
| &nbsp;&nbsp;&nbsp;[Simplify Health Care ETF](#book1_007) | 18 |
| &nbsp;&nbsp;&nbsp;[Simplify Hedged Equity ETF](#book1_008) | 21 |
| &nbsp;&nbsp;&nbsp;[Simplify High Yield ETF](#book1_009) | 23 |
| &nbsp;&nbsp;&nbsp;[Simplify Interest Rate Hedge ETF](#book1_010) | 29 |
| &nbsp;&nbsp;&nbsp;[Simplify Intermediate Term Treasury Futures Strategy ETF](#book1_011) | 32 |
| &nbsp;&nbsp;&nbsp;[Simplify MBS ETF](#book1_012) | 33 |
| &nbsp;&nbsp;&nbsp;[Simplify NEXT Intangible Core Index ETF](#book1_013) | 34 |
| &nbsp;&nbsp;&nbsp;[Simplify Short Term Treasury Futures Strategy ETF](#book1_014) | 40 |
| &nbsp;&nbsp;&nbsp;[Simplify Target 15 Distribution ETF](#book1_015) | 41 |
| &nbsp;&nbsp;&nbsp;[Simplify Treasury Option Income ETF](#book1_016) | 43 |
| &nbsp;&nbsp;&nbsp;[Simplify US Equity PLUS Bitcoin Strategy ETF](#book1_017) | 45 |
| &nbsp;&nbsp;&nbsp;[Simplify US Equity PLUS Convexity ETF](#book1_018) | 47 |
| &nbsp;&nbsp;&nbsp;[Simplify US Equity PLUS Downside Convexity ETF](#book1_019) | 49 |
| &nbsp;&nbsp;&nbsp;[Simplify US Equity PLUS Upside Convexity ETF](#book1_020) | 51 |
| Consolidated Schedule of Investments: |  |
| &nbsp;&nbsp;&nbsp;[Simplify Bitcoin Strategy PLUS Income ETF](#book1_021) | 52 |
| &nbsp;&nbsp;&nbsp;[Simplify Gold Strategy PLUS Income ETF](#book1_022) | 54 |
| &nbsp;&nbsp;&nbsp;[Simplify Multi-QIS Alternative ETF](#book1_023) | 56 |
| &nbsp;&nbsp;&nbsp;[Simplify Volatility Premium ETF](#book1_024) | 89 |
| [Statements of Assets and Liabilities](#book1_025) | 94 |
| [Consolidated Statements of Assets and Liabilities](#book1_026) | 99 |
| [Statements of Operations](#book1_027) | 100 |
| [Consolidated Statements of Operations](#book1_028) | 105 |
| [Statements of Changes in Net Assets](#book1_029) | 106 |
| [Consolidated Statements of Changes in Net Assets](#book1_030) | 116 |
| [Statements of Cash Flows](#book1_031) | 118 |
| [Financial Highlights](#book1_032) | 120 |
| [Consolidated Financial Highlights](#book1_033) | 130 |
| [Notes to Financial Statements](#book1_034) | 132 |
| [Report of Independent Registered Public Accounting Firm](#book1_035) | 164 |
| [Additional Information](#book1_036) | 167 |

---

This report is provided for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

**Simplify Aggregate Bond ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **U.S. Exchange-Traded Funds – 94.9%** |  |  |
| **Fixed Income Funds – 94.9%** |  |  |
| iShares Core U.S. Aggregate Bond ETF(a)(b) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $301,782,026) | 3109340 | $308446528 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | |
| **U.S. Treasury Bills – 4.5%** |  |  |
| U.S. Treasury Bill, 4.29%, 7/8/2025(c) | $1300000 | 1298951 |
| U.S. Treasury Bill, 4.31%, 7/29/2025(c) | 4900000 | 4884178 |
| U.S. Treasury Bill, 4.31%, 8/26/2025(b)(c) | 3000000 | 2979852 |
| U.S. Treasury Bill, 4.31%, 9/30/2025(b)(c) | 5500000 | 5441643 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $14,616,675) |  | 14604624 |
| Total Investments – 99.4% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $316,398,701) |  | $323051152 |
| Liabilities in Excess of Other Assets – 0.6% |  | 1879691 |
| **Net Assets – 100.0%** |  | $**324930843** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional Amount** | |
| **Written Options – (0.4)%** |  |  |  |
| **Calls – Exchange-Traded – (0.2)%** |  |  |  |
| 10-Year U.S. Treasury Note Futures, July Strike Price $112, Expires 7/25/25 | (1000) | $(112000000) | $(750000) |
| **Puts – Over the Counter – (0.0)%†** |  |  |  |
| USD Curve, September Strike Price 0.4%, Expires 9/30/25 (Counterparty: Morgan Stanley Capital Services LLC) | (300000000) | $— | $— |
| **Puts – Exchange-Traded – (0.2)%** |  |  |  |
| U.S. Treasury Bond Future, July Strike Price $108, Expires 7/25/25 | (848) | $(91584000) | $(39750) |
| U.S. Treasury Bond Future, July Strike Price $112, Expires 7/25/25 | (560) | (62720000) | (166250) |
| U.S. Treasury Bond Future, July Strike Price $113, Expires 7/25/25 | (560) | (63280000) | (262500) |
| U.S. Treasury Bond Future, July Strike Price $114, Expires 7/25/25 | (280) | (31920000) | (205625) |
|  |  |  | (674125) |
| Total Written Options (Premiums Received $2,712,023) |  |  | $(1424125) |

---

**At June 30, 2025, open futures contracts were as follows:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Value** | **Expiration<br> Date** | **Value/<br> Unrealized <br> Appreciation<br> (Depreciation)** |
| **Long position contracts:** |  |  |  |  |
| 10-Year U.S. Treasury Note Futures | 1000 | $112125000 | 9/19/25 | $906228 |
| U.S. Treasury Bond Futures | 500 | 57734375 | 9/19/25 | 343750 |
| **Total net unrealized appreciation** |  |  |  | $**1249978** |

---

See Notes to Financial Statements.

**Simplify Aggregate Bond ETF**

**Schedule of Investments** (Continued)

June 30, 2025

† Less than 0.05%

(a) A
 copy of the security's annual report to shareholders may be obtained without charge at www.ishares.com.

(b) Securities
 with an aggregate market value of $180,807,112 have been pledged as collateral for options and swaps as of June 30, 2025.

(c) Represents
 a zero coupon bond. Rate shown reflects the effective yield.

**At June 30, 2025, centrally cleared interest rate swap contracts outstanding were as follows:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Rate Paid by**<br> **Fund** | **Rate Received**<br> **by the Fund(1)** | **Payment<br> Frequency Paid/<br> received** | **Counterparty** | **Maturity**<br> **Date** | **Notional**<br> **Amount** | **Fair Value** | **Upfront<br> Premium Paid/<br> (Received)** | **Unrealized<br> Appreciation/<br> (depreciation)** |
| 4.39% (SOFR + 0.00%) | 3.115 | Annual/Annual | MSCS | 12/15/2057 | 28900000 | $3838834 | $0 | $3838834 |
| 4.39% (SOFR + 0.00%) | 3.776 | Annual/Annual | MSCS | 12/15/2057 | 20000000 | 538791 | 0 | 538791 |
| 4.39% (SOFR + 0.00%) | 3.81 | Annual/Annual | MSCS | 12/15/2057 | 20000000 | 429772 | 0 | 429772 |
| 3.29 | 4.39% (SOFR + 0.00%) | Annual/Annual | MSCS | 12/15/2037 | 64900000 | (3087948) | 0 | (3087948) |
|  |  |  |  |  |  | $1719449 |  | $1719449 |

---

(1) The Fund pays the fixed rate and
 receives the floating rate.

Abbreviations:

MSCS : Morgan Stanley Capital Services LLC <br> SOFR : Secured Overnight Financing Rate

**Summary of Investment Type††**

---

| | |
|:---|:---|
| **Investment Categories** | **% of<br> Net Assets** |
| U.S. Exchange-Traded Funds | 94.9% |
| U.S. Treasury Bills | 4.5% |
| Total Investments | 99.4% |
| Liabilities in Excess of Other Assets | 0.6% |
| **Net Assets** | **100.0%** |

---

---

| | |
|:---|:---|
| †† | 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. |

---

See Notes to Financial Statements.

**Simplify Barrier Income ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. Treasury Bills – 100.0%** |  |  |
| U.S. Treasury Bill, 4.33%, 8/12/2025(a)(b) | $28950000 | $28805190 |
| U.S. Treasury Bill, 4.31%, 8/26/2025(a)(b) | 2750000 | 2731530 |
| U.S. Treasury Bill, 4.32%, 9/30/2025(a) | 3700000 | 3660742 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $35,199,075) |  | 35197462 |

---

---

| | |
|:---|:---|
| Total Investments – 100.0% |  |
| &nbsp;&nbsp;&nbsp;(Cost $35,199,075) | $35197462 |
| Liabilities in Excess of Other Assets – (0.0)%† | (17165) |
| **Net Assets – 100.0%** | $**35180297** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional Amount** | |
| **Written Options – (1.7)%** |  |  |  |
| **Puts – Over the Counter Barrier Options – (1.7)%** |  |  |  |
| SPX/RTY/NDX WOF, Expires 5/15/26, P100%/70% NC1 EKI (Counterparty: Morgan Stanley Capital Services LLC) | (640000) | $(448000) | $(3840) |
| SPX/RTY/NDX WOF, Expires 6/5/26, P100%/70% NC3 EKI (Counterparty: HSBC Bank) | (650000) | (455000) | (20670) |
| SPX/RTY/NDX WOF, Expires 6/5/26, P100%/70% NC3 EKI (Counterparty: Morgan Stanley Capital Services LLC) | (650000) | (455000) | (13000) |
| SPX/RTY/NDX WOF, Expires 6/12/26, P100%/70% NC2 EKI (Counterparty: HSBC Bank) | (2000000) | (1400000) | (46600) |
| SPX/RTY/NDX WOF, Expires 6/18/26, P100%/70% NC2 EKI (Counterparty: HSBC Bank) | (1000000) | (700000) | (23200) |
| SPX/RTY/NDX WOF, Expires 6/18/26, P100%/70% NC3 EKI (Counterparty: Nomura International) | (1000000) | (700000) | (24500) |
| SPX/RTY/NDX WOF, Expires 6/26/26, P100%/70% NC2 EKI (Counterparty: Nomura International) | (15000000) | (10500000) | (483000) |
|  |  |  | (614810) |
| Total Written Options (Premiums Received $647,855) |  |  | $(614810) |

---

† Less than 0.05%

(a) Represents
 a zero coupon bond. Rate shown reflects the effective yield.

(b) Securities
 with an aggregate market value of $9,039,448 have been pledged as collateral for options as of June 30, 2025.

Abbreviations:

KO - Knock Out. - Represents a knock-out option contract with a built-in mechanism to expire worthless if a specified price level in the underlying asset(s) is reached.

EKI - European Knock In. - Represents a knock-in option contract that begins to function as a normal option only once a certain price level is reached before expiration.

See Notes to Financial Statements.

**Simplify Barrier Income ETF**

**Schedule of Investments** (Continued)

June 30, 2025

**Summary of Investment Type††**

---

| | |
|:---|:---|
| **Investment Categories** | **% of<br> Net Assets** |
| U.S. Treasury Bills | 100.0 |
| Total Investments | 100.0 |
| Liabilities in Excess of Other Assets | (0.0 |
| **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. |

---

See Notes to Financial Statements.

**Simplify Bond Bull ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. Treasury Bills – 106.0%** |  |  |
| U.S. Treasury Bill, 4.28%, 7/8/2025(a) | $23000000 | $22981442 |
| U.S. Treasury Bill, 4.30%, 7/29/2025(a)(b) | 5500000 | 5482241 |
| U.S. Treasury Bill, 4.34%, 8/5/2025(a)(b) | 18000000 | 17925551 |
| U.S. Treasury Bill, 4.34%, 8/26/2025(a)(b) | 11700000 | 11621421 |
| U.S. Treasury Bill, 4.33%, 9/30/2025(a)(b) | 105000000 | 103885913 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $161,893,802) |  | 161896568 |

---

---

| | | |
|:---|:---|:---|
|  | **Notional Amount** | |
| **Purchased Swaptions – (6.2)%** |  |  |
| **Calls – Over the Counter – (6.2)%** |  |  |
| Interest Rate Swaption, pay semi annually a fixed rate of 3.00% and received quarterly a floating rate of SOFR, Expires 5/3/50 (counterparty: Bank of America) | 300000000 | 69480 |
| Interest Rate Swaption, pay semi annually a fixed rate of 2.75% and received quarterly a floating rate of SOFR, Expires 3/17/42 (counterparty: Goldman Sachs International) | 725000000 | (1868425) |
| Interest Rate Swaption, pay semi annually a fixed rate of 3.00% and received quarterly a floating rate of SOFR, Expires 3/15/32 (counterparty: Goldman Sachs International) | 1200000000 | (5035180) |
| Interest Rate Swaption, pay semi annually a fixed rate of 2.75% and received quarterly a floating rate of SOFR, Expires 3/15/32 (counterparty: Morgan Stanley Capital Services LLC) | 25000000 | (279323) |
| Interest Rate Swaption, pay semi annually a fixed rate of 3.00% and received quarterly a floating rate of SOFR, Expires 3/15/32 (counterparty: Morgan Stanley Capital Services LLC) | 700000000 | (1480315) |
| Interest Rate Swaption, pay semi annually a fixed rate of 3.00% and received quarterly a floating rate of SOFR, Expires 3/17/42 (counterparty: Nomura International) | 175000000 | (898599) |
|  |  | (9492362) |
| Total Purchased Swaptions (Cost $0) |  | (9492362) |
| Total Investments – 99.8% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $161,893,802) |  | $152404206 |
| Other Assets in Excess of Liabilities – 0.2% |  | 231202 |
| **Net Assets – 100.0%** |  | $**152635408** |

---

(a) Represents
 a zero coupon bond. Rate shown reflects the effective yield.

(b) Securities
 with an aggregate market value of $128,009,555 have been pledged as collateral for options as of June 30, 2025.

See Notes to Financial Statements.

**Simplify Bond Bull ETF**

**Schedule of Investments** (Continued)

June 30, 2025

**Summary of Investment Type††**

---

| | |
|:---|:---|
| **Investment Categories** | **% of<br> Net Assets** |
| U.S. Treasury Bills | 106.0% |
| Purchased Swaptions | (6.2)% |
| Total Investments | 99.8% |
| Other Assets in Excess of Liabilities | 0.2% |
| **Net Assets** | **100.0%** |

---

---

| | |
|:---|:---|
| †† | 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. |

---

See Notes to Financial Statements.

**Simplify China A Shares PLUS Income ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. Treasury Bills – 93.0%** |  |  |
| U.S. Treasury Bill, 4.29%, 7/8/2025(a) | $4720000 | $4716191 |
| U.S. Treasury Bill, 4.30%, 7/29/2025(a) | 250000 | 249193 |
| U.S. Treasury Bill, 4.34%, 8/5/2025(a)(b) | 4600000 | 4580974 |
| U.S. Treasury Bill, 4.31%, 8/26/2025(a)(b) | 800000 | 794627 |
| U.S. Treasury Bill, 4.32%, 9/30/2025(a) | 200000 | 197878 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $10,538,805) |  | 10538863 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional Amount** | |
| **Purchased Options – 3.7%** |  |  |  |
| **Calls – Exchange-Traded – 3.6%** |  |  |  |
| S&P 500 Index, July Strike Price $6,200, Expires 7/03/25 | 19 | 11780000 | 59565 |
| S&P 500 Index, July Strike Price $6,300, Expires 7/07/25 | 17 | 10710000 | 7344 |
| S&P 500 Index, July Strike Price $6,275, Expires 7/09/25 | 40 | 25100000 | 67800 |
| S&P 500 Index, July Strike Price $6,300, Expires 7/18/25 | 40 | 25200000 | 131200 |
| S&P 500 Index, July Strike Price $6,500, Expires 7/31/25 | 75 | 48750000 | 73125 |
| S&P 500 Index, August Strike Price $6,400, Expires 8/15/25 | 10 | 6400000 | 47400 |
| S&P 500 Index, August Strike Price $6,650, Expires 8/15/25 | 26 | 17290000 | 16770 |
|  |  |  | 403204 |
| **Puts – Exchange-Traded – 0.1%** |  |  |  |
| Nasdaq 100 Index, July Strike Price $20,450, Expires 7/11/25(c) | 1 | 2045000 | 540 |
| Nasdaq 100 Index, July Strike Price $20,600, Expires 7/16/25(c) | 1 | 2060000 | 1535 |
| Russell 2000 Index, July Strike Price $1,950, Expires 7/11/25(c) | 11 | 2145000 | 798 |
| S&P 500 Index, July Strike Price $5,800, Expires 7/02/25 | 15 | 8700000 | 150 |
| S&P 500 Index, July Strike Price $5,900, Expires 7/03/25 | 17 | 10030000 | 425 |
| S&P 500 Index, July Strike Price $6,000, Expires 7/07/25 | 15 | 9000000 | 3150 |
| S&P 500 Index, July Strike Price $5,620, Expires 7/11/25(c) | 7 | 3934000 | 717 |
| S&P 500 Index, July Strike Price $5,650, Expires 7/16/25(c) | 7 | 3955000 | 2100 |
| SPDR Gold Shares, July Strike Price $285, Expires 7/09/25(c) | 112 | 3192000 | 952 |
| SPDR Gold Shares, July Strike Price $280, Expires 7/11/25(c) | 113 | 3164000 | 848 |
|  |  |  | 11215 |
| Total Purchased Options (Cost $294,909) |  |  | 414419 |
| Total Investments – 96.7% |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,833,714) |  |  | $10953282 |
| Other Assets in Excess of Liabilities – 3.3% |  |  | 377003 |
| **Net Assets – 100.0%** |  |  | $**11330285** |

---

See Notes to Financial Statements.

**Simplify China A Shares PLUS Income ETF**

**Schedule of Investments** (Continued)

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | **Value** |
| **Written Options – (0.3)%** |  |  |  |
| **Puts – Exchange-Traded – (0.3)%** |  |  |  |
| Nasdaq 100 Index, July Strike Price $21,450, Expires 7/11/25 | (1) | $(2145000) | $(2180) |
| Nasdaq 100 Index, July Strike Price $21,600, Expires 7/16/25 | (1) | (2160000) | (5285) |
| Russell 2000 Index, July Strike Price $2,050, Expires 7/11/25 | (11) | (2255000) | (3190) |
| S&P 500 Index, July Strike Price $5,920, Expires 7/11/25 | (7) | (4144000) | (3150) |
| S&P 500 Index, July Strike Price $5,960, Expires 7/16/25 | (7) | (4172000) | (8610) |
| SPDR Gold Shares, July Strike Price $295, Expires 7/09/25 | (112) | (3304000) | (4480) |
| SPDR Gold Shares, July Strike Price $290, Expires 7/11/25 | (113) | (3277000) | (2712) |
|  |  |  | (29607) |
| Total Written Options (Premiums Received $39,336) |  |  | $(29607) |

---

(a) Represents
 a zero coupon bond. Rate shown reflects the effective yield.

(b) Securities
 with an aggregate market value of $1,194,255 have been pledged as collateral for options and swaps as of June 30, 2025.

(c) Held
 in connection with written options.

**Summary of Investment Type††**

---

| | |
|:---|:---|
| **Investment Categories** | **% of<br> Net Assets** |
| U.S. Treasury Bills | 93.0% |
| Purchased Options | 3.7% |
| Total Investments | 96.7% |
| Other Assets in Excess of Liabilities | 3.3% |
| **Net Assets** | **100.0%** |

---

---

| | |
|:---|:---|
| †† | 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 June 30, 2025, over the counter total return swap contracts outstanding were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/Index** | **Termination<br> Date(a)** | **Financing<br> Rate Paid<br> (Received)<br> by the Fund** | **Counterparty** | **Notional<br> Amount** | **Unrealized<br> Appreciation/<br> (Depreciation)(b)** |
| CSI 1000 Net Total Return Index | 7/15/2025 | (5.05)% (SOFR- 9.50%)(c) | BOFA | 2220213 | $91461 |
| CSI 2000 Net Total Return Index | 7/15/2025 | (8.55)% (SOFR- 13.00%)(c) | BOFA | 2801096 | 125682 |
| CSI 300 Net Return Index | 7/15/2025 | 0.95% (SOFR- 3.50%)(c) | BOFA | 3792259 | 89873 |
| CSI 500 Net Total Return Index | 7/15/2025 | (3.75)% (SOFR- 8.20%)(c) | BOFA | 2218061 | 73587 |
|  |  |  |  |  | $380603 |

---

(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.

See Notes to Financial Statements.

**Simplify China A Shares PLUS Income ETF**

**Schedule of Investments** (Continued)

June 30, 2025

U.S. Treasury Bill with a market value of $3,585,096 have been pledged as collateral by the broker for total return swaps as of June 30, 2025.

Abbreviations:

BOFA : Bank of America

See Notes to Financial Statements.

**Simplify Currency Strategy ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. Treasury Bills – 97.7%** |  |  |
| U.S. Treasury Bill, 4.28%, 7/8/2025(a)(b) | $9975000 | $9966951 |
| U.S. Treasury Bill, 4.30%, 7/29/2025(a)(b) | 1760000 | 1754317 |
| U.S. Treasury Bill, 4.33%, 8/26/2025(a)(b) | 600000 | 595971 |
| U.S. Treasury Bill, 4.32%, 9/30/2025(a)(b) | 2300000 | 2275596 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $14,592,619) |  | 14592835 |
| Total Investments – 97.7% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $14,592,619) |  | $14592835 |
| Other Assets in Excess of Liabilities – 2.3% |  | 351138 |
| **Net Assets – 100.0%** |  | $**14943973** |

---

(a) Represents
 a zero coupon bond. Rate shown reflects the effective yield.

(b) Securities
 with an aggregate market value of $5,168,275 have been pledged as collateral for forward foreign exchange currency contracts as of June
 30, 2025.

As of June 30, 2025, the Fund had the following forward foreign currency contracts outstanding:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br> Date** | **Currency To<br> Deliver** | **Currency To<br> Deliver** | **Currency To<br> Receive** | **Currency To<br> Receive** | **Unrealized** **<br> Appreciation** | **Unrealized<br> Depreciation** |
| Bank of America | 9/17/2025 | AUD | 15900000 | USD | 10351934 | $— | $(130140) |
| Bank of America | 9/17/2025 | AUD | 15550000 | USD | 10200878 |  | (50458) |
| Morgan Stanley Capital Services | 9/17/2025 | AUD | 14430000 | USD | 9444908 |  | (68067) |
| Bank of America | 9/17/2025 | BRL | 2346000 | USD | 408000 |  | (15188) |
| Goldman Sachs & Co. | 9/17/2025 | BRL | 3795963 | USD | 676000 |  | (8742) |
| Goldman Sachs & Co. | 9/17/2025 | CAD | 9970000 | USD | 7291779 |  | (59334) |
| Goldman Sachs & Co. | 9/17/2025 | CAD | 10000000 | USD | 7407981 | 34749 |  |
| The Bank of New York Mellon | 9/17/2025 | CAD | 10190000 | USD | 7450154 |  | (63170) |
| Morgan Stanley Capital Services | 9/17/2025 | CHF | 14470000 | USD | 18173321 |  | (248446) |
| Citigroup Global Markets | 9/17/2025 | CNH | 8297010 | USD | 1164600 |  | (2012) |
| Citigroup Global Markets | 9/17/2025 | CNH | 1162868 | USD | 163000 |  | (507) |
| Nomura Securities & Co. | 9/17/2025 | CNH | 946888 | USD | 133000 |  | (138) |
| Citigroup Global Markets | 9/17/2025 | EUR | 6380000 | USD | 7454105 |  | (101428) |
| Morgan Stanley Capital Services | 9/17/2025 | EUR | 8240000 | USD | 9616663 |  | (141580) |
| The Bank of New York Mellon | 9/17/2025 | EUR | 360000 | USD | 415737 |  | (10594) |
| Citigroup Global Markets | 9/17/2025 | GBP | 11020000 | USD | 14777776 |  | (356704) |
| Nomura Securities & Co. | 9/17/2025 | GBP | 10130000 | USD | 13768770 |  | (143416) |
| The Bank of New York Mellon | 9/17/2025 | GBP | 6990000 | USD | 9441016 |  | (158804) |
| Citigroup Global Markets | 9/17/2025 | JPY | 1434410000 | USD | 9967514 |  | (83933) |
| Nomura Securities & Co. | 9/17/2025 | JPY | 1025870000 | USD | 7171519 |  | (17136) |
| Bank of America | 9/17/2025 | KRW | 4968829635 | USD | 3662438 |  | (37820) |
| Citigroup Global Markets | 9/17/2025 | KRW | 495163740 | USD | 367000 |  | (1746) |
| Citigroup Global Markets | 9/17/2025 | KRW | 1165532200 | USD | 860000 |  | (7965) |
| Citigroup Global Markets | 9/17/2025 | KRW | 166153320 | USD | 123000 |  | (733) |
| Goldman Sachs & Co. | 9/17/2025 | KRW | 164766175 | USD | 120000 |  | (2700) |
| Goldman Sachs & Co. | 9/17/2025 | KRW | 795948163 | USD | 585000 |  | (7738) |

---

See Notes to Financial Statements.

**Simplify Currency Strategy ETF**

**Schedule of Investments** (Continued)

June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br> Date** | **Currency To<br> Deliver** | **Currency To<br> Deliver** | **Currency To<br> Receive** | **Currency To<br> Receive** | **Unrealized<br> Appreciation** | **Unrealized<br> Depreciation** |
| Bank of America | 9/17/2025 | NOK | 173180000 | USD | 17134613 | $— | $(55506) |
| Bank of America | 9/17/2025 | NOK | 4830000 | USD | 477441 |  | (1993) |
| Bank of America | 9/17/2025 | SEK | 4360000 | USD | 460411 |  | (2875) |
| Goldman Sachs & Co. | 9/17/2025 | SEK | 2870000 | USD | 302075 |  | (2886) |
| Morgan Stanley Capital Services | 9/17/2025 | SEK | 91370000 | USD | 9729285 | 20461 |  |
| Citigroup Global Markets | 9/17/2025 | SGD | 3920086 | USD | 3067600 |  | (33524) |
| Citigroup Global Markets | 9/17/2025 | SGD | 206122 | USD | 162000 |  | (1060) |
| Citigroup Global Markets | 9/17/2025 | SGD | 240471 | USD | 188000 |  | (2233) |
| The Bank of New York Mellon | 9/17/2025 | SGD | 294244 | USD | 231000 |  | (1772) |
| Bank of America | 9/17/2025 | TWD | 125444130 | USD | 4280347 |  | (41602) |
| Citigroup Global Markets | 9/17/2025 | TWD | 4339290 | USD | 150000 | 498 |  |
| Morgan Stanley Capital Services | 9/17/2025 | TWD | 12603059 | USD | 428000 |  | (6216) |
| Morgan Stanley Capital Services | 9/17/2025 | TWD | 21046958 | USD | 726000 | 865 |  |
| Bank of America | 9/17/2025 | USD | 10372588 | AUD | 15900000 | 109485 |  |
| Morgan Stanley Capital Services | 9/17/2025 | USD | 9356245 | AUD | 14430000 | 156731 |  |
| Goldman Sachs & Co. | 9/17/2025 | USD | 4346500 | BRL | 25091866 | 179743 |  |
| Goldman Sachs & Co. | 9/17/2025 | USD | 124000 | BRL | 697179 | 1762 |  |
| Goldman Sachs & Co. | 9/17/2025 | USD | 157000 | BRL | 883214 | 2320 |  |
| Goldman Sachs & Co. | 9/17/2025 | USD | 61000 | BRL | 341915 | 677 |  |
| Bank of America | 9/17/2025 | USD | 353440 | CAD | 480000 | 476 |  |
| Goldman Sachs & Co. | 9/17/2025 | USD | 14427818 | CAD | 19620000 | 38464 |  |
| The Bank of New York Mellon | 9/17/2025 | USD | 7377162 | CAD | 10060000 | 40310 |  |
| Citigroup Global Markets | 9/17/2025 | USD | 309495 | CHF | 250000 | 8780 |  |
| Citigroup Global Markets | 9/17/2025 | USD | 238532 | CHF | 190000 | 3357 |  |
| Morgan Stanley Capital Services | 9/17/2025 | USD | 7240825 | CHF | 5800000 | 143159 |  |
| Citigroup Global Markets | 9/17/2025 | USD | 3706500 | COP | 15464444625 | 36777 |  |
| Citigroup Global Markets | 9/17/2025 | USD | 270000 | COP | 1110466800 |  | (1204) |
| Goldman Sachs & Co. | 9/17/2025 | USD | 187000 | COP | 769927620 |  | (634) |
| Morgan Stanley Capital Services | 9/17/2025 | USD | 939000 | COP | 3936288000 | 13806 |  |
| Citigroup Global Markets | 9/17/2025 | USD | 7427153 | EUR | 6380000 | 128380 |  |
| Morgan Stanley Capital Services | 9/17/2025 | USD | 9980430 | EUR | 8600000 | 204145 |  |
| The Bank of New York Mellon | 9/17/2025 | USD | 7727796 | EUR | 6590000 | 76430 |  |
| Citigroup Global Markets | 9/17/2025 | USD | 14192537 | GBP | 10430000 | 131658 |  |
| Nomura Securities & Co. | 9/17/2025 | USD | 13718331 | GBP | 10130000 | 193854 |  |
| Nomura Securities & Co. | 9/17/2025 | USD | 14827465 | GBP | 11000000 | 279547 |  |
| Nomura Securities & Co. | 9/17/2025 | USD | 531764 | GBP | 390000 | 3849 |  |
| The Bank of New York Mellon | 9/17/2025 | USD | 792535 | GBP | 590000 | 17750 |  |
| The Bank of New York Mellon | 9/17/2025 | USD | 9498355 | GBP | 6990000 | 101465 |  |
| Citigroup Global Markets | 9/17/2025 | USD | 17833975 | JPY | 2556780000 | 82339 |  |
| Nomura Securities & Co. | 9/17/2025 | USD | 7157392 | JPY | 1025870000 | 31262 |  |
| Citigroup Global Markets | 9/17/2025 | USD | 532000 | KRW | 725961880 | 8619 |  |
| Citigroup Global Markets | 9/17/2025 | USD | 209000 | MXN | 4007372 | 2746 |  |
| Citigroup Global Markets | 9/17/2025 | USD | 734000 | MXN | 14179048 | 15207 |  |
| Citigroup Global Markets | 9/17/2025 | USD | 158000 | MXN | 3026697 | 1928 |  |

---

See Notes to Financial Statements.

**Simplify Currency Strategy ETF**

**Schedule of Investments** (Continued)

June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br> Date** | **Currency To<br> Deliver** | **Currency To<br> Deliver** | **Currency To<br> Receive** | **Currency To<br> Receive** | **Unrealized** **<br> Appreciation** | **Unrealized<br> Depreciation** |
| Goldman Sachs & Co. | 9/17/2025 | USD | 179000 | MXN | 3440971 | $2817 | $— |
| Goldman Sachs & Co. | 9/17/2025 | USD | 3091100 | MXN | 59995234 | 78987 |  |
| Bank of America | 9/17/2025 | USD | 7347153 | NOK | 73350000 |  | (66316) |
| Goldman Sachs & Co. | 9/17/2025 | USD | 10443921 | SEK | 98600000 | 33151 |  |
| Citigroup Global Markets | 9/17/2025 | USD | 708000 | TWD | 20451076 |  | (3395) |
| Morgan Stanley Capital Services | 9/17/2025 | USD | 479000 | TWD | 13545402 |  | (12318) |
| Morgan Stanley Capital Services | 9/17/2025 | USD | 1174300 | ZAR | 21079336 | 9402 |  |
| Nomura Securities & Co. | 9/17/2025 | USD | 95000 | ZAR | 1720558 | 1617 |  |
| The Bank of New York Mellon | 9/17/2025 | USD | 140000 | ZAR | 2520682 | 1548 |  |
| The Bank of New York Mellon | 9/17/2025 | USD | 53000 | ZAR | 944759 | 53 |  |
| Total unrealized appreciation (depreciation) |  |  |  |  |  | $2199174 | $(1952033) |

---

---

| | |
|:---|:---|
| **<u>Currency Abbreviations</u>** | **<u>Currency Abbreviations</u>** |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CNH | Chinese Yuan |
| COP | Colombian Peso |
| EUR | Euro |
| GBP | Pound Sterling |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| NOK | Norwegian Krone |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| TWD | New Taiwan Dollar |
| USD | U.S. Dollar |
| ZAR | South African Rand |

---

**Summary of Investment Type††**

---

| | |
|:---|:---|
| **Investment Categories** | **% of<br> Net Assets** |
| U.S. Treasury Bills | 97.7% |
| Total Investments | 97.7% |
| Other Assets in Excess of Liabilities | 2.3% |
| **Net Assets** | **100.0%** |

---

---

| | |
|:---|:---|
| †† | 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. |

---

See Notes to Financial Statements.

**Simplify Enhanced Income ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. Treasury Bills – 96.2%** |  |  |
| U.S. Treasury Bill, 4.29%, 7/8/2025(a) | $28000000 | $27977407 |
| U.S. Treasury Bill, 4.30%, 7/29/2025(a) | 1500000 | 1495157 |
| U.S. Treasury Bill, 4.34%, 8/5/2025(a)(b) | 136500000 | 135935425 |
| U.S. Treasury Bill, 4.32%, 8/26/2025(a) | 7600000 | 7548957 |
| U.S. Treasury Bill, 4.32%, 9/30/2025(a) | 12000000 | 11872676 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $184,828,563) |  | 184829622 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Purchased Options – 3.7%** |  |  |  |
| **Calls – Exchange-Traded – 3.6%** |  |  |  |
| S&P 500 Index, July Strike Price $6,200, Expires 7/03/25 | 339 | 210180000 | 1062765 |
| S&P 500 Index, July Strike Price $6,300, Expires 7/07/25 | 287 | 180810000 | 123984 |
| S&P 500 Index, July Strike Price $6,275, Expires 7/09/25 | 686 | 430465000 | 1162770 |
| S&P 500 Index, July Strike Price $6,300, Expires 7/18/25 | 671 | 422730000 | 2200880 |
| S&P 500 Index, July Strike Price $6,500, Expires 7/31/25 | 1287 | 836550000 | 1254825 |
| S&P 500 Index, August Strike Price $6,400, Expires 8/15/25 | 175 | 112000000 | 829500 |
| S&P 500 Index, August Strike Price $6,650, Expires 8/15/25 | 438 | 291270000 | 282510 |
|  |  |  | 6917234 |
| **Puts – Exchange-Traded – 0.1%** |  |  |  |
| Nasdaq 100 Index, July Strike Price $20,450, Expires 7/11/25(c) | 19 | 38855000 | 10260 |
| Nasdaq 100 Index, July Strike Price $20,600, Expires 7/16/25(c) | 19 | 39140000 | 29165 |
| Russell 2000 Index, July Strike Price $1,950, Expires 7/11/25(c) | 194 | 37830000 | 14065 |
| S&P 500 Index, July Strike Price $5,800, Expires 7/02/25 | 256 | 148480000 | 2560 |
| S&P 500 Index, July Strike Price $5,900, Expires 7/03/25 | 293 | 172870000 | 7325 |
| S&P 500 Index, July Strike Price $6,000, Expires 7/07/25 | 250 | 150000000 | 52500 |
| S&P 500 Index, July Strike Price $5,620, Expires 7/11/25(c) | 128 | 71936000 | 13120 |
| S&P 500 Index, July Strike Price $5,650, Expires 7/16/25(c) | 126 | 71190000 | 37800 |
| SPDR Gold Shares, July Strike Price $285, Expires 7/09/25(c) | 1904 | 54264000 | 16184 |
| SPDR Gold Shares, July Strike Price $280, Expires 7/11/25(c) | 1952 | 54656000 | 14640 |
|  |  |  | 197619 |
| Total Purchased Options (Cost $5,037,800) |  |  | 7114853 |
| Total Investments – 99.9% |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $189,866,363) |  |  | $191944475 |
| Other Assets in Excess of Liabilities – 0.1% |  |  | 221969 |
| **Net Assets – 100.0%** |  |  | $**192166444** |

---

See Notes to Financial Statements.

**Simplify Enhanced Income ETF**

**Schedule of Investments** (Continued)

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | **Value** |
| **Written Options – (0.3)%** |  |  |  |
| **Puts – Exchange-Traded – (0.3)%** |  |  |  |
| Nasdaq 100 Index, July Strike Price $21,450, Expires 7/11/25 | (19) | $(40755000) | $(41420) |
| Nasdaq 100 Index, July Strike Price $21,600, Expires 7/16/25 | (19) | (41040000) | (100415) |
| Russell 2000 Index, July Strike Price $2,050, Expires 7/11/25 | (194) | (39770000) | (56260) |
| S&P 500 Index, July Strike Price $5,920, Expires 7/11/25 | (128) | (75776000) | (57600) |
| S&P 500 Index, July Strike Price $5,960, Expires 7/16/25 | (126) | (75096000) | (154980) |
| SPDR Gold Shares, July Strike Price $295, Expires 7/09/25 | (1904) | (56168000) | (76160) |
| SPDR Gold Shares, July Strike Price $290, Expires 7/11/25 | (1952) | (56608000) | (46848) |
|  |  |  | (533683) |
| Total Written Options (Premiums Received $709,038) |  |  | $(533683) |

---

(a) Represents
 a zero coupon bond. Rate shown reflects the effective yield.

(b) Securities
 with an aggregate market value of $43,817,840 have been pledged as collateral for options as of June 30, 2025.

(c) Held
 in connection with Written Options.

**Summary of Investment Type††**

---

| | |
|:---|:---|
| **Investment Categories** | **% of<br> Net Assets** |
| U.S. Treasury Bills | 96.2% |
| Purchased Options | 3.7% |
| Total Investments | 99.9% |
| Other Assets in Excess of Liabilities | 0.1% |
| **Net Assets** | **100.0%** |

---

---

| | |
|:---|:---|
| †† | 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. |

---

See Notes to Financial Statements.

**Simplify Health Care ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks – 96.0%** |  |  |
| **Consumer Discretionary – 5.2%** |  |  |
| Chewy, Inc., Class A\* | 6389 | $272299 |
| National Vision Holdings, Inc.\* | 281211 | 6470665 |
|  |  | 6742964 |
| **Consumer Staples – 3.9%** |  |  |
| Philip Morris International, Inc. | 27969 | 5093994 |
| **Health Care – 78.6%** |  |  |
| Abbott Laboratories | 9794 | 1332082 |
| AbbVie, Inc. | 18384 | 3412438 |
| ADMA Biologics, Inc.\* | 380289 | 6925063 |
| agilon health, Inc.\* | 100152 | 230350 |
| Alignment Healthcare, Inc.\* | 120321 | 1684494 |
| Arcutis Biotherapeutics, Inc.\* | 409432 | 5740237 |
| Argenx SE, ADR\* | 1467 | 808640 |
| AstraZeneca PLC, ADR | 32451 | 2267676 |
| Benitec Biopharma, Inc.\* | 69173 | 809324 |
| Biohaven Ltd.\* | 96389 | 1360049 |
| Boston Scientific Corp.\* | 7103 | 762933 |
| Bristol-Myers Squibb Co. | 524 | 24256 |
| Cardinal Health, Inc. | 23229 | 3902472 |
| Cencora, Inc. | 8753 | 2624587 |
| Cigna Group (The) | 1530 | 505787 |
| Cooper Cos., Inc. (The)\* | 6224 | 442900 |
| CVS Health Corp. | 46904 | 3235438 |
| Danaher Corp. | 18245 | 3604117 |
| Dexcom, Inc.\* | 20650 | 1802538 |
| Edwards Lifesciences Corp.\* | 8830 | 690594 |
| Eli Lilly & Co. | 14117 | 11004625 |
| Embecta Corp. | 1383 | 13401 |
| Establishment Labs Holdings, Inc.\* | 1966 | 83968 |
| Eyepoint Pharmaceuticals, Inc.\* | 79472 | 747831 |
| Fulcrum Therapeutics, Inc.\* | 73154 | 503299 |
| GE HealthCare Technologies, Inc. | 24776 | 1835158 |
| Genedx Holdings Corp., Class A\* | 56463 | 5212100 |
| Gilead Sciences, Inc. | 52890 | 5863914 |
| Guardant Health, Inc.\* | 26582 | 1383327 |
| Icon PLC\* | 731 | 106324 |
| Insmed, Inc.\* | 15480 | 1557907 |
| Insulet Corp.\* | 1006 | 316065 |
| Intuitive Surgical, Inc.\* | 8699 | 4727124 |
| IQVIA Holdings, Inc.\* | 7940 | 1251265 |
| Johnson & Johnson | 10005 | 1528264 |
| Leap Therapeutics, Inc.\* | 857360 | 254550 |
| Ligand Pharmaceuticals, Inc.\* | 5970 | 678670 |
| LivaNova PLC\* | 8515 | 383345 |
| Nektar Therapeutics\* | 51998 | 1343628 |
| Neurocrine Biosciences, Inc.\* | 46497 | 5844208 |
| Pacira Biosciences, Inc.\* | 120843 | 2888148 |
| Praxis Precision Medicines, Inc.\* | 180 | 7569 |
| Quest Diagnostics, Inc. | 8161 | 1465960 |

---

See Notes to Financial Statements.

**Simplify Health Care ETF**

**Schedule of Investments** (Continued)

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** |  |  |
| **Health Care (continued)** |  |  |
| Regeneron Pharmaceuticals, Inc. | 3697 | $1940925 |
| ResMed, Inc. | 10005 | 2581290 |
| Revvity, Inc. | 14426 | 1395283 |
| Sanofi SA, ADR | 20716 | 1000790 |
| Sarepta Therapeutics Inc\* | 3615 | 61816 |
| Stryker Corp. | 1098 | 434402 |
| Syndax Pharmaceuticals, Inc.\* | 25049 | 234584 |
| Teleflex, Inc. | 655 | 77526 |
| Tg Therapeutics, Inc.\* | 10133 | 364687 |
| Thermo Fisher Scientific, Inc. | 2147 | 870523 |
| Ultragenyx Pharmaceutical, Inc.\* | 15210 | 553036 |
| UnitedHealth Group, Inc. | 4005 | 1249440 |
| Vertex Pharmaceuticals, Inc.\* | 1081 | 481261 |
| Zimmer Biomet Holdings, Inc. | 2026 | 184791 |
|  |  | 102596979 |
| **Industrials – 2.9%** |  |  |
| 3M Co. | 1553 | 236429 |
| Fluor Corp\* | 68174 | 3495281 |
| Veralto Corp. | 384 | 38765 |
|  |  | 3770475 |
| **Materials – 5.4%** |  |  |
| PureCycle Technologies, Inc.\* | 519017 | 7110533 |
| &nbsp;&nbsp;&nbsp;Total Common Stocks (Cost $119,125,162) |  | 125314945 |
| **Money Market Funds – 4.0%** |  |  |
| Fidelity Investments Money Market Treasury Only Portfolio - Class I, 4.15%(a) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,238,910) | 5238910 | 5238910 |
| Total Investments – 100.0% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $124,364,072) |  | $130553855 |
| Other Assets in Excess of Liabilities – 0.0%† |  | 13885 |
| **Net Assets – 100.0%** |  | $**130567740** |

---

---

| | |
|:---|:---|
| \* | Non Income Producing |
| † | Less than 0.05% |
| (a) | Rate shown reflects the 7-day yield as of June 30, 2025. |

---

ADR : American Depositary Receipt

See Notes to Financial Statements.

**Simplify Health Care ETF**

**Schedule of Investments** (Continued)

June 30, 2025

**Affiliates**

Fiscal year to date transactions with companies which are or were affiliates are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliate** | **Value at<br> beginning of<br> the period** | **Purchases<br> Cost** | **Sales<br> Proceeds** | **Net Realized<br> Gain/(Loss)** | **Net Change<br> in Unrealized<br> Appreciation/<br> Depreciation** | **Value at the**<br> **end of the**<br> **period** | **Number of<br> Shares at<br> the end of<br> the period** | **Dividend**<br> **Income** | **Capital Gain**<br> **Distributions** |
| Simplify Short Term Treasury Futures Strategy ETF | $— | $16440133 | $(16499580) | $59447 | $— | $— |  | $67350 | $— |
|  | $**—** | $**16440133** | $**(16499580)** | $**59447** | $**—** | $**—** |  | $**67350** | $**—** |

---

**Summary of Investment Type††**

---

| | |
|:---|:---|
| **Investment Categories** | **% of**<br> **Net Assets** |
| Common Stocks | 96.0 |
| Money Market Funds | 4.0 |
| Total Investments | 100.0 |
| Other Assets in Excess of Liabilities | 0.0 |
| **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 Other Assets in Excess of Liabilities. |

---

See Notes to Financial Statements.

**Simplify Hedged Equity ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **U.S. Exchange-Traded Funds – 104.8%** |  |  |
| **Equity Funds – 104.8%** |  |  |
| iShares Core S&P 500 ETF(a)(b) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $322,587,209) | 559643 | $347482339 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Purchased Options – 0.4%** |  |  |  |
| **Puts – Exchange-Traded – 0.4%** |  |  |  |
| S&P 500 Index, July Strike Price $4,970, Expires 7/18/25(c) | 184 | $91448000 | 17020 |
| S&P 500 Index, August Strike Price $5,610, Expires 8/15/25(c) | 180 | 100980000 | 350100 |
| S&P 500 Index, September Strike Price $5,690, Expires 9/19/25(c) | 182 | 103558000 | 966420 |
|  |  |  | 1333540 |
| Total Purchased Options (Cost $6,379,841) |  |  | 1333540 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Money Market Funds – 0.1%** |  |  |
| Fidelity Investments Money Market Treasury Only Portfolio - Class I, 4.15%(d) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $222,455) | 222455 | 222455 |
| Total Investments – 105.3% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $329,189,505) |  | $349038334 |
| Liabilities in Excess of Other Assets – (5.3)% |  | (17411877) |
| **Net Assets – 100.0%** |  | $**331626457** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Written Options – (5.2)%** |  |  |  |
| **Calls – Exchange-Traded – (5.1)%** |  |  |  |
| S&P 500 Index, July Strike Price $5,580, Expires 7/18/25 | (184) | $(102672000) | $(11726320) |
| S&P 500 Index, August Strike Price $6,200, Expires 8/15/25 | (180) | (111600000) | (2549700) |
| S&P 500 Index, September Strike Price $6,280, Expires 9/19/25 | (182) | (114296000) | (2733640) |
|  |  |  | (17009660) |
| **Puts – Exchange-Traded – (0.1)%** |  |  |  |
| S&P 500 Index, July Strike Price $4,175, Expires 7/18/25 | (184) | $(76820000) | $(4600) |
| S&P 500 Index, August Strike Price $4,725, Expires 8/15/25 | (180) | (85050000) | (72900) |
| S&P 500 Index, September Strike Price $4,790, Expires 9/19/25 | (182) | (87178000) | (216580) |
|  |  |  | (294080) |
| Total Written Options (Premiums Received $6,845,279) |  |  | $(17303740) |

---

(a) A
 copy of the security's annual report to shareholders may be obtained without charge at www.ishares.com.

(b) Securities
 with an aggregate market value of $152,753,818 have been pledged as collateral for options as of June 30, 2025.

(c) Held
 in connection with Written Options.

(d) Rate
 shown reflects the 7-day yield as of June 30, 2025.

See Notes to Financial Statements.

**Simplify Hedged Equity ETF**

**Schedule of Investments** (Continued)

June 30, 2025

**Summary of Investment Type††**

---

| | |
|:---|:---|
| **Investment Categories** | **% of<br> Net Assets** |
| U.S. Exchange-Traded Funds | 104.8% |
| Purchased Options | 0.4% |
| Money Market Funds | 0.1% |
| Total Investments | 105.3% |
| Liabilities in Excess of Other Assets | (5.3)% |
| **Net Assets** | **100.0%** |

---

---

| | |
|:---|:---|
| †† | 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. |

---

See Notes to Financial Statements.

**Simplify High Yield ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. Treasury Bills – 97.5%** |  |  |
| U.S. Treasury Bill, 4.29%, 7/8/2025(a)(b) | $37600000 | $37569661 |
| U.S. Treasury Bill, 4.31%, 7/29/2025(a)(b) | 7700000 | 7675137 |
| U.S. Treasury Bill, 4.34%, 8/5/2025(a)(b) | 95900000 | 95503350 |
| U.S. Treasury Bill, 4.31%, 8/26/2025(a)(b) | 41900000 | 41618595 |
| U.S. Treasury Bill, 4.32%, 9/30/2025(a)(b) | 57600000 | 56988844 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $239,355,078) |  | 239355587 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **U.S. Exchange-Traded Funds – 0.6%** |  |  |
| **Fixed Income Funds – 0.6%** |  |  |
| Simplify Intermediate Term Treasury Futures Strategy ETF(c) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,398,579) | 105000 | 1416450 |
| **Money Market Funds – 0.5%** |  |  |
| Fidelity Investments Money Market Treasury Only Portfolio - Class I, 4.15%(d) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,112,414) | 1112414 | 1112414 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional Amount** | |
| **Purchased Options – 0.2%** |  |  |  |
| **Calls – Over-the Counter – 0.1%** |  |  |  |
| USD/HKD, July Strike Price $7.8, Expires 7/08/25 (counterparty: JP Morgan) | 50000000 | 3900000 | 287982 |
| **Puts – Exchange-Traded – 0.1%** |  |  |  |
| S&P 500 Index, August Strike Price $4,900, Expires 8/15/25 | 500 | 245000000 | 262500 |
| Total Purchased Options (Cost $855,614) |  |  | 550482 |

---

---

| | |
|:---|:---|
| Total Investments – 98.8% |  |
| &nbsp;&nbsp;&nbsp;(Cost $242,721,685) | $242434933 |
| Other Assets in Excess of Liabilities – 1.2% | 2892856 |
| **Net Assets – 100.0%** | $**245327789** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional Amount** | |
| **Written Option – (0.1)%** |  |  |  |
| **Puts – Exchange-Traded – (0.1)%** |  |  |  |
| S&P 500 Index, August Strike Price $4,700, Expires 8/15/25 (Premiums Received $766,201) | (650) | (305500000) | $(260000) |

---

(a) Represents
 a zero coupon bond. Rate shown reflects the effective yield.

(b) Securities
 with an aggregate market value of $27,561,163 have been pledged as collateral for options and swaps as of June 30, 2025.

(c) Affiliated
 fund managed by Simplify Asset Management Inc.

(d) Rate shown
 reflects the 7-day yield as of June 30, 2025.

See Notes to Financial Statements.

**Simplify High Yield ETF**

**Schedule of Investments** (Continued)

June 30, 2025

**Affiliates**

Fiscal year to date transactions with companies which are or were affiliates are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliate** | **Value at<br> beginning of<br> the period** | **Purchases<br> Cost** | **Sales<br> Proceeds** | **Net Realized<br> Gain/(Loss)** | **Net Change<br> in Unrealized<br> Appreciation/<br> Depreciation** | **Value at the<br> end of the<br> period** | **Number of<br> Shares at<br> the end of<br> the period** | **Dividend<br> Income** | **Capital<br> Gain<br> Distributions** |
| Simplify Bond Bull ETF | $— | $3351642 | $(3577554) | $225912 | $— | $— |  | $10910 | $— |
| Simplify Intermediate Term Treasury Futures Strategy ETF |  | 1398579 |  |  | 17871 | 1416450 | 105000 | 17850 |  |
|  | $**—** | $**4750221** | $**(3577554)** | $**225912** | $**17871** | $**1416450** | **105000** | $**28760** | $**—** |

---

**Summary of Investment Type††**

---

| | |
|:---|:---|
| **Investment Categories** | **% of<br> Net Assets** |
| U.S. Treasury Bills | 97.5% |
| U.S. Exchange-Traded Funds | 0.6% |
| Money Market Funds | 0.5% |
| Purchased Options | 0.2% |
| Total Investments | 98.8% |
| Other Assets in Excess of Liabilities | 1.2% |
| **Net Assets** | **100.0%** |

---

---

| | |
|:---|:---|
| †† | 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 June 30, 2025, centrally cleared credit default swap contracts outstanding were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Maturity<br> Date** | **(Pay)/** **<br> Receive<br> Financing<br> Rate<sup>(1)</sup>** | **Counterparty** | **Notional** **<br> Amount<sup>(2)</sup>** | **Fair Value** | **Premium<br> (Paid)/<br> Received** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| CDX.NA.HY.44 | 06/20/2030 Buy<sup>(3)</sup> | 5.00% | MSCS | 19200000 | $(1470923) | $&nbsp;&nbsp;&nbsp;1122725 | $(348198) |

---

(1) Payments
 received quarterly.

(2) The maximum
 amount of future payments (undiscounted) that the Fund as seller of protection could be required to make or receive as a buyer of credit
 protection under a credit default swap agreement would be an amount equal to the notional amount of the agreement.

(3) If the Fund
 is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either
 i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other
 deliverable obligations or underlying securities comprising the referenced index or ii) receive a net settlement amount in the form of
 cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities
 comprising the referenced index.

See Notes to Financial Statements.

**Simplify High Yield ETF**

**Schedule of Investments** (Continued)

June 30, 2025

At June 30, 2025, over the counter total return swap contracts outstanding were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/Index** | **Termination<br> Date(a)** | **Financing<br> Rate Paid<br> (Received)<br> by the Fund** | **Counterparty** | **Notional<br> Amount** | **Unrealized<br> Appreciation/<br> (Depreciation)(b)** |
| iShares iBoxx $ High Yield Corporate Bond ETF | 3/13/2026 | 3.93% (EFFR - 0.40%)(c) | GS | 64841801 | $843555 |
| iShares iBoxx $ High Yield Corporate Bond ETF | 4/15/2026 | 3.83% (EFFR - 0.50%)(c) | BOFA | 73691709 | 919098 |
| iShares iBoxx $ High Yield Corporate Bond ETF | 5/15/2026 | 3.83% (EFFR - 0.50%)(c) | MSCS | 101923647 | 1307396 |
| Morgan Stanley Custom Junk Index\* | 2/17/2026 | 4.08% (EFFR - 0.25%)(c) | MSCS | (45260188) | (424548) |
| Morgan Stanley Custom Quality Index\* | 2/17/2026 | 4.68% (EFFR + 0.35%)(c) | MSCS | 59653819 | 604684 |
|  |  |  |  |  | $3250185 |

---

\* 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.

U.S. Treasury Bills with a market value of $53,579,622 have been pledged as collateral by the broker for total return swaps as of June 30, 2025.

Abbreviations:

---

| | | |
|:---|:---|:---|
| BOFA | : | Bank of America |
| EFFR | : | Effective Federal Funds Rate |
| GS | : | Goldman Sachs |
| MSCS | : | Morgan Stanley Capital Services LLC |

---

**\*** **The following table shows the top 50 positions and related Market Value of the securities within the Morgan Stanley Custom Junk Index basket.**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Market<br> Value** | **% of<br> basket** |
| **Common Stocks** |  |  |  |
| **Communication Services** |  |  |  |
| Charter Communications Inc, Class A | (1298) | $(530775) | 1.16% |
| Sirius XM Holdings Inc. | (20684) | (475104) | 1.04% |
| Warner Bros Discovery, Inc. | (44031) | (504590) | 1.10% |
| ZoomInfo Technologies Inc. | (45343) | (458867) | 1.00% |
|  |  | (1969336) |  |
| **Consumer Discretionary** |  |  |  |
| Caesars Entertainment Inc. | (17462) | (495753) | 1.08% |
| Capri Holdings Ltd. | (26033) | (460782) | 1.01% |
| Carnival Corp. | (19109) | (537358) | 1.17% |
| Lithia Motors Inc. | (1335) | (450872) | 0.99% |
| Marriott Vacations Worldwide Corp. | (6714) | (485489) | 1.06% |
| MGM Resorts International | (13286) | (456893) | 1.00% |
| Norwegian Cruise Line Holdings Ltd. | (24820) | (503347) | 1.10% |
| Penn Entertainment Inc. | (27470) | (490880) | 1.07% |
| RH | (2393) | (452302) | 0.99% |

---

See Notes to Financial Statements.

**Simplify High Yield ETF**

**Schedule of Investments** (Continued)

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | | **% of <br> basket** |
| **Common Stocks (continued)** |  |  |  |
| **Consumer Discretionary (continued)** |  |  |  |
| Whirlpool Corp. | (4558) | $(462286) | 1.01% |
|  |  | (4795962) |  |
| **Consumer Staples** |  |  |  |
| Dollar General Corp. | (4059) | (464240) | 1.01% |
| **Health Care** |  |  |  |
| Acadia Healthcare Co Inc. | (21448) | (486645) | 1.06% |
| DENTSPLY SIRONA Inc. | (28435) | (451550) | 0.99% |
| Elanco Animal Health Inc. | (32378) | (462362) | 1.01% |
| Envista Holdings Corp. | (23866) | (466337) | 1.02% |
| Perrigo Co PLC | (16972) | (453481) | 0.99% |
| Tenet Healthcare Corp. | (2758) | (485406) | 1.06% |
| Viatris Inc. | (51443) | (459386) | 1.01% |
|  |  | (3265167) |  |
| **Industrials** |  |  |  |
| Air Lease Corp. | (7968) | (466040) | 1.02% |
| Alaska Air Group Inc. | (9284) | (459378) | 1.00% |
| Amentum Holdings Inc. | (20070) | (473845) | 1.04% |
| American Airlines Group Inc. | (41557) | (466271) | 1.02% |
| Avis Budget Group Inc. | (3552) | (600399) | 1.31% |
| Clarivate PLC | (105588) | (454028) | 0.99% |
| Delta Air Lines Inc. | (9724) | (478214) | 1.05% |
| GXO Logistics Inc. | (10471) | (509934) | 1.11% |
| Ryder System Inc. | (3028) | (481402) | 1.05% |
| Sensata Technologies Holding PLC | (15866) | (477723) | 1.04% |
| Southwest Airlines Co. | (14614) | (474072) | 1.04% |
| United Airlines Holdings Inc. | (6061) | (482621) | 1.06% |
| WESCO International Inc. | (2565) | (474976) | 1.04% |
|  |  | (6298903) |  |
| **Information Technology** |  |  |  |
| BILL Holdings Inc. | (10788) | (499035) | 1.09% |
| Coherent Corp. | (5609) | (500367) | 1.09% |
| Entegris, Inc. | (5789) | (466865) | 1.02% |
| HP Inc. | (18835) | (460704) | 1.01% |
| Intel Corp. | (25667) | (574950) | 1.26% |
| Kyndryl Holdings Inc. | (11237) | (471514) | 1.03% |
| Lumentum Holdings Inc. | (5281) | (501977) | 1.10% |
| MKS Inc. | (4839) | (480796) | 1.05% |
| RingCentral Inc, Class A | (16733) | (474391) | 1.04% |
| Unity Software Inc. | (18564) | (449259) | 0.98% |
|  |  | (4879858) |  |
| **Materials** |  |  |  |
| Albemarle Corp. | (7542) | (472651) | 1.03% |
| Alcoa Corp. | (15614) | (460779) | 1.01% |
| Chemours Co. (The) | (41405) | (474089) | 1.04% |
| Mosaic Co/The | (12850) | (468768) | 1.02% |
| Olin Corp. | (22314) | (448287) | 0.98% |
|  |  | (2324574) |  |

---

See Notes to Financial Statements.

**Simplify High Yield ETF**

**Schedule of Investments** (Continued)

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | | **% of<br> basket** |
| **Common Stocks (continued)** |  |  |  |
| **Materials (continued)** |  |  |  |
| **Other Components** | (1897023) | $(21686695) | 47.55% |
| &nbsp;&nbsp;&nbsp;**Total** |  | $(45684735) | 100.00% |

---

**\*** **The following table shows the top 50 positions and related Market Value of the securities within the Morgan Stanley Custom Quality Index basket.**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Market<br> Value** | **% of<br> basket** |
| **Common Stocks** |  |  |  |
| **Communication Services** |  |  |  |
| Meta Platforms Inc, Class A | 850 | $627239 | 1.04% |
| Omnicom Group Inc. | 8444 | 607480 | 1.01% |
|  |  | 1234719 |  |
| **Consumer Discretionary** |  |  |  |
| AutoZone Inc. | 166 | 614731 | 1.02% |
| Home Depot, Inc. (The) | 1688 | 618745 | 1.03% |
| Lowe's Cos Inc. | 2761 | 612660 | 1.01% |
| O'Reilly Automotive Inc. | 6771 | 610281 | 1.01% |
| TopBuild Corp. | 1986 | 642945 | 1.07% |
| Yum! Brands Inc. | 4204 | 622902 | 1.03% |
|  |  | 3722264 |  |
| **Energy** |  |  |  |
| Antero Midstream Corp. | 32820 | 621943 | 1.03% |
| DT Midstream Inc. | 5683 | 624572 | 1.03% |
|  |  | 1246515 |  |
| **Financials** |  |  |  |
| Aon PLC, Class A | 1705 | 608126 | 1.01% |
| Brown & Brown Inc. | 5570 | 617502 | 1.02% |
| Cboe Global Markets Inc. | 2658 | 619848 | 1.03% |
| Fiserv Inc. | 3619 | 623883 | 1.03% |
| Intercontinental Exchange Inc. | 3319 | 608850 | 1.01% |
| Nasdaq Inc. | 6884 | 615532 | 1.02% |
| S&P Global Inc. | 1182 | 623007 | 1.03% |
|  |  | 4316748 |  |
| **Health Care** |  |  |  |
| Elevance Health Inc. | 1585 | 616369 | 1.02% |
| Henry Schein Inc. | 8432 | 615981 | 1.02% |
| IDEXX Laboratories Inc. | 1128 | 605213 | 1.00% |
| Molina Healthcare Inc. | 2056 | 612398 | 1.02% |
| ResMed Inc. | 2371 | 611654 | 1.01% |
| Stryker Corp. | 1582 | 625957 | 1.04% |
|  |  | 3687572 |  |
| **Industrials** |  |  |  |
| Allegion plc | 4384 | 631831 | 1.05% |
| Broadridge Financial Solutions Inc. | 2497 | 606758 | 1.00% |
| CACI International Inc, Class A | 1337 | 637399 | 1.05% |
| Comfort Systems USA Inc. | 1191 | 638719 | 1.06% |
| Core & Main Inc, Class A | 10655 | 643020 | 1.06% |
| Leidos Holdings Inc. | 4025 | 634946 | 1.05% |
| Loar Holdings Inc. | 7271 | 626556 | 1.04% |
| Masco Corp. | 9548 | 614527 | 1.02% |

---

See Notes to Financial Statements.

**Simplify High Yield ETF**

**Schedule of Investments** (Continued)

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | | **% of<br> basket** |
| **Common Stocks (continued)** |  |  |  |
| **Industrials (continued)** |  |  |  |
| Nvent Electric PLC | 8475 | $620826 | 1.03% |
| Pentair PLC | 6103 | 626578 | 1.04% |
| SS&C Technologies Holdings Inc. | 7411 | 613643 | 1.02% |
|  |  | 6894803 |  |
| **Information Technology** |  |  |  |
| Amphenol Corp, Class A | 6390 | 630984 | 1.05% |
| Applied Materials Inc. | 3380 | 618706 | 1.02% |
| Autodesk Inc. | 1994 | 617145 | 1.02% |
| Bentley Systems Inc, Class B | 11924 | 643532 | 1.07% |
| Cisco Systems Inc. | 9108 | 631919 | 1.05% |
| Intuit Inc. | 777 | 611858 | 1.01% |
| Microsoft Corp. | 1245 | 619423 | 1.03% |
| Motorola Solutions Inc. | 1464 | 615708 | 1.02% |
| Oracle Corp. | 2826 | 617955 | 1.02% |
|  |  | 5607230 |  |
| **Materials** |  |  |  |
| Crown Holdings Inc. | 5877 | 605193 | 1.00% |
| Element Solutions Inc. | 27662 | 626546 | 1.04% |
| Sherwin-Williams Co/The | 1777 | 610177 | 1.01% |
|  |  | 1841916 |  |
| **Real Estate** |  |  |  |
| Omega Healthcare Investors Inc. | 16542 | 606266 | 1.00% |
| **Utilities** |  |  |  |
| CenterPoint Energy Inc. | 16588 | 609444 | 1.01% |
| Edison International | 12341 | 636778 | 1.06% |
| NRG Energy Inc. | 3876 | 622408 | 1.03% |
|  |  | 1868630 |  |
| **Other Components** | 508487 | 29231838 | 48.60% |
| &nbsp;&nbsp;&nbsp;**Total** |  | $60258501 | 100.00% |

---

See Notes to Financial Statements.

**Simplify Interest Rate Hedge ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. Treasury Bills – 61.1%** |  |  |
| U.S. Treasury Bill, 4.29%, 7/8/2025(a)(b) | $11500000 | $11490721 |
| U.S. Treasury Bill, 4.30%, 7/29/2025(a) | 5700000 | 5681595 |
| U.S. Treasury Bill, 4.34%, 8/5/2025(a) | 51100000 | 50888843 |
| U.S. Treasury Bill, 4.30%, 8/26/2025(a)(b) | 17700000 | 17581125 |
| U.S. Treasury Bill, 4.32%, 9/30/2025(a)(b) | 9900000 | 9794958 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $95,437,677) |  | 95437242 |
| **U.S. Government Obligations – 28.1%** |  |  |
| U.S. Treasury Note, 0.25%, 9/30/2025(b) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $43,714,253) | $44225000 | 43786740 |

---

---

| | | |
|:---|:---|:---|
|  | **Notional<br> Amount** | |
| **Purchased Swaptions – 10.1%** |  |  |
| **Puts – Over the Counter – 10.1%** |  |  |
| Interest Rate Swaption, pay semi annually a fixed rate of 4.50% and received quarterly a floating rate of SOFR, Expires 6/16/32 (counterparty: Barclays Bank PLC)(c) | 65000000 | (359543) |
| Interest Rate Swaption, pay semi annually a fixed rate of 4.50% and received quarterly a floating rate of SOFR, Expires 5/14/50 (counterparty: Goldman Sachs International) | 465000000 | 395835 |
| Interest Rate Swaption, pay semi annually a fixed rate of 4.50% and received quarterly a floating rate of SOFR, Expires 6/21/52 (counterparty: Goldman Sachs International) | 330000000 | (843623) |
| Interest Rate Swaption, pay semi annually a fixed rate of 4.50% and received quarterly a floating rate of SOFR, Expires 6/16/32 (counterparty: J&P Morgan Chase & Co.) | 135000000 | (716218) |
| Interest Rate Swaption, pay semi annually a fixed rate of 4.50% and received quarterly a floating rate of SOFR, Expires 5/13/30 (counterparty: Morgan Stanley Capital Services LLC)(c) | 1045000000 | 17303822 |
|  |  | 15780273 |
| Total Purchased Swaptions (Cost $0) |  | 15780273 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Money Market Funds – 0.2%** |  |  |
| Fidelity Investments Money Market Treasury Only Portfolio - Class I, 4.15%(d) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $337,138) | 337138 | 337138 |
| Total Investments – 99.5% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $139,489,068) |  | $155341393 |
| Other Assets in Excess of Liabilities – 0.5% |  | 709846 |
| **Net Assets – 100.0%** |  | $**156051239** |

---

See Notes to Financial Statements.

**Simplify Interest Rate Hedge ETF**

**Schedule of Investments** (Continued)

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Notional<br> Amount** | **Value** |
| **Written Swaption – 0.4%** |  |  |
| **Puts – Over the Counter – 0.4%** |  |  |
| Interest Rate Swaption, pay semi annually a fixed rate of 4.50% and received quarterly a floating rate of SOFR, Expires 5/01/50 (counterparty: Goldman Sachs International) | (300000000) | $648645 |
| Total Written Swaption (Cost $0) |  | 648645 |

---

(a) Represents
 a zero coupon bond. Rate shown reflects the effective yield.

(b) Securities
 with an aggregate market value of $25,048,226 have been pledged as collateral for purchased swaptions as of June 30, 2025.

(c) U.S. Treasury
 Notes with a market value of $5,336,778 have been pledged as collateral by the broker for purchased swaptions as of June 30, 2025.

(d) Rate shown
 reflects the 7-day yield as of June 30, 2025.

See Notes to Financial Statements.

**Simplify Interest Rate Hedge ETF**

**Schedule of Investments** (Continued)

June 30, 2025

**At June 30, 2025, centrally cleared interest rate swap contracts outstanding were as follows:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Rate Paid by<br> Fund** | **Rate Received<br> by the Fund(1)** | **Payment<br> Frequency Paid/<br> received** | **Counterparty** | **Maturity<br> Date** | **Notional<br> Amount** | **Fair Value** | **Upfront<br> Premium Paid/<br> (Received)** | **Unrealized<br> Appreciation/<br> (depreciation)** |
| 0.0211 | 4.39% (1 Day SOFR + 0.00%) | Annual/Annual | MSCS | 05/15/2048 | 10000 | $2458 | $0 | $2458 |

---

(1) The
 Fund pays the fixed rate and receives the floating rate.

---

| | | |
|:---|:---|:---|
| Abbreviations: | Abbreviations: | Abbreviations: |
| MSCS | : | Morgan Stanley Capital Services LLC |
| SOFR | : | Secured Overnight Financing Rate |

---

**Summary of Investment Type††**

---

| | |
|:---|:---|
| **Investment Categories** | **% of<br> Net Assets** |
| U.S. Treasury Bills | 61.1% |
| U.S. Government Obligations | 28.1% |
| Purchased Swaptions | 10.1% |
| Money Market Funds | 0.2% |
| Total Investments | 99.5% |
| Other Assets in Excess of Liabilities | 0.5% |
| **Net Assets** | **100.0%** |

---

---

| | |
|:---|:---|
| †† | 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. |

---

See Notes to Financial Statements.

**Simplify Intermediate Term Treasury Futures Strategy ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. Treasury Bills – 98.6%** |  |  |
| U.S. Treasury Bill, 4.29%, 7/8/2025(a)(b) | $6750000 | $6744554 |
| U.S. Treasury Bill, 4.30%, 7/29/2025(a)(b) | 33000000 | 32893445 |
| U.S. Treasury Bill, 4.35%, 8/5/2025(a)(b) | 83300000 | 82955465 |
| U.S. Treasury Bill, 4.31%, 8/26/2025(a)(b) | 12200000 | 12118063 |
| U.S. Treasury Bill, 4.33%, 9/30/2025(a)(b) | 16000000 | 15830234 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $150,547,169) |  | 150541761 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Money Market Fund – 0.1%** |  |  |
| Fidelity Investments Money Market Treasury Only Portfolio - Class I, 4.15%(c) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $145,315) | 145315 | 145315 |
| Total Investments – 98.7% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $150,692,484) |  | $150687076 |
| Other Assets in Excess of Liabilities – 1.3% |  | 1999696 |
| **Net Assets – 100.0%** |  | $**152686772** |

---

(a) Represents
 a zero coupon bond. Rate shown reflects the effective yield.

(b) Securities
 with an aggregate market value of $51,415,829 have been pledged as collateral for futures as of June 30, 2025.

(c) Rate
 shown reflects the 7-day yield as of June 30, 2025.

**At June 30, 2025, open futures contracts were as follows:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts** | **Notional**<br> **Value** | **Expiration**<br> **Date** | **Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Long position contracts:** |  |  |  |  |
| 10-Year U.S. Treasury Note Futures | 4077 | $457133625 | 9/19/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8336338 |

---

**Summary of Investment Type††**

---

| | |
|:---|:---|
| **Investment Categories** | **% of<br> Net Assets** |
| U.S. Treasury Bills | 98.6% |
| Money Market Fund | 0.1% |
| Total Investments | 98.7% |
| Other Assets in Excess of Liabilities | 1.3% |
| **Net Assets** | **100.0%** |

---

---

| | |
|:---|:---|
| †† | 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. |

---

See Notes to Financial Statements.

**Simplify MBS ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. Government Agency Mortgage Backed Securities – 99.7%** |  |  |
| Federal National Mortgage Association, 5.00%, 7/15/2055 (TBA) | $25000000 | $24504349 |
| Federal National Mortgage Association, 5.50%, 7/15/2055 (TBA) | 1103750000 | 1103720618 |
| Federal National Mortgage Association, 6.00%, 7/15/2055 (TBA) | 236250000 | 240187969 |
| &nbsp;&nbsp;&nbsp;Total U.S. Government Agency Mortgage Backed Securities (Cost $1,348,374,319) |  | 1368412936 |
| **U.S. Treasury Bills – 98.3%** |  |  |
| U.S. Treasury Bill, 4.29%, 7/8/2025(a) | 88500000 | 88428591 |
| U.S. Treasury Bill, 4.32%, 7/29/2025(a),(b) | 246300000 | 245504712 |
| U.S. Treasury Bill, 4.32%, 8/5/2025(a) | 11500000 | 11452435 |
| U.S. Treasury Bill, 4.33%, 8/12/2025(a) | 737300000 | 733611967 |
| U.S. Treasury Bill, 4.31%, 8/26/2025(a) | 17300000 | 17183811 |
| U.S. Treasury Bill, 4.32%, 9/30/2025(a) | 256600000 | 253877384 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $1,350,066,119) |  | 1350058900 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Money Market Funds – 0.1%** | | |
| Fidelity Investments Money Market Treasury Only Portfolio - Class I, 4.15% (c) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $733,778) | 733778 | 733778 |
| Total Investments – 198.1% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,699,174,216) |  | $2719205614 |
| Liabilities in Excess of Other Assets – (98.1)% |  | (1346299869) |
| **Net Assets – 100.0%** |  | $**1372905745** |

---

(a) Represents
 a zero coupon bond. Rate shown reflects the effective yield.

(b) Security,
 or a portion there of, in the amount of $77,748,060 has been pledged as collateral for TBAs as of June 30, 2025.

(c) Rate
 shown reflects the 7-day yield as of June 30, 2025.

Portfolio Abbreviations:

TBA : To Be Announced

**Summary of Investment Type††**

---

| | |
|:---|:---|
| **Investment Categories** | **% of<br> Net Assets** |
| U.S. Government Agency Mortgage Backed Securities | 99.7% |
| U.S. Treasury Bills | 98.3% |
| Money Market Funds | 0.1% |
| Total Investments | 198.1% |
| Liabilities in Excess of Other Assets | (98.1)% |
| **Net Assets** | **100.0%** |

---

---

| | |
|:---|:---|
| †† | 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. |

---

See Notes to Financial Statements.

**Simplify NEXT Intangible Core Index ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks – 99.6%** |  |  |
| **Communication Services – 5.2%** |  |  |
| Electronic Arts, Inc. | 57 | $9103 |
| Live Nation Entertainment, Inc.\* | 15 | 2269 |
| Match Group, Inc. | 58 | 1792 |
| New York Times Co. (The), Class A | 37 | 2071 |
| News Corp., Class B | 130 | 4460 |
| Paramount Global, Class B | 42 | 542 |
| Pinterest, Inc., Class A\* | 149 | 5343 |
| Reddit, Inc., Class A\* | 41 | 6173 |
| Snap, Inc., Class A\* | 385 | 3346 |
| Spotify Technology SA\* | 46 | 35298 |
| Take-Two Interactive Software, Inc.\* | 40 | 9714 |
|  |  | 80111 |
| **Consumer Discretionary – 6.8%** |  |  |
| Airbnb, Inc., Class A\* | 46 | 6088 |
| AutoZone Inc\* | 1 | 3712 |
| Best Buy Co, Inc. | 27 | 1812 |
| Booking Holdings, Inc. | 3 | 17368 |
| Burlington Stores, Inc.\* | 9 | 2094 |
| Carvana Co., Class A\* | 12 | 4044 |
| Chewy, Inc., Class A\* | 62 | 2642 |
| Deckers Outdoor Corp.\* | 17 | 1752 |
| DoorDash, Inc., Class A\* | 31 | 7642 |
| DraftKings Inc, Class A\* | 28 | 1201 |
| Duolingo, Inc.\* | 11 | 4510 |
| Expedia Group, Inc. | 10 | 1687 |
| Flutter Entertainment PLC\* | 10 | 2858 |
| GameStop Corp., Class A\* | 75 | 1829 |
| Home Depot, Inc. (The) | 53 | 19432 |
| Light & Wonder, Inc.\* | 5 | 481 |
| Lowe's Cos, Inc. | 30 | 6656 |
| Lululemon Athletica, Inc.\* | 18 | 4276 |
| O'Reilly Automotive, Inc.\* | 67 | 6039 |
| Ralph Lauren Corp. | 8 | 2194 |
| Tractor Supply Co. | 28 | 1478 |
| Ulta Beauty, Inc.\* | 6 | 2807 |
| Williams-Sonoma, Inc. | 16 | 2614 |
|  |  | 105216 |
| **Consumer Staples – 10.5%** |  |  |
| Albertsons Cos., Inc., Class A | 76 | 1635 |
| BJ's Wholesale Club Holdings, Inc.\* | 17 | 1833 |
| Clorox Co. (The) | 14 | 1681 |
| Coca-Cola Co. (The) | 229 | 16202 |
| Colgate-Palmolive Co. | 89 | 8090 |
| Estee Lauder Cos., Inc. (The), Class A | 36 | 2909 |
| Hershey Co. (The) | 10 | 1659 |
| Kellanova | 19 | 1511 |
| Kimberly-Clark Corp. | 33 | 4254 |
| Kroger Co. (The) | 88 | 6312 |
| Monster Beverage Corp.\* | 51 | 3195 |

---

See Notes to Financial Statements.

**Simplify NEXT Intangible Core Index ETF**

**Schedule of Investments** (Continued)

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** |  |  |
| **Consumer Staples (continued)** |  |  |
| PepsiCo, Inc. | 73 | $9639 |
| Philip Morris International, Inc. | 82 | 14935 |
| Sprouts Farmers Market, Inc.\* | 14 | 2305 |
| Sysco Corp. | 25 | 1894 |
| Target Corp. | 57 | 5623 |
| Walmart, Inc. | 790 | 77246 |
|  |  | 160923 |
| **Energy – 3.6%** |  |  |
| Baker Hughes Co. | 78 | 2991 |
| Exxon Mobil Corp. | 323 | 34819 |
| Marathon Petroleum Corp. | 24 | 3987 |
| Phillips 66 | 30 | 3579 |
| Targa Resources Corp. | 18 | 3133 |
| Williams Cos., Inc. (The) | 109 | 6846 |
|  |  | 55355 |
| **Financials – 12.1%** |  |  |
| Aflac, Inc. | 28 | 2953 |
| Allstate Corp. (The) | 14 | 2818 |
| American Express Co. | 37 | 11802 |
| American International Group, Inc. | 30 | 2568 |
| Ameriprise Financial Inc. | 5 | 2669 |
| Arch Capital Group Ltd. | 20 | 1821 |
| Arthur J Gallagher & Co. | 14 | 4482 |
| Berkshire Hathaway, Inc., Class B\* | 112 | 54406 |
| Blackstone, Inc. | 63 | 9424 |
| Brown & Brown, Inc. | 15 | 1663 |
| Coinbase Global, Inc., Class A\* | 12 | 4206 |
| Hartford Insurance Group, Inc. (The) | 15 | 1903 |
| LPL Financial Holdings Inc. | 4 | 1500 |
| Marsh & McLennan Cos., Inc. | 27 | 5903 |
| Mastercard, Inc., Class A | 91 | 51137 |
| Progressive Corp. (The) | 32 | 8539 |
| Prudential Financial, Inc. | 18 | 1934 |
| Robinhood Markets, Inc., Class A\* | 44 | 4120 |
| Toast, Inc., Class A\* | 134 | 5935 |
| Tradeweb Markets, Inc., Class A | 11 | 1610 |
| Travelers Cos., Inc. (The) | 12 | 3210 |
| W R Berkley Corp. | 20 | 1469 |
|  |  | 186072 |
| **Health Care – 9.6%** |  |  |
| ACADIA Pharmaceuticals, Inc.\* | 66 | 1424 |
| Agilent Technologies, Inc. | 26 | 3068 |
| Align Technology, Inc.\* | 29 | 5491 |
| Alkermes PLC\* | 70 | 2003 |
| Alnylam Pharmaceuticals Inc\* | 52 | 16957 |
| Axsome Therapeutics, Inc.\* | 22 | 2297 |
| Blueprint Medicines Corp.\* | 26 | 3333 |
| Bridgebio Pharma, Inc.\* | 72 | 3109 |
| Cigna Group (The) | 14 | 4628 |

---

See Notes to Financial Statements.

**Simplify NEXT Intangible Core Index ETF**

**Schedule of Investments** (Continued)

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** |  |  |
| **Health Care (continued)** |  |  |
| Corcept Therapeutics, Inc.\* | 42 | $3083 |
| CVS Health Corp. | 62 | 4277 |
| Elevance Health, Inc. | 12 | 4667 |
| Exelixis, Inc.\* | 112 | 4936 |
| Glaukos Corp.\* | 21 | 2169 |
| Guardant Health, Inc.\* | 49 | 2550 |
| Henry Schein, Inc.\* | 49 | 3579 |
| Hims & Hers Health, Inc.\* | 46 | 2293 |
| Humana, Inc. | 6 | 1467 |
| IDEXX Laboratories, Inc.\* | 32 | 17163 |
| Incyte Corp.\* | 77 | 5244 |
| Insmed, Inc.\* | 56 | 5636 |
| Inspire Medical Systems, Inc.\* | 12 | 1557 |
| Ionis Pharmaceuticals, Inc.\* | 64 | 2529 |
| Irhythm Technologies, Inc.\* | 13 | 2001 |
| Madrigal Pharmaceuticals, Inc.\* | 9 | 2724 |
| Mettler-Toledo International Inc\* | 2 | 2349 |
| Natera, Inc.\* | 54 | 9123 |
| Penumbra, Inc.\* | 15 | 3849 |
| PTC Therapeutics, Inc.\* | 32 | 1563 |
| Rhythm Pharmaceuticals, Inc.\* | 28 | 1769 |
| Tempus AI, Inc., Class A\* | 32 | 2033 |
| Tg Therapeutics, Inc.\* | 71 | 2555 |
| UnitedHealth Group, Inc. | 46 | 14351 |
| Waters Corp.\* | 6 | 2094 |
|  |  | 147871 |
| **Industrials – 7.8%** |  |  |
| 3M Co. | 53 | 8069 |
| CACI International Inc, Class A\* | 5 | 2384 |
| Cummins Inc. | 10 | 3275 |
| Dover Corp. | 10 | 1832 |
| Fastenal Co. | 57 | 2394 |
| Ferguson Enterprises, Inc. | 10 | 2178 |
| GE Vernova, Inc. | 24 | 12700 |
| General Electric Co. | 85 | 21878 |
| Honeywell International, Inc. | 49 | 11411 |
| Illinois Tool Works, Inc. | 22 | 5440 |
| Lennox International, Inc. | 4 | 2293 |
| Lyft, Inc., Class A\* | 101 | 1592 |
| Otis Worldwide Corp. | 20 | 1980 |
| Rockwell Automation, Inc. | 26 | 8636 |
| Rollins, Inc. | 48 | 2708 |
| Uber Technologies, Inc.\* | 156 | 14555 |
| United Parcel Service, Inc., Class B | 61 | 6157 |
| Veralto Corp. | 22 | 2221 |
| WW Grainger, Inc. | 5 | 5201 |
| Xylem, Inc. | 18 | 2328 |
|  |  | 119232 |

---

See Notes to Financial Statements.

**Simplify NEXT Intangible Core Index ETF**

**Schedule of Investments** (Continued)

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** |  |  |
| **Information Technology – 41.6%** |  |  |
| Adobe, Inc.\* | 102 | $39462 |
| Appfolio, Inc., Class A\* | 8 | 1842 |
| Applied Materials, Inc. | 55 | 10069 |
| AppLovin Corp, Class A\* | 87 | 30457 |
| Atlassian Corp., Class A\* | 66 | 13404 |
| Aurora Innovation, Inc., Class A\* | 418 | 2190 |
| Autodesk, Inc.\* | 49 | 15169 |
| Cadence Design Systems, Inc.\* | 62 | 19105 |
| Ciena Corp.\* | 32 | 2602 |
| Cloudflare Inc, Class A\* | 79 | 15471 |
| Commvault Systems, Inc.\* | 10 | 1743 |
| Confluent, Inc., Class A\* | 80 | 1994 |
| Dell Technologies, Inc., Class C | 155 | 19003 |
| DocuSign, Inc.\* | 58 | 4518 |
| Dropbox, Inc., Class A\* | 67 | 1916 |
| Dynatrace, Inc.\* | 70 | 3865 |
| Elastic NV\* | 26 | 2193 |
| F5, Inc.\* | 13 | 3826 |
| Fair Isaac Corp.\* | 5 | 9140 |
| Fortinet, Inc.\* | 179 | 18924 |
| Gartner, Inc.\* | 8 | 3234 |
| Gitlab, Inc., Class A\* | 44 | 1985 |
| GoDaddy Inc, Class A\* | 33 | 5942 |
| Guidewire Software, Inc.\* | 20 | 4709 |
| HP, Inc. | 219 | 5357 |
| HubSpot, Inc.\* | 13 | 7236 |
| International Business Machines Corp. | 202 | 59545 |
| Intuit, Inc. | 64 | 50408 |
| Juniper Networks, Inc. | 77 | 3075 |
| Keysight Technologies, Inc.\* | 17 | 2786 |
| Klaviyo, Inc., Class A\* | 62 | 2082 |
| Kyndryl Holdings, Inc.\* | 52 | 2182 |
| Lam Research Corp. | 88 | 8566 |
| Lattice Semiconductor Corp.\* | 31 | 1519 |
| Manhattan Associates, Inc.\* | 14 | 2765 |
| MongoDB, Inc.\* | 21 | 4410 |
| Motorola Solutions, Inc. | 39 | 16398 |
| NetApp, Inc. | 48 | 5114 |
| Nutanix, Inc., Class A\* | 68 | 5198 |
| Palantir Technologies, Inc., Class A\* | 455 | 62026 |
| Pegasystems, Inc. | 40 | 2165 |
| Procore Technologies, Inc.\* | 36 | 2463 |
| Pure Storage Inc, Class A\* | 82 | 4721 |
| Qorvo, Inc.\* | 21 | 1783 |
| QUALCOMM, Inc. | 239 | 38063 |
| Rubrik, Inc., Class A\* | 48 | 4300 |
| Samsara, Inc., Class A\* | 160 | 6365 |
| Seagate Technology Holdings PLC | 48 | 6928 |
| ServiceNow, Inc.\* | 48 | 49348 |

---

See Notes to Financial Statements.

**Simplify NEXT Intangible Core Index ETF**

**Schedule of Investments** (Continued)

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** |  |  |
| **Information Technology (continued)** |  |  |
| Synopsys, Inc.\* | 36 | $18456 |
| Trimble Inc\* | 23 | 1747 |
| UiPath, Inc., Class A\* | 133 | 1702 |
| Unity Software, Inc.\* | 98 | 2372 |
| Vertex, Inc., Class A\* | 42 | 1484 |
| Workday, Inc., Class A\* | 63 | 15120 |
| Zscaler, Inc.\* | 35 | 10988 |
|  |  | 639435 |
| **Materials – 1.2%** |  |  |
| CRH PLC | 35 | 3213 |
| DuPont de Nemours, Inc. | 31 | 2127 |
| Ecolab, Inc. | 21 | 5658 |
| Sherwin-Williams Co. (The) | 14 | 4807 |
| Vulcan Materials Co. | 11 | 2869 |
|  |  | 18674 |
| **Real Estate – 0.1%** |  |  |
| CBRE Group, Inc., Class A\* | 15 | 2102 |
| **Utilities – 1.1%** |  |  |
| Consolidated Edison, Inc. | 32 | 3211 |
| Dominion Energy, Inc. | 76 | 4295 |
| NiSource, Inc. | 41 | 1654 |
| NRG Energy, Inc. | 17 | 2730 |
| Vistra Corp. | 28 | 5427 |
|  |  | 17317 |
| &nbsp;&nbsp;&nbsp;Total Common Stocks (Cost $1,342,063) |  | 1532308 |
| **Money Market Funds – 0.4%** |  |  |
| Fidelity Investments Money Market Treasury Only Portfolio - Class I, 4.15%(a) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,045) | 6045 | 6045 |
| Total Investments – 100.0% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,348,108) |  | $1538353 |
| Other Assets in Excess of Liabilities – 0.0%† |  | 334 |
| **Net Assets – 100.0%** |  | $**1538687** |

---

---

| | |
|:---|:---|
| \* | Non Income Producing |
| † | Less than 0.05% |
| (a) | Rate shown reflects the 7-day yield as of June 30, 2025. |

---

**Summary of Investment Type††**

---

| | |
|:---|:---|
| **Investment Categories** | **% of<br> Net Assets** |
| Common Stocks | 99.6 |
| Money Market Funds | 0.4 |
| Total Investments | 100.0 |
| Other Assets in Excess of Liabilities | 0.0 |
| **Net Assets** | **100.0** |

---

See Notes to Financial Statements.

**Simplify NEXT Intangible Core Index ETF**

**Schedule of Investments** (Continued)

June 30, 2025

† 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 Other Assets in Excess of Liabilities. |

---

See Notes to Financial Statements.

**Simplify Short Term Treasury Futures Strategy ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. Treasury Bills – 99.8%** |  |  |
| U.S. Treasury Bill, 4.29%, 7/8/2025(a)(b) | $7100000 | $7094271 |
| U.S. Treasury Bill, 4.31%, 7/29/2025(a)(b) | 185600000 | 185000709 |
| U.S. Treasury Bill, 4.34%, 8/5/2025(a)(b) | 422500000 | 420752506 |
| U.S. Treasury Bill, 4.31%, 8/26/2025(a)(b) | 25000000 | 24832097 |
| U.S. Treasury Bill, 4.33%, 9/30/2025(a)(b) | 27500000 | 27208216 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $664,893,368) |  | 664887799 |
| Total Investments – 99.8% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $664,893,368) |  | $664887799 |
| Other Assets in Excess of Liabilities – 0.2% |  | 1282934 |
| **Net Assets – 100.0%** |  | $**666170733** |

---

(a) Represents
 a zero coupon bond. Rate shown reflects the effective yield.

(b) Securities
 with an aggregate market value of $233,370,369 have been pledged as collateral for futures as of June 30, 2025.

**At June 30, 2025, open futures contracts were as follows:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Value** | **Expiration<br> Date** | **Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Long position contracts:** |  |  |  |  |
| U.S. 2 Years Note (CBT) | 16479 | $3428018235 | 9/30/25 | $11989733 |

---

**Summary of Investment Type††**

---

| | |
|:---|:---|
| **Investment Categories** | **% of<br> Net Assets** |
| U.S. Treasury Bills | 99.8% |
| Total Investments | 99.8% |
| Other Assets in Excess of Liabilities | 0.2% |
| **Net Assets** | **100.0%** |

---

---

| | |
|:---|:---|
| †† | 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. |

---

See Notes to Financial Statements.

**Simplify Target 15 Distribution ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. Treasury Bills – 101.2%** |  |  |
| U.S. Treasury Bill, 4.33%, 8/12/2025(a)(b) | $27250000 | $27113693 |
| U.S. Treasury Bill, 4.32%, 8/26/2025(a)(b) | 16500000 | 16389184 |
| U.S. Treasury Bill, 4.32%, 9/30/2025(a)(b) | 4500000 | 4452254 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $47,958,425) |  | 47955131 |

---

---

| | |
|:---|:---|
| Total Investments – 101.2% |  |
| &nbsp;&nbsp;&nbsp;(Cost $47,958,425) | $47955131 |
| Liabilities in Excess of Other Assets – (1.2)% | (552689) |
| **Net Assets – 100.0%** | $**47402442** |

---

---

| | | |
|:---|:---|:---|
|  | **Notional<br> Amount** | |
| **Written Options – (2.2)%** |  | |
| **Puts – Over the Counter Barrier Options – (2.2)%** |  | |
| SPX/RTY/NDX WOF, Expires 6/18/26, P100%/75% NC2 EKI (counterparty: HSBC Bank) | (10000000) | (257000) |
| SPX/RTY/NDX WOF, Expires 6/5/26, P100%/75% NC3 EKI (counterparty: Morgan Stanley Capital Services LLC) | (2670000) | (63279) |
| SPX/RTY/NDX WOF, Expires 6/12/26, P100%/75% NC2 EKI (counterparty: Nomura Securities) | (14500000) | (292900) |
| SPX/RTY/NDX WOF, Expires 6/26/26, P100%/75% NC2 EKI (counterparty: Nomura Securities) | (11000000) | (414700) |
|  |  | (1027879) |
| Total Written Options (Cost $(1317309)) |  | (1027879) |

---

(a) Represents
 a zero coupon bond. Rate shown reflects the effective yield.

(b) Securities
 with an aggregate market value of $11,626,863 have been pledged as collateral for options as of June 30, 2025.

**Summary of Investment Type††**

---

| | |
|:---|:---|
| **Investment Categories** | **% of<br> Net Assets** |
| U.S. Treasury Bills | 101.2% |
| Total Investments | 101.2% |
| Liabilities in Excess of Other Assets | (1.2)% |
| **Net Assets** | **100.0%** |

---

---

| | |
|:---|:---|
| †† | 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. |

---

See Notes to Financial Statements.

**Simplify Target 15 Distribution ETF**

**Schedule of Investments** (Continued)

June 30, 2025

Abbreviations:

EKI - European Knock In. - Represents a knock-in option contract that begins to function as a normal option only once a certain price level is reached before expiration.

See Notes to Financial Statements.

**Simplify Treasury Option Income ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. Treasury Bills – 100.1%** |  |  |
| U.S. Treasury Bill, 4.29%, 7/8/2025(a)(b) | $216700000 | $216525149 |
| U.S. Treasury Bill, 4.31%, 7/29/2025(a)(b) | 87000000 | 86719083 |
| U.S. Treasury Bill, 4.33%, 8/5/2025(a)(b) | 8800000 | 8763602 |
| U.S. Treasury Bill, 4.31%, 8/26/2025(a)(b) | 20500000 | 20362320 |
| U.S. Treasury Bill, 4.33%, 9/30/2025(a)(b) | 11500000 | 11377981 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $343,761,583) |  | 343748135 |

---

---

| | |
|:---|:---|
| Total Investments – 100.1% |  |
| &nbsp;&nbsp;&nbsp;(Cost $343,761,583) | $343748135 |
| Liabilities in Excess of Other Assets – (0.1)% | (470766) |
| **Net Assets – 100.0%** | $**343277369** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Written Options – (0.6)%** |  |  |  |
| **Calls – Exchange-Traded – (0.4)%** |  |  |  |
| 10-Year U.S. Treasury Note Futures, July Strike Price $112, Expires 7/25/25 | (1100) | $(123200000) | $(825000) |
| U.S. Long Bond, July Strike Price $116, Expires 7/25/25 | (550) | (63800000) | (601562) |
|  |  |  | (1426562) |
| **Puts – Exchange-Traded – (0.2)%** |  |  |  |
| U.S. Long Bond, July Strike Price $108, Expires 7/25/25 | (382) | $(41256000) | $(17906) |
| U.S. Long Bond, July Strike Price $112, Expires 7/25/25 | (600) | (67200000) | (178125) |
| U.S. Long Bond, July Strike Price $113, Expires 7/25/25 | (600) | (67800000) | (281250) |
| U.S. Long Bond, July Strike Price $114, Expires 7/25/25 | (300) | (34200000) | (220313) |
|  |  |  | (697594) |
| Total Written Options (Premiums Received $3,081,176) |  |  | $(2124156) |

---

(a) Represents
 a zero coupon bond. Rate shown reflects the effective yield.

(b) Securities
 with an aggregate market value of $117,401,267 have been pledged as collateral for futures as of June 30, 2025.

**At June 30, 2025, open futures contracts were as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Value** | **Expiration<br> Date** | **Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Long position contracts:** |  |  |  |  |
| U.S. Treasury Bond Futures | 550 | $63507813 | 9/19/25 | $2341812 |
| 10-Year U.S. Treasury Note Futures | 1100 | 123337500 | 9/19/25 | 2259572 |
| **Total net unrealized appreciation** |  |  |  | $**4601384** |

---

See Notes to Financial Statements.

**Simplify Treasury Option Income ETF**

**Schedule of Investments** (Continued)

June 30, 2025

**Summary of Investment Type††**

---

| | |
|:---|:---|
| **Investment Categories** | **% of<br> Net Assets** |
| U.S. Treasury Bills | 100.1% |
| Total Investments | 100.1% |
| Liabilities in Excess of Other Assets | (0.1)% |
| **Net Assets** | **100.0%** |

---

---

| | |
|:---|:---|
| †† | 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. |

---

See Notes to Financial Statements.

**Simplify US Equity PLUS Bitcoin Strategy ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **U.S. Exchange-Traded Funds – 98.6%** |  |  |
| **Alternative Funds – 10.0%** |  |  |
| VanEck Bitcoin ETF\* | 248616 | $7575330 |
| **Equity Funds – 88.6%** |  |  |
| iShares Core S&P 500 ETF(a)(b) | 107835 | 66954751 |
| &nbsp;&nbsp;&nbsp;Total U.S. Exchange-Traded Funds (Cost $71,405,366) |  | 74530081 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | |
| **U.S. Treasury Bills – 0.8%** |  |  |
| U.S. Treasury Bill, 4.33%, 8/5/2025 (b)(c) | $100000 | 99587 |
| U.S. Treasury Bill, 4.38%, 8/26/2025 (b)(c) | 500000 | 496642 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $596,264) |  | 596229 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Money Market Funds – 0.1%** |  |  |
| Fidelity Investments Money Market Treasury Only Portfolio - Class I, 4.15%(d) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $72,603) | 72603 | 72603 |
| Total Investments – 99.5% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $72,074,233) |  | $75198913 |
| Other Assets in Excess of Liabilities – 0.5% |  | 367429 |
| **Net Assets – 100.0%** |  | $**75566342** |

---

\* Non Income Producing

(a) A copy of the security's annual report to shareholders may be obtained without charge at www.ishares.com.

(b) Securities with an aggregate market value of $9,288,828 have been pledged as collateral for futures as of June 30, 2025.

(c) Represents a zero coupon bond. Rate shown reflects the effective yield.

(d) Rate shown reflects the 7-day yield as of June 30, 2025.

**At June 30, 2025, open futures contracts were as follows:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts** | **Notional**<br> **Value** | **Expiration**<br> **Date** | **Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Long position contracts:** |  |  |  |  |
| S&P 500 E-Mini Future | 28 | $8755250 | 9/19/25 | $279165 |

---

**Summary of Investment Type††**

---

| | |
|:---|:---|
| **Investment Categories** | **% of<br> Net Assets** |
| U.S. Exchange-Traded Funds | 98.6% |
| U.S. Treasury Bills | 0.8% |
| Money Market Funds | 0.1% |
| Total Investments | 99.5% |
| Other Assets in Excess of Liabilities | 0.5% |
| **Net Assets** | **100.0%** |

---

See Notes to Financial Statements.

**Simplify US Equity PLUS Bitcoin Strategy ETF**

**Schedule of Investments** (Continued)

June 30, 2025

---

| | |
|:---|:---|
| †† | 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. |

---

See Notes to Financial Statements.

**Simplify US Equity PLUS Convexity ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **U.S. Exchange-Traded Funds – 96.1%** |  |  |
| **Equity Funds – 96.1%** |  |  |
| iShares Core S&P 500 ETF(a)(b) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $62,511,721) | 128981 | $80084303 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Purchased Options – 3.3%** |  |  |  |
| **Calls – Exchange-Traded – 2.9%** |  |  |  |
| S&P 500 Index, July Strike Price $6,200, Expires 7/03/25 | 146 | $90520000 | 457710 |
| S&P 500 Index, July Strike Price $6,300, Expires 7/07/25 | 93 | 58590000 | 40176 |
| S&P 500 Index, July Strike Price $6,275, Expires 7/09/25 | 220 | 138050000 | 372900 |
| S&P 500 Index, July Strike Price $6,300, Expires 7/18/25 | 223 | 140490000 | 731440 |
| S&P 500 Index, July Strike Price $6,500, Expires 7/31/25 | 415 | 269750000 | 404625 |
| S&P 500 Index, August Strike Price $6,400, Expires 8/15/25 | 58 | 37120000 | 274920 |
| S&P 500 Index, August Strike Price $6,650, Expires 8/15/25 | 146 | 97090000 | 94170 |
|  |  |  | 2375941 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Puts – Exchange-Traded – 0.4%** |  |  |  |
| Nasdaq 100 Index, July Strike Price $20,450, Expires 7/11/25(c) | 6.0 | 12270000.0 | 3240 |
| Nasdaq 100 Index, July Strike Price $20,600, Expires 7/16/25(c) | 6.0 | 12360000.0 | 9210 |
| Russell 2000 Index, July Strike Price $1,950, Expires 7/11/25(c) | 63.0 | 12285000.0 | 4567 |
| S&P 500 Index, July Strike Price $5,800, Expires 7/02/25 | 110.0 | 63800000.0 | 1100 |
| S&P 500 Index, July Strike Price $5,900, Expires 7/03/25 | 127.0 | 74930000.0 | 3175 |
| S&P 500 Index, July Strike Price $6,000, Expires 7/07/25 | 108.0 | 64800000.0 | 22680 |
| S&P 500 Index, July Strike Price $5,620, Expires 7/11/25(c) | 41.0 | 23042000.0 | 4202 |
| S&P 500 Index, July Strike Price $5,650, Expires 7/16/25(c) | 41.0 | 23165000.0 | 12300 |
| S&P 500 Index, July Strike Price $5,455, Expires 7/18/25(c) | 64.0 | 34912000.0 | 16320 |
| S&P 500 Index, August Strike Price $5,520, Expires 8/15/25(c) | 54.0 | 29808000.0 | 85590 |
| S&P 500 Index, September Strike Price $5,250, Expires 9/19/25(c) | 67.0 | 35175000.0 | 159795 |
| SPDR Gold Shares, July Strike Price $285, Expires 7/09/25(c) | 623.0 | 17755500.0 | 5296 |
| SPDR Gold Shares, July Strike Price $280, Expires 7/11/25(c) | 635.0 | 17780000.0 | 4763 |
|  |  |  | 332238 |
| Total Purchased Options (Cost $2,610,680) |  |  | 2708179 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Money Market Funds – 0.4%** |  |  |
| Fidelity Investments Money Market Treasury Only Portfolio - Class I, 4.15%(d) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $351,135) | 351135 | 351135 |
| Total Investments – 99.8% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $65,473,536) |  | $83143617 |
| Other Assets in Excess of Liabilities – 0.2% |  | 202361 |
| **Net Assets – 100.0%** |  | $**83345978** |

---

See Notes to Financial Statements.

**Simplify US Equity PLUS Convexity ETF**

**Schedule of Investments** (Continued)

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | **Value** |
| **Written Options – (0.4)%** |  |  |  |
| **Puts – Exchange-Traded – (0.4)%** |  |  |  |
| Nasdaq 100 Index, July Strike Price $21,450, Expires 7/11/25 | (6) | $(12870000) | $(13080) |
| Nasdaq 100 Index, July Strike Price $21,600, Expires 7/16/25 | (6) | (12960000) | (31710) |
| Russell 2000 Index, July Strike Price $2,050, Expires 7/11/25 | (63) | (12915000) | (18270) |
| S&P 500 Index, July Strike Price $5,920, Expires 7/11/25 | (41) | (24272000) | (18450) |
| S&P 500 Index, July Strike Price $5,960, Expires 7/16/25 | (41) | (24436000) | (50430) |
| S&P 500 Index, July Strike Price $5,155, Expires 7/18/25 | (64) | (32992000) | (8960) |
| S&P 500 Index, August Strike Price $5,220, Expires 8/15/25 | (54) | (28188000) | (45630) |
| S&P 500 Index, September Strike Price $4,950, Expires 9/19/25 | (67) | (33165000) | (99495) |
| SPDR Gold Shares, July Strike Price $295, Expires 7/09/25 | (623) | (18378500) | (24920) |
| SPDR Gold Shares, July Strike Price $290, Expires 7/11/25 | (635) | (18415000) | (15240) |
|  |  |  | (326185) |
| Total Written Options (Premiums Received $731,037) |  |  | $(326185) |

---

(a) A copy of
 the security's annual report to shareholders may be obtained without charge at www.ishares.com.

(b) Securities
 with an aggregate market value of $43,463,000 have been pledged as collateral for options as of June 30, 2025.

(c) Held in connection
 with Written Options.

(d) Rate shown
 reflects the 7-day yield as of June 30, 2025.

**Summary of Investment Type††**

---

| | |
|:---|:---|
| **Investment Categories** | **% of<br> Net Assets** |
| U.S. Exchange-Traded Funds | 96.1% |
| Purchased Options | 3.3% |
| Money Market Funds | 0.4% |
| Total Investments | 99.8% |
| Other Assets in Excess of Liabilities | 0.2% |
| **Net Assets** | **100.0%** |

---

---

| | |
|:---|:---|
| †† | 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. |

---

See Notes to Financial Statements.

**Simplify US Equity PLUS Downside Convexity ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **U.S. Exchange-Traded Funds – 97.3%** |  |  |
| **Equity Funds – 97.3%** |  |  |
| iShares Core S&P 500 ETF(a)(b) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $78,232,594) | 138273 | $85853706 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Purchased Options – 2.8%** |  |  |  |
| **Calls – Exchange-Traded – 2.1%** |  |  |  |
| S&P 500 Index, July Strike Price $6,200, Expires 7/03/25 | 156 | $96720000 | 489060 |
| S&P 500 Index, July Strike Price $6,300, Expires 7/07/25 | 66 | 41580000 | 28512 |
| S&P 500 Index, July Strike Price $6,275, Expires 7/09/25 | 156 | 97890000 | 264420 |
| S&P 500 Index, July Strike Price $6,300, Expires 7/18/25 | 162 | 102060000 | 531360 |
| S&P 500 Index, July Strike Price $6,500, Expires 7/31/25 | 297 | 193050000 | 289575 |
| S&P 500 Index, August Strike Price $6,400, Expires 8/15/25 | 41 | 26240000 | 194340 |
| S&P 500 Index, August Strike Price $6,650, Expires 8/15/25 | 104 | 69160000 | 67080 |
|  |  |  | 1864347 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Puts – Exchange-Traded – 0.7%** |  |  |  |
| Nasdaq 100 Index, July Strike Price $20,450, Expires 7/11/25(c) | 4.0 | 8180000.0 | 2160.0 |
| Nasdaq 100 Index, July Strike Price $20,600, Expires 7/16/25(c) | 4.0 | 8240000.0 | 6140.0 |
| Russell 2000 Index, July Strike Price $1,950, Expires 7/11/25(c) | 45.0 | 8775000.0 | 3262.0 |
| S&P 500 Index, July Strike Price $5,800, Expires 7/02/25 | 118.0 | 68440000.0 | 1180.0 |
| S&P 500 Index, July Strike Price $5,900, Expires 7/03/25 | 136.0 | 80240000.0 | 3400.0 |
| S&P 500 Index, July Strike Price $6,000, Expires 7/07/25 | 115.0 | 69000000.0 | 24150.0 |
| S&P 500 Index, July Strike Price $5,620, Expires 7/11/25(c) | 29.0 | 16298000.0 | 2972.0 |
| S&P 500 Index, July Strike Price $5,650, Expires 7/16/25(c) | 29.0 | 16385000.0 | 8700.0 |
| S&P 500 Index, July Strike Price $5,455, Expires 7/18/25(c) | 137.0 | 74733500.0 | 34935.0 |
| S&P 500 Index, August Strike Price $5,520, Expires 8/15/25(c) | 115.0 | 63480000.0 | 182275.0 |
| S&P 500 Index, September Strike Price $5,250, Expires 9/19/25(c) | 143.0 | 75075000.0 | 341055.0 |
| SPDR Gold Shares, July Strike Price $285, Expires 7/09/25(c) | 442.0 | 12597000.0 | 3757.0 |
| SPDR Gold Shares, July Strike Price $280, Expires 7/11/25(c) | 451.0 | 12628000.0 | 3383.0 |
|  |  |  | 617369.0 |
| Total Purchased Options (Cost $3,236,486) |  |  | 2481716.0 |

---

---

| | |
|:---|:---|
| Total Investments – 100.1% |  |
| &nbsp;&nbsp;&nbsp;(Cost $81,469,080) | $88335422 |
| Liabilities in Excess of Other Assets – (0.1)% | (122326) |
| **Net Assets – 100.0%** | $**88213096** |

---

See Notes to Financial Statements.

**Simplify US Equity PLUS Downside Convexity ETF**

**Schedule of Investments** (Continued)

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | **Value** |
| **Written Options – (0.5)%** |  |  |  |
| **Puts – Exchange-Traded – (0.5)%** |  |  |  |
| Nasdaq 100 Index, July Strike Price $21,450, Expires 7/11/25 | (4) | $(8580000) | $(8720) |
| Nasdaq 100 Index, July Strike Price $21,600, Expires 7/16/25 | (4) | (8640000) | (21140) |
| Russell 2000 Index, July Strike Price $2,050, Expires 7/11/25 | (45) | (9225000) | (13050) |
| S&P 500 Index, July Strike Price $5,920, Expires 7/11/25 | (29) | (17168000) | (13050) |
| S&P 500 Index, July Strike Price $5,960, Expires 7/16/25 | (29) | (17284000) | (35670) |
| S&P 500 Index, July Strike Price $5,155, Expires 7/18/25 | (137) | (70623500) | (19180) |
| S&P 500 Index, August Strike Price $5,220, Expires 8/15/25 | (115) | (60030000) | (97175) |
| S&P 500 Index, September Strike Price $4,950, Expires 9/19/25 | (143) | (70785000) | (212355) |
| SPDR Gold Shares, July Strike Price $295, Expires 7/09/25 | (442) | (13039000) | (17680) |
| SPDR Gold Shares, July Strike Price $290, Expires 7/11/25 | (451) | (13079000) | (10824) |
|  |  |  | (448844) |
| Total Written Options (Premiums Received $1,232,319) |  |  | $(448844) |

---

(a) A copy of
 the security's annual report to shareholders may be obtained without charge at www.ishares.com.

(b) Securities
 with an aggregate market value of $55,881,000 have been pledged as collateral for options as of June 30, 2025.

(c) Held in connection
 with Written Options.

**Summary of Investment Type††**

---

| | |
|:---|:---|
| **Investment Categories** | **% of<br> Net Assets** |
| U.S. Exchange-Traded Funds | 97.3% |
| Purchased Options | 2.8% |
| Total Investments | 100.1% |
| Liabilities in Excess of Other Assets | (0.1)% |
| **Net Assets** | **100.0%** |

---

---

| | |
|:---|:---|
| †† | 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. |

---

See Notes to Financial Statements.

**Simplify US Equity PLUS Upside Convexity ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **U.S. Exchange-Traded Funds – 95.1%** |  |  |
| **Equity Funds – 95.1%** |  |  |
| iShares Core S&P 500 ETF(a)(b) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $106,384,425) | 178654 | $110926269 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Purchased Options – 4.2%** |  |  |  |
| **Calls – Exchange-Traded – 4.2%** |  |  |  |
| S&P 500 Index, July Strike Price $5,970, Expires 7/18/25 | 188 | $112236000 | 4907740 |
| Total Purchased Options (Cost $2,169,591) |  |  | 4907740 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Money Market Funds – 1.0%** |  |  |
| Fidelity Investments Money Market Treasury Only Portfolio - Class I, 4.15%(c) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,172,677) | 1172677 | 1172677 |
| Total Investments – 100.3% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $109,726,693) |  | $117006686 |
| Liabilities in Excess of Other Assets – (0.3)% |  | (338853) |
| **Net Assets – 100.0%** |  | $**116667833** |

---

(a) A copy of
 the security's annual report to shareholders may be obtained without charge at www.ishares.com.

(b) Securities
 with an aggregate market value of $39,427,150 have been pledged as collateral for options as of June 30, 2025.

(c) Rate shown
 reflects the 7-day yield as of June 30, 2025.

**Summary of Investment Type††**

---

| | |
|:---|:---|
| **Investment Categories** | **% of <br> Net Assets** |
| U.S. Exchange-Traded Funds | 95.1% |
| Purchased Options | 4.2% |
| Money Market Funds | 1.0% |
| Total Investments | 100.3% |
| Liabilities in Excess of Other Assets | (0.3)% |
| **Net Assets** | **100.0%** |

---

---

| | |
|:---|:---|
| †† | 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. |

---

See Notes to Financial Statements.

**Simplify Bitcoin Strategy PLUS Income ETF**

**Consolidated Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. Treasury Bills – 194.9%** |  |  |
| U.S. Treasury Bill, 4.29%, 7/8/2025(a) | $6900000 | $6894432 |
| U.S. Treasury Bill, 4.31%, 7/29/2025(a)(b) | 3200000 | 3189668 |
| U.S. Treasury Bill, 4.34%, 8/5/2025(a)(b) | 2400000 | 2390074 |
| U.S. Treasury Bill, 4.35%, 8/7/2025(a)(c) | 60000000 | 59738410 |
| U.S. Treasury Bill, 4.31%, 8/26/2025(a)(b) | 25500000 | 25328739 |
| U.S. Treasury Bill, 4.33%, 9/30/2025(a)(b) | 4400000 | 4353314 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $101,895,476) |  | 101894637 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Purchased Options – 15.8%** |  |  |  |
| **Calls – Exchange-Traded – 15.6%** |  |  |  |
| iShares Bitcoin Trust, July Strike Price $53, Expires 7/03/25 | 5100 | 27030000 | 4233000 |
| S&P 500 Index, July Strike Price $6,200, Expires 7/03/25 | 172 | 106640000 | 539220 |
| S&P 500 Index, July Strike Price $6,300, Expires 7/07/25 | 153 | 96390000 | 66096 |
| S&P 500 Index, July Strike Price $6,275, Expires 7/09/25 | 352 | 220880000 | 596640 |
| S&P 500 Index, July Strike Price $6,300, Expires 7/18/25 | 385 | 242550000 | 1262800 |
| S&P 500 Index, July Strike Price $6,500, Expires 7/31/25 | 818 | 531700000 | 797550 |
| S&P 500 Index, August Strike Price $6,400, Expires 8/15/25 | 105 | 67200000 | 497700 |
| S&P 500 Index, August Strike Price $6,650, Expires 8/15/25 | 264 | 175560000 | 170280 |
|  |  |  | 8163286 |
| **Puts – Exchange-Traded – 0.2%** |  |  |  |
| Nasdaq 100 Index, July Strike Price $20,450, Expires 7/11/25(d) | 10 | 20450000 | 5400 |
| Nasdaq 100 Index, July Strike Price $20,600, Expires 7/16/25(d) | 10 | 20600000 | 15350 |
| Russell 2000 Index, July Strike Price $1,950, Expires 7/11/25(d) | 102 | 19890000 | 7395 |
| S&P 500 Index, July Strike Price $5,800, Expires 7/02/25 | 130 | 75400000 | 1300 |
| S&P 500 Index, July Strike Price $5,900, Expires 7/03/25 | 157 | 92630000 | 3925 |
| S&P 500 Index, July Strike Price $6,000, Expires 7/07/25 | 134 | 80400000 | 28140 |
| S&P 500 Index, July Strike Price $5,620, Expires 7/11/25(d) | 67 | 37654000 | 6868 |
| S&P 500 Index, July Strike Price $5,650, Expires 7/16/25(d) | 67 | 37855000 | 20100 |
| SPDR Gold Shares, July Strike Price $285, Expires 7/09/25(d) | 1016 | 28956000 | 8636 |
| SPDR Gold Shares, July Strike Price $280, Expires 7/11/25(d) | 1030 | 28840000 | 7725 |
|  |  |  | 104839 |
| Total Purchased Options (Cost $6,520,384) |  |  | 8268125 |

---

---

| | |
|:---|:---|
| Total Investments – 210.7% |  |
| &nbsp;&nbsp;&nbsp;(Cost $108,415,860) | $110162762 |
| Liabilities in Excess of Other Assets – (110.7)% | (57871938) |
| **Net Assets – 100.0%** | $**52290824** |

---

See Notes to Financial Statements.

**Simplify Bitcoin Strategy PLUS Income ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional <br> Amount** | **Value** |
| **Written Options – (0.5)%** |  |  |  |
| **Puts – Exchange-Traded – (0.5)%** |  |  |  |
| Nasdaq 100 Index, July Strike Price $21,450, Expires 7/11/25 | (10) | $(21450000) | $(21800) |
| Nasdaq 100 Index, July Strike Price $21,600, Expires 7/16/25 | (10) | (21600000) | (52850) |
| Russell 2000 Index, July Strike Price $2,050, Expires 7/11/25 | (102) | (20910000) | (29580) |
| S&P 500 Index, July Strike Price $5,920, Expires 7/11/25 | (67) | (39664000) | (30150) |
| S&P 500 Index, July Strike Price $5,960, Expires 7/16/25 | (67) | (39932000) | (82410) |
| SPDR Gold Shares, July Strike Price $295, Expires 7/09/25 | (1016) | (29972000) | (40640) |
| SPDR Gold Shares, July Strike Price $290, Expires 7/11/25 | (1030) | (29870000) | (24720) |
|  |  |  | (282150) |
| Total Written Options (Premiums Received $374,329) |  |  | $(282150) |

---

(a) Represents
 a zero coupon bond. Rate shown reflects the effective yield.

(b) Securities
 with an aggregate market value of $32,480,600 have been pledged as collateral for options and futures as of June 30, 2025.

(c) Security,
 or a portion thereof, in the amount of $59,738,410 has been pledged as collateral for reverse repurchase agreements as of June 30, 2025.
 See note 5 for additional information

(d) Held
 in connection with Written Options.

**At June 30, 2025, open futures contracts were as follows:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts** | **Notional**<br> **Value** | **Expiration**<br> **Date** | **Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Long position contracts:** |  |  |  |  |
| CME Bitcoin Futures | 82 | $44376350 | 7/25/25 | $516580 |

---

**Summary of Investment Type††**

---

| | |
|:---|:---|
| **Investment Categories** | **% of <br> Net Assets** |
| U.S. Treasury Bills | 194.9% |
| Purchased Options | 15.8% |
| Total Investments | 210.7% |
| Liabilities in Excess of Other Assets | (110.7)% |
| **Net Assets** | **100.0%** |

---

---

| | |
|:---|:---|
| †† | 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. |

---

**At June 30, 2025, open reverse repurchase agreements were as follows:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Interest Rate** | **Trade Date** | **Maturity Date** | **Face Amount** | **Payable for<br> Reverse<br> Repurchase<br> Agreements** |
| Morgan Stanley Capital Services LLC | 4.53% | 6/30/2025 | 7/1/2025 | $58542856 | $58542856 |
|  |  |  |  | $58542856 | $58542856 |

---

See Notes to Financial Statements.

**Simplify Gold Strategy PLUS Income ETF**

**Consolidated Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. Treasury Bills – 92.9%** |  |  |
| U.S. Treasury Bill, 4.29%, 7/8/2025(a) | $1900000 | $1898467 |
| U.S. Treasury Bill, 4.31%, 7/29/2025(a) | 5720000 | 5701530 |
| U.S. Treasury Bill, 4.34%, 8/5/2025(a) | 2600000 | 2589246 |
| U.S. Treasury Bill, 4.31%, 8/26/2025(a)(b) | 9900000 | 9833511 |
| U.S. Treasury Bill, 4.33%, 9/30/2025(a)(b) | 6300000 | 6233155 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $26,256,529) |  | 26255909 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Purchased Options – 3.0%** |  |  |  |
| **Calls – Exchange-Traded – 2.9%** |  |  |  |
| S&P 500 Index, July Strike Price $6,200, Expires 7/03/25 | 53 | 32860000 | 166155 |
| S&P 500 Index, July Strike Price $6,300, Expires 7/07/25 | 42 | 26460000 | 18144 |
| S&P 500 Index, July Strike Price $6,275, Expires 7/09/25 | 108 | 67770000 | 183060 |
| S&P 500 Index, July Strike Price $6,300, Expires 7/18/25 | 51 | 32130000 | 167280 |
| S&P 500 Index, July Strike Price $6,500, Expires 7/31/25 | 100 | 65000000 | 97500 |
| S&P 500 Index, August Strike Price $6,400, Expires 8/15/25 | 28 | 17920000 | 132720 |
| S&P 500 Index, August Strike Price $6,650, Expires 8/15/25 | 69 | 45885000 | 44505 |
|  |  |  | 809364 |
| **Puts – Exchange-Traded – 0.1%** |  |  |  |
| Nasdaq 100 Index, July Strike Price $20,450, Expires 7/11/25(c) | 2 | 4090000 | 1080 |
| Nasdaq 100 Index, July Strike Price $20,600, Expires 7/16/25(c) | 2 | 4120000 | 3070 |
| Russell 2000 Index, July Strike Price $1,950, Expires 7/11/25(c) | 28 | 5460000 | 2030 |
| S&P 500 Index, July Strike Price $5,800, Expires 7/02/25 | 40 | 23200000 | 400 |
| S&P 500 Index, July Strike Price $5,900, Expires 7/03/25 | 44 | 25960000 | 1100 |
| S&P 500 Index, July Strike Price $6,000, Expires 7/07/25 | 37 | 22200000 | 7770 |
| S&P 500 Index, July Strike Price $5,620, Expires 7/11/25(c) | 18 | 10116000 | 1845 |
| S&P 500 Index, July Strike Price $5,650, Expires 7/16/25(c) | 18 | 10170000 | 5400 |
| SPDR Gold Shares, July Strike Price $285, Expires 7/09/25(c) | 290 | 8265000 | 2465 |
| SPDR Gold Shares, July Strike Price $280, Expires 7/11/25(c) | 286 | 8008000 | 2145 |
|  |  |  | 27305 |
| Total Purchased Options (Cost $583,742) |  |  | 836669 |

---

---

| | |
|:---|:---|
| Total Investments – 95.9% |  |
| &nbsp;&nbsp;&nbsp;(Cost $26,840,271) | $27092578 |
| Other Assets in Excess of Liabilities – 4.1% | 1157034 |
| **Net Assets – 100.0%** | $**28249612** |

---

See Notes to Financial Statements.

**Simplify Gold Strategy PLUS Income ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional <br> Amount** | **Value** |
| **Written Options – (0.3)%** |  |  |  |
| **Puts – Exchange-Traded – (0.3)%** |  |  |  |
| Nasdaq 100 Index, July Strike Price $21,450, Expires 7/11/25 | (2) | $(4290000) | $(4360) |
| Nasdaq 100 Index, July Strike Price $21,600, Expires 7/16/25 | (2) | (4320000) | (10570) |
| Russell 2000 Index, July Strike Price $2,050, Expires 7/11/25 | (28) | (5740000) | (8120) |
| S&P 500 Index, July Strike Price $5,920, Expires 7/11/25 | (18) | (10656000) | (8100) |
| S&P 500 Index, July Strike Price $5,960, Expires 7/16/25 | (18) | (10728000) | (22140) |
| SPDR Gold Shares, July Strike Price $295, Expires 7/09/25 | (290) | (8555000) | (11600) |
| SPDR Gold Shares, July Strike Price $290, Expires 7/11/25 | (286) | (8294000) | (6864) |
|  |  |  | (71754) |
| Total Written Options (Premiums Received $95,571) |  |  | $(71754) |

---

(a) Represents
 a zero coupon bond. Rate shown reflects the effective yield.

(b) Securities
 with an aggregate market value of $10,275,426 have been pledged as collateral for options and futures as of June 30, 2025.

(c) Held
 in connection with Written Options.

**At June 30, 2025, open futures contracts were as follows:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts** | **Notional**<br> **Value** | **Expiration**<br> **Date** | **Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Long position contracts:** |  |  |  |  |
| Gold 100 OZ Future | 119 | $39361630 | 8/27/25 | $(372470) |

---

**Summary of Investment Type††**

---

| | |
|:---|:---|
| **Investment Categories** | **% of <br> Net Assets** |
| U.S. Treasury Bills | 92.9% |
| Purchased Options | 3.0% |
| Total Investments | 95.9% |
| Other Assets in Excess of Liabilities | 4.1% |
| **Net Assets** | **100.0%** |

---

---

| | |
|:---|:---|
| †† | 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. |

---

See Notes to Financial Statements

**Simplify Multi-QIS Alternative ETF**

**Consolidated Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. Treasury Bills – 85.5%** |  |  |
| U.S. Treasury Bill, 4.29%, 7/8/2025(a)(b) | $24050000 | $24030595 |
| U.S. Treasury Bill, 4.30%, 7/29/2025(a)(b) | 25000000 | 24919276 |
| U.S. Treasury Bill, 4.33%, 8/5/2025(a)(b) | 7100000 | 7070634 |
| U.S. Treasury Bill, 4.31%, 8/26/2025(a)(b) | 6000000 | 5959703 |
| U.S. Treasury Bill, 4.33%, 9/30/2025(a)(b) | 20400000 | 20183549 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $82,162,315) |  | 82163757 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Purchased Options – 8.0%** |  |  |  |
| **Calls – Exchange-Traded – 7.7%** |  |  |  |
| CBOE VIX, August Strike Price $30, Expires 8/20/25 | 555 | 1665000 | 53835 |
| S&P 500 Index, July Strike Price $6,200, Expires 7/03/25 | 333 | 206460000 | 1043955 |
| S&P 500 Index, July Strike Price $6,300, Expires 7/07/25 | 283 | 178290000 | 122256 |
| S&P 500 Index, July Strike Price $6,275, Expires 7/09/25 | 686 | 430465000 | 1162770 |
| S&P 500 Index, July Strike Price $6,300, Expires 7/18/25 | 741 | 466830000 | 2430480 |
| S&P 500 Index, July Strike Price $6,500, Expires 7/31/25 | 1403 | 911950000 | 1367925 |
| S&P 500 Index, August Strike Price $6,400, Expires 8/15/25 | 188 | 120320000 | 891120 |
| S&P 500 Index, August Strike Price $6,650, Expires 8/15/25 | 470 | 312550000 | 303150 |
|  |  |  | 7375491 |
| **Puts - Over the Counter Barrier Options – 0.3%** |  |  |  |
| RTY, Expires 1/26/26 90% Put/70% KO (Counterparty: Goldman) | 12352 | 25199451 | 280528 |
| SPX/USDJPY, Expires 7/18/25, <5690.9275/149.85 (Counterparty: Goldman) | 1330000 | 1330000 | 23742 |
|  |  |  | 304270 |
| **Puts – Exchange-Traded – 0.0%†** |  |  |  |
| S&P 500 Index, July Strike Price $6,000, Expires 7/07/25 | 248 | 148800000 | 52080 |
| Total Purchased Options (Cost $5,411,945) |  |  | 7731841 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **U.S. Exchange-Traded Funds – 7.9%** |  |  |
| **Alternative Funds – 7.9%** |  |  |
| Simplify Currency Strategy ETF(c) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,638,913) | 289943 | 7566932 |
| Total Investments – 101.4% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $95,213,173) |  | $97462530 |
| Liabilities in Excess of Other Assets – (1.4)% |  | (1343922) |
| **Net Assets – 100.0%** |  | $**96118608** |

---

See Notes to Financial Statements.

**Simplify Multi-QIS Alternative ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional <br> Amount** | **Value** |
| **Written Option – (0.4)%** |  |  |  |
| **Puts - Over the Counter Barrier Options – (0.4)%** |  |  |  |
| SPX/RTY/NDX WOF, Expires 5/22/26, P100%/70% NC1 EKI (Counterparty: Nomura International) (Premiums Received $572,500) | (25000000) | $(17500000) | $(337500) |

---

(a) Represents
 a zero coupon bond. Rate shown reflects the effective yield.

(b) Securities
 with an aggregate market value of $54,110,378 have been pledged as collateral for options and swaps as of June 30, 2025.

(c) Affiliated
 fund managed by Simplify Asset Management Inc.

**Affiliates**

Fiscal year to date transactions with companies which are or were affiliates are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliate** | **Value at**<br> **beginning of**<br> **the period** | **Purchases**<br> **Cost** | **Sales**<br> **Proceeds** | **Return of**<br> **Capital** | **Net Realized**<br> **Gain/(Loss)** | **Net Change in<br> Unrealized** | **Value at**<br> **the end of**<br> **the period** | **Number of<br> Shares at<br> the end of<br> the period** | **Dividend**<br> **Income** |
| Simplify Currency Strategy ETF | $— | $12035656 | $(4065456) | $(85617) | $(261382) | $(71981) | $7566932 | 289943 | $89863 |
|  | $**—** | $**12035656** | $**(4065456)** | $**(85617)** | $**(261382)** | $**(71981)** | $**7566932** | **289943** | $**89863** |

---

As of June 30, 2025, the Fund had the following forward foreign currency contracts outstanding:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br> Date** | **Currency To<br> Deliver** | **Currency To<br> Deliver** | **Currency To<br> Receive** | **Currency To<br> Receive** | **Unrealized** **<br> Appreciation** | **Unrealized<br> Depreciation** |
| Citigroup Global Markets | 9/17/2025 | USD | 3304614 | EUR | 2850000 | $70507 | $— |
| Citigroup Global Markets | 9/17/2025 | JPY | 462460000 | USD | 3215387 |  | (25243) |
| Citigroup Global Markets | 9/17/2025 | CHF | 7910000 | USD | 9937198 |  | (133028) |
| Citigroup Global Markets | 9/17/2025 | CAD | 3410000 | USD | 2524830 | 10558 |  |
| Citigroup Global Markets | 9/17/2025 | JPY | 354250000 | USD | 2473969 |  | (8394) |
| Citigroup Global Markets | 9/17/2025 | GBP | 2410000 | USD | 3254491 |  | (55318) |
| Citigroup Global Markets | 9/17/2025 | EUR | 2850000 | USD | 3266819 |  | (108301) |
| Goldman Sachs & Co. | 9/17/2025 | GBP | 110000 | USD | 149889 |  | (1181) |
| Citigroup Global Markets | 9/17/2025 | CAD | 3180000 | USD | 2325187 |  | (19501) |
| Citigroup Global Markets | 9/17/2025 | SEK | 31280000 | USD | 3260007 |  | (63754) |
| Citigroup Global Markets | 9/17/2025 | AUD | 11430000 | USD | 7507910 |  | (27316) |
| Citigroup Global Markets | 9/17/2025 | CHF | 170000 | USD | 213311 |  | (3116) |
| Citigroup Global Markets | 9/17/2025 | AUD | 5020000 | USD | 3267854 |  | (41580) |
| Citigroup Global Markets | 9/17/2025 | NOK | 54440000 | USD | 5386793 |  | (17007) |
| Citigroup Global Markets | 9/17/2025 | CAD | 3210000 | USD | 2348216 |  | (18592) |
| Goldman Sachs & Co. | 9/17/2025 | AUD | 4650000 | USD | 3025834 |  | (39678) |
| Goldman Sachs & Co. | 9/17/2025 | EUR | 1980000 | USD | 2311764 |  | (33056) |
| Goldman Sachs & Co. | 9/17/2025 | GBP | 3520000 | USD | 4721746 |  | (112499) |
| Citigroup Global Markets | 9/17/2025 | JPY | 469940000 | USD | 3278142 |  | (14904) |
| Citigroup Global Markets | 9/17/2025 | NOK | 45960000 | USD | 4537520 |  | (24542) |
| Goldman Sachs & Co. | 9/17/2025 | NOK | 24600000 | USD | 2430985 |  | (10849) |
| Citigroup Global Markets | 9/17/2025 | SEK | 42930000 | USD | 4551140 |  | (10530) |
| Citigroup Global Markets | 9/17/2025 | USD | 3255329 | AUD | 5020000 | 54105 |  |
| Goldman Sachs & Co. | 9/17/2025 | USD | 3033553 | AUD | 4650000 | 31959 |  |
| Citigroup Global Markets | 9/17/2025 | USD | 2302481 | CAD | 3140000 | 12714 |  |
| Goldman Sachs & Co. | 9/17/2025 | USD | 4886211 | CAD | 6660000 | 24362 |  |

---

See Notes to Financial Statements.

**Simplify Multi-QIS Alternative ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br> Date** | **Currency To<br> Deliver** | **Currency To<br> Deliver** | **Currency To<br> Receive** | **Currency To<br> Receive** | **Unrealized** **<br> Appreciation** | **Unrealized<br> Depreciation** |
| Citigroup Global Markets | 9/17/2025 | USD | 2460787 | CHF | 2000000 | $85414 | $— |
| Citigroup Global Markets | 9/17/2025 | USD | 5710714 | EUR | 4870000 | 56597 |  |
| Goldman Sachs & Co. | 9/17/2025 | USD | 2305145 | EUR | 1980000 | 39676 |  |
| Citigroup Global Markets | 9/17/2025 | USD | 6795459 | GBP | 4970000 | 30164 |  |
| Citigroup Global Markets | 9/17/2025 | USD | 3274461 | GBP | 2410000 | 35348 |  |
| Goldman Sachs & Co. | 9/17/2025 | USD | 4634176 | GBP | 3440000 | 90199 |  |
| Goldman Sachs & Co. | 9/17/2025 | USD | 4785019 | GBP | 3520000 | 49225 |  |
| Citigroup Global Markets | 9/17/2025 | USD | 5748635 | JPY | 824190000 | 26773 |  |
| Citigroup Global Markets | 9/17/2025 | USD | 5513258 | JPY | 790920000 | 29014 |  |
| Goldman Sachs & Co. | 9/17/2025 | USD | 3442226 | JPY | 495050000 | 26774 |  |
| Citigroup Global Markets | 9/17/2025 | USD | 2430605 | NOK | 24600000 | 11230 |  |
| Citigroup Global Markets | 9/17/2025 | USD | 2328789 | NOK | 23250000 |  | (20958) |
| Goldman Sachs & Co. | 9/17/2025 | USD | 59295 | NOK | 600000 | 262 |  |
| Goldman Sachs & Co. | 9/17/2025 | USD | 7608867 | SEK | 71780000 | 18357 |  |
| Goldman Sachs & Co. | 9/17/2025 | USD | 256518 | SEK | 2430000 | 1690 |  |
| Total unrealized appreciation (depreciation) |  |  |  |  |  | $704928 | $(789347) |

---

**<u>Currency Abbreviations</u>**

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| EUR | Euro |
| GBP | Pound Sterling |
| JPY | Japanese Yen |
| NOK | Norwegian Krone |
| SEK | Swedish Krona |
| USD | U.S. Dollar |

---

Abbreviations:

KO - Knock Out. - Represents a knock-out option contract with a built-in mechanism to expire worthless if a specified price level in the underlying asset(s) is reached.

EKI - European Knock In. - Represents a knock-in option contract that begins to function as a normal option only once a certain price level is reached before expiration.

**Summary of Investment Type††**

---

| | |
|:---|:---|
| **Investment Categories** | **% of<br> Net Assets** |
| U.S. Treasury Bills | 85.5% |
| Purchased Options | 8.0% |
| U.S. Exchange-Traded Funds | 7.9% |
| Total Investments | 101.4% |
| Liabilities in Excess of Other Assets | (1.4)% |
| **Net Assets** | **100.0%** |

---

---

| | |
|:---|:---|
| †† | 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. |

---

See Notes to Financial Statements.

**Simplify Multi-QIS Alternative ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

At June 30, 2025, over the counter total return swap contracts outstanding were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/Index** | **Termination**<br> **Date(a)** | **Financing <br> Rate Paid <br> (Received) <br> by the Fund** | **Counterparty** | **Notional <br> Amount** | **Unrealized<br> Appreciation/<br> (Depreciation)(b)** |
| ARCMBBARS\* | 12/12/2025 | 0.00%(c) | BOFA | 14454119 | $1953 |
| ARCMCC1RS\* | 6/15/2026 | 0.00%(c) | CITI | 15000010 | 20021 |
| ARCMCC2RS\* | 6/15/2026 | 0.00%(c) | GS | 15004544 | 16682 |
| ARFIFMRRS\* | 10/15/2025 | 0.00%(c) | UBS | 25108638 | 66407 |
| ARFXXCCRS\* | 2/17/2026 | 0.00%(c) | DB | 15178095 | 45494 |
| BACVWWTRS\* | 10/15/2025 | 0.00%(c) | BOA | 9479504 | (61638) |
| BNPXVTRS\* | 7/15/2025 | 0.19%(c) | BNP | 9029890 | (11896) |
| CTABOATRS<sup>(1)</sup> | 3/13/2026 | 4.88% (SOFR+0.55%)(c) | BOA | 48265395 | (2745526) |
| DFEQDLPRS\* | 5/15/2026 | 0.00%(c) | BOA | 29458108 | (111745) |
| DFEQGDTRS\* | 10/15/2025 | 0.15%(c) | UBS | 11901242 | (11029) |
| DFEQPR2RS\* | 4/15/2026 | 0.00%(c) | BOA | 30114910 | 7658 |
| DFEQUDVRS\* | 4/15/2026 | 0.00%(c) | GS | 21174383 | (10607) |
| DFFIERVRS\* | 12/12/2025 | 0.00%(c) | NOM | 11488677 | (18247) |
| FOXBOATRS<sup>(2)</sup> | 3/13/2026 | 4.88% (SOFR+0.55%)(c) | BOA | 1325705 | (23139) |
| FOXCI1TRS<sup>(2)</sup> | 3/13/2026 | 4.98% (SOFR+0.65%)(c) | CITI | 758303 | (13259) |
| GSISCDTRS\* | 10/15/2025 | 0.00%(c) | GS | 12463284 | (5708) |
| JPOSFTRS\* | 7/15/2025 | 0.00%(c) | JPM | 20385725 | 82981 |
| Morgan Stanley Custom Junk Index\* | 2/17/2026 | 4.08% (EFFR - 0.25%)(c) | MSCS | (37860353) | (320059) |
| Morgan Stanley Custom Quality Index\* | 2/17/2026 | 4.68% (EFFR + 0.35%)(c) | MSCS | 48005023 | 475267 |
| MQCP44TRS\* | 10/15/2025 | 0.00%(c) | MAC | 9910004 | 74868 |
| MSVXCSTRS\* | 10/15/2025 | 0.00%(c) | MS | 29304849 | 248167 |
| NMVVR1TRS\* | 10/15/2025 | 0.00%(c) | NOM | 11422613 | 123838 |
| SGDRCTTRS\* | 1/20/2026 | 0.18%(c) | SG | 7879108 | 50766 |
| SGIXTTTRS\* | 12/31/2049 | 0.20%(c) | SG | 9546480 | 37210 |
| VCEQCE1RS\* | 1/16/2026 | 0.10%(c) | BOA | 7707533 | 15364 |
| VCEQCE2RS\* | 1/16/2026 | 0.10%(c) | BOA | 7735738 | 8000 |
| VCEQUSURS\* | 5/15/2026 | 0.00%(c) | BOA | 29713293 | 22485 |
| VMACBTRS\* | 10/15/2025 | 0.15%(c) | MAC | 12129505 | (70810) |
|  |  |  |  |  | $(2106502) |

---

\* The components of the basket shown below. The aggregate unrealized of the constituents of the swap reference index have been shown below for derivative based indices.

(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.

(1) Based on Simplify Managed Futures Strategy ETF.

(2) Based on Simplify Currency Strategy ETF.

Abbreviations:

---

| | | |
|:---|:---|:---|
| BNP | : | BNP Paribas |
| BOFA | : | Bank of America |
| EFFR | : | Effective Federal Funds Rate |
| GS | : | Goldman Sachs |
| JPM | : | JP Morgan |
| MSCS | : | Morgan Stanley Capital Services LLC |

---

See Notes to Financial Statements.

**Simplify Multi-QIS Alternative ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

NOM : Nomura International <br> SOFR : Secured Overnight Financing Rate

**\*** **The following table shows the top 50 positions and related values of the securities within the ARCMBBARS (Diversified Commodity Carry Basket 2, Commodity) basket.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional <br> Value** | **Long <br> Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| XBQ5 Comdty | $1770922 | Short |  | 3.7% |
| HOQ5 Comdty | 1770922 | Long |  | 3.7% |
| LHQ5 Comdty | 1410425 | Short |  | 3.0% |
| LHQ5 Comdty | 1096285 | Long |  | 2.3% |
| FCQ5 Comdty | 1096285 | Short |  | 2.3% |
| SBV5 Comdty | 1096285 | Long |  | 2.3% |
| HGU5 Comdty | 1096285 | Short |  | 2.3% |
| SMZ5 Comdty | 1096285 | Long |  | 2.3% |
| CCU5 Comdty | 1096285 | Short |  | 2.3% |
| QCU5 Comdty | 1096285 | Long |  | 2.3% |
| LPQ25 Comdty | 1096285 | Long |  | 2.3% |
| CAU5 Comdty | 1096285 | Short |  | 2.3% |
| BOZ5 Comdty | 1096285 | Short |  | 2.3% |
| KWU5 Comdty | 1096285 | Long |  | 2.3% |
| QSQ5 Comdty | 1062553 | Long |  | 2.2% |
| LCQ5 Comdty | 1055329 | Short |  | 2.2% |
| LCZ5 Comdty | 1049422 | Long |  | 2.2% |
| BOQ5 Comdty | 1031344 | Long |  | 2.2% |
| SMZ5 Comdty | 1030354 | Short |  | 2.2% |
| S Q5 Comdty | 1030055 | Long |  | 2.2% |
| BOZ5 Comdty | 1027210 | Short |  | 2.2% |
| SMQ5 Comdty | 1021463 | Long |  | 2.2% |
| W U5 Comdty | 1015252 | Short |  | 2.1% |
| W H6 Comdty | 1013576 | Long |  | 2.1% |
| SBH6 Comdty | 1012411 | Long |  | 2.1% |
| SBV5 Comdty | 1006967 | Short |  | 2.1% |
| LHN5 Comdty | 1000797 | Long |  | 2.1% |
| KWZ5 Comdty | 1000042 | Long |  | 2.1% |
| KWU5 Comdty | 999223 | Short |  | 2.1% |
| NGJ26 Comdty | 994172 | Long |  | 2.1% |
| NGH26 Comdty | 990583 | Short |  | 2.1% |
| XBQ5 Comdty | 959920 | Short |  | 2.0% |
| SMZ5 Comdty | 873781 | Long |  | 1.8% |
| GBP-UNK | 730857 | Long |  | 1.5% |
| EUR-UNK | 730857 | Short |  | 1.5% |
| QWV5 Comdty | 726794 | Short |  | 1.5% |
| CLQ5 Comdty | 708369 | Short |  | 1.5% |
| S U5 Comdty | 619821 | Short |  | 1.3% |
| BOZ5 Comdty | 520311 | Short |  | 1.1% |
| CLQ5 Comdty | 492702 | Long |  | 1.0% |
| CAD-UNK | 491880 | Long |  | 1.0% |
| RSX5 Comdty | 491880 | Long |  | 1.0% |
| COU5 Comdty | 486668 | Long |  | 1.0% |
| EUR-UNK | 471417 | Short |  | 1.0% |
| IJQ5 Comdty | 471417 | Short |  | 1.0% |
| W U5 Comdty | 450794 | Long |  | 1.0% |
| C U5 Comdty | 447765 | Long |  | 0.9% |

---

See Notes to Financial Statements.

**Simplify Multi-QIS Alternative ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional**<br> **Value** | **Long<br> Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| S X5 Comdty | 418093 | Short |  | 0.9% |
| LHZ5 Comdty | 402402 | Short |  | 0.9% |
| LHQ5 Comdty | 391544 | Short |  | 0.8% |
| Other Components | 2085605 |  |  | 5.1% |
| **Total** |  |  | **1953** | **100.0%** |

---

**\*** **The following table shows the top 50 positions and related values of the securities within the ARCMCC1RS (Diversified Commodity Carry Basket 2, Commodity) basket.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional <br> Value** | **Long <br> Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| HGH6 Comdty | $6896128 | Long |  | 8.6% |
| S Q5 Comdty | 3627336 | Short |  | 4.5% |
| NGH6 Comdty | 3468372 | Long |  | 4.3% |
| GCG6 Comdty | 2240913 | Long |  | 2.8% |
| SMQ5 Comdty | 2137337 | Long |  | 2.7% |
| LCZ5 Comdty | 2095854 | Long |  | 2.6% |
| BOQ5 Comdty | 2040079 | Long |  | 2.5% |
| SIH6 Comdty | 2007183 | Long |  | 2.5% |
| SIU5 Comdty | 1963487 | Short |  | 2.5% |
| SBV5 Comdty | 1643706 | Short |  | 2.1% |
| SBH6 Comdty | 1594446 | Long |  | 2.0% |
| CLQ5 Comdty | 1523055 | Short |  | 1.9% |
| SBV5 Comdty | 1467265 | Short |  | 1.8% |
| FCQ5 Comdty | 1430473 | Short |  | 1.8% |
| XBQ5 Comdty | 1357177 | Long |  | 1.7% |
| KCH6 Comdty | 1265408 | Long |  | 1.6% |
| GCG6 Comdty | 1212970 | Long |  | 1.5% |
| GCQ5 Comdty | 1212304 | Short |  | 1.5% |
| KCU5 Comdty | 1182854 | Short |  | 1.5% |
| GCZ5 Comdty | 1110750 | Short |  | 1.4% |
| GCQ5 Comdty | 1107525 | Short |  | 1.4% |
| NGH6 Comdty | 964514 | Long |  | 1.2% |
| LAU5 Comdty | 848283 | Short |  | 1.1% |
| CCU5 Comdty | 847110 | Short |  | 1.1% |
| HOQ5 Comdty | 745462 | Long |  | 0.9% |
| LCG6 Comdty | 696196 | Long |  | 0.9% |
| CLH6 Comdty | 695161 | Long |  | 0.9% |
| LCQ5 Comdty | 686733 | Short |  | 0.9% |
| NGU5 Comdty | 616763 | Short |  | 0.8% |
| LAQ5 Comdty | 614799 | Short |  | 0.8% |
| COH6 Comdty | 607256 | Long |  | 0.8% |
| KWU5 Comdty | 589033 | Short |  | 0.7% |
| BOZ5 Comdty | 551001 | Short |  | 0.7% |
| W U5 Comdty | 535877 | Short |  | 0.7% |
| CLH6 Comdty | 525316 | Long |  | 0.7% |
| COU5 Comdty | 522365 | Short |  | 0.7% |
| LHG6 Comdty | 501445 | Long |  | 0.6% |
| HGH6 Comdty | 499997 | Long |  | 0.6% |
| CLU5 Comdty | 488043 | Short |  | 0.6% |
| COH6 Comdty | 487176 | Long |  | 0.6% |

---

See Notes to Financial Statements.

**Simplify Multi-QIS Alternative ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional**<br> **Value** | **Long<br> Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | <br>**% of basket** |
| HGU5 Comdty | 480351 | Short |  | 0.6% |
| CLU5 Comdty | 462419 | Short |  | 0.6% |
| S X5 Comdty | 440457 | Short |  | 0.6% |
| S H6 Comdty | 439593 | Long |  | 0.5% |
| BOF6 Comdty | 425245 | Long |  | 0.5% |
| LCZ5 Comdty | 413284 | Long |  | 0.5% |
| CTH6 Comdty | 399453 | Long |  | 0.5% |
| S X5 Comdty | 391145 | Short |  | 0.5% |
| SIH6 Comdty | 388745 | Long |  | 0.5% |
| SIU5 Comdty | 388222 | Short |  | 0.5% |
| Other Components | 21240097 |  |  | 26.2% |
| **Total** |  |  | **20021** | **100.0%** |

---

**\*** **The following table shows the top 50 positions and related values of the securities within the ARCMCC2RS (Diversified Commodity Carry Basket 2, Commodity) basket.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional <br> Value** | **Long <br> Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| GCZ5 Comdty | $2964605 | Long |  | 6.1% |
| GCQ5 Comdty | 2803965 | Short |  | 5.8% |
| NGF26 Comdty | 2045286 | Long |  | 4.2% |
| C U5 Comdty | 1522390 | Short |  | 3.1% |
| NGU25 Comdty | 1414660 | Short |  | 2.9% |
| NGF26 Comdty | 1327632 | Long |  | 2.7% |
| NGX25 Comdty | 1314951 | Short |  | 2.7% |
| COX5 Comdty | 1118664 | Long |  | 2.3% |
| COU5 Comdty | 1100269 | Short |  | 2.3% |
| HGU5 Comdty | 1070569 | Long |  | 2.2% |
| S F6 Comdty | 1025212 | Long |  | 2.1% |
| COX5 Comdty | 1007670 | Long |  | 2.1% |
| CLU5 Comdty | 994041 | Long |  | 2.0% |
| HGZ5 Comdty | 942804 | Short |  | 1.9% |
| C N6 Comdty | 924223 | Long |  | 1.9% |
| S H6 Comdty | 890400 | Short |  | 1.8% |
| SIU5 Comdty | 870509 | Long |  | 1.8% |
| W U5 Comdty | 849111 | Short |  | 1.7% |
| SIU5 Comdty | 837079 | Short |  | 1.7% |
| C H6 Comdty | 729756 | Long |  | 1.5% |
| LAG26 Comdty | 708898 | Long |  | 1.5% |
| BOZ5 Comdty | 707379 | Long |  | 1.5% |
| BOZ5 Comdty | 680214 | Short |  | 1.4% |
| XBU5 Comdty | 653542 | Short |  | 1.3% |
| LCV5 Comdty | 634669 | Long |  | 1.3% |
| BOF6 Comdty | 623070 | Short |  | 1.3% |
| BOK6 Comdty | 622605 | Long |  | 1.3% |
| LCQ5 Comdty | 621040 | Short |  | 1.3% |
| SBV5 Comdty | 610223 | Short |  | 1.3% |
| COH6 Comdty | 604186 | Short |  | 1.2% |
| LCZ5 Comdty | 568490 | Short |  | 1.2% |
| LCV5 Comdty | 568289 | Long |  | 1.2% |

---

See Notes to Financial Statements.

**Simplify Multi-QIS Alternative ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional<br> Value** | **Long<br> Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| SMZ5 Comdty | 553098 | Long |  | 1.1% |
| CLN6 Comdty | 526484 | Short |  | 1.1% |
| LAK26 Comdty | 498068 | Short |  | 1.0% |
| SMH6 Comdty | 487959 | Short |  | 1.0% |
| CTZ5 Comdty | 484241 | Short |  | 1.0% |
| W U5 Comdty | 460867 | Long |  | 0.9% |
| QSU5 Comdty | 439356 | Long |  | 0.9% |
| KCK6 Comdty | 438099 | Long |  | 0.9% |
| SBH6 Comdty | 428986 | Long |  | 0.9% |
| KCK6 Comdty | 409193 | Short |  | 0.8% |
| W K6 Comdty | 405764 | Long |  | 0.8% |
| LNG6 Comdty | 398713 | Long |  | 0.8% |
| QSK6 Comdty | 385623 | Short |  | 0.8% |
| LNU5 Comdty | 375542 | Short |  | 0.8% |
| LHQ5 Comdty | 372176 | Short |  | 0.8% |
| SBH6 Comdty | 363503 | Long |  | 0.7% |
| LXG6 Comdty | 359689 | Long |  | 0.7% |
| XBU5 Comdty | 354719 | Long |  | 0.7% |
| Other Components | 7549237 |  |  | 15.7% |
| **Total** |  |  | **16682** | **100.0%** |

---

**\*** **The following table shows the individual positions and related values of the securities within the ARFIFMRRS (FX Mean Reversion, Foreign Exchange) basket.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional**<br> **Value** | **Long**<br> **Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| CHF/USD 09/30/2025 Curncy | $4536562 | Short |  | 36.4% |
| CAD/USD 10/01/2025 Curncy | 2560811 | Long |  | 20.6% |
| NOK/USD 09/30/2025 Curncy | 2453234 | Long |  | 19.7% |
| GBP/USD 09/30/2025 Curncy | 1317576 | Short |  | 10.6% |
| SEK/USD 09/30/2025 Curncy | 1053639 | Long |  | 8.5% |
| NZD/USD 09/30/2025 Curncy | 385637 | Short |  | 3.1% |
| CAD/USD 08/29/2025 Curncy | 88174 | Long |  | 0.7% |
| AUD/USD 09/30/2025 Curncy | 53780 | Long |  | 0.4% |
| **Total** |  |  | **66407** | **100.0%** |

---

**\*** **The following table shows the top 50 positions and related values of the securities within the ARFXXCCRS (Cross Currency Carry, Foreign Exchange) basket.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional**<br> **Value** | **Long**<br> **Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| JPY/USD Swap 2y2y 17/03/2027 19/03/2029 | 20035759 | Long |  | 8.8% |
| JPY/USD Swap 2y2y 16/12/2026 18/12/2028 | 20035759 | Long |  | 8.8% |
| JPY/USD Swap 2y2y 16/09/2026 19/09/2028 | 20035759 | Long |  | 8.8% |
| JPY/USD Swap 2y2y 16/06/2027 18/06/2029 | 20035759 | Long |  | 8.8% |

---

See Notes to Financial Statements.

**Simplify Multi-QIS Alternative ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional<br> Value** | **Long<br> Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| JPY/USD Swap 2y3y 16/06/2027 17/06/2030 | 13331301 | Long |  | 5.8% |
| JPY/USD Swap 2y3y 16/12/2026 17/12/2029 | 13331301 | Long |  | 5.8% |
| JPY/USD Swap 2y3y 17/03/2027 18/03/2030 | 13331301 | Long |  | 5.8% |
| JPY/USD Swap 2y3y 16/09/2026 18/09/2029 | 13331301 | Long |  | 5.8% |
| JPY/USD Swap 10y10y 20/09/2034 20/09/2044 | 5610354 | Short |  | 2.5% |
| JPY/USD Swap 10y10y 22/03/2035 22/03/2045 | 5610354 | Short |  | 2.5% |
| JPY/USD Swap 10y10y 20/12/2034 20/12/2044 | 5610354 | Short |  | 2.5% |
| JPY/USD Swap 10y10y 20/06/2035 20/06/2045 | 5610354 | Short |  | 2.5% |
| JPY/USD Swap 5y5y 21/03/2030 22/03/2035 | 3328328 | Short |  | 1.5% |
| JPY/USD Swap 5y5y 20/06/2030 20/06/2035 | 3328328 | Short |  | 1.5% |
| JPY/USD Swap 5y5y 19/09/2029 19/09/2034 | 3328328 | Short |  | 1.5% |
| JPY/USD Swap 5y5y 19/12/2029 19/12/2034 | 3328328 | Short |  | 1.5% |
| JPY/USD Swap 2y8y 16/12/2026 18/12/2034 | 3225326 | Long |  | 1.4% |
| JPY/USD Swap 2y8y 17/03/2027 19/03/2035 | 3225326 | Long |  | 1.4% |
| JPY/USD Swap 2y8y 16/09/2026 19/09/2034 | 3225326 | Long |  | 1.4% |
| JPY/USD Swap 2y8y 16/06/2027 18/06/2035 | 3225326 | Long |  | 1.4% |
| EUR/USD Swap 10y10y 20/06/2035 20/06/2045 | 2924486 | Short |  | 1.3% |
| EUR/USD Swap 10y10y 21/03/2035 21/03/2045 | 2924486 | Short |  | 1.3% |
| EUR/USD Swap 10y10y 20/12/2034 20/12/2044 | 2924486 | Short |  | 1.3% |
| EUR/USD Swap 10y10y 20/09/2034 20/09/2044 | 2924486 | Short |  | 1.3% |
| CAD/USD Swap 2y2y 16/12/2026 18/12/2028 | 2859318 | Short |  | 1.3% |
| CAD/USD Swap 2y2y 16/09/2026 18/09/2028 | 2859318 | Short |  | 1.3% |
| CAD/USD Swap 2y2y 16/06/2027 18/06/2029 | 2859318 | Short |  | 1.3% |
| CAD/USD Swap 2y2y 17/03/2027 19/03/2029 | 2859318 | Short |  | 1.3% |

---

See Notes to Financial Statements.

**Simplify Multi-QIS Alternative ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional<br> Value** | **Long<br> Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| AUD/USD Swap 2y2y 16/12/2026 18/12/2028 | 2323115 | Short |  | 1.0% |
| AUD/USD Swap 2y2y 17/03/2027 19/03/2029 | 2323115 | Short |  | 1.0% |
| AUD/USD Swap 2y2y 16/09/2026 18/09/2028 | 2323115 | Short |  | 1.0% |
| AUD/USD Swap 2y2y 16/06/2027 18/06/2029 | 2323115 | Short |  | 1.0% |
| EUR/USD Swap 2y8y 16/06/2027 18/06/2035 | 1783922 | Short |  | 0.8% |
| EUR/USD Swap 2y8y 17/03/2027 19/03/2035 | 1783922 | Short |  | 0.8% |
| EUR/USD Swap 2y8y 16/12/2026 18/12/2034 | 1783922 | Short |  | 0.8% |
| EUR/USD Swap 2y8y 16/09/2026 18/09/2034 | 1783922 | Short |  | 0.8% |
| EUR/USD Swap 2y18y 16/12/2026 16/12/2044 | 729481 | Short |  | 0.3% |
| EUR/USD Swap 2y18y 16/06/2027 16/06/2045 | 729481 | Short |  | 0.3% |
| EUR/USD Swap 2y18y 16/09/2026 16/09/2044 | 729481 | Short |  | 0.3% |
| EUR/USD Swap 2y18y 17/03/2027 17/03/2045 | 729481 | Short |  | 0.3% |
| GBP/USD Swap 10y10y 20/12/2034 20/12/2044 | 513065 | Long |  | 0.2% |
| GBP/USD Swap 10y10y 20/09/2034 20/09/2044 | 513065 | Long |  | 0.2% |
| GBP/USD Swap 10y10y 20/06/2035 20/06/2045 | 513065 | Long |  | 0.2% |
| GBP/USD Swap 10y10y 21/03/2035 21/03/2045 | 513065 | Long |  | 0.2% |
| AUD/USD Swap 5y5y 20/03/2030 20/03/2035 | 79830 | Short |  | 0.0% |
| AUD/USD Swap 5y5y 19/09/2029 19/09/2034 | 79830 | Short |  | 0.0% |
| AUD/USD Swap 5y5y 19/12/2029 19/12/2034 | 79830 | Short |  | 0.0% |
| AUD/USD Swap 5y5y 20/06/2030 20/06/2035 | 79830 | Short |  | 0.0% |
| EUR/USD Swap 2y3y 16/06/2027 17/06/2030 | 68930 | Short |  | 0.0% |
| EUR/USD Swap 2y3y 16/09/2026 17/09/2029 | 68930 | Short |  | 0.0% |
| Other Components | 919454 |  |  | 0.4% |
| **Total** |  |  | **45494** | **100.0%** |

---

**\*** **The following table shows the top 50 positions and related values of the securities within the BACVWWTRS (Oil Convexity, Commodity) basket.**

See Notes to Financial Statements.

**Simplify Multi-QIS Alternative ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional<br> Value** | **Long<br> Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| COV5 Comdty | 889187 | Long |  | 30.0% |
| CLX5 Comdty | 314099 | Long |  | 10.6% |
| COX5 Comdty | 178565 | Long |  | 6.0% |
| COU5 Comdty | 119651 | Short |  | 4.0% |
| COZ5 Comdty | 92654 | Short |  | 3.1% |
| COX5C 63.00 Comdty | 85452 | Short |  | 2.9% |
| CLU5 Comdty | 78603 | Short |  | 2.6% |
| CLV5 Comdty | 77936 | Long |  | 2.6% |
| COV5C 64.00 Comdty | 68174 | Short |  | 2.3% |
| COX5P 63.00 Comdty | 47753 | Short |  | 1.6% |
| COV5C 60.00 Comdty | 45434 | Short |  | 1.5% |
| COV5C 61.00 Comdty | 39693 | Short |  | 1.3% |
| COU5P 71.00 Comdty | 38801 | Short |  | 1.3% |
| COU5C 63.00 Comdty | 37710 | Short |  | 1.3% |
| COV5P 64.00 Comdty | 37619 | Short |  | 1.3% |
| COZ5P 65.00 Comdty | 35930 | Short |  | 1.2% |
| COZ5C 65.00 Comdty | 35224 | Short |  | 1.2% |
| COX5P 73.00 Comdty | 31225 | Short |  | 1.1% |
| CLQ5 Comdty | 30342 | Long |  | 1.0% |
| COV5C 63.00 Comdty | 29879 | Short |  | 1.0% |
| COV5C 65.00 Comdty | 29059 | Short |  | 1.0% |
| COU5P 73.00 Comdty | 25316 | Short |  | 0.9% |
| COX5C 65.00 Comdty | 24625 | Short |  | 0.8% |
| COU5C 64.00 Comdty | 23280 | Short |  | 0.8% |
| COX5P 65.00 Comdty | 23086 | Short |  | 0.8% |
| COU5C 62.00 Comdty | 22520 | Short |  | 0.8% |
| COU5P 72.00 Comdty | 22341 | Short |  | 0.8% |
| COV5P 65.00 Comdty | 22098 | Short |  | 0.7% |
| COX5C 64.00 Comdty | 18808 | Short |  | 0.6% |
| COZ5P 74.00 Comdty | 17891 | Short |  | 0.6% |
| COU5P 70.00 Comdty | 16533 | Short |  | 0.6% |
| COZ5P 72.00 Comdty | 15751 | Short |  | 0.5% |
| COX5C 61.00 Comdty | 13799 | Short |  | 0.5% |
| COX5P 71.00 Comdty | 13625 | Short |  | 0.5% |
| COX5P 64.00 Comdty | 13618 | Short |  | 0.5% |
| COZ5P 69.00 Comdty | 12804 | Short |  | 0.4% |
| COX5P 70.00 Comdty | 12475 | Short |  | 0.4% |
| COX5C 62.00 Comdty | 12194 | Short |  | 0.4% |
| COV5P 63.00 Comdty | 12001 | Short |  | 0.4% |
| CLV5P 39.00 Comdty | 11737 | Long |  | 0.4% |
| COV5C 62.00 Comdty | 11542 | Short |  | 0.4% |
| COX5P 68.00 Comdty | 10576 | Short |  | 0.4% |
| COX5P 67.00 Comdty | 9500 | Short |  | 0.3% |
| CLX5P 42.00 Comdty | 9369 | Long |  | 0.3% |
| CLV5P 40.00 Comdty | 9135 | Long |  | 0.3% |
| CLX5P 46.00 Comdty | 9120 | Long |  | 0.3% |
| COV5P 61.00 Comdty | 8529 | Short |  | 0.3% |
| CLX5P 45.00 Comdty | 8274 | Long |  | 0.3% |

---

See Notes to Financial Statements.

**Simplify Multi-QIS Alternative ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional**<br> **Value** | **Long**<br> **Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| CLX5P 44.00 Comdty | 7558 | Long |  | 0.3% |
| COV5P 60.00 Comdty | 7181 | Short |  | 0.2% |
| Other Components | 199392 |  |  | 6.6% |
| **Total** |  |  | **(61638)** | **100.0%** |

---

**\*** **The following table shows the individual positions and related values of the securities within the BNPXVTRS (Synthetic Volatility Long, Equity) basket.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional**<br> **Value** | **Long**<br> **Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| Cash | $8983553 | Long |  | 99.6% |
| UXN5 Index | 18574 | Long |  | 0.2% |
| UXQ5 Index | 15863 | Long |  | 0.2% |
| **Total** |  |  | **(11896)** | **100.0%** |

---

**\*** **The following table shows the top 50 positions and related values of the securities within the DFEQDLPRS (Synthetic Shallow Hedge, Equity) basket.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional**<br> **Value** | **Long**<br> **Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| CASH | 29046536 | Long |  | 99.0% |
| SPX 03/20/26 P5375 Index | 21060 | Long |  | 0.1% |
| SPX 12/19/25 P5450 Index | 11899 | Long |  | 0.0% |
| SPX 12/19/25 P5425 Index | 11523 | Long |  | 0.0% |
| SPX 12/19/25 P5350 Index | 10692 | Long |  | 0.0% |
| SPX 12/19/25 P5500 Index | 10478 | Long |  | 0.0% |
| SPX 03/20/26 P5325 Index | 10093 | Long |  | 0.0% |
| SPX 03/20/26 P5425 Index | 8227 | Long |  | 0.0% |
| SPX 03/20/26 P5350 Index | 7737 | Long |  | 0.0% |
| SPX 12/19/25 P5400 Index | 7522 | Long |  | 0.0% |
| SPX 03/20/26 P5300 Index | 7410 | Long |  | 0.0% |
| SPX 12/19/25 P5375 Index | 7269 | Long |  | 0.0% |
| SPX 06/18/26 P5475 Index | 7113 | Long |  | 0.0% |
| SPX 03/20/26 P5250 Index | 7095 | Long |  | 0.0% |
| SPX 03/20/26 P4750 Index | 6419 | Long |  | 0.0% |
| SPX 12/19/25 P5250 Index | 6413 | Long |  | 0.0% |
| SPX 03/20/26 P5100 Index | 6294 | Long |  | 0.0% |
| SPX 03/20/26 P5075 Index | 6166 | Long |  | 0.0% |
| SPX 12/19/25 P5475 Index | 6126 | Long |  | 0.0% |
| SPX 03/20/26 P5050 Index | 6051 | Long |  | 0.0% |
| SPX 12/19/25 P5100 Index | 5459 | Long |  | 0.0% |
| SPX 03/20/26 P5400 Index | 5369 | Long |  | 0.0% |
| SPX 12/19/25 P5325 Index | 5221 | Long |  | 0.0% |
| SPX 03/20/26 P4850 Index | 5177 | Long |  | 0.0% |

---

See Notes to Financial Statements.

**Simplify Multi-QIS Alternative ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional**<br> **Value** | **Long**<br> **Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| SPX 12/19/25 P5275 Index | 4940 | Long |  | 0.0% |
| SPX 03/20/26 P5200 Index | 4559 | Long |  | 0.0% |
| SPX 09/19/25 P5450 Index | 4468 | Long |  | 0.0% |
| SPX 12/19/25 P5525 Index | 4308 | Long |  | 0.0% |
| SPX 03/20/26 P5125 Index | 4288 | Long |  | 0.0% |
| SPX 09/19/25 P5275 Index | 3918 | Long |  | 0.0% |
| SPX 12/19/25 P5050 Index | 3912 | Long |  | 0.0% |
| SPX 09/19/25 P5475 Index | 3878 | Long |  | 0.0% |
| SPX 03/20/26 P5000 Index | 3865 | Long |  | 0.0% |
| SPX 06/18/26 P5575 Index | 3833 | Long |  | 0.0% |
| SPX 03/20/26 P4975 Index | 3795 | Long |  | 0.0% |
| SPX 06/18/26 P5550 Index | 3766 | Long |  | 0.0% |
| SPX 06/18/26 P5525 Index | 3697 | Long |  | 0.0% |
| SPX 09/19/25 P5225 Index | 3630 | Long |  | 0.0% |
| SPX 06/18/26 P5425 Index | 3436 | Long |  | 0.0% |
| SPX 09/19/25 P5150 Index | 3240 | Long |  | 0.0% |
| SPX 12/19/25 P5200 Index | 3045 | Long |  | 0.0% |
| SPX 03/20/26 P5450 Index | 2809 | Long |  | 0.0% |
| SPX 09/19/25 P5400 Index | 2737 | Long |  | 0.0% |
| SPX 09/19/25 P5375 Index | 2626 | Long |  | 0.0% |
| SPX 09/19/25 P5175 Index | 2419 | Long |  | 0.0% |
| SPX 03/20/26 P5225 Index | 2325 | Long |  | 0.0% |
| SPX 03/20/26 P5150 Index | 2190 | Long |  | 0.0% |
| SPX 09/19/25 P5250 Index | 2159 | Long |  | 0.0% |
| SPX 09/19/25 P5425 Index | 2136 | Long |  | 0.0% |
| SPX 03/20/26 P5025 Index | 1975 | Long |  | 0.0% |
| Other Components | 26358 |  |  | 0.9% |
| **Total** |  |  | **(111745)** | **100.0%** |

---

**\*** **The following table shows the top 50 positions and related values of the securities within the DFEQGDTRS (Dispersion, Equity) basket.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional**<br> **Value** | **Long**<br> **Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| SPY Equity | $9341326 | Long |  | 75.2% |
| BRKb Equity | 366136 | Long |  | 2.9% |
| UNH Equity | 123818 | Long |  | 1.0% |
| MCD Equity | 106583 | Long |  | 0.9% |
| PG Equity | 88832 | Long |  | 0.7% |
| COST Equity | 64986 | Long |  | 0.5% |
| ACN Equity | 35282 | Long |  | 0.3% |
| MA Equity | 31653 | Long |  | 0.3% |
| KO Equity | 29970 | Long |  | 0.2% |
| JNJ Equity | 25388 | Long |  | 0.2% |
| LLY Equity | 16490 | Long |  | 0.1% |
| ADBE Equity | 14273 | Long |  | 0.1% |

---

See Notes to Financial Statements.

**Simplify Multi-QIS Alternative ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional**<br> **Value** | **Long**<br> **Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| V Equity | 10899 | Long |  | 0.1% |
| VZ Equity | 8178 | Long |  | 0.1% |
| PEP Equity | 5747 | Long |  | 0.0% |
| ABBV Equity | 5343 | Long |  | 0.0% |
| NVDA US 07/18/2025 C115 Equity | 3527 | Long |  | 0.0% |
| NVDA US 07/18/2025 C115 Equity | 3425 | Long |  | 0.0% |
| NVDA US 07/18/2025 C115 Equity | 3242 | Long |  | 0.0% |
| NVDA US 07/18/2025 C120 Equity | 3180 | Long |  | 0.0% |
| NVDA US 07/18/2025 C110 Equity | 3169 | Long |  | 0.0% |
| NVDA US 07/18/2025 C115 Equity | 3142 | Long |  | 0.0% |
| NVDA US 07/18/2025 C105 Equity | 3128 | Long |  | 0.0% |
| NVDA US 07/18/2025 C120 Equity | 3127 | Long |  | 0.0% |
| NVDA US 07/18/2025 C120 Equity | 2999 | Long |  | 0.0% |
| NVDA US 07/18/2025 C120 Equity | 2978 | Long |  | 0.0% |
| NVDA US 07/18/2025 C110 Equity | 2951 | Long |  | 0.0% |
| NVDA US 07/18/2025 C120 Equity | 2866 | Long |  | 0.0% |
| NVDA US 07/18/2025 C105 Equity | 2823 | Long |  | 0.0% |
| NVDA US 07/18/2025 C120 Equity | 2783 | Long |  | 0.0% |
| NVDA US 07/18/2025 C105 Equity | 2744 | Long |  | 0.0% |
| NVDA US 07/18/2025 C120 Equity | 2635 | Long |  | 0.0% |
| NVDA US 07/18/2025 C115 Equity | 2613 | Long |  | 0.0% |
| NVDA US 07/18/2025 C110 Equity | 2585 | Long |  | 0.0% |
| NVDA US 07/18/2025 C125 Equity | 2564 | Long |  | 0.0% |
| NVDA US 07/18/2025 C120 Equity | 2553 | Long |  | 0.0% |
| NVDA US 07/18/2025 C125 Equity | 2522 | Long |  | 0.0% |
| NVDA US 07/18/2025 C115 Equity | 2432 | Long |  | 0.0% |
| NVDA US 07/18/2025 C125 Equity | 2418 | Long |  | 0.0% |
| NVDA US 07/18/2025 C125 Equity | 2401 | Long |  | 0.0% |
| NVDA US 07/18/2025 C125 Equity | 2343 | Long |  | 0.0% |
| NVDA US 07/18/2025 C110 Equity | 2332 | Long |  | 0.0% |
| NVDA US 07/18/2025 C125 Equity | 2311 | Long |  | 0.0% |
| NVDA US 07/18/2025 C125 Equity | 2294 | Long |  | 0.0% |
| NVDA US 07/18/2025 C110 Equity | 2267 | Long |  | 0.0% |
| NVDA US 07/18/2025 C125 Equity | 2245 | Long |  | 0.0% |
| NVDA US 07/18/2025 C110 Equity | 2139 | Long |  | 0.0% |
| NVDA US 07/18/2025 C115 Equity | 2131 | Long |  | 0.0% |
| NVDA US 07/18/2025 C125 Equity | 2125 | Long |  | 0.0% |
| NVDA US 07/18/2025 C120 Equity | 2123 | Long |  | 0.0% |
| Other Components | 2054097 |  |  | 17.4% |
| **Total** |  |  | **(11029)** | **100.0%** |

---

**\*** **The following table shows the top 50 positions and related values of the securities within the DFEQPR2RS (Dispersion, Equity) basket.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional**<br> **Value** | **Long**<br> **Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| USD | $25503193 | Long |  | 84.5% |
| ESU5 Index | 4642681 | Long |  | 15.4% |
| SPXW US 07/02/25 C6230 Index | 1429 | Short |  | 0.0% |

---

See Notes to Financial Statements.

**Simplify Multi-QIS Alternative ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional**<br> **Value** | **Long**<br> **Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| SPXW US 07/02/25 C6240 Index | 1151 | Short |  | 0.0% |
| SPXW US 07/02/25 C6260 Index | 1088 | Short |  | 0.0% |
| SPXW US 07/01/25 C6240 Index | 1039 | Short |  | 0.0% |
| SPXW US 07/02/25 C6275 Index | 957 | Short |  | 0.0% |
| SPXW US 07/01/25 C6245 Index | 899 | Short |  | 0.0% |
| SPXW US 07/03/25 C6280 Index | 816 | Short |  | 0.0% |
| SPXW US 07/01/25 C6215 Index | 804 | Short |  | 0.0% |
| SPXW US 07/01/25 C6220 Index | 777 | Short |  | 0.0% |
| SPXW US 07/07/25 C6310 Index | 709 | Short |  | 0.0% |
| SPXW US 07/02/25 C6270 Index | 701 | Short |  | 0.0% |
| SPXW US 07/01/25 C6250 Index | 665 | Short |  | 0.0% |
| SPXW US 07/02/25 C6250 Index | 610 | Short |  | 0.0% |
| SPXW US 07/02/25 C6280 Index | 607 | Short |  | 0.0% |
| SPXW US 07/01/25 C6225 Index | 559 | Short |  | 0.0% |
| SPXW US 07/07/25 C6330 Index | 556 | Short |  | 0.0% |
| SPXW US 07/03/25 C6300 Index | 550 | Short |  | 0.0% |
| SPXW US 07/02/25 C6265 Index | 535 | Short |  | 0.0% |
| SPXW US 07/07/25 C6320 Index | 499 | Short |  | 0.0% |
| SPXW US 07/03/25 C6290 Index | 477 | Short |  | 0.0% |
| SPXW US 07/08/25 C6350 Index | 443 | Short |  | 0.0% |
| SPXW US 07/02/25 C6255 Index | 428 | Short |  | 0.0% |
| SPXW US 07/01/25 C6230 Index | 423 | Short |  | 0.0% |
| SPXW US 07/07/25 C6350 Index | 406 | Short |  | 0.0% |
| SPXW US 07/03/25 C6310 Index | 395 | Short |  | 0.0% |
| SPXW US 07/07/25 C6325 Index | 394 | Short |  | 0.0% |
| SPXW US 07/01/25 C6235 Index | 350 | Short |  | 0.0% |
| SPXW US 07/07/25 C6340 Index | 341 | Short |  | 0.0% |
| SPXW US 07/01/25 C6255 Index | 315 | Short |  | 0.0% |
| SPXW US 07/03/25 C6285 Index | 301 | Short |  | 0.0% |
| SPXW US 07/03/25 C6305 Index | 294 | Short |  | 0.0% |
| SPXW US 07/02/25 C6290 Index | 284 | Short |  | 0.0% |
| SPXW US 07/02/25 C6285 Index | 253 | Short |  | 0.0% |
| SPXW US 07/03/25 C6295 Index | 227 | Short |  | 0.0% |
| SPXW US 07/03/25 C6320 Index | 225 | Short |  | 0.0% |
| SPXW US 07/01/25 C6260 Index | 222 | Short |  | 0.0% |
| SPXW US 07/02/25 C6300 Index | 218 | Short |  | 0.0% |
| SPXW US 07/08/25 C6375 Index | 212 | Short |  | 0.0% |
| SPXW US 07/03/25 C6315 Index | 194 | Short |  | 0.0% |
| SPXW US 07/03/25 C6325 Index | 186 | Short |  | 0.0% |
| SPXW US 07/07/25 C6375 Index | 182 | Short |  | 0.0% |
| SPXW US 07/02/25 C6295 Index | 165 | Short |  | 0.0% |
| SPXW US 07/01/25 C6265 Index | 163 | Short |  | 0.0% |
| SPXW US 07/03/25 C6330 Index | 155 | Short |  | 0.0% |
| SPXW US 07/02/25 C6310 Index | 129 | Short |  | 0.0% |
| SPXW US 07/01/25 C6275 Index | 125 | Short |  | 0.0% |
| SPXW US 07/07/25 C6400 Index | 118 | Short |  | 0.0% |
| SPXW US 07/01/25 C6270 Index | 117 | Short |  | 0.0% |
| Other Components | 1526 |  |  | 0.1% |

---

See Notes to Financial Statements.

**Simplify Multi-QIS Alternative ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional**<br> **Value** | **Long**<br> **Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| **Total** |  |  | **7658** | **100.0%** |

---

**\*** **The following table shows the top 50 positions and related values of the securities within the DFEQUDVRS (Dispersion, Equity) basket.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional**<br> **Value** | **Long**<br> **Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| SPX 09/19/25 P5400 Index | $24049 | Short |  | 6.8% |
| SPX 09/19/25 P5100 Index | 18449 | Long |  | 5.2% |
| SPX 09/19/25 P5550 Index | 18187 | Short |  | 5.2% |
| SPX 09/19/25 P5050 Index | 17633 | Long |  | 5.0% |
| SPX 09/19/25 P5350 Index | 16669 | Short |  | 4.7% |
| SPX 09/19/25 P5250 Index | 14586 | Long |  | 4.1% |
| SPX 08/15/25 P5350 Index | 11785 | Short |  | 3.3% |
| SPX 08/15/25 P5400 Index | 10852 | Short |  | 3.1% |
| SPX 08/15/25 P5050 Index | 10559 | Long |  | 3.0% |
| SPX 08/15/25 P5100 Index | 9055 | Long |  | 2.6% |
| SPX 09/19/25 P5650 Index | 8643 | Short |  | 2.5% |
| SPX 09/19/25 P5150 Index | 8197 | Long |  | 2.3% |
| SPX 09/19/25 P5450 Index | 7520 | Short |  | 2.1% |
| SPX 09/19/25 P5600 Index | 7298 | Short |  | 2.1% |
| SPX 09/19/25 P5000 Index | 6773 | Long |  | 1.9% |
| SPX 08/15/25 P5000 Index | 5054 | Long |  | 1.4% |
| SPX 08/15/25 P5550 Index | 4833 | Short |  | 1.4% |
| SPX 08/15/25 P5200 Index | 4739 | Long |  | 1.3% |
| SPX 08/15/25 P5500 Index | 4373 | Short |  | 1.2% |
| SPX 08/15/25 P5450 Index | 4266 | Short |  | 1.2% |
| SPX 08/15/25 P4950 Index | 3947 | Long |  | 1.1% |
| SPX 08/15/25 P5150 Index | 3725 | Long |  | 1.1% |
| SPX 09/19/25 P5200 Index | 2859 | Long |  | 0.8% |
| SPX 08/15/25 P5300 Index | 2675 | Short |  | 0.8% |
| SPX 08/15/25 P4850 Index | 2244 | Long |  | 0.6% |
| SPXW 08/29/25 P5650 Index | 2227 | Short |  | 0.6% |
| SPX 09/19/25 P4950 Index | 2150 | Long |  | 0.6% |
| SPX 09/19/25 P4900 Index | 2048 | Long |  | 0.6% |
| SPXW 08/29/25 P5600 Index | 1968 | Short |  | 0.6% |
| SPX 09/19/25 P4850 Index | 1957 | Long |  | 0.6% |
| SPX 09/19/25 P4800 Index | 1878 | Long |  | 0.5% |
| SPXW 08/22/25 P5650 Index | 1841 | Short |  | 0.5% |
| SPXW 07/31/25 P5350 Index | 1825 | Short |  | 0.5% |
| SPX 09/19/25 P4750 Index | 1806 | Long |  | 0.5% |
| SPXW 08/29/25 P5550 Index | 1745 | Short |  | 0.5% |
| SPX 09/19/25 P4700 Index | 1743 | Long |  | 0.5% |
| SPX 09/19/25 P4650 Index | 1682 | Long |  | 0.5% |
| SPXW 08/08/25 P5550 Index | 1679 | Short |  | 0.5% |
| SPXW 08/08/25 P5400 Index | 1650 | Short |  | 0.5% |
| SPXW 07/31/25 P5400 Index | 1643 | Short |  | 0.5% |
| SPX 09/19/25 P4600 Index | 1628 | Long |  | 0.5% |
| SPXW 08/22/25 P5600 Index | 1615 | Short |  | 0.5% |

---

See Notes to Financial Statements.

**Simplify Multi-QIS Alternative ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional**<br> **Value** | **Long**<br> **Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| SPX 09/19/25 P5500 Index | 1607 | Long |  | 0.5% |
| SPX 09/19/25 P4550 Index | 1578 | Long |  | 0.4% |
| SPXW 07/25/25 P5350 Index | 1551 | Short |  | 0.4% |
| SPX 08/15/25 P4900 Index | 1537 | Long |  | 0.4% |
| SPX 09/19/25 P4500 Index | 1526 | Long |  | 0.4% |
| SPX 09/19/25 P4450 Index | 1482 | Long |  | 0.4% |
| SPXW 07/31/25 P5550 Index | 1462 | Short |  | 0.4% |
| SPX 08/15/25 P5650 Index | 1443 | Short |  | 0.4% |
| Other Components | 79691 |  |  | 22.9% |
| **Total** |  |  | **(10607)** | **100.0%** |

---

**The following table shows the individual positions and related values of the securities within the DFFIERVRS (EU Long Rates Volatility, Fixed Income) basket.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional**<br> **Value** | **Long**<br> **Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| 30Y10Y EUR Swaption Straddle | $14015903 | Long |  | 17.1% |
| 30Y10Y EUR Swaption Straddle | 7709987 | Long |  | 9.2% |
| 30Y10Y EUR Swaption Straddle | 7474166 | Long |  | 8.9% |
| 30Y20Y EUR Swaption Straddle | 5745840 | Long |  | 6.9% |
| 30Y10Y EUR Swaption Straddle | 5360268 | Long |  | 6.4% |
| 30Y20Y EUR Swaption Straddle | 5310680 | Long |  | 6.3% |
| 20Y10Y EUR Swaption Straddle | 5041786 | Long |  | 6.0% |
| 30Y20Y EUR Swaption Straddle | 5000585 | Long |  | 6.0% |
| 20Y10Y EUR Swaption Straddle | 4531221 | Long |  | 5.4% |
| 30Y20Y EUR Swaption Straddle | 3804065 | Long |  | 4.5% |
| 5Y10Y EUR Swaption Straddle | 3803876 | Long |  | 4.5% |
| 20Y30Y EUR Swaption Straddle | 3624832 | Long |  | 4.3% |
| 3Y10Y EUR Swaption Straddle | 3412632 | Long |  | 4.1% |
| 3Y10Y EUR Swaption Straddle | 2710669 | Long |  | 3.2% |
| 20Y30Y EUR Swaption Straddle | 2200135 | Long |  | 2.6% |
| 30Y10Y EUR Swaption Straddle | 2137753 | Long |  | 2.6% |
| Fixed Leg @ 09/3/2055 | 342351 | Short |  | 0.4% |
| Fixed Leg @ 08/12/2054 | 183797 | Short |  | 0.2% |
| Fixed Leg @ 08/9/2054 | 172961 | Short |  | 0.2% |
| Fixed Leg @ 08/6/2055 | 130004 | Short |  | 0.2% |
| Fixed Leg @ 08/9/2054 | 125457 | Short |  | 0.1% |
| Fixed Leg @ 08/6/2055 | 118297 | Short |  | 0.1% |
| Fixed Leg @ 09/3/2055 | 112502 | Short |  | 0.1% |
| Fixed Leg @ 07/6/2045 | 110618 | Short |  | 0.1% |
| Fixed Leg @ 07/9/2044 | 99151 | Short |  | 0.1% |
| Fixed Leg @ 08/12/2054 | 84235 | Short |  | 0.1% |
| Fixed Leg @ 07/6/2045 | 70555 | Short |  | 0.1% |
| Fixed Leg @ 08/9/2054 | 52946 | Short |  | 0.1% |
| Fixed Leg @ 06/12/2029 | 51605 | Short |  | 0.1% |
| Fixed Leg @ 07/9/2044 | 42204 | Short |  | 0.1% |
| Fixed Leg @ 08/12/2027 | 34636 | Short |  | 0.0% |
| Fixed Leg @ 08/3/2028 | 28669 | Short |  | 0.0% |
| **Total** |  |  | **(18247)** | **100.0%** |

---

See Notes to Financial Statements.

**Simplify Multi-QIS Alternative ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

**The following table shows the top 50 positions and related values of the securities within the GSISCDTRS (Global Conditional Volatility, Hedge Equity) basket.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional**<br> **Value** | **Long**<br> **Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| SPX 09/19/25 P5400 Index | $7071 | Short |  | 2.1% |
| SX5E 08/15/25 P4950 Index | 6819 | Short |  | 2.0% |
| SX5E 08/15/25 P4900 Index | 6364 | Short |  | 1.9% |
| SX5E 08/15/25 P5000 Index | 5556 | Short |  | 1.6% |
| SPX 09/19/25 P5100 Index | 5424 | Long |  | 1.6% |
| SPX 09/19/25 P5550 Index | 5347 | Short |  | 1.6% |
| SX5E 08/15/25 P4850 Index | 5222 | Short |  | 1.5% |
| SPX 09/19/25 P5050 Index | 5184 | Long |  | 1.5% |
| NKY 09/12/25 P34000 Index | 5072 | Short |  | 1.5% |
| SPX 09/19/25 P5350 Index | 4901 | Short |  | 1.4% |
| SPX 09/19/25 P5250 Index | 4288 | Long |  | 1.3% |
| NKY 09/12/25 P33750 Index | 4220 | Short |  | 1.2% |
| SX5E 09/19/25 P4700 Index | 4044 | Short |  | 1.2% |
| NKY 09/12/25 P32000 Index | 3832 | Long |  | 1.1% |
| SX5E 09/19/25 P4800 Index | 3697 | Short |  | 1.1% |
| NKY 09/12/25 P31750 Index | 3479 | Long |  | 1.0% |
| SPX 08/15/25 P5350 Index | 3465 | Short |  | 1.0% |
| SX5E 09/19/25 P4750 Index | 3422 | Short |  | 1.0% |
| NKY 08/08/25 P33750 Index | 3325 | Short |  | 1.0% |
| SX5E 08/15/25 P4600 Index | 3226 | Long |  | 0.9% |
| SPX 08/15/25 P5400 Index | 3191 | Short |  | 0.9% |
| SX5E 09/19/25 P4450 Index | 3187 | Long |  | 0.9% |
| NKY 08/08/25 P34000 Index | 3117 | Short |  | 0.9% |
| SPX 08/15/25 P5050 Index | 3104 | Long |  | 0.9% |
| SX5E 08/15/25 P4650 Index | 3065 | Long |  | 0.9% |
| NKY 09/12/25 P34500 Index | 2950 | Short |  | 0.9% |
| SX5E 09/19/25 P4550 Index | 2818 | Long |  | 0.8% |
| SX5E 09/19/25 P4500 Index | 2739 | Long |  | 0.8% |
| NKY 09/12/25 P36250 Index | 2686 | Short |  | 0.8% |
| SPX 08/15/25 P5100 Index | 2662 | Long |  | 0.8% |
| NKY 08/08/25 P32000 Index | 2611 | Long |  | 0.8% |
| SPX 09/19/25 P5650 Index | 2541 | Short |  | 0.7% |
| SX5E 07/18/25 P5000 Index | 2516 | Short |  | 0.7% |
| SX5E 08/15/25 P4700 Index | 2491 | Long |  | 0.7% |
| COV5P 60.00 Comdty | 2414 | Short |  | 0.7% |
| SPX 09/19/25 P5150 Index | 2410 | Long |  | 0.7% |
| NKY 09/12/25 P32500 Index | 2373 | Long |  | 0.7% |
| NKY 08/08/25 P31750 Index | 2370 | Long |  | 0.7% |
| SX5E 09/19/25 P4850 Index | 2345 | Short |  | 0.7% |
| SX5E 09/19/25 P4650 Index | 2317 | Short |  | 0.7% |
| SX5E 07/18/25 P4950 Index | 2218 | Short |  | 0.6% |
| SX5E 09/19/25 P4400 Index | 2211 | Long |  | 0.6% |
| SPX 09/19/25 P5450 Index | 2211 | Short |  | 0.6% |

---

See Notes to Financial Statements.

**Simplify Multi-QIS Alternative ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional**<br> **Value** | **Long**<br> **Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| CLV5P 57.00 Comdty | 2179 | Short |  | 0.6% |
| SPX 09/19/25 P5600 Index | 2146 | Short |  | 0.6% |
| SPX 09/19/25 P5000 Index | 1992 | Long |  | 0.6% |
| SX5E 07/18/25 P4900 Index | 1947 | Short |  | 0.6% |
| NKY 09/12/25 P35250 Index | 1888 | Short |  | 0.6% |
| CLV5P 56.00 Comdty | 1756 | Short |  | 0.5% |
| NKY 09/12/25 P31000 Index | 1699 | Long |  | 0.5% |
| Other Components | 174317 |  |  | 51.0% |
| **Total** |  |  | **(5708)** | **100.0%** |

---

**The following table shows the top 50 positions and related values of the securities within the JPOSFTRS (FX Volatility Carry, Foreign Exchange) basket.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional**<br> **Value** | **Long**<br> **Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| USDCNH,Put,7.065296125618409,08/07/2025,05/06/2025 | $22540 | Short |  | 0.1% |
| USDCNH,Put,7.079046665101844,08/07/2025,05/06/2025 | 22453 | Short |  | 0.1% |
| USDCNH,Put,7.0927972045852785,08/07/2025,05/06/2025 | 22366 | Short |  | 0.1% |
| USDCNH,Put,7.106547744068712,08/07/2025,05/06/2025 | 22279 | Short |  | 0.1% |
| USDCNH,Put,7.120298283552147,08/07/2025,05/06/2025 | 22193 | Short |  | 0.1% |
| USDCNH,Put,7.134048823035582,08/07/2025,05/06/2025 | 22108 | Short |  | 0.1% |
| USDCNH,Put,7.147799362519017,08/07/2025,05/06/2025 | 22023 | Short |  | 0.1% |
| USDCNH,Put,7.086248427885084,30/06/2025,29/05/2025 | 21964 | Short |  | 0.1% |
| USDCNH,Put,7.0808453997759315,07/07/2025,04/06/2025 | 21943 | Short |  | 0.1% |
| USDCNH,Call,7.1615499020024505,08/07/2025,05/06/2025 | 21938 | Short |  | 0.1% |
| USDCNH,Put,7.083909471727097,03/07/2025,03/06/2025 | 21896 | Short |  | 0.1% |
| USDCNH,Put,7.099773530382158,30/06/2025,29/05/2025 | 21880 | Short |  | 0.1% |
| USDCNH,Put,7.094299598774193,07/07/2025,04/06/2025 | 21860 | Short |  | 0.1% |
| USDCNH,Call,7.175300441485885,08/07/2025,05/06/2025 | 21854 | Short |  | 0.1% |
| USDCNH,Put,7.078154747339832,02/07/2025,30/05/2025 | 21833 | Short |  | 0.1% |
| USDCNH,Put,7.09736786794685,03/07/2025,03/06/2025 | 21813 | Short |  | 0.1% |
| USDCNH,Put,7.11329863287923,30/06/2025,29/05/2025 | 21797 | Short |  | 0.1% |
| USDCNH,Put,7.107753797772455,07/07/2025,04/06/2025 | 21777 | Short |  | 0.1% |
| USDCNH,Call,7.18905098096932,08/07/2025,05/06/2025 | 21771 | Short |  | 0.1% |
| USDCNH,Put,7.091548765475193,02/07/2025,30/05/2025 | 21751 | Short |  | 0.1% |
| USDCNH,Put,7.110826264166603,03/07/2025,03/06/2025 | 21730 | Short |  | 0.1% |
| USDCNH,Put,7.126823735376304,30/06/2025,29/05/2025 | 21714 | Short |  | 0.1% |
| USDCNH,Put,7.121207996770717,07/07/2025,04/06/2025 | 21695 | Short |  | 0.1% |

---

See Notes to Financial Statements.

**Simplify Multi-QIS Alternative ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional**<br> **Value** | **Long**<br> **Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| USDCNH,Call,7.202801520452755,08/07/2025,05/06/2025 | 21688 | Short |  | 0.1% |
| USDCNH,Put,7.104942783610553,02/07/2025,30/05/2025 | 21669 | Short |  | 0.1% |
| USDCNH,Put,7.1242846603863565,03/07/2025,03/06/2025 | 21648 | Short |  | 0.1% |
| USDCNH,Put,7.140348837873377,30/06/2025,29/05/2025 | 21632 | Short |  | 0.1% |
| USDCNH,Put,7.1346621957689775,07/07/2025,04/06/2025 | 21613 | Short |  | 0.1% |
| USDCNH,Call,7.216552059936189,08/07/2025,05/06/2025 | 21605 | Short |  | 0.1% |
| USDCNH,Put,7.118336801745913,02/07/2025,30/05/2025 | 21587 | Short |  | 0.1% |
| USDCNH,Put,7.1377430566061095,03/07/2025,03/06/2025 | 21567 | Short |  | 0.1% |
| USDCNH,Put,7.15387394037045,30/06/2025,29/05/2025 | 21550 | Short |  | 0.1% |
| USDCNH,Put,7.148116394767239,07/07/2025,04/06/2025 | 21532 | Short |  | 0.1% |
| USDCNH,Call,7.230302599419623,08/07/2025,05/06/2025 | 21523 | Short |  | 0.1% |
| USDCNH,Put,7.131730819881273,02/07/2025,30/05/2025 | 21506 | Short |  | 0.1% |
| USDCNH,Put,7.1512014528258625,03/07/2025,03/06/2025 | 21486 | Short |  | 0.1% |
| USDCNH,Put,7.167399042867523,30/06/2025,29/05/2025 | 21469 | Short |  | 0.1% |
| USDCNH,Put,7.161570593765501,07/07/2025,04/06/2025 | 21451 | Short |  | 0.1% |
| USDCNH,Call,7.244053138903058,08/07/2025,05/06/2025 | 21441 | Short |  | 0.1% |
| USDCNH,Put,7.145124838016634,02/07/2025,30/05/2025 | 21426 | Short |  | 0.1% |
| USDCNH,Put,7.0721179174374535,09/07/2025,06/06/2025 | 21408 | Short |  | 0.1% |
| USDCNH,Put,7.1646598490456155,03/07/2025,03/06/2025 | 21405 | Short |  | 0.1% |
| USDCNH,Call,7.180924145364596,30/06/2025,29/05/2025 | 21388 | Short |  | 0.1% |
| USDCNH,Call,7.175024792763763,07/07/2025,04/06/2025 | 21371 | Short |  | 0.1% |
| USDCNH,Call,7.257803678386493,08/07/2025,05/06/2025 | 21360 | Short |  | 0.1% |
| USDCNH,Put,7.158518856151994,02/07/2025,30/05/2025 | 21346 | Short |  | 0.1% |
| USDCNH,Put,7.0852284904232405,09/07/2025,06/06/2025 | 21329 | Short |  | 0.1% |
| USDCNH,Call,7.1781182452653685,03/07/2025,03/06/2025 | 21325 | Short |  | 0.1% |
| USDCNH,Call,7.1944492478616695,30/06/2025,29/05/2025 | 21308 | Short |  | 0.1% |
| USDCNH,Call,7.188478991762024,07/07/2025,04/06/2025 | 21291 | Short |  | 0.1% |
| Other Components | 20043972 |  |  | 95.0% |
| **Total** |  |  | **82981** | **100.0%** |

---

**The following table shows the top 50 positions and related values of the securities within the Morgan Stanley Custom Junk Index basket.**

See Notes to Financial Statements.

**Simplify Multi-QIS Alternative ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Shares** | **Long<br> Short** | **Market<br> Value** | **% of basket** |
| Avis Budget Group Inc | 2939 | Short | (496850) | 1.3% |
| Intel Corp | 21241 | Short | (475790) | 1.3% |
| Carnival Corp | 15814 | Short | (444681) | 1.2% |
| Charter Communications Inc | 1074 | Short | (439234) | 1.2% |
| GXO Logistics Inc | 8665 | Short | (421987) | 1.1% |
| Warner Bros Discovery Inc | 36437 | Short | (417565) | 1.1% |
| Norwegian Cruise Line Holdings | 20539 | Short | (416536) | 1.1% |
| Lumentum Holdings Inc | 4370 | Short | (415402) | 1.1% |
| Coherent Corp | 4642 | Short | (414070) | 1.1% |
| BILL Holdings Inc | 8927 | Short | (412968) | 1.1% |
| Caesars Entertainment Inc | 14451 | Short | (410252) | 1.1% |
| Penn Entertainment Inc | 22732 | Short | (406219) | 1.1% |
| Acadia Healthcare Co Inc | 17749 | Short | (402715) | 1.1% |
| Marriott Vacations Worldwide C | 5556 | Short | (401758) | 1.1% |
| Tenet Healthcare Corp | 2282 | Short | (401689) | 1.1% |
| United Airlines Holdings Inc | 5016 | Short | (399385) | 1.1% |
| Ryder System Inc | 2506 | Short | (398376) | 1.1% |
| MKS Inc | 4004 | Short | (397874) | 1.1% |
| Delta Air Lines Inc | 8047 | Short | (395738) | 1.0% |
| Sensata Technologies Holding P | 13130 | Short | (395331) | 1.0% |
| Sirius XM Holdings Inc | 17116 | Short | (393164) | 1.0% |
| WESCO International Inc | 2122 | Short | (393058) | 1.0% |
| RingCentral Inc | 13847 | Short | (392574) | 1.0% |
| Chemours Co/The | 34264 | Short | (392324) | 1.0% |
| Southwest Airlines Co | 12093 | Short | (392310) | 1.0% |
| Amentum Holdings Inc | 16608 | Short | (392122) | 1.0% |
| Albemarle Corp | 6241 | Short | (391134) | 1.0% |
| Kyndryl Holdings Inc | 9299 | Short | (390193) | 1.0% |
| Mosaic Co/The | 10634 | Short | (387921) | 1.0% |
| Entegris Inc | 4790 | Short | (386346) | 1.0% |
| Envista Holdings Corp | 19750 | Short | (385909) | 1.0% |
| American Airlines Group Inc | 34390 | Short | (385854) | 1.0% |
| Air Lease Corp | 6594 | Short | (385663) | 1.0% |
| Dollar General Corp | 3359 | Short | (384174) | 1.0% |
| Elanco Animal Health Inc | 26794 | Short | (382619) | 1.0% |
| Whirlpool Corp | 3772 | Short | (382557) | 1.0% |
| Capri Holdings Ltd | 21543 | Short | (381312) | 1.0% |
| Alcoa Corp | 12921 | Short | (381310) | 1.0% |
| HP Inc | 15587 | Short | (381247) | 1.0% |
| Viatris Inc | 42571 | Short | (380157) | 1.0% |
| Alaska Air Group Inc | 7683 | Short | (380150) | 1.0% |
| ZoomInfo Technologies Inc | 37522 | Short | (379727) | 1.0% |
| MGM Resorts International | 10994 | Short | (378094) | 1.0% |
| Clarivate PLC | 87377 | Short | (375723) | 1.0% |
| Perrigo Co PLC | 14045 | Short | (375271) | 1.0% |
| RH | 1980 | Short | (374295) | 1.0% |
| DENTSPLY SIRONA Inc | 23531 | Short | (373673) | 1.0% |
| Lithia Motors Inc | 1104 | Short | (373111) | 1.0% |

---

See Notes to Financial Statements.

**Simplify Multi-QIS Alternative ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Shares** | **Long<br> Short** | **Market<br> Value** | **% of basket** |
| Unity Software Inc | 15363 | Short | (371777) | 1.0% |
| Olin Corp | 18465 | Short | (370972) | 1.0% |
| Other Components | 1569846 |  | (18321251) | 47.5% |
| **Total** |  |  | **(38180412)** | **100.0%** |

---

**The following table shows the top 50 positions and related values of the securities within the Morgan Stanley Custom Quality Index basket.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Shares** | **Long<br> Short** | **Market<br> Value** | **% of basket** |
| Bentley Systems Inc | 9593 | Long | 517752 | 1.1% |
| Core & Main Inc | 8572 | Long | 517340 | 1.1% |
| TopBuild Corp | 1598 | Long | 517279 | 1.1% |
| Comfort Systems USA Inc | 958 | Long | 513880 | 1.1% |
| CACI International Inc | 1076 | Long | 512818 | 1.1% |
| Edison International | 9929 | Long | 512318 | 1.1% |
| Leidos Holdings Inc | 3238 | Long | 510844 | 1.1% |
| Cisco Systems Inc | 7328 | Long | 508409 | 1.0% |
| Allegion plc | 3527 | Long | 508338 | 1.0% |
| Amphenol Corp | 5141 | Long | 507656 | 1.0% |
| Meta Platforms Inc | 684 | Long | 504643 | 1.0% |
| Pentair PLC | 4910 | Long | 504112 | 1.0% |
| Loar Holdings Inc | 5850 | Long | 504094 | 1.0% |
| Element Solutions Inc | 22255 | Long | 504086 | 1.0% |
| Stryker Corp | 1273 | Long | 503612 | 1.0% |
| DT Midstream Inc | 4572 | Long | 502498 | 1.0% |
| Fiserv Inc | 2911 | Long | 501943 | 1.0% |
| S&P Global Inc | 951 | Long | 501239 | 1.0% |
| Yum! Brands Inc | 3382 | Long | 501154 | 1.0% |
| NRG Energy Inc | 3118 | Long | 500757 | 1.0% |
| Antero Midstream Corp | 26405 | Long | 500382 | 1.0% |
| nVent Electric PLC | 6819 | Long | 499484 | 1.0% |
| Cboe Global Markets Inc | 2138 | Long | 498697 | 1.0% |
| Microsoft Corp | 1002 | Long | 498355 | 1.0% |
| Home Depot Inc/The | 1358 | Long | 497809 | 1.0% |
| Applied Materials Inc | 2719 | Long | 497778 | 1.0% |
| Oracle Corp | 2274 | Long | 497174 | 1.0% |
| Brown & Brown Inc | 4481 | Long | 496809 | 1.0% |
| Autodesk Inc | 1604 | Long | 496522 | 1.0% |
| Elevance Health Inc | 1275 | Long | 495898 | 1.0% |
| Henry Schein Inc | 6784 | Long | 495586 | 1.0% |
| Motorola Solutions Inc | 1178 | Long | 495366 | 1.0% |
| Nasdaq Inc | 5538 | Long | 495224 | 1.0% |
| AutoZone Inc | 133 | Long | 494580 | 1.0% |
| Masco Corp | 7682 | Long | 494415 | 1.0% |

---

See Notes to Financial Statements.

**Simplify Multi-QIS Alternative ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Security description** | **Shares** | **Long<br> Short** | **Market<br> Value** | **% of basket** |
| SS&C Technologies Holdings Inc | 5963 | Long | 493705 | 1.0% |
| Lowe's Cos Inc | 2222 | Long | 492913 | 1.0% |
| Molina Healthcare Inc | 1654 | Long | 492703 | 1.0% |
| Intuit Inc | 625 | Long | 492269 | 1.0% |
| ResMed Inc | 1907 | Long | 492105 | 1.0% |
| O'Reilly Automotive Inc | 5448 | Long | 491000 | 1.0% |
| Sherwin-Williams Co/The | 1430 | Long | 490916 | 1.0% |
| CenterPoint Energy Inc | 13346 | Long | 490327 | 1.0% |
| Intercontinental Exchange Inc | 2670 | Long | 489849 | 1.0% |
| Aon PLC | 1371 | Long | 489266 | 1.0% |
| Omnicom Group Inc | 6794 | Long | 488746 | 1.0% |
| Broadridge Financial Solutions | 2009 | Long | 488165 | 1.0% |
| Omega Healthcare Investors Inc | 13309 | Long | 487769 | 1.0% |
| IDEXX Laboratories Inc | 908 | Long | 486922 | 1.0% |
| Crown Holdings Inc | 4728 | Long | 486906 | 1.0% |
| Other Components | 409100 |  | 23517878 | 48.6% |
| **Total** |  |  | **48480290** | **100.0%** |

---

**The following table shows the top 50 positions and related values of the securities within the MQCP44TRS (Diversified Commodity Carry, Basket 1 Commodity) basket.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional<br> Value** | **Long<br> Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| LNU5 Comdty | $88893 | Short |  | 13.8% |
| LNH6 Comdty | 59156 | Long |  | 9.2% |
| LNX5 Comdty | 42187 | Long |  | 6.6% |
| QCZ5 Comdty | 34426 | Long |  | 5.4% |
| QCU5 Comdty | 34291 | Short |  | 5.3% |
| LAU25 Comdty | 32817 | Short |  | 5.1% |
| LAH26 Comdty | 26522 | Long |  | 4.1% |
| LXU5 Comdty | 22177 | Short |  | 3.5% |
| GCZ5 Comdty | 19048 | Long |  | 3.0% |
| GCQ5 Comdty | 18891 | Short |  | 2.9% |
| LAX25 Comdty | 16345 | Long |  | 2.5% |
| LNZ5 Comdty | 14688 | Short |  | 2.3% |
| LXQ5 Comdty | 14561 | Long |  | 2.3% |
| LNQ5 Comdty | 14098 | Short |  | 2.2% |
| LXH6 Comdty | 12775 | Long |  | 2.0% |
| LAM26 Comdty | 11006 | Short |  | 1.7% |
| LLU5 Comdty | 10043 | Short |  | 1.6% |
| LAV25 Comdty | 9115 | Long |  | 1.4% |
| LNV5 Comdty | 8351 | Long |  | 1.3% |
| LNF6 Comdty | 8291 | Long |  | 1.3% |
| SMH6 Comdty | 6839 | Long |  | 1.1% |
| LTX5 Comdty | 5957 | Long |  | 0.9% |
| LXZ6 Comdty | 5833 | Short |  | 0.9% |
| LLH6 Comdty | 5742 | Long |  | 0.9% |
| QSU5 Comdty | 5558 | Short |  | 0.9% |

---

See Notes to Financial Statements.

**Simplify Multi-QIS Alternative ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional<br> Value** | **Long**<br> **Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| LAZ26 Comdty | 5481 | Short |  | 0.9% |
| LLX5 Comdty | 5339 | Long |  | 0.8% |
| LAQ25 Comdty | 4951 | Short |  | 0.8% |
| SMZ5 Comdty | 4693 | Short |  | 0.7% |
| CCZ5 Comdty | 4455 | Long |  | 0.7% |
| LLF6 Comdty | 4300 | Short |  | 0.7% |
| QSX5 Comdty | 4170 | Long |  | 0.6% |
| LTV5 Comdty | 3970 | Short |  | 0.6% |
| LTU5 Comdty | 3970 | Short |  | 0.6% |
| LTZ5 Comdty | 3966 | Long |  | 0.6% |
| CAU5 Comdty | 3960 | Short |  | 0.6% |
| CAZ5 Comdty | 3951 | Long |  | 0.6% |
| LXX5 Comdty | 3596 | Long |  | 0.6% |
| LLV5 Comdty | 3157 | Long |  | 0.5% |
| LXV5 Comdty | 2944 | Short |  | 0.5% |
| LXF6 Comdty | 2937 | Short |  | 0.5% |
| QSH6 Comdty | 2793 | Long |  | 0.4% |
| QSQ5 Comdty | 2583 | Long |  | 0.4% |
| LLQ5 Comdty | 2379 | Short |  | 0.4% |
| SMV5 Comdty | 2273 | Short |  | 0.4% |
| SMQ5 Comdty | 2261 | Long |  | 0.4% |
| CCH6 Comdty | 2223 | Short |  | 0.3% |
| CCU5 Comdty | 2222 | Short |  | 0.3% |
| LLZ5 Comdty | 2057 | Long |  | 0.3% |
| LTQ5 Comdty | 1987 | Short |  | 0.3% |
| Other Components | 28302 |  |  | 4.4% |
| **Total** |  |  | **74868** | **100.0%** |

---

**The following table shows the positions and related values of the securities within the MSVXCSTRS (Volatility Relative Value, Equity) basket.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional<br> Value** | **Long<br> Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| USD Curncy | $28769866 | Long |  | 94.0% |
| UXN5 Index | 740501 | Long |  | 2.4% |
| UXQ5 Index | 626630 | Long |  | 2.0% |
| VIX UO 08/20/25 C27 Index | 50340 | Short |  | 0.2% |
| VIX UO 07/16/25 C26 Index | 41513 | Short |  | 0.1% |
| VIX UO 08/20/25 C25 Index | 40875 | Short |  | 0.1% |
| VIX UO 08/20/25 C26 Index | 35641 | Short |  | 0.1% |
| VIX UO 08/20/25 C28 Index | 29784 | Short |  | 0.1% |
| VIX UO 08/20/25 C23.5 Index | 29399 | Short |  | 0.1% |
| VIX UO 07/16/25 C24 Index | 28353 | Short |  | 0.1% |
| VIX UO 07/16/25 C25 Index | 25486 | Short |  | 0.1% |

---

See Notes to Financial Statements.

**Simplify Multi-QIS Alternative ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional<br> Value** | **Long<br> Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| VIX UO 07/16/25 C28 Index | 22510 | Short |  | 0.1% |
| VIX UO 08/20/25 C30 Index | 21941 | Short |  | 0.1% |
| VIX UO 07/16/25 C27 Index | 18824 | Short |  | 0.1% |
| VIX UO 07/16/25 C23.5 Index | 17123 | Short |  | 0.1% |
| VIX UO 07/16/25 C24.5 Index | 15665 | Short |  | 0.1% |
| VIX UO 07/16/25 C23 Index | 13706 | Short |  | 0.0% |
| VIX UO 08/20/25 C29 Index | 11075 | Short |  | 0.0% |
| VIX UO 08/20/25 C31 Index | 10938 | Short |  | 0.0% |
| VIX UO 08/20/25 C24 Index | 7386 | Short |  | 0.0% |
| VIX UO 07/16/25 C22.5 Index | 7121 | Short |  | 0.0% |
| VIX UO 07/16/25 C22 Index | 7087 | Short |  | 0.0% |
| VIX UO 08/20/25 C32 Index | 6385 | Short |  | 0.0% |
| VIX UO 07/16/25 C20.5 Index | 5488 | Short |  | 0.0% |
| VIX UO 07/16/25 C21 Index | 5359 | Short |  | 0.0% |
| VIX UO 07/16/25 C29 Index | 4069 | Short |  | 0.0% |
| VIX UO 07/16/25 C30 Index | 3611 | Short |  | 0.0% |
| VIX UO 07/16/25 C32 Index | 2226 | Short |  | 0.0% |
| VIX UO 07/16/25 C21.5 Index | 1982 | Short |  | 0.0% |
| VIX UO 07/16/25 C33 Index | 273 | Short |  | 0.0% |
| VIX UO 07/16/25 C31 Index | 106 | Short |  | 0.0% |
| VIX UO 07/16/25 C34 Index | 97 | Short |  | 0.2% |
| **Total** |  |  | **248167** | **100.0%** |

---

**The following table shows the positions and related values of the securities within the NMVVR1TRS (US Long Rates Volatility, Fixed Income) basket.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional<br> Value** | **Long<br> Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| 20Y10Y USD Swaption Straddle | $16477614 | Long |  | 16.2% |
| 20Y10Y USD Swaption Straddle | 15757269 | Long |  | 15.6% |
| 20Y10Y USD Swaption Straddle | 10469925 | Long |  | 10.4% |
| 15Y10Y USD Swaption Straddle | 9589683 | Long |  | 9.5% |
| 20Y10Y USD Swaption Straddle | 8733798 | Long |  | 8.7% |
| 15Y10Y USD Swaption Straddle | 7972190 | Long |  | 7.9% |
| 15Y10Y USD Swaption Straddle | 7221542 | Long |  | 7.2% |
| 15Y10Y USD Swaption Straddle | 4618190 | Long |  | 4.6% |
| 20Y20Y USD Swaption Straddle | 4586227 | Long |  | 4.5% |
| 20Y20Y USD Swaption Straddle | 3157925 | Long |  | 3.1% |
| 20Y20Y USD Swaption Straddle | 2629235 | Long |  | 2.6% |
| 20Y20Y USD Swaption Straddle | 2618384 | Long |  | 2.6% |
| 10Y10Y USD Swaption Straddle | 2395959 | Long |  | 2.4% |
| 15Y30Y USD Swaption Straddle | 2171577 | Long |  | 2.2% |
| 20Y10Y USD Swaption Straddle, Fixed Leg @ 08/9/2044 | 442191 | Short |  | 0.4% |

---

See Notes to Financial Statements.

**Simplify Multi-QIS Alternative ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional<br> Value** | **Long<br> Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| 20Y10Y USD Swaption Straddle, Fixed Leg @ 07/12/2044 | 381294 | Short |  | 0.4% |
| 20Y10Y USD Swaption Straddle, Fixed Leg @ 07/6/2045 | 280464 | Short |  | 0.3% |
| 15Y10Y USD Swaption Straddle, Fixed Leg @ 08/9/2039 | 242003 | Short |  | 0.2% |
| 20Y10Y USD Swaption Straddle, Fixed Leg @ 08/3/2045 | 214793 | Short |  | 0.2% |
| 15Y10Y USD Swaption Straddle, Fixed Leg @ 06/6/2040 | 201996 | Short |  | 0.2% |
| 15Y10Y USD Swaption Straddle, Fixed Leg @ 07/3/2040 | 168938 | Short |  | 0.2% |
| 15Y10Y USD Swaption Straddle, Fixed Leg @ 07/12/2039 | 107225 | Short |  | 0.1% |
| 20Y20Y USD Swaption Straddle, Fixed Leg @ 07/12/2044 | 106845 | Short |  | 0.1% |
| 20Y20Y USD Swaption Straddle, Fixed Leg @ 08/3/2045 | 74655 | Short |  | 0.1% |
| 20Y20Y USD Swaption Straddle,Fixed Leg @ 07/6/2045 | 66974 | Short |  | 0.1% |
| 20Y20Y USD Swaption Straddle, Fixed Leg @ 08/9/2044 | 66949 | Short |  | 0.1% |
| 10Y10Y USD Swaption Straddle, Fixed Leg @ 06/6/2035 | 53751 | Short |  | 0.1% |
| 15Y30Y USD Swaption Straddle, Fixed Leg @ 07/3/2040 | 47825 | Short |  | 0.0% |
| **Total** |  |  | **123838** | **100.0%** |

---

**The following table shows the individual positions and related values of the securities within the The following table shows the individual positions and related values of the securities within the SGDRCTTRS (Dynamic Rates Slope, Fixed Income) basket.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional**<br> **Value** | **Long**<br> **Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| Swap US 07/14/2025 2Y Rec-3.6898 | $28057935 | Long |  | 87.7% |
| Swap US 07/14/2025 20Y Rec-4.1185 | 3937542 | Short |  | 12.3% |
| **Total** |  |  | **50766** | **100.0%** |

---

**The following table shows the top 50 positions and related values of the securities within the SGIXPRTRS (Long Equity Convexity, Equity) basket.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional**<br> **Value** | **Long**<br> **Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| ESU5 Index | $6708514 | Long |  | 6.3% |
| SPX US 12/19/25 P3550 Index | 4458888 | Long |  | 4.2% |
| SPX US 06/18/26 P3650 Index | 4267122 | Long |  | 4.0% |

---

See Notes to Financial Statements.

**Simplify Multi-QIS Alternative ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional<br> Value** | **Long**<br> **Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| SPX US 12/19/25 P4150 Index | 3548795 | Long |  | 3.3% |
| SPX US 12/19/25 P3300 Index | 3519898 | Long |  | 3.3% |
| SPX US 06/18/26 P3500 Index | 3134648 | Long |  | 2.9% |
| SPX US 06/18/26 P3200 Index | 2940651 | Long |  | 2.7% |
| SPX US 12/19/25 P3850 Index | 2873718 | Long |  | 2.7% |
| SPX US 12/19/25 P3000 Index | 2848829 | Long |  | 2.7% |
| SPX US 06/18/26 P3800 Index | 2721184 | Long |  | 2.5% |
| SPX US 06/18/26 P3350 Index | 2529631 | Long |  | 2.4% |
| SPX US 06/18/26 P3100 Index | 2394645 | Long |  | 2.2% |
| SPX US 12/19/25 P3250 Index | 2329814 | Long |  | 2.2% |
| SPX US 06/18/26 P3950 Index | 2269133 | Long |  | 2.1% |
| SPX US 12/19/25 P3400 Index | 1736267 | Long |  | 1.6% |
| SPX US 12/19/25 P4700 Index | 1660525 | Long |  | 1.5% |
| SPX US 12/19/25 P3500 Index | 1617567 | Long |  | 1.5% |
| SPX US 06/18/26 P3550 Index | 1608106 | Long |  | 1.5% |
| SPX US 12/19/25 P4650 Index | 1531067 | Long |  | 1.4% |
| SPX US 06/18/26 P5025 Index | 1524726 | Long |  | 1.4% |
| SPX US 12/19/25 P3750 Index | 1473130 | Long |  | 1.4% |
| SPX US 12/19/25 P3700 Index | 1405036 | Long |  | 1.3% |
| SPX US 12/19/25 P3600 Index | 1401047 | Long |  | 1.3% |
| SPX US 06/18/26 P3400 Index | 1389644 | Long |  | 1.3% |
| SPX US 12/19/25 P4075 Index | 1356003 | Long |  | 1.3% |
| SPX US 12/19/25 P3875 Index | 1345757 | Long |  | 1.3% |
| SPX US 06/18/26 P4125 Index | 1314172 | Long |  | 1.2% |
| SPX US 06/18/26 P3975 Index | 1303981 | Long |  | 1.2% |
| SPX US 06/18/26 P4725 Index | 1288606 | Long |  | 1.2% |
| SPX US 06/18/26 P3850 Index | 1262083 | Long |  | 1.2% |
| SPX US 12/19/25 P4450 Index | 1234092 | Long |  | 1.2% |
| SPX US 12/19/25 P4950 Index | 1219060 | Long |  | 1.1% |
| SPX US 12/19/25 P3975 Index | 1217353 | Long |  | 1.1% |
| SPX US 06/18/26 P4425 Index | 1096339 | Long |  | 1.0% |
| SPX US 06/18/26 P4150 Index | 1086208 | Long |  | 1.0% |
| SPX US 06/18/26 P4225 Index | 1083428 | Long |  | 1.0% |
| SPX US 12/19/25 P4750 Index | 1083130 | Long |  | 1.0% |
| SPX US 12/19/25 P4375 Index | 1082300 | Long |  | 1.0% |
| SPX US 06/18/26 P4275 Index | 1082292 | Long |  | 1.0% |
| SPX US 12/19/25 P3200 Index | 1055497 | Long |  | 1.0% |
| SPX US 12/19/25 P4275 Index | 1052492 | Long |  | 1.0% |
| SPX US 12/19/25 P3100 Index | 1044290 | Long |  | 1.0% |
| SPX US 06/18/26 P4100 Index | 1007284 | Long |  | 0.9% |
| SPX US 12/19/25 P5050 Index | 958264 | Long |  | 0.9% |
| SPX US 12/19/25 P4425 Index | 946009 | Long |  | 0.9% |
| SPX US 06/18/26 P4575 Index | 945006 | Long |  | 0.9% |
| SPX US 06/18/26 P4450 Index | 944690 | Long |  | 0.9% |
| SPX US 06/18/26 P4525 Index | 944531 | Long |  | 0.9% |
| SPX US 12/19/25 P4400 Index | 937891 | Long |  | 0.9% |
| SPX US 12/19/25 P4550 Index | 929112 | Long |  | 0.9% |
| Other Components | 16441877 |  |  | 15.3% |

---

See Notes to Financial Statements.

**Simplify Multi-QIS Alternative ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional**<br> **Value** | **Long**<br> **Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| **Total** |  |  | **37210** | **100.0%** |

---

**The following table shows the top 50 positions and related values of the securities within the VCEQCE1RS (Long Equity Convexity, Unfunded Equity) basket.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional<br> Value** | **Long**<br> **Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| EUR | $8933364 | Long |  | 98.2% |
| VGU5 Index | 165476 | Long |  | 1.8% |
| WSX5EA 07/04/25 P5150 Index | 868 | Short |  | 0.0% |
| SX5E 08/15/25 P4300 Index | 510 | Long |  | 0.0% |
| WSX5EA 07/04/25 P5155 Index | 504 | Short |  | 0.0% |
| SX5E 08/15/25 P4400 Index | 443 | Long |  | 0.0% |
| WSX5EA 07/04/25 P5145 Index | 412 | Short |  | 0.0% |
| SX5E 08/15/25 P4425 Index | 411 | Long |  | 0.0% |
| SX5E 08/15/25 P4275 Index | 403 | Long |  | 0.0% |
| SX5E 08/15/25 P4325 Index | 389 | Long |  | 0.0% |
| SX5E 08/15/25 P4375 Index | 388 | Long |  | 0.0% |
| SX5E 08/15/25 P4350 Index | 369 | Long |  | 0.0% |
| SX5E 09/19/25 P4250 Index | 332 | Long |  | 0.0% |
| SX5E 09/19/25 P4225 Index | 319 | Long |  | 0.0% |
| WSX5EA 07/04/25 P5125 Index | 273 | Short |  | 0.0% |
| SX5E 08/15/25 P4475 Index | 273 | Long |  | 0.0% |
| SX5E 09/19/25 P4275 Index | 271 | Long |  | 0.0% |
| SX5E 09/19/25 P4375 Index | 251 | Long |  | 0.0% |
| SX5E 08/15/25 P4250 Index | 241 | Long |  | 0.0% |
| SX5E 09/19/25 P4350 Index | 240 | Long |  | 0.0% |
| SX5E 08/15/25 P4500 Index | 233 | Long |  | 0.0% |
| SX5E 09/19/25 P4325 Index | 230 | Long |  | 0.0% |
| SX5E 08/15/25 P4450 Index | 200 | Long |  | 0.0% |
| WSX5EA 07/04/25 P5100 Index | 182 | Short |  | 0.0% |
| SX5E 08/15/25 P4525 Index | 172 | Long |  | 0.0% |
| SX5E 08/15/25 P4175 Index | 121 | Long |  | 0.0% |
| SX5E 08/15/25 P4150 Index | 116 | Long |  | 0.0% |
| SX5E 09/19/25 P4100 Index | 110 | Long |  | 0.0% |
| SX5E 08/15/25 P4225 Index | 109 | Long |  | 0.0% |
| SX5E 09/19/25 P4075 Index | 106 | Long |  | 0.0% |
| SX5E 09/19/25 P4050 Index | 102 | Long |  | 0.0% |
| WSX5EA 07/04/25 P5025 Index | 93 | Short |  | 0.0% |
| WSX5EA 07/04/25 P4975 Index | 92 | Short |  | 0.0% |
| SX5E 08/15/25 P4200 Index | 89 | Long |  | 0.0% |
| WSX5EA 07/04/25 P5000 Index | 69 | Short |  | 0.0% |
| SX5E 09/19/25 P4200 Index | 65 | Long |  | 0.0% |
| SX5E 07/18/25 P4525 Index | 64 | Long |  | 0.0% |

---

See Notes to Financial Statements.

**Simplify Multi-QIS Alternative ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional**<br> **Value** | **Long**<br> **Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| SX5E 08/15/25 P4550 Index | 57 | Long |  | 0.0% |
| SX5E 07/18/25 P4550 Index | 57 | Long |  | 0.0% |
| WSX5EA 07/04/25 P4925 Index | 46 | Short |  | 0.0% |
| WSX5EA 07/04/25 P4950 Index | 46 | Short |  | 0.0% |
| SX5E 07/18/25 P4575 Index | 36 | Long |  | 0.0% |
| SX5E 08/15/25 P4125 Index | 32 | Long |  | 0.0% |
| SX5E 07/18/25 P4500 Index | 30 | Long |  | 0.0% |
| SX5E 07/18/25 P4475 Index | 29 | Long |  | 0.0% |
| SX5E 07/18/25 P4000 Index | 26 | Long |  | 0.0% |
| SX5E 07/18/25 P4200 Index | 25 | Long |  | 0.0% |
| SX5E 07/18/25 P4250 Index | 24 | Long |  | 0.0% |
| SX5E 07/18/25 P4175 Index | 23 | Long |  | 0.0% |
| SX5E 07/18/25 P4225 Index | 21 | Long |  | 0.0% |
| Other Components | 197 |  |  | 0.0% |
| **Total** |  |  | **15364** | **100.0%** |

---

**\*** **The following table shows the top 50 positions and related values of the securities within the VCEQCE2RS (EU Volatility Relative Value 1 Equity) basket.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional<br> Value** | **Long<br> Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| EUR | $8780555 | Long |  | 96.3% |
| VGU5 Index | 335818 | Long |  | 3.7% |
| SX5E 08/15/25 P4300 Index | 1024 | Long |  | 0.0% |
| SX5E 08/15/25 P4400 Index | 889 | Long |  | 0.0% |
| WSX5EA 07/04/25 P5150 Index | 870 | Short |  | 0.0% |
| SX5E 08/15/25 P4425 Index | 825 | Long |  | 0.0% |
| SX5E 08/15/25 P4275 Index | 808 | Long |  | 0.0% |
| SX5E 08/15/25 P4325 Index | 781 | Long |  | 0.0% |
| SX5E 08/15/25 P4375 Index | 780 | Long |  | 0.0% |
| SX5E 08/15/25 P4350 Index | 741 | Long |  | 0.0% |
| SX5E 09/19/25 P4250 Index | 666 | Long |  | 0.0% |
| SX5E 09/19/25 P4225 Index | 639 | Long |  | 0.0% |
| SX5E 08/15/25 P4475 Index | 548 | Long |  | 0.0% |
| SX5E 09/19/25 P4275 Index | 544 | Long |  | 0.0% |
| WSX5EA 07/04/25 P5155 Index | 505 | Short |  | 0.0% |
| SX5E 09/19/25 P4375 Index | 504 | Long |  | 0.0% |
| SX5E 08/15/25 P4250 Index | 484 | Long |  | 0.0% |
| SX5E 09/19/25 P4350 Index | 481 | Long |  | 0.0% |
| SX5E 08/15/25 P4500 Index | 467 | Long |  | 0.0% |

---

See Notes to Financial Statements.

**Simplify Multi-QIS Alternative ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional<br> Value** | **Long**<br> **Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| SX5E 09/19/25 P4325 Index | 462 | Long |  | 0.0% |
| WSX5EA 07/04/25 P5145 Index | 413 | Short |  | 0.0% |
| SX5E 08/15/25 P4450 Index | 402 | Long |  | 0.0% |
| SX5E 08/15/25 P4525 Index | 345 | Long |  | 0.0% |
| WSX5EA 07/04/25 P5125 Index | 274 | Short |  | 0.0% |
| SX5E 08/15/25 P4175 Index | 243 | Long |  | 0.0% |
| SX5E 08/15/25 P4150 Index | 232 | Long |  | 0.0% |
| SX5E 09/19/25 P4100 Index | 221 | Long |  | 0.0% |
| SX5E 08/15/25 P4225 Index | 218 | Long |  | 0.0% |
| SX5E 09/19/25 P4075 Index | 212 | Long |  | 0.0% |
| SX5E 09/19/25 P4050 Index | 205 | Long |  | 0.0% |
| WSX5EA 07/04/25 P5100 Index | 183 | Short |  | 0.0% |
| SX5E 08/15/25 P4200 Index | 179 | Long |  | 0.0% |
| SX5E 09/19/25 P4200 Index | 131 | Long |  | 0.0% |
| SX5E 07/18/25 P4525 Index | 129 | Long |  | 0.0% |
| SX5E 07/18/25 P4550 Index | 114 | Long |  | 0.0% |
| SX5E 08/15/25 P4550 Index | 114 | Long |  | 0.0% |
| WSX5EA 07/04/25 P5025 Index | 93 | Short |  | 0.0% |
| WSX5EA 07/04/25 P4975 Index | 93 | Short |  | 0.0% |
| SX5E 07/18/25 P4575 Index | 73 | Long |  | 0.0% |
| WSX5EA 07/04/25 P5000 Index | 70 | Short |  | 0.0% |
| SX5E 08/15/25 P4125 Index | 65 | Long |  | 0.0% |
| SX5E 07/18/25 P4500 Index | 60 | Long |  | 0.0% |
| SX5E 07/18/25 P4475 Index | 57 | Long |  | 0.0% |
| SX5E 07/18/25 P4000 Index | 52 | Long |  | 0.0% |
| SX5E 07/18/25 P4200 Index | 50 | Long |  | 0.0% |
| SX5E 07/18/25 P4250 Index | 47 | Long |  | 0.0% |
| SX5E 07/18/25 P4175 Index | 47 | Long |  | 0.0% |
| WSX5EA 07/04/25 P4925 Index | 46 | Short |  | 0.0% |
| WSX5EA 07/04/25 P4950 Index | 46 | Short |  | 0.0% |
| SX5E 07/18/25 P4225 Index | 43 | Long |  | 0.0% |
| Other Components | 396 |  |  | 0.0% |
| **Total** |  |  | **8000** | **100.0%** |

---

**\*** **The following table shows the top 50 positions and related values of the securities within the VCEQUSURS (EU Volatility Relative Value 2, Equity) basket.**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional**<br> **Value** | **Long**<br> **Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| USD | $26039330 | Long |  | 87.4% |
| ESU5 Index | 3719576 | Long |  | 12.5% |
| SPXW US 07/02/25 C6230 Index | 1411 | Short |  | 0.0% |
| SPXW US 07/02/25 C6240 Index | 1137 | Short |  | 0.0% |
| SPXW US 07/02/25 C6260 Index | 1074 | Short |  | 0.0% |
| SPXW US 07/01/25 C6240 Index | 1026 | Short |  | 0.0% |
| SPXW US 07/02/25 C6275 Index | 944 | Short |  | 0.0% |
| SPXW US 07/01/25 C6245 Index | 887 | Short |  | 0.0% |

---

See Notes to Financial Statements.

**Simplify Multi-QIS Alternative ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional**<br> **Value** | **Long**<br> **Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| SPXW US 07/03/25 C6280 Index | 806 | Short |  | 0.0% |
| SPXW US 07/01/25 C6215 Index | 794 | Short |  | 0.0% |
| SPXW US 07/01/25 C6220 Index | 767 | Short |  | 0.0% |
| SPXW US 07/07/25 C6310 Index | 700 | Short |  | 0.0% |
| SPXW US 07/02/25 C6270 Index | 692 | Short |  | 0.0% |
| SPXW US 07/01/25 C6250 Index | 657 | Short |  | 0.0% |
| SPXW US 07/02/25 C6250 Index | 603 | Short |  | 0.0% |
| SPXW US 07/02/25 C6280 Index | 600 | Short |  | 0.0% |
| SPXW US 07/01/25 C6225 Index | 552 | Short |  | 0.0% |
| SPXW US 07/07/25 C6330 Index | 549 | Short |  | 0.0% |
| SPXW US 07/03/25 C6300 Index | 543 | Short |  | 0.0% |
| SPXW US 07/02/25 C6265 Index | 528 | Short |  | 0.0% |
| SPXW US 07/07/25 C6320 Index | 492 | Short |  | 0.0% |
| SPXW US 07/03/25 C6290 Index | 471 | Short |  | 0.0% |
| SPXW US 07/08/25 C6350 Index | 437 | Short |  | 0.0% |
| SPXW US 07/02/25 C6255 Index | 423 | Short |  | 0.0% |
| SPXW US 07/01/25 C6230 Index | 417 | Short |  | 0.0% |
| SPXW US 07/07/25 C6350 Index | 401 | Short |  | 0.0% |
| SPXW US 07/03/25 C6310 Index | 390 | Short |  | 0.0% |
| SPXW US 07/07/25 C6325 Index | 389 | Short |  | 0.0% |
| SPXW US 07/01/25 C6235 Index | 346 | Short |  | 0.0% |
| SPXW US 07/07/25 C6340 Index | 337 | Short |  | 0.0% |
| SPXW US 07/01/25 C6255 Index | 311 | Short |  | 0.0% |
| SPXW US 07/03/25 C6285 Index | 298 | Short |  | 0.0% |
| SPXW US 07/03/25 C6305 Index | 291 | Short |  | 0.0% |
| SPXW US 07/02/25 C6290 Index | 281 | Short |  | 0.0% |
| SPXW US 07/02/25 C6285 Index | 250 | Short |  | 0.0% |
| SPXW US 07/03/25 C6295 Index | 224 | Short |  | 0.0% |
| SPXW US 07/03/25 C6320 Index | 222 | Short |  | 0.0% |
| SPXW US 07/01/25 C6260 Index | 219 | Short |  | 0.0% |
| SPXW US 07/02/25 C6300 Index | 215 | Short |  | 0.0% |
| SPXW US 07/08/25 C6375 Index | 210 | Short |  | 0.0% |
| SPXW US 07/03/25 C6315 Index | 192 | Short |  | 0.0% |
| SPXW US 07/03/25 C6325 Index | 184 | Short |  | 0.0% |
| SPXW US 07/07/25 C6375 Index | 180 | Short |  | 0.0% |
| SPXW US 07/02/25 C6295 Index | 163 | Short |  | 0.0% |
| SPXW US 07/01/25 C6265 Index | 161 | Short |  | 0.0% |
| SPXW US 07/03/25 C6330 Index | 153 | Short |  | 0.0% |
| SPXW US 07/02/25 C6310 Index | 128 | Short |  | 0.0% |
| SPXW US 07/01/25 C6275 Index | 123 | Short |  | 0.0% |
| SPXW US 07/07/25 C6400 Index | 116 | Short |  | 0.0% |
| SPXW US 07/01/25 C6270 Index | 115 | Short |  | 0.0% |
| Other Components | 1506 |  |  | 0.1% |
| **Total** |  |  | **22485** | **100.0%** |

---

**\*** **The following table shows the top 50 positions and related values of the securities within the VMACBTRS (Upside Risk Vol Premium, Equity) basket.**

See Notes to Financial Statements.

**Simplify Multi-QIS Alternative ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional<br> Value** | **Long**<br> **Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| LPN25 Comdty | $95389 | Short |  | 38.6% |
| LPQ25 Comdty | 27093 | Short |  | 11.0% |
| GCV5 Comdty | 22436 | Short |  | 9.1% |
| GCQ5 Comdty | 21823 | Short |  | 8.8% |
| LAN25 Comdty | 19786 | Short |  | 8.0% |
| LXN5 Comdty | 12426 | Short |  | 5.0% |
| LXQ5 Comdty | 8051 | Short |  | 3.3% |
| LAQ25 Comdty | 6760 | Short |  | 2.7% |
| CCZ5 Comdty | 2739 | Short |  | 1.1% |
| GCZ5 Comdty | 1871 | Short |  | 0.8% |
| CCU5 Comdty | 1228 | Short |  | 0.5% |
| LPQ5C 9875 Comdty | 587 | Short |  | 0.2% |
| LLQ5 Comdty | 543 | Short |  | 0.2% |
| COU5 Comdty | 512 | Short |  | 0.2% |
| LPN5C 9700 Comdty | 463 | Short |  | 0.2% |
| LPQ5C 10100 Comdty | 346 | Short |  | 0.1% |
| LPQ5C 9850 Comdty | 312 | Short |  | 0.1% |
| LLZ5 Comdty | 304 | Short |  | 0.1% |
| LLN5 Comdty | 260 | Short |  | 0.1% |
| LPN5C 9800 Comdty | 247 | Short |  | 0.1% |
| LPN5C 9750 Comdty | 239 | Short |  | 0.1% |
| LLV5 Comdty | 226 | Short |  | 0.1% |
| LPN5C 9675 Comdty | 226 | Short |  | 0.1% |
| CCU5P 8350 Comdty | 224 | Short |  | 0.1% |
| GCJ6 Comdty | 223 | Short |  | 0.1% |
| LPQ5C 10200 Comdty | 218 | Short |  | 0.1% |
| LPQ5P 9575 Comdty | 198 | Short |  | 0.1% |
| GCV5C 2835 Comdty | 191 | Short |  | 0.1% |
| LPN5C 9725 Comdty | 189 | Short |  | 0.1% |
| LPQ5P 9550 Comdty | 186 | Short |  | 0.1% |
| CCZ5P 8550 Comdty | 185 | Short |  | 0.1% |
| CCU5P 8950 Comdty | 182 | Short |  | 0.1% |
| GCQ5C 2840 Comdty | 182 | Short |  | 0.1% |
| LPQ5C 9925 Comdty | 179 | Short |  | 0.1% |
| GCV5C 2855 Comdty | 179 | Short |  | 0.1% |
| CCZ5P 8350 Comdty | 169 | Short |  | 0.1% |
| LPQ5C 10150 Comdty | 169 | Short |  | 0.1% |
| GCV5C 2875 Comdty | 169 | Short |  | 0.1% |
| LLF6 Comdty | 164 | Short |  | 0.1% |
| CCZ5P 8200 Comdty | 163 | Short |  | 0.1% |
| CCU5P 10100 Comdty | 162 | Short |  | 0.1% |
| GCQ5C 2895 Comdty | 158 | Short |  | 0.1% |
| CCZ5P 7050 Comdty | 158 | Short |  | 0.1% |
| LPQ5C 10000 Comdty | 158 | Short |  | 0.1% |
| CCU5C 9650 Comdty | 154 | Short |  | 0.1% |
| CCZ5P 8100 Comdty | 154 | Short |  | 0.1% |
| LLX5 Comdty | 151 | Short |  | 0.1% |
| GCQ5C 2965 Comdty | 146 | Short |  | 0.1% |

---

See Notes to Financial Statements.

**Simplify Multi-QIS Alternative ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Security description** | **Notional**<br> **Value** | **Long**<br> **Short** | **Unrealized<br> Appreciation/<br> (Depreciation)** | **% of basket** |
| GCQ5C 2955 Comdty | 146 | Short |  | 0.1% |
| LPN5C 9650 Comdty | 145 | Short |  | 0.1% |
| Other Components | 18286 |  |  | 6.8% |
| **Total** |  |  | **(70810)** | **100.0%** |

---

See Notes to Financial Statements.

**Simplify Volatility Premium ETF**

**Consolidated Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. Treasury Bills – 110.7%** |  |  |
| U.S. Treasury Bill, 4.35%, 8/5/2025(a)(b) | $138500000 | $137927153 |
| U.S. Treasury Bill, 4.35%, 8/7/2025(a)(c) | 630000000 | 627253307 |
| U.S. Treasury Bill, 4.32%, 8/12/2025(a)(b) | 134000000 | 133329722 |
| U.S. Treasury Bill, 4.31%, 8/26/2025(a)(b) | 60000000 | 59597033 |
| U.S. Treasury Bill, 4.33%, 9/30/2025(a)(b) | 57500000 | 56889905 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $1,015,053,068) |  | 1014997120 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **U.S. Exchange-Traded Funds – 48.6%** |  |  |
| **Alternative Funds – 9.4%** |  |  |
| Simplify Multi-QIS Alternative ETF(d) | 3927620 | 86368364 |
| **Equity Funds – 9.7%** |  |  |
| Simplify NEXT Intangible Core Index ETF(d) | 22303 | 686375 |
| Simplify Piper Sandler US Small-Capital Plus Income ETF\*(d) | 91464 | 2530809 |
| Simplify US Equity PLUS Upside Convexity ETF(b)(d) | 1913678 | 85560543 |
|  |  | 88777727 |
| **Fixed Income Funds – 29.5%** |  |  |
| Simplify Aggregate Bond ETF(b)(d) | 5193254 | 107188763 |
| Simplify Barrier Income ETF(d) | 1100000 | 28842000 |
| Simplify Intermediate Term Treasury Futures Strategy ETF(b)(d) | 2917182 | 39352785 |
| Simplify National Muni Bond ETF(d) | 2714076 | 67824759 |
| Simplify Target 15 Distribution ETF(d) | 1000000 | 26630000 |
|  |  | 269838307 |
| &nbsp;&nbsp;&nbsp;Total U.S. Exchange-Traded Funds (Cost $447,770,300) |  | 444984398 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Purchased Options – 7.5%** |  |  |  |
| **Calls – Exchange-Traded – 7.5%** |  |  |  |
| CBOE Volatility Index, July Strike Price $50, Expires 7/16/25 | 10001 | 50005000 | 85008 |
| CBOE Volatility Index, July Strike Price $60, Expires 7/16/25 | 12000 | 72000000 | 66000 |
| CBOE Volatility Index, July Strike Price $70, Expires 7/16/25 | 14000 | 98000000 | 49000 |
| CBOE Volatility Index, July Strike Price $80, Expires 7/16/25 | 12094 | 96752000 | 42329 |
| CBOE Volatility Index, July Strike Price $90, Expires 7/16/25 | 10000 | 90000000 | 25000 |
| CBOE Volatility Index, August Strike Price $60, Expires 8/20/25 | 16000 | 96000000 | 440000 |
| S&P 500 Index, July Strike Price $6,200, Expires 7/03/25 | 3098 | 1920760000 | 9712230 |
| S&P 500 Index, July Strike Price $6,300, Expires 7/07/25 | 2692 | 1695960000 | 1162944 |
| S&P 500 Index, July Strike Price $6,275, Expires 7/09/25 | 6260 | 3928150000 | 10610700 |
| S&P 500 Index, July Strike Price $6,300, Expires 7/18/25 | 7149 | 4503870000 | 23448720 |
| S&P 500 Index, July Strike Price $6,500, Expires 7/31/25 | 12674 | 8238100000 | 12357150 |
| S&P 500 Index, August Strike Price $6,400, Expires 8/15/25 | 1717 | 1098880000 | 8138580 |
| S&P 500 Index, August Strike Price $6,650, Expires 8/15/25 | 4299 | 2858835000 | 2772855 |
|  |  |  | 68910516 |
| Total Purchased Options (Cost $49,741,969) |  |  | 68910516 |

---

See Notes to Financial Statements.

**Simplify Volatility Premium ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

---

| | |
|:---|:---|
|  | **Value** |
| Total Investments – 166.8% |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,512,565,337) | $1528892034 |
| Liabilities in Excess of Other Assets – (66.8)% | (612151709) |
| **Net Assets – 100.0%** | $**916740325** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Written Options – (0.4)%** |  |  |  |
| **Calls – Exchange-Traded – (0.2)%** |  |  |  |
| U.S. Long Bond, July Strike Price $116, Expires 7/25/25 | (2000) | $(232000000) | $(2187500) |
| **Puts – Exchange-Traded – (0.2)%** |  |  |  |
| U.S. Treasury Bond Future, July Strike Price $112, Expires 7/25/25 | (1600) | $(179200000) | $(475000) |
| U.S. Treasury Bond Future, July Strike Price $113, Expires 7/25/25 | (1600) | (180800000) | (750000) |
| U.S. Treasury Bond Future, July Strike Price $114, Expires 7/25/25 | (800) | (91200000) | (587500) |
|  |  |  | (1812500) |
| Total Written Options (Premiums Received $6,890,350) |  |  | $(4000000) |

---

\* Non Income Producing

(a) Represents a zero coupon bond. Rate shown reflects the effective yield.

(b) Securities with an aggregate market value of $599,052,020 have been pledged as collateral for options as of June 30, 2025.

(c) Security, or a portion thereof, in the amount of $627,253,307 has been pledged as collateral for reverse repurchase agreements as of June 30, 2025. See note 5 for additional information

(d) Affiliated fund managed by Simplify Asset Management Inc.

**At June 30, 2025, open futures contracts were as follows:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts** | **Notional**<br> **Value** | **Expiration**<br> **Date** | **Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Long position contracts:** |  |  |  |  |
| U.S. Treasury Bond Futures | 2000 | $230937500 | 9/19/25 | $6598902 |
| **Short position contracts:** |  |  |  |  |
| CBOE VIX Future | (2222) | (41579175) | 7/16/25 | 3004782 |
| CBOE VIX Future | (6954) | (139758710) | 8/20/25 | 2549276 |
| **Total unrealized appreciation/(depreciation)** |  |  |  | $**5554058** |
| **Total net unrealized appreciation** |  |  |  | $**12152960** |

---

See Notes to Financial Statements.

**Simplify Volatility Premium ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

**Affiliates**

Fiscal year to date transactions with companies which are or were affiliates are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliate** | **Value at<br> beginning of <br>the period** | **Purchases<br> Cost** | **Sales<br> Proceeds** | **Return of<br> Capital** | **Net Realized<br> Gain/(Loss)** | **Net Change<br> in Unrealized** | **Value at the<br> end of the<br> period** | **Number of<br> Shares at<br> the end of<br> the period** | **Dividend<br> Income** |
| Simplify Aggregate Bond ETF | $101656343 | $6238605 | $— | $(3894280) | $— | $3188095 | $107188763 | 5193254 | $4113755 |
| Simplify Barrier Income ETF |  | 27586730 |  |  |  | 1255270 | 28842000 | 1100000 | 616000 |
| Simplify Enhanced Income ETF |  | 80085479 | (78569074) |  | (1516405) |  |  |  | 822522 |
| Simplify High Yield ETF | 90712714 | 17509622 | (109939427) |  | 1730377 | (13286) |  |  | 3644914 |
| Simplify Intermediate Term Treasury Futures Strategy ETF |  | 54646973 | (12491331) |  | (675648) | (2127209) | 39352785 | 2917182 | 1854123 |
| Simplify MBS ETF | 44541053 | 126751311 | (170713287) | (6959) | (722076) | 149958 |  |  | 1902221 |
| Simplify Multi-QIS Alternative ETF |  | 98585565 | (991952) |  | (183138) | (11042111) | 86368364 | 3927620 | 1585262 |
| Simplify National Muni Bond ETF |  | 78697622 | (10144759) |  | (272929) | (455175) | 67824759 | 2714076 | 2371897 |
| Simplify NEXT Intangible Core Index ETF |  | 657037 |  |  |  | 29338 | 686375 | 22303 | 1338 |
| Simplify Piper Sandler US Small-Capital Plus Income ETF |  | 2416497 |  |  |  | 114312 | 2530809 | 91464 |  |
| Simplify Target 15 Distribution ETF |  | 25007000 |  |  |  | 1623000 | 26630000 | 1000000 | 650000 |
| Simplify Treasury Option Income ETF | 79180333 | 30276389 | (109325612) |  | 84204 | (215314) |  |  | 4527741 |
| Simplify US Equity PLUS Upside Convexity ETF |  | 99046461 | (18472947) |  | 607769 | 4379260 | 85560543 | 1913678 | 415646 |
| Simplify US Small Cap PLUS Income ETF |  | 2148900 | (2100162) |  | (48738) |  |  |  | 9500 |
|  | $**316090443** | $**649654191** | $**(512748551)** | $**(3901239)** | $**(996584)** | $**(3113862)** | $**444984398** | **18879577** | $**22514919** |

---

**Summary of Investment Type††**

---

| | |
|:---|:---|
| **Investment Categories** | **% of<br> Net Assets** |
| U.S. Treasury Bills | 110.7% |
| U.S. Exchange-Traded Funds | 48.6% |
| Purchased Options | 7.5% |
| Total Investments | 166.8% |
| Liabilities in Excess of Other Assets | (66.8)% |
| **Net Assets** | **100.0%** |

---

See Notes to Financial Statements.

**Simplify Volatility Premium ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

---

| | |
|:---|:---|
| †† | 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. |

---

**At June 30, 2025, open reverse repurchase agreements were as follows:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Interest Rate** | **Trade Date** | **Maturity Date** | **Face Amount** | **Payable for<br> Reverse<br> Repurchase<br> Agreements** |
| Morgan Stanley Capital Services LLC | 4.53% | 6/30/2025 | 7/2/2025 | $614699989 | $614699989 |
|  |  |  |  | $614699989 | $614699989 |

---

See Notes to Financial Statements.

(This page intentionally left blank)

**Simplify Exchange Traded Funds**

**Statements of Assets and Liabilities**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Simplify<br> Aggregate<br> Bond ETF** | **Simplify Barrier <br> Income ETF** | **Simplify Bond <br> Bull ETF** | **Simplify<br> China A <br> Shares PLUS <br> Income ETF** |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value | $323021152 | $35197462 | $152404206 | $10953282 |
| &nbsp;&nbsp;&nbsp;Cash | 154781 | 105670 | 292865 | 23454 |
| &nbsp;&nbsp;&nbsp;Cash held as collateral for swaps | 41532 |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared swaps | 4807397 |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on over the counter swaps |  |  |  | 380603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from broker | 1453248 |  |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold |  | 512000 |  | 25260 |
| &nbsp;&nbsp;&nbsp;Total assets | 329478110 | 35815132 | 152697071 | 11382604 |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared swaps | 3087948 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 1424125 | 614810 |  | 29607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 65194 | 20025 | 61663 | 7819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities purchased |  |  |  | 14893 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 4577267 | 634835 | 61663 | 52319 |
| **Net Assets** | $324900843 | $35180297 | $152635408 | $11330285 |
| **Net Assets Consist of** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $322492767 | $33922731 | $161681777 | $9378987 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss) | 2438076 | 1257566 | (9046369) | 1951298 |
| **Net Assets** | $324930843 | $35180297 | $152635408 | $11330285 |
| Number of Common Shares outstanding | 15900001 | 1350001 | 3125001 | 375001 |
| **Net Asset Value, offering and redemption price per share** | $20.44 | $26.06 | $48.84 | $30.21 |
| Investments, at cost | $316398701 | $35199075 | $161893802 | $10833714 |
| Premiums received on written options | $2712023 | $647855 | $— | $39336 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statements of Assets and Liabilities** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Simplify<br> Currency<br> Strategy ETF** | **Simplify<br> Enhanced<br> Income ETF** | **Simplify Health <br> Care ETF** | **Simplify Hedged<br> Equity ETF** |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value | $14592835 | $191944475 | $130553855 | $349038334 |
| &nbsp;&nbsp;&nbsp;Cash | 109917 | 617248 |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency at value | 2792 |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on forward foreign currency contracts | 2199174 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest |  | 1610 |  | 519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends |  |  | 58104 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaim |  |  | 41044 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from broker |  | 442 |  | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold |  | 468373 | 719281 |  |
| &nbsp;&nbsp;&nbsp;Total assets | 16904718 | 193032148 | 131372284 | 349038985 |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on forward foreign currency contracts | 1952033 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 8712 | 75713 | 54152 | 108788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital shares |  |  | 750392 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities purchased |  | 256308 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options |  | 533683 |  | 17303740 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 1960745 | 865704 | 804544 | 17412528 |
| **Net Assets** | $14943973 | $192166444 | $130567740 | $331626457 |
| **Net Assets Consist of** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $15272006 | $197010302 | $149839741 | $341592379 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss) | (328033) | (4843858) | (19272001) | (9965922) |
| **Net Assets** | $14943973 | $192166444 | $130567740 | $331626457 |
| Number of Common Shares outstanding | 575001 | 7950001 | 4350001 | 11025001 |
| **Net Asset Value, offering and redemption price per share** | $25.99 | $24.17 | $30.02 | $30.08 |
| Investments, at cost | $14592619 | $189866363 | $124364072 | $329189505 |
| Foreign currency, at cost | $2661 | $— | $— | $— |
| Premiums received on written options | $— | $709038 | $— | $6845279 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statements of Assets and Liabilities** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Simplify High<br> Yield ETF** | **Simplify<br> Interest Rate<br> Hedge ETF** | **Simplify <br> Intermediate<br> Term Treasury<br> Futures <br> Strategy ETF** | **Simplify MBS<br> ETF** |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at value | $241018483 | $155341393 | $150687076 | $2719205614 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at value | 1416450 |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash collateral |  | 58250 |  | 700000 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on written options |  | 648645 |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared swaps |  | 2458 |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on over the counter swaps | 3674733 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from broker | 1414344 | 39523 | 2017368 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 3409 | 28947 | 590 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 1329 |  |  | 4795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold |  |  |  | 120329102 |
| &nbsp;&nbsp;&nbsp;Total assets | 247528748 | 156119216 | 152705034 | 2840239511 |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on over the counter swaps | 424548 |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared swaps | 348198 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premium received on swaps | 1122725 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 260000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 45488 | 67977 | 18262 | 180052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities purchased |  |  |  | 1467153714 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 2200959 | 67977 | 18262 | 1467333766 |
| **Net Assets** | $245327789 | $156051239 | $152686772 | $1372905745 |
| **Net Assets Consist of** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $243052532 | $127568060 | $181750181 | $1371278581 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss) | 2275257 | 28483179 | (29063409) | 1627164 |
| **Net Assets** | $245327789 | $156051239 | $152686772 | $1372905745 |
| Number of Common Shares outstanding | 10575001 | 2900001 | 11325001 | 27425001 |
| **Net Asset Value, offering and redemption price per share** | $23.20 | $53.81 | $13.48 | $50.06 |
| Investments, at cost | $241323106 | $139489068 | $150692484 | $2699174216 |
| Investments in affiliated securities, at cost | $1398579 | $— | $— | $— |
| Premiums received on written options | $766201 | $— | $— | $— |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statements of Assets and Liabilities** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Simplify NEXT<br> Intangible Core<br> Index ETF** | **Simplify Short<br> Term Treasury <br> Futures <br> Strategy ETF** | **Simplify Target <br> 15 Distribution<br> ETF** | **Simplify<br> Treasury Option <br> Income ETF** |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value | $1538353 | $664887799 | $47955131 | $343748135 |
| &nbsp;&nbsp;&nbsp;Cash |  | 193041 | 87673 | 209131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 649 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from broker |  | 1171553 |  | 1541374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold |  |  | 414700 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser |  | 54440 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | 1539002 | 666306833 | 48457504 | 345498640 |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 315 | 136100 | 27183 | 97115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options |  |  | 1027879 | 2124156 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 315 | 136100 | 1055062 | 2221271 |
| **Net Assets** | $1538687 | $666170733 | $47402442 | $343277369 |
| **Net Assets Consist of** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $1359004 | $699098400 | $45719648 | $349004892 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss) | 179683 | (32927667) | 1682794 | (5727523) |
| **Net Assets** | $1538687 | $666170733 | $47402442 | $343277369 |
| Number of Common Shares outstanding | 50001 | 30250001 | 1800001 | 14500001 |
| **Net Asset Value, offering and redemption price per share** | $30.77 | $22.02 | $26.33 | $23.68 |
| Investments, at cost | $1348108 | $664893368 | $47958425 | $343761583 |
| Premiums received on written options | $— | $— | $— | $3081176 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statements of Assets and Liabilities** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Simplify US<br> Equity PLUS <br> Bitcoin Strategy<br> ETF** | **Simplify US <br> Equity PLUS <br> Convexity ETF** | **Simplify US <br> Equity PLUS<br> Downside<br> Convexity ETF** | **Simplify<br> US Equity<br> PLUS Upside<br> Convexity ETF** |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value | $75198913 | $83143617 | $88335422 | $117006686 |
| &nbsp;&nbsp;&nbsp;Cash |  |  | 336370 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold | 868281 | 1201688 |  | 1986867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from broker | 396530 |  | 24831 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 1180 | 796 | 491 | 3642 |
| &nbsp;&nbsp;&nbsp;Total assets | 76464904 | 84346101 | 88697114 | 118997195 |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities purchased | 869266 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 29296 | 32956 | 35174 | 52613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to broker |  | 640982 |  | 1165623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital shares |  |  |  | 1111126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options |  | 326185 | 448844 |  |
| &nbsp;&nbsp;&nbsp;Total liabilities | 898562 | 1000123 | 484018 | 2329362 |
| **Net Assets** | $75566342 | $83345978 | $88213096 | $116667833 |
| **Net Assets Consist of** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $76215572 | $72265396 | $134469359 | $111786131 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss) | (649230) | 11080582 | (46256263) | 4881702 |
| **Net Assets** | $75566342 | $83345978 | $88213096 | $116667833 |
| Number of Common Shares outstanding | 1825001 | 2025001 | 2325001 | 2625001 |
| **Net Asset Value, offering and redemption price per share** | $41.41 | $41.16 | $37.94 | $44.44 |
| Investments, at cost | $72074233 | $65473536 | $81469080 | $109726693 |
| Premiums received on written options | $— | $731037 | $1232319 | $— |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Consolidated Statements of Assets and Liabilities**

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Simplify Bitcoin<br> Strategy PLUS<br> Income ETF** | **Simplify Gold<br> Strategy PLUS <br> Income ETF** | **Simplify Multi-<br> QIS Alternative<br> ETF** | **Simplify <br> Volatility<br> Premium ETF** |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at value | $110162762 | $27092578 | $89895598 | $1083907636 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at value |  |  | 7566932 | 444984398 |
| &nbsp;&nbsp;&nbsp;Cash | 537778 | 630514 | 942467 | 1189658 |
| &nbsp;&nbsp;&nbsp;Foreign currency at value |  |  | 19451 |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on over the counter swaps |  |  | 1297162 |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on forward foreign currency contracts |  |  | 704927 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from broker | 350576 | 333389 | 1881 | 6266107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold | 236283 | 578760 | 834578 | 4848299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends |  |  | 4057 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaim |  |  |  | 431 |
| &nbsp;&nbsp;&nbsp;Total assets | 111287399 | 28635241 | 101267053 | 1541196529 |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on over the counter swaps |  |  | 3403663 |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on forward foreign currency contracts |  |  | 789346 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reverse repurchase agreement | 58542856 |  |  | 614699989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 282150 | 71754 | 337500 | 4000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities purchased | 136552 | 301984 | 539616 | 1245612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 35017 | 11891 | 78320 | 359101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital shares |  |  |  | 4150546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses |  |  |  | 956 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 58996575 | 385629 | 5148445 | 624456204 |
| **Net Assets** | $52290824 | $28249612 | $96118608 | $916740325 |
| **Net Assets Consist of** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $37092354 | $21913109 | $95666620 | $917141472 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss) | 15198470 | 6336503 | 451988 | (401147) |
| **Net Assets** | $52290824 | $28249612 | $96118608 | $916740325 |
| Number of Common Shares outstanding | 1680001 | 825001 | 4325001 | 49725001 |
| **Net Asset Value, offering and redemption price per share** | $31.13 | $34.24 | $22.22 | $18.44 |
| Investments, at cost | $108415860 | $26840271 | $87574260 | $1064795037 |
| Investments in affiliated securities, at cost | $— | $— | $7638913 | $447770300 |
| Foreign currency, at cost | $— | $— | $18107 | $— |
| Premiums received on written options | $374329 | $95571 | $572500 | $6890350 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statements of Operations**

For the Year Ended June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Simplify<br> Aggregate<br> Bond ETF** | **Simplify Barrier<br> Income ETF<sup>(1)</sup>** | **Simplify Bond <br> Bull ETF<sup>(2)</sup>** | **Simplify China<br> A Shares PLUS<br> Income ETF<sup>(3)</sup>** |
| **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $9261019 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;Interest income | 784062 | 276932 | 2809680 | 193197 |
| &nbsp;&nbsp;&nbsp;Total income | 10045081 | 276932 | 2809680 | 193197 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 1335260 | 46972 | 312976 | 40387 |
| &nbsp;&nbsp;&nbsp;Interest expense | 1703 |  |  | 97 |
| &nbsp;&nbsp;&nbsp;Tax expenses | 58 |  | 1344 |  |
| &nbsp;&nbsp;&nbsp;Other expenses | 891 |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | 1337912 | 46972 | 314320 | 40484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less fees waived: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waiver | (667643) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 670269 | 46972 | 314320 | 40484 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 9374812 | 229960 | 2495360 | 152713 |
| **Realized and Unrealized Gain (Loss)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (3168544) | (5) | (883) | 265572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions | 246871 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (2006308) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | 2401423 |  |  | 1010699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | (4227942) | 1703180 |  | 102414 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (6754500) | 1703175 | (883) | 1378685 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 6418761 | (1613) | (9489595) | 119568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 950435 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | 1719449 |  |  | 380603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 1156357 | 33045 |  | 9729 |
| &nbsp;&nbsp;&nbsp;Net unrealized gain (loss) | 10245002 | 31432 | (9489595) | 509900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 3490502 | 1734607 | (9490478) | 1888585 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $12865314 | $1964567 | $(6995118) | $2041298 |

---

(1) For
 the period April 14, 2025 (commencement of operations) through June 30, 2025.

(2) For
 the period December 9, 2024 (commencement of operations) through June 30, 2025.

(3) For
 the period January 13, 2025 (commencement of operations) through June 30, 2025.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statements of Operations** (Continued)

For the Year Ended June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Simplify<br> Currency<br> Strategy ETF<sup>(1)</sup>**  | **Simplify <br> Enhanced <br> Income ETF** | **Simplify Health <br> Care ETF** | **Simplify<br> Hedged Equity<br> ETF** |
| **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated dividend income\* | $— | $— | $1636784 | $4133008 |
| &nbsp;&nbsp;&nbsp;Affiliated dividend income |  |  | 67350 |  |
| &nbsp;&nbsp;&nbsp;Interest income | 204339 | 14534288 |  |  |
| &nbsp;&nbsp;&nbsp;Total income | 204339 | 14534288 | 1704134 | 4133008 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 34712 | 1518590 | 832382 | 1487143 |
| &nbsp;&nbsp;&nbsp;Interest expense | 2760 | 7055 | 2198 | 2039 |
| &nbsp;&nbsp;&nbsp;Tax expenses |  |  | 58 | 403 |
| &nbsp;&nbsp;&nbsp;Other expenses |  | 677 |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | 37472 | 1526322 | 834638 | 1489585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less fees waived: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waiver |  |  |  | (228813) |
| &nbsp;&nbsp;&nbsp;Net expenses | 37472 | 1526322 | 834638 | 1260772 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 166867 | 13007966 | 869496 | 2872236 |
| **Realized and Unrealized Gain (Loss)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (262) | (12861698) | (19928415) | (6056387) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments |  |  | 59447 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions |  |  | 15064438 | 20236688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options |  | 5735948 |  | 5671387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | (575050) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (5) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (575317) | (7125750) | (4804530) | 19851688 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 216 | 2312766 | (2184220) | 8169907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | 247142 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 131 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options |  | (257868) |  | (9216343) |
| &nbsp;&nbsp;&nbsp;Net unrealized gain (loss) | 247489 | 2054898 | (2184220) | (1046436) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (327828) | (5070852) | (6988750) | 18805252 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(160961) | $7937114 | $(6119254) | $21677488 |
| \* Withholding tax | $— | $— | $34209 | $— |

---

(1) For
 the period February 3, 2025 (commencement of operations) through June 30, 2025.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statements of Operations** (Continued)

For the Year Ended June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Simplify High <br> Yield ETF** | **Simplify<br> Interest Rate <br> Hedge ETF** | **Simplify<br> Intermediate<br> Term Treasury<br> Futures <br> Strategy ETF** | **Simplify MBS<br> ETF** |
| **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated dividend income | $107275 | $— | $15106 | $— |
| &nbsp;&nbsp;&nbsp;Affiliated dividend income | 28760 |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | 6347594 | 6137076 | 5462089 | 65746431 |
| &nbsp;&nbsp;&nbsp;Total income | 6483629 | 6137076 | 5477195 | 65746431 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 717904 | 754832 | 298704 | 3587710 |
| &nbsp;&nbsp;&nbsp;Interest expense | 771 | 508 | 848 | 9006 |
| &nbsp;&nbsp;&nbsp;Tax expenses | 403 | 1150 | 173 |  |
| &nbsp;&nbsp;&nbsp;Total expenses | 719078 | 756490 | 299725 | 3596716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less fees waived: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waiver | (358952) |  | (119477) | (1435131) |
| &nbsp;&nbsp;&nbsp;Net expenses | 360126 | 756490 | 180248 | 2161585 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 6123503 | 5380586 | 5296947 | 63584846 |
| **Realized and Unrealized Gain (Loss)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (1692703) | 16088323 | 30301 | (14741027) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments | 225912 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures |  |  | (8766339) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | 9193669 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 1977013 |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 9703891 | 16088323 | (8736038) | (14741027) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (248098) | (5162553) | (10126) | 17945205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments | 17871 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures |  |  | 7010089 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | 3687163 | 535 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 478202 | 648645 |  |  |
| &nbsp;&nbsp;&nbsp;Net unrealized gain (loss) | 3935138 | (4513373) | 6999963 | 17945205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 13639029 | 11574950 | (1736075) | 3204178 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $19762532 | $16955536 | $3560872 | $66789024 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statements of Operations** (Continued)

For the Year Ended June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Simplify NEXT <br> Intangible Core<br> Index ETF** | **Simplify Short <br> Term Treasury<br> Futures <br> Strategy ETF** | **Simplify Target<br> 15 Distribution<br> ETF<sup>(1)</sup>** | **Simplify <br> Treasury Option<br> Income ETF** |
| **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income\* | $16090 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;Interest income |  | 28257292 | 337587 | 11633334 |
| &nbsp;&nbsp;&nbsp;Total income | 16090 | 28257292 | 337587 | 11633334 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 3880 | 1523260 | 57579 | 889296 |
| &nbsp;&nbsp;&nbsp;Interest expense | 4 | 26 |  | 1762 |
| &nbsp;&nbsp;&nbsp;Tax expenses |  | 2248 |  | 44 |
| &nbsp;&nbsp;&nbsp;Other expenses |  |  |  | 55 |
| &nbsp;&nbsp;&nbsp;Total expenses | 3884 | 1525534 | 57579 | 891157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less fees waived: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waiver |  | (609258) |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 3884 | 916276 | 57579 | 891157 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 12206 | 27341016 | 280008 | 10742177 |
| **Realized and Unrealized Gain (Loss)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (2176) | 157422 | (24) | (1027281) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions | 234585 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures |  | 15658542 |  | (1121029) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options |  |  | 2238675 | (8165016) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 232409 | 15815964 | 2238651 | (10313326) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 99254 | (66913) | (3294) | (5516) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures |  | 4306154 |  | 4601384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options |  |  | 289430 | 841102 |
| &nbsp;&nbsp;&nbsp;Net unrealized gain (loss) | 99254 | 4239241 | 286136 | 5436970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 331663 | 20055205 | 2524787 | (4876356) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $343869 | $47396221 | $2804795 | $5865821 |
| \* Withholding tax | $12 | $— | $— | $— |

---

(1) For
 the period April 14, 2025 (commencement of operations) through June 30, 2025.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statements of Operations** (Continued)

For the Year Ended June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Simplify US <br> Equity PLUS<br> Bitcoin Strategy <br> ETF** | **Simplify US<br> Equity PLUS<br> Convexity ETF** | **Simplify US <br> Equity PLUS<br> Downside <br> Convexity ETF** | **Simplify <br> US Equity**<br> **PLUS Upside<br> Convexity ETF** |
| **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $534555 | $1030899 | $1440208 | $833385 |
| &nbsp;&nbsp;&nbsp;Interest income | 34621 |  |  |  |
| &nbsp;&nbsp;&nbsp;Total income | 569176 | 1030899 | 1440208 | 833385 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 189440 | 369331 | 531814 | 251486 |
| &nbsp;&nbsp;&nbsp;Interest expense | 2504 | 461 | 1522 | 2229 |
| &nbsp;&nbsp;&nbsp;Tax expenses | 58 | 173 | 2224 | 58 |
| &nbsp;&nbsp;&nbsp;Other expenses |  | 230 | 175 | 155 |
| &nbsp;&nbsp;&nbsp;Total expenses | 192002 | 370195 | 535735 | 253928 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 377174 | 660704 | 904473 | 579457 |
| **Realized and Unrealized Gain (Loss)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 123034 | (2852637) | 3080653 | (2026450) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions | 4924124 | 5595822 | 15068939 | 1738621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 251606 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options |  | 1417739 | (2465418) | (635646) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 5298764 | 4160924 | 15684174 | (923475) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1574163 | 5597801 | (6031543) | 6489413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 270266 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options |  | (1432) | 41353 | (29330) |
| &nbsp;&nbsp;&nbsp;Net unrealized gain (loss) | 1844429 | 5596369 | (5990190) | 6460083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 7143193 | 9757293 | 9693984 | 5536608 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $7520367 | $10417997 | $10598457 | $6116065 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Consolidated Statements of Operations**

For the Year Ended June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Simplify Bitcoin <br> Strategy PLUS<br> Income ETF** | **Simplify Gold<br> Strategy PLUS<br> Income ETF<sup>(1)</sup>** | **Simplify Multi-<br> QIS Alternative <br> ETF** | **Simplify <br> Volatility<br> Premium ETF** |
| **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated dividend income | $— | $— | $20358 | $2250479 |
| &nbsp;&nbsp;&nbsp;Affiliated dividend income |  |  | 89863 | 22514919 |
| &nbsp;&nbsp;&nbsp;Interest income | 1754093 | 455795 | 4948296 | 22547014 |
| &nbsp;&nbsp;&nbsp;Total income | 1754093 | 455795 | 5058517 | 47312412 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 347717 | 54284 | 1084120 | 5469662 |
| &nbsp;&nbsp;&nbsp;Interest on reverse repurchase agreement | 60656 |  |  | 1032367 |
| &nbsp;&nbsp;&nbsp;Interest expense | 127068 | 2653 | 1561 | 6605 |
| &nbsp;&nbsp;&nbsp;Tax expenses | 1210 | 506 |  | 350909 |
| &nbsp;&nbsp;&nbsp;Other expenses | 597 | 100 |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | 537248 | 57543 | 1085681 | 6859543 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1216845 | 398252 | 3972836 | 40452869 |
| **Realized and Unrealized Gain (Loss)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (7204936) | 1564843 | (7064379) | (57082316) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments |  |  | (261382) | (996584) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 11647343 | 5138645 | 460451 | (94529001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps |  |  | (15864776) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 8555763 | 220950 | 7500210 | 44276336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts |  |  | 19360 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions |  |  | (1494) |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 12998170 | 6924438 | (15212010) | (108331565) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1763523 | 252307 | 2336586 | 22088074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments |  |  | (71981) | (3113862) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts |  |  | (84419) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations |  |  | 1343 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 1591527 | (372470) |  | 11121240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps |  |  | (2494335) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 54247 | 23817 | 224261 | 2597171 |
| &nbsp;&nbsp;&nbsp;Net unrealized gain (loss) | 3409297 | (96346) | (88545) | 32692623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 16407467 | 6828092 | (15300555) | (75638942) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $17624312 | $7226344 | $(11327719) | $(35186073) |

---

(1) For
 the period December 2, 2024 (commencement of operations) through June 30, 2025.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statements of Changes in Net Assets**

---

| | | | |
|:---|:---|:---|:---|
|  | **Simplify Aggregate Bond ETF** | **Simplify Aggregate Bond ETF** | **Simplify Barrier<br> Income ETF** |
|  | **Year Ended<br> June 30, <br> 2025** | **Year Ended<br> June 30, <br> 2024** | **For the period<br> April 14,<br> 2025**<sup>(1)</sup> **to**<br> **June 30,<br> 2025** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $9374812 | $5621077 | $229960 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (6754500) | (654711) | 1703175 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | 10245002 | 712753 | 31432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 12865314 | 5679119 | 1964567 |
| **Distributions to Shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (9356735) | (6394098) | (707001) |
| &nbsp;&nbsp;&nbsp;Return of capital | (10913767) | (8368404) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (20270502) | (14762502) | (707001) |
| **Fund Shares Transactions** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 157247218 | 209989955 | 33922731 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | (32248571) | (5381902) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | 124998647 | 204608053 | 33922731 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | 117593459 | 195524670 | 35180297 |
| **Net Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 207337384 | 11812714 |  |
| &nbsp;&nbsp;&nbsp;End of year | $324930843 | $207337384 | $35180297 |
| **Changes in Shares Outstanding** |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 10000001 | 525001 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 7475000 | 9725000 | 1350001<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1575000) | (250000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 15900001 | 10000001 | 1350001 |

---

(1) Commencement
 of operations.

(2) Shares
 not in increment of 25,000 shares, a creation unit, represent the Adviser's initial seed investment in connection with the commencement
 of operations.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statements of Changes in Net Assets** (Continued)

---

| | | |
|:---|:---|:---|
|  | **Simplify Bond <br> Bull ETF** | **Simplify China <br> A Shares PLUS<br> Income ETF** |
|  | **For the period<br> December 9, <br> 2024**<sup>(1)</sup> **to**<br> **June 30,<br> 2025** | **For the period <br> January 13, <br> 2025**<sup>(1)</sup> **to**<br> **June 30, <br> 2025** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $2495360 | $152713 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (883) | 1378685 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | (9489595) | 509900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (6995118) | 2041298 |
| **Distributions** | (2051251) | (90000) |
| **Fund Shares Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 183220251 | 10714545 |
| &nbsp;&nbsp;&nbsp;Variable transaction fees (see Note 8) | 1677081 | 33568 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | (23215555) | (1369126) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | 161681777 | 9378987 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | 152635408 | 11330285 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period |  |  |
| &nbsp;&nbsp;&nbsp;End of period | $152635408 | $11330285 |
| **Changes in Shares Outstanding** |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of period |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 3550001<sup>(2)</sup> | 425001<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (425000) | (50000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 3125001 | 375001 |

---

(1) Commencement
 of operations.

(2) Shares
 not in increment of 25,000 shares, a creation unit, represent the Adviser's initial seed investment in connection with the commencement
 of operations.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statements of Changes in Net Assets** (Continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Simplify<br> Currency<br> Strategy ETF** | **Simplify Enhanced Income ETF** | **Simplify Enhanced Income ETF** |
|  | **For the period<br> February 3,<br> 2025**<sup>(1)</sup> **to<br> June 30,<br> 2025** | <br>**Year Ended**<br> **June 30,<br> 2025** | <br>**Year Ended**<br> **June 30,<br> 2024** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $166867 | $13007966 | $11965676 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (575317) | (7125750) | 3631514 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | 247489 | 2054898 | 196587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (160961) | 7937114 | 15793777 |
| **Distributions to Shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (167072) | (14816751) | (15538128) |
| &nbsp;&nbsp;&nbsp;Return of capital | (159179) | (6963751) | (7633526) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (326251) | (21780502) | (23171654) |
| **Fund Shares Transactions** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 21661338 | 166862287 | 473404665 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | (6230153) | (396338890) | (56151091) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | 15431185 | (229476603) | 417253574 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | 14943973 | (243319991) | 409875697 |
| **Net Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year |  | 435486435 | 25610738 |
| &nbsp;&nbsp;&nbsp;End of year | $14943973 | $192166444 | $435486435 |
| **Changes in Shares Outstanding** |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year |  | 17925001 | 1025001 |
| &nbsp;&nbsp;&nbsp;Shares sold | 825001<sup>(2)</sup> | 7000000 | 19200000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (250000) | (16975000) | (2300000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 575001 | 7950001 | 17925001 |

---

(1) Commencement
 of operations.

(2) Shares
 not in increment of 25,000 shares, a creation unit, represent the Adviser's initial seed investment in connection with the commencement
 of operations.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds Statements of Changes in Net Assets** (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Simplify Health Care ETF** | **Simplify Health Care ETF** | **Simplify Hedged Equity ETF** | **Simplify Hedged Equity ETF** |
|  | **Year Ended<br> June 30,<br> 2025** | **Year Ended<br> June 30,<br> 2024** | **Year Ended<br> June 30,<br> 2025** | **Year Ended<br> June 30,<br> 2024** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $869496 | $371495 | $2872236 | $1793143 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (4804530) | 6503689 | 19851688 | 18317958 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | (2184220) | 6718265 | (1046436) | 3883500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (6119254) | 13593449 | 21677488 | 23994601 |
| **Distributions** | (677797) | (490865) | (3789501) | (6120484) |
| **Fund Shares Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 126501083 | 134296970 | 304053693 | 242299095 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | (126305541) | (69294326) | (158981128) | (198304502) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | 195542 | 65002644 | 145072565 | 43994593 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | (6601509) | 78105228 | 162960552 | 61868710 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 137169249 | 59064021 | 168665905 | 106797195 |
| &nbsp;&nbsp;&nbsp;End of year | $130567740 | $137169249 | $331626457 | $168665905 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 4375001 | 2225001 | 6100001 | 4300001 |
| &nbsp;&nbsp;&nbsp;Shares sold | 4000000 | 4700000 | 10400000 | 9325000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (4025000) | (2550000) | (5475000) | (7525000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 4350001 | 4375001 | 11025001 | 6100001 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds Statements of Changes in Net Assets** (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Simplify High Yield ETF** | **Simplify High Yield ETF** | **Simplify Interest Rate Hedge ETF** | **Simplify Interest Rate Hedge ETF** |
|  | **Year Ended<br> June 30,<br> 2025** | **Year Ended<br> June 30,<br> 2024** | **Year Ended<br> June 30,<br> 2025** | **Year Ended<br> June 30,<br> 2024** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $6123503 | $3604024 | $5380586 | $6645613 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 9703891 | 4618101 | 16088323 | 24670221 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | 3935138 | (750938) | (4513373) | 28081286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 19762532 | 7471187 | 16955536 | 59397120 |
| **Distributions** | (16269523) | (4715001) | (5568494) | (76106598) |
| **Fund Shares Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 210661410 | 120041111 | 73926807 | 47576466 |
| &nbsp;&nbsp;&nbsp;Variable transaction fees (see Note 8) |  |  | 1514407 | 1814321 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | (124994410) | (11870064) | (76218164) | (105095882) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | 85667000 | 108171047 | (776950) | (55705095) |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | 89160009 | 110927233 | 10610092 | (72414573) |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 156167780 | 45240547 | 145441147 | 217855720 |
| &nbsp;&nbsp;&nbsp;End of year | $245327789 | $156167780 | $156051239 | $145441147 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 6800001 | 2075001 | 3025001 | 3400001 |
| &nbsp;&nbsp;&nbsp;Shares sold | 9125000 | 5250000 | 1400000 | 950000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (5350000) | (525000) | (1525000) | (1325000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 10575001 | 6800001 | 2900001 | 3025001 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds Statements of Changes in Net Assets** (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Simplify Intermediate Term<br> Treasury Futures Strategy ETF** | **Simplify Intermediate Term<br> Treasury Futures Strategy ETF** | <br>**Simplify MBS ETF** | <br>**Simplify MBS ETF** |
|  | **Year Ended<br> June 30,<br> 2025** | **Year Ended<br> June 30,<br> 2024** | **Year Ended<br> June 30,<br> 2025** | **For the period<br> November 7,<br> 2023**<sup>(1)</sup> **to<br> June 30,<br> 2024** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $5296947 | $2417645 | $63584846 | $13271970 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (8736038) | (10787702) | (14741027) | (2812226) |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | 6999963 | 3922534 | 17945205 | 2086193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 3560872 | (4447523) | 66789024 | 12545937 |
| **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (5351475) | (2051789) | (64435827) | (13271970) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  | (22181637) | (2807611) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (5351475) | (2051789) | (86617464) | (16079581) |
| **Fund Shares Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 164400307 | 18754647 | 1212434602 | 786576820 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | (58601028) | (16917836) | (570007354) | (32736239) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | 105799279 | 1836811 | 642427248 | 753840581 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | 104008676 | (4662501) | 622598808 | 750306937 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 48678096 | 53340597 | 750306937 |  |
| &nbsp;&nbsp;&nbsp;End of year | $152686772 | $48678096 | $1372905745 | $750306937 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 3750001 | 3625001 | 14900001 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 12075000 | 1400000 | 23950000 | 15550001<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (4500000) | (1275000) | (11425000) | (650000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 11325001 | 3750001 | 27425001 | 14900001 |

---

(1) Commencement
 of operations.

(2) Shares
 not in increment of 25,000 shares, a creation unit, represent the Adviser's initial seed investment in connection with the commencement
 of operations.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds Statements of Changes in Net Assets** (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Simplify NEXT Intangible Core<br> Index ETF** | **Simplify NEXT Intangible Core<br> Index ETF** | **Simplify Short Term Treasury<br> Futures Strategy ETF** | **Simplify Short Term Treasury<br> Futures Strategy ETF** |
|  | **Year Ended<br> June 30,<br> 2025** | **For the period<br> April 16,<br> 2024**<sup>(1)</sup> **to<br> June 30,<br> 2024** | **Year Ended<br> June 30,<br> 2025** | **Year Ended<br> June 30,<br> 2024** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $12206 | $6251 | $27341016 | $30643907 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 232409 | 28537 | 15815964 | (57414467) |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | 99254 | 90991 | 4239241 | 30916505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 343869 | 125779 | 47396221 | 4145945 |
| **Distributions** | (54898) | (5000) | (27674131) | (28690445) |
| **Fund Shares Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 2207995 | 2500025 | 617004305 | 661933504 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | (3579083) |  | (509635263) | (632576103) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | (1371088) | 2500025 | 107369042 | 29357401 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | (1082117) | 2620804 | 127091132 | 4812901 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 2620804 |  | 539079601 | 534266700 |
| &nbsp;&nbsp;&nbsp;End of year | $1538687 | $2620804 | $666170733 | $539079601 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 100001 |  | 25275001 | 23575001 |
| &nbsp;&nbsp;&nbsp;Shares sold | 75000 | 100001<sup>(2)</sup> | 28050000 | 29975000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (125000) |  | (23075000) | (28275000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 50001 | 100001 | 30250001 | 25275001 |

---

(1) Commencement
 of operations.

(2) Shares
 not in increment of 25,000 shares, a creation unit, represent the Adviser's initial seed investment in connection with the commencement
 of operations.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds Statements of Changes in Net Assets** (Continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Simplify Target 15<br> Distribution<br> ETF** | **Simplify Treasury Option Income ETF** | **Simplify Treasury Option Income ETF** |
|  | **For the<br> period April 14,<br> 2025**<sup>(1)</sup> **to<br> June 30,<br> 2025** | <br>**Year Ended**<br> **June 30,<br> 2025** | <br>**Year Ended**<br> **June 30,<br> 2024** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $280008 | $10742177 | $3238489 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 2238651 | (10313326) | 578472 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | 286136 | 5436970 | 113007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 2804795 | 5865821 | 3929968 |
| **Distributions to Shareholders from:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (1122001) | (11594163) | (3934176) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (8307884) | (2109218) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1122001) | (19902047) | (6043394) |
| **Fund Shares Transactions** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 45719648 | 390806604 | 139737286 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed |  | (173020408) | (12505971) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | 45719648 | 217786196 | 127231315 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | 47402442 | 203749970 | 125117889 |
| **Net Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year |  | 139527399 | 14409510 |
| &nbsp;&nbsp;&nbsp;End of year | $47402442 | $343277369 | $139527399 |
| **Changes in Shares Outstanding** |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year |  | 5675001 | 575001 |
| &nbsp;&nbsp;&nbsp;Shares sold | 1800001<sup>(2)</sup> | 15925000 | 5600000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  | (7100000) | (500000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 1800001 | 14500001 | 5675001 |

---

(1) Commencement
 of operations.

(2) Shares
 not in increment of 25,000 shares, a creation unit, represent the Adviser's initial seed investment in connection with the commencement
 of operations.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds Statements of Changes in Net Assets** (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Simplify US Equity PLUS Bitcoin<br> Strategy ETF** | **Simplify US Equity PLUS Bitcoin<br> Strategy ETF** | **Simplify US Equity PLUS<br> Convexity ETF** | **Simplify US Equity PLUS<br> Convexity ETF** |
|  | **Year Ended<br> June 30,<br> 2025** | **Year Ended<br> June 30,<br> 2024** | **Year Ended<br> June 30,<br> 2025** | **Year Ended<br> June 30,<br> 2024** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $377174 | $89806 | $660704 | $731782 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 5298764 | 1258594 | 4160924 | 5208944 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | 1844429 | 1704878 | 5596369 | 9338424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 7520367 | 3053278 | 10417997 | 15279150 |
| **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (440000) | (41389) | (716500) | (874943) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (93611) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (440000) | (135000) | (716500) | (874943) |
| **Fund Shares Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 89850062 | 19130905 | 24738970 | 11796266 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | (42890542) | (9264119) | (24451145) | (26258350) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | 46959520 | 9866786 | 287825 | (14462084) |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | 54039887 | 12785064 | 9989322 | (57877) |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 21526455 | 8741391 | 73356656 | 73414533 |
| &nbsp;&nbsp;&nbsp;End of year | $75566342 | $21526455 | $83345978 | $73356656 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 625001 | 350001 | 2025001 | 2525001 |
| &nbsp;&nbsp;&nbsp;Shares sold | 2325000 | 600000 | 675000 | 350000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1125000) | (325000) | (675000) | (850000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 1825001 | 625001 | 2025001 | 2025001 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds Statements of Changes in Net Assets** (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Simplify US Equity PLUS<br> Downside Convexity ETF** | **Simplify US Equity PLUS<br> Downside Convexity ETF** | **Simplify US Equity PLUS Upside<br> Convexity ETF** | **Simplify US Equity PLUS Upside<br> Convexity ETF** |
|  | **Year Ended<br> June 30,<br> 2025** | **Year Ended<br> June 30,<br> 2024** | **Year Ended<br> June 30,<br> 2025** | **Year Ended<br> June 30,<br> 2024** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $904473 | $1063515 | $579457 | $68037 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 15684174 | (3060772) | (923475) | 608303 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | (5990190) | 17805961 | 6460083 | 902184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 10598457 | 15808704 | 6116065 | 1578524 |
| **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (1088500) | (1085380) | (580268) | (81193) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (407750) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1088500) | (1493130) | (580268) | (81193) |
| **Fund Shares Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 73652053 | 50366819 | 138895540 | 3672870 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | (109134887) | (66111033) | (35827455) | (5534399) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | (35482834) | (15744214) | 103068085 | (1861529) |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | (25972877) | (1428640) | 108603882 | (364198) |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 114185973 | 115614613 | 8063951 | 8428149 |
| &nbsp;&nbsp;&nbsp;End of year | $88213096 | $114185973 | $116667833 | $8063951 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 3525001 | 4225001 | 200001 | 275001 |
| &nbsp;&nbsp;&nbsp;Shares sold | 2150000 | 1700000 | 3275000 | 100000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (3350000) | (2400000) | (850000) | (175000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 2325001 | 3525001 | 2625001 | 200001 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds Consolidated Statements of Changes in Net Assets**

---

| | | | |
|:---|:---|:---|:---|
|  | **Simplify Bitcoin<br> Strategy PLUS<br> Income ETF** | **Simplify Bitcoin<br> Strategy PLUS<br> Income ETF** | **Simplify Gold** <br> **Strategy PLUS**<br> **Income ETF** |
|  | <br>**Year Ended**<br> **June 30,<br> 2025** | <br>**Year Ended**<br> **June 30,<br> 2024** | **For the period<br> December 2,<br> 2024**<sup>(1)</sup> **to<br> June 30,<br> 2025** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $1216845 | $879012 | $398252 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 12998170 | 11387935 | 6924438 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | 3409297 | (1332483) | (96346) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 17624312 | 10934464 | 7226344 |
| **Distributions** | (12937151) | (8396057) | (517501) |
| **Fund Shares Transactions** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 49258948 | 17720224 | 28885871 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | (20335341) | (26531270) | (7345102) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | 28923607 | (8811046) | 21540769 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | 33610768 | (6272639) | 28249612 |
| **Net Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 18680056 | 24952695 |  |
| &nbsp;&nbsp;&nbsp;End of year | $52290824 | $18680056 | $28249612 |
| **Changes in Shares Outstanding** |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 740001 | 1380001 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1760000 | 760000 | 1075001<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (820000) | (1400000) | (250000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 1680001 | 740001 | 825001 |

---

(1) Commencement
 of operations.

(2) Shares
 not in increment of 25,000 shares, a creation unit, represent the Adviser's initial seed investment in connection with the commencement
 of operations.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds Consolidated Statements of Changes in Net Assets** (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Simplify Multi-QIS<br> Alternative ETF** | **Simplify Multi-QIS<br> Alternative ETF** | **Simplify Volatility<br> Premium ETF** | **Simplify Volatility<br> Premium ETF** |
|  | <br>**Year Ended**<br> **June 30,<br> 2025** | **For the period<br> July 11,<br> 2023**<sup>(1)</sup> **to<br> June 30,<br> 2024** | <br>**Year Ended**<br> **June 30,<br> 2025** | <br>**Year Ended**<br> **June 30,<br> 2024** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $3972836 | $4780584 | $40452869 | $31005037 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (15212010) | (66984) | (108331565) | 64354407 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | (88545) | 383325 | 32692623 | (5253316) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (11327719) | 5096925 | (35186073) | 90106128 |
| **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (2504782) | (4209252) | (84092942) | (103075545) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  | (97126311) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (2504782) | (4209252) | (181219253) | (103075545) |
| **Fund Shares Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 10302302 | 127357696 | 474837239 | 773905376 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | (15290493) | (13306069) | (341707812) | (84509670) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | (4988191) | 114051627 | 133129427 | 689395706 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | (18820692) | 114939300 | (83275899) | 676426289 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 114939300 |  | 1000016224 | 323589935 |
| &nbsp;&nbsp;&nbsp;End of year | $96118608 | $114939300 | $916740325 | $1000016224 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 4550001 |  | 44500001 | 14125001 |
| &nbsp;&nbsp;&nbsp;Shares sold | 425000 | 5075001 | 22475000 | 34100000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (650000) | (525000) | (17250000) | (3725000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 4325001 | 4550001 | 49725001 | 44500001 |

---

(1) Commencement
 of operations.

(2) Shares
 not in increment of 25,000 shares, a creation unit, represent the Adviser's initial seed investment in connection with the commencement
 of operations.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds Consolidated Statement of Cash Flows** For the Year Ended June 30, 2025

---

| | |
|:---|:---|
|  | **Simplify Bitcoin<br> Strategy PLUS<br> Income ETF** |
| **Cash Flows Provided by (Used for) Operating Activities:** |  |
| Net increase (decrease) in net assets resulting from operations | $17624312 |
| **Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by / (used for) operating activities:** |  |
| &nbsp;&nbsp;&nbsp;Net purchases and sales in short term investments | (43541863) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) / depreciation on investments | (1763523) |
| &nbsp;&nbsp;&nbsp;Net proceeds from purchased and written options | (4870403) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) / depreciation on written options | (54247) |
| &nbsp;&nbsp;&nbsp;Net realized (gain) / loss from sales of investments | 7237290 |
| &nbsp;&nbsp;&nbsp;Net realized (gain) / loss from written options | (8555763) |
| &nbsp;&nbsp;&nbsp;Net amortization of premium / (discount) | (1754388) |
| &nbsp;&nbsp;&nbsp;(Increase) Decrease in securities sold receivable | (207083) |
| &nbsp;&nbsp;&nbsp;(Increase) Decrease in due from broker | (126859) |
| &nbsp;&nbsp;&nbsp;Interest payable on reverse repurchase agreement | (11791) |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) in investment advisory fees payable | 19476 |
| &nbsp;&nbsp;&nbsp;(Increase) Decrease in prepaid expenses | 1211 |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) securities purchased payable | 16083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Cash Provided by / (Used for) Operating Activities | (35987548) |
| **Cash Flows Provided by (Used for) from Financing Activities:** |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 49258948 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (20335341) |
| &nbsp;&nbsp;&nbsp;Proceeds from reverse repurchase agreement | 503914628 |
| &nbsp;&nbsp;&nbsp;Payments made on reverse repurchase agreement | (483960257) |
| &nbsp;&nbsp;&nbsp;Distributions paid | (12937151) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash provided by (used for) financing activities | 35940827 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in cash | (46721) |
| **Cash and Restricted Cash:** |  |
| Cash and Restricted Cash, at beginning of year | 584499 |
| Cash and Restricted Cash, at end of year | $537778 |
| **Supplemental Disclosure of Cash Flow Information** |  |
| &nbsp;&nbsp;&nbsp;Non-cash financing activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest on reverse repurchase agreements | $60656 |
| **Reconciliation of Restricted and Unrestricted Cash at the beginning of year to the Statements of Assets and Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | $584499 |
| **Reconciliation of Restricted and Unrestricted Cash at the end of year to the Statements of Assets and Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | $537778 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds Consolidated Statement of Cash Flows** For the Year Ended June 30, 2025

---

| | |
|:---|:---|
|  | **Simplify<br> Volatility<br> Premium ETF** |
| **Cash Flows Provided by (Used for) Operating Activities:** |  |
| Net increase (decrease) in net assets resulting from operations | $(35186073) |
| **Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by / (used for) operating activities:** |  |
| &nbsp;&nbsp;&nbsp;Purchases of long-term investment securities | (2023199720) |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of securities | 1812582893 |
| &nbsp;&nbsp;&nbsp;Net purchases and sales in short term investments | 272017481 |
| &nbsp;&nbsp;&nbsp;Net proceeds from purchased and written options | 21037711 |
| &nbsp;&nbsp;&nbsp;Return of capital distributions | 3901237 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) / depreciation on investments | (22088074) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) / depreciation on investments - Affiliated | 3113862 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) / depreciation on written options | (2597171) |
| &nbsp;&nbsp;&nbsp;Net realized (gain) / loss from sales of investments | 57082316 |
| &nbsp;&nbsp;&nbsp;Net realized (gain) / loss from sales of investments - Affiliated | 996584 |
| &nbsp;&nbsp;&nbsp;Net realized (gain) / loss from written options | (44276336) |
| &nbsp;&nbsp;&nbsp;Net amortization of premium / (discount) | (22542017) |
| &nbsp;&nbsp;&nbsp;(Increase) Decrease in dividends and interest receivable | 118 |
| &nbsp;&nbsp;&nbsp;(Increase) Decrease in securities sold receivable | (4057719) |
| &nbsp;&nbsp;&nbsp;(Increase) Decrease in tax reclaims | (431) |
| &nbsp;&nbsp;&nbsp;(Increase) Decrease in prepaid expenses | 2224 |
| &nbsp;&nbsp;&nbsp;(Increase) Decrease in due from broker | 23385651 |
| &nbsp;&nbsp;&nbsp;Interest payable on reverse repurchase agreement | (179012) |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) in investment advisory fees payable | (45978) |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) securities purchased payable | (25530197) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Cash Provided by / (Used for) Operating Activities | 14417351 |
| **Cash Flows Provided by (Used for) from Financing Activities:** |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 474837239 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (337557266) |
| &nbsp;&nbsp;&nbsp;Proceeds from reverse repurchase agreement | 7521080899 |
| &nbsp;&nbsp;&nbsp;Payments made on reverse repurchase agreement | (7492240222) |
| &nbsp;&nbsp;&nbsp;Distributions paid | (181219253) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash provided by (used for) financing activities | (15098603) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in cash | (681252) |
| **Cash and Restricted Cash<sup>(1)</sup>:** |  |
| Cash and Restricted Cash, at beginning of year | 1870910 |
| Cash and Restricted Cash, at end of year | $1189658 |

---

(1) Cash
 and restricted cash include cash and cash held as collateral for futures.

---

| | |
|:---|:---|
| **Supplemental Disclosure of Cash Flow Information** |  |
| &nbsp;&nbsp;&nbsp;Non-cash financing activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest on reverse repurchase agreements | $1032367 |
| **Reconciliation of Restricted and Unrestricted Cash at the beginning of year to the Statements of Assets and Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | $1870910 |
| **Reconciliation of Restricted and Unrestricted Cash at the end of year to the Statements of Assets and Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | $1189658 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Financial Highlights**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended June 30** | **Years Ended June 30** | **Years Ended June 30** | |
| <br>**Simplify Aggregate Bond ETF**<br>**Selected Per Share Data** | **2025** | **2024** | **2023** | **Period Ended**<br>**June 30,**<br>**2022**<sup>(a)</sup> |
| Net Asset Value, beginning of period | $20.73 | $22.50 | $23.64 | $25.00 |
| Income (loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.73 | 0.89 | 0.55 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.53 | (0.38)<sup>(c)</sup> | (0.45) | (1.35) |
| Total from investment operations | 1.26 | 0.51 | 0.10 | (1.22) |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.72) | (0.99) | (0.83) | (0.14) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.83) | (1.29) | (0.41) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.55) | (2.28) | (1.24) | (0.14) |
| Net Asset Value, end of period | $20.44 | $20.73 | $22.50 | $23.64 |
| **Total Return (%)** | 6.19 | 2.48 | 0.49 <sup>(d)</sup> | (4.89)<sup>(e)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |
| Net Assets, end of period ($ millions) | $325 | $207 | $12 | $1 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses before fee waiver (%) | 0.50 <sup>(f)</sup> | 0.52 <sup>(f)(g)</sup> | 0.87 <sup>(f)(h)</sup> | 0.50 <sup>(f)(i)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses after fee waiver (%) | 0.25 <sup>(f)</sup> | 0.26 <sup>(f)(g)</sup> | 0.60 <sup>(f)(h)</sup> | 0.25 <sup>(f)(i)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 3.51 | 4.19 | 2.44 | 1.43 <sup>(i)</sup> |
| Portfolio turnover rate (%)<sup>(j)</sup> | 299 | 385 | 400 | 14 <sup>(e)</sup> |

---

---

| | |
|:---|:---|
| <br>**Simplify Barrier Income ETF**<br>**Selected Per Share Data** | **Period Ended**<br>**June 30,**<br>**2025**<sup>(k)</sup> |
| Net Asset Value, beginning of period | $25.00 |
| Income (loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.20 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.42 |
| Total from investment operations | 1.62 |
| Less distributions from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.56) |
| Net Asset Value, end of period | $26.06 |
| **Total Return (%)** | 6.52 <sup>(e)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |
| **Net Assets, end of period ($ millions)** | $35 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.75 <sup>(i)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 3.67 <sup>(i)</sup> |
| Portfolio turnover rate (%)<sup>(j)</sup> | 0 <sup>(e)</sup> |

---

(a) For the
 period February 15, 2022 (commencement of operations) through June 30, 2022.

(b) Per share
 numbers have been calculated using the average shares method.

(c) Because
 of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change
 in aggregate gains and losses.

(d) Total Return
 would have been lower if certain expenses had not been waived/reimbursed by the Advisor.

(e) Not annualized.

(f) The Fund
 invests in other ETFs and indirectly bears its proportionate shares of fees and expenses incurred by the Underlying Funds in which the
 Fund is invested. This ratio does not included these indirect fees and expenses.

(g) The ratios
 of expenses to average net assets includes interest expense fees of 0.02%.

(h) The ratios
 of expenses to average net assets includes interest expense fees of 0.36%.

(i) Annualized.

(j) Excludes
 the impact of in-kind transactions related to the processing of capital share transactions in Creation Units.

(k) For the
 period April 14, 2025 (commencement of operations) through June 30, 2025.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Financial Highlights** (Continued)

---

| | |
|:---|:---|
| <br>**Simplify Bond Bull ETF**<br> **Selected Per Share Data** | **Period Ended**<br>**June 30,<br> 2025**<sup>(a)</sup> |
| Net Asset Value, beginning of period | $60.00 |
| Income (loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 1.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (11.56)<sup>(c)</sup> |
| Total from investment operations | (10.45) |
| &nbsp;&nbsp;&nbsp;Variable transaction fees (see Note 8) | 0.75 |
| Less distributions from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.71) |
| Net Asset Value, end of period | $48.84 |
| **Total Return (%)** | (17.43)<sup>(d)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |
| Net Assets, end of period ($ millions) | $153 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.50 <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 3.99 <sup>(e)</sup> |
| Portfolio turnover rate (%)<sup>(f)</sup> | 0 <sup>(d)</sup> |

---

---

| | |
|:---|:---|
| <br>**Simplify China A Shares PLUS Income ETF**<br> **Selected Per Share Data** | **Period Ended**<br>**June 30,<br> 2025**<sup>(g)</sup> |
| Net Asset Value, beginning of period | $25.00 |
| Income (loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.41 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 4.95 |
| Total from investment operations | 5.36 |
| &nbsp;&nbsp;&nbsp;Variable transaction fees (see Note 8) | 0.09 |
| Less distributions from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.24) |
| Net Asset Value, end of period | $30.21 |
| **Total Return (%)** | 21.86 <sup>(d)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |
| Net Assets, end of period ($ millions) | $11 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.88 <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 3.33 <sup>(e)</sup> |
| Portfolio turnover rate (%)<sup>(f)</sup> | 0 <sup>(d)</sup> |

---

(a) For the
 period December 9, 2024 (commencement of operations) through June 30, 2025.

(b) Per share
 numbers have been calculated using the average shares method.

(c) Because
 of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change
 in aggregate gains and losses.

(d) Not annualized.

(e) Annualized.

(f) Excludes
 the impact of in-kind transactions related to the processing of capital share transactions in Creation Units.

(g) For the
 period January 13, 2025 (commencement of operations) through June 30, 2025.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Financial Highlights** (Continued)

---

| | |
|:---|:---|
| <br>**Simplify Currency Strategy ETF**<br> **Selected Per Share Data** | **Period Ended**<br>**June 30,<br> 2025**<sup>(a)</sup> |
| Net Asset Value, beginning of period | $25.00 |
| Income (loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.37 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.17 <sup>(c)</sup> |
| Total from investment operations | 1.54 |
| Less distributions from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.28) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.55) |
| Net Asset Value, end of period | $25.99 |
| **Total Return (%)** | 6.16 <sup>(d)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |
| Net Assets, end of period ($ millions) | $15 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.81 <sup>(e)(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 3.61 <sup>(e)</sup> |
| Portfolio turnover rate (%)<sup>(g)</sup> | 0 <sup>(d)</sup> |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended June 30** | **Years Ended June 30** | |
| <br>**Simplify Enhanced Income ETF**<br>**Selected Per Share Data** | **2025** | **2024** | **Period Ended**<br>**June 30,**<br>**2023**<sup>(h)</sup> |
| Net Asset Value, beginning of period | $24.29 | $24.99 | $25.00 |
| Income (loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 1.01 | 1.18 | 0.65 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.57 <sup>(c)</sup> | 0.37 | 0.60 |
| Total from investment operations | 1.58 | 1.55 | 1.25 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.16) | (1.48) | (1.23) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.03) | (0.03) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.54) | (0.74) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.70) | (2.25) | (1.26) |
| Net Asset Value, end of period | $24.17 | $24.29 | $24.99 |
| **Total Return (%)** | 6.95 | 6.51 | 5.07 <sup>(d)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |
| Net Assets, end of period ($ millions) | $192 | $435 | $26 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.50 | 0.52 <sup>(i)</sup> | 0.87 <sup>(e)(j)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 4.28 | 4.83 | 3.92 <sup>(e)</sup> |
| Portfolio turnover rate (%)<sup>(g)</sup> | 0 | 0 | 0 <sup>(d)</sup> |

---

(a) For
 the period February 3, 2025 (commencement of operations) through June 30, 2025.

(b) Per
 share numbers have been calculated using the average shares method.

(c) Because
 of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change
 in aggregate gains and losses.

(d) Not
 annualized.

(e) Annualized.

(f) The
 ratios of expenses to average net assets includes interest expense fees of 0.06%.

(g) Excludes
 the impact of in-kind transactions related to the processing of capital share transactions in Creation Units.

(h) For
 the period October 28, 2022 (commencement of operations) through June 30, 2023.

(i) The
 ratios of expenses to average net assets includes interest expense fees of 0.02%.

(j) The
 ratios of expenses to average net assets includes interest expense fees of 0.36%.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Financial Highlights** (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended June 30** | **Years Ended June 30** | **Years Ended June 30** | |
| <br>**Simplify Health Care ETF**<br>**Selected Per Share Data** | **2025** | **2024** | **2023** | **Period Ended**<br>**June 30,**<br>**2022**<sup>(a)</sup> |
| Net Asset Value, beginning of period | $31.35 | $26.55 | $24.58 | $25.00 |
| Income (loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.16 | 0.12 | 0.18 | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.36) | 4.85 | 1.99 | (0.42) |
| Total from investment operations | (1.20) | 4.97 | 2.17 | (0.34) |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.13) | (0.17) | (0.20) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.13) | (0.17) | (0.20) | (0.08) |
| Net Asset Value, end of period | $30.02 | $31.35 | $26.55 | $24.58 |
| **Total Return (%)** | (3.84) | 18.83 | 8.81 | (1.38)<sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |
| Net Assets, end of period ($ millions) | $131 | $137 | $59 | $34 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.50 | 0.50 | 0.50 | 0.50 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 0.52 | 0.44 | 0.72 | 0.45 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(e)</sup> | 201 | 210 | 118 | 146 <sup>(c)</sup> |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended June 30** | **Years Ended June 30** | **Years Ended June 30** | |
| <br>**Simplify Hedged Equity ETF**<br>**Selected Per Share Data** | **2025** | **2024** | **2023** | **Period Ended**<br>**June 30,**<br>**2022**<sup>(f)</sup> |
| Net Asset Value, beginning of period | $27.65 | $24.84 | $22.99 | $25.00 |
| Income (loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.28 | 0.30 | 0.24 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.51 | 3.59 | 2.58 | (2.04) |
| Total from investment operations | 2.79 | 3.89 | 2.82 | (1.86) |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.36) | (0.31) | (0.54) | (0.15) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.77) | (0.43) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.36) | (1.08) | (0.97) | (0.15) |
| Net Asset Value, end of period | $30.08 | $27.65 | $24.84 | $22.99 |
| **Total Return (%)** | 10.13 | 16.08 | 12.65 | (7.46)<sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |
| Net Assets, end of period ($ millions) | $332 | $169 | $107 | $37 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses before fee waiver (%) | 0.50 <sup>(g)</sup> | 0.51 <sup>(g)(h)</sup> | 0.73 <sup>(g)(i)</sup> | 0.50 <sup>(d)(g)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses after fee waiver (%) | 0.42 <sup>(g)</sup> | 0.51 <sup>(g)(h)</sup> | 0.73 <sup>(g)(i)</sup> | 0.50 <sup>(d)(g)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 0.97 | 1.19 | 1.02 | 1.16 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(e)</sup> | 5 | 1 | 10 | 2 <sup>(c)</sup> |

---

(a) For the
 period October 8, 2021 (commencement of operations) through June 30, 2022.

(b) Per share
 numbers have been calculated using the average shares method.

(c) Not annualized.

(d) Annualized.

(e) Excludes
 the impact of in-kind transactions related to the processing of capital share transactions in Creation Units.

(f) For the
 period November 2, 2021 (commencement of operations) through June 30, 2022.

(g) The Fund
 invests in other ETFs and indirectly bears its proportionate shares of fees and expenses incurred by the Underlying Funds in which the
 Fund is invested. This ratio does not included these indirect fees and expenses.

(h) The ratios
 of expenses to average net assets includes interest expense fees of 0.01%.

(i) The ratios
 of expenses to average net assets includes interest expense fees of 0.23%.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Financial Highlights** (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended June 30** | **Years Ended June 30** | **Years Ended June 30** | |
| <br>**Simplify High Yield ETF**<br>**Selected Per Share Data** | **2025** | **2024** | **2023** | **Period Ended**<br>**June 30,**<br>**2022**<sup>(a)</sup> |
| Net Asset Value, beginning of period | $22.97 | $21.80 | $22.23 | $25.00 |
| Income (loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.98 | 1.12 | 0.67 | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.95 | 1.40 | 0.76 | (2.44) |
| Total from investment operations | 2.93 | 2.52 | 1.43 | (2.43) |
| &nbsp;&nbsp;&nbsp;Variable transaction fees (see Note 8) |  |  |  | 0.01 |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (2.70) | (1.35) | (1.39) | (0.24) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  | (0.47) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (2.70) | (1.35) | (1.86) | (0.35) |
| Net Asset Value, end of period | $23.20 | $22.97 | $21.80 | $22.23 |
| **Total Return (%)** | 13.60 | 11.82 | 6.75 | (9.74)<sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |
| Net Assets, end of period ($ millions) | $245 | $156 | $45 | $30 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses before fee waiver (%) | 0.50 <sup>(d)</sup> | 0.50 | 0.51 <sup>(e)</sup> | 0.50 <sup>(d)(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses after fee waiver (%) | 0.25 <sup>(d)</sup> | 0.25 | 0.26 <sup>(e)</sup> | 0.25 <sup>(d)(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 4.26 | 4.98 | 3.05 | 0.15 <sup>(f)</sup> |
| Portfolio turnover rate (%)<sup>(g)</sup> | 622 | 0 | 0 | 77 <sup>(c)</sup> |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years Ended June 30** | **Years Ended June 30** | **Years Ended June 30** | **Years Ended June 30** | |
| <br>**Simplify Interest Rate Hedge ETF**<br>**Selected Per Share Data** | **2025** | **2024** | **2023** | **2022** | **Period Ended**<br>**June 30,**<br>**2021**<sup>(h)</sup> |
| Net Asset Value, beginning of period | $48.08 | $64.08 | $57.25 | $40.55 | $50.00 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 1.77 | 2.47 | 1.45 | 0.03 | (0.00)<sup>(i)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 5.32 | 16.32 | 5.75 | 15.86 | (10.42) |
| Total from investment operations | 7.09 | 18.79 | 7.20 | 15.89 | (10.42) |
| &nbsp;&nbsp;&nbsp;Variable transaction fees (see Note 8) | 0.50 | 0.67 | 0.47 | 0.82 | 0.97 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.86) | (3.96) | (0.84) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (31.50) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.86) | (35.46) | (0.84) | (0.01) |  |
| Net Asset Value, end of period | $53.81 | $48.08 | $64.08 | $57.25 | $40.55 |
| **Total Return (%)** | 16.28 | 42.78 | 13.35 | 41.18 | (18.89)<sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |
| Net Assets, end of period ($ millions) | $156 | $145 | $218 | $302 | $63 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.50 | 0.50 | 0.50 | 0.50 | 0.50 <sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 3.56 | 3.80 | 2.26 | 0.05 | (0.05)<sup>(f)</sup> |
| Portfolio turnover rate (%)<sup>(g)</sup> | 0 | 164 | 124 | 3 | 0 <sup>(c)</sup> |

---

(a) For the
 period February 15, 2022 (commencement of operations) through June 30, 2022.

(b) Per share
 numbers have been calculated using the average shares method.

(c) Not annualized.

(d) The Fund
 invests in other ETFs and indirectly bears its proportionate shares of fees and expenses incurred by the Underlying Funds in which the
 Fund is invested. This ratio does not included these indirect fees and expenses.

(e) The ratios
 of expenses to average net assets includes interest expense fees of 0.01%.

(f) Annualized.

(g) Excludes
 the impact of in-kind transactions related to the processing of capital share transactions in Creation Units.

(h) For the
 period May 11, 2021 (commencement of operations) through June 30, 2021.

(i) Less than
 $.005.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Financial Highlights** (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended June 30** | **Years Ended June 30** | **Years Ended June 30** | |
| <br>**Simplify Intermediate Term Treasury Futures Strategy ETF**<br>**Selected Per Share Data** | **2025** | **2024** | **2023** | **Period Ended**<br>**June 30,**<br>**2022**<sup>(a)</sup> |
| Net Asset Value, beginning of period | $12.98 | $14.71 | $18.28 | $25.00 |
| Income (loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.58 | 0.68 | 0.51 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.48 <sup>(c)</sup> | (1.84) | (3.53) | (6.74) |
| Total from investment operations | 1.06 | (1.16) | (3.02) | (6.60) |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.56) | (0.57) | (0.55) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.56) | (0.57) | (0.55) | (0.12) |
| Net Asset Value, end of period | $13.48 | $12.98 | $14.71 | $18.28 |
| **Total Return (%)** | 8.42 | (7.93) | (16.61) | (26.47)<sup>(d)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |
| Net Assets, end of period ($ millions) | $153 | $49 | $53 | $40 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses before fee waiver (%) | 0.25 | 0.25 | 0.27 <sup>(e)</sup> | 0.25 <sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses after fee waiver (%) | 0.15 | 0.15 | 0.17 <sup>(e)</sup> | 0.15 <sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 4.43 | 5.08 | 3.16 | 0.85 <sup>(f)</sup> |
| Portfolio turnover rate (%)<sup>(g)</sup> | 0 | 0 | 0 | 153 <sup>(d)</sup> |

---

---

| | | |
|:---|:---|:---|
| <br>**Simplify MBS ETF**<br>**Selected Per Share Data** | **Year Ended**<br>**June 30,**<br>**2025** | **Period Ended**<br>**June 30,**<br>**2024**<sup>(h)</sup> |
| Net Asset Value, beginning of period | $50.36 | $50.00 |
| Income (loss) from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 2.23 | 1.66 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.47 <sup>(c)</sup> | 0.45 <sup>(c)</sup> |
| Total from investment operations | 2.70 | 2.11 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (2.23) | (1.44) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.77) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (3.00) | (1.75) |
| Net Asset Value, end of period | $50.06 | $50.36 |
| **Total Return (%)** | 5.52 | 4.24 <sup>(d)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |
| Net Assets, end of period ($ millions) | $1373 | $750 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses before fee waiver (%) | 0.25 | 0.27 <sup>(e)(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses after fee waiver (%) | 0.15 | 0.17 <sup>(e)(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 4.43 | 5.13 <sup>(f)</sup> |
| Portfolio turnover rate (%)<sup>(g)</sup> | 1376 | 769 <sup>(d)</sup> |

---

(a) For the
 period September 28, 2021 (commencement of operations) through June 30, 2022.

(b) Per share
 numbers have been calculated using the average shares method.

(c) Because
 of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change
 in aggregate gains and losses.

(d) Not annualized.

(e) The ratios
 of expenses to average net assets includes interest expense fees of 0.02%.

(f) Annualized.

(g) Excludes
 the impact of in-kind transactions related to the processing of capital share transactions in Creation Units.

(h) For the
 period November 7, 2023 (commencement of operations) through June 30, 2024.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Financial Highlights** (Continued)

---

| | | |
|:---|:---|:---|
| **Simplify NEXT Intangible Core Index ETF<br> Selected Per Share Data** | **Year Ended<br> June 30,<br> 2025** | **Period Ended<br> June 30,<br> 2024**<sup>(a)</sup> |
| Net Asset Value, beginning of period | $26.21 | $25.00 |
| Income (loss) from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.22 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 5.44 | 1.20 |
| Total from investment operations | 5.66 | 1.26 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.26) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.84) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.10) | (0.05) |
| Net Asset Value, end of period | $30.77 | $26.21 |
| **Total Return (%)** | 21.95 | 5.03 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |
| Net Assets, end of period ($ millions) | $2 | $3 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.25 | 0.25 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 0.79 | 1.18 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(e)</sup> | 34 | 28 <sup>(c)</sup> |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended June 30** | **Years Ended June 30** | |
| **Simplify Short Term Treasury Futures Strategy ETF**<br>**Selected Per Share Data** | **2025** | **2024** | **Period Ended<br> June 30,**<br>**2023**<sup>(f)</sup> |
| Net Asset Value, beginning of period | $21.33 | $22.66 | $25.00 |
| Income (loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.98 | 1.14 | 0.68 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.70 | (1.43) | (2.38) |
| Total from investment operations | 1.68 | (0.29) | (1.70) |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.99) | (1.04) | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.99) | (1.04) | (0.64) |
| Net Asset Value, end of period | $22.02 | $21.33 | $22.66 |
| **Total Return (%)** | 8.04 | (1.33) | (6.97)<sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |
| Net Assets, end of period ($ millions) | $666 | $539 | $534 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses before fee waiver (%) | 0.25 | 0.25 | 0.26 <sup>(d)(g)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses after fee waiver (%) | 0.15 | 0.15 | 0.15 <sup>(d)(g)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 4.49 | 5.13 | 4.62 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(e)</sup> | 0 | 0 | 0 <sup>(c)</sup> |

---

(a) For
 the period April 16, 2024 (commencement of operations) through June 30, 2024.

(b) Per
 share numbers have been calculated using the average shares method.

(c) Not
 annualized.

(d) Annualized.

(e) Excludes
 the impact of in-kind transactions related to the processing of capital share transactions in Creation Units.

(f) For
 the period November 15, 2022 (commencement of operations) through June 30, 2023.

(g) The
 ratios of expenses to average net assets includes interest expense fees of 0.01%.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Financial Highlights** (Continued)

---

| | |
|:---|:---|
| **Simplify Target 15 Distribution ETF<br> Selected Per Share Data** | **Period Ended<br> June 30,<br> 2025**<sup>(a)</sup> |
| Net Asset Value, beginning of period | $25.00 |
| Income (loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.20 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.78 |
| Total from investment operations | 1.98 |
| Less distributions from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.65) |
| Net Asset Value, end of period | $26.33 |
| **Total Return (%)** | 7.99 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |
| Net Assets, end of period ($ millions) | $47 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.75 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 3.65 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(e)</sup> | 0 <sup>(c)</sup> |

---

---

| | | | |
|:---|:---|:---|:---|
| **Simplify Treasury Option Income ETF** | **Years Ended June 30** | **Years Ended June 30** | **Period Ended<br> June 30,** |
| **Selected Per Share Data** | **2025** | **2024** | **2023**<sup>(f)</sup> |
| Net Asset Value, beginning of period | $24.59 | $25.06 | $25.00 |
| Income (loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 1.02 | 1.22 | 0.70 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.04) | 0.10 | 0.11 |
| Total from investment operations | 0.98 | 1.32 | 0.81 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.05) | (1.14) | (0.74) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.08) | (0.03) | (0.01) |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.76) | (0.62) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.89) | (1.79) | (0.75) |
| Net Asset Value, end of period | $23.68 | $24.59 | $25.06 |
| **Total Return (%)** | 4.06 | 5.39 | 3.27 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |
| Net Assets, end of period ($ millions) | $343 | $140 | $14 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.35 | 0.36 <sup>(g)</sup> | 0.43 <sup>(d)(h)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 4.23 | 4.93 | 4.21 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(e)</sup> | 0 | 0 | 0 <sup>(c)</sup> |

---

(a) For
 the period April 14, 2025 (commencement of operations) through June 30, 2025.

(b) Per
 share numbers have been calculated using the average shares method.

(c) Not
 annualized.

(d) Annualized.

(e) Excludes
 the impact of in-kind transactions related to the processing of capital share transactions in Creation Units.

(f) For
 the period October 28, 2022 (commencement of operations) through June 30, 2023.

(g) The
 ratios of expenses to average net assets includes interest expense fees of 0.01%.

(h) The
 ratios of expenses to average net assets includes interest expense fees of 0.08%.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Financial Highlights** (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Simplify US Equity PLUS Bitcoin Strategy ETF** | **Years Ended June 30** | **Years Ended June 30** | **Years Ended June 30** | **Years Ended June 30** | **Period Ended<br> June 30,** |
| **Selected Per Share Data** | **2025** | **2024** | **2023** | **2022** | **2021**<sup>(a)</sup> |
| Net Asset Value, beginning of period | $34.44 | $24.98 | $20.43 | $25.32 | $25.00 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.38 | 0.25 | 0.18 | 0.17 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 6.95 | 9.51 | 5.35 | (4.51) | 0.30 |
| Total from investment operations | 7.33 | 9.76 | 5.53 | (4.34) | 0.36 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.36) | (0.09) | (0.11) | (0.21) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.34) |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (0.21) | (0.87) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.36) | (0.30) | (0.98) | (0.55) | (0.04) |
| Net Asset Value, end of period | $41.41 | $34.44 | $24.98 | $20.43 | $25.32 |
| **Total Return (%)** | 21.35 | 39.29 | 27.69 | (17.66) | 1.46 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |
| Net Assets, end of period ($ millions) | $76 | $22 | $9 | $87 | $103 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.51 <sup>(d)(e)</sup> | 0.51 <sup>(d)(e)</sup> | 0.51 <sup>(d)(e)</sup> | 0.50 <sup>(e)</sup> | 0.51 <sup>(d)(e)(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 1.00 | 0.83 | 0.84 | 0.66 | 2.65 <sup>(f)</sup> |
| Portfolio turnover rate (%)<sup>(g)</sup> | 30 | 21 | 8 | 6 | 2 <sup>(c)</sup> |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Simplify US Equity PLUS Convexity ETF** | **Years Ended June 30** | **Years Ended June 30** | **Years Ended June 30** | **Years Ended June 30** | **Period Ended<br> June 30,** |
| **Selected Per Share Data** | **2025** | **2024** | **2023** | **2022** | **2021**<sup>(h)</sup> |
| Net Asset Value, beginning of period | $36.23 | $29.08 | $26.59 | $30.63 | $25.00 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.34 | 0.34 | 0.36 | 0.33 | 0.31 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 4.95 | 7.22 | 2.46 | (3.85) | 5.59 |
| Total from investment operations | 5.29 | 7.56 | 2.82 | (3.52) | 5.90 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.36) | (0.41) | (0.33) | (0.52) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.36) | (0.41) | (0.33) | (0.52) | (0.27) |
| Net Asset Value, end of period | $41.16 | $36.23 | $29.08 | $26.59 | $30.63 |
| **Total Return (%)** | 14.71 | 26.21 | 10.67 | (11.68) | 23.68 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |
| Net Assets, end of period ($ millions) | $83 | $73 | $73 | $61 | $89 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.50 <sup>(e)</sup> | 0.50 <sup>(e)</sup> | 0.53 <sup>(e)(i)</sup> | 0.50 <sup>(e)</sup> | 0.50 <sup>(e)(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses after fee waiver (%) | 0.50 <sup>(e)</sup> | 0.38 <sup>(e)</sup> | 0.28 <sup>(e)(i)</sup> | 0.25 <sup>(e)</sup> | 0.25 <sup>(e)(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 0.89 | 1.10 | 1.35 | 1.04 | 1.35 <sup>(f)</sup> |
| Portfolio turnover rate (%)<sup>(g)</sup> | 8 | 3 | 1 | 3 | 6 <sup>(c)</sup> |

---

(a) For
 the period May 25, 2021 (commencement of operations) through June 30, 2021.

(b) Per
 share numbers have been calculated using the average shares method.

(c) Not
 annualized.

(d) The
 ratios of expenses to average net assets includes interest expense fees of 0.01%.

(e) The
 Fund invests in other ETFs and indirectly bears its proportionate shares of fees and expenses incurred by the Underlying Funds in which
 the Fund is invested. This ratio does not included these indirect fees and expenses.

(f) Annualized.

(g) Excludes
 the impact of in-kind transactions related to the processing of capital share transactions in Creation Units.

(h) For
 the period September 4, 2020 (commencement of operations) through June 30, 2021.

(i) The
 ratios of expenses to average net assets includes interest expense fees of 0.03%.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Financial Highlights** (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Simplify US Equity PLUS Downside Convexity ETF** | **Years Ended June 30** | **Years Ended June 30** | **Years Ended June 30** | **Years Ended June 30** | **Period Ended<br> June 30,** |
| **Selected Per Share Data** | **2025** | **2024** | **2023** | **2022** | **2021**<sup>(a)</sup> |
| Net Asset Value, beginning of period | $32.39 | $27.36 | $26.48 | $30.26 | $25.00 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.29 | 0.32 | 0.30 | 0.35 | 0.36 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 5.62 | 5.17 | 1.07 <sup>(c)</sup> | (3.76) | 5.14 |
| Total from investment operations | 5.91 | 5.49 | 1.37 | (3.41) | 5.50 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.36) | (0.33) | (0.49) | (0.37) | (0.24) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (0.13) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.36) | (0.46) | (0.49) | (0.37) | (0.24) |
| Net Asset Value, end of period | $37.94 | $32.39 | $27.36 | $26.48 | $30.26 |
| **Total Return (%)** | 18.38 | 20.23 | 5.31 | (11.38) | 22.07 <sup>(d)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |
| Net Assets, end of period ($ millions) | $88 | $114 | $116 | $445 | $225 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.50 <sup>(e)</sup> | 0.50 <sup>(e)</sup> | 0.62 <sup>(e)(f)</sup> | 0.50 <sup>(e)</sup> | 0.50 <sup>(e)(g)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses after fee waiver (%) | 0.50 <sup>(e)</sup> | 0.38 <sup>(e)</sup> | 0.37 <sup>(e)(f)</sup> | 0.25 <sup>(e)</sup> | 0.25 <sup>(e)(g)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 0.85 | 1.11 | 1.15 | 1.14 | 1.53 <sup>(g)</sup> |
| Portfolio turnover rate (%)<sup>(h)</sup> | 13 | 0 | 0 | 5 | 4 <sup>(d)</sup> |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Simplify US Equity PLUS Upside Convexity ETF** | **Years Ended June 30** | **Years Ended June 30** | **Years Ended June 30** | **Years Ended June 30** | **Period Ended<br> June 30,** |
| **Selected Per Share Data** | **2025** | **2024** | **2023** | **2022** | **2021**<sup>(a)</sup> |
| Net Asset Value, beginning of period | $40.32 | $30.65 | $26.60 | $30.99 | $25.00 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.46 | 0.34 | 0.40 | 0.36 | 0.32 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 4.02 | 9.78 | 3.99 | (3.91) | 6.02 |
| Total from investment operations | 4.48 | 10.12 | 4.39 | (3.55) | 6.34 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.36) | (0.45) | (0.34) | (0.43) | (0.35) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  |  |  | (0.41) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.36) | (0.45) | (0.34) | (0.84) | (0.35) |
| Net Asset Value, end of period | $44.44 | $40.32 | $30.65 | $26.60 | $30.99 |
| **Total Return (%)** | 11.20 | 33.28 | 16.65 | (11.99) | 25.52 <sup>(d)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |
| Net Assets, end of period ($ millions) | $117 | $8 | $8 | $12 | $9 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.50 <sup>(e)</sup> | 0.50 <sup>(e)</sup> | 0.50 <sup>(e)</sup> | 0.50 <sup>(e)</sup> | 0.50 <sup>(e)(g)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses after fee waiver (%) | 0.50 <sup>(e)</sup> | 0.37 <sup>(e)</sup> | 0.25 <sup>(e)</sup> | 0.25 <sup>(e)</sup> | 0.25 <sup>(e)(g)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 1.15 | 1.04 | 1.46 | 1.13 | 1.37 <sup>(g)</sup> |
| Portfolio turnover rate (%)<sup>(h)</sup> | 94 | 4 | 0 | 4 | 5 <sup>(d)</sup> |

---

(a) For
 the period September 4, 2020 (commencement of operations) through June 30, 2021.

(b) Per
 share numbers have been calculated using the average shares method.

(c) Because
 of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change
 in aggregate gains and losses.

(d) Not
 annualized.

(e) The
 Fund invests in other ETFs and indirectly bears its proportionate shares of fees and expenses incurred by the Underlying Funds in which
 the Fund is invested. This ratio does not included these indirect fees and expenses.

(f) The
 ratios of expenses to average net assets includes interest expense fees of 0.12%.

(g) Annualized.

(h) Excludes
 the impact of in-kind transactions related to the processing of capital share transactions in Creation Units.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Consolidated Financial Highlights**

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended June 30** | **Years Ended June 30** | |
| **Simplify Bitcoin Strategy PLUS Income ETF**<br>**Selected Per Share Data** | **2025** | **2024** | **Period Ended<br> June 30,**<br>**2023**<sup>(a)</sup> |
| Net Asset Value, beginning of period | $25.24 | $18.08 | $12.50 |
| Income (loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.78 | 0.76 | 0.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 14.28 | 12.23 | 6.64 |
| Total from investment operations | 15.06 | 12.99 | 6.79 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (8.89) | (4.97) | (1.15) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.28) | (0.86) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (9.17) | (5.83) | (1.21) |
| Net Asset Value, end of period | $31.13 | $25.24 | $18.08 |
| **Total Return (%)** | 74.47 | 84.03 | 58.15 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |
| Net Assets, end of period ($ millions) | $52 | $19 | $25 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 1.31 <sup>(d)(e)</sup> | 6.09 <sup>(e)(f)</sup> | 11.18 <sup>(e)(g)(h)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 2.97 | 3.67 | 1.35 <sup>(g)</sup> |
| Portfolio turnover rate (%)<sup>(i)</sup> | 0 | 0 | 0 <sup>(c)</sup> |

---

---

| | |
|:---|:---|
| **Simplify Gold Strategy PLUS Income ETF<br> Selected Per Share Data** | **Period Ended<br> June 30,<br> 2025**<sup>(j)</sup> |
| Net Asset Value, beginning of period | $25.00 |
| Income (loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.64 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 9.25 |
| Total from investment operations | 9.89 |
| Less distributions from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.65) |
| Net Asset Value, end of period | $34.24 |
| **Total Return (%)** | 39.74 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |
| Net Assets, end of period ($ millions) | $28 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.53 <sup>(g)(k)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 3.67 <sup>(g)</sup> |
| Portfolio turnover rate (%)<sup>(i)</sup> | 0 <sup>(c)</sup> |

---

(a) For
 the period September 30, 2022 (commencement of operations) through June 30, 2023.

(b) Per
 share numbers have been calculated using the average shares method.

(c) Not
 annualized.

(d) The
 ratios of expenses to average net assets includes interest expense fees of 0.46%.

(e) The
 Fund invests in other ETFs and indirectly bears its proportionate shares of fees and expenses incurred by the Underlying Funds in which
 the Fund is invested. This ratio does not included these indirect fees and expenses.

(f) The
 ratios of expenses to average net assets includes interest expense fees of 5.24%.

(g) Annualized.

(h) The
 ratios of expenses to average net assets includes interest expense fees of 10.23%.

(i) Excludes
 the impact of in-kind transactions related to the processing of capital share transactions in Creation Units.

(j) For
 the period December 2, 2024 (commencement of operations) through June 30, 2025.

(k) The
 ratios of expenses to average net assets includes interest expense fees of 0.03%.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Consolidated Financial Highlights** (Continued)

---

| | | |
|:---|:---|:---|
| **<br>Simplify Multi-QIS Alternative ETF**<br>**Selected Per Share Data** | **Year Ended<br> June 30,**<br>**2025** | **Period Ended<br> June 30,**<br>**2024**<sup>(a)</sup> |
| Net Asset Value, beginning of period | $25.26 | $25.00 |
| Income (loss) from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.88 | 1.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (3.36) | 0.10 |
| Total from investment operations | (2.48) | 1.17 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.56) | (0.91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.56) | (0.91) |
| Net Asset Value, end of period | $22.22 | $25.26 |
| **Total Return (%)** | (9.89) | 4.78 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |
| Net Assets, end of period ($ millions) | $96 | $115 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 1.00 <sup>(d)</sup> | 1.00 <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 3.66 | 4.36 <sup>(e)</sup> |
| Portfolio turnover rate (%)<sup>(f)</sup> | 29 | 0 <sup>(c)</sup> |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years Ended June 30** | **Years Ended June 30** | **Years Ended June 30** | **Years Ended June 30** | |
| <br>**Simplify Volatility Premium ETF**<br>**Selected Per Share Data** | **2025** | **2024** | **2023** | **2022** | **Period Ended**<br>**June 30,**<br>**2021**<sup>(g)</sup> |
| Net Asset Value, beginning of period | $22.47 | $22.91 | $22.18 | $27.01 | $25.00 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.75 | 1.13 | 0.63 | 0.03 | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.41) | 2.04 | 3.97 | (1.54) | 2.03 |
| Total from investment operations | (0.66) | 3.17 | 4.60 | (1.51) | 2.01 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.70) | (3.61) | (3.87) | (0.04) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.86) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital | (1.81) |  |  | (3.28) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (3.37) | (3.61) | (3.87) | (3.32) |  |
| Net Asset Value, end of period | $18.44 | $22.47 | $22.91 | $22.18 | $27.01 |
| **Total Return (%)** | (3.00) | 15.05 | 23.14 | (6.23) | 8.05 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |
| Net Assets, end of period ($ millions) | $917 | $1000 | $324 | $99 | $15 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.63 <sup>(d)(h)</sup> | 0.65 <sup>(d)(i)</sup> | 1.16 <sup>(d)(j)</sup> | 0.61 <sup>(d)(k)</sup> | 0.51 <sup>(d)(e)(l)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 3.70 | 5.00 | 2.85 | 0.10 | (0.51)<sup>(e)</sup> |
| Portfolio turnover rate (%)<sup>(f)</sup> | 298 | 97 | 260 | 207 | 10 <sup>(c)</sup> |

---

(a) For
 the period July 11, 2023 (commencement of operations) through June 30, 2024.

(b) Per
 share numbers have been calculated using the average shares method.

(c) Not
 annualized.

(d) The
 Fund invests in other ETFs and indirectly bears its proportionate shares of fees and expenses incurred by the Underlying Funds in which
 the Fund is invested. This ratio does not included these indirect fees and expenses.

(e) Annualized.

(f) Excludes
 the impact of in-kind transactions related to the processing of capital share transactions in Creation Units.

(g) For
 the period May 13, 2021 (commencement of operations) through June 30, 2021.

(h) The
 ratios of expenses to average net assets includes interest expense fees of 0.09%.

(i) The
 ratios of expenses to average net assets includes interest expense fees of 0.15%.

(j) The
 ratios of expenses to average net assets includes interest expense fees of 0.66%.

(k) The
 ratios of expenses to average net assets includes interest expense fees of 0.11%.

(l) The
 ratios of expenses to average net assets includes interest expense fees of 0.01%.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements**

June 30, 2025

**1. Organization**

Simplify Exchange Traded Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end registered management investment company organized as a Delaware statutory trust.

As of June 30, 2025, the Trust consists of thirty four investment series of exchange-traded funds ("ETFs") (each a "Fund" and collectively, the "Funds") in operation and trading. These financial statements report on the Simplify Aggregate Bond ETF, Simplify Barrier Income ETF, Simplify Bond Bull ETF, Simplify China A Shares PLUS Income ETF, Simplify Currency Strategy ETF, Simplify Enhanced Income ETF, Simplify Health Care ETF, Simplify Hedged Equity ETF, Simplify High Yield ETF, Simplify Interest Rate Hedge ETF, Simplify Intermediate Term Treasury Futures Strategy ETF, Simplify MBS ETF, Simplify NEXT Intangible Core Index ETF, Simplify Short Term Treasury Futures Strategy ETF, Simplify Target 15 Distribution ETF, Simplify Treasury Option Income ETF, Simplify US Equity PLUS Bitcoin Strategy ETF, Simplify US Equity PLUS Convexity ETF, Simplify US Equity PLUS Downside Convexity ETF, Simplify US Equity PLUS Upside Convexity ETF, Simplify Bitcoin Strategy PLUS Income ETF, Simplify Gold Strategy PLUS Income ETF, Simplify Multi-QIS Alternative ETF and Simplify Volatility Premium ETF

Effective August 27, 2024, Simplify Stable Income ETF changed its name to Simplify Treasury Option Income ETF. Effective November 1, 2024, Simplify US Equity PLUS GBTC ETF changed its name to Simplify US Equity PLUS Bitcoin Strategy ETF. Effective February 20, 2025, Simplify Downside Interest Rate Hedge Strategy ETF changed its name to Simplify Bond Bull ETF. Effective February 12, 2025, Simplify High Yield PLUS Credit Hedge ETF changed its name to Simplify High Yield ETF.

Simplify Barrier Income ETF, Simplify Bond Bull ETF, Simplify China A Shares PLUS Income ETF, Simplify Currency Strategy ETF, Simplify Interest Rate Hedge ETF, Simplify Target 15 Distribution ETF, Simplify Bitcoin Strategy PLUS Income ETF and Simplify Gold Strategy PLUS Income ETF are each a non-diversified Fund of the Trust.

Simplify Asset Management Inc. (the "Adviser") serves as investment adviser to each Fund. The Adviser has overall responsibility for the general management and administration of the Funds, subject to the oversight of the Trust's Board of Trustees (the "Board").

Each Fund offers shares ('Shares") that are listed and traded on the NYSE Arca, Inc. ("NYSE Arca"), except for Simplify Intermediate Term Treasury Futures Strategy ETF and Simplify NEXT Intangible Core Index ETF which offers Shares that are listed and traded on the Cboe BZX Exchange, Inc. and Simplify US Equity PLUS Bitcoin Strategy ETF and Simplify Bitcoin Strategy PLUS Income ETF which offer Shares that are listed and traded on the Nasdaq Stock Market LLC ("Nasdaq"). Unlike mutual funds, each Fund issues and redeems Shares at net asset value ("NAV") only in large specified lots consisting of 25,000 Shares, or 10,000 Shares in the case of Simplify Bitcoin Strategy PLUS Income ETF, each called a "Creation Unit", to authorized participants who have entered into agreements with the Funds' distributor. Shares are not individually redeemable securities of the Funds, and owners of the Shares who are authorized participants may acquire those Shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.

---

| | |
|:---|:---|
| **Fund** | **Investment Objectives** |
| Simplify Aggregate Bond ETF | The Fund seeks to maximize total return. |
| Simplify Barrier Income ETF | The Fund seeks to provide monthly income. |
| Simplify Bond Bull ETF | The Fund seeks to hedge interest rate movements arising from falling long-term interest rates, and to benefit from market stress when fixed income volatility increases, while providing the potential for income. |
| Simplify China A Shares PLUS Income ETF | The Fund seeks capital appreciation and income. |
| Simplify Currency Strategy ETF | The Fund seeks capital gains. |
| Simplify Enhanced Income ETF | The Fund seeks to provide monthly income. |
| Simplify Health Care ETF | The Fund seeks long-term capital appreciation. |
| Simplify Hedged Equity ETF | The Fund seeks to provide long-term capital appreciation. |
| Simplify High Yield ETF | The Fund seeks to maximize current income by investing primarily in high-yield bonds through swaps on exchange traded funds while mitigating credit risk. |
| Simplify Interest Rate Hedge ETF | The Fund seeks to hedge interest rate movements arising from rising long-term interest rates, and to benefit from market stress when fixed income volatility increases, while providing the potential for income. |
| Simplify Intermediate Term Treasury Futures Strategy ETF | The Fund seeks to provide total return, before fees and expenses that matches or outperforms the performance of the ICE US Treasury 20+ Year Index on a calendar quarter basis. The Fund does not seek to achieve its stated investment objective over a period of time different than a full calendar quarter. |
| Simplify MBS ETF | The Fund seeks to provide total return, consistent with preservation of capital and prudent investment management. |
| Simplify NEXT Intangible Core Index ETF | The Fund seeks to provide investment results that track, before fees and expenses, the performance of the Next Intangible Core Index. |
| Simplify Short Term Treasury Futures Strategy ETF | The Fund seeks to provide total return, before fees and expenses that matches or outperforms the performance of the ICE US Treasury 7-10 Year Bond Index on a calendar quarter basis. The Fund does not seek to achieve its stated investment objective over a period of time different than a full calendar quarter. |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

---

| | |
|:---|:---|
| **Fund** | **Investment Objectives** |
| Simplify Target 15 Distribution ETF | The Fund seeks to provide high monthly income. |
| Simplify Treasury Option Income ETF | The Fund seeks to provide monthly income. |
| Simplify US Equity PLUS Bitcoin Strategy ETF | The Fund seeks long-term capital appreciation. |
| Simplify US Equity PLUS Convexity ETF | The Fund seeks to provide capital appreciation. |
| Simplify US Equity PLUS Downside Convexity ETF | The Fund seeks to provide capital appreciation. |
| Simplify US Equity PLUS Upside Convexity ETF | The Fund seeks to provide capital appreciation. |
| Simplify Bitcoin Strategy PLUS Income ETF | The Fund seeks income and capital appreciation. |
| Simplify Gold Strategy PLUS Income ETF | The Fund seeks capital gains and income. |
| Simplify Multi-QIS Alternative ETF | The Fund seeks to provide positive absolute returns and income. |
| Simplify Volatility Premium ETF | The Fund seeks to provide 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 a short-term volatility futures index while also seeking to mitigate extreme volatility. |

---

**2. Consolidation of Subsidiary**

The Consolidated Schedules of Investments, Consolidated Statements of Assets and Liabilities, Consolidated Statements of Operations, Consolidated Statement of Changes in Net Assets, and the Consolidated Financial Highlights of the Funds listed below include the accounts of a wholly owned subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation.

Each Subsidiary is a Cayman Islands exempted company with limited liability. For tax purposes, each Fund is required to increase its taxable income by its shares of the Cayman subsidiary's income. Net losses incurred by each Subsidiary cannot offset income earned by each Fund and cannot be carried back or forward by each Subsidiary to offset income from prior or future years.

---

| | |
|:---|:---|
| **Fund** | **Wholly Owned Subsidiary** |
| Simplify Bitcoin Strategy PLUS Income ETF | Simplify Bitcoin Strategy PLUS Income Cayman Fund |
| Simplify Gold Strategy PLUS Income ETF | Simplify Gold Strategy PLUS Income Cayman Fund |
| Simplify Multi-QIS Alternative ETF | Simplify Multi-QIS Alternative Cayman Fund |
| Simplify Volatility Premium ETF | Simplify Volatility Premium Cayman Fund |

---

A summary of each Fund's investment in its corresponding subsidiary is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Inception<br> Date of<br> Subsidiary**  | **Subsidiary Net<br> Assets at<br> June 30,<br> 2025** | **% of Fund's<br> Consolidated<br> Total<br> Assets at<br> June 30,<br> 2025** |
| Simplify Bitcoin Strategy PLUS Income ETF | September 30, 2022 | $25832348 | 23.2% |
| Simplify Gold Strategy PLUS Income ETF | December 2, 2024 | $6883966 | 24.0% |
| Simplify Multi-QIS Alternative ETF | July 11, 2023 | $13919712 | 13.7% |
| Simplify Volatility Premium ETF | May 13, 2021 | $357721146 | 23.2% |

---

**3. Significant Accounting Policies**

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies, including Accounting Standards Update 2013-08. The following is a summary of significant accounting policies followed by the Funds.

**Investment Valuation**

Each Fund's investments are valued using procedures approved by the Board and are generally valued using market valuations (Market Approach). A market valuation generally means a valuation (i) obtained from an exchange, a pricing service, or a major market maker (or dealer) or (ii) based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service, or a major market maker (or dealer). A price obtained from a pricing service based on such pricing service's valuation matrix may be considered a market valuation.

If market quotations are not readily available, securities will be valued at their fair market value as determined using the "fair value" procedures approved by the Board and the Adviser. Fair value pricing involves subjective judgments and it is possible that the fair value

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

determined for a security may be materially different than the value that could be realized upon the sale of that security. The fair value prices can differ from market prices when they become available or when a price becomes available. The Board has designated the Adviser as its valuation designee to execute these procedures pursuant to Rule 2a-5 under the 1940 Act. Independent pricing services may assist in calculating the value of a Fund's portfolio securities. The Board reviews the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results. These securities are either categorized as Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

Equity securities and ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1 of the fair value hierarchy.

Exchange traded options are valued at the mean between the current bid and ask prices on the exchange on which such options are traded. If a mean price is not available, the closing price is used. Exchange trade options are categorized as Level 1. Options with international equity exposure are marked to market using closing prices for the underlying and interpolated option implied volatilities obtained from mid-market prices for options on the same underlying of similar expiries and strike prices. These securities are categorized as Level 2 in the fair value hierarchy.

Over-the-counter options are valued based on prices provided by a broker.

Debt securities not traded on an exchange may be valued at prices supplied by a pricing agent(s) based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity. Debt securities are generally categorized as Level 2 of the fair value hierarchy.

Swaptions are valued based on prices provided by a third-party pricing vendor that collects and aggregates market data to produce valuations. These securities are categorized as Level 2 in the fair value hierarchy.

Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.

Swap agreements and other derivatives are generally valued daily depending on the type of instrument and reference assets based upon market prices, the mean between bid and asked prices quotations from market makers or by a pricing service or other parties in accordance with the valuation procedures approved by the Board. These securities are categorized as Level 2 in the fair value hierarchy.

Money Market Funds are valued at NAV.

Forward foreign currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.

Reverse repurchase agreements are valued at cost plus accrued interest. These securities are categorized as Level 2 in the fair value hierarchy.

Under certain circumstances, a Fund may use an independent pricing service to calculate the fair market value of foreign equity securities on a daily basis by applying valuation factors to the last sale price or the mean price as noted above. The fair market values supplied by the independent pricing service will generally reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or the value of other instruments that have a strong correlation to the fair valued securities. The independent pricing service will also take into account the current relevant currency exchange rate. A security that is fair valued may be valued at a price higher or lower than actual market quotations or the value determined by other funds using their own fair valuation procedures. Because foreign securities may trade on days when Shares are not priced, the value of securities held by the Funds can change on days when Shares cannot be redeemed or purchased. In the event that a foreign security's market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closed before the Funds' calculation of NAV), the security will be valued at its fair market value as determined in good faith by the Adviser in accordance with procedures approved by the Board. Without fair valuation, it is possible that short-term traders could take advantage of the arbitrage opportunity and dilute the NAV of long-term investors. Fair valuation of the Funds' portfolio securities can serve to reduce arbitrage opportunities available to short-term traders, but there is no assurance that it will prevent dilution of the Funds' NAV by short-term traders. In addition, because the Funds may invest in underlying ETFs which hold portfolio securities primarily listed on foreign (non-U.S.) exchanges, and these exchanges may trade on weekends or other days when the underlying ETFs do not price their shares, the value of these portfolio securities may change on days when you may not be able to buy or sell Shares.

Investments initially valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services or other parties in accordance with the valuation procedures of the Adviser. As a result, the NAV of the Shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Exchange is closed and an investor is not able to purchase, redeem or exchange Shares.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

● Level 1 – Quoted prices in active markets for identical assets that the funds have the ability to access.

● Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

● Level 3 – Significant unobservable inputs (including each Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuations as of June 30, 2025 for each Fund based upon the three levels defined above:

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Simplify Aggregate Bond ETF** | **Simplify Aggregate Bond ETF** | **Simplify Aggregate Bond ETF** | **Simplify Aggregate Bond ETF** | **Simplify Aggregate Bond ETF** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Exchange-Traded Funds | $308446528 | $— | $— | $308446528 |
| U.S. Treasury Bills | 14624231 |  |  | 14624231 |
| Interest Rate Swaps |  | 4807397 |  | 4807397 |
| Futures | 1249978 |  |  | 1249978 |
| TOTAL | $324320737 | $4807397 | $— | $329128134 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | $(1424125) | $— | $— | $(1424125) |
| Interest Rate Swaps |  | (3087948) |  | (3087948) |
| TOTAL | $(1424125) | $(3087948) | $— | $(4512073) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Simplify Barrier Income ETF** | **Simplify Barrier Income ETF** | **Simplify Barrier Income ETF** | **Simplify Barrier Income ETF** | **Simplify Barrier Income ETF** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bills | 35197462 |  |  | 35197462 |
| TOTAL | $35197462 | $— | $— | $35197462 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options |  | (614810) |  | (614810) |
| TOTAL | $— | $(614810) | $— | $(614810) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Simplify Bond Bull ETF** | **Simplify Bond Bull ETF** | **Simplify Bond Bull ETF** | **Simplify Bond Bull ETF** | **Simplify Bond Bull ETF** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bills | 161896568 |  |  | 161896568 |
| Purchased Swaptions |  | 69480 |  | 69480 |
| TOTAL | $161896568 | $69480 | $— | $161966048 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Swaptions |  | (9561842) |  | (9561842) |
| TOTAL | $— | $(9561842) | $— | $(9561842) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Simplify China A Shares PLUS Income ETF** | **Simplify China A Shares PLUS Income ETF** | **Simplify China A Shares PLUS Income ETF** | **Simplify China A Shares PLUS Income ETF** | **Simplify China A Shares PLUS Income ETF** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bills | 10538863 |  |  | 10538863 |
| Purchased Options | 414419 |  |  | 414419 |
| Total Return Swaps |  | 380603 |  | 380603 |
| TOTAL | $10953282 | $380603 | $— | $11333885 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | (29607) |  |  | (29607) |
| TOTAL | $(29607) | $— | $— | $(29607) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Simplify Currency Strategy ETF** | **Simplify Currency Strategy ETF** | **Simplify Currency Strategy ETF** | **Simplify Currency Strategy ETF** | **Simplify Currency Strategy ETF** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bills | 14592835 |  |  | 14592835 |
| Forward Foreign Currency Contracts |  | 2199174 |  | 2199174 |
| TOTAL | $14592835 | $2199174 | $— | $16792009 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Forward Foreign Currency Contracts | $— | $(1952033) | $— | $(1952033) |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

---

| | |
|:---|:---|
| TOTAL | $(1952033 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Simplify Enhanced Income ETF** | **Simplify Enhanced Income ETF** | **Simplify Enhanced Income ETF** | **Simplify Enhanced Income ETF** | **Simplify Enhanced Income ETF** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bills | $184829622 | $— | $— | $184829622 |
| Purchased Options | 7114853 |  |  | 7114853 |
| TOTAL | $191944475 | $— | $— | $191944475 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | (533683) |  |  | (533683) |
| TOTAL | $(533683) | $— | $— | $(533683) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Simplify Health Care ETF** | **Simplify Health Care ETF** | **Simplify Health Care ETF** | **Simplify Health Care ETF** | **Simplify Health Care ETF** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | 125314945 |  |  | 125314945 |
| Money Market Funds | 5238910 |  |  | 5238910 |
| TOTAL | $130553855 | $— | $— | $130553855 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Simplify Hedged Equity ETF** | **Simplify Hedged Equity ETF** | **Simplify Hedged Equity ETF** | **Simplify Hedged Equity ETF** | **Simplify Hedged Equity ETF** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Exchange-Traded Funds | 347482339 |  |  | 347482339 |
| Purchased Options | 1333540 |  |  | 1333540 |
| Money Market Funds | 222455 |  |  | 222455 |
| TOTAL | $349038334 | $— | $— | $349038334 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | (17303740) |  |  | (17303740) |
| TOTAL | $(17303740) | $— | $— | $(17303740) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Simplify High Yield ETF** | **Simplify High Yield ETF** | **Simplify High Yield ETF** | **Simplify High Yield ETF** | **Simplify High Yield ETF** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bills | 239355587 |  |  | 239355587 |
| U.S. Exchange-Traded Funds | 1416450 |  |  | 1416450 |
| Purchased Options | 262500 | 287982 |  | 550482 |
| Total Return Swaps |  | 3674733 |  | 3674733 |
| Money Market Funds | 1112414 |  |  | 1112414 |
| TOTAL | $242146951 | $3962715 | $— | $246109666 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | (260000) |  |  | (260000) |
| Credit Default Swaps |  | (348198) |  | (348198) |
| Total Return Swaps |  | (424548) |  | (424548) |
| TOTAL | $(260000) | $(772746) | $— | $(1032746) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Simplify Interest Rate Hedge ETF** | **Simplify Interest Rate Hedge ETF** | **Simplify Interest Rate Hedge ETF** | **Simplify Interest Rate Hedge ETF** | **Simplify Interest Rate Hedge ETF** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bills | 95437242 |  |  | 95437242 |
| U.S. Government Obligations | 43786740 |  |  | 43786740 |
| Purchased Swaptions |  | 17699657 |  | 17699657 |
| Written Swaptions |  | 648645 |  | 648645 |
| Interest Rate Swaps |  | 2458 |  | 2458 |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| Money Market Funds | $337138 | $— | $337138 |
| TOTAL | $139561120 | $18350760 | $157911880 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Swaptions |  | (1919384) |  | (1919384) |
| TOTAL | $— | $(1919384) | $— | $(1919384) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Simplify Intermediate Term Treasury Futures Strategy ETF** | **Simplify Intermediate Term Treasury Futures Strategy ETF** | **Simplify Intermediate Term Treasury Futures Strategy ETF** | **Simplify Intermediate Term Treasury Futures Strategy ETF** | **Simplify Intermediate Term Treasury Futures Strategy ETF** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bills | 150546663 |  |  | 150546663 |
| Money Market Funds | 145315 |  |  | 145315 |
| Futures | 8336338 |  |  | 8336338 |
| TOTAL | $159028316 | $— | $— | $159028316 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Simplify MBS ETF** | **Simplify MBS ETF** | **Simplify MBS ETF** | **Simplify MBS ETF** | **Simplify MBS ETF** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Government Agency Mortgage Backed Securities |  | 1368412936 |  | 1368412936 |
| U.S. Treasury Bills | 1350058900 |  |  | 1350058900 |
| Money Market Funds | 733778 |  |  | 733778 |
| TOTAL | $1350792678 | $1368412936 | $— | $2719205614 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Simplify NEXT Intangible Core Index ETF** | **Simplify NEXT Intangible Core Index ETF** | **Simplify NEXT Intangible Core Index ETF** | **Simplify NEXT Intangible Core Index ETF** | **Simplify NEXT Intangible Core Index ETF** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | 1532308 |  |  | 1532308 |
| Money Market Funds | 6045 |  |  | 6045 |
| TOTAL | $1538353 | $— | $— | $1538353 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Simplify Short Term Treasury Futures Strategy ETF** | **Simplify Short Term Treasury Futures Strategy ETF** | **Simplify Short Term Treasury Futures Strategy ETF** | **Simplify Short Term Treasury Futures Strategy ETF** | **Simplify Short Term Treasury Futures Strategy ETF** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bills | 664907406 |  |  | 664907406 |
| Futures | 11989733 |  |  | 11989733 |
| TOTAL | $676897139 | $— | $— | $676897139 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Simplify Target 15 Distribution ETF** | **Simplify Target 15 Distribution ETF** | **Simplify Target 15 Distribution ETF** | **Simplify Target 15 Distribution ETF** | **Simplify Target 15 Distribution ETF** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bills | 47955131 |  |  | 47955131 |
| TOTAL | $47955131 | $— | $— | $47955131 |
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options |  | (1027879) |  | (1027879) |
| TOTAL | $— | $(1027879) | $— | $(1027879) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Simplify Treasury Option Income ETF** | **Simplify Treasury Option Income ETF** | **Simplify Treasury Option Income ETF** | **Simplify Treasury Option Income ETF** | **Simplify Treasury Option Income ETF** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bills | 343767742 |  |  | 343767742 |
| Futures | 4601384 |  |  | 4601384 |
| TOTAL | $348369126 | $— | $— | $348369126 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | (2124156) |  |  | (2124156) |
| TOTAL | $(2124156) | $— | $— | $(2124156) |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Simplify US Equity PLUS Bitcoin Strategy ETF** | **Simplify US Equity PLUS Bitcoin Strategy ETF** | **Simplify US Equity PLUS Bitcoin Strategy ETF** | **Simplify US Equity PLUS Bitcoin Strategy ETF** | **Simplify US Equity PLUS Bitcoin Strategy ETF** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Exchange-Traded Funds | $74530081 | $— | $— | $74530081 |
| U.S. Treasury Bills | 596229 |  |  | 596229 |
| Money Market Funds | 72603 |  |  | 72603 |
| Futures | 279165 |  |  | 279165 |
| TOTAL | $75478078 | $— | $— | $75478078 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Simplify US Equity PLUS Convexity ETF** | **Simplify US Equity PLUS Convexity ETF** | **Simplify US Equity PLUS Convexity ETF** | **Simplify US Equity PLUS Convexity ETF** | **Simplify US Equity PLUS Convexity ETF** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Exchange-Traded Funds | 80084303 |  |  | 80084303 |
| Purchased Options | 2708179 |  |  | 2708179 |
| Money Market Funds | 351135 |  |  | 351135 |
| TOTAL | $83143617 | $— | $— | $83143617 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | (326185) |  |  | (326185) |
| TOTAL | $(326185) | $— | $— | $(326185) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Simplify US Equity PLUS Downside Convexity ETF** | **Simplify US Equity PLUS Downside Convexity ETF** | **Simplify US Equity PLUS Downside Convexity ETF** | **Simplify US Equity PLUS Downside Convexity ETF** | **Simplify US Equity PLUS Downside Convexity ETF** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Exchange-Traded Funds | 85853706 |  |  | 85853706 |
| Purchased Options | 2481716 |  |  | 2481716 |
| TOTAL | $88335422 | $— | $— | $88335422 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | (448844) |  |  | (448844) |
| TOTAL | $(448844) | $— | $— | $(448844) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Simplify US Equity PLUS Upside Convexity ETF** | **Simplify US Equity PLUS Upside Convexity ETF** | **Simplify US Equity PLUS Upside Convexity ETF** | **Simplify US Equity PLUS Upside Convexity ETF** | **Simplify US Equity PLUS Upside Convexity ETF** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Exchange-Traded Funds | 110926269 |  |  | 110926269 |
| Purchased Options | 4907740 |  |  | 4907740 |
| Money Market Funds | 1172677 |  |  | 1172677 |
| TOTAL | $117006686 | $— | $— | $117006686 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Simplify Bitcoin Strategy PLUS Income ETF** | **Simplify Bitcoin Strategy PLUS Income ETF** | **Simplify Bitcoin Strategy PLUS Income ETF** | **Simplify Bitcoin Strategy PLUS Income ETF** | **Simplify Bitcoin Strategy PLUS Income ETF** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bills | 101894637 |  |  | 101894637 |
| Purchased Options | 8268125 |  |  | 8268125 |
| Futures | 516580 |  |  | 516580 |
| TOTAL | $110679342 | $— | $— | $110679342 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Reverse Repurchase Agreements |  | (58542856) |  | (58542856) |
| Written Options | (282150) |  |  | (282150) |
| TOTAL | $(282150) | $(58542856) | $— | $(58825006) |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Simplify Gold Strategy PLUS Income ETF** | **Simplify Gold Strategy PLUS Income ETF** | **Simplify Gold Strategy PLUS Income ETF** | **Simplify Gold Strategy PLUS Income ETF** | **Simplify Gold Strategy PLUS Income ETF** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bills | $26255909 | $— | $— | 26255909 |
| Purchased Options | 836669 |  |  | 836669 |
| TOTAL | $27092578 | $— | $— | $27092578 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | (71754) |  |  | $(71754) |
| Futures | (372470) |  |  | (372470) |
| TOTAL | $(444224) | $— | $— | $(444224) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Simplify Multi-QIS Alternative ETF** | **Simplify Multi-QIS Alternative ETF** | **Simplify Multi-QIS Alternative ETF** | **Simplify Multi-QIS Alternative ETF** | **Simplify Multi-QIS Alternative ETF** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bills | 82163757 |  |  | 82163757 |
| U.S. Exchange-Traded Funds | 7566932 |  |  | 7566932 |
| Purchased Options | 7373736 | 304270 |  | 7678006 |
| Total Return Swaps |  | 1297161 |  | 1297161 |
| Forward Foreign Currency Contracts |  | 704928 |  | 704928 |
| TOTAL | $97104425 | $2306359 | $— | $99410784 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Return Swaps |  | (3403663) |  | (3403663) |
| Written Options |  | (337500) |  | (337500) |
| Forward Foreign Currency Contracts |  | (789347) |  | (789347) |
| TOTAL | $— | $(4530510) | $— | $(4530510) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Simplify Volatility Premium ETF** | **Simplify Volatility Premium ETF** | **Simplify Volatility Premium ETF** | **Simplify Volatility Premium ETF** | **Simplify Volatility Premium ETF** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bills | 1015104958 |  |  | 1015104958 |
| U.S. Exchange-Traded Funds | 444984398 |  |  | 444984398 |
| Purchased Options | 68910516 |  |  | 68910516 |
| Futures | 12152960 |  |  | 12152960 |
| TOTAL | $1541152832 | $— | $— | $1541152832 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Reverse Repurchase Agreements |  | (614699989) |  | (614699989) |
| Written Options | (4000000) |  |  | (4000000) |
| TOTAL | $(4000000) | $(614699989) | $— | $(618699989) |

---

**Cash**

Cash consists of cash on deposit with a major financial institution which may exceed federally insured limits.

**Foreign Currency Translations**

The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

**Investment Transactions and Related Income**

For financial reporting purposes, investment transactions are reported on the trade date. However, for daily NAV determination, portfolio securities transactions are reflected no later than in the first calculation on the first business day following trade date. Dividend income is recorded on the ex-dividend date. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount based on effective yield. Gains or losses realized on sales of securities are determined using the specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds. Dividend Income on the Statements of Operations is shown net of any foreign taxes withheld on income from foreign securities, which are provided for in accordance with each Fund's understanding of the applicable tax rules and regulations.

**Income Tax Information and Distributions to Shareholders**

It is the Funds' policy to comply with all requirements of the Internal Revenue Code of 1986, as amended ("the Code"). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company ("RIC") under Subchapter M of the Code. It is each Fund's policy to pay out dividends from net investment income monthly, except for Simplify China A Shares PLUS Income ETF, Simplify Currency Strategy ETF, Simplify Health Care ETF, Simplify Hedged Equity ETF, Simplify NEXT Intangible Core Index ETF, Simplify US Equity PLUS Bitcoin Strategy ETF, Simplify US Equity PLUS Convexity ETF, Simplify US Equity PLUS Downside Convexity ETF, Simplify US Equity PLUS Upside Convexity ETF, Simplify Gold Strategy PLUS Income ETF and Simplify Multi-QIS Alternative ETF which pay out dividends from net investment income quarterly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, will be declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, will be available to offset future net capital gains. Each Fund may occasionally be required to make supplemental distributions at some other time during the year. Each Fund reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or advisable to preserve the status of a Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, will be recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains will be determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, (e.g., return of capital and distribution reclassifications), such amounts are reclassified within the composition of net assets based on their federal tax basis treatment; temporary differences (e.g., wash sales and straddles) do not require a reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, will be reported as a tax return of capital.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed each Fund's tax positions expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in any Fund's financial statement.

Each Fund will recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statement of Operations.

**4. Derivative Financial Instruments**

In the normal course of business, a Fund uses derivative contracts in connection with its proprietary trading activities. Derivative contracts are subject to additional risks that can result in a loss of all or part of an investment. A Fund's derivative activities and exposure to derivative contracts are classified by the following primary underlying risks: interest rate, credit, foreign exchange, commodity price, and equity price. In addition to its primary underlying risks, the Fund is also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts.

FASB Accounting Standards Codification, Derivatives and Hedging ("ASC 815") requires enhanced disclosures about a Fund's use of, and accounting for, derivative instruments and the effect of derivative instruments on a Fund's financial position and results of operations. Tabular disclosure regarding derivative fair value and gain/loss by contract type (e.g., interest rate contracts, foreign exchange contracts, credit contracts, etc.) is required and derivatives accounted for as hedging instruments under ASC 815 must be disclosed separately from those that do not qualify for hedge accounting. Even though a Fund may use derivatives in an attempt to achieve an economic hedge, a Fund's derivatives are not accounted for as hedging instruments under ASC 815 because investment companies account for their derivatives at fair value and record any changes in fair value in current period earnings.

**Futures Contracts**

A futures contract provides for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument (e.g., units of a stock index) for a specified price, date, time and place designated at the time the contract is made. Brokerage fees are paid when a futures contract is bought or sold and margin deposits must be maintained. Unlike when a Fund purchases or sells a security, no price would be paid or received by a Fund upon the purchase or sale of a futures contract. Upon entering into a futures contract, and to maintain a Fund's open positions in futures contracts, a Fund would be required to deposit with its custodian or futures broker in a segregated account in the name of the futures broker an amount of cash, U.S. government securities, suitable money market instruments, or other liquid securities, known as "initial margin." The margin required for a particular futures contract is set by the exchange on which the contract is traded, and may be significantly modified from time to time by the exchange during the term of the contract. If the price of an open futures contract changes (by increase in underlying instrument or index in the case of a sale or by decrease in the case of

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

a purchase) so that the loss on the futures contract reaches a point at which the margin on deposit does not satisfy margin requirements, the broker will require an increase in the margin. However, if the value of a position increases because of favorable price changes in the futures contract so that the margin deposit exceeds the required margin, the broker will pay the excess to a Fund.

These subsequent payments, called "variation margin," to and from the futures broker, are made on a daily basis as the price of the underlying assets fluctuate making the long and short positions in the futures contract more or less valuable, a process known as "marking to the market." A Fund expects to earn interest income on margin deposits.

The primary risks associated with the use of futures contracts are (a) the imperfect correlation between the change in market value of the instruments held by a Fund and the price of the forward or futures contract; (b) possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) investments in futures contracts involves leverage, which means a small percentage of assets in futures can have a disproportionately large impact on a Fund and the Fund can lose more than the principal amount invested; (d) losses caused by unanticipated market movements, which are potentially unlimited; (e) the adviser's inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (f) the possibility that the counterparty will default in the performance of its obligations; and (g) if a Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and a Fund may have to sell securities at a time when it may be disadvantageous to do so.

**Option Contracts**

A Fund may purchase and write (i.e., sell) put and call options. Such options may relate to particular securities or stock indices, and may or may not be listed on a domestic or foreign securities exchange and may or may not be issued by the Options Clearing Corporation. Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options may be more volatile than the underlying instruments, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves.

A call option for a particular security gives the purchaser of the option the right to buy, and the writer (seller) the obligation to sell, the underlying security at the stated exercise price at any time prior to the expiration of the option, regardless of the market price of the security. The premium paid to the writer is in consideration for undertaking the obligation under the option contract. A put option for a particular security gives the purchaser the right to sell the security at the stated exercise price at any time prior to the expiration date of the option, regardless of the market price of the security. Stock index options are put options and call options on various stock indices. In most respects, they are identical to listed options on common stocks. The primary difference between stock options and index options occurs when index options are exercised. In the case of stock options, the underlying security, common stock, is delivered. However, upon the exercise of an index option, settlement does not occur by delivery of the securities comprising the index. The option holder who exercises the index option receives an amount of cash if the closing level of the stock index upon which the option is based is greater than, in the case of a call, or less than, in the case of a put, the exercise price of the option. This amount of cash is equal to the difference between the closing price of the stock index and the exercise price of the option expressed in dollars times a specified multiple. A stock index fluctuates with changes in the market value of the stocks included in the index.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statements of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statements of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Funds write a call option, such option is typically "covered," meaning that they hold the underlying instrument subject to being called by the option counterparty. When the Funds write a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statements of Assets and Liabilities.

**Binary/Curve Option**

OTC Options are complex instruments that have multiple components impacting the value of the options. The strike price, reference index, knock-in/knock-out rates, and observable/maturity dates are all inputs to the option value.

---

| | | | |
|:---|:---|:---|:---|
| **Binary Option** | **Binary Option** | **Put/Call** | **Description of option** |
| USD Curve, September Strike Price 0.4%, Expires 9/30/25 | Curve | Put | European curve option has 2 variables, strike rate and 30-5 year swap rate spread. On maturity date, the put option collects premium when the strike rate is above the 30- 5 year swap rate spread. This short put option put on in fund AGGH collects premium when the reverse is true, that is when the spread between 30-5 year swap rate is higher than 0.4% strike |

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**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| SPX/USDJPY, Expires 7/18/25, <5690.9275/149.85 | Equity Hybrid Binary | Put | Hybrid Binary European option has two knock-in components – SPX strike and a USD/JPY FX rate. The knock-in event occurs if both the SPX price is at or below the initial price and the USD/JPY FX rate is at or below the initial rate on maturity date. |
| RTY, Expires 1/26/26 90% Put/70% KO | Autocallable | Put | RTY option is an European barrier knock-out option, whereby there is an initial price and if the reference index falls below the 70% barrier, then the option is terminated. On maturity date, if the reference index is below the 90% strike price, then the option is exercised. |
| OTC SPX/RTY/NDX WOF 5/22/26 P100%/70% NC1 EKI | Autocallable | Put | SPX/RTY/NDX options are Worst of Put, whereby there are initial prices and if any one of the reference index falls below the 70% barrier, then there is a knock-in event on maturity date. The reference index with the lowest relative performance determines the payout. If all reference indexes are greater than the initial price, there is a knock- out event at the observation dates. |
| SPX/RTY/NDX WOF, Expires 6/5/26, P100%/70% NC3 EKI | Autocallable | Put | SPX/RTY/NDX options are Worst of Put, whereby there are initial prices and if any one of the reference index falls below the 70% barrier, then there is a knock-in event on maturity date. The reference index with the lowest relative performance determines the payout. If all reference indexes are greater than the initial price, there is a knock- out event at the observation dates. |
| SPX/RTY/NDX WOF, Expires 5/15/26, P100%/70% NC1 EKI | Autocallable | Put | SPX/RTY/NDX options are Worst of Put, whereby there are initial prices and if any one of the reference index falls below the 70% barrier, then there is a knock-in event on maturity date. The reference index with the lowest relative performance determines the payout. If all reference indexes are greater than the initial price, there is a knock-out event at the observation dates. |
| SPX/RTY/NDX WOF, Expires 6/5/26, P100%/70% NC3 EKI | Autocallable | Put | SPX/RTY/NDX options are Worst of Put, whereby there are initial prices and if any one of the reference index falls below the 70% barrier, then there is a knock-in event on maturity date. The reference index with the lowest relative performance determines the payout. If all reference indexes are greater than the initial price, there is a knock-out event at the observation dates. |
| SPX/RTY/NDX WOF, Expires 6/12/26, P100%/70% NC2 EKI | Autocallable | Put | SPX/RTY/NDX options are Worst of Put, whereby there are initial prices and if any one of the reference index falls below the 70% barrier, then there is a knock-in event on maturity date. The reference index with the lowest relative performance determines the payout. If all reference indexes are greater than the initial price, there is a knock- out event at the observation dates. |
| SPX/RTY/NDX WOF, Expires 6/18/26, P100%/70% NC2 EKI | Autocallable | Put | SPX/RTY/NDX options are Worst of Put, whereby there are initial prices and if any one of the reference index falls below the 70% barrier, then there is a knock-in event on maturity date. The reference index with the lowest relative performance determines the payout. If all reference indexes are greater than the initial price, there is a knock- out event at the observation dates. |
| SPX/RTY/NDX WOF, Expires 6/18/26, P100%/70% NC3 EKI | Autocallable | Put | SPX/RTY/NDX options are Worst of Put, whereby there are initial prices and if any one of the reference index falls below the 70% barrier, then there is a knock-in event on maturity date. The reference index with the lowest relative performance determines the payout. If all reference indexes are greater than the initial price, there is a knock- out event at the observation dates. |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| SPX/RTY/NDX WOF, Expires 6/26/26, P100%/70% NC2 EKI | Autocallable | Put | SPX/RTY/NDX options are Worst of Put, whereby there are initial prices and if any one of the reference index falls below the 70% barrier, then there is a knock-in event on maturity date. The reference index with the lowest relative performance determines the payout. If all reference indexes are greater than the initial price, there is a knock-out event at the observation dates. |
| SPX/RTY/NDX WOF, Expires 6/5/26, P100%/75% NC3 EKI | Autocallable | Put | SPX/RTY/NDX options are Worst of Put, whereby there are initial prices and if any one of the reference index falls below the 75% barrier, then there is a knock-in event on maturity date. The reference index with the lowest relative performance determines the payout. If all reference indexes are greater than the initial price, there is a knock- out event at the observation dates. |
| SPX/RTY/NDX WOF, Expires 6/12/26, P100%/75% NC2 EKI | Autocallable | Put | SPX/RTY/NDX options are Worst of Put, whereby there are initial prices and if any one of the reference index falls below the 75% barrier, then there is a knock-in event on maturity date. The reference index with the lowest relative performance determines the payout. If all reference indexes are greater than the initial price, there is a knock-out event at the observation dates. |
| SPX/RTY/NDX WOF, Expires 6/18/26, P100%/75% NC2 EKI | Autocallable | Put | SPX/RTY/NDX options are Worst of Put, whereby there are initial prices and if any one of the reference index falls below the 75% barrier, then there is a knock-in event on maturity date. The reference index with the lowest relative performance determines the payout. If all reference indexes are greater than the initial price, there is a knock-out event at the observation dates. |
| SPX/RTY/NDX WOF, Expires 6/26/26, P100%/75% NC2 EKI | Autocallable | Put | SPX/RTY/NDX options are Worst of Put, whereby there are initial prices and if any one of the reference index falls below the 75% barrier, then there is a knock-in event on maturity date. The reference index with the lowest relative performance determines the payout. If all reference indexes are greater than the initial price, there is a knock- out event at the observation dates. |

---

*Swaptions*. A swaption is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. A Fund may write (sell) and purchase put and call swaptions. Depending on the terms of the particular swaption agreement, a Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the swaption expire unexercised. However, when a Fund writes a swaption, it becomes obligated (if the swaption is exercised) according to the terms of the underlying agreement.

When a Fund writes a swaption, an amount equal to the premium received by a Fund is recorded as a liability, the value of which is marked-to-market daily to reflect the current market value of the swaption written. If the written swaption expires, a Fund realizes a gain equal to the amount of the premium paid, which is included in realized gain (loss) on written swaptions in the Statement of Operations. If the written swaption is exercised or sold, the premium received is added to the proceeds or offset against amounts paid on the underlying security to determine the realized gain or loss, which is reported as gain (loss) on written swaptions in the Statements of Operations.

A Fund may also purchase swaptions which involve the payment of premium in exchange for an option to enter into an interest rate swap and credit default swap with specified terms and conditions on a future date. The purchaser has the right, but not the obligation, to enter into the new swap agreement. Periodic payments are typically made during the life of the swap agreement according to the terms of such agreement. Changes in value of purchased swaptions are reported as part of change in unrealized gain (loss) on investments in the Statements of Operations. When the purchased swaption is exercised, terminated, expires or is sold, a Fund will record a gain or loss, which is reported as part of realized gain (loss) on investments in the Statements of Operations.

*Swaps*. Swap agreements are agreements between a Fund and a counterparty to exchange cash flows, assets, foreign currencies or market-linked returns at specified intervals. Swap agreements are privately negotiated in the OTC market (OTC swaps) or may be executed on a registered commodities exchange (centrally cleared swaps). Swaps are marked-to-market daily and the change in value is recorded as a component of unrealized appreciation/depreciation of swap contracts. The value of the swap will typically impose collateral posting obligations on the party that is considered out-of-the-money on the swap. Upfront payments made/received by the fund, if any, are amortized/accreted for financial reporting purposes, with the unamortized/unaccreted portion included in the Statement of assets and liabilities. A termination payment by the counterparty or the fund is recorded as realized gain or loss, as well as the net periodic payments received or paid by the fund. Entering into swap agreements involves, to varying degrees, elements of credit, market and documentation risk that may provide outcomes that produce losses in excess of the amounts recognized on the Statement of assets and liabilities. Such

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

risks involve the possibility that there will be no liquid market for the swap, or that a counterparty may default on its obligation or delay payment under the swap terms. The counterparty may disagree or contest the terms of the swap. In addition to interest rate risk, market risks may also impact the swap. The fund may also suffer losses if it is unable to terminate or assign outstanding swaps or reduce its exposure through offsetting transactions.

*Total Return Swaps*. Total return swaps are commitments where one party pays a fixed or variable rate premium (the Buyer) in exchange for a market-linked return (the Seller). The Seller pays the total return of a specific reference asset or index and in return receives interest payments from the Buyer. To the extent the total return of the underlying asset or index exceeds or falls short of the offsetting interest rate obligation, the Buyer will receive or make a payment to the Seller. A Fund may enter into total return swaps in which it may act as either the Buyer or the Seller. Total return swap contracts are subject to the risk associated with the investment in the underlying reference asset or index. The risk in the case of short total return swap contracts is unlimited based on the potential for unlimited increases in the market value of the underlying reference asset or index.

**Forward Foreign Exchange Currency Contracts**

The Simplify Currency Strategy ETF and Simplify Multi-QIS Alternative ETF entered into forward foreign exchange contracts primarily to manage and/or gain exposure to certain foreign currencies. A forward exchange contract is an agreement between a Fund and a counterparty to buy or sell a foreign currency at a specific exchange rate on a future date.

The following table summarizes the value of the Funds' derivative instruments held as of June 30, 2025 and the related location in the accompanying Statement of Assets and Liabilities or Consolidated Statement of Assets and Liabilities, presented by underlying risk exposure:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Simplify Aggregate Bond ETF** |  |  |  |  |
| Interest Rate Contracts | Unrealized appreciation on futures contracts\* | $1249978 | Unrealized depreciation on futures contracts\* | $— |
| Interest Rate Contracts | Written options | $— | Written options | $1424125 |
| Interest Rate Contracts | Unrealized appreciation on OTC swaps | $4807397 | Unrealized depreciation on OTC swaps | $3097948 |
| **Simplify Barrier Income ETF** |  |  |  |  |
| Equity Contracts | Written options | $— | Written options | $614810 |
| **Simplify Bond Bull ETF** |  |  |  |  |
| Interest Rate Contracts | Investments, at value(1) | $69480 | Investments, at value(1) | $9561842 |
| **Simplify China A Shares PLUS Income ETF** |  |  |  |  |
| Commodity Contracts | Investments, at value(2) | $1800 | Investments, at value(2) | $— |
| Equity Contracts | Investments, at value(2) | $412619 | Investments, at value(2) | $— |
| Commodity Contracts | Written options | $— | Written options | $7192 |
| Equity Contracts | Written options | $— | Written options | $22415 |
| Equity Contracts | Unrealized appreciation on OTC swaps | $380603 | Unrealized depreciation on OTC swaps | $— |
| **Simplify Currency Strategy ETF** |  |  |  |  |
| Foreign Exchange Contracts | Unrealized appreciation on forward foreign currency contracts | $2199174 | Unrealized depreciation on forward foreign currency contracts | $1952033 |

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**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Simplify Enhanced Income ETF** |  |  |  |  |
| Commodity Contracts | Investments, at value(2) | $30824 | Investments, at value(2) | $— |
| Equity Contracts | Investments, at value(2) | $7084029 | Investments, at value(2) | $— |
| Commodity Contracts | Written options | $— | Written options | $123008 |
| Equity Contracts | Written options | $— | Written options | $410675 |
| **Simplify Hedged Equity ETF** |  |  |  |  |
| Equity Contracts | Investments, at value(2) | $1333540 | Investments, at value(2) | $— |
| Equity Contracts | Written options | $— | Written options | $17303740 |
| **Simplify High Yield ETF** |  |  |  |  |
| Equity Contracts | Investments, at value(2) | $262500 | Investments, at value(2) | $— |
| Equity Contracts | Written options | $— | Written options | $260000 |
| Foreign Exchange Contracts | Investments, at value(2) | $287982 | Investments, at value(2) | $— |
| Credit Contracts | Unrealized appreciation on Centrally Cleared swaps | $— | Unrealized depreciation on Centrally Cleared swaps | $348198 |
| Equity Contracts | Unrealized appreciation on OTC swaps | $604684 | Unrealized depreciation on OTC swaps | $424548 |
| Interest Rate Contracts | Unrealized appreciation on OTC swaps | $3070049 | Unrealized depreciation on OTC swaps | $— |
| **Simplify Interest Rate Hedge ETF** |  |  |  |  |
| Interest Rate Contracts | Unrealized appreciation on OTC swaps | $2458 | Unrealized depreciation on OTC swaps | $— |
| Interest Rate Contracts | Investments, at value(1) | $17699657 | Investments, at value(1) | $1919384 |
| Interest Rate Contracts | Written options(3) | $— | Written options(3) | $648645 |
| **Simplify Intermediate Term Treasury Futures Strategy ETF** |  |  |  |  |
| Interest Rate Contracts | Unrealized appreciation on futures contracts\* | $8336338 | Unrealized depreciation on futures contracts\* | $— |
| **Simplify Short Term Treasury Futures Strategy ETF** |  |  |  |  |
| Interest Rate Contracts | Unrealized appreciation on futures contracts\* | $11989733 | Unrealized depreciation on futures contracts\* | $— |
| **Simplify Target 15 Distribution ETF** |  |  |  |  |
| Interest Rate Contracts | Unrealized appreciation on written swaption contracts\* | $— | Unrealized depreciation on written swaption contracts\* | $1027879 |
| **Simplify Treasury Option Income ETF** |  |  |  |  |
| Interest Rate Contracts | Unrealized appreciation on futures contracts\* | $4601384 | Unrealized depreciation on futures contracts\* | $— |
| Interest Rate Contracts | Written options | $— | Written options | $2124156 |

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**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Simplify US Equity PLUS Bitcoin Strategy ETF** |  |  |  |  |
| Equity Contracts | Unrealized appreciation on futures contracts\* | $279165 | Unrealized depreciation on futures contracts\* | $— |
| **Simplify US Equity PLUS Convexity ETF** |  |  |  |  |
| Commodity Contracts | Investments, at value(2) | $10059 | Investments, at value(2) | $— |
| Equity Contracts | Investments, at value(2) | $2698120 | Investments, at value(2) | $— |
| Commodity Contracts | Written options | $— | Written options | $40160 |
| Equity Contracts | Written options | $— | Written options | $286025 |
| **Simplify US Equity PLUS Downside Convexity ETF** |  |  |  |  |
| Commodity Contracts | Investments, at value(2) | $7140 | Investments, at value(2) | $— |
| Equity Contracts | Investments, at value(2) | $2474576 | Investments, at value(2) | $— |
| Commodity Contracts | Written options | $— | Written options | $28504 |
| Equity Contracts | Written options | $— | Written options | $420340 |
| **Simplify US Equity PLUS Upside Convexity ETF** |  |  |  |  |
| **Equity Contracts** | Investments, at value(2) | $4907740 | Investments, at value(2) | $— |
| **Simplify Bitcoin Strategy PLUS Income ETF** |  |  |  |  |
| Commodity Contracts | Unrealized appreciation on futures contracts\* | $516580 | Unrealized depreciation on futures contracts\* | $— |
| Commodity Contracts | Investments, at value(2) | $4249361 | Investments, at value(2) | $— |
| Equity Contracts | Investments, at value(2) | $4018764 | Investments, at value(2) | $— |
| Commodity Contracts | Written options | $— | Written options | $65360 |
| Equity Contracts | Written options | $— | Written options | $216790 |
| **Simplify Gold Strategy PLUS Income ETF** |  |  |  |  |
| Commodity Contracts | Unrealized appreciation on futures contracts\* | $— | Unrealized depreciation on futures contracts\* | $372470 |
| Equity Contracts | Investments, at value(2) | $832059 | Investments, at value(2) | $— |
| Equity Contracts | Written options | $— | Written options | $53290 |
| Commodity Contracts | Investments, at value(2) | $4610 | Investments, at value(2) | $— |
| Commodity Contracts | Written options | $— | Written options | $18464 |

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**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Simplify Multi-QIS Alternative ETF** |  |  |  |  |
| Equity Contracts | Investments, at value(2) | $7731841 | Investments, at value(2) | $— |
| Commodity Contracts | Unrealized appreciation on OTC swaps | $113524 | Unrealized depreciation on OTC swaps | $2877974 |
| Foreign Exchange Contracts | Unrealized appreciation on OTC swaps | $194882 | Unrealized depreciation on OTC swaps | $36398 |
| Interest Rate Contracts | Unrealized appreciation on OTC swaps | $174604 | Unrealized depreciation on OTC swaps | $18247 |
| Equity Contracts | Unrealized appreciation on OTC swaps | $814151 | Unrealized depreciation on OTC swaps | $471044 |
| Equity Contracts | Written options | $— | Written options | $337500 |
| Foreign Exchange Contracts | Unrealized appreciation on forward foreign currency contracts | $704927 | Unrealized depreciation on forward foreign currency contracts | $789346 |
| **Simplify Volatility Premium ETF** |  |  |  |  |
| Interest Rate Contracts | Unrealized appreciation on futures contracts\* | $6598902 | Unrealized depreciation on futures contracts\* | $— |
| Equity Contracts | Unrealized appreciation on futures contracts\* | $5554058 | Unrealized depreciation on futures contracts\* | $— |
| Equity Contracts | Investments, at value(2) | $68910516 | Investments, at value(2) | $— |
| Interest Rate Contracts | Written options | $— | Written options | $4000000 |

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\* Includes cumulative unrealized appreciation or unrealized cumulative depreciation on futures contracts as disclosed in the Schedule of Investments.

(1) Purchased swaption contracts are included in Investments within the Statement of Assets and Liabilities.

(2) Purchased option contracts are included in Investments within the Statement of Assets and Liabilities or Consolidated Statement of Assets and Liabilities.

(3) Written swaption contracts are included in Written Options within the Statement of Assets and Liabilities.

For the year ended June 30, 2025, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on purchased option contracts <sup>(a)</sup> by risk type, as disclosed in the Statements of Operations, is as follows:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Risk Type** | **Realized<br> Gain/(Loss)** | **Change in Unrealized Appreciation/ (Depreciation)** |
| Simplify Aggregate Bond ETF | Interest Rate | $(944031) | $— |
| Simplify China A Shares PLUS Income ETF | Equity | 317679 | 120293 |
| Simplify China A Shares PLUS Income ETF | Commodity | (51158) | (783) |
| Simplify Enhanced Income ETF | Equity | (10874943) | 2286864 |
| Simplify Enhanced Income ETF | Commodity | (1618999) | 48940 |
| Simplify Enhanced Income ETF | Interest Rate | (465991) |  |
| Simplify Hedged Equity ETF | Equity | (5414593) | (4090641) |
| Simplify Hedged Equity ETF | Interest Rate | (1705) |  |
| Simplify High Yield ETF | Equity | (2524187) | (488574) |
| Simplify High Yield ETF | Foreign Exchange | 491610 | 245483 |
| Simplify Treasury Option Income ETF | Interest Rate | (1025902) |  |
| Simplify US Equity PLUS Convexity ETF | Equity | (2622840) | 556879 |

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**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Risk Type** | **Realized<br> Gain/(Loss)** | **Change in Unrealized Appreciation/ (Depreciation)** |
| Simplify US Equity PLUS Convexity ETF | Commodity | $(278611) | $(4382) |
| Simplify US Equity PLUS Downside Convexity ETF | Equity | 4037749 | 488084 |
| Simplify US Equity PLUS Downside Convexity ETF | Commodity | (280341) | (3111) |
| Simplify US Equity PLUS Upside Convexity ETF | Equity | 807881 | 2738149 |
| Simplify US Equity PLUS Upside Convexity ETF | Commodity | (13427) |  |
| Simplify Bitcoin Strategy PLUS Income ETF | Equity | (5849218) | 1215248 |
| Simplify Bitcoin Strategy PLUS Income ETF | Commodity | (1296813) | 550236 |
| Simplify Bitcoin Strategy PLUS Income ETF | Interest Rate | (52365) |  |
| Simplify Gold Strategy PLUS Income ETF | Equity | 1639237 | 254929 |
| Simplify Gold Strategy PLUS Income ETF | Commodity | (73520) | (2002) |
| Simplify Multi-QIS Alternative ETF | Equity | (7000153) | 2380435 |
| Simplify Multi-QIS Alternative ETF | Interest Rate | (58528) |  |
| Simplify Volatility Premium ETF | Equity | 17301829 | 22182920 |
| Simplify Volatility Premium ETF | Interest Rate | (754463) |  |

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(a) Purchased
 option contracts are included in Net Realized Gain (Loss) on Investments within the Statement of Operations or Consolidated Statement
 of Operations.

For the year ended June 30, 2025, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on swap contracts by risk type, as disclosed in the Statements of Operations, is as follows:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Risk Type** | **Realized<br> Gain/(Loss)** | **Change in Unrealized Appreciation/ (Depreciation)** |
| Simplify Aggregate Bond ETF | Interest Rate | $2401423 | $1719449 |
| Simplify China A Shares PLUS Income ETF | Equity | 1010699 | 380603 |
| Simplify High Yield ETF | Equity | 2659820 | 860603 |
| Simplify High Yield ETF | Interest Rate | 6729829 | 3241565 |
| Simplify High Yield ETF | Credit | 61711 | (415005) |
| Simplify Interest Rate Hedge ETF | Interest Rate |  | 535 |
| Simplify Multi-QIS Alternative ETF | Equity | (2657152) | 620586 |
| Simplify Multi-QIS Alternative ETF | Commodity | (7228961) | (3146548) |
| Simplify Multi-QIS Alternative ETF | Foreign Exchange | (2104050) | 74028 |
| Simplify Multi-QIS Alternative ETF | Credit | (66892) | (48339) |
| Simplify Multi-QIS Alternative ETF | Interest Rate | (3807721) | 5936 |

---

For the year ended June 30, 2025, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on purchased swaption contracts <sup>(b)</sup> by risk type, as disclosed in the Statements of Operations, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Risk Type** | **Realized<br> Gain/(Loss)** | **Change in Unrealized<br> Appreciation/ (Depreciation)** |
| Simplify Bond Bull ETF | Interest Rate | $(4500) | $(9492362) |
| Simplify Interest Rate Hedge ETF | Interest Rate | $16060753 | $(5280048) |

---

(b) Purchased
 Swaptions are included in Net Realized Gain (Loss) on Investments within the Statement of Operations or Consolidated Statement of Operations.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

For the year ended June 30, 2025, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on futures contracts by risk type, as disclosed in the Statements of Operations, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Risk Type** | **Realized<br> Gain/(Loss)** | **Change in Unrealized Appreciation/ (Depreciation)** |
| Simplify Aggregate Bond ETF | Interest Rate | $(2006308) | $950435 |
| Simplify Intermediate Term Treasury Futures Strategy ETF | Interest Rate | (8766339) | 7010089 |
| Simplify Short Term Treasury Futures Strategy ETF | Interest Rate | 15658542 | 4306154 |
| Simplify Treasury Option Income ETF | Equity | (460) |  |
| Simplify Treasury Option Income ETF | Interest Rate | (1120569) | 4601384 |
| Simplify US Equity PLUS Bitcoin Strategy ETF | Equity | 251606 | 270266 |
| Simplify Bitcoin Strategy PLUS Income ETF | Commodity | 11647343 | 1591527 |
| Simplify Gold Strategy PLUS Income ETF | Commodity | 5138645 | (372470) |
| Simplify Multi-QIS Alternative ETF | Equity | 460451 |  |
| Simplify Volatility Premium ETF | Equity | (86345384) | 4522338 |
| Simplify Volatility Premium ETF | Commodity | (949482) |  |
| Simplify Volatility Premium ETF | Interest Rate | (7234135) | 6598902 |

---

For the year ended June 30, 2025, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on written option contracts by risk type, as disclosed in the Statements of Operations, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Risk Type** | **Realized<br> Gain/(Loss)** | **Change in Unrealized Appreciation/ (Depreciation)** |
| Simplify Aggregate Bond ETF | Equity | $37500 | $— |
| Simplify Aggregate Bond ETF | Interest Rate | (4265442) | 1156357 |
| Simplify Barrier Income ETF | Equity | 1703180 | 33045 |
| Simplify China A Shares PLUS Income ETF | Equity | (26962) | 7071 |
| Simplify China A Shares PLUS Income ETF | Commodity | 129376 | 2658 |
| Simplify Enhanced Income ETF | Equity | 1772493 | (116992) |
| Simplify Enhanced Income ETF | Commodity | 3223739 | (140875) |
| Simplify Enhanced Income ETF | Interest Rate | 739716 |  |
| Simplify Hedged Equity ETF | Equity | 5671387 | (9216343) |
| Simplify High Yield ETF | Equity | 1977013 | 478202 |
| Simplify Interest Rate Hedge ETF | Interest Rate |  | 648645 |
| Simplify Target 15 Distribution ETF | Equity | 2238675 | 289430 |
| Simplify Treasury Option Income ETF | Interest Rate | (8165016) | 841102 |
| Simplify US Equity PLUS Convexity ETF | Equity | 793891 | (16354) |
| Simplify US Equity PLUS Convexity ETF | Commodity | 623848 | 14922 |
| Simplify US Equity PLUS Downside Convexity ETF | Equity | (2962638) | 30756 |
| Simplify US Equity PLUS Downside Convexity ETF | Commodity | 497220 | 10597 |
| Simplify US Equity PLUS Upside Convexity ETF | Equity | (681954) | (29330) |
| Simplify US Equity PLUS Upside Convexity ETF | Commodity | 46309 |  |
| Simplify Bitcoin Strategy PLUS Income ETF | Equity | 6929150 | 48498 |
| Simplify Bitcoin Strategy PLUS Income ETF | Commodity | 1547725 | 5749 |
| Simplify Bitcoin Strategy PLUS Income ETF | Interest Rate | 78888 |  |
| Simplify Gold Strategy PLUS Income ETF | Equity | 61093 | 17075 |
| Simplify Gold Strategy PLUS Income ETF | Commodity | 159857 | 6742 |
| Simplify Multi-QIS Alternative ETF | Equity | 7500210 | 224261 |
| Simplify Volatility Premium ETF | Equity | 17307917 | (85946) |
| Simplify Volatility Premium ETF | Interest Rate | 26968419 | 2683117 |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

For the year ended June 30, 2025, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on forward foreign currency contracts by risk type, as disclosed in the Statements of Operations, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Risk Type** | **Realized<br> Gain/(Loss)** | **Change in Unrealized Appreciation/ (Depreciation)** |
| Simplify Currency Strategy ETF | Foreign Exchange | $(575050) | $(247142) |
| Simplify Multi-QIS Alternative ETF | Foreign Exchange | $19360 | $(84419) |

---

For the year ended June 30, 2025, the average fiscal quarter end balances of outstanding derivative financial instruments were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Purchased Option<br> Contracts<br> (Contract Value)** | **Purchased Swaption<br> Contracts<br> (Contract Value)** | **Forward Foreign<br> Currency Contracts<br> (Notional Value)** | **Futures Contracts<br> (Notional Value)** | **Written Option<br> Contracts<br> (Contract Value)** | **Swaps<br> (Notional Value)** |
| Simplify Aggregate Bond ETF | $27500 | $— | $— | $63810747 | $(811697) | $106900000 |
| Simplify Barrier Income ETF |  |  |  |  | (614810) |  |
| Simplify Bond Bull ETF |  | 2258333333 |  |  |  |  |
| Simplify China A Shares PLUS Income ETF | 263793 |  |  |  | (125710) | (10879238) |
| Simplify Currency Strategy ETF |  |  | 252933 |  |  |  |
| Simplify Enhanced Income ETF | 2163559 |  |  |  | (1884585) |  |
| Simplify Health Care ETF |  |  |  |  |  |  |
| Simplify Hedged Equity ETF | 3148162 |  |  |  | (5215418) |  |
| Simplify High Yield ETF | 122264 |  |  |  | (57574) | 175574600 |
| Simplify Interest Rate Hedge ETF |  | 1833000000 |  |  |  | 10000 |
| Simplify Intermediate Term Treasury Futures Strategy ETF |  |  |  | 360300881 |  |  |
| Simplify MBS ETF |  |  |  |  |  |  |
| Simplify NEXT Intangible Core Index ETF |  |  |  |  |  |  |
| Simplify Short Term Treasury Futures Strategy ETF |  |  |  | 3120863319 |  |  |
| Simplify Target 15 Distribution ETF |  |  |  |  | (1027879) |  |
| Simplify Treasury Option Income ETF | 30938 |  |  | 37369063 | (1058325) |  |
| Simplify US Equity PLUS Bitcoin Strategy ETF |  |  |  | 5090735 |  |  |
| Simplify US Equity PLUS Convexity ETF | 1320331 |  |  |  | (606004) |  |
| Simplify US Equity PLUS Downside Convexity ETF | 1573425 |  |  |  | (931240) |  |
| Simplify US Equity PLUS Upside Convexity ETF | 1381041 |  |  |  | (45953) |  |
| Simplify Bitcoin Strategy PLUS Income ETF | 1906332 |  |  | 38184085 | (694388) |  |
| Simplify Gold Strategy PLUS Income ETF | 346829 |  |  | 29306607 | (132836) |  |
| Simplify Multi-QIS Alternative ETF | 2039977 |  | (16884) | (395728) | (928829) | 312190601 |
| Simplify Volatility Premium ETF | 22310831 |  |  | 170322609 | (17087836) |  |

---

Certain Funds enter into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its OTC derivative contract counterparties in order to, among other things,

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

reduce its credit risk to counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, a Fund typically may offset with the counterparty certain derivative financial instrument's payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination.

The following table presents Funds' derivative assets and liabilities by counterparty net of amounts available for offset under a master netting agreement or similar arrangement (collectively referred to as "MNA") and net of the related collateral received/pledged by a Fund as of June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Gross Amounts<br> of Liabilities<br> Presented in<br> the Statements<br> of Assets and<br> Liabilities** | **Financial<br> Instruments<br> and Derivatives<br> Available for Offset** | **Cash<br> Collateral<br> Pledged<sup>(1)</sup>** | **Non-Cash<br> Collateral<br> Pledged<sup>(1)</sup>** | **Net Amount<br> of Derivatives<br> Liabilities** |
| **Simplify Barrier Income ETF** |  |  |  |  |  |
| HSBC Bank | $90470 | $— | $— |  | $90470 |
| Morgan Stanley Capital Services LLC | 16840 |  | $— | (16840) |  |
| Nomura Securities | 507500 |  |  |  | 507500 |
|  | $614810 | $— | $— | $(16840) | $597970 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Gross Amounts<br> of Assets<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments<br> and Derivatives<br> Available for Offset** | **Collateral<br> Received<sup>(1)</sup>** | **Non-Cash<br> Collateral<br> Received<sup>(1)</sup>** | **Net Amount<br> of Derivatives<br> Assets** |
| **Simplify Bond Bull ETF** |  |  |  |  |  |
| Bank of America NA | $69480 | $— | $— | $— | $69480 |
|  | $69480 | $— | $— | $— | $69480 |

---

(1) The actual
 collateral received and/or pledged may be more than amount shown.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Gross Amounts<br> of Liabilities<br> Presented in<br> the Statements<br> of Assets and<br> Liabilities** | **Financial<br> Instruments<br> and Derivatives<br> Available for Offset** | **Cash<br> Collateral<br> Pledged<sup>(1)</sup>** | **Non-Cash<br> Collateral<br> Pledged<sup>(1)</sup>** | **Net Amount<br> of Derivatives<br> Liabilities** |
| **Simplify Bond Bull ETF** |  |  |  |  |  |
| Goldman Sachs International | $6903605 | $— | $— | $(6903605) | $— |
| Morgan Stanley Capital Services LLC | 1759638 |  |  | (1759638) |  |
| Nomura Securities | 898599 |  |  | (898599) |  |
|  | $9561842 | $— | $— | $(9561842) | $— |

---

(1) The actual
 collateral received and/or pledged may be more than amount shown.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Gross Amounts<br> of Assets<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Financial<br> Instruments<br> and Derivatives<br> Available for Offset** | **Collateral<br> Received<sup>(1)</sup>** | **Non-Cash<br> Collateral<br> Received<sup>(1)</sup>** | **Net Amount<br> of Derivatives<br> Assets** |
| **Simplify China A Shares PLUS Income ETF** |  |  |  |  |  |
| Bank of America NA | $380603 | $— | $— | $(380603) | $— |
|  | $380603 | $— | $— | $(380603) | $— |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Gross Amounts<br> of Assets<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Financial**<br> **Instruments**<br> **and Derivatives**<br> **Available for Offset** | **Collateral**<br> **Received<sup>(1)</sup>** | **Non-Cash<br> Collateral**<br> **Received<sup>(1)</sup>** | **Net Amount**<br> **of Derivatives**<br> **Assets** |
| **Simplify High Yield ETF** | | | | | |
| Bank of America NA | $919098 | $— | $— | $(919098) | $— |
| Goldman Sachs International | 843555 |  |  | (843555) |  |
| Morgan Stanley Capital Services LLC | 1912080 | (424548) |  | (1487532) |  |
|  | $3674733 | $(424548) | $— | $(3250185) | $— |

---

(1) The
 actual collateral received and/or pledged may be more than amount shown.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Gross Amounts<br> of Liabilities<br> Presented in<br> the Statements<br> of Assets and<br> Liabilities** | **Financial<br> Instruments<br> and Derivatives<br> Available for Offset** | **Cash<br> Collateral<br> Pledged<sup>(1)</sup>** | **Non-Cash<br> Collateral<br> Pledged<sup>(1)</sup>** | **Net Amount<br> of Derivatives<br> Liabilities** |
| **Simplify High Yield ETF** |  |  |  |  |  |
| Morgan Stanley Capital Services LLC | $424548 | $(424548) | $— | $— | $— |
|  | $424548 | $(424548) | $— | $— | $— |

---

(1) The
 actual collateral received and/or pledged may be more than amount shown.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Gross Amounts<br> of Assets<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities<sup>(1)</sup>** | **Financial**<br> **Instruments**<br> **and Derivatives**<br> **Available for Offset** | **Cash**<br> **Collateral**<br> **Received<sup>(2)</sup>** | **Non-Cash**<br> **Collateral**<br> **Received<sup>(2)</sup>** | **Net Amount**<br> **of Derivatives**<br> **Assets** |
| **Simplify Interest Rate Hedge ETF** |  |  |  |  |  |
| Goldman Sachs International | $1044480 | $(843623) | $— | $(200857) | $— |
| Morgan Stanley Capital Services LLC | 17303822 |  |  | (5336778) | 11967044 |
|  | $18348302 | $(843623) | $— | $(5537635) | $11967044 |

---

(1) Purchased
 swaption contracts are included in Investments within the Statement of Assets and Liabilities.

(2) The
 actual collateral received and/or pledged may be more than amount shown.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Gross Amounts<br> of Liabilities<br> Presented in<br> the Statements<br> of Assets and<br> Liabilities<sup>(1)</sup>** | **Financial**<br> **Instruments**<br> **and Derivatives**<br> **Available for Offset** | **Cash**<br> **Collateral**<br> **Pledged<sup>(2)</sup>** | **Non-Cash<br> Collateral**<br> **Pledged<sup>(2)</sup>** | **Net Amount**<br> **of Derivatives**<br> **Liabilities** |
| **Simplify Interest Rate Hedge ETF** |  |  |  |  |  |
| Barclays Bank PLC | $359543 | $— | $— | $— | $359543 |
| Goldman Sachs International | 843623 | (843623) |  |  |  |
| JP Morgan Chase & Co. | 716218 |  |  | (716218) |  |
|  | $1919384 | $(843623) | $— | $(716218) | $359543 |

---

(1) Purchased
 swaption contracts are included in Investments within the Statement of Assets and Liabilities.

(2) The
 actual collateral received and/or pledged may be more than amount shown.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Gross Amounts<br> of Assets<br> Presented in<br> the Statement<br> of Assets and<br> Liabilities** | **Financial**<br> **Instruments**<br> **and Derivatives**<br> **Available for Offset** | **Collateral**<br> **Received<sup>(1)</sup>** | **Non-Cash<br> Collateral**<br> **Received<sup>(1)</sup>** | **Net Amount**<br> **of Derivatives**<br> **Assets** |
| **Simplify Multi-QIS Alternative ETF** |  |  |  |  |  |
| Bank of America NA | $55460 | $(55460) | $— | $— | $— |
| Citibank | 20021 | (13259) |  | (6762) |  |
| Deutsche Bank | 45494 |  |  | (45494) |  |
| Goldman Sachs International | 16682 | (16315) |  | (367) |  |
| JP Morgan Chase & Co. | 82981 |  |  | (82981) |  |
| Macquarie Bank | 74868 | (70810) |  | (4058) |  |
| Morgan Stanley Capital Services LLC | 723434 | (320059) |  | (403375) |  |
| Nomura Securities | 123838 | (18247) |  | (105591) |  |
| Societe Generale | 87976 |  |  | (87976) |  |
| UBS | 66407 | (11029) |  | (55378) |  |
|  | $1297161 | $(505179) | $— | $(791982) | $— |

---

(1) The
 actual collateral received and/or pledged may be more than amount shown.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Gross Amounts<br> of Liabilities<br> Presented in<br> the Statements<br> of Assets and<br> Liabilities** | **Financial**<br> **Instruments**<br> **and Derivatives**<br> **Available for Offset** | **Cash**<br> **Collateral**<br> **Pledged<sup>(1)</sup>** | **Non-Cash<br> Collateral**<br> **Pledged<sup>(1)</sup>** | **Net Amount**<br> **of Derivatives**<br> **Liabilities** |
| **Simplify Multi-QIS Alternative ETF** |  |  |  |  |  |
| Bank of America NA | $2942048 | $(55460) | $— | $(2886588) | $— |
| BNP Paribas | 11896 |  |  | (11896) |  |
| Citibank | 13259 | (13259) |  |  |  |
| Goldman Sachs International | 16315 | (16315) |  |  |  |
| Macquarie Bank | 70810 | (70810) |  |  |  |
| Morgan Stanley Capital Services LLC | 320059 | (320059) |  |  |  |
| Nomura Securities | 18247 | (18247) |  |  |  |
| UBS | 11029 | (11029) |  |  |  |
|  | $3403663 | $(505179) | $— | $(2898484) | $— |

---

(1) The
 actual collateral received and/or pledged may be more than amount shown.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Gross Amounts<br> of Liabilities<br> Presented in<br> the Statements<br> of Assets and<br> Liabilities** | **Financial**<br> **Instruments**<br> **and Derivatives**<br> **Available for Offset** | **Cash**<br> **Collateral**<br> **Pledged<sup>(1)</sup>** | **Non-Cash<br> Collateral**<br> **Pledged<sup>(1)</sup>** | **Net Amount<br> of Derivatives**<br> **Liabilities** |
| **Simplify Target 15 Distribution ETF** |  |  |  |  |  |
| HSBC Bank | $257000 | $— | $— | $(257000) | $— |
| Nomura Securities | 63279 |  |  | (63279) |  |
| Nomura Securities | 707600 |  |  | (494690) | 212910 |
|  | $1027879 | $— | $— | $(814969) | $212910 |

---

**5. Reverse Repurchase Agreements**

The Funds are subject to Rule 18f-4 under the 1940 Act. Rule 18f-4 imposes limits on the amount of derivatives and other transactions a fund can enter into, eliminates the asset segregation framework that had been used by funds to comply with Section 18 of the 1940

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

Act, and requires funds whose use of derivatives is more than a limited specified exposure to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Reverse repurchase agreements are executed under standardized netting agreements. A netting arrangement creates an enforceable right of set-off that becomes effective, and affects the realization of settlement on individual assets, liabilities and collateral amounts, only following a specified event of default or early termination. Default events may include the failure to make payments or deliver securities timely, material adverse changes in financial condition or insolvency, the breach of minimum regulatory capital requirements, or loss of license, charter or other legal authorization necessary to perform under the contract. These agreements mitigate counterparty credit risk by providing for a single net settlement with a counterparty of all financial transactions covered by the agreement in an event of default as defined under such agreement.

**Offsetting of Reverse Repurchase Agreements Liabilities**

**Simplify Bitcoin Strategy PLUS Income ETF**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Gross Amounts Not Offset in the<br> Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the<br> Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the<br> Statements of Assets and Liabilities** |
|  |<br>**Gross<br> Amounts of<br> Recognized <br> Liabilities** |<br>**Gross <br> Amounts <br> Offset in the<br> Consolidated<br> Statements of<br> Assets and <br> Liabilities** |<br>**Net Amounts <br> Presented in the Consolidated<br> Statements of<br> Assets and <br> Liabilities** | **Financial<br> Instruments(a)** | **Collateral<br> Pledged(a)** | **Net Amount<br> Payable** |
| Reverse Repurchase Agreements | $58542856 | $— | $58542856 | $58542856 | $58542856 | $— |

---

(a) These
 amounts are limited to the derivatives asset/liability balance and, accordingly, do not include excess collateral received/pledged.

**Offsetting of Reverse Repurchase Agreements Liabilities**

**Simplify Volatility Premium ETF**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Gross Amounts Not Offset in the<br> Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the<br> Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the<br> Statements of Assets and Liabilities** |
|  |<br>**Gross <br> Amounts of<br> Recognized <br> Liabilities** |<br>**Gross <br> Amounts <br> Offset in the<br> Consolidated <br> Statements of<br> Assets and <br> Liabilities** |<br>**Net Amounts<br> Presented in the Consolidated <br> Statements of <br> Assets and<br> Liabilities** | **Financial<br> Instruments(a)** | **Collateral<br> Pledged(a)** | **Net Amount<br> Payable** |
| Reverse Repurchase Agreements | $614699989 | $— | $614699989 | $614699989 | $614699989 | $— |

---

(a) These
 amounts are limited to the derivatives asset/liability balance and, accordingly, do not include excess collateral received/pledged.

Reverse repurchase agreements involve the sale of securities held by the Simplify Bitcoin Strategy PLUS Income ETF and Simplify Volatility Premium ETF with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. The Funds may borrow for investment purposes indirectly using reverse repurchase agreements. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Funds to counterparties are reflected as a liability on the Consolidated Statements of Assets and Liabilities. Interest payments made by the Funds to counterparties are recorded as a component of interest expense on each Fund's Consolidated Statements of Operations. Borrowing may cause the Funds to liquidate positions under adverse market conditions to satisfy its repayment obligations. The use of reverse repurchase agreements involves risks that are different from those associated with ordinary portfolio securities transactions. The Funds are subject to credit risk (i.e., the risk that a counterparty is or is perceived to be unwilling or unable to meet its contractual obligations) with respect to the security it expects to receive back from a counterparty. If a counterparty becomes bankrupt or fails to perform its obligations, or if any collateral posted by the counterparty for the benefit of the Funds is insufficient or there are delays in the Funds' ability to access such collateral, the value of an investment in the Funds may decline. For the year ended June 30, 2025, the average amount of reverse repurchase agreements outstanding and the daily weighted average interest rate for the Simplify Bitcoin Strategy PLUS Income ETF were $46,794,937 and 4.75%, respectively, and for Simplify Volatility Premium ETF $762,980,390 and 4.84%, respectively.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

The following table indicates the total amount of reverse repurchased agreements, including accrued interest, reconciled to the Simplify Bitcoin Strategy PLUS Income ETF liability as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Less than<br> 30 days** | **30-90 days** | **Greater than<br> 90 days** | **Total** |
| U.S. Government Obligations | $– $| 58542856 | $– $| 58542856 |

---

The following table indicates the total amount of reverse repurchased agreements, including accrued interest, reconciled to the Simplify Volatility Premium ETF liability as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Less than<br> 30 days** | **30-90 days** | **Greater than<br> 90 days** | **Total** |
| U.S. Government Obligations | $– $| 614699989 | $– $| 614699989 |

---

**6. Investment Advisory Agreement and Other Agreements**

The Adviser has overall responsibility for the general management and administration of the Funds, subject to the oversight of the Board. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Adviser (the "Investment Advisory Agreement"), the Adviser is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.

For its investment advisory services to the Funds below, the Adviser was entitled to receive a management fee based on each Fund's average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:

---

| | |
|:---|:---|
| **Fund** | **Management<br> Fee** |
| Simplify Aggregate Bond ETF | 0.50% |
| Simplify Barrier Income ETF | 0.75% |
| Simplify Bond Bull ETF | 0.50% |
| Simplify China A Shares PLUS Income ETF | 0.88% |
| Simplify Currency Strategy ETF | 0.75% |
| Simplify Enhanced Income ETF | 0.50% |
| Simplify Health Care ETF | 0.50% |
| Simplify Hedged Equity ETF | 0.50% |
| Simplify High Yield ETF | 0.50% |
| Simplify Interest Rate Hedge ETF | 0.50% |
| Simplify Intermediate Term Treasury Futures Strategy ETF | 0.25% |
| Simplify MBS ETF | 0.25% |
| Simplify NEXT Intangible Core Index ETF | 0.25% |
| Simplify Short Term Treasury Futures Strategy ETF | 0.25% |
| Simplify Target 15 Distribution ETF | 0.75% |
| Simplify Treasury Option Income ETF | 0.35% |
| Simplify US Equity PLUS Bitcoin Strategy ETF | 0.50% |
| Simplify US Equity PLUS Convexity ETF | 0.50% |
| Simplify US Equity PLUS Downside Convexity ETF | 0.50% |
| Simplify US Equity PLUS Upside Convexity ETF | 0.50% |
| Simplify Bitcoin Strategy PLUS Income ETF | 0.85% |
| Simplify Gold Strategy PLUS Income ETF | 0.50% |
| Simplify Multi-QIS Alternative ETF | 1.00% |
| Simplify Volatility Premium ETF | 0.50% |

---

The Adviser for the Fund below has contractually agreed, until at least October 31, 2025, to waive its management fees to 0.25% of the Fund's average daily net assets. The agreement may only be terminated by the Board on 60 days' written notice to the Adviser. For the year ended June 30, 2025, the Adviser waived fees of the Funds as follows:

---

| | |
|:---|:---|
| **Fund** | **Fees Waived** |
| Simplify Aggregate Bond ETF | $667643 |

---

The Adviser for the Fund below has contractually agreed, until at least February 12, 2026, to waive its management fees to 0.25% of the Fund's average daily assets. The agreement may only be terminated by the Board on 60 days' written notice to the Adviser. For the year ended June 30, 2025, the Adviser waived fees of the Fund as follows:

---

| | |
|:---|:---|
| **Fund** | **Fees Waived** |
| Simplify High Yield ETF | $358952 |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

The Adviser for the Funds below has contractually agreed, until at least October 31, 2025, to waive its management fees to 0.15% of each Fund's average daily net assets. The agreement may only be terminated by the Board on 60 days' written notice to the Adviser. For the year ended June 30, 2025, the Adviser waived fees of each Fund as follows:

---

| | |
|:---|:---|
| **Fund** | **Fees Waived** |
| Simplify Intermediate Term Treasury Futures Strategy ETF | $119477 |
| Simplify MBS ETF | 1435131 |
| Simplify Short Term Treasury Futures Strategy ETF | 609258 |

---

The Adviser for the Fund below has contractually agreed, until at least October 31, 2025, to waive its management fees to 0.40% of the Fund's average daily net assets. For the year ended June 30, 2025, the Adviser waived fees of the Fund as follows:

---

| | |
|:---|:---|
| **Fund** | **Fees Waived** |
| Simplify Hedged Equity ETF | $228813 |

---

Under the Investment Advisory Agreement, the Adviser has agreed to pay substantially all the operating expenses of the Funds, excluding interest expenses, taxes, brokerage expenses, Rule 12b-1 fees (if any), acquired fund fees and expenses, expenses incidental to a meeting of a Fund's shareholders and the management fee. In addition to the excluded operating expenses, the Funds also pay non-operating expenses such as litigation and indemnification expenses and other expenses determined to be extraordinary by the Trust.

The Board has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with its Rule 12b- 1 plan, each Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to finance activities primarily intended to result in the sale of Creation Units of the Fund or the provision of investor services. No Rule 12b-1 fees are currently paid by the Funds and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, they will be paid out of the Fund's assets, and directly impact the NAV per share of each Fund.

The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent and Transfer Agent for each Fund.

Foreside Financial Services, LLC (the "Distributor") serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in Shares of a Fund. Adviser Compliance Associates, LLC d/b/a ACA Group, a related party to the Distributor, also provides a Chief Compliance Officer to the Trust.

A Trustee and certain Officers of the Trust are also employees of the Adviser and/or the Distributor.

**7. Investment Transactions**

Purchases and sales of securities, other than short-term securities, U.S. Government Securities and in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Simplify Aggregate Bond ETF | $338067914 | $303908165 |
| Simplify Barrier Income ETF |  |  |
| Simplify Bond Bull ETF |  |  |
| Simplify China A Shares PLUS Income ETF |  |  |
| Simplify Currency Strategy ETF |  |  |
| Simplify Enhanced Income ETF |  |  |
| Simplify Health Care ETF | 326837779 | 318537249 |
| Simplify Hedged Equity ETF | 26632088 | 13675854 |
| Simplify High Yield ETF | 34732490 | 33748583 |
| Simplify Interest Rate Hedge ETF |  |  |
| Simplify Intermediate Term Treasury Futures Strategy ETF |  |  |
| Simplify MBS ETF |  | 13 |
| Simplify NEXT Intangible Core Index ETF | 856956 | 537952 |
| Simplify Short Term Treasury Futures Strategy ETF |  |  |
| Simplify Target 15 Distribution ETF |  |  |
| Simplify Treasury Option Income ETF |  |  |
| Simplify US Equity PLUS Bitcoin Strategy ETF | 15007700 | 11381150 |
| Simplify US Equity PLUS Convexity ETF | 5969423 | 11422136 |
| Simplify US Equity PLUS Downside Convexity ETF | 13342294 | 15463811 |
| Simplify US Equity PLUS Upside Convexity ETF | 127548360 | 45905604 |
| Simplify Bitcoin Strategy PLUS Income ETF |  |  |
| Simplify Gold Strategy PLUS Income ETF | 1020483 | 1020598 |
| Simplify Multi-QIS Alternative ETF | 12035656 | 4049077 |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Purchases** | **Sales** | **Sales** |
| Simplify Volatility Premium ETF |  | 2023199720 |  | 1812582893 |

---

Securities received and delivered in-kind through subscriptions and redemptions were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Simplify Aggregate Bond ETF | $82194942 | $12811822 |
| Simplify Barrier Income ETF |  |  |
| Simplify Bond Bull ETF |  |  |
| Simplify China A Shares PLUS Income ETF |  |  |
| Simplify Currency Strategy ETF |  |  |
| Simplify Enhanced Income ETF |  |  |
| Simplify Health Care ETF | 122849504 | 122247464 |
| Simplify Hedged Equity ETF | 287179151 | 155351463 |
| Simplify High Yield ETF |  |  |
| Simplify Interest Rate Hedge ETF |  |  |
| Simplify Intermediate Term Treasury Futures Strategy ETF |  |  |
| Simplify MBS ETF |  |  |
| Simplify NEXT Intangible Core Index ETF | 694415 | 2431372 |
| Simplify Target 15 Distribution ETF |  |  |
| Simplify Short Term Treasury Futures Strategy ETF |  |  |
| Simplify Treasury Option Income ETF |  |  |
| Simplify US Equity PLUS Bitcoin Strategy ETF | 84643691 | 40819970 |
| Simplify US Equity PLUS Convexity ETF | 24367045 | 21630699 |
| Simplify US Equity PLUS Downside Convexity ETF | 70712386 | 104501989 |
| Simplify US Equity PLUS Upside Convexity ETF | 37358266 | 18575554 |
| Simplify Bitcoin Strategy PLUS Income ETF |  |  |
| Simplify Gold Strategy PLUS Income ETF |  |  |
| Simplify Multi-QIS Alternative ETF |  |  |
| Simplify Volatility Premium ETF |  |  |

---

Purchases and sales of long term U.S. Government Securities were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Simplify Aggregate Bond ETF | $535772238 | $541289085 |
| Simplify Interest Rate Hedge ETF |  | 6755961 |
| Simplify MBS ETF | 19732522983 | 19104729410 |
| Simplify Volatility Premium ETF |  | 100000 |

---

**8. Fund Share Transactions**

The Funds issue and redeem Shares at NAV only in large blocks of 25,000 Shares or 10,000 shares in the case of Simplify Bitcoin Strategy PLUS Income ETF (each block of Shares is called a "Creation Unit"). Creation Units are issued and redeemed primarily in-kind for securities but may include cash. Individual Shares may only be purchased and sold in secondary market transactions through brokers. Except when aggregated in Creation Units in transactions with Authorized Participants, the Shares are not redeemable securities of the Fund.

Fund Shares are listed and traded on their respective exchange on each day that the exchange is open for business ("Business Day"). Each Fund's Shares may only be purchased and sold on their respective exchange through a broker-dealer. Because each Fund's Shares trade at market prices rather than at their NAV, Shares may trade at a price equal to the NAV, greater than NAV (premium) or less than NAV (discount).

Authorized participants pay a fixed transaction fee of $500 to the Funds' custodian when purchasing and redeeming Creation Units of a Fund. The transaction fee is used to defray the costs associated with the issuance and redemption of Creation Units. In addition to the fixed transaction fee, the Funds may charge an additional variable fee of up to a maximum of 3% of the amount invested for creations and redemptions in cash, to offset brokerage and impact expenses associated with a cash transaction.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

**9. Federal Income Taxes**

For the year ended June 30, 2025, the effect of permanent "book/tax" reclassifications to the components of net assets are included below. These differences, if any, are primarily due to redemptions-in-kind, non-deductible excise tax paid, prior year true ups, distributions in excess, return of capital distributions, and if applicable, controlled foreign corporations income reversal.

---

| | | |
|:---|:---|:---|
| **Fund** | **Distributable<br> earnings (loss)** | **Paid-in**<br> **Capital** |
| Simplify Aggregate Bond ETF | $(132310) | $132310 |
| Simplify Barrier Income ETF |  |  |
| Simplify Bond Bull ETF |  |  |
| Simplify China A Shares PLUS Income ETF |  |  |
| Simplify Currency Strategy ETF |  |  |
| Simplify Enhanced Income ETF | 1808785 | (1808785) |
| Simplify Health Care ETF | (13732061) | 13732061 |
| Simplify Hedged Equity ETF | (19269638) | 19269638 |
| Simplify High Yield ETF |  |  |
| Simplify Interest Rate Hedge ETF |  |  |
| Simplify Intermediate Term Treasury Futures Strategy ETF |  |  |
| Simplify MBS ETF |  |  |
| Simplify NEXT Intangible Core Index ETF | (230067) | 230067 |
| Simplify Short Term Treasury Futures Strategy ETF |  |  |
| Simplify Target 15 Distribution ETF |  |  |
| Simplify Treasury Option Income ETF |  |  |
| Simplify US Equity PLUS Bitcoin Strategy ETF | (4807966) | 4807966 |
| Simplify US Equity PLUS Convexity ETF | (5540026) | 5540026 |
| Simplify US Equity PLUS Downside Convexity ETF | (14409216) | 14409216 |
| Simplify US Equity PLUS Upside Convexity ETF | (966251) | 966251 |
| Simplify Bitcoin Strategy PLUS Income ETF | 1591530 | (1591530) |
| Simplify Gold Strategy PLUS Income ETF | (372340) | 372340 |
| Simplify Multi-QIS Alternative ETF | 13396814 | (13396814) |
| Simplify Volatility Premium ETF | 126158414 | (126158414) |

---

The tax character of dividends and distributions declared for the year/period ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income\*** | **Long - Term<br> Capital Gains** | **Return of<br> Capital** |
| Simplify Aggregate Bond ETF | $9356735 | $– $| 10913767 |
| Simplify Barrier Income ETF | 707001 | – |  |
| Simplify Bond Bull ETF | 2051251 | – |  |
| Simplify China A Shares PLUS Income ETF | 90000 | – |  |
| Simplify Currency Strategy ETF | 167072 | – | 159179 |
| Simplify Enhanced Income ETF | 14816751 | – | 6963751 |
| Simplify Health Care ETF | 677797 | – |  |
| Simplify Hedged Equity ETF | 3789501 | – |  |
| Simplify High Yield ETF | 16269523 | – |  |
| Simplify Interest Rate Hedge ETF | 5568494 | – |  |
| Simplify Intermediate Term Treasury Futures Strategy ETF | 5351475 | – |  |
| Simplify MBS ETF | 64435827 | – | 22181637 |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income\*** | **Long - Term<br> Capital Gains** | **Return of<br> Capital** |
| Simplify NEXT Intangible Core Index ETF | $54898 | $— | $— |
| Simplify Short Term Treasury Futures Strategy ETF | 27674130 |  |  |
| Simplify Target 15 Distribution ETF | 1122001 |  |  |
| Simplify Treasury Option Income ETF | 10942094 | 652069 | 8307884 |
| Simplify US Equity PLUS Bitcoin Strategy ETF | 440000 |  |  |
| Simplify US Equity PLUS Convexity ETF | 716500 |  |  |
| Simplify US Equity PLUS Downside Convexity ETF | 1088500 |  |  |
| Simplify US Equity PLUS Upside Convexity ETF | 580268 |  |  |
| Simplify Bitcoin Strategy PLUS Income ETF | 12718611 | 218540 |  |
| Simplify Gold Strategy PLUS Income ETF | 517501 |  |  |
| Simplify Multi-QIS Alternative ETF | 2504782 |  |  |
| Simplify Volatility Premium ETF | 37860732 | 46232210 | 97126311 |

---

\* For tax purposes short-term capital gain distributions are considered ordinary income distributions.

The tax character of dividends and distributions declared for the year ended June 30, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income\*** | **Long - Term<br> Capital Gains** | **Return of<br> Capital** |
| Simplify Aggregate Bond ETF | $6394098 | $— | $8368404 |
| Simplify Enhanced Income ETF | 15459476 | 78652 | 7633526 |
| Simplify Health Care ETF | 490865 |  |  |
| Simplify Hedged Equity ETF | 3828551 | 2291933 |  |
| Simplify High Yield ETF | 4715001 |  |  |
| Simplify Interest Rate Hedge ETF | 9178055 | 66928543 |  |
| Simplify Intermediate Term Treasury Futures Strategy ETF | 2051789 |  |  |
| Simplify MBS ETF | 13271970 |  | 2807611 |
| Simplify NEXT Intangible Core Index ETF | 5000 |  |  |
| Simplify Short Term Treasury Futures Strategy ETF | 28690445 |  |  |
| Simplify Treasury Option Income ETF | 3918784 | 15392 | 2109218 |
| Simplify US Equity PLUS Bitcoin Strategy ETF | 41389 |  | 93611 |
| Simplify US Equity PLUS Convexity ETF | 874943 |  |  |
| Simplify US Equity PLUS Downside Convexity ETF | 1085380 |  | 407750 |
| Simplify US Equity PLUS Upside Convexity ETF | 81193 |  |  |
| Simplify Bitcoin Strategy PLUS Income ETF | 8229546 | 166512 |  |
| Simplify Multi-QIS Alternative ETF | 4209252 |  |  |
| Simplify Volatility Premium ETF | 103075545 |  |  |

---

\* For tax purposes short-term capital gain distributions are considered ordinary income distributions.

As of June 30, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br> Ordinary<br> Income** | **Undistributed<br> Long-term<br> Capital Gains** | **Temporary<br> Book/Tax<br> Differences<sup>(a)</sup>** | **Net Unrealized<br> Appreciation<br> (Depreciation)** | **Accumulated<br> Capital and<br> Other Losses** | **Post-October/<br> Late-year<br> Ordinary Loss<br> Deferrals** | **Distributable<br> earnings (loss)** |
| Simplify Aggregate Bond ETF | $— | $— | $— | $7281183 | $(4843107) | $— | $2438076 |
| Simplify Barrier Income ETF | 1226134 |  |  | 31432 |  |  | 1257566 |
| Simplify Bond Bull ETF | 444109 |  |  | (9489595) | (883) |  | (9046369) |
| Simplify China A Shares PLUS Income ETF | 1706402 | 242989 |  | 1907 |  |  | 1951298 |
| Simplify Currency Strategy ETF |  |  |  | (52132) |  | (275901) | (328033) |
| Simplify Enhanced Income ETF |  |  |  | 33459 | (4877317) |  | (4843858) |
| Simplify Health Care ETF | 206892 |  |  | 3060531 | (22539424) |  | (19272001) |
| Simplify Hedged Equity ETF |  |  | (24895130) | 24262593 | (9333385) |  | (9965922) |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br> Ordinary<br> Income** | **Undistributed<br> Long-term<br> Capital Gains** | **Temporary<br> Book/Tax<br> Differences<sup>(a)</sup>** | **Net Unrealized<br> Appreciation<br> (Depreciation)** | **Accumulated<br> Capital and<br> Other Losses** | **Post-October/<br> Late-year<br> Ordinary Loss<br> Deferrals** | **Distributable<br> earnings (loss)** |
| Simplify High Yield ETF | $2883604 | $— | $— | $(608347) | $— | $— | $2275257 |
| Simplify Interest Rate Hedge ETF | 3152582 | 8827343 |  | 16503254 |  |  | 28483179 |
| Simplify Intermediate Term Treasury Futures Strategy ETF | 218006 |  |  | (6147) | (29275268) |  | (29063409) |
| Simplify MBS ETF |  |  |  | 20030883 |  | (18403719) | 1627164 |
| Simplify NEXT Intangible Core Index ETF | 366 |  |  | 188465 |  | (9148) | 179683 |
| Simplify Short Term Treasury Futures Strategy ETF | 640890 |  |  | (16683) | (33551874) |  | (32927667) |
| Simplify Target 15 Distribution ETF | 1396658 |  |  | 286136 |  |  | 1682794 |
| Simplify Treasury Option Income ETF |  |  |  | (14158) |  | (5713364) | (5727522) |
| Simplify US Equity PLUS Bitcoin Strategy ETF |  |  |  | 3062658 | (3711888) |  | (649230) |
| Simplify US Equity PLUS Convexity ETF |  |  | (1057006) | 17412889 | (5275301) |  | 11080582 |
| Simplify US Equity PLUS Downside Convexity ETF |  |  | (7621110) | 7497122 | (46132275) |  | (46256263) |
| Simplify US Equity PLUS Upside Convexity ETF | 1726141 | 1843282 | (788054) | 2100333 |  |  | 4881702 |
| Simplify Bitcoin Strategy PLUS Income ETF | 14114531 |  |  | 1083939 |  |  | 15198470 |
| Simplify Gold Strategy PLUS Income ETF | 5554498 | 1150365 |  | (368361) |  |  | 6336502 |
| Simplify Multi-QIS Alternative ETF | 133977 | 335558 |  | (17547) |  |  | 451988 |
| Simplify Volatility Premium ETF |  |  |  | (401147) |  |  | (401147) |

---

(a) The
 temporary book/tax differences was attributable primarily dividend payable, straddles deferral and Subpart F income.

At June 30, 2025, gross unrealized appreciation and depreciation of investments, including derivatives, owned by each Fund, based on cost for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross**<br> **Unrealized**<br> **Depreciation** | **Net<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| Simplify Aggregate Bond PLUS Credit Hedge ETF | $317489418 | $10910310 | $(3629127) | $7281183 |
| Simplify Barrier Income ETF | 35199075 | 34682 | (3250) | 31432 |
| Simplify Bond Bull ETF | 161893802 | 9564608 | (19054203) | (9489595) |
| Simplify China A Shares PLUS Income ETF | 10954034 | 11062558 | (11060651) | 1907 |
| Simplify Currency Strategy ETF | 14593086 | 1951998 | (2004130) | (52132) |
| Simplify Enhanced Income ETF | 191956861 | 63894 | (30435) | 33459 |
| Simplify Health Care ETF | 127493324 | 14130478 | (11069947) | 3060531 |
| Simplify Hedged Equity ETF | 324775741 | 24895131 | (632538) | 24262593 |
| Simplify High Yield ETF | 242721748 | 346447197 | (347055544) | (608347) |
| Simplify Interest Rate Hedge ETF | 139528766 | 16505520 | (2266) | 16503254 |
| Simplify Intermediate Term Treasury Futures Strategy ETF | 150693223 |  | (6147) | (6147) |
| Simplify MBS ETF | 2699174731 | 20068105 | (37222) | 20030883 |
| Simplify NEXT Intangible Core Index ETF | 1349888 | 249682 | (61217) | 188465 |
| Simplify Short Term Treasury Futures Strategy ETF | 664904481 | 18049 | (34732) | (16683) |
| Simplify Target 15 Distribution ETF | 47958425 | 289477 | (3341) | 286136 |
| Simplify Treasury Option Income ETF | 343762293 | 9081 | (23239) | (14158) |
| Simplify US Equity PLUS Bitcoin Strategy ETF | 72136255 | 3119771 | (57113) | 3062658 |
| Simplify US Equity PLUS Convexity ETF | 65745651 | 17685004 | (272115) | 17412889 |
| Simplify US Equity PLUS Downside Convexity ETF | 80845787 | 7628598 | (131476) | 7497122 |
| Simplify US Equity PLUS Upside Convexity ETF | 114906353 | 7279993 | (5179660) | 2100333 |
| Simplify Bitcoin Strategy PLUS Income ETF | 109619616 | 1601660 | (517721) | 1083939 |
| Simplify Gold Strategy PLUS Income ETF | 27095212 | 7409 | (375770) | (368361) |
| Simplify Multi-QIS Alternative ETF | 97561110 | 187298 | (204845) | (17547) |
| Simplify Volatility Premium ETF | 1523763494 | 46015779 | (46416926) | (401147) |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

The differences between book-basis and tax-basis components of net assets, if applicable, are primarily attributable to the tax deferral of losses on wash sales, grantor trust adjustments, section 1256 mark-to-market treatment of derivatives and return of capital basis adjustments from underlying investments.

The following Funds utilized the following amounts of capital loss carryforwards to offset taxable gains realized during the period ended June 30, 2025 as follows:

---

| | |
|:---|:---|
| **Fund** | **Amount** |
| Simplify Hedged Equity ETF | $6677207 |
| Simplify High Yield ETF | 4190589 |
| Simplify MBS ETF | 2812226 |
| Simplify Short Term Treasury Futures Strategy ETF | 20124462 |
| Simplify US Equity PLUS Bitcoin Strategy ETF | 779573 |
| Simplify US Equity PLUS Downside Convexity ETF | 8113410 |
| Simplify US Equity PLUS Upside Convexity ETF | 387201 |
| Simplify Multi-QIS Alternative ETF | 112607 |
| Simplify Volatility Premium ETF | 14271665 |

---

At June 30, 2025, for federal income tax purposes, the Funds had capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** | **Total Amount** |
| Simplify Aggregate Bond ETF | $1811021 | $3032086 | $4843107 |
| Simplify Bond Bull ETF | 883 |  | 883 |
| Simplify Enhanced Income ETF | 4365601 | 511716 | 4877317 |
| Simplify Health Care ETF | 20410281 | 2129143 | 22539424 |
| Simplify Hedged Equity ETF | 3679463 | 5653922 | 9333385 |
| Simplify Intermediate Term Treasury Futures Strategy ETF | 12740047 | 16535221 | 29275268 |
| Simplify Short Term Treasury Futures Strategy ETF | 13299181 | 20252693 | 33551874 |
| Simplify US Equity PLUS Bitcoin Strategy ETF | 1556605 | 2155283 | 3711888 |
| Simplify US Equity PLUS Convexity ETF | 2680437 | 2594864 | 5275301 |
| Simplify US Equity PLUS Downside Convexity ETF | 31199961 | 14932314 | 46132275 |

---

Certain capital and qualified late year ordinary losses incurred within the current taxable year after October 31 and December 31, respectively can be deferred. If elected these deferred losses are deemed to arise on the first business day of each Fund's next taxable year. As of tax year-end June 30, 2025, the Funds will elect to defer post-October capital losses and late year ordinary losses as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Capital Post-<br> October Losses** | **Late-year<br> ordinary Losses** |
| Simplify Currency Strategy ETF | $— | $275901 |
| Simplify MBS ETF | 18403719 |  |
| Simplify NEXT Intangible Core Index ETF | 9148 |  |
| Simplify Treasury Option Income ETF | 5713364 |  |

---

**10. Segment Reporting**

Each Fund operates in one segment. The Chief Operating Decision Maker ("CODM") is the President and Chief Executive Officer of each Fund. The CODM reviews the operating results of each Fund on a consolidated basis as part of making decisions for allocating resources and evaluating performance.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

**11. Subsequent Events**

Management has evaluated subsequent events through the date of issuance of these financial statements and, except as noted above, has determined that there are no other subsequent events that require adjustment to, or disclosure in, the financial statements.

**Simplify Exchange Traded Funds**

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Trustees of

Simplify Exchange Traded Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities or consolidated statements of assets and liabilities, including the schedules of investments or consolidated schedules of investments, of the funds listed below (the "Funds"), each a series of Simplify Exchange Traded Funds, as of June 30, 2025, the related statements of operations or consolidated statements of operations, the consolidated statements of cash flows, the statements of changes in net assets or consolidated statements of changes in net assets, the financial highlights or consolidated financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "Financial Statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2025, the results of their operations and their cash flows, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | **Statements of<br> Cash Flows** | **Statements of<br> Operations** | **Statements of<br> Changes in Net<br> Assets** | **Financial Highlights** |
| Simplify Aggregate Bond ETF | Not applicable | For the year ended June 30, 2025 | For the years ended June 30, 2025 and 2024 | For the years ended June 30, 2025, 2024, and 2023, and for the period from February 15, 2022 (commencement of operations) through June 30, 2022 |
| Simplify Barrier Income ETF | Not applicable | For the period from April 14, 2025 (commencement of operations) through June 30, 2025 | For the period from April 14, 2025 (commencement of operations) through June 30, 2025 | For the period from April 14, 2025 (commencement of operations) through June 30, 2025 |
| Simplify Bond Bull ETF (formerly Simplify Downside Interest Rate Hedge Strategy ETF) | Not applicable | For the period from December 9, 2024 (commencement of operations) through June 30, 2025 | For the period from December 9, 2024 (commencement of operations) through June 30, 2025 | For the period from December 9, 2024 (commencement of operations) through June 30, 2025 |
| Simplify China A Shares PLUS Income ETF | Not applicable | For the period from January 13, 2025 (commencement of operations) through June 30, 2025 | For the period from January 13, 2025 (commencement of operations) through June 30, 2025 | For the period from January 13, 2025 (commencement of operations) through June 30, 2025 |
| Simplify Currency Strategy ETF | Not applicable | For the period from February 3, 2025 (commencement of operations) through June 30, 2025 | For the period from February 3, 2025 (commencement of operations) through June 30, 2025 | For the period from February 3, 2025 (commencement of operations) through June 30, 2025 |
| Simplify Enhanced Income ETF | Not applicable | For the year ended June 30, 2025 | For the years ended June 30, 2025 and 2024 | For the years ended June 30, 2025 and 2024, and for the period from October 28, 2022 (commencement of operations) through June 30, 2023 |
| Simplify Health Care ETF | Not applicable | For the year ended June 30, 2025 | For the years ended June 30, 2025 and 2024 | For the years ended June 30, 2025, 2024, and 2023, and for the period from October 8, 2021 (commencement of operations) through June 30, 2022 |
| Simplify Hedged Equity ETF | Not applicable | For the year ended June 30, 2025 | For the years ended June 30, 2025 and 2024 | For the years ended June 30, 2025, 2024, and 2023, and for the period from November 2, 2021 (commencement of operations) through June 30, 2022 |
| Simplify High Yield ETF (formerly Simplify High Yield PLUS Credit Hedge ETF) | Not applicable | For the year ended June 30, 2025 | For the years ended June 30, 2025 and 2024 | For the years ended June 30, 2025, 2024, and 2023, and for the period from February 15, 2022 (commencement of operations) through June 30, 2022 |
| Simplify Interest Rate Hedge ETF | Not applicable | For the year ended June 30, 2025 | For the years ended June 30, 2025 and 2024 | For the years ended June 30, 2025, 2024, 2023, and 2022, and for the period from May 11, 2021 (commencement of operations) through June 30, 2021 |
| Simplify Intermediate Term Treasury Futures Strategy ETF | Not applicable | For the year ended June 30, 2025 | For the years ended June 30, 2025 and 2024 | For the years ended June 30, 2025, 2024, and 2023, and for the period from September 28, 2021 (commencement of operations) through June 30, 2022 |

---

**Simplify Exchange Traded Funds**

**Report of Independent Registered Public Accounting Firm**(Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Simplify MBS ETF | Not applicable | For the year ended June 30, 2025 | For the year ended June 30, 2025, and for the period from November 7, 2023 (commencement of operations) through June 30, 2024 | For the year ended June 30, 2025, and for the period from November 7, 2023 (commencement of operations) through June 30, 2024 |
| Simplify NEXT Intangible Core Index ETF | Not applicable | For the year ended June 30, 2025 | For the year ended June 30, 2025, and for the period from April 16, 2024 (commencement of operations) through June 30, 2024 | For the year ended June 30, 2025, and for the period from April 16, 2024 (commencement of operations) through June 30, 2024 |
| Simplify Short Term Treasury Futures Strategy ETF | Not applicable | For the year ended June 30, 2025 | For the years ended June 30, 2025 and 2024 | For the years ended June 30, 2025 and 2024, and for the period from November 15, 2022 (commencement of operations) through June 30, 2023 |
| Simplify Target 15 Distribution ETF | Not applicable | For the period from April 14, 2025 (commencement of operations) through June 30, 2025 | For the period from April 14, 2025 (commencement of operations) through June 30, 2025 | For the period from April 14, 2025 (commencement of operations) through June 30, 2025 |
| Simplify Treasury Option Income ETF (formerly Simplify Stable Income ETF) | Not applicable | For the year ended June 30, 2025 | For the years ended June 30, 2025 and 2024 | For the years ended June 30, 2025 and 2024, and for the period from October 28, 2022 (commencement of operations) through June 30, 2023 |
| Simplify US Equity PLUS Bitcoin Strategy ETF (formerly Simplify US Equity PLUS GBTC ETF) | Not applicable | For the year ended June 30, 2025 | For the years ended June 30, 2025 and 2024 | For the years ended June 30, 2025, 2024, 2023, and 2022, and for the period from May 25, 2021 (commencement of operations) through June 30, 2021 |
| Simplify US Equity PLUS Convexity ETF | Not applicable | For the year ended June 30, 2025 | For the years ended June 30, 2025 and 2024 | For the years ended June 30, 2025, 2024, 2023, and 2022, and for the period from September 4, 2020 (commencement of operations) through June 30, 2021 |
| Simplify US Equity PLUS Downside Convexity ETF | Not applicable | For the year ended June 30, 2025 | For the years ended June 30, 2025 and 2024 | For the years ended June 30, 2025, 2024, 2023, and 2022, and for the period from September 4, 2020 (commencement of operations) through June 30, 2021 |
| Simplify US Equity PLUS Upside Convexity ETF | Not applicable | For the year ended June 30, 2025 | For the years ended June 30, 2025 and 2024 | For the years ended June 30, 2025, 2024, 2023, and 2022, and for the period from September 4, 2020 (commencement of operations) through June 30, 2021 |
| Simplify Bitcoin Strategy PLUS Income ETF | Consolidated for the year ended June 30, 2025 | Consolidated for the year ended June 30, 2025 | Consolidated for the years ended June 30, 2025 and 2024 | Consolidated for the years ended June 30, 2025 and 2024, and for the period from September 30, 2022 (commencement of operations) through June 30, 2023 |
| Simplify Gold Strategy PLUS Income ETF | Not applicable | Consolidated for the period from December 2, 2024 (commencement of operations) through June 30, 2025 | Consolidated for the period from December 2, 2024 (commencement of operations) through June 30, 2025 | Consolidated for the period from December 2, 2024 (commencement of operations) through June 30, 2025 |
| Simplify Multi-QIS Alternative ETF | Not applicable | Consolidated for the year ended June 30, 2025 | Consolidated for the year ended June 30, 2025, and for the period from July 11, 2023 (commencement of operations) through June 30, 2024 | Consolidated for the year ended June 30, 2025, and for the period from July 11, 2023 (commencement of operations) through June 30, 2024 |
| Simplify Volatility Premium ETF | Consolidated for the year ended June 30, 2025 | Consolidated for the year ended June 30, 2025 | Consolidated for the years ended June 30, 2025 and 2024 | Consolidated for the year ended June 30, 2025, 2024, 2023, and 2022, and for the period from May 13, 2021 (commencement of operations) through June 30, 2021 |

---

**Simplify Exchange Traded Funds**

**Report of Independent Registered Public Accounting Firm**(Continued)

Basis for Opinion

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more funds advised by Simplify Asset Management, Inc. since 2020.

![](signature.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

August 29, 2025

**Simplify Exchange Traded Funds**

**Additional Information** (Unaudited)

***Proxy Voting Policies and Procedures***

Information regarding how each Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1-855-772-8488; by visiting www.simplify.us; and on the SEC's website at www. sec.gov.

***Discount & Premium Information***

Information regarding how often Shares of each Fund traded on Cboe BZX Exhange, Inc., NYSE Arca or NASDAQ, as applicable, at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of each Fund can be found at www.simplify.us.

***Tax Information***

Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its year ended June 30, 2025.

---

| | | |
|:---|:---|:---|
| **<br> Fund** | **Qualified<br> Dividend<br> Income\*** | **Dividends<br> Received<br> Deduction** |
| Simplify Aggregate Bond ETF | 00.00% | 00.00% |
| Simplify Barrier Income ETF | 00.00% | 00.00% |
| Simplify Bond Bull ETF | 00.00% | 00.00% |
| Simplify China A Shares PLUS Income ETF | 00.00% | 00.00% |
| Simplify Currency Strategy ETF | 00.00% | 00.00% |
| Simplify Enhanced Income ETF | 00.00% | 00.00% |
| Simplify Health Care ETF | 100.00% | 99.82% |
| Simplify Hedged Equity ETF | 75.25% | 73.21% |
| Simplify High Yield ETF | 00.00% | 00.00% |
| Simplify Interest Rate Hedge ETF | 00.00% | 00.00% |
| Simplify Intermediate Term Treasury Futures Strategy ETF | 00.00% | 00.00% |
| Simplify MBS ETF | 00.00% | 00.00% |
| Simplify NEXT Intangible Core Index ETF | 00.00% | 00.00% |
| Simplify Short Term Treasury Futures Strategy ETF | 00.00% | 00.00% |
| Simplify Target 15 Distribution ETF | 00.00% | 00.00% |
| Simplify Treasury Option Income ETF | 00.00% | 00.00% |
| Simplify US Equity PLUS Bitcoin Strategy ETF | 100.00% | 100.00% |
| Simplify US Equity PLUS Convexity ETF | 100.00% | 100.00% |
| Simplify US Equity PLUS Downside Convexity ETF | 100.00% | 100.00% |
| Simplify US Equity PLUS Upside Convexity ETF | 100.00% | 100.00% |
| Simplify Bitcoin Strategy PLUS Income ETF | 100.00% | 100.00% |
| Simplify Gold Strategy PLUS Income ETF | 00.00% | 00.00% |
| Simplify Multi-QIS Alternative ETF | 00.00% | 00.00% |
| Simplify Volatility Premium ETF | 00.00% | 00.00% |

---

\* The above percentage is based on ordinary income dividends paid to shareholders during each Fund's fiscal year.

June 30, 2025

Annual Financial Statements and

Other Important Information

Simplify Exchange Traded Funds

Simplify Opportunistic Income ETF (CRDT)

![](logo.jpg)

(This page intentionally left blank)

**Simplify Exchange Traded Funds**

**Table of Contents**

---

| | |
|:---|:---|
| [Schedule of Investments](#book2_001) | 4 |
| [Statement of Assets and Liabilities](#book2_002) | 10 |
| [Statement of Operations](#book2_003) | 11 |
| [Statements of Changes in Net Assets](#book2_004) | 12 |
| [Financial Highlights](#book2_005) | 13 |
| [Notes to Financial Statements](#book2_006) | 14 |
| [Report of Independent Registered Public Accounting Firm](#book2_007) | 24 |
| [Additional Information](#book2_008) | 25 |

---

This report is provided for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

**Simplify Opportunistic Income ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **Asset Backed Securities – 33.3%** |  |  |
| Allo Issuer LLC, Class C, Series 2025-1A, 144A, 8.10%, 4/20/2055(a) | $1750000 | $1752324 |
| Ally Bank Auto Credit-Linked Notes Series 2024-B, Class F, Series 2024-B, 144A, 8.04%, 9/15/2032(a) | 595245 | 602335 |
| AMSR 2024-SFR2 Trust, Class E1, Series 2024-SFR2, 144A, 4.15%, 11/17/2041(a) | 1000000 | 935653 |
| Anchorage Capital CLO 19 Ltd., Class E, Series 2021-19A, 144A, 11.97%, (3-Month CME Term SOFR + 7.71%), 10/15/2034(a)(b) | 1000000 | 1003630 |
| Apidos CLO Lii, Class F, Series 2025-52A, 144A, 10.76%, (3-Month CME Term SOFR + 6.50%), 4/20/2038(a)(b) | 500000 | 463975 |
| Apidos CLO Xliii Ltd., Class FR, Series 2025-43A, 144A, 10.98%, (3-Month CME Term SOFR + 6.67%), 7/25/2038(a)(b) | 1000000 | 952500 |
| Chase Auto Credit Linked Notes Series 2025-1, Class G, Series 2025-1, 144A, 10.42%, 2/25/2033(a) | 800000 | 802625 |
| Elmwood CLO XII Ltd., Class FR, Series 2021-5A, 144A, 13.01%, (3-Month CME Term SOFR + 8.75%), 10/15/2037(a)(b) | 1677000 | 1530181 |
| Frontier Issuer LLC, Class C, Series 2023-1, 144A, 11.50%, 8/20/2053(a) | 300000 | 315708 |
| GoldenTree Loan Management US CLO 16 Ltd., Class FRR, Series 2025-16A, 144A, 12.02%, (3-Month CME Term SOFR + 7.75%), 1/20/2038(a)(b) | 1000000 | 907942 |
| Goodgreen 2024-1 Ltd., Class C, Series 2024-1A, 144A, 8.50%, 7/15/2056(a) | 462000 | 456798 |
| Green Lakes Park CLO LLC 2019-2, Class ERR, Series 2025-1A, 144A, 9.03%, (3-Month CME Term SOFR + 4.75%), 1/25/2038(a)(b) | 1000000 | 978659 |
| Hertz Vehicle Financing III LLC, Class D, Series 2025-3A, 144A, 8.55%, 12/26/2029(a) | 1000000 | 1007472 |
| Hertz Vehicle Financing LLC, Class D, Series 2022-4A, 144A, 6.56%, 9/25/2026(a) | 500000 | 499999 |
| Huntington Bank Auto Credit-Linked Notes Series 2024-2, Class E, Series 2024-2, 144A, 11.80%, (SOFR + 7.50%), 10/20/2032(a)(b) | 559014 | 560685 |
| Huntington Bank Auto Credit-Linked Notes Series 2025-1, Class D, Series 2025-1, 144A, 7.80%, (SOFR + 3.50%), 3/21/2033(a)(b) | 448370 | 448723 |
| Invitation Homes 2024-SFR1 Trust, Class F, Series 2024-SFR1, 144A, 4.50%, 9/17/2041(a) | 1000000 | 923027 |
| Magnetite 50 Ltd., Class F, Series 2025-50A, 144A, (3-Month CME Term SOFR + 6.68%), 7/25/2038(a)(b) | 250000 | 245000 |
| Milford Park CLO Ltd., Class ER, Series 2025-1A, 144A, 9.12%, (3-Month CME Term SOFR + 4.85%), 1/20/2038(a)(b) | 1000000 | 986998 |
| Navient Private Education Refi Loan Trust 2021-B, Class R, Series 2021-BA, 144A, 7/15/2069(a)(c) | 4722 | 1605480 |
| New Economy Assets Phase 1 Sponsor LLC, Class B1, Series 2021-1, 144A, 2.41%, 10/20/2061(a) | 1750000 | 1606967 |
| Parallel 2020-1 Ltd., Class DR, Series 2021-1A, 144A, 11.03%, (3-Month CME Term SOFR + 6.76%), 7/20/2034(a)(b) | 800000 | 786176 |
| Point Securitization Trust 2025-1, Class B1, Series 2025-1, 144A, 5.50%, 6/25/2055(a) | 1500000 | 1171041 |
| Saluda Grade Alternative Mortgage Trust 2024-FIG5, Class E, Series 2024-FIG5, 144A, 8.49%, 4/25/2054(a) | 784510 | 808673 |
| Uniti Fiber Abs Issuer Llc, Class C, Series 2025-1A, 144A, 9.12%, 4/20/2055(a) | 2000000 | 2070726 |
| Zayo Issuer LLC, Class C, Series 2025-1A, 144A, 8.66%, 3/20/2055(a) | 2500000 | 2572716 |
| &nbsp;&nbsp;&nbsp;Total Asset Backed Securities (Cost $26,028,317) |  | 25996013 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | |
| **Corporate Bonds – 18.0%** |  |  |
| **Basic Materials – 1.2%** |  |  |
| Magnera Corp., 7.25%, 11/15/2031, 144A(a) | 1000000 | 942125 |
| **Communications – 2.4%** |  |  |
| GoTo Group, Inc., 5.50%, 5/1/2028, 144A(a) | 223300 | 73131 |
| Lumen Technologies, Inc., 7.60%, 9/15/2039, Series P | 2175000 | 1852077 |
|  |  | 1925208 |
| **Energy – 1.5%** |  |  |
| Energy Transfer LP, 6.00%, 6/15/2048 | 1200000 | 1154424 |

---

See Notes to Financial Statements.

**Simplify Opportunistic Income ETF**

**Schedule of Investments** (Continued)

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **Corporate Bonds (continued)** |  |  |
| **Financial – 11.9%** |  |  |
| Assured Guaranty Municipal Holdings, Inc., 6.40%, 12/15/2066, 144A(a)(b) | $1000000 | $929693 |
| First Republic Bank, 4.63%, 2/13/2047(d) | 1500000 | 5625 |
| Flagstar Bancorp, Inc., 4.13%, (3-Month CME Term SOFR + 3.91%), 11/1/2030(b) | 1109000 | 1036522 |
| Flagstar Financial, Inc., 7.30%, (3-Month CME Term SOFR + 3.04%), 11/6/2028(b) | 2000000 | 1891246 |
| Global Atlantic Fin Co., 7.95%, (US 5 Year CMT T-Note + 3.61%), 10/15/2054, 144A(a)(b) | 1500000 | 1564664 |
| Lincoln National Corp., 6.94%, (3-Month CME Term SOFR + 2.62%), 5/17/2066(b) | 812000 | 693406 |
| Office Properties Income Trust, 9.00%, 3/31/2029, 144A(a) | 850000 | 829504 |
| Pennymac Corp., 8.50%, 6/1/2029 | 2300000 | 2334500 |
|  |  | 9285160 |
| **Retail – 1.0%** |  |  |
| Kohl's Corp., 6.88%, 12/15/2037 | 1250000 | 768299 |
| &nbsp;&nbsp;&nbsp;Total Corporate Bonds (Cost $12,862,925) |  | 14075216 |
| **U.S. Treasury Bills – 14.4%** |  |  |
| U.S. Treasury Bill, 4.34%, 8/5/2025(e)(f) | 700000 | 697105 |
| U.S. Treasury Bill, 4.31%, 8/26/2025(e)(f) | 4700000 | 4668434 |
| U.S. Treasury Bill, 4.33%, 9/30/2025(e)(f) | 5900000 | 5837399 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $11,203,570) |  | 11202938 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Preferred Stocks – 13.2%** |  |  |
| **Consumer Discretionary – 0.7%** |  |  |
| QVC Group, Inc., 8.00% | 78266 | 537687 |
| **Financial – 12.5%** |  |  |
| AGNC Investment Corp., 7.75%, (US 5 Year CMT T-Note + 4.39%), Series G(b) | 22060 | 548191 |
| B Riley Financial, Inc., 5.25% | 74272 | 457516 |
| Chimera Investment Corp., 10.35%, (3-Month CME Term SOFR + 6.05%), Series B(b) | 74800 | 1826616 |
| Chimera Investment Corp., 7.75%, Series C(b) | 20000 | 451400 |
| Franklin BSP Realty Trust, Inc., 7.50%, Series E | 11300 | 228486 |
| MFA Financial, Inc., 8.88% | 20000 | 497000 |
| Rithm Capital Corp., 9.56%, (3-Month CME Term SOFR + 5.23%), Series C(b) | 109696 | 2687552 |
| Rithm Capital Corp., 7.00%, (US 5 Year CMT T-Note + 6.22%), Series D(b) | 112564 | 2694782 |
| Two Harbors Investment Corp., 8.13%, Series A(b) | 16561 | 380406 |
|  |  | 9771949 |
| &nbsp;&nbsp;&nbsp;Total Preferred Stocks (Cost $12,019,764) |  | 10309636 |
| **Common Stocks – 6.5%** |  |  |
| **Consumer Discretionary – 0.2%** |  |  |
| QVC Group, Inc.\* | 12000 | 33000 |
| Vinty Holding 5 SA\* | 110068833 | 104330 |
|  |  | 137330 |
| **Financial – 6.2%** |  |  |
| AGNC Investment Corp. | 86000 | 790340 |
| Annaly Capital Management, Inc. | 62900 | 1183778 |
| Chimera Investment Corp. | 51025 | 707717 |
| Rithm Capital Corp. | 142085 | 1604140 |
| Two Harbors Investment Corp. | 53250 | 573502 |
|  |  | 4859477 |

---

See Notes to Financial Statements.

**Simplify Opportunistic Income ETF**

**Schedule of Investments** (Continued)

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** |  |  |
| **Information Technology – 0.1%** |  |  |
| DSG TopCo Private Equity\*(c) | 2754 | $41310 |
| &nbsp;&nbsp;&nbsp;Total Common Stocks (Cost $4,825,714) |  | 5038117 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | |
| **Mortgage Backed Securities – 6.2%** |  |  |
| **Collateralized Mortgage Backed Securities – 4.7%** |  |  |
| BBCMS Mortgage Trust 2025-C32, 4.50%, 2/15/2062 | $1000000 | 723350 |
| Benchmark 2019-B9 Mortgage Trust, 3.00%, 3/15/2052 | 1000000 | 458089 |
| Benchmark 2021-B25 Mortgage Trust, 3.20%, 4/15/2054 | 591160 | 414762 |
| Multifamily Connecticut Avenue Securities Trust 2025-01, 9.51%, 5/25/2055 | 1300000 | 1321483 |
| PRET 2025-NPL6 LLC, 5.74%, 6/25/2055 | 250000 | 250000 |
| Wells Fargo Commercial Mortgage Trust 2024-5C2, 4.25%, 11/15/2057 | 560000 | 490968 |
|  |  | 3658652 |
| **Collateralized Mortgage Obligations – 1.5%** |  |  |
| Radnor RE 2024-1 Ltd., 8.31%, 9/25/2034 | 1150000 | 1188542 |
| &nbsp;&nbsp;&nbsp;Total Mortgage Backed Securities (Cost $4,875,358) |  | 4847194 |
| **U.S. Government Agency Mortgage Backed Securities – 2.5%** |  |  |
| Government National Mortgage Association, Class FM, Series 2025-28, 5.30%, 2/20/2055 |  |  |
| &nbsp;&nbsp;&nbsp;Total U.S. Government Agency Mortgage Backed Securities (Cost $1,960,883) | $1967642 | 1963626 |
| **Foreign Bonds – 2.5%** |  |  |
| **Airlines – 0.5%** |  |  |
| Azul Investments LLP, 7.25%, 6/15/2026 | 4105000 | 410500 |
| Azul Investments LLP, 7.25%, 6/15/2026, 144A(a) | 149000 | 14900 |
|  |  | 425400 |
| **Energy – 0.7%** |  |  |
| MC Brazil Downstream Trading SARL, 7.25%, 6/30/2031, 144A(a) | 391275 | 309772 |
| Petroleos de Venezuela SA, 6.00%, 5/16/2024 | 1800000 | 229848 |
|  |  | 539620 |
| **Financial – 0.0%** |  |  |
| GOL Finance SA, Escrow(c) | 3230000 | – |
| **Government – 1.3%** |  |  |
| Bahamas Government International Bond, 9.00%, 6/16/2029, 144A(a) | 500000 | 532000 |
| Panama Government International Bond, 6.85%, 3/28/2054 | 500000 | 458315 |
|  |  | 990315 |
| &nbsp;&nbsp;&nbsp;Total Foreign Bonds (Cost $4,822,867) |  | 1955335 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Purchased Options – 0.1%** |  |  |  |
| **Call - Over-the Counter – 0.1%** |  |  |  |
| USD/HKD, July Strike Price $7.8, Expires 7/08/25 (counterparty: UBS Bank) | 12500000 | 975000 | 71996 |
| Total Purchased Options (Cost $6,893) |  |  | 71996 |

---

See Notes to Financial Statements.

**Simplify Opportunistic Income ETF**

**Schedule of Investments** (Continued)

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **Term Loans – 0.1%** |  |  |
| **Communications – 0.1%** |  |  |
| Diamond Sports Group LLC, 15.00%, 1/3/2028 |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $63,202) | $63202 | $57356 |
| Total Investments – 96.8% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $78,669,493) |  | $75517427 |
| Other Assets in Excess of Liabilities – 3.2% |  | 2526164 |
| **Net Assets – 100.0%** |  | $**78043591** |

---

\* Non Income Producing

(a) Security was purchased (sold) pursuant to Rule 144A under the Securities Act of 1933 and may not be resold (repurchased) subject to that rule except to qualified institutional buyers. Unless otherwise noted, Rule 144A securities are deemed to be liquid. Total fair value of Rule 144A securities amounts to $31,191,802, which represents 40.0% of net assets as of June 30, 2025.

(b) Floating rate investment. Interest rates reset periodically. Certain securities are fixed to variable and currently in the fixed phase. Interest rate shown reflects the rate in effect at June 30, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(c) Investment was valued using significant unobservable inputs.

(d) Defaulted security.

(e) Represents a zero coupon bond. Rate shown reflects the effective yield.

(f) Securities with an aggregate market value of $991,984 have been pledged as collateral for futures contracts as of June 30, 2025

**<u>Portfolio Abbreviations</u>:** 

CME : Chicago Mercantile Exchange <br> CMT : Treasury Constant Maturity Rate <br> SOFR : Secured Overnight Financing Rate

**At June 30, 2025, open futures contracts were as follows:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts** | **Notional**<br> **Value** | **Expiration**<br> **Date** | **Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Long position contracts:** |  |  |  |  |
| U.S. 5 Year Note (CBT) | 688 | $74992000 | 9/30/25 | $581686 |
| **Short position contracts:** |  |  |  |  |
| U.S. Ultra Bond (CBT) | (133) | (15843625) | 9/19/25 | (451094) |
| **Total net unrealized appreciation** |  |  |  | $**130592** |

---

See Notes to Financial Statements.

**Simplify Opportunistic Income ETF**

**Schedule of Investments** (Continued)

June 30, 2025

**Summary of Investment Type††**

---

| | |
|:---|:---|
| **Investment Categories** | **% of<br> Net Assets** |
| Asset Backed Securities | 33.3% |
| Corporate Bonds | 18.0% |
| U.S. Treasury Bills | 14.4% |
| Preferred Stocks | 13.2% |
| Common Stocks | 6.5% |
| Mortgage Backed Securities | 6.2% |
| U.S. Government Agency Mortgage Backed Securities | 2.5% |
| Foreign Bonds | 2.5% |
| Purchased Options | 0.1% |
| Term Loans | 0.1% |
| Total Investments | 96.8% |
| Other Assets in Excess of Liabilities | 3.2% |
| **Net Assets** | **100.0%** |

---

---

| | |
|:---|:---|
| †† | 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. |

---

See Notes to Financial Statements.

(This page intentionally left blank)

**Simplify Exchange Traded Funds**

**Statement of Assets and Liabilities**

June 30, 2025

---

| | |
|:---|:---|
|  | **Simplify<br> Opportunistic<br> Income ETF** |
| **Assets** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value | $75517427 |
| &nbsp;&nbsp;&nbsp;Cash | 471153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold | 1520052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from broker | 503991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 468911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 114047 |
| &nbsp;&nbsp;&nbsp;Total assets | 78595581 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;Due to Custodian-Foreign Currency | 438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities purchased | 495000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 56552 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 551990 |
| **Net Assets** | $78043591 |
| **Net Assets Consist of** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $83341973 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss) | (5298382) |
| **Net Assets** | $78043591 |
| Number of Common Shares outstanding | 3275001 |
| **Net Asset Value, offering and redemption price per share** | $23.83 |
| Investments, at cost | $78669493 |
| Foreign currency, at cost | $(424) |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statement of Operations**

For the Year Ended June 30, 2025

---

| | |
|:---|:---|
|  | **Simplify<br> Opportunistic<br> Income ETF** |
| **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $1713835 |
| &nbsp;&nbsp;&nbsp;Interest income | 5800576 |
| &nbsp;&nbsp;&nbsp;Total income | 7514411 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 771205 |
| &nbsp;&nbsp;&nbsp;Interest expense | 2458 |
| &nbsp;&nbsp;&nbsp;Tax expenses | 18887 |
| &nbsp;&nbsp;&nbsp;Total expenses | 792550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less fees waived: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waiver | (107547) |
| &nbsp;&nbsp;&nbsp;Net expenses | 685003 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 6829408 |
| **Realized and Unrealized Gain (Loss)** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1375379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 689907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | (2683088) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 40520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (48534) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (625816) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (4601433) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | (36620) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (147689) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | (206282) |
| &nbsp;&nbsp;&nbsp;Net unrealized gain (loss) | (4992024) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (5617840) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $1211568 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Simplify Opportunistic Income ETF** | **Simplify Opportunistic Income ETF** |
|  | **Year Ended<br> June 30,<br> 2025** | **Year Ended<br> June 30,<br> 2024** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $6829408 | $5159653 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (625816) | (4182952) |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | (4992024) | 1964012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 1211568 | 2940713 |
| **Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (5139704) | (4326748) |
| &nbsp;&nbsp;&nbsp;Return of capital | (587298) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (5727002) | (4326748) |
| **Fund Shares Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 60653361 | 41737365 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | (52794986) | (3166583) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | 7858375 | 38570782 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | 3342941 | 37184747 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 74700650 | 37515903 |
| &nbsp;&nbsp;&nbsp;End of year | $78043591 | $74700650 |
| **Changes in Shares Outstanding** |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 3025001 | 1500001 |
| &nbsp;&nbsp;&nbsp;Shares sold | 2400000 | 1650000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (2150000) | (125000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 3275001 | 3025001 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Financial Highlights**

---

| | | | |
|:---|:---|:---|:---|
| **Simplify Opportunistic Income ETF<br> Selected Per Share Data** | | | **Period Ended**<br> **June 30,** |
| **Simplify Opportunistic Income ETF<br> Selected Per Share Data** | **Years Ended June 30** | **Years Ended June 30** | **Period Ended**<br> **June 30,** |
| **Simplify Opportunistic Income ETF<br> Selected Per Share Data** | **2025** | **2024** | **2023**<sup>(a)</sup> |
| Net Asset Value, beginning of period | $24.69 | $25.01 | $25.00 |
| Income (loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 2.11 | 1.97 | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.20) | (0.73) |  |
| Total from investment operations | 0.91 | 1.24 | 0.01 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.59) | (1.56) |  |
| &nbsp;&nbsp;&nbsp;Return of capital | (0.18) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.77) | (1.56) |  |
| Net Asset Value, end of period | $23.83 | $24.69 | $25.01 |
| **Total Return (%)** | 3.54 | 5.05 | 0.04 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |
| Net Assets, end of period ($ millions) | $78 | $75 | $38 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses before fee waiver (%) | 0.98 <sup>(d)</sup> | 0.96 <sup>(e)(f)</sup> | 0.95 <sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses after fee waiver (%) | 0.84 <sup>(d)(h)</sup> | 0.51 <sup>(e)(f)</sup> | 0.50 <sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 8.41 | 7.83 | 4.52 <sup>(g)</sup> |
| Portfolio turnover rate (%)<sup>(i)</sup> | 418 | 322 | 0 <sup>(c)</sup> |

---

(a) For
 the period June 27, 2023 (commencement of operations) through June 30, 2023.

(b) Per
 share numbers have been calculated using the average shares method.

(c) Not
 annualized.

(d) The
 ratios of expenses to average net assets includes interest expense fees of 0.03%.

(e) The
 ratios of expenses to average net assets includes interest expense fees of 0.01%.

(f) The
 Fund invests in other ETFs and indirectly bears its proportionate shares of fees and expenses incurred by the Underlying Funds in which
 the Fund is invested. This ratio does not included these indirect fees and expenses.

(g) Annualized.

(h) The
 increase in the Fund's expense ratio is due to expiration of the advisory fee waiver which was in place through October 31, 2024.
 See Note 4.

(i) Excludes
 the impact of in-kind transactions related to the processing of capital share transactions in Creation Units.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements**

June 30, 2025

**1. Organization**

Simplify Exchange Traded Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end registered management investment company organized as a Delaware statutory trust.

As of June 30, 2025, the Trust consists of thirty four investment series of exchange-traded funds ("ETFs") in operation and trading. These financial statements report on the Simplify Opportunistic Income ETF (the "Fund"). The Fund is a diversified series of the Trust.

Simplify Asset Management Inc. (the "Adviser") serves as investment adviser to the Fund and has overall responsibility for the general management and administration of the Fund, subject to the oversight of the Trust's Board of Trustees (the "Board").

The Fund offers shares ("Shares") that are listed and traded on the NYSE Arca, Inc. ("NYSE Arca" or the "Exchange"). Unlike mutual funds, the Fund issues and redeems Shares at net asset value ("NAV") only in large specified lots consisting of 25,000 Shares, each called a "Creation Unit", to authorized participants who have entered into agreements with the Fund's distributor. Shares are not individually redeemable securities of the Fund, and owners of the Shares who are authorized participants may acquire those Shares from the Fund, or tender such Shares for redemption to the Fund, in Creation Units only.

---

| | |
|:---|:---|
| **Fund** | **Investment Objectives** |
| Simplify Opportunistic Income ETF | The Fund seeks to provide current income. Long-term capital appreciation is a secondary objective. |

---

**2. Significant Accounting Policies**

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies including Accounting Standards Update 2013-08. The following is a summary of significant accounting policies followed by the Fund.

**Investment Valuation**

The Fund's investments are valued using procedures approved by the Board and are generally valued using market valuations (Market Approach). A market valuation generally means a valuation (i) obtained from an exchange, a pricing service, or a major market maker (or dealer) or (ii) based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service, or a major market maker (or dealer). A price obtained from a pricing service based on such pricing service's valuation matrix may be considered a market valuation.

If market quotations are not readily available, securities will be valued at their fair market value as determined using the "fair value" procedures approved by the Board and the Adviser. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security. The fair value prices can differ from market prices when they become available or when a price becomes available. The Board has designated the Adviser as its valuation designee to execute these procedures pursuant to Rule 2a-5 under the 1940 Act. Independent pricing services may assist in calculating the value of the Fund's portfolio securities. The Board reviews the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results. These securities are either categorized as Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

Equity securities, closed-end funds and ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities, closed-end funds and ETFs are generally categorized as Level 1 of the fair value hierarchy.

Exchange traded options are valued at the mean between the current bid and ask prices on the exchange on which such options are traded. If a mean price is not available, the closing price is used. Exchange trade options are categorized as Level 1. Options with international equity exposure are marked to market using closing prices for the underlying and interpolated option implied volatilities obtained from mid-market prices for options on the same underlying of similar expiries and strike prices. These securities are categorized as Level 2 in the fair value hierarchy.

Over-the-counter options are valued based upon prices provided by market makers in such securities. Over-the-counter options are categorized as Level 2.

Debt securities not traded on an exchange may be valued at prices supplied by a pricing agent(s) based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity. Debt securities are generally categorized as Level 2 of the fair value hierarchy.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.

Swap agreements and other derivatives are generally valued daily depending on the type of instrument and reference assets based upon market prices, the mean between bid and asked prices quotations from market makers or by a pricing service or other parties in accordance with the valuation procedures approved by the Board.

Under certain circumstances, the Fund may use an independent pricing service to calculate the fair market value of foreign equity securities on a daily basis by applying valuation factors to the last sale price or the mean price as noted above. The fair market values supplied by the independent pricing service will generally reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or the value of other instruments that have a strong correlation to the fair valued securities. The independent pricing service will also take into account the current relevant currency exchange rate. A security that is fair valued may be valued at a price higher or lower than actual market quotations or the value determined by other funds using their own fair valuation procedures. Because foreign securities may trade on days when Shares are not priced, the value of securities held by the Fund can change on days when Shares cannot be redeemed or purchased. In the event that a foreign security's market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closed before the Fund's calculation of NAV), the security will be valued at its fair market value as determined in good faith by the Adviser in accordance with procedures approved by the Board. Without fair valuation, it is possible that short-term traders could take advantage of the arbitrage opportunity and dilute the NAV of long-term investors. Fair valuation of the Fund's portfolio securities can serve to reduce arbitrage opportunities available to short-term traders, but there is no assurance that it will prevent dilution of the Fund's NAV by short-term traders. In addition, because the Fund's may invest in underlying ETFs which hold portfolio securities primarily listed on foreign (non-U.S.) exchanges, and these exchanges may trade on weekends or other days when the underlying ETFs do not price their shares, the value of these portfolio securities may change on days when you may not be able to buy or sell Shares.

Investments initially valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services or other parties in accordance with the valuation procedures of the Adviser as the Board's valuation designee. As a result, the NAV of the Shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Exchange is closed and an investor is not able to purchase, redeem or exchange Shares.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

● Level 1 – Quoted prices in active markets for identical assets that the fund has the ability to access.

● Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

● Level 3 – Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuations as of June 30, 2025 for the Fund based upon the three levels defined above:

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

**Simplify Opportunistic Income ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Asset Backed Securities | $— | $24390533 | $1605480 | $25996013 |
| Corporate Bonds |  | 14075216 |  | 14075216 |
| U.S. Treasury Bills | 11202938 |  |  | 11202938 |
| Preferred Stocks | 10309636 |  |  | 10309636 |
| Common Stocks | 4892477 | 104330 | 41310 | 5038117 |
| Mortgage Backed Securities |  | 4847194 |  | 4847194 |
| U.S. Government Agency Mortgage Backed Securities |  | 1963626 |  | 1963626 |
| Foreign Bonds |  | 1955335 |  | 1955335 |
| Term Loans |  | 57356 |  | 57356 |
| Purchased Options |  | 71996 |  | 71996 |
| Futures | 581686 |  |  | 581686 |
| TOTAL | $26986737 | $47465586 | $1646790 | $76099113 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Futures | (451094) |  |  | (451094) |
| TOTAL | $(451094) | $— | $— | $(451094) |

---

A reconciliation of assets in which Level 3 inputs are used in determining fair value is presented when there are significant Level 3 financial instruments at the beginning and/or end of the reporting year. At June 30, 2025, the reconciliation of assets is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Simplify Opportunistic Income ETF** | **Asset Backed<br> Securities** | **Common<br> Stocks** | **Total** |
| Balance at June 30, 2024 | $2844325 | $— | 2844325 |
| Purchases | 895000 |  | 895000 |
| Sales | (2118083) |  | (2118083) |
| Transfer into Level 3 |  |  |  |
| Transfer out of Level 3 |  |  |  |
| Net Realized Gain (Loss) | 118118 |  | 118118 |
| Net Change in Unrealized Appreciation (Depreciation) | (133880) | 41310 | (92570) |
| Balance at June 30, 2025 | $1605480 | $41310 | $1646790 |

---

The following table presents quantitative information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at June 30, 2025:

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

**Simplify Opportunistic Income ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at<br> June 30,<br> 2025** | **Market<br> Approach** | **Unobservable**<br> **Input** | **Range<br> (Weighted**<br> **Average)(a)** | **Impact to<br> Valuation from<br> an Increase in<br> Input(b)** |
| Common Stock | $41310 | Market Approach | Broker Quote | $15 (100%) | Increase |
|  | $**41310** |  |  |  |  |
| Asset Backed Security | $1605480 | Market Approach | Broker Quote | $34,000 (100%) | Increase |
|  | $**1605480** |  |  |  |  |
| Foreign Bond | $— | Liquidation Basis | Expected Proceeds | $0 (100%) | Increase |
|  | $**—** |  |  |  |  |

---

(a) Unobservable inputs were weighted
 by the notional value of the instruments.

(b) Represents the change in fair value
 of the level 3 investments that would result from an increase in the corresponding input. A decrease in the unobservable input would have
 the opposite effect.

**Cash**

Cash consists of cash on deposit with a major financial institution which may exceed federally insured limits.

**Foreign Currency Translations**

The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

**Investment Transactions and Related Income**

For financial reporting purposes, investment transactions are reported on the trade date. However, for daily NAV determination, portfolio securities transactions are reflected no later than in the first calculation on the first business day following trade date. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount based on effective yield. Gains or losses realized on sales of securities are determined using the specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds. Dividend income on the Statement of Operations is shown net of any foreign taxes withheld on income from foreign securities, which are provided for in accordance with the Fund's understanding of the applicable tax rules and regulations.

**When-Issued and Delayed-Delivery Transactions**

The Portfolio may engage in when-issued or delayed-delivery transactions. The Portfolio record when-issued securities on the trade date. Securities purchased on a when-issued or delayed-delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

**Income Tax Information and Distributions to Shareholders**

It is the Fund's policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (the "Code"). The Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company ("RIC") under Subchapter M of the Code. It is the Fund's policy is to pay out dividends from net investment income monthly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, will be declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, will be available to offset future net capital gains. The Fund may occasionally be required to make supplemental distributions at some other time during the year. The Fund reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or advisable to preserve the status of the Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, will be recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains will be determined in accordance with Federal income tax regulations which

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

may differ from U.S. GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, (e.g., return of capital and distribution reclassifications), such amounts are reclassified within the composition of net assets based on their federal tax basis treatment; temporary differences (e.g., wash sales and straddles) do not require a reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, will be reported as a tax return of capital.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund's tax positions expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund's financial statement.

The Fund will recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statement of Operations.

**3. Derivative Financial Instruments**

In the normal course of business, the Fund uses derivative contracts in connection with its proprietary trading activities. Derivative contracts are subject to additional risks that can result in a loss of all or part of an investment. The Fund's derivative activities and exposure to derivative contracts are classified by the following primary underlying risks: interest rate, credit, foreign exchange, commodity price, and equity price. In addition to its primary underlying risks, the Fund is also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts.

FASB Accounting Standards Codification, Derivatives and Hedging ("ASC 815") requires enhanced disclosures about the Fund's use of, and accounting for, derivative instruments and the effect of derivative instruments on the Fund's financial position and results of operations. Tabular disclosure regarding derivative fair value and gain/loss by contract type (e.g., interest rate contracts, foreign exchange contracts, credit contracts, etc.) is required and derivatives accounted for as hedging instruments under ASC 815 must be disclosed separately from those that do not qualify for hedge accounting. Even though the Fund may use derivatives in an attempt to achieve an economic hedge, the Fund's derivatives are not accounted for as hedging instruments under ASC 815 because investment companies account for their derivatives at fair value and record any changes in fair value in current period earnings.

**Futures Contracts**

A futures contract provides for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument (e.g., units of a stock index) for a specified price, date, time and place designated at the time the contract is made. Brokerage fees are paid when a futures contract is bought or sold and margin deposits must be maintained. Unlike when the Fund purchases or sells a security, no price would be paid or received by the Fund upon the purchase or sale of a futures contract. Upon entering into a futures contract, and to maintain the Fund's open positions in futures contracts, the Fund would be required to deposit with its custodian or futures broker in a segregated account in the name of the futures broker an amount of cash, U.S. government securities, suitable money market instruments, or other liquid securities, known as "initial margin." The margin required for a particular futures contract is set by the exchange on which the contract is traded, and may be significantly modified from time to time by the exchange during the term of the contract. If the price of an open futures contract changes (by increase in underlying instrument or index in the case of a sale or by decrease in the case of a purchase) so that the loss on the futures contract reaches a point at which the margin on deposit does not satisfy margin requirements, the broker will require an increase in the margin. However, if the value of a position increases because of favorable price changes in the futures contract so that the margin deposit exceeds the required margin, the broker will pay the excess to the Fund.

These subsequent payments, called "variation margin," to and from the futures broker, are made on a daily basis as the price of the underlying assets fluctuate making the long and short positions in the futures contract more or less valuable, a process known as "marking to the market." The Fund expects to earn interest income on margin deposits.

The primary risks associated with the use of futures contracts are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the forward or futures contract; (b) possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) investments in futures contracts involves leverage, which means a small percentage of assets in futures can have a disproportionately large impact on the Fund and the Fund can lose more than the principal amount invested; (d) losses caused by unanticipated market movements, which are potentially unlimited; (e) the adviser's inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (f) the possibility that the counterparty will default in the performance of its obligations; and (g) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and the Fund may have to sell securities at a time when it may be disadvantageous to do so.

**Option Contracts**

The Fund may purchase and write (i.e., sell) put and call options. Such options may relate to particular securities or stock indices, and may or may not be listed on a domestic or foreign securities exchange and may or may not be issued by the Options Clearing Corporation. Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options may be more volatile than the underlying instruments, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

A call option for a particular security gives the purchaser of the option the right to buy, and the writer (seller) the obligation to sell, the underlying security at the stated exercise price at any time prior to the expiration of the option, regardless of the market price of the security. The premium paid to the writer is in consideration for undertaking the obligation under the option contract. A put option for a particular security gives the purchaser the right to sell the security at the stated exercise price at any time prior to the expiration date of the option, regardless of the market price of the security. Stock index options are put options and call options on various stock indices. In most respects, they are identical to listed options on common stocks. The primary difference between stock options and index options occurs when index options are exercised. In the case of stock options, the underlying security, common stock, is delivered. However, upon the exercise of an index option, settlement does not occur by delivery of the securities comprising the index. The option holder who exercises the index option receives an amount of cash if the closing level of the stock index upon which the option is based is greater than, in the case of a call, or less than, in the case of a put, the exercise price of the option. This amount of cash is equal to the difference between the closing price of the stock index and the exercise price of the option expressed in dollars times a specified multiple. A stock index fluctuates with changes in the market value of the stocks included in the index.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value and options written at value, respectively, in the Statement of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statement of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statement of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Fund write a call option, such option is typically "covered," meaning that they hold the underlying instrument subject to being called by the option counterparty. When the Fund write a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statement of Assets and Liabilities.

**Swaps**

Swap agreements are agreements between the Fund and a counterparty to exchange cash flows, assets, foreign currencies or market-linked returns at specified intervals. Swap agreements are privately negotiated in the OTC market (OTC swaps) or may be executed on a registered commodities exchange (centrally cleared swaps). Swaps are marked-to-market daily and the change in value is recorded as a component of unrealized appreciation/depreciation of swap contracts. The value of the swap will typically impose collateral posting obligations on the party that is considered out-of-the-money on the swap. Upfront payments made/received by the fund, if any, are amortized/accreted for financial reporting purposes, with the unamortized/unaccreted portion included in the Statement of assets and liabilities. A termination payment by the counterparty or the fund is recorded as realized gain or loss, as well as the net periodic payments received or paid by the fund. Entering into swap agreements involves, to varying degrees, elements of credit, market and documentation risk that may provide outcomes that produce losses in excess of the amounts recognized on the Statement of assets and liabilities. Such risks involve the possibility that there will be no liquid market for the swap, or that a counterparty may default on its obligation or delay payment under the swap terms. The counterparty may disagree or contest the terms of the swap. In addition to interest rate risk, market risks may also impact the swap. The fund may also suffer losses if it is unable to terminate or assign outstanding swaps or reduce its exposure through offsetting transactions.

**Total Return Swaps**

Total return swaps are commitments where one party pays a fixed or variable rate premium (the Buyer) in exchange for a market-linked return (the Seller). The Seller pays the total return of a specific reference asset or index and in return receives interest payments from the Buyer. To the extent the total return of the underlying asset or index exceeds or falls short of the offsetting interest rate obligation, the Buyer will receive or make a payment to the Seller. The Fund may enter into total return swaps in which it may act as either the Buyer or the Seller. Total return swap contracts are subject to the risk associated with the investment in the underlying reference asset or index. The risk in the case of short total return swap contracts is unlimited based on the potential for unlimited increases in the market value of the underlying reference asset or index.

The following table summarizes the value of the Fund's derivative instruments held as of June 30, 2025 and the related location in the accompanying Statement of Assets and Liabilities presented by underlying risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Simplify Opportunistic Income ETF** | **Simplify Opportunistic Income ETF** | **Simplify Opportunistic Income ETF** |  |  |
| Interest Rate Contracts | Unrealized appreciation on futures contracts\* | $581686 | Unrealized depreciation on futures contracts\* | $451094 |
| Foreign Exchange Contracts | Investments(1) | $71996 | Investments(1) | $— |

---

\* Includes cumulative unrealized appreciation or unrealized cumulative depreciation on futures contracts as disclosed in the Schedule of Investments.

(1) Purchased option contracts are included
 in Investments within the Statement of Assets and Liabilities.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

For the year ended June 30, 2025, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on purchased option contracts <sup>(a)</sup> by risk type, as disclosed in the Statement of Operations, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Risk Type** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Simplify Opportunistic Income ETF | Equity Foreign Exchange | $(236880) | $— |
| Simplify Opportunistic Income ETF | Contracts | 366597 | 65103 |
| Simplify Opportunistic Income ETF | Interest Rate | (19740) |  |

---

(a) Purchased option contracts are included
 in Net Realized Gain (Loss) on Investments within the Statement of Operations.

For the year ended June 30, 2025, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on swap contracts by risk type, as disclosed in the Statement of Operations, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Risk Type** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Simplify Opportunistic Income ETF | Equity | $(90633) | $97960 |
| Simplify Opportunistic Income ETF | Interest Rate | (1130515) |  |
| Simplify Opportunistic Income ETF | Credit | (1461941) | (304242) |

---

For the year ended June 30, 2025, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on futures contracts by risk type, as disclosed in the Statement of Operations, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Risk Type** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Simplify Opportunistic Income ETF | Commodity | $(68980) | $— |
| Simplify Opportunistic Income ETF | Interest Rate | 758887 | (147689) |

---

For the year ended June 30, 2025, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on written option contracts by risk type, as disclosed in the Statement of Operations, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Risk Type** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Simplify Opportunistic Income ETF | Equity | $40520 | $— |

---

For the year ended June 30, 2025, the average fiscal quarter end balances of outstanding derivative financial instruments were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Purchased Option<br> Contracts<br> (Contract Value)** | **Futures<br> Contracts**<br> **(Notional Value)** | **Written Option<br> Contracts<br> (Contract Value)** | **Swaps**<br> **(Notional Value)** |
| Simplify Opportunistic Income ETF | $24424 | $51964118 | $– <sup>(a)</sup> | $50492617 |

---

(a) Derivative financial instrument not
 held at any quarter-end during the year ended June 30, 2025. The risk type table serves as an indicator of activity during the period.

The Fund enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, the Fund typically may offset with the counterparty certain derivative

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

financial instrument's payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination.

The following table presents Fund's derivative assets and liabilities by counterparty net of amounts available for offset under a master netting agreement or similar arrangement (collectively referred to as "MNA") and net of the related collateral received/pledged by the Fund as of June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Gross Amounts of<br> Assets Presented<br> in the Statement<br> of Assets and<br> Liabilities** | **Financial**<br> **Instruments**<br> **and Derivatives**<br> **Available for Offset** | **Collateral**<br> **Received<sup>(1)</sup>** | **Non-Cash**<br> **Collateral**<br> **Received<sup>(1)</sup>** | **Net Amount of**<br> **Derivatives Assets** |
| **Simplify Opportunistic Income ETF** |  |  |  |  |  |
| UBS | $71996 | $— | $— | $— | $71996 |
|  | $71996 | $— | $— | $— | $71996 |

---

(1) The actual collateral received and/or
 pledged may be more than amount shown.

Purchased option contracts are included in Investments within the Statement of Assets and Liabilities.

**4. Investment Advisory Agreement and Other Agreements**

The Adviser has overall responsibility for the general management and administration of the Fund, subject to the oversight of the Board. Under an investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the "Investment Advisory Agreement"), the Adviser is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Fund to operate.

Asterozoa Management LLC (the "Sub-Adviser") serves as investment sub-adviser to the Fund. The Sub-Adviser is responsible for day-to-day management of the Fund, subject to supervision of the Adviser. The Adviser, not the Fund, pays the Sub-Adviser.

For its investment advisory services to the Fund, the Adviser is entitled to receive a management fee computed and accrued daily and payable monthly, at an annual rate equal to 0.95% of the Fund's average daily net assets.

The Adviser contractually agreed to waive its fee payable under the management agreement by 0.45% through October 31, 2024. For the year ended June 30, 2025, the Adviser waived fees of $107,547.

Under the Investment Advisory Agreement, the Adviser has agreed to pay substantially all the operating expenses of the Fund, excluding interest expenses, taxes, brokerage expenses, Rule 12b-1 fees (if any), acquired fund fees and expenses, expenses incidental to a meeting of the Fund's shareholders and the management fee. In addition to the excluded operating expenses, the Fund also pays non-operating expenses such as litigation and indemnification expenses and other expenses determined to be extraordinary by the Trust.

The Board has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with its Rule 12b-1 plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to finance activities primarily intended to result in the sale of Creation Units of the Fund or the provision of investor services. No Rule 12b-1 fees are currently paid by the Fund and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, they will be paid out of the Fund's assets, and directly impact the NAV per share of the Fund.

The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent and Transfer Agent for the Fund.

Foreside Financial Services, LLC (the "Distributor") serves as the distributor of Creation Units for the Fund on an agency basis. The Distributor does not maintain a secondary market in Shares of the Fund. Adviser Compliance Associates, LLC d/b/a ACA Group, a related party to the Distributor, also provides a Chief Compliance Officer to the Trust.

A Trustee and certain Officers of the Trust are also employees of the Adviser and/or an affiliate of the Distributor.

**5. Investment Transactions**

Purchases and sales of securities, other than short-term securities, U.S. Government Securities and in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Simplify Opportunistic Income ETF | $337767703 | $332787315 |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

**6. Fund Share Transactions**

The Fund issues and redeems Shares at NAV only in large blocks of 25,000 Shares (each block of Shares is called a "Creation Unit"). Creation Units are issued and redeemed primarily in-kind for securities but may include cash. Individual Shares may only be purchased and sold in secondary market transactions through brokers. Except when aggregated in Creation Units in transactions with Authorized Participants, the Shares are not redeemable securities of the Fund.

Fund Shares are listed and traded on the Exchange on each day that the Exchange is open for business ("Business Day"). The Fund's Shares may only be purchased and sold on the Exchange through a broker-dealer. Because the Fund's Shares trade at market prices rather than at their NAV, Shares may trade at a price equal to the NAV, greater than NAV (premium) or less than NAV (discount).

Authorized participants pay a fixed transaction fee of $500 to the Fund's custodian when purchasing and redeeming Creation Units of the Fund. The transaction fee is used to defray the costs associated with the issuance and redemption of Creation Units. In addition to the fixed transaction fee, the Fund may charge an additional variable fee of up to a maximum of 3% of the amount invested for creations and redemptions in cash, to offset brokerage and impact expenses associated with a cash transaction.

**7. Federal Income Taxes**

For the year ended June 30, 2025, the effect of permanent "book/tax" reclassifications to the components of net assets are included below. These differences, if any, are primarily due to redemptions-in-kind, non-deductible excise tax paid, prior year true ups, distributions in excess, return of capital distributions, and if applicable, controlled foreign corporations income reversal.

---

| | | |
|:---|:---|:---|
| **Fund** | **Distributable**<br> **earnings (loss)** | **Paid-in<br> Capital** |
| Simplify Opportunistic Income ETF | $| $|

---

The tax character of dividends and distributions declared for the year ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income\*** | **Long-Term<br> Capital Gains** | **Return of<br> Capital** |
| Simplify Opportunistic Income ETF | $5139704 | $– $| 587298 |

---

\* For tax purposes short-term capital gain distributions are considered ordinary income distributions.

The tax character of dividends and distributions declared for the year ended June 30, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income\*** | **Long-Term<br> Capital Gains** | **Return of<br> Capital** |
| Simplify Opportunistic Income ETF | $4326748 | $– $|  |

---

\* For tax purposes short-term capital gain distributions are considered ordinary income distributions. As of June 30, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed**<br> **Ordinary**<br> **Income** | **Net Unrealized**<br> **Appreciation**<br> **(Depreciation)** | **Accumulated**<br> **Capital and**<br> **Other Losses** | **Post-October/<br> Late-year<br> Ordinary Loss<br> Deferrals** | **Distributable**<br> **earnings (loss)** |
| Simplify Opportunistic Income ETF | $– $– $– $| (3261105) | $(2037277) | $– $| (5298382) |

---

At June 30, 2025, gross unrealized appreciation and depreciation of investments, including derivatives, owned by the Fund, based on cost for federal income tax purposes were as follows:

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross**<br> **Unrealized**<br> **Depreciation** | **Net<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| Simplify Opportunistic Income ETF | $78731400 | $2902618 | $(6163723) | $(3261105) |

---

The differences between book-basis and tax-basis components of net assets, if applicable, are primarily attributable to the tax deferral of losses on wash sales, grantor trust adjustments, section 1256 mark-to-market treatment of derivatives and return of capital basis adjustments from underlying investments.

If available, the Fund utilized capital loss carryforwards to offset taxable gains realized during the year ended June 30, 2025 as follows:

---

| | |
|:---|:---|
| **Fund** | **Amount** |
| Simplify Opportunistic Income ETF | $1109295 |

---

At June 30, 2025, for federal income tax purposes, the Fund had capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** | **Total<br> Amount** |
| Simplify Opportunistic Income ETF | $2037277 | $– $| 2037277 |

---

Certain capital and qualified late year ordinary losses incurred after October 31 and December 31, respectively can be deferred. If elected these deferred losses are deemed to arise on the first business day of the Fund's next taxable year. As of tax year-end June 30 2025, the Fund will elect to defer post-October capital losses and late year ordinary losses as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Capital Post-**<br> **October Losses** | **Late-year**<br> **ordinary Losses** |
| Simplify Opportunistic Income ETF | $| $|

---

**8. Segment Reporting**

The Fund operates in one segment. The Chief Operating Decision Maker ("CODM") is the President and Chief Executive Officer of the Fund. The CODM reviews the operating results of the Fund on a consolidated basis as part of making decisions for allocating resources and evaluating performance.

**9. Subsequent Events**

Management has evaluated subsequent events through the date of issuance of these financial statements and has determined that there are no subsequent events that require adjustment to, or disclosure in, the financial statements.

**Simplify Exchange Traded Funds**

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Trustees of

Simplify Exchange Traded Funds

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Simplify Opportunistic Income ETF (the "Fund"), a series of Simplify Exchange Traded Funds, as of June 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for the years ended June 30, 2025 and 2024, and for the period from June 27, 2023 (commencement of operations) through June 30, 2023, and the related notes (collectively referred to as the "Financial Statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights each of the three periods in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more funds advised by Simplify Asset Management, Inc. since 2020.

![](signature.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

August 29, 2025

**Simplify Exchange Traded Funds**

**Additional Information** (Unaudited)

***Proxy Voting Policies and Procedures***

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1-855-772-8488; by visiting www.simplify.us; and on the SEC's website at www.sec.gov.

***Discount & Premium Information***

Information regarding how often Shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.simplify.us.

***Tax Information***

Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its year ended June 30, 2025.

---

| | | |
|:---|:---|:---|
| **Fund** | **Qualified<br> Dividend<br> Income\*** | **Dividends<br> Received<br> Deduction** |
| Simplify Opportunistic Income ETF | 29.52% | 31.76% |

---

\* The above percentage is based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

June 30, 2025

Annual Financial Statements and

Other Important Information

Simplify Exchange Traded Funds

Simplify Propel Opportunities ETF (SURI)

![](logo.jpg)

(This page intentionally left blank)

**Simplify Exchange Traded Funds**

**Table of Contents**

---

| | |
|:---|:---|
| [Schedule of Investments](#book3_001) | 4 |
| [Statement of Assets and Liabilities](#book3_002) | 6 |
| [Statement of Operations](#book3_003) | 7 |
| [Statements of Changes in Net Assets](#book3_004) | 8 |
| [Statement of Cash Flows](#book3_005) | 9 |
| [Financial Highlights](#book3_006) | 10 |
| [Notes to Financial Statements](#book3_007) | 11 |
| [Report of Independent Registered Public Accounting Firm](#book3_008) | 18 |
| [Additional Information](#book3_009) | 19 |

---

This report is provided for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

**Simplify Propel Opportunities ETF Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. Treasury Bills – 54.3%** |  |  |
| U.S. Treasury Bill, 4.35%, 8/7/2025 (a)(b) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $35,841,991) | $36000000 | $35843046 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Common Stocks – 42.5%** |  |  |
| **Health Care – 42.5%** |  |  |
| Abeona Therapeutics, Inc.\* | 558584 | 3172757 |
| Achieve Life Sciences, Inc.\* | 1184512 | 2676997 |
| Akero Therapeutics, Inc.\* | 145609 | 7769696 |
| Applied Therapeutics, Inc.\* | 4487505 | 1396063 |
| Athira Pharma, Inc.\* | 1492792 | 450823 |
| Capricor Therapeutics, Inc.\* | 40000 | 397200 |
| Chinook Therapeutics, Inc.\*(c) | 25000 | 2500 |
| Delcath Systems, Inc.\* | 106629 | 1450154 |
| Eiger BioPharmaceuticals, Inc.\*(c) | 90000 | 423000 |
| MAAT Pharma Saca\* | 94181 | 532516 |
| Milestone Pharmaceuticals, Inc.\* | 990000 | 1920600 |
| Phathom Pharmaceuticals, Inc.\* | 521935 | 5005357 |
| TScan Therapeutics, Inc.\* | 1046916 | 1518028 |
| WTS - Achieve Life Science, Inc.\*(c) | 966667 | 9667 |
| Zevra Therapeutics, Inc.\* | 147000 | 1295070 |
| &nbsp;&nbsp;&nbsp;Total Common Stocks (Cost $44,501,454) |  | 28020428 |
| **Limited Partnership – 37.5%** |  |  |
| **Energy – 37.5%** |  |  |
| Plains GP Holdings LP, Class A\* |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,616,207) | 1272360 | 24721955 |
| **Money Market Fund – 17.4%** |  |  |
| Fidelity Investments Money Market Treasury Only Portfolio - Class I, 4.15%(d) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $11,460,032) | 11460032 | 11460032 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | |
| **Corporate Bonds – 5.9%** |  |  |
| **Communications – 5.9%** |  |  |
| Telesat Canada / Telesat LLC, 5.63%, 12/6/2026, 144A(e) | 2700000 | 1633500 |
| Telesat Canada / Telesat LLC, 6.50%, 10/15/2027, 144A(e) | 6124000 | 2297204 |
| &nbsp;&nbsp;&nbsp;Total Corporate Bonds (Cost $5,630,127) |  | 3930704 |
| Total Investments – 157.6% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $102,049,811) |  | $103976165 |
| Liabilities in Excess of Other Assets – (57.6)% |  | (38002381) |
| **Net Assets – 100.0%** |  | $**65973784** |

---

\* Non Income Producing

(a) Represents a zero coupon bond. Rate shown reflects the effective yield.

(b) Security, or a portion thereof, in the amount of $35,842,680 has been pledged as collateral for reverse repurchase agreements as of June 30, 2025. See note 3 for additional information

(c) Investment was valued using significant unobservable inputs.

(d) Rate shown reflects the 7-day yield as of June 30, 2025.

See Notes to Financial Statements.

**Simplify Propel Opportunities ETF Schedule of Investments** (Continued)

June 30, 2025

(e) Security was purchased (sold) pursuant to Rule 144A
 under the Securities Act of 1933 and may not be resold (repurchased) subject to that rule except to qualified institutional buyers. Unless
 otherwise noted, Rule 144A securities are deemed to be liquid. Total fair value of Rule 144A securities amounts to $3,930,704, which represents
 5.9% of net assets as of June 30, 2025.

**Summary of Investment Type††**

---

| | |
|:---|:---|
| **Investment Categories** | **% of<br> Net Assets** |
| U.S. Treasury Bills | 54.3% |
| Common Stocks | 42.5% |
| Limited Partnership | 37.5% |
| Money Market Funds | 17.4% |
| Corporate Bonds | 5.9% |
| Total Investments | 157.6% |
| Liabilities in Excess of Other Assets | (57.6)% |
| **Net Assets** | **100.0%** |

---

---

| | |
|:---|:---|
| †† | 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. |

---

**At June 30, 2025, open reverse repurchase agreements were as follows:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Interest Rate** | **Trade Date** | **Maturity Date** | **Face Amount** | **Payable for<br> Reverse<br> Repurchase<br> Agreements** |
| Morgan Stanley Capital Services LLC | 4.55% | 6/30/2025 | 7/1/2025 | $35120240 | $35120240 |
|  |  |  |  | $35120240 | $35120240 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds Statement of Assets and Liabilities**

June 30, 2025

---

| | |
|:---|:---|
|  | **Simplify Propel**<br> **Opportunities ETF** |
| **Assets** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value | $103976165 |
| &nbsp;&nbsp;&nbsp;Foreign currency at value | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 141761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold | 16952 |
| &nbsp;&nbsp;&nbsp;Total assets | 104134882 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reverse repurchase agreement | 35120240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities purchased | 2900001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 140857 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 38161098 |
| **Net Assets** | $65973784 |
| **Net Assets Consist of** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $81096566 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss) | (15122782) |
| **Net Assets** | $65973784 |
| Number of Common Shares outstanding | 4390001 |
| **Net Asset Value, offering and redemption price per share** | $15.03 |
| Investments, at cost | $102049811 |
| Foreign currency, at cost | $4 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds Statement of Operations**

For the Year Ended June 30, 2025

---

| | |
|:---|:---|
|  | **Simplify Propel<br> Opportunities<br> ETF** |
| **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $204159 |
| &nbsp;&nbsp;&nbsp;Interest income | 1521368 |
| &nbsp;&nbsp;&nbsp;Total income | 1725527 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 2324371 |
| &nbsp;&nbsp;&nbsp;Interest on reverse repurchase agreement | 48224 |
| &nbsp;&nbsp;&nbsp;Tax expenses | 30 |
| &nbsp;&nbsp;&nbsp;Total expenses | 2372625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less fees waived: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waiver | (211306) |
| &nbsp;&nbsp;&nbsp;Net expenses | 2161319 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | (435792) |
| **Realized and Unrealized Gain (Loss)** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (528947) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 39378 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (489569) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (19253988) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 46 |
| &nbsp;&nbsp;&nbsp;Net unrealized gain (loss) | (19253942) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (19743511) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(20179303) |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Simplify Propel Opportunities ETF** | **Simplify Propel Opportunities ETF** |
|  | **Year Ended<br> June 30,<br> 2025** | **Year Ended<br> June 30,<br> 2024** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(435792) | $(576611) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (489569) | (9112974) |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | (19253942) | 24763358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (20179303) | 15073773 |
| **Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital | (12083603) | (14533703) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (12083603) | (14533703) |
| **Fund Shares Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 4458058 | 24650767 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | (3164938) | (28418927) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | 1293120 | (3768160) |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | (30969786) | (3228090) |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 96943570 | 100171660 |
| &nbsp;&nbsp;&nbsp;End of year | $65973784 | $96943570 |
| **Changes in Shares Outstanding** |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 4380001 | 4570001 |
| &nbsp;&nbsp;&nbsp;Shares sold | 200000 | 1060000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (190000) | (1250000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 4390001 | 4380001 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds Statement of Cash Flows**

For the Year Ended June 30, 2025

---

| | |
|:---|:---|
|  | **Simplify Propel<br> Opportunities ETF** |
| **Cash Flows Provided by (Used for) Operating Activities:** |  |
| Net increase (decrease) in net assets resulting from operations | $(20179303) |
| **Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by / (used for) operating activities:** |  |
| &nbsp;&nbsp;&nbsp;Purchases of long-term investment securities | (17421229) |
| &nbsp;&nbsp;&nbsp;Net purchases and sales in short term investments | (46941555) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) / depreciation on investments | 19253988 |
| &nbsp;&nbsp;&nbsp;Net realized (gain) / loss from sales of investments | 528947 |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of securities | 36778592 |
| &nbsp;&nbsp;&nbsp;Return of capital distributions | 1806692 |
| &nbsp;&nbsp;&nbsp;Net amortization of premium / (discount) | (971993) |
| &nbsp;&nbsp;&nbsp;(Increase) Decrease in dividends and interest receivable | (3194) |
| &nbsp;&nbsp;&nbsp;(Increase) Decrease in due from advisor | 20464 |
| &nbsp;&nbsp;&nbsp;(Increase) Decrease in prepaid expenses | 30 |
| &nbsp;&nbsp;&nbsp;(Increase) Decrease in securities sold receivable | (16952) |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) in investment advisory fees payable | (84241) |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) securities purchased payable | 2900001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Cash Provided by / (Used for) Operating Activities | (24329753) |
| **Cash Flows Provided by (Used for) from Financing Activities:** |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 4458058 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (3164938) |
| &nbsp;&nbsp;&nbsp;Proceeds from reverse repurchase agreement | 368128126 |
| &nbsp;&nbsp;&nbsp;Payments made on reverse repurchase agreement | (333007886) |
| &nbsp;&nbsp;&nbsp;Distributions paid | (12083603) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash provided by (used for) financing activities | 24329757 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in cash | 4 |
| **Cash and Restricted Cash:** |  |
| Cash and Restricted Cash, at beginning of year |  |
| Cash and Restricted Cash, at end of year | $4 |
| **Supplemental Disclosure of Cash Flow Information** |  |
| &nbsp;&nbsp;&nbsp;Non-cash financing activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest on reverse repurchase agreements | $48224 |
| **Reconciliation of Restricted and Unrestricted Cash at the beginning of year to the Statements of Assets and Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | $— |
| **Reconciliation of Restricted and Unrestricted Cash at the end of year to the Statements of Assets and Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | $4 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds Financial Highlights**

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended June 30** | **Years Ended June 30** | |
| **Simplify Propel Opportunities ETF**<br>**Selected Per Share Data** | **2025** | **2024** | **Period Ended<br> June 30,**<br>**2023**<sup>(a)</sup> |
| Net Asset Value, beginning of period | $22.13 | $21.92 | $25.00 |
| Income (loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | (0.10) | (0.13) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (4.28) | 3.63 | (1.36) |
| Total from investment operations | (4.38) | 3.50 | (1.40) |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.87) |
| &nbsp;&nbsp;&nbsp;Return of capital | (2.72) | (3.29) | (0.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (2.72) | (3.29) | (1.68) |
| Net Asset Value, end of period | $15.03 | $22.13 | $21.92 |
| **Total Return (%)** | (20.69) | 17.27 | (4.97)<sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |
| Net Assets, end of period ($ millions) | $66 | $97 | $100 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses before fee waiver (%) | 2.81 <sup>(d)</sup> | 2.75 <sup>(e)</sup> | 2.75 <sup>(e)(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses after fee waiver (%) | 2.56 <sup>(d)</sup> | 2.50 <sup>(e)</sup> | 2.50 <sup>(e)(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | (0.52) | (0.60) | (0.50)<sup>(f)</sup> |
| Portfolio turnover rate (%)<sup>(g)</sup> | 22 | 42 | 46 <sup>(c)</sup> |

---

(a) For the period February 8, 2023 (commencement of operations)
 through June 30, 2023.

(b) Per share numbers have been calculated using the average
 shares method.

(c) Not annualized.

(d) The ratios of expenses to average net assets includes
 interest expense fees of 0.06%.

(e) The Fund invests in other ETFs and indirectly bears
 its proportionate shares of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not included
 these indirect fees and expenses.

(f) Annualized.

(g) Excludes the impact of in-kind transactions related
 to the processing of capital share transactions in Creation Units.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements**

June 30, 2025

**1. Organization**

Simplify Exchange Traded Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end registered management investment company organized as a Delaware statutory trust.

As of June 30, 2025, the Trust consists of thirty four investment series of exchange-traded funds ("ETFs") in operation and trading. These financial statements report on the Simplify Propel Opportunities ETF (the "Fund"). The Fund is a non-diversified series of the Trust.

Simplify Asset Management Inc. (the "Adviser") serves as investment adviser to the Fund and has overall responsibility for the general management and administration of the Fund, subject to the oversight of the Trust's Board of Trustees (the "Board").

The Fund offers shares ("Shares") that are listed and traded on the NYSE Arca, Inc. ("NYSE Arca" or the "Exchange"). Unlike mutual funds, the Fund issues and redeems Shares at net asset value ("NAV") only in large specified lots consisting of 25,000 Shares, each called a "Creation Unit", to authorized participants who have entered into agreements with the Fund's distributor. Shares are not individually redeemable securities of the Fund, and owners of the Shares who are authorized participants may acquire those Shares from the Fund, or tender such Shares for redemption to the Fund, in Creation Units only.

---

| | |
|:---|:---|
| **Fund** | **Investment Objectives** |
| Simplify Propel Opportunities ETF | The Fund seeks to provide long-term growth of capital. |

---

**2. Significant Accounting Policies**

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies including Accounting Standards Update 2013-08. The following is a summary of significant accounting policies followed by the Fund.

**Investment Valuation**

The Fund's investments are valued using procedures approved by the Board and are generally valued using market valuations (Market Approach). A market valuation generally means a valuation (i) obtained from an exchange, a pricing service, or a major market maker (or dealer) or (ii) based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service, or a major market maker (or dealer). A price obtained from a pricing service based on such pricing service's valuation matrix may be considered a market valuation.

If market quotations are not readily available, securities will be valued at their fair market value as determined using the "fair value" procedures approved by the Board and the Adviser. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security. The fair value prices can differ from market prices when they become available or when a price becomes available. The Board has designated the Adviser as its valuation designee to execute these procedures pursuant to Rule 2a-5 under the 1940 Act. Independent pricing services may assist in calculating the value of the Fund's portfolio securities. The Board reviews the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results. These securities are either categorized as Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

Equity securities, closed-end funds, and ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities, closed-end funds or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities, closed-end funds, and ETFs are generally categorized as Level 1 of the fair value hierarchy.

Exchange traded options are valued at the mean between the current bid and ask prices on the exchange on which such options are traded. If a mean price is not available, the closing price is used. Exchange trade options are categorized as Level 1. Options with international equity exposure are marked to market using closing prices for the underlying and interpolated option implied volatilities obtained from mid-market prices for options on the same underlying of similar expiries and strike prices. These securities are categorized as Level 2 in the fair value hierarchy.

Money Market Funds are valued at NAV.

Debt securities not traded on an exchange may be valued at prices supplied by a pricing agent(s) based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity. Debt securities are generally categorized as Level 2 of the fair value hierarchy.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

Reverse repurchase agreements are valued at cost plus accrued interest. These securities are categorized as Level 2 in the fair value hierarchy.

Under certain circumstances, the Fund may use an independent pricing service to calculate the fair market value of foreign equity securities on a daily basis by applying valuation factors to the last sale price or the mean price as noted above. The fair market values supplied by the independent pricing service will generally reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or the value of other instruments that have a strong correlation to the fair valued securities. The independent pricing service will also take into account the current relevant currency exchange rate. A security that is fair valued may be valued at a price higher or lower than actual market quotations or the value determined by other funds using their own fair valuation procedures. Because foreign securities may trade on days when Shares are not priced, the value of securities held by the Fund can change on days when Shares cannot be redeemed or purchased. In the event that a foreign security's market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closed before the Fund's calculation of NAV), the security will be valued at its fair market value as determined in good faith by the Adviser as the Board's valuation designee in accordance with procedures approved by the Board. Without fair valuation, it is possible that short-term traders could take advantage of the arbitrage opportunity and dilute the NAV of long-term investors. Fair valuation of the Fund's portfolio securities can serve to reduce arbitrage opportunities available to short-term traders, but there is no assurance that it will prevent dilution of the Fund's NAV by short-term traders. In addition, because the Fund may invest in underlying ETFs which hold portfolio securities primarily listed on foreign (non-U.S.) exchanges, and these exchanges may trade on weekends or other days when the underlying ETFs do not price their shares, the value of these portfolio securities may change on days when you may not be able to buy or sell Shares.

Investments initially valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services or other parties in accordance with the valuation procedures of the Adviser. As a result, the NAV of the Shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Exchange is closed and an investor is not able to purchase, redeem or exchange Shares.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

● Level 1 – Quoted prices in active markets for identical assets that the fund has the ability to access.

● Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

● Level 3 – Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuations as of June 30, 2025 for the Fund based upon the three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Simplify Propel Opportunities ETF**<br>**Assets** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| U.S. Treasury Bills | $35843046 | $— | $— | $35843046 |
| Common Stocks | 27585261 |  | 435167 | 28020428 |
| Limited Partnership | 24721955 |  |  | 24721955 |
| Corporate Bonds |  | 3930704 |  | 3930704 |
| Money Market Fund | 11460032 |  |  | 11460032 |
| TOTAL | $99610294 | $3930704 | $435167 | $103976165 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Reverse Repurchase Agreements |  | (35120240) |  | (35120240) |
| TOTAL | $— | $(35120240) | $— | $(35120240) |

---

**Cash**

Cash consists of cash on deposit with a major financial institution which may exceed federally insured limits.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

**Foreign Currency Translations**

The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

**Investment Transactions and Related Income**

For financial reporting purposes, investment transactions are reported on the trade date. However, for daily NAV determination, portfolio securities transactions are reflected no later than in the first calculation on the first business day following trade date. Dividend income is recorded on the ex-dividend date. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount based on effective yield. Gains or losses realized on sales of securities are determined using the specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds. Dividend Income on the Statements of Operations is shown net of any foreign taxes withheld on income from foreign securities, which are provided for in accordance with the Fund's understanding of the applicable tax rules and regulations.

**Income Tax Information and Distributions to Shareholders**

It is the Fund's policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (the "Code"). The Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company ("RIC") under Subchapter M of the Code. It is the Fund's policy is to pay out dividends from net investment income quarterly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, will be declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, will be available to offset future net capital gains. The Fund may occasionally be required to make supplemental distributions at some other time during the year. The Fund reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or advisable to preserve the status of the Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, will be recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains will be determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, (e.g., return of capital and distribution reclassifications), such amounts are reclassified within the composition of net assets based on their federal tax basis treatment; temporary differences (e.g., wash sales and straddles) do not require a reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, will be reported as a tax return of capital.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund's tax positions expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund's financial statement.

The Fund will recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statement of Operations.

**3. Reverse Repurchase Agreements**

The Fund is subject to Rule 18f-4 under the 1940 Act. Rule 18f-4 imposes limits on the amount of derivatives and other transactions the Fund can enter into, eliminates the asset segregation framework that had been used by the Fund to comply with Section 18 of the 1940 Act, and requires a fund whose use of derivatives is more than a limited specified exposure to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Reverse repurchase agreements are executed under standardized netting agreements. A netting arrangement creates an enforceable right of set-off that becomes effective, and affects the realization of settlement on individual assets, liabilities and collateral amounts, only following a specified event of default or early termination. Default events may include the failure to make payments or deliver securities timely, material adverse changes in financial condition or insolvency, the breach of minimum regulatory capital requirements, or loss of license, charter or other legal authorization necessary to perform under the contract. These agreements mitigate counterparty credit risk by providing for a single net settlement with a counterparty of all financial transactions covered by the agreement in an event of default as defined under such agreement.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

**Offsetting of Reverse Repurchase Agreements Liabilities**

**Simplify Propel Opportunities ETF**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Gross Amounts Not Offset in the<br> Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the<br> Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the<br> Statements of Assets and Liabilities** |
|  |<br>**Gross<br> Amounts of <br> Recognized <br> Liabilities** |<br> **Gross<br> Amounts<br> Offset in the<br> Statements of<br> Assets and <br> Liabilities** |<br>**Net Amounts<br> Presented in the<br> Statements of<br> Assets and<br> Liabilities** | **Financial**<br> **Instruments(a)** | **Collateral<br> Pledged(a)** | **Net Amount<br> Payable** |
| Reverse Repurchase Agreements | $35120240 | $— | $35120240 | $35120240 | $35120240 | $— |

---

(a) These amounts are limited to the derivatives asset/liability
 balance and, accordingly, do not include excess collateral received/pledged.

Reverse repurchase agreements involve the sale of securities held by the Fund with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. The Fund may borrow for investment purposes indirectly using reverse repurchase agreements. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Fund to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by the Fund to counterparties are recorded as a component of interest expense on the Fund's Statements of Operations. Borrowing may cause the Fund to liquidate positions under adverse market conditions to satisfy its repayment obligations. The use of reverse repurchase agreements involves risks that are different from those associated with ordinary portfolio securities transactions. The Fund is subject to credit risk (i.e., the risk that a counterparty is or is perceived to be unwilling or unable to meet its contractual obligations) with respect to the security it expects to receive back from a counterparty. If a counterparty becomes bankrupt or fails to perform its obligations, or if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there are delays in the Fund's ability to access such collateral, the value of an investment in the Fund may decline. As of June 30, 2025, the average amount of reverse repurchase agreements outstanding and the daily weighted average interest rate for the Fund was $35,291,787 and 4.80%, respectively.

The following table indicates the total amount of reverse repurchased agreements, including accrued interest, reconciled to the Simplify Propel Opportunities ETF liability as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Less than**<br> **30 days** | **30-90 days** | **Greater than**<br> **90 days** | **Total** |
| U.S. Government Obligations | $– $| 35120240 | $– $| 35120240 |

---

**4. Investment Advisory Agreement and Other Agreements**

The Adviser has overall responsibility for the general management and administration of the Fund, subject to the oversight of the Board. Under an investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the "Investment Advisory Agreement"), the Adviser is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Fund to operate.

Propel Bio Management, LLC (the "Sub-Adviser") serves as investment sub-adviser to the Fund. The Sub-Adviser is responsible for day-to-day management of the Fund's equity portfolio, subject to supervision of the Adviser. The Adviser, not the Fund, pays the sub-advisory fee to the Sub-Adviser.

Mr. Richard Kayne (through a trust where he serves as a trustee) directly owns voting preferred shares of the Adviser and through the same trust is indirectly the Fund's seed investor. Mr. Kayne is also a majority owner in Propel Bio Partners, LLC, a Delaware limited liability company, which serves as the general partner to Propel Bio Partners, L.P. (the "Private Fund"), a Delaware limited partnership and a private pooled investment vehicle that is exempt from registration under the Investment Company Act of 1940 and the Securities Act of 1933. The Sub-Adviser serves as the investment adviser to the Private Fund. Mr. Kayne's indirect part ownership of the Adviser and provision of see capital to the Fund presents a potential conflict of interest on the part of the Adviser in selecting the Sub-Adviser. These relationships between Mr. Kayne and each of the Adviser and the Sub-Adviser were fully disclosed to, discussed with and considered by the Board in approving the appointment of the Sub-Adviser.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

For its investment advisory services, the Adviser is entitled to receive a management fee based on the Fund's average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:

---

| | |
|:---|:---|
| **Assets** | **Management<br> Fee** |
| Up to and including $1 billion | 2.75% |
| Over $1 billion and less the $5 billion | 2.50% |
| Over $5 billion and less the $10 billion | 2.00% |
| Over $10 billion | 1.00% |

---

The Adviser and Sub-Adviser have each agreed to waive its respective advisory and sub-advisory fee by 0.25% on an annualized basis through October 31, 2025. This waiver may be terminated by the Fund's Board of Trustees on 60 days' notice and terminates automatically if the management agreement or sub-advisory agreement is terminated. For the year ended June 30, 2025, the Adviser waived fees of $211,306.

Under the Investment Advisory Agreement, the Adviser has agreed to pay substantially all the operating expenses of the Fund, excluding interest expenses, taxes, brokerage expenses, Rule 12b-1 fees (if any), acquired fund fees and expenses, expenses incidental to a meeting of the Fund's shareholders and the Management Fee. In addition to the excluded operating expenses, the Fund also pays non-operating expenses such as litigation and indemnification expenses and other expenses determined to be extraordinary by the Trust.

The Board has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with its Rule 12b-1 plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to finance activities primarily intended to result in the sale of Creation Units of the Fund or the provision of investor services. No Rule 12b-1 fees are currently paid by the Fund and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, they will be paid out of the Fund's assets, and directly impact the NAV per share of the Fund.

The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent and Transfer Agent for the Fund.

Foreside Financial Services, LLC (the "Distributor") serves as the distributor of Creation Units for the Fund on an agency basis. The Distributor does not maintain a secondary market in Shares of the Fund. Adviser Compliance Associates, LLC d/b/a ACA Group, a related party to the Distributor also provides a Chief Compliance Officer to the Trust.

A Trustee and certain Officers of the Trust are also employees of the Adviser and/or an affiliate of the Distributor.

**5. Investment Transactions**

Purchases and sales of securities, other than short-term securities, U.S. Government Securities and in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Simplify Propel Opportunities ETF | $17421229 | $36728771 |

---

**6. Fund Share Transactions**

The Fund issues and redeems Shares at NAV only in large blocks of 25,000 Shares (each block of Shares is called a "Creation Unit"). Creation Units are issued and redeemed primarily in-kind for securities but may include cash. Individual Shares may only be purchased and sold in secondary market transactions through brokers. Except when aggregated in Creation Units in transactions with Authorized Participants, the Shares are not redeemable securities of the Fund.

Fund Shares are listed and traded on the Exchange on each day that the Exchange is open for business ("Business Day"). The Fund's Shares may only be purchased and sold on the Exchange through a broker-dealer. Because the Fund's Shares trade at market prices rather than at their NAV, Shares may trade at a price equal to the NAV, greater than NAV (premium) or less than NAV (discount).

Authorized participants pay a fixed transaction fee of $500 to the "Fund's custodian" when purchasing and redeeming Creation Units of the Fund. The transaction fee is used to defray the costs associated with the issuance and redemption of Creation Units. In addition to the fixed transaction fee, the Fund may charge an additional variable fee of up to a maximum of 3% of the amount invested for creations and redemptions in cash, to offset brokerage and impact expenses associated with a cash transaction.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

**7. Federal Income Taxes**

For the year ended June 30, 2025, the effect of permanent "book/tax" reclassifications to the components of net assets are included below. These differences, if any, are primarily due to redemptions-in-kind, non-deductible excise tax paid, prior year true ups, distributions in excess, return of capital distributions, and if applicable, controlled foreign corporations income reversal.

---

| | | |
|:---|:---|:---|
| **Fund** | **Distributable<br> earnings (loss)** | **Paid-in<br> Capital** |
| Simplify Propel Opportunities ETF | $370117 | $(370117) |

---

The tax character of dividends and distributions declared for the year ended June 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Ordinary<br> Income\*** | **Return of<br> Capital** |
| Simplify Propel Opportunities ETF | $– $– $| 12083603 |

---

\* For tax purposes short-term capital gain distributions are considered ordinary income distributions.

The tax character of dividends and distributions declared for the year ended June 30, 2024 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Ordinary<br> Income\*** | **Return of<br> Capital** |
| Simplify Propel Opportunities ETF | $– $– $| 14533703 |

---

\* For tax purposes short-term capital gain distributions are considered ordinary income distributions.

As of June 30, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br> Ordinary<br> Income** | **Net Unrealized<br> Appreciation<br> (Depreciation)** | **Accumulated<br> Capital and<br> Other Losses** | **Post-October/<br> Late-year<br> Ordinary Loss<br> Deferrals** | **Distributable<br> earnings**<br> **(loss)** |
| Simplify Propel Opportunities ETF | $– $– $– $| (7436704) | $(7686078) | $– $| (15122782) |

---

(a) The temporary book/tax differences was attributable
 primarily dividend payable, straddles deferral and Subpart F income.

At June 30, 2025, gross unrealized appreciation and depreciation of investments owned by the Fund, based on cost for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| Simplify Propel Opportunities ETF | $111412915 | $18192448 | $(25629152) | $(7436704) |

---

The differences between book-basis and tax-basis components of net assets, if applicable, are primarily attributable to the tax deferral of losses on wash sales, grantor trust adjustments, section 1256 mark-to-market treatment of derivatives and return of capital basis adjustments from underlying investments.

If available, the Fund utilized capital loss carryforwards to offset taxable gains realized during the period ended June 30, 2025 as follows:

---

| | |
|:---|:---|
| **Fund** | **Amount** |
| Simplify Propel Opportunities ETF | $2873824 |

---

At June 30, 2025, for federal income tax purposes, the Fund had capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** | **Total Amount** |
| Simplify Propel Opportunities ETF | $7686078 | $– $| 7686078 |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

Certain capital and qualified late year ordinary losses incurred within the current taxable year after October 31 and December 31, respectively can be deferred. If elected these deferred losses are deemed to arise on the first business day of a Fund's next taxable year. As of tax year-end June 30 2025, the Fund will elect to defer post-October capital losses and late year ordinary losses as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Capital Post-<br> October Losses** | **Late-year<br> ordinary Losses** |
| Simplify Propel Opportunities ETF | $| $|

---

**8. Segment Reporting**

The Fund operates in one segment. The Chief Operating Decision Maker ("CODM") is the President and Chief Executive Officer of the Fund. The CODM reviews the operating results of the Fund on a consolidated basis as part of making decisions for allocating resources and evaluating performance.

**9. Subsequent Events**

Management has evaluated subsequent events through the date of issuance of these financial statements and has determined that there are no subsequent events that require adjustment to, or disclosure in, the financial statements.

**Simplify Exchange Traded Funds**

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Trustees of

Simplify Exchange Traded Funds

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Simplify Propel Opportunities ETF (the "Fund"), a series of Simplify Exchange Traded Funds, as of June 30, 2025, the related statement of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for the years ended June 30, 2025 and 2024, and for the period from February 8, 2023 (commencement of operations) through June 30, 2023, and the related notes (collectively referred to as the "Financial Statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights each of the three periods in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more funds advised by Simplify Asset Management, Inc. since 2020.

![](signature.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

August 29, 2025

**Simplify Exchange Traded Funds**

**Additional Information** (Unaudited)

***Proxy Voting Policies and Procedures***

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1-855-772-8488; by visiting www.simplify.us; and on the SEC's website at www.sec.gov.

***Discount & Premium Information***

Information regarding how often Shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.simplify.us.

***Tax Information***

Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its year ended June 30, 2025.

---

| | | |
|:---|:---|:---|
| **Fund** | **Qualified<br> Dividend<br> Income\*** | **Dividends<br> Received<br> Deduction** |
| Simplify Propel Opportunities ETF | 0.00% | 0.00% |

---

\* The above percentage is based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

June 30, 2025

Annual Financial Statements and

Other Important Information

Simplify Exchange Traded Funds

Simplify Volt TSLA Revolution ETF (TESL)

(formerly "Simplify Volt RoboCar Disruption and Tech ETF" trading under the ticker "VCAR")

![](logo.jpg)

(This page intentionally left blank)

**Simplify Exchange Traded Funds**

**Table of Contents**

---

| | |
|:---|:---|
| [Schedule of Investments](#book4_001) | 4 |
| [Statement of Assets and Liabilities](#book4_002) | 8 |
| [Statement of Operations](#book4_003) | 9 |
| [Statements of Changes in Net Assets](#book4_004) | 10 |
| [Financial Highlights](#book4_005) | 11 |
| [Notes to Financial Statements](#book4_006) | 12 |
| [Report of Independent Registered Public Accounting Firm](#book4_007) | 20 |
| [Additional Information](#book4_008) | 21 |

---

This report is provided for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

**Simplify Volt TSLA Revolution ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. Treasury Bills – 69.3%** |  |  |
| U.S. Treasury Bill, 4.29%, 7/8/2025 (a) | $3800000 | $3796934 |
| U.S. Treasury Bill, 4.34%, 8/5/2025 (a)(b) | 900000 | 896277 |
| U.S. Treasury Bill, 4.31%, 8/26/2025 (a)(b) | 7400000 | 7350301 |
| U.S. Treasury Bill, 4.33%, 9/30/2025 (a)(b) | 10600000 | 10487530 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $22,531,965) |  | 22531042 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Common Stocks – 23.6%** |  |  |
| **Consumer Discretionary – 23.6%** |  |  |
| Tesla, Inc.\*(b) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,717,106) | 24141 | 7668630 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional Amount** | |
| **Purchased Options – 4.5%** |  |  |  |
| **Calls – Exchange-Traded – 3.8%** |  |  |  |
| S&P 500 Index, July Strike Price $6,200, Expires 7/03/25 | 64 | 39680000 | 200640 |
| S&P 500 Index, July Strike Price $6,300, Expires 7/07/25 | 49 | 30870000 | 21168 |
| S&P 500 Index, July Strike Price $6,275, Expires 7/09/25 | 116 | 72790000 | 196620 |
| S&P 500 Index, July Strike Price $6,300, Expires 7/18/25 | 115 | 72450000 | 377200 |
| S&P 500 Index, July Strike Price $6,500, Expires 7/31/25 | 227 | 147550000 | 221325 |
| S&P 500 Index, August Strike Price $6,400, Expires 8/15/25 | 32 | 20480000 | 151680 |
| S&P 500 Index, August Strike Price $6,650, Expires 8/15/25 | 79 | 52535000 | 50955 |
|  |  |  | 1219588 |
| **Puts – Exchange-Traded – 0.7%** |  |  |  |
| Russell 2000 Index, July Strike Price $1,950, Expires 7/11/25(c) | 25 | 4875000 | 1813 |
| S&P 500 Index, July Strike Price $5,800, Expires 7/02/25 | 48 | 27840000 | 480 |
| S&P 500 Index, July Strike Price $5,900, Expires 7/03/25 | 52 | 30680000 | 1300 |
| S&P 500 Index, July Strike Price $6,000, Expires 7/07/25 | 43 | 25800000 | 9030 |
| S&P 500 Index, July Strike Price $5,620, Expires 7/11/25(c) | 13 | 7306000 | 1332 |
| S&P 500 Index, July Strike Price $5,650, Expires 7/16/25(c) | 13 | 7345000 | 3900 |
| S&P 500 Index, July Strike Price $5,455, Expires 7/18/25(c) | 56 | 30548000 | 14280 |
| S&P 500 Index, August Strike Price $5,520, Expires 8/15/25(c) | 42 | 23184000 | 66570 |
| S&P 500 Index, September Strike Price $5,250, Expires 9/19/25(c) | 53 | 27825000 | 126405 |
| SPDR Gold Shares, July Strike Price $285, Expires 7/09/25(c) | 166 | 4731000 | 1411 |
| SPDR Gold Shares, July Strike Price $280, Expires 7/11/25(c) | 168 | 4704000 | 1260 |
|  |  |  | 227781 |
| Total Purchased Options (Cost $1,597,371) |  |  | 1447369 |

---

---

| | |
|:---|:---|
|  | **Shares** |
| **Money Market Fund – 2.3%** |  |
| Fidelity Investments Money Market Treasury Only Portfolio - Class I, 4.15%(d) |  |
| &nbsp;&nbsp;&nbsp;(Cost $735,709) | 735709 |

---

See Notes to Financial Statements.

**Simplify Volt TSLA Revolution ETF**

**Schedule of Investments** (Continued)

June 30, 2025

---

| | |
|:---|:---|
|  | **Value** |
| Total Investments – 99.7% |  |
| &nbsp;&nbsp;&nbsp;(Cost $30,582,151) | $32382750 |
| Other Assets in Excess of Liabilities – 0.3% | 107062 |
| **Net Assets – 100.0%** | $**32489812** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional Amount** | |
| **Written Options – (0.5)%** |  |  |  |
| **Puts – Exchange-Traded – (0.5)%** |  |  |  |
| Russell 2000 Index, July Strike Price $2,050, Expires 7/11/25 | (25) | $(5125000) | $(7250) |
| S&P 500 Index, July Strike Price $5,920, Expires 7/11/25 | (13) | (7696000) | (5850) |
| S&P 500 Index, July Strike Price $5,960, Expires 7/16/25 | (13) | (7748000) | (15990) |
| S&P 500 Index, July Strike Price $5,155, Expires 7/18/25 | (56) | (28868000) | (7840) |
| S&P 500 Index, August Strike Price $5,220, Expires 8/15/25 | (42) | (21924000) | (35490) |
| S&P 500 Index, September Strike Price $4,950, Expires 9/19/25 | (53) | (26235000) | (78705) |
| SPDR Gold Shares, July Strike Price $295, Expires 7/09/25 | (166) | (4897000) | (6640) |
| SPDR Gold Shares, July Strike Price $290, Expires 7/11/25 | (168) | (4872000) | (4032) |
|  |  |  | (161797) |
| Total Written Options (Premiums Received $459,749) |  |  | $(161797) |

---

\* Non Income Producing

(a) Represents a zero coupon bond. Rate shown reflects the effective yield.

(b) Securities with an aggregate market value of $15,780,175 have been pledged as collateral for options and swap contracts as of June 30, 2025.

(b) Held in connection with Written Options.

(c) Rate shown reflects the 7-day yield as of June 30, 2025.

**Summary of Investment Type††**

---

| | |
|:---|:---|
| **Investment Categories** | **% of<br> Net Assets** |
| U.S. Treasury Bills | 69.3% |
| Common Stocks | 23.6% |
| Purchased Options | 4.5% |
| Money Market Funds | 2.3% |
| Total Investments | 99.7% |
| Other Assets in Excess of Liabilities | 0.3% |
| **Net Assets** | **100.0%** |

---

---

| | |
|:---|:---|
| †† | 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. |

---

See Notes to Financial Statements.

**Simplify Volt TSLA Revolution ETF**

**Schedule of Investments** (Continued)

June 30, 2025

At June 30, 2025, over the counter total return swap contracts outstanding were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/Index** | **Termination**<br> **Date(a)** | **Financing<br> Rate Paid<br> (Received)<br> by the Fund** | **Counterparty** | **Notional Amount** | **Unrealized<br> Appreciation/<br> (Depreciation)(b)** |
| Tesla, Inc. | 3/13/2026 | 5.14% (SOFR + 0.75%)(c) | BOFA | 18701716 | $(565815) |
|  |  |  |  |  | $(565815) |

---

(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.

Abbreviations:

BOFA : Bank of America <br> SOFR : Secured Overnight Financing Rate

See Notes to Financial Statements.

(This page intentionally left blank)

**Simplify Exchange Traded Funds**

**Statement of Assets and Liabilities**

June 30, 2025

---

| | |
|:---|:---|
|  | **Simplify<br> Volt TSLA<br> Revolution ETF** |
| **Assets** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value | $32382750 |
| &nbsp;&nbsp;&nbsp;Cash | 948249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold | 36251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 4686 |
| &nbsp;&nbsp;&nbsp;Total assets | 33371936 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on over the counter swaps | 565815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 161797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities purchased | 129680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 24832 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 882124 |
| **Net Assets** | $32489812 |
| **Net Assets Consist of** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $28432223 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss) | 4057589 |
| **Net Assets** | $32489812 |
| Number of Common Shares outstanding | 1350001 |
| **Net Asset Value, offering and redemption price per share** | $24.07 |
| Investments, at cost | $30582151 |
| Premiums received on written options | $459749 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statement of Operations**

For the Year Ended June 30, 2025

---

| | |
|:---|:---|
|  | **Simplify<br> Volt TSLA<br> Revolution ETF** |
| **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;Dividend income\* | $243726 |
| &nbsp;&nbsp;&nbsp;Interest income | 128123 |
| &nbsp;&nbsp;&nbsp;Total income | 371849 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 145570 |
| &nbsp;&nbsp;&nbsp;Interest expense | 374 |
| &nbsp;&nbsp;&nbsp;Tax expenses | 403 |
| &nbsp;&nbsp;&nbsp;Total expenses | 146347 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 225502 |
| **Realized and Unrealized Gain (Loss)** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 298653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions | 901216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | 6399166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | (633956) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 6965079 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (99216) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | (565815) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 261630 |
| &nbsp;&nbsp;&nbsp;Net unrealized gain (loss) | (403401) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 6561678 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $6787180 |
| \* Withholding tax | $185 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statement of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Simplify Volt TSLA Revolution ETF** | **Simplify Volt TSLA Revolution ETF** |
|  | **Year Ended<br> June 30,<br> 2025** | **Year Ended<br> June 30,<br> 2024** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $225502 | $(13006) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 6965079 | (554245) |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | (403401) | 1562250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 6787180 | 994999 |
| **Distributions** | (485916) |  |
| **Fund Shares Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 33694409 | 223867 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | (13019313) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | 20675096 | 223867 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | 26976360 | 1218866 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 5513452 | 4294586 |
| &nbsp;&nbsp;&nbsp;End of year | $32489812 | $5513452 |
| **Changes in Shares Outstanding** |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 500001 | 475001 |
| &nbsp;&nbsp;&nbsp;Shares sold | 1550000 | 25000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (700000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 1350001 | 500001 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Years Ended June 30** | **Years Ended June 30** | **Years Ended June 30** | **Years Ended June 30** | |
| **Simplify Volt TSLA Revolution ETF**<br>**Selected Per Share Data** | **2025** | **2024** | **2023** | **2022** | **Period Ended<br> June 30,**<br>**2021**<sup>(a)</sup> |
| Net Asset Value, beginning of period | $11.03 | $9.04 | $9.09 | $11.83 | $12.50 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.27 | (0.03) | (0.00)<sup>(c)</sup> | 0.06 | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 13.22 | 2.02 | (0.05) | (2.75) | (0.63) |
| Total from investment operations | 13.49 | 1.99 | (0.05) | (2.69) | (0.67) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.45) |  |  | (0.03) |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.45) |  |  | (0.05) |  |
| Net Asset Value, end of period | $24.07 | $11.03 | $9.04 | $9.09 | $11.83 |
| **Total Return (%)** | 122.93 | 21.96 | (0.54) | (22.91) | (5.34)<sup>(d)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |
| Net Assets, end of period ($ millions) | $32 | $6 | $4 | $5 | $2 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.96 <sup>(e)</sup> | 0.95 | 0.99 <sup>(f)</sup> | 0.95 | 0.95 <sup>(g)(h)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 1.47 | (0.28) | (0.01) | 0.46 | (0.71)<sup>(g)</sup> |
| Portfolio turnover rate (%)<sup>(h)</sup> | 872 | 19 | 255 | 254 | 20 <sup>(d)</sup> |

---

(a) For
 the period December 29, 2020 (commencement of operations) through June 30, 2021.

(b) Per
 share numbers have been calculated using the average shares method.

(c) Less
 than $.005.

(d) Not
 annualized.

(e) The
 ratios of expenses to average net assets includes interest expense fees and tax expense of 0.01%.

(f) The
 ratios of expenses to average net assets includes interest expense fees of 0.03%.

(g) Annualized.

(h) The
 Fund invests in other ETFs and indirectly bears its proportionate shares of fees and expenses incurred by the Underlying Funds in which
 the Fund is invested. This ratio does not included these indirect fees and expenses.

(i) Excludes
 the impact of in-kind transactions related to the processing of capital share transactions in Creation Units.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements**

June 30, 2025

**1. Organization**

Simplify Exchange Traded Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end registered management investment company organized as a Delaware statutory trust.

As of June 30, 2025, the Trust consists of thirty four investment series of exchange-traded funds ("ETFs") in operation and trading. These financial statements report on the Simplify Volt TSLA Revolution ETF (the "Fund").

The Simplify Volt Robocar Disruption and Tech ETF changed its name to Simplify Volt TSLA Revolution ETF on November 1, 2024. Effective January 2, 2025 the ticker symbol for the Fund changed from VCAR to TESL. The Fund is a non-diversified series of the Trust.

Simplify Asset Management Inc. (the "Adviser") serves as investment adviser to the Fund and has overall responsibility for the general management and administration of the Fund, subject to the oversight of the Trust's Board of Trustees (the "Board").

The Fund offers ("Shares") that are listed and traded on the NYSE Arca, Inc. ("NYSE Arca" or the "Exchange"). Unlike mutual funds, the Fund issues and redeems Shares at net asset value ("NAV") only in large specified lots consisting of 25,000 Shares, each called a "Creation Unit", to authorized participants who have entered into agreements with the Fund's distributor. Shares are not individually redeemable securities of the Fund, and owners of the Shares who are authorized participants may acquire those Shares from the Fund, or tender such Shares for redemption to the Fund, in Creation Units only.

---

| | |
|:---|:---|
| **Fund** | **Investment Objectives** |
| Simplify Volt TSLA Revolution ETF | The Fund seeks to provide capital appreciation. |

---

**2. Significant Accounting Policies**

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies including Accounting Standards Update 2013-08. The following is a summary of significant accounting policies followed by the Fund.

**Investment Valuation**

The Fund's investments are valued using procedures approved by the Board and are generally valued using market valuations (Market Approach). A market valuation generally means a valuation (i) obtained from an exchange, a pricing service, or a major market maker (or dealer) or (ii) based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service, or a major market maker (or dealer). A price obtained from a pricing service based on such pricing service's valuation matrix may be considered a market valuation.

If market quotations are not readily available, securities will be valued at their fair market value as determined using the "fair value" procedures approved by the Board and the Adviser. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security. The fair value prices can differ from market prices when they become available or when a price becomes available. The Board has designated the Adviser as its valuation designee to execute these procedures pursuant to Rule 2a-5 under the 1940 Act. Independent pricing services may assist in calculating the value of the Fund's portfolio securities. The Board reviews the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results. These securities are either categorized as Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

Equity securities and ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1 of the fair value hierarchy.

Exchange traded options are valued at the mean between the current bid and ask prices on the exchange on which such options are traded. If a mean price is not available, the closing price is used. Exchange trade options are categorized as Level 1. Options with international equity exposure are marked to market using closing prices for the underlying and interpolated option implied volatilities obtained from mid-market prices for options on the same underlying of similar expiries and strike prices. These securities are categorized as Level 2 in the fair value hierarchy.

Debt securities not traded on an exchange may be valued at prices supplied by a pricing agent(s) based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity. Debt securities are generally categorized as Level 2 of the fair value hierarchy.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

Swap agreements and other derivatives are generally valued daily depending on the type of instrument and reference assets based upon market prices, the mean between bid and asked prices quotations from market makers or by a pricing service or other parties in accordance with the valuation procedures approved by the Board. These securities are generally categorized as Level 2 of the fair value hierarchy.

Money Market Funds are valued at NAV.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

● Level 1 – Quoted prices in active markets for identical assets that the fund has the ability to access.

● Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

● Level 3 – Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuations as of June 30, 2025 for the Fund based upon the three levels defined above:

**Simplify Volt TSLA Revolution ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bills | $22531042 | $— | $— | $22531042 |
| Common Stocks | 7668630 |  |  | 7668630 |
| Purchased Options | 1447369 |  |  | 1447369 |
| Money Market Fund | 735709 |  |  | 735709 |
| TOTAL | $32382750 | $— | $— | $32382750 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | $(161797) | $— | $— | $(161797) |
| Total Return Swaps |  | (565815) |  | (565815) |
| TOTAL | $(161797) | $(565815) | $— | $(727612) |

---

**Cash**

Cash consists of cash on deposit with a major financial institution which may exceed federally insured limits.

**Investment Transactions and Related Income**

For financial reporting purposes, investment transactions are reported on the trade date. However, for daily NAV determination, portfolio securities transactions are reflected no later than in the first calculation on the first business day following trade date. Dividend income is recorded on the ex-dividend date. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount based on effective yield. Gains or losses realized on sales of securities are determined using the specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds. Dividend Income on the Statement of Operations is shown net of any foreign taxes withheld on income from foreign securities, which are provided for in accordance with the Fund's understanding of the applicable tax rules and regulations.

**Income Tax Information and Distributions to Shareholders**

It is the Fund's policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (the "Code"). The Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company ("RIC") under Subchapter M of the Code. It is the Fund's policy to pay out dividends from net investment income quarterly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, will be declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, will be available to offset future net capital gains. The Fund may occasionally be required to make supplemental distributions at some other time during the year. The Fund reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or advisable to preserve the status of the Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, will be recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains will be determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, (e.g., return of capital and distribution reclassifications), such amounts are reclassified within the

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

composition of net assets based on their federal tax basis treatment; temporary differences (e.g., wash sales and straddles) do not require a reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, will be reported as a tax return of capital.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund's tax positions expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund's financial statement.

The Fund will recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statement of Operation.

**3. Derivative Financial Instruments**

In the normal course of business, the Fund uses derivative contracts in connection with its proprietary trading activities. Derivative contracts are subject to additional risks that can result in a loss of all or part of an investment. The Fund's derivative activities and exposure to derivative contracts are classified by the following primary underlying risks: interest rate, credit, foreign exchange, commodity price, and equity price. In addition to its primary underlying risks, the Fund is also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts.

FASB Accounting Standards Codification, Derivatives and Hedging ("ASC 815") requires enhanced disclosures about the Fund's use of, and accounting for, derivative instruments and the effect of derivative instruments on the Fund's financial position and results of operations. Tabular disclosure regarding derivative fair value and gain/loss by contract type (e.g., interest rate contracts, foreign exchange contracts, credit contracts, etc.) is required and derivatives accounted for as hedging instruments under ASC 815 must be disclosed separately from those that do not qualify for hedge accounting. Even though the Fund may use derivatives in an attempt to achieve an economic hedge, the Fund's derivatives are not accounted for as hedging instruments under ASC 815 because investment companies account for their derivatives at fair value and record any changes in fair value in current period earnings.

**Option Contracts**

The Fund may purchase and write (i.e., sell) put and call options. Such options may relate to particular securities or stock indices, and may or may not be listed on a domestic or foreign securities exchange and may or may not be issued by the Options Clearing Corporation. Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options may be more volatile than the underlying instruments, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves.

A call option for a particular security gives the purchaser of the option the right to buy, and the writer (seller) the obligation to sell, the underlying security at the stated exercise price at any time prior to the expiration of the option, regardless of the market price of the security. The premium paid to the writer is in consideration for undertaking the obligation under the option contract. A put option for a particular security gives the purchaser the right to sell the security at the stated exercise price at any time prior to the expiration date of the option, regardless of the market price of the security. Stock index options are put options and call options on various stock indices. In most respects, they are identical to listed options on common stocks. The primary difference between stock options and index options occurs when index options are exercised. In the case of stock options, the underlying security, common stock, is delivered. However, upon the exercise of an index option, settlement does not occur by delivery of the securities comprising the index. The option holder who exercises the index option receives an amount of cash if the closing level of the stock index upon which the option is based is greater than, in the case of a call, or less than, in the case of a put, the exercise price of the option. This amount of cash is equal to the difference between the closing price of the stock index and the exercise price of the option expressed in dollars times a specified multiple. A stock index fluctuates with changes in the market value of the stocks included in the index.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value and options written at value, respectively, in the Statements of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statement of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statement of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Fund writes a call option, such option is typically "covered," meaning that they hold the underlying instrument subject to being called by the option counterparty. When the Fund writes a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statement of Assets and Liabilities.

Swaps. Swap agreements are agreements between a Fund and a counterparty to exchange cash flows, assets, foreign currencies or market-linked returns at specified intervals. Swap agreements are privately negotiated in the OTC market (OTC swaps) or may be executed on a registered commodities exchange (centrally cleared swaps). Swaps are marked-to-market daily and the change in value is recorded as a component of unrealized appreciation/depreciation of swap contracts. The value of the swap will typically impose collateral posting obligations on the party that is considered out-of-the-money on the swap. Upfront payments made/received by the fund, if any, are amortized/accreted for financial reporting purposes, with the unamortized/unaccreted portion included in the Statement of assets and

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

liabilities. A termination payment by the counterparty or the fund is recorded as realized gain or loss, as well as the net periodic payments received or paid by the fund. Entering into swap agreements involves, to varying degrees, elements of credit, market and documentation risk that may provide outcomes that produce losses in excess of the amounts recognized on the Statement of assets and liabilities. Such risks involve the possibility that there will be no liquid market for the swap, or that a counterparty may default on its obligation or delay payment under the swap terms. The counterparty may disagree or contest the terms of the swap. In addition to interest rate risk, market risks may also impact the swap. The fund may also suffer losses if it is unable to terminate or assign outstanding swaps or reduce its exposure through offsetting transactions.

Total Return Swaps. Total return swaps are commitments where one party pays a fixed or variable rate premium (the Buyer) in exchange for a market-linked return (the Seller). The Seller pays the total return of a specific reference asset or index and in return receives interest payments from the Buyer. To the extent the total return of the underlying asset or index exceeds or falls short of the offsetting interest rate obligation, the Buyer will receive or make a payment to the Seller. A Fund may enter into total return swaps in which it may act as either the Buyer or the Seller. Total return swap contracts are subject to the risk associated with the investment in the underlying reference asset or index. The risk in the case of short total return swap contracts is unlimited based on the potential for unlimited increases in the market value of the underlying reference asset or index.

The following table summarizes the value of the Fund's derivative instruments held as of June 30, 2025 and the related location in the accompanying Statement of Assets and Liabilities, presented by underlying risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Simplify Volt TSLA Revolution ETF** |  |  |  |  |
| Commodity Contracts | Investments, at value(1) | $2671 | Investments, at value(1) | $— |
| Equity Contracts | Investments, at value(1) | $1444698 | Investments, at value(1) | $— |
| Commodity Contracts | Written options | $— | Written options | $10672 |
| Equity Contracts | Written options | $— | Written options | $151125 |
| Equity Contracts | Unrealized appreciation on OTC swaps | $— | Unrealized depreciation on OTC swaps | $565815 |

---

(1) Purchased option contracts are included in Investments
 within the Statement of Assets and Liabilities.

For the year ended June 30, 2025, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on purchased option contracts <sup>(a)</sup> by risk type, as disclosed in the Statement of Operations, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Risk Type** | **Realized Gain/<br> (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Simplify Volt TSLA Revolution ETF | Equity | $3276152 | $(102006) |
| Simplify Volt TSLA Revolution ETF | Commodity | (58190) | (1163) |

---

(a) Purchased option contracts are included in Net Realized
 Gain (Loss) on Investments within the Statement of Operation.

For the year ended June 30, 2025, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on swap contracts by risk type, as disclosed in the Statement of Operations, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Risk Type** | **Realized Gain/<br> (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Simplify Volt TSLA Revolution ETF | Equity | $6399166 | $(565815) |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

For the year ended June 30, 2025, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on written option contracts by risk type, as disclosed in the Statement of Operations, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Risk Type** | **Realized Gain/<br> (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Simplify Volt TSLA Revolution ETF | Equity | $(761404) | $257679 |
| Simplify Volt TSLA Revolution ETF | Commodity | 127449 | 3951 |

---

For the year ended June 30, 2025, the average fiscal quarter end balances of outstanding derivative financial instruments were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchased<br> Option Contracts<br> (Contract Value)** | **Written<br> Option Contracts<br> (Contract Value)** | **Swaps**<br> **(Notional Value)** |
| Simplify Volt TSLA Revolution ETF | $511516 | $(143790) | $(4596863) |

---

The Fund enters into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with its OTC derivative contract counterparties in order to, among other things, reduce its credit risk to counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, a Fund typically may offset with the counterparty certain derivative financial instrument's payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination.

The following table presents Fund's derivative assets and liabilities by counterparty net of amounts available for offset under a master netting agreement or similar arrangement (collectively referred to as "MNA") and net of the related collateral received/pledged by the Fund as of June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Gross Amounts of Assets<br> Presented in the Statement of Assets and<br> Liabilities** | **Financial<br> Instruments<br> and Derivatives<br> Available for Offset** | **<br>Collateral<br> Received<sup>(1)</sup>** | **<br>Non-Cash Collateral<br> Received<sup>(1)</sup>** | **<br>Net Amount<br> of Derivatives<br> Assets** |
| **Simplify Volt TSLA Revolution ETF** | $— | $— | $— | $— | $— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Gross Amounts of Liabilities Presented in<br> the Statements of Assets and Liabilities** | **Financial<br> Instruments<br> and Derivatives<br> Available for Offset** | **<br>Cash<br> Collateral<br> Pledged<sup>(1)</sup>** | **Non-Cash Collateral<br> Pledged<sup>(1)</sup>** | **Net Amount<br> of Derivatives<br> Liabilities** |
| **Simplify Volt TSLA Revolution ETF** |  |  |  |  |  |
| Bank of America NA | $565815 | $— | $— | $(565815) | $— |
|  | $565815 | $— | $— | $(565815) | $— |

---

**4. Investment Advisory Agreement and Other Agreements**

The Adviser has overall responsibility for the general management and administration of the Fund, subject to the oversight of the Board. Under an investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the "Investment Advisory Agreement"), the Adviser is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Fund to operate.

Volt Equity LLC (the "Sub-Adviser") serves as investment sub-adviser to the Fund. The Sub-Adviser is responsible for day-to-day management of the Fund, subject to supervision of the Adviser. The Sub-Adviser is paid by the Adviser, not the Fund.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

For its investment advisory services to the Fund, the Adviser is entitled to receive a management fee computed and accrued daily and payable monthly, at an annual rate equal to 0.95% of the Fund's average daily net assets.

Under the Investment Advisory Agreement, the Adviser has agreed to pay substantially all the operating expenses of the Fund, excluding interest expenses, taxes, brokerage expenses, Rule 12b-1 fees (if any), acquired fund fees and expenses, expenses incidental to a meeting of the Fund's shareholders and the Management Fee. In addition to the excluded operating expenses, the Fund also pays non-operating expenses such as litigation and indemnification expenses and other expenses determined to be extraordinary by the Trust.

The Board has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with its Rule 12b-1 plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to finance activities primarily intended to result in the sale of Creation Units of the Fund or the provision of investor services. No Rule 12b-1 fees are currently paid by the Fund and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, they will be paid out of the Fund's assets, and directly impact the NAV per share of the Fund.

The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent and Transfer Agent for the Fund.

Foreside Financial Services, LLC (the "Distributor") serves as the distributor of Creation Units for the Fund on an agency basis. The Distributor does not maintain a secondary market in Shares of the Fund. Adviser Compliance Associates, LLC d/b/a ACA Group, a related party to the Distributor also provides a Chief Compliance Officer to the Trust.

A Trustee and certain Officers of the Trust are also employees of the Adviser and/or an affiliate of the Distributor.

**5. Investment Transactions**

Purchases and sales of securities, other than short-term securities, U.S. Government Securities and in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Simplify Volt TSLA Revolution ETF | $79332981 | $87812618 |

---

Securities received and delivered in-kind through subscriptions and redemptions were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Simplify Volt TSLA Revolution ETF | $18826265 | $7573876 |

---

**6. Fund Share Transactions**

The Fund issues and redeems Shares at NAV only in large blocks of 25,000 Shares (each block of Shares is called a "Creation Unit"). Creation Units are issued and redeemed primarily in-kind for securities but may include cash. Individual Shares may only be purchased and sold in secondary market transactions through brokers. Except when aggregated in Creation Units in transactions with Authorized Participants, the Shares are not redeemable securities of the Fund.

Fund Shares are listed and traded on the Exchange on each day that the Exchange is open for business ("Business Day"). The Fund's Shares may only be purchased and sold on the Exchange through a broker-dealer. Because the Fund's Shares trade at market prices rather than at its NAV, Shares may trade at a price equal to the NAV, greater than NAV (premium) or less than NAV (discount).

Authorized participants pay a fixed transaction fee of $500 to the "Fund's custodian" when purchasing and redeeming Creation Units of a Fund. The transaction fee is used to defray the costs associated with the issuance and redemption of Creation Units. In addition to the fixed transaction fee, the Fund may charge an additional variable fee of up to a maximum of 3% of the amount invested for creations and redemptions in cash, to offset brokerage and impact expenses associated with a cash transaction.

**7. Federal Income Taxes**

For the year ended June 30, 2025, the effect of permanent "book/tax" reclassifications to the components of net assets are included below. These differences, if any, are primarily due to redemptions-in-kind, non-deductible excise tax paid, prior year true ups, distributions in excess, return of capital distributions, and if applicable, controlled foreign corporations income reversal.

---

| | | |
|:---|:---|:---|
| **Fund** | **Distributable<br> earnings (loss)** | **Paid-in Capital** |
| Simplify Volt TSLA Revolution ETF | $1206128 | $(1206128) |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

The tax character of dividends and distributions declared for the year ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income\*** | **Long-Term<br> Capital Gains** | **Return of<br> Capital** |
| Simplify Volt TSLA Revolution ETF | $485916 | $– $|  |

---

\* For tax purposes short-term capital gain distributions are considered ordinary income distributions.

The tax character of dividends and distributions declared for the year ended June 30, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income\*** | **Long-Term<br> Capital Gains** | **Return of<br> Capital** |
| Simplify Volt TSLA Revolution ETF | $| $| $|

---

\* For tax purposes short-term capital gain distributions are considered ordinary income distributions.

As of June 30, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br> Ordinary<br> Income** | **Undistributed<br> Long-term<br> Capital Gains** | **Temporary<br> Book/Tax<br> Differences** | **Net Unrealized<br> Appreciation<br> (Depreciation)** | **Accumulated<br> Capital and<br> Other Losses** | **Distributable<br> earnings (loss)** |
| Simplify Volt TSLA Revolution ETF | $6910359 | $1464331 | $– $| (4317101) | $– $– $| 4057589 |

---

At June 30, 2025, gross unrealized appreciation and depreciation of investments, including derivatives, owned by the Fund, based on cost for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross**<br> **Unrealized**<br> **Depreciation** | **Net<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| Simplify Volt TSLA Revolution ETF | $36703802 | $1955730 | $(6272831) | $(4317101) |

---

The differences between book-basis and tax-basis components of net assets, if applicable, are primarily attributable to the tax deferral of losses on wash sales, grantor trust adjustments, section 1256 mark-to-market treatment of derivatives and return of capital basis adjustments from underlying investments.

If available, the Fund utilized the following amount of capital loss carryforwards to offset taxable gains realized during the year ended June 30, 2025:

---

| | |
|:---|:---|
| **Fund** | **Amount** |
| Simplify Volt TSLA Revolution ETF | $5026857 |

---

At June 30, 2025, for federal income tax purposes, the Fund had capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term** | **Total Amount** |
| Simplify Volt TSLA Revolution ETF | $– $– $|  |

---

Certain capital and qualified late year ordinary losses incurred within the current taxable year after October 31 and December 31, respectively can be deferred. If elected these deferred losses are deemed to arise on the first business day of the Fund's next taxable year. As of tax year-end June 30, 2025, the Fund will elect to defer post-October capital losses and late year ordinary losses as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Capital Post-<br> October Losses** | **Late-year<br> ordinary Losses** |
| Simplify Volt TSLA Revolution ETF | $| $|

---

**8. Segment Reporting**

The Fund operates in one segment. The Chief Operating Decision Maker ("CODM") is the President and Chief Executive Officer of the Fund. The CODM reviews the operating results of the Fund on a consolidated basis as part of making decisions for allocating resources and evaluating performance.

**9. Subsequent Events**

Management has evaluated subsequent events through the date of issuance of these financial statements and has determined that there are no subsequent events that require adjustment to, or disclosure in, the financial statements.

**Simplify Exchange Traded Funds**

**Report of Independent Registered Public Accounting Firm**

To the Shareholders of and Board of Trustees of

Simplify Exchange Traded Funds

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Simplify Volt TSLA Revolution ETF (formerly Simplify Volt RoboCar Disruption and Tech ETF) (the "Fund"), a series of Simplify Exchange Traded Funds, as of June 30, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for the years ended June 30, 2025, 2024, 2023, and 2022 and for the period from December 29, 2020 (commencement of operations) through June 30, 2021, and the related notes (collectively referred to as the "Financial Statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights each of the five periods in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more funds advised by Simplify Asset Management, Inc. since 2020.

![](signature.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

August 29, 2025

**Simplify Exchange Traded Funds**

**Additional Information** (Unaudited)

***Proxy Voting Policies and Procedures***

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1-855-772-8488; and on the SEC's website at www.sec.gov.

***Discount & Premium Information***

Information regarding how often Shares of the Fund traded on NYSE Arca, at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.simplify.us.

***Tax Information***

Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its year ended June 30, 2025.

---

| | | |
|:---|:---|:---|
| **Fund** | **Qualified<br> Dividend<br> Income\*** | **Dividends<br> Received<br> Deduction** |
| Simplify Volt TSLA Revolution ETF | 00.00% | 00.00% |

---

\* The above percentage is based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

June 30, 2025

Annual Financial Statements and

Other Important Information

Simplify Exchange Traded Funds

Simplify Commodities Strategy No K-1 ETF (HARD)

Simplify Managed Futures Strategy ETF (CTA)

![](logo.jpg)

(This page intentionally left blank)

**Simplify Exchange Traded Funds**

**Table of Contents**

---

| | |
|:---|:---|
| Consolidated Schedule of Investments: |  |
| &nbsp;&nbsp;&nbsp;[Simplify Commodities Strategy No K-1 ETF](#book5_001) | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;[Simplify Managed Futures Strategy ETF](#book5_002) | &nbsp;&nbsp;7 |
| [Consolidated Statements of Assets and Liabilities](#book5_003) | 10 |
| [Consolidated Statements of Operations](#book5_004) | 11 |
| [Consolidated Statements of Changes in Net Assets](#book5_005) | 12 |
| [Consolidated Statement of Cash Flows](#book5_006) | 13 |
| [Consolidated Financial Highlights](#book5_007) | 14 |
| [Notes to Financial Statements](#book5_008) | 15 |
| [Report of Independent Registered Public Accounting Firm](#book5_009) | 23 |
| [Additional Information](#book5_010) | 24 |

---

This report is provided for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

**Simplify Commodities Strategy No K-1 ETF**

**Consolidated Schedule of Investments**

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal** | **Principal** | **Value** |
| **U.S. Treasury Bills – 121.1%** |  |  |  |
| U.S. Treasury Bill, 4.29%, 7/8/2025 (a) | $| 500000 | $499597 |
| U.S. Treasury Bill, 4.30%, 7/29/2025 (a)(b) |  | 16300000 | 16247368 |
| U.S. Treasury Bill, 4.35%, 8/5/2025 (a)(b) |  | 2300000 | 2290487 |
| U.S. Treasury Bill, 4.35%, 8/7/2025 (a)(c) |  | 8000000 | 7965121 |
| U.S. Treasury Bill, 4.29%, 8/26/2025 (a)(b) |  | 7400000 | 7350301 |
| U.S. Treasury Bill, 4.32%, 9/30/2025 (a)(b) |  | 3900000 | 3858620 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $38,210,858) |  |  | 38211494 |
| Total Investments – 121.1% |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $38,210,858) |  |  | $38211494 |
| Liabilities in Excess of Other Assets – (21.1)% | Liabilities in Excess of Other Assets – (21.1)% | Liabilities in Excess of Other Assets – (21.1)% | (6656503) |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** | **Net Assets – 100.0%** | $**31554991** |

---

(a) Represents
 a zero coupon bond. Rate shown reflects the effective yield.

(b) Securities
 with an aggregate market value of $8,943,036 have been pledged as collateral for futures contracts as of June 30, 2025.

(c) Security,
 or a portion thereof, in the amount of $7,965,040 has been pledged as collateral for reverse repurchase agreements as of June 30,
 2025. See note 5 for additional information

**At June 30, 2025, open futures contracts were as follows:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts** | **Notional**<br> **Value** | **Expiration**<br> **Date** | **Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Long position contracts:** |  |  |  |  |
| WTI Crude Future | 1 | $65110 | 7/22/25 | $2632 |
| NY Harbor ULSD Future | 4 | 382418 | 7/31/25 | (36638) |
| Gasoline RBOB Future | 7 | 609197 | 7/31/25 | (37208) |
| Lean Hogs Future | 135 | 5805000 | 8/14/25 | (2890) |
| Soybean Future | 5 | 257438 | 8/14/25 | (11400) |
| Soybean Oil Future | 19 | 600210 | 8/14/25 | (25727) |
| WTI Crude Future | 11 | 702350 | 8/20/25 | (21626) |
| Gold 100 OZ Future | 6 | 1984620 | 8/27/25 | (31075) |
| Cattle Feeder Future | 19 | 2951412 | 8/28/25 | 23863 |
| NY Harbor ULSD Future | 2 | 189151 | 8/29/25 | (2566) |
| Live Cattle Future | 15 | 1283250 | 8/29/25 | (30142) |
| Soybean Future | 4 | 203650 | 9/12/25 | (5288) |
| Kansas City Hard Red Winter Wheat Future | 6 | 158025 | 9/12/25 | (9216) |
| Corn Future | 11 | 225087 | 9/12/25 | (10425) |
| Soybean Oil Future | 14 | 441504 | 9/12/25 | (21453) |
| Wheat Future (CBT) | 36 | 968850 | 9/12/25 | (53925) |
| Cocoa Future | 23 | 2070000 | 9/15/25 | (90260) |
| WTI Crude Future | 5 | 313800 | 9/22/25 | (10645) |
| Cattle Feeder Future | 19 | 2950938 | 9/25/25 | 51725 |
| Palladium Future | 23 | 2546330 | 9/26/25 | 213744 |
| Copper Future | 28 | 3557750 | 9/26/25 | 42850 |
| Silver Future | 17 | 3074620 | 9/26/25 | 1795 |
| Lean Hogs Future | 71 | 2624160 | 10/14/25 | 13361 |
| WTI Crude Future | 5 | 310300 | 10/21/25 | (17703) |
| Platinum Future | 16 | 1074400 | 10/29/25 | 39564 |

---

See Notes to Financial Statements.

**Simplify Commodities Strategy No K-1 ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts** | **Notional**<br> **Value** | **Expiration**<br> **Date** | **Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Long position contracts: (continued)** |  | |  | |
| Cattle Feeder Future | 13 | $2005413 | 10/30/25 | $23063 |
| Live Cattle Future | 38 | 3194660 | 10/31/25 | (21065) |
| Canola (WCE) Future | 159 | 1657313 | 11/14/25 | (35587) |
| Soybean Future | 43 | 2208050 | 11/14/25 | (51643) |
| WTI Crude Future | 15 | 924750 | 11/20/25 | (10410) |
| Lean Hogs Future | 1 | 33510 | 12/12/25 |  |
| Kansas City Hard Red Winter Wheat Future | 3 | 82500 | 12/12/25 | (5737) |
| Wheat Future (CBT) | 16 | 448000 | 12/12/25 | (23338) |
| Corn Future | 65 | 1382875 | 12/12/25 | (47165) |
| Cocoa Future | 13 | 1078870 | 12/15/25 | (50250) |
| WTI Crude Future | 2 | 122880 | 12/19/25 | (6410) |
| Copper Future | 3 | 386100 | 12/29/25 | (2075) |
| Gold 100 OZ Future | 2 | 672580 | 12/29/25 | (11960) |
| Live Cattle Future | 23 | 1937980 | 12/31/25 | (40890) |
| Soybean Future | 1 | 52113 | 1/14/26 | (462) |
| Canola (WCE) Future | 23 | 242642 | 1/14/26 | (6869) |
| WTI Crude Future | 2 | 122700 | 1/20/26 | (6140) |
| WTI Crude Future | 4 | 245240 | 2/20/26 | (9160) |
| Canola (WCE) Future | 2 | 21311 | 3/13/26 | (206) |
| Kansas City Hard Red Winter Wheat Future | 1 | 28575 | 3/13/26 | (1125) |
| Wheat Future (CBT) | 3 | 86888 | 3/13/26 | (3288) |
| Corn Future | 15 | 330750 | 3/13/26 | (11950) |
| Cocoa Future | 4 | 314400 | 3/16/26 | (3130) |
| Cotton No. 2 Future | 1 | 35250 | 5/6/26 | 55 |
| Corn Future | 2 | 45100 | 5/14/26 | (187) |
| **Total unrealized appreciation/(depreciation)** |  |  |  | $**(354582)** |
| **Short position contracts:** |  |  |  |  |
| Soybean Meal Future | (4) | (110320) | 8/14/25 | (160) |
| Natural Gas Future | (5) | (174500) | 8/27/25 | 6950 |
| Soybean Meal Future | (6) | (167940) | 9/12/25 | (130) |
| Coffee "C" Future | (5) | (562688) | 9/18/25 | 7828 |
| Natural Gas Future | (6) | (215580) | 9/26/25 | 6420 |
| Sugar #11 (World) Future | (36) | (653184) | 9/30/25 | 14098 |
| Soybean Meal Future | (2) | (56620) | 10/14/25 | (100) |
| Natural Gas Future | (3) | (119550) | 10/29/25 | 4040 |
| Natural Gas Future | (3) | (136800) | 11/25/25 | 3510 |
| Cotton No. 2 Future | (1) | (34065) | 12/8/25 | (105) |
| Coffee "C" Future | (1) | (110475) | 12/18/25 | 1856 |
| Natural Gas Future | (3) | (145560) | 12/29/25 | 3510 |
| Natural Gas Future | (1) | (40930) | 2/25/26 | 1770 |
| Sugar #11 (World) Future | (13) | (246646) | 2/27/26 | 1249 |
| Sugar #11 (World) Future | (6) | (111821) | 4/30/26 | 571 |
| **Total unrealized appreciation/(depreciation)** |  |  |  | $**51307** |
| **Total net unrealized depreciation** |  |  |  | $**(303275)** |

---

See Notes to Financial Statements.

**Simplify Commodities Strategy No K-1 ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

**Summary of Investment Type††**

---

| | |
|:---|:---|
| **Investment Categories** | **% of<br> Net Assets** |
| U.S. Treasury Bills | 121.1% |
| Total Investments | 121.1% |
| Liabilities in Excess of Other Assets | (21.1)% |
| **Net Assets** | **100.0%** |

---

---

| | |
|:---|:---|
| †† | 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. |

---

**At June 30, 2025, open reverse repurchase agreements were as follows:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Interest<br> Rate** | **Trade<br> Date** | **Maturity<br> Date** | **Face<br> Amount** | **Payable for<br> Reverse<br> Repurchase<br> Agreements** |
| Morgan Stanley Capital Services LLC | 4.55% | 6/30/2025 | 7/1/2025 | $7804498 | $7804498 |
|  |  |  |  | $7804498 | $7804498 |

---

See Notes to Financial Statements.

**Simplify Managed Futures Strategy ETF**

**Consolidated Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. Treasury Bills – 99.6%** |  |  |
| U.S. Treasury Bill, 4.29%, 7/8/2025 (a)(b) | $222100000 | $221920792 |
| U.S. Treasury Bill, 4.31%, 7/29/2025 (a)(b) | 365000000 | 363821437 |
| U.S. Treasury Bill, 4.35%, 8/5/2025 (a)(b) | 172800000 | 172085285 |
| U.S. Treasury Bill, 4.31%, 8/26/2025 (a)(b) | 144400000 | 143430194 |
| U.S. Treasury Bill, 4.33%, 9/30/2025 (a)(b) | 151600000 | 149991471 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $1,051,233,363) |  | 1051249179 |

---

---

| | |
|:---|:---|
| Total Investments – 99.6% |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,051,233,363) | $1051249179 |
| Other Assets in Excess of Liabilities – 0.4% | 3873395 |
| **Net Assets – 100.0%** | $**1055122574** |

---

(a) Represents
 a zero coupon bond. Rate shown reflects the effective yield.

(b) Securities
 with an aggregate market value of $380,819,850 have been pledged as collateral for futures contracts as of June 30, 2025.

**At June 30, 2025, open futures contracts were as follows:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts** | **Notional**<br> **Value** | **Expiration**<br> **Date** | **Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Long position contracts:** |  | |  | |
| NY Harbor ULSD Future | 62 | $5927485 | 7/31/25 | $(200380) |
| Gasoline RBOB Future | 213 | 18537007 | 7/31/25 | (1138335) |
| Soybean Future | 1 | 51488 | 8/14/25 | (2081) |
| Soybean Oil Future | 382 | 12067380 | 8/14/25 | (487647) |
| Lean Hogs Future | 2987 | 128441000 | 8/14/25 | (839100) |
| WTI Crude Future | 273 | 17431050 | 8/20/25 | (913214) |
| Gold 100 OZ Future | 55 | 18192350 | 8/27/25 | (798384) |
| Cattle Feeder Future | 366 | 56853525 | 8/28/25 | (27223) |
| NY Harbor ULSD Future | 2 | 189151 | 8/29/25 | (6434) |
| Gasoline RBOB Future | 31 | 2658944 | 8/29/25 | (157263) |
| Live Cattle Future | 484 | 41406200 | 8/29/25 | (946462) |
| Soybean Future | 9 | 458213 | 9/12/25 | (15975) |
| Kansas City Hard Red Winter Wheat Future | 71 | 1869963 | 9/12/25 | (92392) |
| Corn Future | 94 | 1923475 | 9/12/25 | (105669) |
| Soybean Oil Future | 265 | 8357040 | 9/12/25 | (377606) |
| Wheat Future (CBT) | 538 | 14478925 | 9/12/25 | (557850) |
| Cocoa Future | 499 | 44910000 | 9/15/25 | (1685282) |
| CAN 10Year Bond Future | 657 | 58861024 | 9/18/25 | 633193 |
| CAN 5Year Bond Future | 565 | 47345071 | 9/18/25 | 250002 |
| CAN 2Year Bond Future | 94 | 7293931 | 9/18/25 | 11375 |
| WTI Crude Future | 102 | 6401520 | 9/22/25 | (260010) |
| Cattle Feeder Future | 376 | 58397500 | 9/25/25 | 781195 |
| Palladium Future | 368 | 40741280 | 9/26/25 | 3212136 |
| Copper Future | 515 | 65437188 | 9/26/25 | 542240 |
| Silver Future | 363 | 65652180 | 9/26/25 | (197120) |

---

See Notes to Financial Statements.

**Simplify Managed Futures Strategy ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts** | **Notional**<br> **Value** | **Expiration**<br> **Date** | **Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Long position contracts: (continued)** |  | |  | |
| NY Harbor ULSD Future | 1 | $94038 | 9/30/25 | $(3468) |
| Lean Hogs Future | 1396 | 51596160 | 10/14/25 | 36460 |
| Soybean Oil Future | 18 | 567432 | 10/14/25 | (10230) |
| WTI Crude Future | 88 | 5461280 | 10/21/25 | (368529) |
| Platinum Future | 488 | 32769200 | 10/29/25 | 1207547 |
| Cattle Feeder Future | 252 | 38874150 | 10/30/25 | 305254 |
| Live Cattle Future | 847 | 71207290 | 10/31/25 | (645889) |
| Canola (WCE) Future | 549 | 5722420 | 11/14/25 | (87379) |
| Soybean Future | 300 | 15405000 | 11/14/25 | (463873) |
| WTI Crude Future | 296 | 18248400 | 11/20/25 | (1181357) |
| Kansas City Hard Red Winter Wheat Future | 32 | 880000 | 12/12/25 | (43787) |
| Corn Future | 297 | 6318675 | 12/12/25 | (207256) |
| Wheat Future (CBT) | 210 | 5880000 | 12/12/25 | (238563) |
| Cocoa Future | 299 | 24814010 | 12/15/25 | (849091) |
| 3-Month CORRA Futures | 1558 | 278806774 | 12/16/25 | (402468) |
| WTI Crude Future | 73 | 4485120 | 12/19/25 | (286529) |
| Copper Future | 87 | 11196900 | 12/29/25 | 122663 |
| Silver Future | 38 | 6956660 | 12/29/25 | 46285 |
| Gold 100 OZ Future | 46 | 15469340 | 12/29/25 | (332306) |
| Live Cattle Future | 526 | 44320760 | 12/31/25 | (905729) |
| Soybean Future | 8 | 416900 | 1/14/26 | (3890) |
| Canola (WCE) Future | 68 | 717377 | 1/14/26 | (23892) |
| WTI Crude Future | 46 | 2822100 | 1/20/26 | (128835) |
| WTI Crude Future | 50 | 3065500 | 2/20/26 | (143206) |
| Gold 100 OZ Future | 4 | 1355800 | 2/25/26 | (34190) |
| Canola (WCE) Future | 3 | 31966 | 3/13/26 | (256) |
| Kansas City Hard Red Winter Wheat Future | 9 | 257175 | 3/13/26 | (11605) |
| Corn Future | 28 | 617400 | 3/13/26 | (12265) |
| Wheat Future (CBT) | 49 | 1419163 | 3/13/26 | (57450) |
| Cocoa Future | 71 | 5580600 | 3/16/26 | (52687) |
| 3-Month CORRA Futures | 1186 | 212552451 | 3/17/26 | (182877) |
| Copper Future | 16 | 2080600 | 3/27/26 | (900) |
| Corn Future | 6 | 135300 | 5/14/26 | (1050) |
| 3-Month CORRA Futures | 542 | 97160988 | 6/16/26 | (85567) |
| **Total unrealized appreciation/(depreciation)** |  |  |  | $**(8425201)** |
| **Short position contracts:** |  |  |  |  |
| Natural Gas Future | (13) | (449280) | 7/29/25 | 80504 |
| Soybean Meal Future | (26) | (717080) | 8/14/25 | (1130) |
| Natural Gas Future | (210) | (7329000) | 8/27/25 | 410122 |
| Soybean Meal Future | (68) | (1903320) | 9/12/25 | 259 |
| Coffee "C" Future | (211) | (23745413) | 9/18/25 | 988166 |
| U.S. Treasury Bond Futures | (493) | (56926094) | 9/19/25 | (1963784) |
| U.S.10Years Ultra Bond (CBT) | (1114) | (127291906) | 9/19/25 | (2784861) |
| U.S. Ultra Bond (CBT) | (726) | (86484750) | 9/19/25 | (3515655) |
| 10-Year U.S. Treasury Note Futures | (2724) | (305428500) | 9/19/25 | (3854131) |
| Natural Gas Future | (384) | (13797120) | 9/26/25 | 735213 |

---

See Notes to Financial Statements.

**Simplify Managed Futures Strategy ETF**

**Consolidated Schedule of Investments** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts** | **Notional**<br> **Value** | **Expiration**<br> **Date** | **Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Short position contracts: (continued)** |  | |  | |
| Sugar #11 (World) Future | (1752) | $(31788288) | 9/30/25 | $1051279 |
| U.S. 5 Year Note (CBT) | (993) | (108237000) | 9/30/25 | (24781) |
| U.S. 2 Years Note (CBT) | (4885) | (1016194495) | 9/30/25 | (3056298) |
| Soybean Meal Future | (11) | (311410) | 10/14/25 | (490) |
| Natural Gas Future | (173) | (6894050) | 10/29/25 | 282220 |
| Natural Gas Future | (166) | (7569600) | 11/25/25 | 80932 |
| Cotton No. 2 Future | (887) | (30215655) | 12/8/25 | (347909) |
| Coffee "C" Future | (77) | (8506575) | 12/18/25 | 309906 |
| Natural Gas Future | (249) | (12081480) | 12/29/25 | (19077) |
| Natural Gas Future | (100) | (4562000) | 1/28/26 | 5052 |
| Natural Gas Future | (150) | (6139500) | 2/25/26 | 171840 |
| Sugar #11 (World) Future | (696) | (13205069) | 2/27/26 | 243089 |
| Cotton No. 2 Future | (131) | (4549630) | 3/9/26 | (70880) |
| 3 Month SOFR Future | (494) | (118967550) | 3/17/26 | (217137) |
| Coffee "C" Future | (34) | (3684750) | 3/19/26 | 170344 |
| Sugar #11 (World) Future | (197) | (3671450) | 4/30/26 | 42457 |
| Cotton No. 2 Future | (16) | (564000) | 5/6/26 | (11008) |
| 3 Month SOFR Future | (1569) | (378913500) | 6/16/26 | (802050) |
| 3 Month SOFR Future | (2409) | (583098450) | 9/15/26 | (1434613) |
| 3 Month SOFR Future | (724) | (175452350) | 12/15/26 | (8788) |
| **Total unrealized appreciation/(depreciation)** |  |  |  | $**(13541209)** |
| **Total net unrealized depreciation** |  |  |  | $**(21966410)** |

---

**Summary of Investment Type††**

---

| | |
|:---|:---|
| **Investment Categories** | **% of<br> Net Assets** |
| U.S. Treasury Bills | 99.6% |
| Total Investments | 99.6% |
| Other Assets in Excess of Liabilities | 0.4% |
| **Net Assets** | **100.0%** |

---

---

| | |
|:---|:---|
| †† | 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. |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Consolidated Statements of Assets and Liabilities**

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Simplify<br> Commodities<br> Strategy No K-1<br> ETF** | **Simplify<br> Managed<br> Futures Strategy<br> ETF** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;**Investments, at value** | $38211494 | $1051249179 |
| &nbsp;&nbsp;&nbsp;Cash | 406379 | 997984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital shares | 701226 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from broker | 60412 | 3539000 |
| &nbsp;&nbsp;&nbsp;Total assets | 39379511 | 1055786163 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reverse repurchase agreement | 7804498 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 20022 | 663589 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 7824520 | 663589 |
| **Net Assets** | $31554991 | $1055122574 |
| **Net Assets Consist of** |  |  |
| &nbsp;&nbsp;&nbsp;**Paid-in capital** | $31882141 | $1105997244 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss) | (327150) | (50874670) |
| **Net Assets** | $31554991 | $1055122574 |
| Number of Common Shares outstanding | 1125001 | 39525001 |
| **Net Asset Value, offering and redemption price per share** | $28.05 | $26.70 |
| Investments, at cost | $38210858 | $1051233363 |
| Foreign currency, at cost | $788 | $— |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Consolidated Statements of Operations**

For the Year Ended June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Simplify<br> Commodities<br> Strategy No K-1<br> ETF** | **Simplify<br> Managed <br> Futures Strategy<br> ETF** |
| **Investment Income** |  |  |
| &nbsp;&nbsp;&nbsp;**Interest income** | $837210 | $25802336 |
| &nbsp;&nbsp;&nbsp;Total income | 837210 | 25802336 |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;**Investment advisory fees** | 144331 | 4364164 |
| &nbsp;&nbsp;&nbsp;Interest on reverse repurchase agreement | 5154 |  |
| &nbsp;&nbsp;&nbsp;Interest expense | 163 | 1659 |
| &nbsp;&nbsp;&nbsp;Tax expenses | 30 | 403 |
| &nbsp;&nbsp;&nbsp;Total expenses | 149678 | 4366226 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 687532 | 21436110 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 1605 | (67883) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (1020000) | (23763140) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 2194 | (292757) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (1016201) | (24123780) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (80) | 1949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | (788) | 2944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (190600) | (24703081) |
| &nbsp;&nbsp;&nbsp;Net unrealized gain (loss) | (191468) | (24698188) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1207669) | (48821968) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(520137) | $(27385858) |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Consolidated Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Simplify Commodities Strategy<br> No K-1 ETF** | **Simplify Commodities Strategy<br> No K-1 ETF** | **Simplify Managed Futures<br> Strategy ETF** | **Simplify Managed Futures<br> Strategy ETF** |
|  | **Year Ended<br> June 30,<br> 2025** | **Year Ended<br> June 30,<br> 2024** | **Year Ended<br> June 30,<br> 2025** | **Year Ended<br> June 30,<br> 2024** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net investment income (loss)** | $687532 | $358050 | $21436110 | $6251581 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (1016201) | (336718) | (24123780) | 17102582 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | (191468) | (119092) | (24698188) | (3522650) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (520137) | (97760) | (27385858) | 19831513 |
| **Distributions** | (574561) | (250815) | (28257099) | (12670742) |
| **Fund Shares Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Proceeds from shares sold** | 68736599 | 8042779 | 1002745461 | 131896571 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | (46360032) | (3592542) | (96849532) | (61930645) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund sharetransactions | 22376567 | 4450237 | 905895929 | 69965926 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | 21281869 | 4101662 | 850252972 | 77126697 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Beginning of year** | 10273122 | 6171460 | 204869602 | 127742905 |
| &nbsp;&nbsp;&nbsp;End of year | $31554991 | $10273122 | $1055122574 | $204869602 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Shares outstanding, beginning of year** | 425001 | 250001 | 7600001 | 5000001 |
| &nbsp;&nbsp;&nbsp;Shares sold | 2350000 | 325000 | 35425000 | 5025000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1650000) | (150000) | (3500000) | (2425000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of year | 1125001 | 425001 | 39525001 | 7600001 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Consolidated Statement of Cash Flows**

For the Year Ended June 30, 2025

---

| | |
|:---|:---|
|  | **Simplify<br> Commodities<br> Strategy No K-1<br> ETF** |
| **Cash Flows Provided by (Used for) Operating Activities:** | |
| Net increase (decrease) in net assets resulting from operations | $(520137) |
| **Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by / (used for) operating activities:** |  |
| &nbsp;&nbsp;&nbsp;Net purchases and sales in short term investments | (27222050) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) / depreciation on investments | 80 |
| &nbsp;&nbsp;&nbsp;Net realized (gain) / loss from sales of investments | (1605) |
| &nbsp;&nbsp;&nbsp;Net amortization of premium / (discount) | (837210) |
| &nbsp;&nbsp;&nbsp;(Increase) Decrease in due from broker | 62969 |
| &nbsp;&nbsp;&nbsp;(Increase) Decrease in prepaid expenses | 30 |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) in investment advisory fees payable | 13564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Cash Provided by / (Used for) Operating Activities | (28504359) |
| **Cash Flows Provided by (Used for) from Financing Activities:** |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 68035373 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (46360032) |
| &nbsp;&nbsp;&nbsp;Proceeds from reverse repurchase agreement | 63166956 |
| &nbsp;&nbsp;&nbsp;Payments made on reverse repurchase agreement | (55362458) |
| &nbsp;&nbsp;&nbsp;Distributions paid | (574561) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash provided by (used for) financing activities | 28905278 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in cash | 400919 |
| **Cash and Restricted Cash:** |  |
| Cash and Restricted Cash, at beginning of period | 5460 |
| Cash and Restricted Cash, at end of period | $406379 |
| **Supplemental Disclosure of Cash Flow Information:** |  |
| Non-cash financing activities: |  |
| Cash and Restricted Cash, at beginning of period | $5154 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Consolidated Financial Highlights**

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended June 30** | **Years Ended June 30** | |
| **Simplify Commodities Strategy No K-1 ETF**<br>**Selected Per Share Data** | **2025** | **2024** | **Period Ended<br> June 30,**<br>**2023**<sup>(a)</sup> |
| Net Asset Value, beginning of period | $24.17 | $24.69 | $25.00 |
| Income (loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 1.00 | 0.99 | 0.20 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 3.90 <sup>(c)</sup> | (0.85) | (0.41) |
| Total from investment operations | 4.90 | 0.14 | (0.21) |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.93) | (0.66) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.09) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.02) | (0.66) | (0.10) |
| Net Asset Value, end of period | $28.05 | $24.17 | $24.69 |
| **Total Return (%)** | 20.52 | 0.63 | (0.86)<sup>(d)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |
| **Net Assets, end of period ($ millions)** | $32 | $10 | $6 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.78 <sup>(e)(f)</sup> | 0.75 <sup>(f)</sup> | 0.75 <sup>(f)(g)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 3.57 | 4.09 | 3.06 <sup>(g)</sup> |
| Portfolio turnover rate (%)<sup>(h)</sup> | 0 | 0 | 0 <sup>(d)</sup> |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended June 30** | **Years Ended June 30** | **Years Ended June 30** | |
| **Simplify Managed Futures Strategy ETF**<br>**Selected Per Share Data** | **2025** | **2024** | **2023** | **Period Ended <br> June 30,**<br>**2022**<sup>(i)</sup> |
| Net Asset Value, beginning of period | $26.96 | $25.55 | $27.27 | $25.00 |
| Income (loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 1.02 | 1.05 | 0.67 | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.13 <sup>(c)</sup> | 2.40 | (0.58) | 2.29 |
| Total from investment operations | 1.15 | 3.45 | 0.09 | 2.27 |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.29) | (0.78) | (1.14) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.12) | (1.26) | (0.67) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.41) | (2.04) | (1.81) |  |
| Net Asset Value, end of period | $26.70 | $26.96 | $25.55 | $27.27 |
| **Total Return (%)** | 4.23 | 14.52 | 0.13 | 9.07 <sup>(d)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |
| **Net Assets, end of period ($ millions)** | $1055 | $205 | $128 | $29 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.75 <sup>(f)</sup> | 0.76 <sup>(f)(j)</sup> | 0.78 <sup>(e)(f)</sup> | 0.75 <sup>(f)(g)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 3.68 | 4.06 | 2.49 | (0.27)<sup>(g)</sup> |
| Portfolio turnover rate (%)<sup>(h)</sup> | 0 | 0 | 0 | 0 <sup>(d)</sup> |

---

(a) For
 the period March 28, 2023 (commencement of operations) through June 30, 2023.

(b) Per
 share numbers have been calculated using the average shares method.

(c) Because
 of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change
 in aggregate gains and losses on the Consolidated Statement of Changes.

(d) Not
 annualized.

(e) The
 ratios of expenses to average net assets includes interest expense fees of 0.03%.

(f) The
 Fund invests in other ETFs and indirectly bears its proportionate shares of fees and expenses incurred by the Underlying Funds in which
 the Fund is invested. This ratio does not included these indirect fees and expenses.

(g) Annualized.

(h) Excludes
 the impact of in-kind transactions related to the processing of capital share transactions in Creation Units.

(i) For
 the period March 8, 2022 (commencement of operations) through June 30, 2022.

(j) The
 ratios of expenses to average net assets includes interest expense fees of 0.01%.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements**

June 30, 2025

**1. Organization**

Simplify Exchange Traded Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end registered management investment company organized as a Delaware statutory trust.

As of June 30, 2025, the Trust consists of thirty four investment series of exchange-traded funds ("ETFs") (each a "Fund" and collectively, the "Funds") in operation and trading. These financial statements report on Simplify Commodities Strategy No K-1 ETF and Simplify Managed Futures Strategy ETF, each of which is a diversified series of the Trust.

Simplify Asset Management Inc. (the "Adviser") serves as investment adviser to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the oversight of the Trust's Board of Trustees (the "Board").

Each Fund offers shares ("Shares") that are listed and traded on the NYSE Arca, Inc. ("NYSE Arca" or the "Exchange"). Unlike mutual funds, each Fund issues and redeems Shares at net asset value ("NAV") only in large specified lots consisting of 25,000 Shares, each called a "Creation Unit", to authorized participants who have entered into agreements with the Funds' distributor. Shares are not individually redeemable securities of the Funds, and owners of the Shares who are authorized participants may acquire those Shares from the Funds, or tender such Shares for redemption to the Funds, in Creation Units only.

---

| | |
|:---|:---|
| **Fund** | **Investment Objectives** |
| Simplify Commodities Strategy No K-1 ETF | The Fund seeks long term capital appreciation. |
| Simplify Managed Futures Strategy ETF | The Fund seeks long term capital appreciation. |

---

**2. Consolidation of Subsidiary**

The Consolidated Schedules of Investments, Consolidated Statements of Assets and Liabilities, Consolidated Statements of Operations, Consolidated Statement of Changes in Net Assets, and the Consolidated Financial Highlights of the Funds listed below include the accounts of a wholly owned subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation.

Each Subsidiary is a Cayman Islands exempted company with limited liability. For tax purposes, each Fund is required to increase its taxable income by its shares of the Cayman subsidiary's income. Net losses incurred by each Subsidiary cannot offset income earned by each Fund and cannot be carried back or forward by each Subsidiary to offset income from prior or future years.

---

| | |
|:---|:---|
| **Fund** | **Wholly Owned Subsidiary** |
| Simplify Commodities Strategy No K-1 ETF | Simplify Commodities Strategy No K-1 Cayman Fund |
| Simplify Managed Futures Strategy ETF | Simplify Managed Futures Strategy Cayman Fund |

---

A summary of each Fund's investment in its corresponding subsidiary is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Inception Date of**<br> **Subsidiary** | **Subsidiary <br> Net Assets at<br> June 30,**<br> **2025** | **% of Fund's<br> Consolidated<br> Total Assets at<br> June 30,<br> 2025** |
| Simplify Commodities Strategy No K-1 ETF | March 28, 2023 | $9003547 | 22.9% |
| Simplify Managed Futures Strategy ETF | March 8, 2022 | $260714670 | 24.7% |

---

**3. Significant Accounting Policies**

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies including Accounting Standards Update 2013-08. The following is a summary of significant accounting policies followed by the Funds.

**Investment Valuation**

Each Fund's investments are valued using procedures approved by the Board and are generally valued using market valuations (Market Approach). A market valuation generally means a valuation (i) obtained from an exchange, a pricing service, or a major market maker (or dealer) or (ii) based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service, or a major market maker (or dealer). A price obtained from a pricing service based on such pricing service's valuation matrix may be considered a market valuation.

If market quotations are not readily available, securities will be valued at their fair market value as determined using the "fair value" procedures approved by the Board and the Adviser. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security. The fair value

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

prices can differ from market prices when they become available or when a price becomes available. The Board has designated the Adviser as its valuation designee to execute these procedures pursuant to Rule 2a-5 under the 1940 Act. Independent pricing services may assist in calculating the value of the Fund's portfolio securities. The Board reviews the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results. These securities are either categorized as Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

Debt securities not traded on an exchange may be valued at prices supplied by a pricing agent(s) based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity. Debt securities are generally categorized as Level 2 of the fair value hierarchy.

Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.

Reverse repurchase agreements are valued at cost plus accrued interest. These securities are categorized as Level 2 in the fair value hierarchy.

Under certain circumstances, a Fund may use an independent pricing service to calculate the fair market value of foreign equity securities on a daily basis by applying valuation factors to the last sale price or the mean price as noted above. The fair market values supplied by the independent pricing service will generally reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or the value of other instruments that have a strong correlation to the fair valued securities. The independent pricing service will also take into account the current relevant currency exchange rate. A security that is fair valued may be valued at a price higher or lower than actual market quotations or the value determined by other funds using their own fair valuation procedures. Because foreign securities may trade on days when Shares are not priced, the value of securities held by the Funds can change on days when Shares cannot be redeemed or purchased. In the event that a foreign security's market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closed before the Funds' calculation of NAV), the security will be valued at its fair market value as determined in good faith by the Adviser as the Board's valuation designee in accordance with procedures approved by the Board. Without fair valuation, it is possible that short-term traders could take advantage of the arbitrage opportunity and dilute the NAV of long-term investors. Fair valuation of the Funds' portfolio securities can serve to reduce arbitrage opportunities available to short-term traders, but there is no assurance that it will prevent dilution of the Funds' NAV by short-term traders. In addition, because the Funds may invest in underlying ETFs which hold portfolio securities primarily listed on foreign (non-U.S.) exchanges, and these exchanges may trade on weekends or other days when the underlying ETFs do not price their shares, the value of these portfolio securities may change on days when you may not be able to buy or sell Shares.

Investments initially valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services or other parties in accordance with the valuation procedures of the Adviser as the Board's valuation designee. As a result, the NAV of the Shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Exchange is closed and an investor is not able to purchase, redeem or exchange Shares:

Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

● Level 1 – Quoted prices in active markets for identical assets that the funds have the ability to access.

● Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

● Level 3 – Significant unobservable inputs (including each Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuations as of June 30, 2025 for each Fund based upon the three levels defined above:

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

**Simplify Commodities Strategy No K-1 ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bills | $38211494 | $— | $— | $38211494 |
| Futures | 464454 |  |  | 464454 |
| TOTAL | $38675948 | $— | $— | $38675948 |
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Reverse Repurchase Agreements |  | (7804498) |  | (7804498) |
| Futures | (767729) |  |  | (767729) |
| TOTAL | $(767729) | $(7804498) | $— | $(8572227) |
| **Simplify Managed Futures Strategy ETF** | **Simplify Managed Futures Strategy ETF** | **Simplify Managed Futures Strategy ETF** | **Simplify Managed Futures Strategy ETF** | **Simplify Managed Futures Strategy ETF** |
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bills | 1051249179 |  |  | 1051249179 |
| Futures | 11719733 |  |  | 11719733 |
| TOTAL | $1062968912 | $— | $— | $1062968912 |
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Futures | (33686143) |  |  | (33686143) |
| TOTAL | $(33686143) | $— | $— | $(33686143) |

---

**Cash**

Cash consists of cash on deposit with a major financial institution which may exceed federally insured limits.

**Foreign Currency Translations**

The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments..

**Investment Transactions and Related Income**

For financial reporting purposes, investment transactions are reported on the trade date. However, for daily NAV determination, portfolio securities transactions are reflected no later than in the first calculation on the first business day following trade date. Dividend income is recorded on the ex-dividend date. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount based on effective yield. Gains or losses realized on sales of securities are determined using the specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds. Dividend income on the Statements of Operations is shown net of any foreign taxes withheld on income from foreign securities, which are provided for in accordance with each Fund's understanding of the applicable tax rules and regulations.

**Income Tax Information and Distributions to Shareholders**

It is the Funds' policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (the "Code"). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company ("RIC") under Subchapter M of the Code. It is It is Simplify Commodities Strategy No K-1 ETF's policy to pay out dividends from net investment income quarterly. It is Simplify Managed Futures Strategy ETF's policy to pay out dividends from net investment income monthly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, will be declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, will be available to offset future net capital gains. Each Fund may occasionally be required to make supplemental distributions at some other time during the year. Each Fund reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or advisable to preserve the status of a Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, will be recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains will be determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These "book/tax" differences are either considered temporary or

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

permanent in nature. To the extent these differences are permanent in nature, (e.g., return of capital and distribution reclassifications), such amounts are reclassified within the composition of net assets based on their federal tax basis treatment; temporary differences (e.g., wash sales and straddles) do not require a reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, will be reported as a tax return of capital.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed each Fund's tax positions expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in each Fund's financial statement.

Each Fund will recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations.

**4. Derivative Financial Instruments**

In the normal course of business, a Fund uses derivative contracts in connection with its proprietary trading activities. Derivative contracts are subject to additional risks that can result in a loss of all or part of an investment. A Fund's derivative activities and exposure to derivative contracts are classified by the following primary underlying risks: interest rate, credit, foreign exchange, commodity price, and equity price. In addition to its primary underlying risks, a Fund is also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts.

FASB Accounting Standards Codification, Derivatives and Hedging ("ASC 815") requires enhanced disclosures about a Fund's use of, and accounting for, derivative instruments and the effect of derivative instruments on a Fund's financial position and results of operations. Tabular disclosure regarding derivative fair value and gain/loss by contract type (e.g., interest rate contracts, foreign exchange contracts, credit contracts, etc.) is required and derivatives accounted for as hedging instruments under ASC 815 must be disclosed separately from those that do not qualify for hedge accounting. Even though a Fund may use derivatives in an attempt to achieve an economic hedge, a Fund's derivatives are not accounted for as hedging instruments under ASC 815 because investment companies account for their derivatives at fair value and record any changes in fair value in current period earnings.

**Futures Contracts**

A futures contract provides for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument (e.g., units of a stock index) for a specified price, date, time and place designated at the time the contract is made. Brokerage fees are paid when a futures contract is bought or sold and margin deposits must be maintained. Unlike when a Fund purchases or sells a security, no price would be paid or received by a Fund upon the purchase or sale of a futures contract. Upon entering into a futures contract, and to maintain a Fund's open positions in futures contracts, a Fund would be required to deposit with its custodian or futures broker in a segregated account in the name of the futures broker an amount of cash, U.S. government securities, suitable money market instruments, or other liquid securities, known as "initial margin." The margin required for a particular futures contract is set by the exchange on which the contract is traded, and may be significantly modified from time to time by the exchange during the term of the contract. If the price of an open futures contract changes (by increase in underlying instrument or index in the case of a sale or by decrease in the case of a purchase) so that the loss on the futures contract reaches a point at which the margin on deposit does not satisfy margin requirements, the broker will require an increase in the margin. However, if the value of a position increases because of favorable price changes in the futures contract so that the margin deposit exceeds the required margin, the broker will pay the excess to a Fund.

The primary risks associated with the use of futures contracts are (a) the imperfect correlation between the change in market value of the instruments held by a Fund and the price of the forward or futures contract; (b) possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (c) investments in futures contracts involves leverage, which means a small percentage of assets in futures can have a disproportionately large impact on a Fund and the Fund can lose more than the principal amount invested; (d) losses caused by unanticipated market movements, which are potentially unlimited; (e) the adviser's inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; (f) the possibility that the counterparty will default in the performance of its obligations; and (g) if the Fund has insufficient cash, it may have to sell securities from its portfolio to meet daily variation margin requirements, and a Fund may have to sell securities at a time when it may be disadvantageous to do so.

The following table summarizes the value of the Funds' derivative instruments held as of June 30, 2025 and the related location in the accompanying Consolidated Statement of Assets and Liabilities, presented by underlying risk exposure:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Simplify Commodities Strategy No K-1 ETF** |  |  |  |  |
| Commodity Contracts | Unrealized appreciation on futures contracts\* | $464454 | Unrealized depreciation on futures contracts\* | $767729 |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Simplify Managed Futures Strategy ETF** |  |  |  |  |
| Commodity Contracts | Unrealized appreciation on futures contracts\* | $10825163 | Unrealized depreciation on futures contracts\* | $15353131 |
| Interest Rate Contracts | Unrealized appreciation on futures contracts\* | $894570 | Unrealized depreciation on futures contracts\* | $18333010 |

---

\* Includes cumulative unrealized appreciation or unrealized cumulative depreciation on futures contracts as disclosed in the Consolidated Schedule of Investments.

For the year ended June 30, 2025, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on futures contracts by risk type, as disclosed in the Consolidated Statements of Operations, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Risk Type** | **Realized <br> Gain/(Loss)** | **Change in Unrealized<br> Appreciation/<br> (Depreciation)** |
| Simplify Commodities Strategy No K-1 ETF | Commodity | $(1020000) | $(190600) |
| Simplify Managed Futures Strategy ETF | Commodity | 4213052 | (6916312) |
| Simplify Managed Futures Strategy ETF | Interest Rate | (27976192) | (17786769) |

---

For the year ended June 30, 2025, the average fiscal quarter end balances of outstanding derivative financial instruments were as follows:

---

| | |
|:---|:---|
| **Fund** | **Futures Contracts<br> (Notional Value)** |
| Simplify Commodities Strategy No K-1 ETF | $30633694 |
| Simplify Managed Futures Strategy ETF | $(60908955) |

---

Certain Funds may enter into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar master agreements (collectively, "Master Agreements") with their OTC derivative contract counterparties in order to, among other things, reduce its credit risk to counterparties. ISDA Master Agreements include provisions for general obligations, representations, collateral and events of default or termination. Under an ISDA Master Agreement, a Fund typically may offset with the counterparty certain derivative financial instrument's payables and/or receivables with collateral held and/or posted and create one single net payment (close-out netting) in the event of default or termination.

The Funds did not have OTC derivatives subject to a master netting agreement or similar arrangement (collectively referred to as "MNA") as of June 30, 2025.

**5. Reverse Repurchase Agreements**

The Funds are subject to Rule 18f-4 under the 1940 Act. Rule 18f-4 imposes limits on the amount of derivatives and other transactions a fund can enter into, eliminates the asset segregation framework that had been used by funds to comply with Section 18 of the 1940 Act, and requires funds whose use of derivatives is more than a limited specified exposure to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Reverse repurchase agreements are executed under standardized netting agreements. A netting arrangement creates an enforceable right of set-off that becomes effective, and affects the realization of settlement on individual assets, liabilities and collateral amounts, only following a specified event of default or early termination. Default events may include the failure to make payments or deliver securities timely, material adverse changes in financial condition or insolvency, the breach of minimum regulatory capital requirements, or loss of license, charter or other legal authorization necessary to perform under the contract. These agreements mitigate counterparty credit risk by providing for a single net settlement with a counterparty of all financial transactions covered by the agreement in an event of default as defined under such agreement.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

**Offsetting of Reverse Repurchase Agreements Liabilities**

**Simplify Commodities Strategy No K-1 ETF**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Gross Amounts Not Offset in the <br> Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the <br> Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the <br> Statements of Assets and Liabilities** |
|  |<br>**Gross<br> Amounts of<br> Recognized <br> Liabilities** |<br>**Gross <br> Amounts <br> Offset in the<br> Consolidated<br> Statements of<br> Assets and<br> Liabilities** |<br>**Net Amounts<br> Presented <br> in the<br> Consolidated<br> Statements of<br> Assets and<br> Liabilities** | **Financial** **<br> Instruments(a)** | **Collateral** **<br> Pledged(a)** | **Net Amount** **<br> Payable** |
| Reverse Repurchase Agreements | $7804498 | $— | $7804498 | $7804498 | $7804498 | $— |

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(a) These
 amounts are limited to the derivatives asset/liability balance and, accordingly, do not include excess collateral received/pledged.

Reverse repurchase agreements involve the sale of securities held by the Simplify Commodities Strategy No K-1 ETF with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. The Fund may borrow for investment purposes indirectly using reverse repurchase agreements. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Fund to counterparties are reflected as a liability on the Consolidated Statements of Assets and Liabilities. Interest payments made by the Fund to counterparties are recorded as a component of interest expense on each Fund's Consolidated Statements of Operations. Borrowing may cause the Fund to liquidate positions under adverse market conditions to satisfy its repayment obligations. The use of reverse repurchase agreements involves risks that are different from those associated with ordinary portfolio securities transactions. The Fund is subject to credit risk (i.e., the risk that a counterparty is or is perceived to be unwilling or unable to meet its contractual obligations) with respect to the security it expects to receive back from a counterparty. If a counterparty becomes bankrupt or fails to perform its obligations, or if any collateral posted by the counterparty for the benefit of the Funds is insufficient or there are delays in the Funds' ability to access such collateral, the value of an investment in the Fund may decline. For the year ended June 30, 2025, the average amount of reverse repurchase agreements outstanding and the daily weighted average interest rate for the Simplify Commodities Strategy No K-1 ETF was $6,812,352 and 4.61%, respectively.

The following table indicates the total amount of reverse repurchase agreements, including accrued interest, reconciled to the Simplify Commodities Strategy No K-1 ETF liability as of June 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Less than<br> 30 days** | **30-90 days** | **Greater than<br> 90 days** | **Total** |
| U.S. Government Obligations | $– $| 7804498 | $– $|  |

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**6. Investment Advisory Agreement and Other Agreements**

The Adviser has overall responsibility for the general management and administration of the Funds, subject to the oversight of the Board. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Adviser (the "Investment Advisory Agreement"), the Adviser is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate. The Adviser has engaged Altis Partners (Jersey) Limited to act as the futures adviser to the Funds under a futures advisory agreement ("Futures Advisory Agreement") with the Adviser. The Adviser, not the Funds, pays the futures adviser.

For its investment advisory services to each Fund, the Adviser is entitled to receive a management fee, computed and accrued daily and payable monthly, at an annual rate equal to 0.75% of each Fund's average daily net assets.

Under the Investment Advisory Agreement, the Adviser has agreed to pay substantially all the operating expenses of the Funds, excluding interest expenses, taxes, brokerage expenses, Rule 12b-1 fees (if any), acquired fund fees and expenses, expenses incidental to a meeting of a Fund's shareholders and the Management Fee. In addition to the excluded operating expenses, the Funds also pay non-operating expenses such as litigation and indemnification expenses and other expenses determined to be extraordinary by the Trust.

The Board has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with its Rule 12b-1 plan, each Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to finance activities primarily intended to result in the sale of Creation Units of the Fund or the provision of investor services. No Rule 12b-1 fees are currently paid by the Funds and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, they will be paid out of the Fund's assets, and directly impact the NAV per share of each Fund.

The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent and Transfer Agent for each Fund.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

Foreside Financial Services, LLC (the "Distributor") serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in Shares of each Fund. Adviser Compliance Associates, LLC d/b/a ACA Group, a related party to the Distributor, also provides a Chief Compliance Officer to the Trust.

A Trustee and certain Officers of the Trust are also employees of the Adviser and/or an affiliate of the Distributor.

**7. Investment Transactions**

Purchases and sales of securities, other than short-term securities, U.S. Government Securities and in-kind transactions were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Simplify Commodities Strategy No K-1 ETF | $– $|  |
| Simplify Managed Futures Strategy ETF | – |  |

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**8. Fund Share Transactions**

The Funds issue and redeem Shares at NAV only in large blocks of 25,000 Shares (each block of Shares is called a "Creation Unit"). Creation Units are issued and redeemed primarily in-kind for securities but may include cash. Individual Shares may only be purchased and sold in secondary market transactions through brokers. Except when aggregated in Creation Units in transactions with Authorized Participants, the Shares are not redeemable securities of the Fund.

Fund Shares are listed and traded on the Exchange on each day that the Exchange is open for business ("Business Day"). Each Fund's Shares may only be purchased and sold on the Exchange through a broker-dealer. Because each Fund's Shares trade at market prices rather than at their NAV, Shares may trade at a price equal to the NAV, greater than NAV (premium) or less than NAV (discount).

Authorized participants pay a fixed transaction fee of $500 to the Funds' custodian when purchasing and redeeming Creation Units of a Fund. The transaction fee is used to defray the costs associated with the issuance and redemption of Creation Units. In addition to the fixed transaction fee, the Funds may charge an additional variable fee of up to a maximum of 3% of the amount invested for creations and redemptions in cash, to offset brokerage and impact expenses associated with a cash transaction.

**9. Federal Income Taxes**

For the year ended June 30, 2025, the effect of permanent "book/tax" reclassifications to the components of net assets are included below. These differences, if any, are primarily due to redemptions-in-kind, non-deductible excise tax paid, prior year true ups, distributions in excess, return of capital distributions, and if applicable, controlled foreign corporations income reversal.

---

| | | |
|:---|:---|:---|
| **Fund** | **Distributable<br> earnings (loss)** | **Paid-in<br> Capital** |
| Simplify Commodities Strategy No K-1 ETF | $845402 | $(845402) |
| Simplify Managed Futures Strategy ETF | (6916310) | 6916310 |

---

The tax character of dividends and distributions declared for the year ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income\*** | **Long-Term<br> Capital Gains** | **Return of<br> Capital** |
| Simplify Commodities Strategy No K-1 ETF | $550149 | $24412 | $— |
| Simplify Managed Futures Strategy ETF | 28257099 |  |  |

---

\* For tax purposes short-term capital gain distributions are considered ordinary income distributions.

The tax character of dividends and distributions declared for the year ended June 30, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income\*** | **Long-Term<br> Capital Gains** | **Return of<br> Capital** |
| Simplify Commodities Strategy No K-1 ETF | $250815 | $— | $— |
| Simplify Managed Futures Strategy ETF | 7586987 | 5083755 |  |

---

\* For tax purposes short-term capital gain distributions are considered ordinary income distributions.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

As of June 30, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br> Ordinary<br> Income** | **Undistributed<br> Long-term<br> Capital Gains** | **Temporary<br> Book/Tax<br> Differences** | **Net Unrealized<br> Appreciation<br> (Depreciation)** | **Accumulated<br> Capital and<br> Other Losses** | **Post-October/<br> Late-year<br> Ordinary Loss<br> Deferrals** | **Distributable<br> earnings (loss)** |
| Simplify Commodities Strategy No K-1 ETF | $— | $– $|  | $(303730) | $— | $(23420) | $(327150) |
| Simplify Managed Futures Strategy ETF | 667438 | – |  | (4503717) | (47038391) |  | (50874670) |

---

At June 30, 2025, gross unrealized appreciation and depreciation of investments, including derivatives, owned by each Fund, based on cost for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost** | **Gross** **<br> Unrealized<br> Appreciation** | **Gross** **<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| Simplify Commodities Strategy No K-1 ETF | $38211160 | $656683 | $(960413) | $(303730) |
| Simplify Managed Futures Strategy ETF | 1051233403 | 34528 | (4538245) | (4503717) |

---

The differences between book-basis and tax-basis components of net assets, if applicable, are primarily attributable to the tax deferral of losses on wash sales, grantor trust adjustments, section 1256 mark-to-market treatment of derivatives and return of capital basis adjustments from underlying investments.

At June 30, 2025, for federal income tax purposes, the Funds had capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** | **Total Amount** |
| Simplify Commodities Strategy No K-1 ETF | $— | $— | $— |
| Simplify Managed Futures Strategy ETF | 18249826 | 28788565 | 47038391 |

---

If available, the Funds utilized capital loss carryforwards to offset taxable gains realized during the year ended June 30, 2025 as follows:

---

| | |
|:---|:---|
| **Fund** | **Amount** |
| Simplify Commodities Strategy No K-1 ETF | $151 |
| Simplify Managed Futures Strategy ETF |  |

---

Certain capital and qualified late year ordinary losses incurred within the current taxable year after October 31 and December 31, respectively can be deferred. If elected these deferred losses are deemed to arise on the first business day of each Fund's next taxable year. As of tax year-end June 30, 2025, the Funds will elect to defer post-October capital losses and late year ordinary losses as follows:

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| | | |
|:---|:---|:---|
| <br>**Fund** | **Capital Post-**<br>**October Losses** | **Late-year**<br>**ordinary Losses** |
| Simplify Commodities Strategy No K-1 ETF | $(23420) | $— |
| Simplify Managed Futures Strategy ETF |  |  |

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**10. Segment Reporting**

Each Fund operates in one segment. The Chief Operating Decision Maker ("CODM") is the President and Chief Executive Officer of the Fund. The CODM reviews the operating results of the Funds on a consolidated basis as part of making decisions for allocating resources and evaluating performance.

**11. Subsequent Events**

Management has evaluated subsequent events through the date of issuance of these financial statements and has determined that there are no subsequent events that require adjustment to, or disclosure in, the financial statements.

**Simplify Exchange Traded Funds**

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Trustees of

Simplify Exchange Traded Funds

Opinion on the Financial Statements

We have audited the accompanying consolidated statements of assets and liabilities, including the consolidated schedules of investments, of the funds listed below (the "Funds"), each a series of Simplify Exchange Traded Funds, as of June 30, 2025, the related consolidated statements of operations, the consolidated statements of cash flows, the consolidated statements of changes in net assets, the consolidated financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the "Financial Statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2025, the results of their operations and their cash flows, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund Name** | **Consolidated**<br> **Statements of**<br> **Cash Flows** | **Consolidated**<br> **Statements of**<br> **Operations** | **Consolidated**<br> **Statements of**<br> **Changes in Net Assets** | **Consolidated<br> Financial Highlights** |
| Simplify Commodities Strategy No K-1 ETF | For the year ended June 30, 2025 | For the year ended June 30, 2025 | For the years ended June 30, 2025 and 2024 | For the years ended June 30, 2025 and 2024, and for the period from March 28, 2023 (commencement of operations) through June 30, 2023. |
| Simplify Managed Futures Strategy ETF | Not applicable | For the year ended June 30, 2025 | For the years ended June 30, 2025 and 2024 | For the years ended June 30, 2025, 2024, and 2023, and for the period from March 8, 2022 (commencement of operations) through June 30, 2022. |

---

Basis for Opinion

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more funds advised by Simplify Asset Management, Inc. since 2020.

![](signature.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

August 29, 2025

**Simplify Exchange Traded Funds**

**Additional Information**

***Proxy Voting Policies and Procedures***

Information regarding how each Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1-855-772-8488; by visiting www.simplify.us; and on the SEC's website at www. sec.gov.

***Discount & Premium Information***

Information regarding how often Shares of each Fund traded on NYSE Arca or NASDAQ, as applicable, at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of each Fund can be found at www.simplify.us.

***Tax Information***

Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.

Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its year ended June 30, 2025.

---

| | | |
|:---|:---|:---|
| **Fund** | **Qualified<br> Dividend<br> Income\*** | **Dividends<br> Received<br> Deduction** |
| Simplify Commodities Strategy No K-1 ETF | 0.00% | 0.00% |
| Simplify Managed Futures Strategy ETF | 100.00% | 100.00% |

---

\* The above percentage is based on ordinary income dividends paid to shareholders during each Fund's fiscal year.

June 30, 2025

Annual Financial Statements and

Other Important Information

Simplify Exchange Traded Funds

Simplify Piper Sandler US Small-Cap PLUS Income ETF (LITL)

![](logo.jpg)

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**Simplify Exchange Traded Funds**

**Table of Contents**

---

| | |
|:---|:---|
| [Schedule of Investments](#book6_001) | 4 |
| [Statement of Assets and Liabilities](#book6_002) | 10 |
| [Statement of Operations](#book6_003) | 11 |
| [Statement of Changes in Net Assets](#book6_004) | 12 |
| [Financial Highlights](#book6_005) | 13 |
| [Notes to Financial Statements](#book6_006) | 14 |
| [Report of Independent Registered Public Accounting Firm](#book6_007) | 21 |
| [Additional Information](#book6_008) | 22 |

---

This report is provided for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

**Simplify Piper Sandler US Small-Cap PLUS Income ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks – 80.4%** |  |  |
| **Communication Services – 3.1%** |  |  |
| Cargurus, Inc., Class A\* | 538 | $18007 |
| Cinemark Holdings, Inc. | 500 | 15090 |
| Everquote, Inc., Class A\*(a) | 732 | 17700 |
| Gogo, Inc.\* | 1590 | 23341 |
| Grindr, Inc.\* | 691 | 15686 |
| Liberty Latin America Ltd.\* | 3374 | 20986 |
| Lumen Technologies, Inc.\* | 4303 | 18847 |
|  |  | 129657 |
| **Consumer Discretionary – 8.5%** |  |  |
| Abercrombie & Fitch Co., Class A\* | 215 | 17813 |
| Adient PLC\* | 1082 | 21056 |
| Arko Corp. | 3941 | 16670 |
| Asbury Automotive Group, Inc.\*(a) | 74 | 17652 |
| Brinker International Inc.\* | 98 | 17672 |
| Cricut, Inc., Class A | 2784 | 18848 |
| Everi Holdings, Inc.\* | 1196 | 17031 |
| Frontdoor, Inc.\* | 307 | 18095 |
| G-III Apparel Group Ltd.\* | 581 | 13014 |
| Groupon, Inc., Class A\* | 579 | 19368 |
| Hanesbrands, Inc.\* | 3408 | 15609 |
| Kontoor Brands, Inc. | 246 | 16229 |
| Laureate Education, Inc., Class A\* | 750 | 17535 |
| Red Rock Resorts, Inc., Class A | 351 | 18262 |
| Rush Street Interactive, Inc.\* | 1329 | 19802 |
| Seaworld Entertainment, Inc.\* | 377 | 17776 |
| Signet Jewelers Ltd. | 253 | 20126 |
| Stride, Inc.\*(a) | 111 | 16116 |
| Urban Outfitters, Inc.\*(a) | 241 | 17482 |
| Victoria's Secret & Co.\* | 795 | 14723 |
|  |  | 350879 |
| **Consumer Staples – 1.9%** |  |  |
| Cal-Maine Foods, Inc. | 176 | 17535 |
| Central Garden And Pet Co., Class A\* | 468 | 16464 |
| Chefs' Warehouse, Inc. (The)\* | 264 | 16846 |
| Sprouts Farmers Market, Inc.\*(a) | 98 | 16135 |
| United Natural Foods, Inc.\* | 552 | 12867 |
|  |  | 79847 |
| **Energy – 4.4%** |  |  |
| California Resources Corp. | 382 | 17446 |
| Centrus Energy Corp., Class A\* | 133 | 24363 |
| Championx Corp. | 701 | 17413 |
| CVR Energy, Inc. | 721 | 19359 |
| Gulfport Energy Operating Corp.\*(a) | 88 | 17703 |
| Highpeak Energy, Inc.(a) | 1706 | 16718 |
| Liberty Oilfield Services, Inc., Class A(a) | 1456 | 16715 |
| Magnolia Oil & Gas Corp., Class A | 785 | 17647 |
| Scorpio Tankers, Inc. | 424 | 16591 |
| Teekay Corp Ltd. | 1996 | 16467 |
|  |  | 180422 |

---

See Notes to Financial Statements.

**Simplify Piper Sandler US Small-Cap PLUS Income ETF**

**Schedule of Investments** (Continued)

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** |  |  |
| **Financials – 16.2%** |  |  |
| 1st Source Corp. | 279 | $17318 |
| Axos Financial, Inc.\* | 243 | 18478 |
| Bank of NT Butterfield & Son Ltd. | 400 | 17712 |
| Banner Corp. | 274 | 17577 |
| Bread Financial Holdings Inc. | 329 | 18792 |
| Cadence Bank | 557 | 17813 |
| Cno Financial Group, Inc. | 444 | 17130 |
| Dave, Inc.\* | 84 | 22546 |
| Enact Holdings, Inc. | 477 | 17721 |
| Enova International, Inc.\* | 182 | 20297 |
| Enterprise Financial Services Corp. | 319 | 17577 |
| Essent Group Ltd. | 291 | 17672 |
| Federal Agricultural Mortgage Corp., Class C(a) | 90 | 17485 |
| Fidelis Insurance Holdings Ltd. | 965 | 16000 |
| First Bancorp/Puerto Rico | 844 | 17581 |
| First MID-Illinois Bancshares, Inc. | 478 | 17920 |
| Hancock Holding Co. | 309 | 17737 |
| Hci Group, Inc. | 100 | 15220 |
| Horace Mann Educators Corp. | 388 | 16672 |
| International Bancshares Corp. | 269 | 17905 |
| Jackson Financial, Inc., Class A | 206 | 18291 |
| Mercury General Corp. | 262 | 17643 |
| Navient Corp. | 1255 | 17695 |
| NCR Atleos Corp.\*(a) | 636 | 18145 |
| Nelnet, Inc., Class A | 145 | 17562 |
| Nmi Holdings, Inc., Class A\*(a) | 425 | 17931 |
| Ofg Bancorp | 410 | 17548 |
| Oscar Health, Inc., Class A\*(a) | 1222 | 26200 |
| Palomar Holdings, Inc.\* | 98 | 15116 |
| Pjt Partners, Inc., Class A | 112 | 18481 |
| Root, Inc., Class A\* | 129 | 16508 |
| Selective Insurance Group | 192 | 16637 |
| Sezzle, Inc.\* | 158 | 28322 |
| Skyward Specialty Insurance Group, Inc.\* | 266 | 15372 |
| Tiptree Financial, Inc. | 761 | 17944 |
| United Fire Group, Inc. | 593 | 17019 |
| Washington Federal, Inc. | 594 | 17392 |
|  |  | 670959 |
| **Health Care – 17.5%** |  |  |
| ACADIA Pharmaceuticals, Inc.\* | 782 | 16868 |
| Adapthealth Corp., Class A\*(a) | 1879 | 17719 |
| Addus Homecare Corp.\* | 152 | 17509 |
| ADMA Biologics, Inc.\*(a) | 850 | 15478 |
| Alkermes PLC\* | 551 | 15764 |
| Amneal Pharmaceuticals, Inc.\*(a) | 2305 | 18647 |
| Amphastar Pharmaceuticals, Inc.\* | 656 | 15062 |
| Ardent Health, Inc.\* | 1165 | 15914 |
| BioCryst Pharmaceuticals Inc.\* | 1569 | 14058 |
| Bridgebio Pharma, Inc.\* | 493 | 21288 |

---

See Notes to Financial Statements.

**Simplify Piper Sandler US Small-Cap PLUS Income ETF**

**Schedule of Investments** (Continued)

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** |  |  |
| **Health Care (continued)** |  |  |
| Brightspring Health Services, Inc.\* | 708 | $16702 |
| Catalyst Pharmaceutical Partners, Inc.\* | 676 | 14669 |
| Collegium Pharmaceutical, Inc.\* | 579 | 17121 |
| Corvel Corp.\* | 152 | 15623 |
| Dynavax Technologies Corp.\*(a) | 1723 | 17092 |
| Enhabit, Inc.\*(a) | 1607 | 15491 |
| Ensign Group, Inc. (The) | 115 | 17740 |
| Genedx Holdings Corp., Class A\* | 237 | 21877 |
| Halozyme Therapeutics, Inc.\* | 301 | 15658 |
| Hims & Hers Health, Inc.\* | 298 | 14855 |
| Innoviva Inc.(a) | 862 | 17318 |
| Integer Holdings Corp.\* | 142 | 17462 |
| Lifestance Health Group, Inc.\*(a) | 2840 | 14683 |
| LivaNova PLC\* | 390 | 17558 |
| Mannkind Corp.\* | 4065 | 15203 |
| National Healthcare Corp. | 162 | 17336 |
| Novocure Ltd.\* | 883 | 15717 |
| Option Care Health, Inc.\* | 516 | 16760 |
| Pacs Group, Inc.\*(a) | 1701 | 21977 |
| Pediatrix Medical Group Inc.\* | 1192 | 17105 |
| Phreesia, Inc.\* | 689 | 19609 |
| Prestige Brands Holdings, Inc.\* | 197 | 15730 |
| Progyny, Inc.\* | 785 | 17270 |
| PTC Therapeutics, Inc.\* | 348 | 16996 |
| Radnet, Inc.\* | 293 | 16675 |
| Select Medical Holdings Corp. | 1103 | 16744 |
| Teladoc Health, Inc.\* | 2438 | 21235 |
| Transmedics Group, Inc.\* | 133 | 17823 |
| Twist Bioscience Corp.\* | 576 | 21191 |
| Ufp Technologies, Inc.\* | 72 | 17580 |
| Vericel Corp.\* | 409 | 17403 |
| Waystar Holding Corp.\*(a) | 422 | 17247 |
|  |  | 721757 |
| **Industrials – 12.1%** |  |  |
| Alamo Group, Inc. | 85 | 18562 |
| Argan, Inc. | 80 | 17638 |
| Brink's Co. (The) | 206 | 18394 |
| Centuri Holdings, Inc.\* | 808 | 18132 |
| Construction Partners, Inc., Class A\*(a) | 161 | 17111 |
| Corecivic, Inc.\* | 768 | 16182 |
| Federal Signal Corp. | 179 | 19049 |
| Gms, Inc.\* | 223 | 24251 |
| Granite Construction, Inc. | 189 | 17673 |
| Griffon Corp. | 245 | 17731 |
| Heidrick & Struggles International, Inc. | 386 | 17663 |
| Ies Holdings, Inc.\*(a) | 65 | 19255 |
| Janus International Group, Inc.\*(a) | 2065 | 16809 |
| Legalzoom.Com, Inc.\*(a) | 1848 | 16466 |
| Matson, Inc.(a) | 149 | 16591 |

---

See Notes to Financial Statements.

**Simplify Piper Sandler US Small-Cap PLUS Income ETF**

**Schedule of Investments** (Continued)

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** |  |  |
| **Industrials (continued)** |  |  |
| Mueller Industries, Inc. | 217 | $17245 |
| Nextracker Inc., Class A\* | 298 | 16202 |
| Pitney Bowes, Inc.(a) | 1638 | 17871 |
| Primoris Services Corp. | 234 | 18238 |
| Resideo Technologies Inc.\* | 815 | 17979 |
| Skywest, Inc.\* | 166 | 17093 |
| SPX Technologies, Inc.\* | 111 | 18613 |
| Sterling Construction Co., Inc.\*(a) | 90 | 20766 |
| Trinet Group Inc. | 203 | 14847 |
| Upwork, Inc.\* | 1089 | 14636 |
| Vectrus, Inc.\* | 373 | 18109 |
| Verra Mobility Corp., Class A\* | 713 | 18103 |
| Willdan Group, Inc.\* | 312 | 19503 |
|  |  | 500712 |
| **Information Technology – 8.3%** |  |  |
| Aci Worldwide, Inc.\* | 365 | 16757 |
| Adeia, Inc. | 1314 | 18580 |
| Alarm.Com Holdings, Inc.\* | 294 | 16632 |
| Avepoint, Inc.\* | 905 | 17475 |
| Blackbaud Inc.\* | 271 | 17401 |
| Blackline, Inc.\* | 302 | 17099 |
| Box, Inc., Class A\* | 446 | 15240 |
| Clear Secure, Inc., Class A | 682 | 18932 |
| Commvault Systems, Inc.\*(a) | 92 | 16038 |
| Eplus, Inc.\* | 236 | 17016 |
| Impinj, Inc.\* | 148 | 16438 |
| Intapp, Inc.\* | 306 | 15796 |
| InterDigital Inc.(a) | 78 | 17490 |
| Netgear, Inc. | 575 | 16715 |
| Plexus Corp.\* | 129 | 17455 |
| Q2 Holdings, Inc.\* | 193 | 18063 |
| Qualys, Inc.\* | 122 | 17430 |
| Scansource, Inc.\* | 418 | 17477 |
| Semtech Corp.\* | 452 | 20403 |
| Vertex, Inc., Class A\* | 426 | 15053 |
|  |  | 343490 |
| **Materials – 3.3%** |  |  |
| Balchem Corp. | 101 | 16079 |
| Cabot Corp. | 226 | 16950 |
| Carpenter Technology Corp.(a) | 72 | 19899 |
| Commercial Metals Co. | 362 | 17706 |
| Knife River Corp.\* | 179 | 14614 |
| Perimeter Solutions, Inc.\* | 1398 | 19460 |
| Sylvamo Corp. | 318 | 15932 |
| U.S. Lime & Minerals, Inc.(a) | 164 | 16367 |
|  |  | 137007 |

---

See Notes to Financial Statements.

**Simplify Piper Sandler US Small-Cap PLUS Income ETF**

**Schedule of Investments** (Continued)

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** |  |  |
| **Real Estate – 3.8%** |  |  |
| CBL & Associates Properties Inc. | 669 | $16986 |
| Corporate Office Properties Trust SBI Md | 615 | 16962 |
| Douglas Emmett, Inc. | 1185 | 17822 |
| Empire State Realty Trust, Inc., Class A(a) | 2202 | 17814 |
| Exp World Holdings, Inc.(a) | 1980 | 18018 |
| Outfront Media, Inc. | 1021 | 16663 |
| Paramount Group, Inc.\* | 2788 | 17007 |
| Phillips Edison & Co., Inc. | 476 | 16674 |
| Real Brokerage, Inc.\* | 4095 | 18468 |
|  |  | 156414 |
| **Utilities – 1.3%** |  |  |
| Ormat Technologies, Inc. | 227 | 19013 |
| Southwest Gas Corp. | 235 | 17482 |
| Spire, Inc. | 224 | 16350 |
|  |  | 52845 |
| &nbsp;&nbsp;&nbsp;Total Common Stocks (Cost $3,080,223) |  | 3323989 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Purchased Options – 1.6%** |  |  |  |
| **Calls – Exchange-Traded – 1.6%** |  |  |  |
| S&P 500 Index, July Strike Price $6,200, Expires 7/03/25 | 3 | $1860000 | 9405 |
| S&P 500 Index, July Strike Price $6,300, Expires 7/07/25 | 3 | 1890000 | 1296 |
| S&P 500 Index, July Strike Price $6,275, Expires 7/09/25 | 6 | 3765000 | 10170 |
| S&P 500 Index, July Strike Price $6,300, Expires 7/18/25 | 6 | 3780000 | 19680 |
| S&P 500 Index, July Strike Price $6,500, Expires 7/31/25 | 11 | 7150000 | 10725 |
| S&P 500 Index, August Strike Price $6,400, Expires 8/15/25 | 2 | 1280000 | 9480 |
| S&P 500 Index, August Strike Price $6,650, Expires 8/15/25 | 4 | 2660000 | 2580 |
|  |  |  | 63336 |
| **Puts – Exchange-Traded – 0.0%†** |  |  |  |
| Russell 2000 Index, July Strike Price $1,950, Expires 7/11/25(b) | 2 | 390000 | 145 |
| S&P 500 Index, July Strike Price $5,800, Expires 7/02/25 | 2 | 1160000 | 20 |
| S&P 500 Index, July Strike Price $5,900, Expires 7/03/25 | 3 | 1770000 | 75 |
| S&P 500 Index, July Strike Price $6,000, Expires 7/07/25 | 2 | 1200000 | 420 |
| S&P 500 Index, July Strike Price $5,620, Expires 7/11/25(b) | 1 | 562000 | 102 |
| S&P 500 Index, July Strike Price $5,650, Expires 7/16/25(b) | 1 | 565000 | 300 |
| SPDR Gold Shares, July Strike Price $285, Expires 7/09/25(b) | 17 | 484500 | 145 |
| SPDR Gold Shares, July Strike Price $280, Expires 7/11/25(b) | 17 | 476000 | 127 |
|  |  |  | 1334 |
| Total Purchased Options (Cost $45,300) |  |  | 64670 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **U.S. Exchange-Traded Funds – 1.4%** |  |  |
| **Equity Funds – 1.4%** |  |  |
| iShares Russell 2000 ETF |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $56,209) | 268 | 57832 |

---

See Notes to Financial Statements.

**Simplify Piper Sandler US Small-Cap PLUS Income ETF**

**Schedule of Investments** (Continued)

June 30, 2025

---

| | |
|:---|:---|
|  | **Value** |
| Total Investments – 83.4% |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,181,732) | $3446491 |
| Other Assets in Excess of Liabilities – 16.6% | 688028 |
| **Net Assets – 100.0%** | $**4134519** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Written Options – (0.1)%** |  |  |  |
| **Puts – Exchange-Traded – (0.1)%** |  |  |  |
| Russell 2000 Index, July Strike Price $2,050, Expires 7/11/25 | (2) | $(410000) | $(580) |
| S&P 500 Index, July Strike Price $5,920, Expires 7/11/25 | (1) | (592000) | (450) |
| S&P 500 Index, July Strike Price $5,960, Expires 7/16/25 | (1) | (596000) | (1230) |
| SPDR Gold Shares, July Strike Price $295, Expires 7/09/25 | (17) | (501500) | (680) |
| SPDR Gold Shares, July Strike Price $290, Expires 7/11/25 | (17) | (493000) | (408) |
|  |  |  | (3348) |
| Total Written Options (Premiums Received $4,560) |  |  | $(3348) |

---

---

| | |
|:---|:---|
| \* | Non Income Producing |
| † | Less than 0.05% |
| (a) | Securities with an aggregate market value of $503,665 have been pledged as collateral for options as of June 30, 2025. |
| (b) | Held in connection with Written Options. |

---

**Summary of Investment Type††**

---

| | |
|:---|:---|
| **Investment Categories** | **% of<br> Net Assets** |
| Common Stocks | 80.4% |
| Purchased Options | 1.6% |
| U.S. Exchange-Traded Funds | 1.4% |
| Total Investments | 83.4% |
| Other Assets in Excess of Liabilities | 16.6% |
| **Net Assets** | **100.0%** |

---

---

| | |
|:---|:---|
| †† | 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. |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statements of Assets and Liabilities**

June 30, 2025

---

| | |
|:---|:---|
|  | **Simplify Piper<br> Sandler US<br> Small-Cap PLUS<br> Income ETF** |
| **Assets** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value | $3446491 |
| &nbsp;&nbsp;&nbsp;Cash | 19130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital shares | 689091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 1619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold | 1229 |
| &nbsp;&nbsp;&nbsp;Total assets | 4157560 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities purchased | 17224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 3348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 2469 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 23041 |
| **Net Assets** | $4134519 |
| **Net Assets Consist of** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $3857224 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss) | 277295 |
| **Net Assets** | $4134519 |
| Number of Common Shares outstanding | 150001 |
| **Net Asset Value, offering and redemption price per share** | $27.56 |
| Investments, at cost | $3181732 |
| Premiums received on written options | $4560 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statements of Operations**

For the Period Ended June 30, 2025

---

| | |
|:---|:---|
|  | **Simplify Piper<br> Sandler US<br> Small-Cap PLUS<br> Income ETF<sup>(1)</sup>** |
| **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $8035 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 4820 |
| &nbsp;&nbsp;&nbsp;Total expenses | 4820 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3215 |
| **Realized and Unrealized Gain (Loss)** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (28970) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 37079 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 8109 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 264759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 1212 |
| &nbsp;&nbsp;&nbsp;Net unrealized gain (loss) | 265971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 274080 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $277295 |

---

(1) For the period April 28, 2025 (commencement of operations)
 through June 30, 2025.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statement of Changes in Net Assets**

---

| | |
|:---|:---|
|  | **Simplify Piper**<br> **Sandler US<br> Small-Cap PLUS**<br> **Income ETF** |
|  | **For the**<br> **period<br> April 28, 2025**<sup>(1)</sup> **to<br> June 30,<br> 2025** |
| **Increase (Decrease) in Net Assets from Operations** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $3215 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 8109 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | 265971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 277295 |
| **Fund Shares Transactions** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 3857224 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | 3857224 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | 4134519 |
| **Net Assets** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period |  |
| &nbsp;&nbsp;&nbsp;End of period | $4134519 |
| **Changes in Shares Outstanding** |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of period |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 150001<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 150001 |

---

(1) Commencement
 of operations.

(2) Shares
 not in increment of 25,000 shares (a "Creation Unit") represent the Adviser's initial seed investment in connection
 with the commencement of operations.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Financial Highlights**

---

| | |
|:---|:---|
| **Simplify Piper Sandler US Small-Cap PLUS Income ETF<br> Selected Per Share Data** | &nbsp;&nbsp;&nbsp;&nbsp; **Period Ended<br> June 30,<br> 2025**<sup>(a)</sup> |
| Net Asset Value, beginning of period | $25.00 |
| Income (loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.53 |
| Total from investment operations | 2.56 |
| Net Asset Value, end of period | $27.56 |
| **Total Return (%)** | 10.25 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |
| Net Assets, end of period ($ millions) | $4 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.90 <sup>(d)(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 0.60 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(f)</sup> | 44 <sup>(c)</sup> |

---

(a) For
 the period April 28, 2025 (commencement of operations) through June 30, 2025.

(b) Per
 share numbers have been calculated using the average shares method.

(c) Not
 annualized.

(d) Annualized.

(e) The
 Fund invests in other ETFs and indirectly bears its proportionate shares of fees and expenses incurred by the Underlying Funds in which
 the Fund is invested. This ratio does not included these indirect fees and expenses.

(f) Excludes
 the impact of in-kind transactions related to the processing of capital share transactions in Creation Units.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements**

June 30, 2025

**1. Organization**

Simplify Exchange Traded Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end registered management investment company organized as a Delaware statutory trust.

As of June 30, 2025, the Trust consists of thirty four investment series of exchange-traded funds ("ETFs') in operation and trading. These financial statements report on the Simplify Piper Sandler US Small-Cap PLUS Income ETF (the "Fund"). The Fund is a Non-diversified series of the Trust.

Simplify Asset Management Inc. (the "Adviser") serves as investment adviser to the Fund and has overall responsibility for the general management and administration of the Fund, subject to the oversight of the Trust's Board of Trustees (the "Board").

The Fund offers shares ("Shares") that are listed and traded on the NYSE Arca, Inc. ("NYSE Arca" or the "Exchange"). Unlike mutual funds, the Fund, issues and redeems Shares at NAV only in large blocks of 25,000 Shares (each block of Shares is called a "Creation Unit"). Creation Units are issued and redeemed primarily in-kind for securities but may include cash. Individual Shares may only be purchased and sold in secondary market transactions through brokers. Except when aggregated in Creation Units in transactions with Authorized Participants, the Shares are not redeemable securities of the Fund, and owners of the Shares who are authorized participants may acquire those Shares from the Fund, or tender such shares for redemption to the Fund, in Creation Units only.

---

| | |
|:---|:---|
| **Fund** | **Investment Objectives** |
| Simplify Piper Sandler US Small-Cap PLUS Income ETF | **The Fund seeks capital appreciation and income.** |

---

**2. Significant Accounting Policies**

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies including Accounting Standards Update 2013-08. The following is a summary of significant accounting policies followed by the Fund.

**Investment Valuation**

The Fund's investments are valued using procedures approved by the Board and are generally valued using market valuations. A market valuation generally means a valuation (i) obtained from an exchange, a pricing service, or a major market maker (or dealer) or (ii) based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service, or a major market maker (or dealer). A price obtained from a pricing service based on such pricing service's valuation matrix may be considered a market valuation.

If market quotations are not readily available, securities will be valued at their fair market value as determined using the "fair value" procedures approved by the Board and the Adviser. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security. The fair value prices can differ from market prices when they become available or when a price becomes available. The Board has designated the Adviser as its valuation designee to execute these procedures pursuant to Rule 2a-5 under the 1940 Act. Independent pricing services may assist in calculating the value of the Fund's portfolio securities. The Board reviews the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results. These securities are either categorized as Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

Equity securities and ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities or ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities and ETFs are generally categorized as Level 1 of the fair value hierarchy.

Exchange traded options are valued at the mean between the current bid and ask prices on the exchange on which such options are traded. If a mean price is not available, the closing price is used. Exchange trade options are categorized as Level 1. Options with international equity exposure are marked to market using closing prices for the underlying and interpolated option implied volatilities obtained from mid-market prices for options on the same underlying of similar expiries and strike prices. These securities are categorized as Level 2 in the fair value hierarchy.

Money Market Funds are valued at NAV.

Under certain circumstances, a Fund may use an independent pricing service to calculate the fair market value of foreign equity securities on a daily basis by applying valuation factors to the last sale price or the mean price as noted above. The fair market values supplied by the independent pricing service will generally reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or the value of other instruments that have a strong correlation to the fair valued securities. The independent pricing service will also take into account the current relevant currency exchange rate. A security that is fair valued may be valued at a

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

price higher or lower than actual market quotations or the value determined by other funds using their own fair valuation procedures. Because foreign securities may trade on days when Shares are not priced, the value of securities held by the Fund can change on days when Shares cannot be redeemed or purchased. In the event that a foreign security's market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closed before the Fund's calculation of NAV), the security will be valued at its fair market value as determined in good faith by the Adviser in accordance with procedures approved by the Board. Without fair valuation, it is possible that short-term traders could take advantage of the arbitrage opportunity and dilute the NAV of long-term investors. Fair valuation of the Fund's portfolio securities can serve to reduce arbitrage opportunities available to short-term traders, but there is no assurance that it will prevent dilution of the Fund's NAV by short-term traders. In addition, because the Fund may invest in underlying ETFs which hold portfolio securities primarily listed on foreign (non-U.S.) exchanges, and these exchanges may trade on weekends or other days when the underlying ETFs do not price their shares, the value of these portfolio securities may change on days when you may not be able to buy or sell Shares.

Investments initially valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services or other parties in accordance with the valuation procedures of the Adviser. As a result, the NAV of the Shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Exchange is closed and an investor is not able to purchase, redeem or exchange Shares.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

● Level 1 – Quoted prices in active markets for identical assets that the fund have the ability to access.

● Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

● Level 3 – Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuations as of June 30, 2025 for the Fund based upon the three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $3323989 | $— | $— | $3323989 |
| U.S. Exchange-Traded Funds | 57832 |  |  | 57832 |
| Purchased Options | 64670 |  |  | 64670 |
| TOTAL | $3446491 | $— | $— | $3446491 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | $(3348) | $— | $— | $(3348) |
| TOTAL | $(3348) | $— | $— | $(3348) |

---

**Cash**

Cash consists of cash on deposit with a major financial institution which may exceed federally insured limits.

**Foreign Currency Translations**

The books and records of the Fund is maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

**Investment Transactions and Related Income**

For financial reporting purposes, investment transactions are reported on the trade date. However, for daily NAV determination, portfolio securities transactions are reflected no later than in the first calculation on the first business day following trade date. Dividend income is recorded on the ex-dividend date. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount based on effective yield. Gains or losses realized on sales of securities are determined using the specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds. Dividend income on the Statements of Operations is shown net of any foreign taxes withheld on income from foreign securities, which are provided for in accordance with the Fund's understanding of the applicable tax rules and regulations.

**Income Tax Information and Distributions to Shareholders**

It is the Fund's policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (the "Code"). The Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company ("RIC") under Subchapter M of the Code. It is the Fund's policy to pay out dividends from net investment income quarterly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, will be declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, will be available to offset future net capital gains. The Fund may occasionally be required to make supplemental distributions at some other time during the year. The Fund reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or advisable to preserve the status of the Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, will be recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains will be determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, (e.g., return of capital and distribution reclassifications), such amounts are reclassified within the composition of net assets based on their federal tax basis treatment; temporary differences (e.g., wash sales and straddles) do not require a reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, will be reported as a tax return of capital.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund's tax positions expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund's financial statement.

The Fund will recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statement of Operations.

**3. Derivative Financial Instruments**

In the normal course of business, the Fund uses derivative contracts in connection with its proprietary trading activities. Derivative contracts are subject to additional risks that can result in a loss of all or part of an investment. The Fund's derivative activities and exposure to derivative contracts are classified by the following primary underlying risks: interest rate, credit, foreign exchange, commodity price, and equity price. In addition to its primary underlying risks, the Fund is also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts.

FASB Accounting Standards Codification, Derivatives and Hedging ("ASC 815") requires enhanced disclosures about the Fund's use of, and accounting for, derivative instruments and the effect of derivative instruments on the Fund's financial position and results of operations. Tabular disclosure regarding derivative fair value and gain/loss by contract type (e.g., interest rate contracts, foreign exchange contracts, credit contracts, etc.) is required and derivatives accounted for as hedging instruments under ASC 815 must be disclosed separately from those that do not qualify for hedge accounting. Even though the Fund may use derivatives in an attempt to achieve an economic hedge, the Fund's derivatives are not accounted for as hedging instruments under ASC 815 because investment companies account for their derivatives at fair value and record any changes in fair value in current period earnings.

**Option Contracts**

The Fund may purchase and write (i.e., sell) put and call options. Such options may relate to particular securities or stock indices, and may or may not be listed on a domestic or foreign securities exchange and may or may not be issued by the Options Clearing Corporation. Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options may be more volatile than the underlying instruments, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves.

A call option for a particular security gives the purchaser of the option the right to buy, and the writer (seller) the obligation to sell, the underlying security at the stated exercise price at any time prior to the expiration of the option, regardless of the market price of the security. The premium paid to the writer is in consideration for undertaking the obligation under the option contract. A put option for a particular security gives the purchaser the right to sell the security at the stated exercise price at any time prior to the expiration date of the option, regardless of the market price of the security. Stock index options are put options and call options on various stock indices. In most respects, they are identical to listed options on common stocks. The primary difference between stock options and index options occurs when index options are exercised. In the case of stock options, the underlying security, common stock, is delivered. However,

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

upon the exercise of an index option, settlement does not occur by delivery of the securities comprising the index. The option holder who exercises the index option receives an amount of cash if the closing level of the stock index upon which the option is based is greater than, in the case of a call, or less than, in the case of a put, the exercise price of the option. This amount of cash is equal to the difference between the closing price of the stock index and the exercise price of the option expressed in dollars times a specified multiple. A stock index fluctuates with changes in the market value of the stocks included in the index.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value and options written at value, respectively, in the Statement of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statement of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statement of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Fund writes a call option, such option is typically "covered," meaning that they hold the underlying instrument subject to being called by the option counterparty. When the Fund writes a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statement of Assets and Liabilities.

The following table summarizes the value of the Fund's derivative instruments held as of June 30, 2025 and the related location in the accompanying Statement of Assets and Liabilities, presented by underlying risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Simplify Piper Sandler US Small-Cap PLUS Income ETF** |  |  |  |  |
| Commodity Contracts | Investments, at value(1) | $272 | Investments, at value(1) | $— |
| Equity Contracts | Investments, at value(1) | $64398 | Investments, at value(1) | $— |
| Commodity Contracts | Written options | $— | Written options | $1088 |
| Equity Contracts | Written options | $— | Written options | $2260 |

---

(1) Purchased option contracts are included
 in Investments within the Statement of Assets and Liabilities.

For the period ended June 30, 2025, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on purchased option contracts <sup>(a)</sup> by risk type, as disclosed in the Statement of Operations, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Risk Type** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Simplify Piper Sandler US Small-Cap PLUS Income ETF | Equity | $(52125) | $19489 |
| Simplify Piper Sandler US Small-Cap PLUS Income ETF | Commodity | (2091) | (118) |

---

(a) Purchased option contracts are included
 in Net Realized Gain (Loss) on Investments within the Statement of Operations.

For the period ended June 30, 2025, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on written option contracts by risk type, as disclosed in the Statement of Operations, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Risk Type** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Simplify Piper Sandler US Small-Cap PLUS Income ETF | Equity | $35073 | $811 |
| Simplify Piper Sandler US Small-Cap PLUS Income ETF | Commodity | 2006 | 400 |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

For the period ended June 30, 2025, the average fiscal quarter end balances of outstanding derivative financial instruments were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchased Option<br> Contracts<br> (Contract Value)** | **Written Option<br> Contracts<br> (Contract Value)** |
| Simplify Piper Sandler US Small-Cap PLUS Income ETF | $64671 | $(3348) |

---

**4. Investment Advisory Agreement and Other Agreements**

The Adviser has overall responsibility for the general management and administration of the Fund, subject to the oversight of the Board. Under an investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the "Investment Advisory Agreement"), the Adviser is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Fund to operate.

Piper Sandler & Co. (the "Sub-Adviser") serves as investment sub-adviser to the Fund. The Sub-Adviser is responsible for day-to-day management of the Fund, subject to supervision of the Adviser. The Sub-Adviser is paid by the Adviser, not the Fund.

For its investment advisory services to the Fund, the Adviser was entitled to receive a management fee, computed and accrued daily and payable monthly, at an annual rate equal to 0.90% of the Fund's average daily net assets.

Under the Investment Advisory Agreement, the Adviser has agreed to pay substantially all the operating expenses of the Fund, excluding interest expenses, taxes, brokerage expenses, Rule 12b-1 fees (if any), acquired fund fees and expenses, expenses incidental to a meeting of the Fund's shareholders and the Management Fee. In addition to the excluded operating expenses, the Fund also pay non-operating expenses such as litigation and indemnification expenses and other expenses determined to be extraordinary by the Trust.

The Board has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with its Rule 12b-1 plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to finance activities primarily intended to result in the sale of Creation Units of the Fund or the provision of investor services. No Rule 12b-1 fees are currently paid by the Fund and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, they will be paid out of the Fund's assets, and directly impact the NAV per share of the Fund.

The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent and Transfer Agent for the Fund.

Foreside Financial Services, LLC (the "Distributor") serves as the distributor of Creation Units for the Fund on an agency basis. The Distributor does not maintain a secondary market in Shares of the Fund. Adviser Compliance Associates, LLC d/b/a ACA Group, a related party to the Distributor, also provides a Chief Compliance Officer to the Trust.

A Trustee and certain Officers of the Trust are also employees of the Adviser and/or the Distributor.

**5. Investment Transactions**

Purchases and sales of securities, other than short-term securities, U.S. Government Securities and in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Simplify Piper Sandler US Small-Cap PLUS Income ETF | $3801325 | $1292793 |

---

Securities received and delivered in-kind through subscriptions and redemptions were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Simplify Piper Sandler US Small-Cap PLUS Income ETF | $602370 | $— |

---

**6. Fund Share Transactions**

The Fund issue and redeem Shares at NAV only in large blocks of 25,000 Shares (each block of Shares is called a "Creation Unit"). Creation Units are issued and redeemed primarily in-kind for securities but may include cash. Individual Shares may only be purchased and sold in secondary market transactions through brokers. Except when aggregated in Creation Units in transactions with Authorized Participants, the Shares are not redeemable securities of the Fund.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

Fund Shares are listed and traded on the Exchange on each day that the Exchange is open for business ("Business Day"). The Fund's Shares may only be purchased and sold on the Exchange through a broker-dealer. Because the Fund's Shares trade at market prices rather than at their NAV, Shares may trade at a price equal to the NAV, greater than NAV (premium) or less than NAV (discount).

Authorized participants pay a fixed transaction fee of $500 to the Fund's custodian when purchasing and redeeming Creation Units of the Fund. The transaction fee is used to defray the costs associated with the issuance and redemption of Creation Units. In addition to the fixed transaction fee, the Fund may charge an additional variable fee of up to a maximum of 3% of the amount invested for creations and redemptions in cash, to offset brokerage and impact expenses associated with a cash transaction.

**7. Federal Income Taxes**

For the period ended June 30, 2025, the effect of permanent "book/tax" reclassifications to the components of net assets are included below. These differences, if any, are primarily due to redemptions-in-kind, non-deductible excise tax paid, prior year true ups, distributions in excess, return of capital distributions, and if applicable, controlled foreign corporations income reversal.

---

| | | |
|:---|:---|:---|
| **Fund** | **Distributable<br> earnings (loss)** | **Paid-in<br> Capital** |
| Simplify Piper Sandler US Small-Cap PLUS Income ETF | $| $|

---

The tax character of dividends and distributions declared for the period ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income\*** | **Long - Term<br> Capital Gains** | **Return of<br> Capital** |
| Simplify Piper Sandler US Small-Cap PLUS Income ETF | $| $| $|

---

\* For tax purposes short-term capital gain distributions are considered ordinary income distributions.

As of June 30, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br> Ordinary<br> Income** | **Undistributed<br> Long-term<br> Capital Gains** | **Net Unrealized<br> Appreciation<br> (Depreciation)** | **Accumulated<br> Capital and<br> Other Losses** | **Distributable<br> earnings (loss)** |
| Simplify Piper Sandler US Small-Cap PLUS Income ETF | $34618 | $– $– $| 242677 | $– $– $| 277295 |

---

At June 30, 2025, gross unrealized appreciation and depreciation of investments, including derivatives, owned by the Fund, based on cost for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| Simplify Piper Sandler US Small-Cap PLUS Income ETF | $3204215 | $308877 | $(66200) | $242677 |

---

The differences between book-basis and tax-basis components of net assets, if applicable, are primarily attributable to the tax deferral of losses on wash sales, grantor trust adjustments, section 1256 mark-to-market treatment of derivatives and return of capital basis adjustments from underlying investments.

If available, the Fund utilized the following amount of capital loss carryforwards to offset taxable gains realized during the period ended June 30, 2025:

---

| | |
|:---|:---|
| **Fund** | **Amount** |
| Simplify Piper Sandler US Small-Cap PLUS Income ETF | $|

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

Certain capital and qualified late year ordinary losses incurred within the current taxable year after October 31 and December 31, respectively can be deferred. If elected these deferred losses are deemed to arise on the first business day of the Fund's next taxable year. As of tax year-end June 30, 2025, the Fund will elect to defer post-October capital losses and late year ordinary losses as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Capital Post-<br> October Losses** | **Late-year<br> ordinary Losses** |
| Simplify Piper Sandler US Small-Cap PLUS Income ETF | $| $|

---

**8. Segment Reporting**

The Fund operates in one segment. The Chief Operating Decision Maker ("CODM") is the President and Chief Executive Officer of the Fund. The CODM reviews the operating results of the Fund on a consolidated basis as part of making decisions for allocating resources and evaluating performance.

**9. Subsequent Events**

Management has evaluated subsequent events through the date of issuance of these financial statements and has determined that there are no subsequent events that require adjustment to, or disclosure in, the financial statements.

**Simplify Exchange Traded Funds**

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Trustees of

Simplify Exchange Traded Funds

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Simplify Piper Sandler US Small-Cap PLUS Income ETF (the "Fund), a series of Simplify Exchange Traded Funds, as of June 30, 2025, the related statements of operations and changes in net assets and the financial highlights for the period from April 28, 2025 (commencement of operations) to June 30, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations, the changes in net assets, and the financial highlights for the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian and brokers. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

We have served as the auditor of one or more funds advised by Simplify Asset Management, Inc. since 2020.

![](signature.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

August 29, 2025

**Simplify Exchange Traded Funds**

**Additional Information** (Unaudited)

***Proxy Voting Policies and Procedures***

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1-855-772-8488; by visiting www.simplify.us; and on the SEC's website at www.sec.gov.

***Discount & Premium Information***

Information regarding how often Shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.simplify.us.

***Tax Information***

Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its year ended June 30, 2025.

---

| | | |
|:---|:---|:---|
| **Fund** | **Qualified<br> Dividend<br> Income\*** | **Dividends<br> Received<br> Deduction** |
| Simplify Piper Sandler US Small-Cap PLUS Income ETF | 00.00% | 00.00% |

---

\* The above percentage is based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

June 30, 2025

Annual Financial Statements and

Other Important Information

Simplify Exchange Traded Funds

Simplify Tara India Opportunities ETF (IOPP)

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**Simplify Exchange Traded Funds**

**Table of Contents**

---

| | |
|:---|:---|
| [Schedule of Investments](#book7_001) | 4 |
| [Statement of Assets and Liabilities](#book7_002) | 6 |
| [Statement of Operations](#book7_003) | 7 |
| [Statements of Changes in Net Assets](#book7_004) | 8 |
| [Financial Highlights](#book7_005) | 9 |
| [Notes to Financial Statements](#book7_006) | 10 |
| [Report of Independent Registered Public Accounting Firm](#book7_007) | 15 |
| [Additional Information](#book7_008) | 16 |

---

This report is provided for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

**Simplify Tara India Opportunities ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks – 95.0%** |  |  |
| **Communication Services – 11.7%** |  |  |
| Bharti Airtel Ltd. | 26909 | $630554 |
| INFO Edge India Ltd. | 23955 | 415721 |
|  |  | 1046275 |
| **Consumer Discretionary – 28.0%** |  |  |
| Bajaj Auto Ltd. | 4267 | 416749 |
| Gabriel India Ltd. | 26750 | 219059 |
| ITC Hotels Ltd.\* | 17461 | 45279 |
| Tata Motors Ltd. | 50898 | 408324 |
| Titan Co. Ltd.\* | 11201 | 481972 |
| UNO Minda Ltd. | 28295 | 364345 |
| Zomato Ltd.\* | 184617 | 568640 |
|  |  | 2504368 |
| **Consumer Staples – 19.2%** |  |  |
| Avenue Supermarts Ltd., 144A\*(a) | 8081 | 411993 |
| Bikaji Foods International Ltd.\* | 12884 | 111248 |
| Britannia Industries Ltd. | 6078 | 414673 |
| ITC Ltd. | 77893 | 378248 |
| Marico Ltd. | 46738 | 393671 |
|  |  | 1709833 |
| **Financials – 10.1%** |  |  |
| ICICI Bank Ltd. | 25101 | 423169 |
| Kotak Mahindra Bank Ltd. | 19108 | 482045 |
|  |  | 905214 |
| **Health Care – 7.5%** |  |  |
| Apollo Hospitals Enterprise Ltd. | 4449 | 375696 |
| JB Chemicals & Pharmaceuticals Ltd. | 14919 | 292135 |
|  |  | 667831 |
| **Industrials – 12.9%** |  |  |
| Craftsman Automation Ltd.\* | 5871 | 381348 |
| Havells India Ltd. | 11126 | 201230 |
| Indian Railway Catering & Tourism Corp. Ltd. | 21908 | 199640 |
| Titagarh Rail System Ltd. | 17036 | 187295 |
| Triveni Turbine Ltd. | 25135 | 179500 |
|  |  | 1149013 |
| **Information Technology – 2.8%** |  |  |
| Infosys Ltd. | 13487 | 251906 |
| **Materials – 2.8%** |  |  |
| Gravita India Ltd. | 7723 | 169364 |
| SH Kelkar & Co. Ltd., 144A\*(a) | 28849 | 79029 |
|  |  | 248393 |
| &nbsp;&nbsp;&nbsp;Total Common Stocks (Cost $8,882,356) |  | 8482833 |
| **Money Market Fund – 2.8%** |  |  |
| Fidelity Investments Money Market Treasury Only Portfolio - Class I, 4.15%(b) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $253,910) | 253910 | 253910 |

---

See Notes to Financial Statements.

**Simplify Tara India Opportunities ETF**

**Schedule of Investments** (Continued)

June 30, 2025

---

| | |
|:---|:---|
|  | **Value** |
| Total Investments – 97.8% |  |
| &nbsp;&nbsp;&nbsp;(Cost $9,136,266) | $8736743 |
| Other Assets in Excess of Liabilities – 2.2% | 192829 |
| **Net Assets – 100.0%** | $**8929572** |

---

\* Non Income Producing

(a) Security was purchased (sold) pursuant to Rule 144A under the Securities Act of 1933 and may not be resold (repurchased) subject to that rule except to qualified institutional buyers. Unless otherwise noted, Rule 144A securities are deemed to be liquid. Total fair value of Rule 144A securities amounts to $491,022, which represents 5.5% of net assets as of June 30, 2025.

(b) Rate shown reflects the 7-day yield as of June 30, 2025.

**Summary of Investment Type††**

---

| | |
|:---|:---|
| **Investment Categories** | **% of<br> Net Assets** |
| Common Stocks | 95.0% |
| Money Market Fund | 2.8% |
| Total Investments | 97.8% |
| Other Assets in Excess of Liabilities | 2.2% |
| **Net Assets** | **100.0%** |

---

---

| | |
|:---|:---|
| †† | 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. |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statement of Assets and Liabilities**

June 30, 2025

---

| | |
|:---|:---|
|  | **Simplify<br> Tara India<br> Opportunities<br> ETF** |
| **Assets** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value | $8736743 |
| &nbsp;&nbsp;&nbsp;Cash | 150078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign capital gains tax | 30071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 17692 |
| &nbsp;&nbsp;&nbsp;Total assets | 8934584 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 5012 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 5012 |
| **Net Assets** | $8929572 |
| **Net Assets Consist of** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $9425749 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss) | (496177) |
| **Net Assets** | $8929572 |
| Number of Common Shares outstanding | 325001 |
| **Net Asset Value, offering and redemption price per share** | $27.48 |
| Investments, at cost | $9136266 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statement of Operations**

For the Year Ended June 30, 2025

---

| | |
|:---|:---|
|  | **Simplify<br> Tara India<br> Opportunities ETF** |
| **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;Dividend income\* | $113944 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 107818 |
| &nbsp;&nbsp;&nbsp;Interest expense | 3550 |
| &nbsp;&nbsp;&nbsp;Total expenses | 111368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less fees waived: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waiver | (32342) |
| &nbsp;&nbsp;&nbsp;Net expenses | 79026 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 34918 |
| **Realized and Unrealized Gain (Loss)** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 732889<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (57400) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 675489 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (1020818)<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | (401) |
| &nbsp;&nbsp;&nbsp;Net unrealized gain (loss) | (1021219) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (345730) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(310812) |
| \* Withholding tax | $13987 |

---

(1) Net of foreign
 capital gain taxes of $(308,839).

(2) Net of deferred
 foreign capital gains taxes $135,765.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Simplify Tara India Opportunities ETF** | **Simplify Tara India Opportunities ETF** |
| | **Year Ended<br> June 30,<br> 2025** | **For the period<br> March 5,<br> 2024**<sup>(1)</sup> **to<br> June 30,<br> 2024** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $34918 | $(4266) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 675489 | 115205 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | (1021219) | 621219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (310812) | 732158 |
| **Distributions** | (1006686) |  |
| **Fund Shares Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 6959317 | 7673061 |
| &nbsp;&nbsp;&nbsp;Variable transaction fees (see Note 5) | 41922 | 16441 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | (5175829) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | 1825410 | 7689502 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | 507912 | 8421660 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 8421660 |  |
| &nbsp;&nbsp;&nbsp;End of period | $8929572 | $8421660 |
| **Changes in Shares Outstanding** |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of period | 300001 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 225000 | 300001<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (200000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 325001 | 300001 |

---

(1) Commencement of operations.

(2) Shares not in increment of 25,000 shares (a "Creation
 Unit") represent the Adviser's initial seed investment in connection with the commencement of operations.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Financial Highlights**

---

| | | |
|:---|:---|:---|
| **Simplify Tara India Opportunities ETF<br> Selected Per Share Data** | **Year Ended**<br> **June 30,<br> 2025** | **Period Ended<br> June 30,<br> 2024**<sup>(a)</sup> |
| Net Asset Value, beginning of period | $28.07 | $25.00 |
| Income (loss) from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.09 | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.15 <sup>(c)</sup> | 3.01 |
| Total from investment operations | 1.24 | 2.99 |
| &nbsp;&nbsp;&nbsp;Variable transaction fees (see Note 5) | 0.11 | 0.08 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.56) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.38) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.94) |  |
| Net Asset Value, end of period | $27.48 | $28.07 |
| **Total Return (%)** | 4.93 | 12.29 <sup>(d)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |
| Net Assets, end of period ($ millions) | $9 | $8 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses before fee waiver (%) | 1.03 <sup>(e)</sup> | 1.51 <sup>(f)(g)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses after fee waiver (%) | 0.73 <sup>(e)</sup> | 1.21 <sup>(f)(g)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 0.32 | (0.27)<sup>(f)</sup> |
| Portfolio turnover rate (%)<sup>(h)</sup> | 108 | 33 <sup>(d)</sup> |

---

(a) For
 the period March 5, 2024 (commencement of operations) through June 30, 2024.

(b) Per
 share numbers have been calculated using the average shares method.

(c) Because
 of the timing of subscriptions and redemptions in relation to fluctuating markets at value, the amount shown may not agree with the change
 in aggregate gains and losses.

(d) Not
 annualized.

(e) The
 ratios of expenses to average net assets includes interest expense fees of 0.03%.

(f) Annualized.

(g) The
 ratios of expenses to average net assets includes interest expense fees of 0.51%.

(h) Excludes
 the impact of in-kind transactions related to the processing of capital share transactions in Creation Units.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements**

June 30, 2025

**1. Organization**

Simplify Exchange Traded Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end registered management investment company organized as a Delaware statutory trust.

As of June 30, 2025, the Trust consists of thirty four investment series of exchange-traded funds ("ETFs") in operation and trading. These financial statements report on the Simplify Tara India Opportunities ETF (the "Fund"). The Fund is a diversified series of the Trust.

Simplify Asset Management Inc. (the "Adviser") serves as investment adviser to the Fund and has overall responsibility for the general management and administration of the Fund, subject to the oversight of the Trust's Board of Trustees (the "Board").

The Fund offers shares ("Shares") that are listed and traded on the NYSE Arca, Inc. ("NYSE Arca" or the "Exchange"). Unlike mutual funds, the Fund issues and redeems Shares at net asset value ("NAV") only in large specified lots consisting of 25,000 Shares, each called a "Creation Unit", to authorized participants who have entered into agreements with the Fund's distributor. Shares are not individually redeemable securities of the Fund, and owners of the Shares who are authorized participants may acquire those Shares from the Fund, or tender such Shares for redemption to the Fund, in Creation Units only.

---

| | |
|:---|:---|
| **Fund** | **Investment Objectives** |
| Simplify Tara India Opportunities ETF | The Fund seeks to achieve long-term capital appreciation. |

---

**2. Significant Accounting Policies**

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies including Accounting Standards Update 2013-08. The following is a summary of significant accounting policies followed by the Fund.

**Investment Valuation**

The Fund's investments are valued using procedures approved by the Board and are generally valued using market valuations (Market Approach). A market valuation generally means a valuation (i) obtained from an exchange, a pricing service, or a major market maker (or dealer) or (ii) based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service, or a major market maker (or dealer). A price obtained from a pricing service based on such pricing service's valuation matrix may be considered a market valuation. Any assets or liabilities denominated in currencies other than the U.S. dollar are converted into U.S. dollars at the current market rates on the date of valuation as quoted by one or more sources.

If market quotations are not readily available, securities will be valued at their fair market value as determined using the "fair value" procedures approved by the Board and the Adviser. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security. The fair value prices can differ from market prices when they become available or when a price becomes available. The Board has designated the Adviser as its valuation designee to execute these procedures pursuant to Rule 2a-5 under the 1940 Act. Independent pricing services may assist in calculating the value of the Fund's portfolio securities. The Board reviews the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results. These securities are either categorized as Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1 of the fair value hierarchy.

Money Market Funds are valued at NAV.

Under certain circumstances, the Fund may use an independent pricing service to calculate the fair market value of foreign equity securities on a daily basis by applying valuation factors to the last sale price or the mean price as noted above. The fair market values supplied by the independent pricing service will generally reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or the value of other instruments that have a strong correlation to the fair valued securities. The independent pricing service will also take into account the current relevant currency exchange rate. A security that is fair valued may be valued at a price higher or lower than actual market quotations or the value determined by other funds using their own fair valuation procedures. Because foreign securities may trade on days when Shares are not priced, the value of securities held by the Fund can change on days when Shares cannot be redeemed or purchased. In the event that a foreign security's market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closed before the Fund's calculation of NAV), the security will be valued at its fair market value as determined in good faith by the Adviser in accordance with procedures approved by the Board as discussed below. Without fair valuation, it is possible that short-term traders could take advantage of the arbitrage opportunity

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

and dilute the NAV of long-term investors. Fair valuation of the Fund's portfolio securities can serve to reduce arbitrage opportunities available to short-term traders, but there is no assurance that it will prevent dilution of the Fund's NAV by short-term traders. In addition, because the Fund may invest in underlying ETFs which hold portfolio securities primarily listed on foreign (non-U.S.) exchanges, and these exchanges may trade on weekends or other days when the underlying ETFs do not price their shares, the value of these portfolio securities may change on days when you may not be able to buy or sell Shares.

Investments initially valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services or other parties in accordance with the valuation procedures of the Adviser. As a result, the NAV of the Shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Exchange is closed and an investor is not able to purchase, redeem or exchange Shares.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

● Level 1 – Quoted prices in active markets for identical assets that the fund has the ability to access.

● Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

● Level 3 – Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuations as of June 30, 2025 for the Fund based upon the three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $8482833 | $— | $— | $8482833 |
| Money Market Fund | 253910 |  |  | 253910 |
| TOTAL | $8736743 | $— | $— | $8736743 |

---

**Cash**

Cash consists of cash on deposit with a major financial institution which may exceed federally insured limits.

**Foreign Currency Translations**

The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

**Investment Transactions and Related Income**

For financial reporting purposes, investment transactions are reported on the trade date. However, for daily NAV determination, portfolio securities transactions are reflected no later than in the first calculation on the first business day following trade date. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount based on effective yield. Gains or losses realized on sales of securities are determined using the specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds. Dividend Income on the Statements of Operations is shown net of any foreign taxes withheld on income from foreign securities, which are provided for in accordance with the Fund's understanding of the applicable tax rules and regulations.

**Income Tax Information and Distributions to Shareholders**

It is the Fund's policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (the "Code"). The Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company ("RIC") under Subchapter M of the Code. It is the Fund's

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

policy to pay out dividends from net investment income quarterly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, will be declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, will be available to offset future net capital gains. The Fund may occasionally be required to make supplemental distributions at some other time during the year. The Fund reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or advisable to preserve the status of the Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, will be recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains will be determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, (e.g., return of capital and distribution reclassifications), such amounts are reclassified within the composition of net assets based on their federal tax basis treatment; temporary differences (e.g., wash sales and straddles) do not require a reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, will be reported as a tax return of capital.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund's tax positions expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund's financial statement.

The Fund will recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statement of Operations.

In addition to the requirements of the Code, the Fund may also be subject to capital gains tax in India and potentially other foreign jurisdictions, on gains realized upon the sale of securities in India or other such foreign jurisdictions, payable upon repatriation of sales proceeds. Any realized losses in excess of gains in India may be carried forward to offset future gains. Exposure to Indian securities and potentially other foreign jurisdictions accrue a deferred tax liability for unrealized gains in excess of available loss carryforwards based on existing tax rates and holding periods of the securities.

**3. Investment Advisory Agreement and Other Agreements**

The Adviser has overall responsibility for the general management and administration of the Fund, subject to the oversight of the Board. Under an investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the "Investment Advisory Agreement"), the Adviser is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Fund to operate.

System 2 Advisors L.P. (the "Sub-Adviser") serves as investment sub-adviser to the Fund. The Sub-Adviser is responsible for day-to-day management of the Fund, subject to supervision of the Adviser. The Adviser, not the Fund, pays the Sub-Adviser.

For its investment advisory services to the Fund, the Adviser was entitled to receive a management fee computed and accrued daily and payable monthly, at an annual rate equal to 1.00% of the Fund's average daily net assets.

The Adviser has contractually agreed to waive its management fee to 0.70% of the Fund's average daily net assets through at least October 31, 2025. This agreement may be terminated only by the Board of Trustees on 60 days' written notice to the Adviser. For the year ended June 30, 2025, the Adviser waived fees of $32,342.

Under the Investment Advisory Agreement, the Adviser has agreed to pay substantially all the operating expenses of the Fund, excluding interest expenses, taxes, brokerage expenses, Rule 12b-1 fees (if any), acquired fund fees and expenses, expenses incidental to a meeting of the Fund's shareholders and the Management Fee. In addition to the excluded operating expenses, the Fund also pays non-operating expenses such as litigation and indemnification expenses and other expenses determined to be extraordinary by the Trust.

The Board has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with its Rule 12b-1 plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to finance activities primarily intended to result in the sale of Creation Units of the Fund or the provision of investor services. No Rule 12b-1 fees are currently paid by the Fund and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, they will be paid out of the Fund's assets, and directly impact the NAV per share of the Fund.

The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent and Transfer Agent for the Fund.

Foreside Financial Services, LLC (the "Distributor") serves as the distributor of Creation Units for the Fund on an agency basis. The Distributor does not maintain a secondary market in Shares of the Fund. Adviser Compliance Associates, LLC d/b/a ACA Group, a related party to the Distributor, also provides a Chief Compliance Officer to the Trust.

A Trustee and certain Officers of the Trust are also employees of the Adviser and/or the Distributor.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

**4. Investment Transactions**

Purchases and sales of securities, other than short-term securities, U.S. Government Securities and in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Simplify Tara India Opportunities ETF | $11569181 | $10791553 |

---

**5. Fund Share Transactions**

The Fund issues and redeems Shares at NAV only in large blocks of 25,000 Shares (each block of Shares is called a "Creation Unit"). Creation Units are issued and redeemed primarily in-kind for securities but may include cash. Individual Shares may only be purchased and sold in secondary market transactions through brokers. Except when aggregated in Creation Units in transactions with Authorized Participants, the Shares are not redeemable securities of the Fund.

Fund Shares are listed and traded on the Exchange on each day that the Exchange is open for business ("Business Day"). The Fund's Shares may only be purchased and sold on the Exchange through a broker-dealer. Because the Fund's Shares trade at market prices rather than at their NAV, Shares may trade at a price equal to the NAV, greater than NAV (premium) or less than NAV (discount).

Authorized participants pay a fixed transaction fee of $500 to the Fund's custodian when purchasing and redeeming Creation Units of the Fund. The transaction fee is used to defray the costs associated with the issuance and redemption of Creation Units. In addition to the fixed transaction fee, the Fund may charge an additional variable fee of up to a maximum of 3% of the amount invested for creations and redemptions in cash, to offset brokerage and impact expenses associated with a cash transaction.

**6. Federal Income Taxes**

For the year ended June 30, 2025, the effect of permanent "book/tax" reclassifications to the components of net assets are included below. These differences, if any, are primarily due to redemptions-in-kind, non-deductible excise tax paid, prior year true ups, distributions in excess, return of capital distributions, and if applicable, controlled foreign corporations income reversal.

---

| | | |
|:---|:---|:---|
| **Fund** | **Distributable<br> earnings (loss)** | **Paid-in**<br> **Capital** |
| Simplify Tara India Opportunities ETF | $89163 | $(89163) |

---

The tax character of dividends and distributions declared for the year ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income\*** | **Long - Term<br> Capital Gains** | **Return of<br> Capital** |
| Simplify Tara India Opportunities ETF | $988592 | $18094 | $— |

---

\* For tax purposes short-term capital gain distributions are considered ordinary income distributions.

The tax character of dividends and distributions declared for the period ended June 30, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income\*** | **Long - Term<br> Capital Gains** | **Return of<br> Capital** |
| Simplify Tara India Opportunities ETF | $| $| $|

---

\* For tax purposes short-term capital gain distributions are considered ordinary income distributions.

As of June 30, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed**<br> **Ordinary**<br> **Income** | **Net Unrealized**<br> **Appreciation**<br> **(Depreciation)** | **Accumulated**<br> **Capital and**<br> **Other Losses** | **Distributable**<br> **earnings (loss)** |
| Simplify Tara India Opportunities ETF | $– $– $– $| (496177) | $– $– $| (496177) |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

At June 30, 2025, gross unrealized appreciation and depreciation of investments owned by the Fund, based on cost for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Fund** |<br><br>**Tax Cost** |<br>**Gross**<br>**Unrealized**<br>**Appreciation** |<br>**Gross**<br>**Unrealized**<br>**Depreciation** | **Net**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| Simplify Tara India Opportunities ETF | $9232443 | $474384 | $(970561) | $(496177) |

---

The differences between book-basis and tax-basis components of net assets, if applicable, are primarily attributable to the tax deferral of losses on wash sales, grantor trust adjustments, section 1256 mark-to-market treatment of derivatives and return of capital basis adjustments from underlying investments.

If available, the Fund utilized the following amount of capital loss carryforwards to offset taxable gains realized during the year ended June 30, 2025:

---

| | |
|:---|:---|
| **Fund** | **Amount** |
| Simplify Tara India Opportunities ETF | $|

---

Certain capital and qualified late year ordinary losses incurred within the current taxable year after October 31 and December 31, respectively can be deferred. If elected these deferred losses are deemed to arise on the first business day of the Fund's next taxable year. As of tax year-end June 30, 2025, the Fund will elect to defer post-October capital losses and late year ordinary losses as follows:

---

| | | |
|:---|:---|:---|
| <br>**Fund** | **Capital Post-**<br>**October Losses** | **Late-year**<br>**ordinary Losses** |
| Simplify Tara India Opportunities ETF | $| $|

---

**7. Segment Reporting**

The Fund operates in one segment. The Chief Operating Decision Maker ("CODM") is the President and Chief Executive Officer of the Fund. The CODM reviews the operating results of the Fund on a consolidated basis as part of making decisions for allocating resources and evaluating performance.

**8. Subsequent Events**

Management has evaluated subsequent events through the date of issuance of these financial statements and has determined that there are no subsequent events that require adjustment to, or disclosure in, the financial statements.

**Simplify Exchange Traded Funds**

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Trustees of

Simplify Exchange Traded Funds

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Simplify Tara India Opportunities ETF (the "Fund"), a series of Simplify Exchange Traded Funds, as of June 30, 2025, the related statement of operations for the year then ended, and the statements of changes in net assets and the financial highlights for the year ended June 30, 2025 and for the period from March 5, 2024 (commencement of operations) through June 30, 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations for the year then ended, and the changes in net assets and the financial highlights for each of the two periods in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more funds advised by Simplify Asset Management, Inc. since 2020.

![](signature.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

August 29, 2025

**Simplify Exchange Traded Funds**

**Additional Information** (Unaudited)

***Proxy Voting Policies and Procedures***

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1-855-772-8488; by visiting www.simplify.us; and on the SEC's website at www.sec.gov.

***Discount & Premium Information***

Information regarding how often Shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.simplify.us.

***Tax Information***

Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its year ended June 30, 2025.

---

| | | |
|:---|:---|:---|
| <br>**Fund** | **Qualified**<br>**Dividend**<br>**Income\*** | **Dividends**<br>**Received**<br>**Deduction** |
| Simplify Tara India Opportunities ETF | 00.00% | 00.00% |

---

\* The above percentage is based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

June 30, 2025

Annual Financial Statements and

Other Important Information

Simplify Exchange Traded Funds

Simplify National Muni Bond ETF (NMB)

![](logo.jpg)

(This page intentionally left blank)

**Simplify Exchange Traded Funds**

**Table of Contents**

---

| | |
|:---|:---|
| [Schedule of Investments](#book8_001) | 4 |
| [Statement of Assets and Liabilities](#book8_002) | 8 |
| [Statement of Operations](#book8_003) | 9 |
| [Statement of Changes in Net Assets](#book8_004) | 10 |
| [Financial Highlights](#book8_005) | 11 |
| [Notes to Financial Statements](#book8_006) | 12 |
| [Report of Independent Registered Public Accounting Firm](#book8_007) | 18 |
| [Additional Information](#book8_008) | 19 |

---

This report is provided for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

**Simplify National Muni Bond ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **Municipal Bonds – 85.1%** |  |  |
| **Arizona – 2.0%** |  |  |
| City of Phoenix Civic Improvement Corporation Junior Lien Airport RB, Series 2019B (AMT), 3.25%, 7/1/2049 | $2000000 | $1457946 |
| **California – 14.2%** |  |  |
| Airport Commission of The City and County of San Francisco San Francisco International Airport Second Series RB Series 2025A (AMT), 5.50%, 5/1/2055(a) | 2500000 | 2595950 |
| Department of Airports of The City of Los Angeles California Los Angeles International Airport Subordinate Revenue and Refunding RB 2025 Series A (Private Activity/AMT), 5.00%, 5/15/2055(a) | 2000000 | 2002947 |
| San Diego County Regional Airport Authority San Diego International Airport Senior Airport RB, Series 2023B (Private Activity/Amt), 5.00%, 7/1/2053(a) | 3000000 | 2979352 |
| San Diego County Regional Airport Authority Subordinate Airport RB, Series 2021B (Private Activity/Amt), 5.00%, 7/1/2056(a) | 3000000 | 2948858 |
|  |  | 10527107 |
| **Colorado – 3.7%** |  |  |
| City and County of Denver, Colorado for and on Behalf of Its Department of Aviation Airport System RB, Series 2022A (AMT), 4.13%, 11/15/2053 | 3150000 | 2710411 |
| **Florida – 7.2%** |  |  |
| Miami-Dade County, Florida Seaport Revenue Refunding Bonds, Series 2021A Sub-Series 2021A-2 Bonds (NON-AMT), 3.00%, 10/1/2050 | 1930000 | 1353956 |
| State of Florida Department of Transportation Turnpike RB, Series 2024C, 4.00%, 7/1/2051 | 2000000 | 1756162 |
| State of Florida Department of Transportation Turnpike RB, Series 2024C, 4.00%, 7/1/2054(a) | 2500000 | 2178332 |
|  |  | 5288450 |
| **Illinois – 3.5%** |  |  |
| City of Chicago Chicago O'Hare International Airport General Airport Senior Lien RB, Series 2024B (NON-AMT), 5.50%, 1/1/2059 | 2500000 | 2619165 |
| **Massachusetts – 2.8%** |  |  |
| Massachusetts Development Finance Agency RB Boston College Issue, Series W 2025, 5.00%, 7/1/2055 | 2000000 | 2047410 |
| **New Mexico – 2.0%** |  |  |
| New Mexico Mortgage Finance Authority Single Family Mortgage Program Class I Bonds, Series 2025 C (NON-AMT), 5.10%, 9/1/2055 | 1500000 | 1495270 |
| **New York – 10.2%** |  |  |
| Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose, Series 2024A, 4.00%, 3/15/2054 | 3500000 | 3026024 |
| New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB, Fiscal 2025 Series AA, 5.25%, 6/15/2053 | 2335000 | 2430963 |
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds, Fiscal 2022 Series B, 3.00%, 8/1/2048 | 3000000 | 2121960 |
|  |  | 7578947 |
| **North Carolina – 2.8%** |  |  |
| City of Charlotte North Carolina Airport RB, Series 2025A (NON-AMT), 5.25%, 7/1/2055 | 2000000 | 2090189 |
| **Oklahoma – 5.3%** |  |  |
| Oklahoma Capitol Improvement Authority State Highways Capital Improvement RB, Series 2025A, 5.25%, 7/1/2055 | 2000000 | 2085319 |
| Oklahoma Turnpike Authority Oklahoma Turnpike System Second Senior RB, Series 2025A, 4.25%, 1/1/2055 | 2000000 | 1839158 |
|  |  | 3924477 |

---

See Notes to Financial Statements.

**Simplify National Muni Bond ETF**

**Schedule of Investments** (Continued)

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **Pennsylvania – 10.2%** |  |  |
| City of Philadelphia Pennsylvania Gas Works RB Seventeenth Series 1998 General Ordinance Consisting of Gas Works RB Seventeenth Series A, 5.25%, 8/1/2054 | $1500000 | $1532619 |
| Pennsylvania Economic Development Financing Authority RB Villanova University Project, Series 2024, 4.00%, 8/1/2054 | 2410000 | 2079161 |
| Pennsylvania Higher Educational Facilities Authority University of Pennsylvania Health System Health System RB, Series 2025, 5.50%, 8/15/2055 | 2000000 | 2105958 |
| Pennsylvania Turnpike Commission Turnpike RB, Series A of 2025, 4.13%, 12/1/2050 | 2000000 | 1848019 |
|  |  | 7565757 |
| **Texas – 18.0%** |  |  |
| Carrollton-Farmers Branch Independent School District Dallas and Denton Counties Texas Unlimited Tax School Building Bonds, Series 2023, 4.00%, 2/15/2053 | 2380000 | 2059094 |
| Cedar Hill Independent School District Dallas County Texas Unlimited Tax School Building Bonds, Series 2024, 4.00%, 2/15/2050 | 3000000 | 2626572 |
| City of Austin Texas Electric Utility System Revenue Refunding and Improvement Bonds, Series 2023, 5.25%, 11/15/2053 | 2000000 | 2059087 |
| Lower Colorado River Authority Transmission Contract Refunding RB LCRA Transmission Services Corporation Project Series 2025, 5.00%, 5/15/2055(a) | 2000000 | 1984492 |
| North Texas Municipal Water District Texas Panther Creek Regional Wastewater System Contract RB, Series 2025, 5.00%, 6/1/2055 | 2000000 | 2014201 |
| North Texas Municipal Water District Water System Revenue Refunding and Improvement Bonds, Series 2025, 5.00%, 9/1/2055 | 2500000 | 2547604 |
|  |  | 13291050 |
| **Virginia – 3.2%** |  |  |
| Hampton Roads Transportation Accountability Commission Hampton Roads Transportation Fund Senior Lien RB, Series 2022, 4.00%, 7/1/2057(a) | 2750000 | 2365253 |
| &nbsp;&nbsp;&nbsp;Total Municipal Bonds (Cost $63,370,247) |  | 62961432 |

---

---

| | |
|:---|:---|
|  | **Shares** |
| **Money Market Fund – 17.0%** | |
| Fidelity Investments Money Market Treasury Only Portfolio - Class I, 4.15%(b) |  |
| &nbsp;&nbsp;&nbsp;(Cost $12,563,068) | 12563068 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional <br> Amount** | |
| **Purchased Options – 2.2%** |  |  |  |
| **Calls – Exchange-Traded – 2.2%** |  |  |  |
| S&P 500 Index, July Strike Price $6,200, Expires 7/03/25 | 67 | 41540000 | 210045 |
| S&P 500 Index, July Strike Price $6,300, Expires 7/07/25 | 55 | 34650000 | 23760 |
| S&P 500 Index, July Strike Price $6,275, Expires 7/09/25 | 150 | 94125000 | 254250 |
| S&P 500 Index, July Strike Price $6,300, Expires 7/18/25 | 157 | 98910000 | 514960 |
| S&P 500 Index, July Strike Price $6,500, Expires 7/31/25 | 293 | 190450000 | 285675 |
| S&P 500 Index, August Strike Price $6,400, Expires 8/15/25 | 40 | 25600000 | 189600 |
| S&P 500 Index, August Strike Price $6,650, Expires 8/15/25 | 101 | 67165000 | 65145 |
|  |  |  | 1543435 |
| **Puts – Exchange-Traded – 0.0%†** |  |  |  |
| Nasdaq 100 Index, July Strike Price $20,450, Expires 7/11/25(c) | 3 | 6135000 | 1620 |
| Nasdaq 100 Index, July Strike Price $20,600, Expires 7/16/25(c) | 3 | 6180000 | 4605 |
| Russell 2000 Index, July Strike Price $1,950, Expires 7/11/25(c) | 37 | 7215000 | 2682 |
| S&P 500 Index, July Strike Price $5,800, Expires 7/02/25 | 51 | 29580000 | 510 |
| S&P 500 Index, July Strike Price $5,900, Expires 7/03/25 | 58 | 34220000 | 1450 |
| S&P 500 Index, July Strike Price $6,000, Expires 7/07/25 | 48 | 28800000 | 10080 |
| S&P 500 Index, July Strike Price $5,620, Expires 7/11/25(c) | 24 | 13488000 | 2460 |

---

See Notes to Financial Statements.

**Simplify National Muni Bond ETF**

**Schedule of Investments** (Continued)

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of <br> Contracts** | **Notional Amount** | **Value** |
| **Purchased Options – 2.2% (continued)** |  |  |  |
| **Puts – Exchange-Traded – 0.0%† (continued)** |  |  |  |
| S&P 500 Index, July Strike Price $5,650, Expires 7/16/25(c) | 24 | $13560000 | $7200 |
| SPDR Gold Shares, July Strike Price $285, Expires 7/09/25(c) | 375 | 10687500 | 3188 |
| SPDR Gold Shares, July Strike Price $280, Expires 7/11/25(c) | 378 | 10584000 | 2835 |
|  |  |  | 36630 |
| Total Purchased Options (Cost $1,121,689) |  |  | 1580065 |

---

---

| | |
|:---|:---|
| Total Investments – 104.3% |  |
| &nbsp;&nbsp;&nbsp;(Cost $77,055,004) | $77104565 |
| Liabilities in Excess of Other Assets – (4.3)% | (3146213) |
| **Net Assets – 100.0%** | $**73958352** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional Amount** | |
| **Written Options – (0.1)%** |  |  |  |
| **Puts – Exchange-Traded – (0.1)%** |  |  |  |
| Nasdaq 100 Index, July Strike Price $21,450, Expires 7/11/25 | (3) | $(6435000) | $(6540) |
| Nasdaq 100 Index, July Strike Price $21,600, Expires 7/16/25 | (3) | (6480000) | (15855) |
| Russell 2000 Index, July Strike Price $2,050, Expires 7/11/25 | (37) | (7585000) | (10730) |
| S&P 500 Index, July Strike Price $5,920, Expires 7/11/25 | (24) | (14208000) | (10800) |
| S&P 500 Index, July Strike Price $5,960, Expires 7/16/25 | (24) | (14304000) | (29520) |
| SPDR Gold Shares, July Strike Price $295, Expires 7/09/25 | (375) | (11062500) | (15000) |
| SPDR Gold Shares, July Strike Price $290, Expires 7/11/25 | (378) | (10962000) | (9072) |
|  |  |  | (97517) |
| Total Written Options (Premiums Received $129,743) |  |  | $(97517) |

---

† Less than 0.05%

(a) Securities
 with an aggregate market value of $17,032,138 have been pledged as collateral for options as of June 30, 2025.

(b) Rate
 shown reflects the 7-day yield as of June 30, 2025.

(c) Held
 in connection with Written Options.

**<u>Portfolio Abbreviations</u>:**

AMT : Alternative Minimum Tax (subject to)

RB : Revenue Bond

See Notes to Financial Statements.

**Simplify National Muni Bond ETF**

**Schedule of Investments** (Continued)

June 30, 2025

**Summary of Investment Type††**

---

| | |
|:---|:---|
| **Investment Categories** | **% of<br> Net Assets** |
| Municipal Bonds | 85.1% |
| Money Market Fund | 17.0% |
| Purchased Options | 2.2% |
| Total Investments | 104.3% |
| Liabilities in Excess of Other Assets | (4.3)% |
| **Net Assets** | **100.0%** |

---

---

| | |
|:---|:---|
| †† | 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. |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statement of Assets and Liabilities**

June 30, 2025

---

| | |
|:---|:---|
|  | **Simplify<br> National Muni<br> Bond ETF** |
| **Assets** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value | $77104565 |
| &nbsp;&nbsp;&nbsp;Cash | 607671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold | 2746149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 880699 |
| &nbsp;&nbsp;&nbsp;Total assets | 81339084 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities purchased | 7249840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 97517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 33375 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 7380732 |
| **Net Assets** | $73958352 |
| **Net Assets Consist of** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $75117764 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss) | (1159412) |
| **Net Assets** | $73958352 |
| Number of Common Shares outstanding | 2975001 |
| **Net Asset Value, offering and redemption price per share** | $24.86 |
| Investments, at cost | $77055004 |
| Premiums received on written options | $129743 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statement of Operations**

For the Period Ended June 30, 2025

---

| | |
|:---|:---|
|  | **Simplify<br> National Muni<br> Bond ETF<sup>(1)</sup>** |
| **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $366569 |
| &nbsp;&nbsp;&nbsp;Interest income | 2959478 |
| &nbsp;&nbsp;&nbsp;Total income | 3326047 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 349350 |
| &nbsp;&nbsp;&nbsp;Interest expense | 821 |
| &nbsp;&nbsp;&nbsp;Other expenses | 400 |
| &nbsp;&nbsp;&nbsp;Total expenses | 350571 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2975476 |
| **Realized and Unrealized Gain (Loss)** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (5850488) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 4420597 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (1429891) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 49561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 32226 |
| &nbsp;&nbsp;&nbsp;Net unrealized gain (loss) | 81787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1348104) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $1627372 |

---

(1) For the period September
 9, 2024 (commencement of operations) through June 30, 2025.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds Statement of Changes in Net Assets**

---

| | |
|:---|:---|
|  | **Simplify<br> National Muni<br> Bond ETF** |
|  | **For the period<br> September 9,**<br> **2024<sup>(1)</sup> to**<br> **June 30,<br> 2025** |
| **Increase (Decrease) in Net Assets from Operations** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $2975476 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (1429891) |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | 81787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 1627372 |
| **Distributions** | (2786784) |
| **Fund Shares Transactions** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 98589382 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | (23471618) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | 75117764 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | 73958352 |
| **Net Assets** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period |  |
| &nbsp;&nbsp;&nbsp;End of period | $73958352 |
| **Changes in Shares Outstanding** |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of period |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 3925001<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (950000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 2975001 |

---

(1) Commencement of operations.

(2) Shares not in increment of 25,000 shares (a "Creation
 Unit") represent the Adviser's initial seed investment in connection with the commencement of operations.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds Financial Highlights**

---

| | |
|:---|:---|
| **Simplify National Muni Bond ETF**<br> **Selected Per Share Data** | **Period Ended<br> June 30,<br> 2025<sup>(a)</sup>** |
| Net Asset Value, beginning of period | $25.00 |
| Income (loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.84 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.19) |
| Total from investment operations | 0.65 |
| Less distributions from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.79) |
| Net Asset Value, end of period | $24.86 |
| **Total Return (%)** | 2.80 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |
| Net Assets, end of period ($ millions) | $74 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.50 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 4.26 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(e)</sup> | 678 <sup>(c)</sup> |

---

(a) For the period September 9, 2024
 (commencement of operations) through June 30, 2025.

(b) Per share numbers have been calculated
 using the average shares method.

(c) Not annualized.

(d) Annualized.

(e) Excludes the impact of in-kind transactions
 related to the processing of capital share transactions in Creation Units.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements**

June 30, 2025

**1. Organization**

Simplify Exchange Traded Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end registered management investment company organized as a Delaware statutory trust.

As of June 30, 2025, the Trust consists of thirty four investment series of exchange-traded funds ("ETFs") in operation and trading. These financial statements report on the Simplify National Muni Bond ETF (the "Fund"). The Fund is a diversified series of the Trust.

Simplify Asset Management Inc. (the "Adviser") serves as investment adviser to the Fund and has overall responsibility for the general management and administration of the Fund, subject to the oversight of the Trust's Board of Trustees (the "Board").

The Fund offers shares ("Shares") that are listed and traded on the NYSE Arca, Inc. ("NYSE Arca" or the "Exchange"). Unlike mutual funds, the Fund issues and redeems Shares at net asset value ("NAV") only in large specified lots consisting of 25,000 Shares, each called a "Creation Unit", to authorized participants who have entered into agreements with the Fund's distributor. Shares are not individually redeemable securities of the Fund, and owners of the Shares who are authorized participants may acquire those Shares from the Fund, or tender such Shares for redemption to the Fund, in Creation Units only.

---

| | |
|:---|:---|
| **Fund** | **Investment Objectives** |
| Simplify National Muni Bond ETF | The Fund seek income, with a secondary investment objective of capital appreciation. |

---

**2. Significant Accounting Policies**

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies including Accounting Standards Update 2013-08. The following is a summary of significant accounting policies followed by the Fund.

**Investment Valuation**

The Fund's investments are valued using procedures approved by the Board and are generally valued using market valuations (Market Approach). A market valuation generally means a valuation (i) obtained from an exchange, a pricing service, or a major market maker (or dealer) or (ii) based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service, or a major market maker (or dealer). A price obtained from a pricing service based on such pricing service's valuation matrix may be considered a market valuation. Any assets or liabilities denominated in currencies other than the U.S. dollar are converted into U.S. dollars at the current market rates on the date of valuation as quoted by one or more sources.

If market quotations are not readily available, securities will be valued at their fair market value as determined using the "fair value" procedures approved by the Board and the Adviser. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security. The fair value prices can differ from market prices when they become available or when a price becomes available. The Board has designated the Adviser as its valuation designee to execute these procedures pursuant to Rule 2a-5 under the 1940 Act. Independent pricing services may assist in calculating the value of the Fund's portfolio securities. The Board reviews the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results. These securities are either categorized as Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

Exchange traded options are valued at the mean between the current bid and ask prices on the exchange on which such options are traded. If a mean price is not available, the closing price is used. Exchange trade options are categorized as Level 1. Options with international equity exposure are marked to market using closing prices for the underlying and interpolated option implied volatilities obtained from mid-market prices for options on the same underlying of similar expiries and strike prices. These securities are categorized as Level 2 in the fair value hierarchy.

Debt securities not traded on an exchange may be valued at prices supplied by a pricing agent(s) based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity. Debt securities are generally categorized as Level 2 of the fair value hierarchy.

Money Market Funds are valued at NAV.

Under certain circumstances, the Fund may use an independent pricing service to calculate the fair market value of foreign equity securities on a daily basis by applying valuation factors to the last sale price or the mean price as noted above. The fair market values supplied by the independent pricing service will generally reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or the value of other instruments that have a strong correlation to the fair valued securities. The independent pricing service will also take into account the current relevant currency exchange rate. A security that is fair valued may be valued at a

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

price higher or lower than actual market quotations or the value determined by other funds using their own fair valuation procedures. Because foreign securities may trade on days when Shares are not priced, the value of securities held by the Fund can change on days when Shares cannot be redeemed or purchased. In the event that a foreign security's market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closed before the Fund's calculation of NAV), the security will be valued at its fair market value as determined in good faith by the Adviser in accordance with procedures approved by the Board. Without fair valuation, it is possible that short-term traders could take advantage of the arbitrage opportunity and dilute the NAV of long-term investors. Fair valuation of the Fund's portfolio securities can serve to reduce arbitrage opportunities available to short-term traders, but there is no assurance that it will prevent dilution of the Fund's NAV by short-term traders. In addition, because the Fund's may invest in underlying ETFs which hold portfolio securities primarily listed on foreign (non-U.S.) exchanges, and these exchanges may trade on weekends or other days when the underlying ETFs do not price their shares, the value of these portfolio securities may change on days when you may not be able to buy or sell Shares.

Investments initially valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services or other parties in accordance with the valuation procedures of the Adviser. As a result, the NAV of the Shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Exchange is closed and an investor is not able to purchase, redeem or exchange Shares.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

● Level 1 – Quoted prices in active markets for identical assets that the fund has the ability to access.

● Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

● Level 3 – Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuations as of June 30, 2025 for the Fund based upon the three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Municipal Bonds | $— | $62961432 | $— | $62961432 |
| Purchased Options | 1580065 |  |  | 1580065 |
| Money Market Fund | 12563068 |  |  | 12563068 |
| TOTAL | $14143133 | $62961432 | $— | $77104565 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | $(97517) | $— | $— | $(97517) |
| TOTAL | $(97517) | $— | $— | $(97517) |

---

**Cash**

Cash consists of cash on deposit with a major financial institution which may exceed federally insured limits.

**Investment Transactions and Related Income**

For financial reporting purposes, investment transactions are reported on the trade date. However, for daily NAV determination, portfolio securities transactions are reflected no later than in the first calculation on the first business day following trade date. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount based on effective yield. Gains or losses realized on sales of securities are determined using the specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds. Dividend income on the Statement of Operations is shown net of any foreign taxes withheld on income from foreign securities, which are provided for in accordance with the Fund's understanding of the applicable tax rules and regulations.

**Income Tax Information and Distributions to Shareholders**

It is the Fund's policy to comply with all requirements of the Internal Revenue Code of 1986, as amended ("the Code"). The Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company ("RIC") under Subchapter M of the Code. It is the Fund's policy is to pay out dividends from net investment income quarterly. Taxable net realized gains from investment transactions, reduced by

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

capital loss carryforwards, if any, will be declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, will be available to offset future net capital gains. The Fund may occasionally be required to make supplemental distributions at some other time during the year. The Fund reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or advisable to preserve the status of the Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, will be recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains will be determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, (e.g., return of capital and distribution reclassifications), such amounts are reclassified within the composition of net assets based on their federal tax basis treatment; temporary differences (e.g., wash sales and straddles) do not require a reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, will be reported as a tax return of capital.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund's tax positions expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund's financial statement.

The Fund will recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statement of Operations.

**3. Derivative Financial Instruments**

In the normal course of business, the Fund uses derivative contracts in connection with its proprietary trading activities. Derivative contracts are subject to additional risks that can result in a loss of all or part of an investment. The Fund's derivative activities and exposure to derivative contracts are classified by the following primary underlying risks: interest rate, credit, foreign exchange, commodity price, and equity price. In addition to its primary underlying risks, the Fund is also subject to additional counterparty risk due to inability of its counterparties to meet the terms of their contracts.

FASB Accounting Standards Codification, Derivatives and Hedging ("ASC 815") requires enhanced disclosures about the Fund's use of, and accounting for, derivative instruments and the effect of derivative instruments on the Fund's financial position and results of operations. Tabular disclosure regarding derivative fair value and gain/loss by contract type (e.g., interest rate contracts, foreign exchange contracts, credit contracts, etc.) is required and derivatives accounted for as hedging instruments under ASC 815 must be disclosed separately from those that do not qualify for hedge accounting. Even though the Fund may use derivatives in an attempt to achieve an economic hedge, the Fund's derivatives are not accounted for as hedging instruments under ASC 815 because investment companies account for their derivatives at fair value and record any changes in fair value in current period earnings.

**Option Contracts**

The Fund may purchase and write (i.e., sell) put and call options. Such options may relate to particular securities or stock indices, and may or may not be listed on a domestic or foreign securities exchange and may or may not be issued by the Options Clearing Corporation. Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options may be more volatile than the underlying instruments, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves.

A call option for a particular security gives the purchaser of the option the right to buy, and the writer (seller) the obligation to sell, the underlying security at the stated exercise price at any time prior to the expiration of the option, regardless of the market price of the security. The premium paid to the writer is in consideration for undertaking the obligation under the option contract. A put option for a particular security gives the purchaser the right to sell the security at the stated exercise price at any time prior to the expiration date of the option, regardless of the market price of the security. Stock index options are put options and call options on various stock indices. In most respects, they are identical to listed options on common stocks. The primary difference between stock options and index options occurs when index options are exercised. In the case of stock options, the underlying security, common stock, is delivered. However, upon the exercise of an index option, settlement does not occur by delivery of the securities comprising the index. The option holder who exercises the index option receives an amount of cash if the closing level of the stock index upon which the option is based is greater than, in the case of a call, or less than, in the case of a put, the exercise price of the option. This amount of cash is equal to the difference between the closing price of the stock index and the exercise price of the option expressed in dollars times a specified multiple. A stock index fluctuates with changes in the market value of the stocks included in the index.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value and options written at value, respectively, in the Statement of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statement of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statement of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Fund write a call option, such option is typically "covered," meaning that they hold the underlying instrument subject to being called by the option counterparty. When the Fund write a put option, cash is segregated in an

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statement of Assets and Liabilities.

The following table summarizes the value of the Fund's derivative instruments held as of June 30, 2025 and the related location in the accompanying Statement of Assets and Liabilities, presented by underlying risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Simplify National Muni Bond ETF** |  |  |  |  |
| Commodity Contracts | Investments, at value(1) | $6023 | Investments, at value(1) | $— |
| Equity Contracts | Investments, at value(1) | $1574042 | Investments, at value(1) | $— |
| Commodity Contracts | Written options | $— | Written options | $24072 |
| Equity Contracts | Written options | $— | Written options | $73445 |

---

(1) Purchased option contracts are included
 in Investments within the Statement of Assets and Liabilities.

For the period ended June 30, 2025, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on purchased option contracts <sup>(a)</sup> by risk type, as disclosed in the Statement of Operations, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Risk Type** | **Realized Gain/<br> (Loss)** | &nbsp;&nbsp; **Change in Unrealized Appreciation/**<br> **(Depreciation)** |
| Simplify National Muni Bond ETF | Equity | $654295 | $460997 |
| Simplify National Muni Bond ETF | Commodity | (452424) | (2621) |
| Simplify National Muni Bond ETF | Interest Rate | (73640) |  |

---

(a) Purchased option contracts are included
 in Net Realized Gain (Loss) on Investments within the Statement of Operations.

For the period ended June 30, 2025, realized gains/(losses) and the change in unrealized appreciation/(depreciation) on written option contracts by risk type, as disclosed in the Statement of Operations, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Risk Type** | **Realized Gain/<br> (Loss)** | &nbsp;&nbsp; **Change in Unrealized Appreciation/**<br> **(Depreciation)** |
| Simplify National Muni Bond ETF | Equity | $3413985 | $23334 |
| Simplify National Muni Bond ETF | Commodity | 873404 | 8892 |
| Simplify National Muni Bond ETF | Interest Rate | 133208 |  |

---

For the period ended June 30, 2025, the average fiscal quarter end balances of outstanding derivative financial instruments were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchased Option<br> Contracts<br> (Contract Value)** | **Written Option<br> Contracts<br> (Contract Value)** |
| Simplify National Muni Bond ETF | $669319 | $(568390) |

---

**4. Investment Advisory Agreement and Other Agreements**

The Adviser has overall responsibility for the general management and administration of the Fund, subject to the oversight of the Board. Under an investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the "Investment Advisory Agreement"), the Adviser is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Fund to operate.

FCO Advisors LP (the "Sub-Adviser") serves as investment sub-adviser to the Fund. The Sub-Adviser is responsible for day-to-day management of the Fund, subject to supervision of the Adviser. The Adviser, not the Fund, pays the Sub-Adviser.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

For its investment advisory services to the Fund, the Adviser was entitled to receive a management fee computed and accrued daily and payable monthly, at an annual rate equal to 0.50% of the Fund's average daily net assets.

Under the Investment Advisory Agreement, the Adviser has agreed to pay substantially all the operating expenses of the Fund, excluding interest expenses, taxes, brokerage expenses, Rule 12b-1 fees (if any), acquired fund fees and expenses, expenses incidental to a meeting of the Fund's shareholders and the management fee. In addition to the excluded operating expenses, the Fund also pays non-operating expenses such as litigation and indemnification expenses and other expenses determined to be extraordinary by the Trust.

The Board has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with its Rule 12b-1 plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to finance activities primarily intended to result in the sale of Creation Units of the Fund or the provision of investor services. No Rule 12b-1 fees are currently paid by the Fund and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, they will be paid out of the Fund's assets, and directly impact the NAV per share of the Fund.

The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent and Transfer Agent for the Fund.

Foreside Financial Services, LLC (the "Distributor") serves as the distributor of Creation Units for the Fund on an agency basis. The Distributor does not maintain a secondary market in Shares of the Fund. Adviser Compliance Associates, LLC d/b/a ACA Group, a related party to the Distributor, also provides a Chief Compliance Officer to the Trust.

A Trustee and certain Officers of the Trust are also employees of the Adviser and/or an affiliate of the Distributor.

**5. Investment Transactions**

Purchases and sales of securities, other than short-term securities, U.S. Government Securities and in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Simplify National Muni Bond ETF | $550419160 | $481246218 |

---

**6. Fund Share Transactions**

The Fund issues and redeems Shares at NAV only in large blocks of 25,000 Shares (each block of Shares is called a "Creation Unit"). Creation Units are issued and redeemed primarily in-kind for securities but may include cash. Individual Shares may only be purchased and sold in secondary market transactions through brokers. Except when aggregated in Creation Units in transactions with Authorized Participants, the Shares are not redeemable securities of the Fund.

Fund Shares are listed and traded on the Exchange on each day that the Exchange is open for business ("Business Day"). The Fund's Shares may only be purchased and sold on the Exchange through a broker-dealer. Because the Fund's Shares trade at market prices rather than at their NAV, Shares may trade at a price equal to the NAV, greater than NAV (premium) or less than NAV (discount).

Authorized participants pay a fixed transaction fee of $500 to the "Fund's custodian" when purchasing and redeeming Creation Units of the Fund. The transaction fee is used to defray the costs associated with the issuance and redemption of Creation Units. In addition to the fixed transaction fee, the Fund may charge an additional variable fee of up to a maximum of 3% of the amount invested for creations and redemptions in cash, to offset brokerage and impact expenses associated with a cash transaction.

**7. Federal Income Taxes**

For the period ended June 30, 2025, the effect of permanent "book/tax" reclassifications to the components of net assets are included below. These differences, if any, are primarily due to redemptions-in-kind, non-deductible excise tax paid, prior year true ups, distributions in excess, return of capital distributions, and if applicable, controlled foreign corporations income reversal.

---

| | | |
|:---|:---|:---|
| **Fund** | **Distributable** **<br> earnings (loss)** | **<br>Paid-in<br> Capital** |
| Simplify National Muni Bond ETF | $| $|

---

The tax character of dividends and distributions declared for the period ended June 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income\*** | **Tax-Exempt** | **Long - Term<br> Capital Gains** | **Return of<br> Capital** |
| Simplify National Muni Bond ETF | $558727 | $2228057 | $– $|  |

---

\* For tax purposes short-term capital gain distributions are considered ordinary income distributions.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

As of June 30, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed**<br> **Ordinary**<br> **Income** | **Undistributed**<br> **Long-term**<br> **Capital Gains** | **Net Unrealized**<br> **Appreciation**<br> **(Depreciation)** | **Accumulated**<br> **Capital and**<br> **Other Losses** | **Post-October/<br> Late-year<br> Ordinary Loss<br> Deferrals** | **Distributable**<br> **earnings (loss)** |
| Simplify National Muni Bond ETF | $188692 | $– $– $| (569607) | $(778497) | $– $| (1159412) |

---

At June 30, 2025, gross unrealized appreciation and depreciation of investments, including derivatives, owned by the Fund, based on cost for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| Simplify National Muni Bond ETF | $77683064 | $380422 | $(950029) | $(569607) |

---

The differences between book-basis and tax-basis components of net assets, if applicable, are primarily attributable to the tax deferral of losses on wash sales, grantor trust adjustments, section 1256 mark-to-market treatment of derivatives and return of capital basis adjustments from underlying investments.

If available, the Fund utilized the following amount of capital loss carryforwards to offset taxable gains realized during the period ended June 30, 2025:

---

| | |
|:---|:---|
| **Fund** | **Amount** |
| Simplify National Muni Bond ETF | $|

---

At June 30, 2025, for federal income tax purposes, the Funds had capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** | **Total Amount** |
| Simplify National Muni Bond ETF | $778497 | $– $| 778497 |

---

Certain capital and qualified late year ordinary losses incurred within the current taxable year after October 31 and December 31, respectively can be deferred. If elected these deferred losses are deemed to arise on the first business day of the Fund's next taxable year. As of tax year-end June 30, 2025, the Fund will elect to defer post-October capital losses and late year ordinary losses as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Capital Post-**<br> **October Losses** | **Late-year<br> ordinary Losses** |
| Simplify National Muni Bond ETF | $| $|

---

**8. Segment Reporting**

The Fund operates in one segment. The Chief Operating Decision Maker ("CODM") is the President and Chief Executive Officer of the Fund. The CODM reviews the operating results of the Fund on a consolidated basis as part of making decisions for allocating resources and evaluating performance.

**9. Subsequent Events**

Management has evaluated subsequent events through the date of issuance of these financial statements and has determined that there are no subsequent events that require adjustment to, or disclosure in, the financial statements.

**Simplify Exchange Traded Funds**

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Trustees of

Simplify Exchange Traded Funds

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Simplify National Muni Bond ETF (the "Fund), a series of Simplify Exchange Traded Funds, as of June 30, 2025, the related statements of operations and changes in net assets and the financial highlights for the period from September 9, 2024 (commencement of operations) to June 30, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations, the changes in net assets, and the financial highlights for the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

We have served as the auditor of one or more funds advised by Simplify Asset Management, Inc. since 2020.

![](signature.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

August 29, 2025

**Simplify Exchange Traded Funds**

**Additional Information** (Unaudited)

***Proxy Voting Policies and Procedures***

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1-855-772-8488; by visiting www.simplify.us; and on the SEC's website at www.sec.gov.

***Discount & Premium Information***

Information regarding how often Shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.simplify.us.

***Tax Information***

Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its year ended June 30, 2025.

---

| | | |
|:---|:---|:---|
| **Fund** | **Qualified<br> Dividend<br> Income\*** | **Dividends<br> Received<br> Deduction** |
| Simplify National Muni Bond ETF | 0.00% | 0.00% |

---

\* The above percentage is based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

June 30, 2025

Annual Financial Statements and

Other Important Information

Simplify Exchange Traded Funds

Simplify Gamma Emerging Market Bond ETF (GAEM)

![](logo.jpg)

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**Simplify Exchange Traded Funds**

**Table of Contents**

---

| | |
|:---|:---|
| [Schedule of Investments](#book9_001) | 4 |
| [Statement of Assets and Liabilities](#book9_002) | 8 |
| [Statement of Operations](#book9_003) | 9 |
| [Statement of Changes in Net Assets](#book9_004) | 10 |
| [Financial Highlights](#book9_005) | 11 |
| [Notes to Financial Statements](#book9_006) | 12 |
| [Report of Independent Registered Public Accounting Firm](#book9_007) | 17 |
| [Additional Information](#book9_008) | 18 |

---

This report is provided for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

**Simplify Gamma Emerging Market Bond ETF**

**Schedule of Investments**

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Principal** | **Value** |
| **Foreign Bonds – 92.5%** |  |  |  |
| **Argentina – 4.7%** |  |  |  |
| Argentine Republic Government International Bond, 4.13%, 7/9/2035 |  | $500000 | $338601 |
| Pluspetrol SA, 8.50%, 5/30/2032, 144A(a) |  | 200000 | 203500 |
|  |  |  | 542101 |
| **Bahamas – 3.3%** |  |  |  |
| Bahamas Government International Bond, 6.00%, 11/21/2028 |  | 80000 | 79840 |
| Bahamas Government International Bond, 8.25%, 6/24/2036, 144A(a) |  | 300000 | 305100 |
|  |  |  | 384940 |
| **Brazil – 6.6%** |  |  |  |
| Braskem Netherlands Finance BV, 8.00%, 10/15/2034, 144A(a) |  | 250000 | 200413 |
| Brazilian Government International Bond, 6.00%, 10/20/2033 |  | 200000 | 198888 |
| CSN Resources SA, 8.88%, 12/5/2030 |  | 150000 | 147983 |
| LD Celulose International GmbH, 7.95%, 1/26/2032, 144A(a) |  | 200000 | 210625 |
|  |  |  | 757909 |
| **Chile – 1.8%** |  |  |  |
| Latam Airlines Group SA, 7.88%, 4/15/2030, 144A(a) |  | 200000 | 204250 |
| **Colombia – 19.5%** |  |  |  |
| Aris Mining Corp., 8.00%, 10/31/2029, 144A(a) |  | 200000 | 203716 |
| Banco Davivienda SA, 8.13%, (US 5 Year CMT T-Note + 4.59%), 7/2/2035, 144A(a)(b) |  | 250000 | 252050 |
| Bancolombia SA, 8.63%, (US 5 Year CMT T-Note + 4.32%), 12/24/2034(b) |  | 200000 | 210414 |
| Colombia Government International Bond, 8.75%, 11/14/2053 |  | 310000 | 307783 |
| Colombia Government International Bond, 8.38%, 11/7/2054 |  | 200000 | 190560 |
| Colombia Telecomunicaciones SA ESP, 4.95%, 7/17/2030 |  | 408000 | 352683 |
| Ecopetrol SA, 7.75%, 2/1/2032 |  | 250000 | 246075 |
| Ecopetrol SA, 8.38%, 1/19/2036 |  | 300000 | 289499 |
| Empresas Publicas de Medellin ESP, 4.25%, 7/18/2029 |  | 200000 | 184585 |
|  |  |  | 2237365 |
| **Dominican Republic – 17.2%** |  |  |  |
| AES Espana BV, 5.70%, 5/4/2028 |  | 180000 | 172759 |
| Dominican Republic International Bond, 10.50%, 3/15/2037, 144A(a) | DOP | 64700000 | 1081930 |
| Dominican Republic International Bond, 7.15%, 2/24/2055, 144A(a) |  | 200000 | 199890 |
| Dominican Republic International Bond, 5.88%, 1/30/2060 |  | 343000 | 288754 |
| Empresa Generadora de Electricidad Haina SA, 5.63%, 11/8/2028 |  | 250000 | 238530 |
|  |  |  | 1981863 |
| **El Salvador – 6.3%** |  |  |  |
| El Salvador Government International Bond, 7.65%, 6/15/2035 |  | 250000 | 241250 |
| El Salvador Government International Bond, 7.63%, 2/1/2041 |  | 250000 | 228750 |
| El Salvador Government International Bond, 9.65%, 11/21/2054, 144A(a) |  | 250000 | 257500 |
|  |  |  | 727500 |
| **Guatemala – 1.7%** |  |  |  |
| Investment Energy Resources Ltd., 6.25%, 4/26/2029 |  | 200000 | 196191 |
| **Honduras – 3.2%** |  |  |  |
| Honduras Government International Bond, 8.63%, 11/27/2034, 144A(a) |  | 350000 | 367763 |
| **Jamaica – 1.8%** |  |  |  |
| Kingston Airport Revenue Finance Ltd., 6.75%, 12/15/2036, 144A(a) |  | 200000 | 201283 |

---

See Notes to Financial Statements.

**Simplify Gamma Emerging Market Bond ETF**

**Schedule of Investments** (Continued)

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **Foreign Bonds (continued)** |  |  |
| **Mexico – 8.1%** |  |  |
| Comision Federal de Electricidad, 6.45%, 1/24/2035, 144A(a) | $400000 | $394467 |
| Petroleos Mexicanos, 6.63%, 6/15/2035 | 170000 | 142800 |
| Petroleos Mexicanos, 7.69%, 1/23/2050 | 500000 | 393630 |
|  |  | 930897 |
| **Panama – 14.0%** |  |  |
| Panama Government International Bond, 3.16%, 1/23/2030 | 300000 | 271162 |
| Panama Government International Bond, 6.70%, 1/26/2036 | 270000 | 268836 |
| Panama Government International Bond, 6.85%, 3/28/2054 | 200000 | 183326 |
| Panama Government International Bond, 7.88%, 3/1/2057 | 300000 | 305725 |
| Promerica Financial Corp., 10.75%, 8/14/2028 | 200000 | 208612 |
| Telecomunicaciones Digitales SA, 4.50%, 1/30/2030 | 200000 | 186737 |
| UEP Penonome II SA, 6.50%, 10/1/2038 | 202777 | 179932 |
|  |  | 1604330 |
| **Peru – 1.7%** |  |  |
| Volcan Cia Minera SAA, 8.75%, 1/24/2030 | 200000 | 198841 |
| **Trinidad and Tobago – 2.6%** |  |  |
| National Gas Co of Trinidad & Tobago Ltd., 6.05%, 1/15/2036 | 100000 | 90745 |
| Telecommunications Services of Trinidad & Tobago Ltd., 8.88%, 10/18/2029 | 200000 | 202474 |
|  |  | 293219 |
| &nbsp;&nbsp;&nbsp;Total Foreign Bonds (Cost $10,448,965) |  | 10628452 |
| **U.S. Treasury Bills – 7.8%** |  |  |
| U.S. Treasury Bill, 4.08%, 7/29/2025(c) | 500000 | 498386 |
| U.S. Treasury Bill, 4.38%, 8/14/2025(c) | 400000 | 397899 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $896,306) |  | 896285 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Money Market Fund – 0.1%** |  |  |
| Fidelity Investments Money Market Treasury Only Portfolio - Class I, 4.15%(d) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $14,848) | 14848 | 14848 |
| Total Investments – 100.4% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $11,360,119) |  | $11539585 |
| Liabilities in Excess of Other Assets – (0.4)% |  | (44635) |
| **Net Assets – 100.0%** |  | $**11494950** |

---

(a) Security was purchased (sold) pursuant to Rule 144A
 under the Securities Act of 1933 and may not be resold (repurchased) subject to that rule except to qualified institutional buyers. Unless
 otherwise noted, Rule 144A securities are deemed to be liquid. Total fair value of Rule 144A securities amounts to $4,082,487,
 which represents 35.5% of net assets as of June 30, 2025.

(b) Floating
 rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at June 30, 2025. For securities
 based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(c) Represents
 a zero coupon bond. Rate shown reflects the effective yield.

(d) Rate
 shown reflects the 7-day yield as of June 30, 2025.

**<u>Currency Abbreviations</u>:**

DOP : Dominican Peso

See Notes to Financial Statements.

**Simplify Gamma Emerging Market Bond ETF**

**Schedule of Investments** (Continued)

June 30, 2025

**<u>Portfolio Abbreviations</u>:**

CMT : Treasury Constant Maturity Rate

---

| | |
|:---|:---|
| **INDUSTRY ALLOCATION\*** | **INDUSTRY ALLOCATION\*** |
| Government | 52.0% |
| Energy | 14.8% |
| Utilities | 9.0% |
| Basic Materials | 8.4% |
| Communications | 6.4% |
| Financial | 5.8% |
| Consumer, Cyclical | 1.8% |
| Industrial | 1.7% |
| Money Market Fund | 0.1% |

---

\* Percentage of total investments as of June 30, 2025.

See Notes to Financial Statements.

(This page intentionally left blank)

**Simplify Exchange Traded Funds**

**Statement of Assets and Liabilities**

June 30, 2025

---

| | |
|:---|:---|
|  | **Simplify<br> Gamma<br> Emerging<br> Market Bond<br> ETF** |
| **Assets** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value | $11539585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold | 832120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 256722 |
| &nbsp;&nbsp;&nbsp;Total assets | 12628427 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities purchased | 1126369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 7108 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 1133477 |
| **Net Assets** | $11494950 |
| **Net Assets Consist of** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $11279586 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss) | 215364 |
| **Net Assets** | $11494950 |
| Number of Common Shares outstanding | 450001 |
| **Net Asset Value, offering and redemption price per share** | $25.54 |
| Investments, at cost | $11360119 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statement of Operations**

For the Period Ended June 30, 2025

---

| | |
|:---|:---|
|  | **Simplify<br> Gamma<br> Emerging<br> Market Bond<br> ETF<sup>(1)</sup>** |
| **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;Interest income | $784028 |
| &nbsp;&nbsp;&nbsp;Total income | 784028 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 93409 |
| &nbsp;&nbsp;&nbsp;Interest expense | 654 |
| &nbsp;&nbsp;&nbsp;Total expenses | 94063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less fees waived: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waiver | (19665) |
| &nbsp;&nbsp;&nbsp;Net expenses | 74398 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 709630 |
| **Realized and Unrealized Gain (Loss)** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 121442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 1240 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 122682 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 179466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | (9970) |
| &nbsp;&nbsp;&nbsp;Net unrealized gain (loss) | 169496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 292178 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $1001808 |

---

(1) For the period August 12, 2024 (commencement
 of operations) through June 30, 2025.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statement of Changes in Net Assets**

---

| | |
|:---|:---|
|  | **Simplify<br> Gamma<br> Emerging<br> Market Bond<br> ETF** |
|  | **For the<br> period<br> August 12,<br> 2024<sup>(1)</sup> to<br> June 30,**<br> **2025** |
| **Increase (Decrease) in Net Assets from Operations** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $709630 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 122682 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | 169496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 1001808 |
| **Distributions** | (786444) |
| **Fund Shares Transactions** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 11279586 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | 11279586 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | 11494950 |
| **Net Assets** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period |  |
| &nbsp;&nbsp;&nbsp;End of period | $11494950 |
| **Changes in Shares Outstanding** |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of period |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 450001<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 450001 |

---

(1) Commencement of operations.

(2) Shares not in increment of 25,000 shares (a "Creation
 Unit") represent the Adviser's initial seed investment in connection with the commencement of operations.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Financial Highlights**

---

| | |
|:---|:---|
| **Simplify Gamma Emerging Market Bond ETF<br> Selected Per Share Data** | **Period Ended<br> June 30,<br> 2025<sup>(a)</sup>** |
| Net Asset Value, beginning of period | $25.00 |
| Income (loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 1.62 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.67 |
| Total from investment operations | 2.29 |
| Less distributions from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.49) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.75) |
| Net Asset Value, end of period | $25.54 |
| **Total Return (%)** | 9.42 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |
| Net Assets, end of period ($ millions) | $11 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses before fee waiver (%) | 0.96 <sup>(d)(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses after fee waiver (%) | 0.76 <sup>(d)(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 7.22 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(f)</sup> | 131 <sup>(c)</sup> |

---

(a) For
 the period August 12, 2024 (commencement of operations) through June 30, 2025.

(b) Per
 share numbers have been calculated using the average shares method.

(c) Not
 annualized.

(d) Annualized.

(e) The
 ratios of expenses to average net assets includes interest expense fees of 0.01%.

(f) Excludes
 the impact of in-kind transactions related to the processing of capital share transactions in Creation Units.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements**

June 30, 2025

**1. Organization**

Simplify Exchange Traded Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end registered management investment company organized as a Delaware statutory trust.

As of June 30, 2025, the Trust consists of thirty four investment series of exchange-traded funds ("ETFs") in operation and trading. These financial statements report on the Simplify Gamma Emerging Market Bond ETF (the "Fund"). The Fund is a non-diversified series of the Trust.

Simplify Asset Management Inc. (the "Adviser") serves as investment adviser to the Fund and has overall responsibility for the general management and administration of the Fund, subject to the oversight of the Trust's Board of Trustees (the "Board").

The Fund offers shares ("Shares") that are listed and traded on the NYSE Arca, Inc. ("NYSE Arca" or the "Exchange"). Unlike mutual funds, the Fund issues and redeems Shares at net asset value ("NAV") only in large specified lots consisting of 25,000 Shares, each called a "Creation Unit", to authorized participants who have entered into agreements with the Fund's distributor. Shares are not individually redeemable securities of the Fund, and owners of the Shares who are authorized participants may acquire those Shares from the Fund, or tender such Shares for redemption to the Fund, in Creation Units only.

---

| | |
|:---|:---|
| **Fund** | **Investment Objectives** |
| Simplify Gamma Emerging Market Bond ETF | The Fund seeks income and capital appreciation. |

---

**2. Significant Accounting Policies**

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies including Accounting Standards Update 2013-08. The following is a summary of significant accounting policies followed by the Fund.

**Investment Valuation**

The Fund's investments are valued using procedures approved by the Board and are generally valued using market valuations (Market Approach). A market valuation generally means a valuation (i) obtained from an exchange, a pricing service, or a major market maker (or dealer) or (ii) based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service, or a major market maker (or dealer). A price obtained from a pricing service based on such pricing service's valuation matrix may be considered a market valuation. Any assets or liabilities denominated in currencies other than the U.S. dollar are converted into U.S. dollars at the current market rates on the date of valuation as quoted by one or more sources.

If market quotations are not readily available, securities will be valued at their fair market value as determined using the "fair value" procedures approved by the Board and the Adviser. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security. The fair value prices can differ from market prices when they become available or when a price becomes available. The Board has designated the Adviser as its valuation designee to execute these procedures pursuant to Rule 2a-5 under the 1940 Act. Independent pricing services may assist in calculating the value of the Fund's portfolio securities. The Board reviews the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results. These securities are either categorized as Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

Debt securities not traded on an exchange may be valued at prices supplied by a pricing agent(s) based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity. Debt securities are generally categorized as Level 2 of the fair value hierarchy.

Money Market Funds are valued at NAV.

Under certain circumstances, the Fund may use an independent pricing service to calculate the fair market value of foreign equity securities on a daily basis by applying valuation factors to the last sale price or the mean price as noted above. The fair market values supplied by the independent pricing service will generally reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or the value of other instruments that have a strong correlation to the fair valued securities. The independent pricing service will also take into account the current relevant currency exchange rate. A security that is fair valued may be valued at a price higher or lower than actual market quotations or the value determined by other funds using their own fair valuation procedures. Because foreign securities may trade on days when Shares are not priced, the value of securities held by the Fund can change on days when Shares cannot be redeemed or purchased. In the event that a foreign security's market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closed before the Fund's calculation of NAV), the security will be valued at its fair market value as determined in good faith by the Adviser in accordance with procedures approved by the Board. Without fair valuation, it is possible that short-term traders could take advantage of the arbitrage opportunity and dilute the NAV

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

of long-term investors. Fair valuation of the Fund's portfolio securities can serve to reduce arbitrage opportunities available to short-term traders, but there is no assurance that it will prevent dilution of the Fund's NAV by short-term traders. In addition, because the Fund's may invest in underlying ETFs which hold portfolio securities primarily listed on foreign (non-U.S.) exchanges, and these exchanges may trade on weekends or other days when the underlying ETFs do not price their shares, the value of these portfolio securities may change on days when you may not be able to buy or sell Shares.

Investments initially valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services or other parties in accordance with the valuation procedures of the Adviser. As a result, the NAV of the Shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Exchange is closed and an investor is not able to purchase, redeem or exchange Shares.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

● Level 1 – Quoted prices in active markets for identical assets that the fund has the ability to access.

● Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

● Level 3 – Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuations as of June 30, 2025 for the Fund based upon the three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Foreign Bonds | $— | $10628452 | $— | $10628452 |
| U.S. Treasury Bills | 896285 |  |  | 896285 |
| Money Market Fund | 14848 |  |  | 14848 |
| TOTAL | $911133 | $10628452 | $— | $11539585 |

---

**Cash**

Cash consists of cash on deposit with a major financial institution which may exceed federally insured limits.

**Foreign Currency Translations**

The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

**Investment Transactions and Related Income**

For financial reporting purposes, investment transactions are reported on the trade date. However, for daily NAV determination, portfolio securities transactions are reflected no later than in the first calculation on the first business day following trade date. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount based on effective yield. Gains or losses realized on sales of securities are determined using the specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds. Dividend income on the Statement of Operations is shown net of any foreign taxes withheld on income from foreign securities, which are provided for in accordance with the Fund's understanding of the applicable tax rules and regulations.

**Income Tax Information and Distributions to Shareholders**

It is the Fund's policy to comply with all requirements of the Internal Revenue Code of 1986, as amended ("the Code"). The Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company ("RIC") under Subchapter M of the Code. It is the Fund's

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

policy is to pay out dividends from net investment income quarterly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, will be declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, will be available to offset future net capital gains. The Fund may occasionally be required to make supplemental distributions at some other time during the year. The Fund reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or advisable to preserve the status of the Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, will be recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains will be determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, (e.g., return of capital and distribution reclassifications), such amounts are reclassified within the composition of net assets based on their federal tax basis treatment; temporary differences (e.g., wash sales and straddles) do not require a reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, will be reported as a tax return of capital.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund's tax positions expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund's financial statement.

The Fund will recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statement of Operations.

**3. Investment Advisory Agreement and Other Agreements**

The Adviser has overall responsibility for the general management and administration of the Fund, subject to the oversight of the Board. Under an investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the "Investment Advisory Agreement"), the Adviser is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Fund to operate.

Gamma Asset Management LLC (the "Sub-Adviser") serves as investment sub-adviser to the Fund. The Sub-Adviser is responsible for day-to-day management of the Fund, subject to supervision of the Adviser. The Adviser, not the Fund, pays the Sub-Adviser.

For its investment advisory services to the Fund, the Adviser was entitled to receive a management fee computed and accrued daily and payable monthly, at an annual rate equal to 0.95% of the Fund's average daily net assets.

The Adviser has contractually agreed to waive its fee payable under the management agreement to 0.75% of the Fund's average daily net assets through at least October 31, 2025. This agreement may be terminated only by the Board of Trustees on 60 days' written notice to the Adviser. For the period ended June 30, 2025, the Adviser waived fees of $19,665.

Under the Investment Advisory Agreement, the Adviser has agreed to pay substantially all the operating expenses of the Fund, excluding interest expenses, taxes, brokerage expenses, Rule 12b-1 fees (if any), acquired fund fees and expenses, expenses incidental to a meeting of the Fund's shareholders and the management fee. In addition to the excluded operating expenses, the Fund also pays non-operating expenses such as litigation and indemnification expenses and other expenses determined to be extraordinary by the Trust.

The Board has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with its Rule 12b-1 plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to finance activities primarily intended to result in the sale of Creation Units of the Fund or the provision of investor services. No Rule 12b-1 fees are currently paid by the Fund and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, they will be paid out of the Fund's assets, and directly impact the NAV per share of the Fund.

The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent and Transfer Agent for the Fund.

Foreside Financial Services, LLC (the "Distributor") serves as the distributor of Creation Units for the Fund on an agency basis. The Distributor does not maintain a secondary market in Shares of the Fund. Adviser Compliance Associates, LLC d/b/a ACA Group, a related party to the Distributor, also provides a Chief Compliance Officer to the Trust.

A Trustee and certain Officers of the Trust are also employees of the Adviser and/or an affiliate of the Distributor.

**4. Investment Transactions**

Purchases and sales of securities, other than short-term securities, U.S. Government Securities and in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Simplify Gamma Emerging Market Bond ETF | $22745421 | $12464188 |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

**5. Fund Share Transactions**

The Fund issues and redeems Shares at NAV only in large blocks of 25,000 Shares (each block of Shares is called a "Creation Unit"). Creation Units are issued and redeemed primarily in-kind for securities but may include cash. Individual Shares may only be purchased and sold in secondary market transactions through brokers. Except when aggregated in Creation Units in transactions with Authorized Participants, the Shares are not redeemable securities of the Fund.

Fund Shares are listed and traded on the Exchange on each day that the Exchange is open for business ("Business Day"). The Fund's Shares may only be purchased and sold on the Exchange through a broker-dealer. Because the Fund's Shares trade at market prices rather than at their NAV, Shares may trade at a price equal to the NAV, greater than NAV (premium) or less than NAV (discount).

Authorized participants pay a fixed transaction fee of $500 to the Fund's custodian when purchasing and redeeming Creation Units of the Fund. The transaction fee is used to defray the costs associated with the issuance and redemption of Creation Units. In addition to the fixed transaction fee, the Fund may charge an additional variable fee of up to a maximum of 3% of the amount invested for creations and redemptions in cash, to offset brokerage and impact expenses associated with a cash transaction.

**6. Federal Income Taxes**

For the period ended June 30, 2025, the effect of permanent "book/tax" reclassifications to the components of net assets are included below. These differences, if any, are primarily due to redemptions-in-kind, non-deductible excise tax paid, prior year true ups, distributions in excess, return of capital distributions, and if applicable, controlled foreign corporations income reversal.

---

| | | |
|:---|:---|:---|
| **Fund** | **Distributable<br> earnings (loss)** | **Paid-in<br> Capital** |
| Simplify Gamma Emerging Market Bond ETF | $| $|

---

The tax character of dividends and distributions declared for the period ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income\*** | **Long-Term<br> Capital Gains** | **Return of<br> Capital** |
| Simplify Gamma Emerging Market Bond ETF | $786444 | $– $|  |

---

\* For tax purposes short-term capital gain distributions are considered ordinary income distributions.

As of June 30, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br> Ordinary<br> Income** | **Undistributed<br> Long-term<br> Capital Gains** | **Net Unrealized<br> Appreciation<br> (Depreciation)** | **Accumulated<br> Capital and<br> Other Losses** | **Post-October/<br> Late-year<br> Ordinary Loss<br> Deferrals** | **Distributable<br> earnings (loss)** |
| Simplify Gamma Emerging Market Bond ETF | $95248 | $– $– $| 169496 | $– $| (49380) | $215364 |

---

At June 30, 2025, gross unrealized appreciation and depreciation of investments owned by the Fund, based on cost for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| Simplify Gamma Emerging Market Bond ETF | $11360119 | $330995 | $(161499) | $169496 |

---

The differences between book-basis and tax-basis components of net assets, if applicable, are primarily attributable to the tax deferral of losses on wash sales, grantor trust adjustments, section 1256 mark-to-market treatment of derivatives and return of capital basis adjustments from underlying investments.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

If available, the Fund utilized the following amount of capital loss carryforwards to offset taxable gains realized during the period ended June 30, 2025:

---

| | |
|:---|:---|
| **Fund** | **Amount** |
| Simplify Gamma Emerging Market Bond ETF | $|

---

Certain capital and qualified late year ordinary losses incurred within the current taxable year after October 31 and December 31, respectively can be deferred. If elected these deferred losses are deemed to arise on the first business day of the Fund's next taxable year. As of tax year-end June 30, 2025, the Fund will elect to defer post-October capital losses and late year ordinary losses as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Capital Post-<br> October Losses** | **Late-year<br> ordinary Losses** |
| Simplify Gamma Emerging Market Bond ETF | $49380 | $— |

---

**7. Segment Reporting**

The Fund operates in one segment. The Chief Operating Decision Maker ("CODM") is the President and Chief Executive Officer of the Fund. The CODM reviews the operating results of the Fund on a consolidated basis as part of making decisions for allocating resources and evaluating performance.

**8. Subsequent Events**

Management has evaluated subsequent events through the date of issuance of these financial statements and has determined that there are no subsequent events that require adjustment to, or disclosure in, the financial statements.

**Simplify Exchange Traded Funds**

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Trustees of

Simplify Exchange Traded Funds

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Simplify Gamma Emerging Market Bond ETF (the "Fund), a series of Simplify Exchange Traded Funds, as of June 30, 2025, the related statements of operations and changes in net assets and the financial highlights for the period from August 12, 2024 (commencement of operations) to June 30, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations, the changes in net assets, and the financial highlights for the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

We have served as the auditor of one or more funds advised by Simplify Asset Management, Inc. since 2020.

![](signature.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

August 29, 2025

**Simplify Exchange Traded Funds**

**Additional Information** (Unaudited)

***Proxy Voting Policies and Procedures***

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1-855-772-8488; by visiting www.simplify.us; and on the SEC's website at www.sec.gov.

***Discount & Premium Information***

Information regarding how often Shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.simplify.us.

***Tax Information***

Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its period ended June 30, 2025.

---

| | | |
|:---|:---|:---|
| **Fund** | **Qualified<br> Dividend<br> Income\*** | **Dividends<br> Received<br> Deduction** |
| Simplify Gamma Emerging Market Bond ETF | 0.00% | 0.00% |

---

\* The above percentage is based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

June 30, 2025

Annual Financial Statements and

Other Important Information

Simplify Exchange Traded Funds

Simplify Kayne Anderson Energy and Infrastructure Credit ETF (KNRG)

![](logo.jpg)

(This page intentionally left blank)

**Simplify Exchange Traded Funds**

**Table of Contents**

---

| | |
|:---|:---|
| [Schedule of Investments](#book10_001) | 4 |
| [Statement of Assets and Liabilities](#book10_002) | 6 |
| [Statement of Operations](#book10_003) | 7 |
| [Statements of Changes in Net Assets](#book10_004) | 8 |
| [Financial Highlights](#book10_005) | 9 |
| [Notes to Financial Statements](#book10_006) | 10 |
| [Report of Independent Registered Public Accounting Firm](#book10_007) | 15 |
| [Additional Information](#book10_008) | 16 |

---

This report is provided for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

**Simplify Kayne Anderson Energy and Infrastructure Credit ETF**

**Schedule of Investments**

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **Corporate Bonds – 96.7%** |  |  |
| **Energy – 72.9%** |  |  |
| Buckeye Partners LP, 5.85%, 11/15/2043 | $200000 | $176634 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC, 7.50%, 12/15/2033, 144A(a) | 300000 | 326698 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp., 7.38%, 6/30/2033, 144A(a) | 200000 | 199263 |
| Enbridge, Inc., 8.50%, (US 5 Year CMT T-Note + 4.43%), 1/15/2084(b) | 350000 | 390617 |
| Energy Transfer LP, 7.13%, (US 5 Year CMT T-Note + 5.31%), 5/15/2174, Series G | 725000 | 740271 |
| Hess Midstream Operations LP, 5.88%, 3/1/2028, 144A(a) | 300000 | 304669 |
| Kinder Morgan Energy Partners LP, 6.95%, 1/15/2038 | 300000 | 332945 |
| Oneok Partners LP, 6.13%, 2/1/2041 | 400000 | 400700 |
| Plains All American Pipeline LP, 8.70%, (3-Month CME Term SOFR + 4.37%), 11/15/2173, Series B(b) | 500000 | 502307 |
| Prairie Acquiror LP, 9.00%, 8/1/2029, 144A(a) | 650000 | 676378 |
| Rockies Express Pipeline LLC, 6.75%, 3/15/2033, 144A(a) | 150000 | 156677 |
| Rockies Express Pipeline LLC, 6.88%, 4/15/2040, 144A(a) | 100000 | 100247 |
| South Bow Canadian Infrastructure Holdings Ltd., 7.50%, (US 5 Year CMT T-Note + 3.67%), 3/1/2055, 144A(a)(b) | 400000 | 413061 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 7.38%, 2/15/2029, 144A(a) | 150000 | 154262 |
| Targa Resources Corp., 6.50%, 2/15/2053 | 200000 | 205780 |
| TransCanada PipeLines Ltd., 6.80%, (3-Month CME Term SOFR + 2.47%), 5/15/2067(b) | 400000 | 369643 |
| Venture Global LNG, Inc., 8.38%, 6/1/2031, 144A(a) | 38000 | 39500 |
| Venture Global LNG, Inc., 9.88%, 2/1/2032, 144A(a) | 75000 | 81047 |
| Venture Global LNG, Inc., 9.00%, (US 5 Year CMT T-Note + 5.44%), 12/31/2049, 144A(a)(b) | 437000 | 425601 |
| Western Midstream Operating LP, 5.45%, 4/1/2044 | 350000 | 306169 |
| Williams Cos., Inc. (The), 8.75%, 3/15/2032 | 350000 | 421412 |
| Williams Cos., Inc. (The), 5.75%, 6/24/2044 | 250000 | 245398 |
|  |  | 6969279 |
| **Utilities – 23.8%** |  |  |
| AES Corp. (The), 7.60%, (US 5 Year CMT T-Note + 3.20%), 1/15/2055(b) | 100000 | 103422 |
| AES Corp. (The), 6.95%, (US 5 Year CMT T-Note + 2.89%), 7/15/2055(b) | 150000 | 146193 |
| AltaGas Ltd., 7.20%, (US 5 Year CMT T-Note + 2.89%), 10/15/2054, 144A(a)(b) | 300000 | 300816 |
| Entergy Corp., 7.13%, (US 5 Year CMT T-Note + 2.67%), 12/1/2054(b) | 400000 | 414961 |
| PG&E Corp., 7.38%, (US 5 Year CMT T-Note + 3.88%), 3/15/2055(b) | 500000 | 474385 |
| Sempra, 6.88%, (US 5 Year CMT T-Note + 2.79%), 10/1/2054 | 400000 | 403513 |
| Venture Global Plaquemines LNG LLC, 7.75%, 5/1/2035, 144A(a) | 300000 | 325008 |
| Vistra Corp., 8.88%, (US 5 Year CMT T-Note + 5.05%), 7/15/2174, Series C, 144A(a) | 100000 | 108939 |
|  |  | 2277237 |
| &nbsp;&nbsp;&nbsp;Total Corporate Bonds (Cost $9,071,608) |  | 9246516 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Preferred Stocks – 1.0%** |  |  |
| **Utilities – 1.0%** |  |  |
| Nextera Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $94,460) | 2000 | 94180 |
| **Money Market Fund – 0.5%** |  |  |
| Fidelity Investments Money Market Treasury Only Portfolio - Class I, 4.15%(c) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $48,338) | 48338 | 48338 |

---

See Notes to Financial Statements.

**Simplify Kayne Anderson Energy and Infrastructure Credit ETF**

**Schedule of Investments** (Continued)

June 30, 2025

---

| | |
|:---|:---|
|  | **Value** |
| Total Investments – 98.2% |  |
| &nbsp;&nbsp;&nbsp;(Cost $9,214,406) | $9389034 |
| Other Assets in Excess of Liabilities – 1.8% | 169757 |
| **Net Assets – 100.0%** | $**9558791** |

---

(a) Security was purchased (sold) pursuant
 to Rule 144A under the Securities Act of 1933 and may not be resold (repurchased) subject to that rule except to qualified institutional
 buyers. Unless otherwise noted, Rule 144A securities are deemed to be liquid. Total fair value of Rule 144A securities amounts
 to $3,612,166, which represents 37.7% of net assets as of June 30, 2025.

(b) Floating rate investment. Interest
 rates reset periodically. Interest rate shown reflects the rate in effect at June 30, 2025. For securities based on a published reference
 rate and spread, the reference rate and spread are indicated in the description above.

(c) Rate shown reflects the 7-day yield
 as of June 30, 2025.

**<u>Portfolio Abbreviations</u>:**

CME : Chicago Mercantile Exchange <br> CMT : Treasury Constant Maturity Rate <br> SOFR : Secured Overnight Financing Rate

**Summary of Investment Type††**

---

| | |
|:---|:---|
| **Investment Categories** | **% of<br> Net Assets** |
| Corporate Bonds | 96.7% |
| Preferred Stocks | 1.0% |
| Money Market Fund | 0.5% |
| Total Investments | 98.2% |
| Other Assets in Excess of Liabilities | 1.8% |
| **Net Assets** | **100.0%** |

---

---

| | |
|:---|:---|
| †† | 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. |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statement of Assets and Liabilities**

June 30, 2025

---

| | |
|:---|:---|
|  | **Simplify Kayne<br> Anderson<br> Energy and<br> Infrastructure<br> Credit ETF** |
| **Assets** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value | $9389034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 175218 |
| &nbsp;&nbsp;&nbsp;Total assets | 9564252 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 5461 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 5461 |
| **Net Assets** | $9558791 |
| **Net Assets Consist of** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $9385729 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss) | 173062 |
| **Net Assets** | $9558791 |
| Number of Common Shares outstanding | 375001 |
| **Net Asset Value, offering and redemption price per share** | $25.49 |
| Investments, at cost | $9214406 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statement of Operations**

For the Period Ended June 30, 2025

---

| | |
|:---|:---|
|  | **Simplify Kayne<br> Anderson<br> Energy and<br> Infrastructure<br> Credit ETF<sup>(1)</sup>** |
| **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $1824 |
| &nbsp;&nbsp;&nbsp;Interest income | 53310 |
| &nbsp;&nbsp;&nbsp;Total income | 55134 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 5769 |
| &nbsp;&nbsp;&nbsp;Total expenses | 5769 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 49365 |
| **Realized and Unrealized Gain (Loss)** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 6346 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 6346 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 174628 |
| &nbsp;&nbsp;&nbsp;Net unrealized gain (loss) | 174628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 180974 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $230339 |

---

(1) For the period May 27, 2025 (commencement
 of operations) through June 30, 2025.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statements of Changes in Net Assets**

---

| | |
|:---|:---|
|  | **Simplify Kayne<br> Anderson<br> Energy and<br> Infrastructure<br> Credit ETF** |
|  | **For the period<br> May 27,<br> 2025<sup>(1)</sup> to<br> June 30,<br> 2025** |
| **Increase (Decrease) in Net Assets from Operations** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $49365 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 6346 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | 174628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 230339 |
| **Distributions** | (56250) |
| **Fund Shares Transactions** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 9384702 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | 9384702 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | 9558791 |
| **Net Assets** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period |  |
| &nbsp;&nbsp;&nbsp;End of period | $9558791 |
| **Changes in Shares Outstanding** |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of period |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 375001<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 375001 |

---

(1) Commencement of operations.

(2) Shares not in increment of 25,000
 shares (a "Creation Unit") represent the Adviser's initial seed investment in connection with the commencement of operations.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Financial Highlights**

---

| | |
|:---|:---|
| **Simplify Kayne Anderson Energy and Infrastructure Credit ETF<br> Selected Per Share Data** | **Period Ended<br> June 30,<br> 2025<sup>(a)</sup>** |
| Net Asset Value, beginning of period | $25.00 |
| Income (loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.49 |
| Total from investment operations | 0.64 |
| Less distributions from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.15) |
| Net Asset Value, end of period | $25.49 |
| **Total Return (%)** | 2.56 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |
| Net Assets, end of period ($ millions) | $10 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.75 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 6.42 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(e)</sup> | 8 <sup>(c)</sup> |

---

(a) For the period May 27, 2025 (commencement
 of operations) through June 30, 2025.

(b) Per share numbers have been calculated
 using the average shares method.

(c) Not annualized.

(d) Annualized.

(e) Excludes the impact of in-kind transactions
 related to the processing of capital share transactions in Creation Units.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements**

June 30, 2025

**1. Organization**

Simplify Exchange Traded Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end registered management investment company organized as a Delaware statutory trust.

As of June 30, 2025, the Trust consists of thirty four investment series of exchange-traded funds ("ETFs") in operation and trading. These financial statements report on the Simplify Kayne Anderson Energy and Infrastructure Credit ETF (the "Fund"). The Fund is a non-diversified series of the Trust.

Simplify Asset Management Inc. (the "Adviser") serves as investment adviser to the Fund and has overall responsibility for the general management and administration of the Fund, subject to the oversight of the Trust's Board of Trustees (the "Board").

The Fund offers shares ("Shares") that are listed and traded on the NYSE Arca, Inc. ("NYSE Arca" or the "Exchange"). Unlike mutual funds, the Fund issues and redeems Shares at net asset value ("NAV") only in large specified lots consisting of 25,000 Shares, each called a "Creation Unit", to authorized participants who have entered into agreements with the Fund's distributor. Shares are not individually redeemable securities of the Fund, and owners of the Shares who are authorized participants may acquire those Shares from the Fund, or tender such Shares for redemption to the Fund, in Creation Units only.

---

| | |
|:---|:---|
| **Fund** | **Investment Objectives** |
| Simplify Kayne Anderson Energy and Infrastructure Credit ETF | The Fund primarily seeks current income and secondarily seeks capital appreciation. |

---

**2. Significant Accounting Policies**

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("U.S. GAAP"), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Fund is an investment company and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies including Accounting Standards Update 2013-08. The following is a summary of significant accounting policies followed by the Fund.

**Investment Valuation**

The Fund's investments are valued using procedures approved by the Board and are generally valued using market valuations (Market Approach). A market valuation generally means a valuation (i) obtained from an exchange, a pricing service, or a major market maker (or dealer) or (ii) based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service, or a major market maker (or dealer). A price obtained from a pricing service based on such pricing service's valuation matrix may be considered a market valuation. Any assets or liabilities denominated in currencies other than the U.S. dollar are converted into U.S. dollars at the current market rates on the date of valuation as quoted by one or more sources.

If market quotations are not readily available, securities will be valued at their fair market value as determined using the "fair value" procedures approved by the Board and the Adviser. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security. The fair value prices can differ from market prices when they become available or when a price becomes available. The Board has designated the Adviser as its valuation designee to execute these procedures pursuant to Rule 2a-5 under the 1940 Act. Independent pricing services may assist in calculating the value of the Fund's portfolio securities. The Board reviews the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results. These securities are either categorized as Level 2 or 3 of the fair value hierarchy depending on the relevant inputs used.

Equity securities and preferred stocks are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1 of the fair value hierarchy.

Debt securities not traded on an exchange may be valued at prices supplied by a pricing agent(s) based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity. Debt securities are generally categorized as Level 2 of the fair value hierarchy.

Money Market Funds are valued at NAV.

Under certain circumstances, the Fund may use an independent pricing service to calculate the fair market value of foreign equity securities on a daily basis by applying valuation factors to the last sale price or the mean price as noted above. The fair market values supplied by the independent pricing service will generally reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or the value of other instruments that have a strong correlation to the fair valued securities. The independent pricing service will also take into account the current relevant currency exchange rate. A security that is fair valued may be valued at a

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

price higher or lower than actual market quotations or the value determined by other funds using their own fair valuation procedures. Because foreign securities may trade on days when Shares are not priced, the value of securities held by the Fund can change on days when Shares cannot be redeemed or purchased. In the event that a foreign security's market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closed before the Fund's calculation of NAV), the security will be valued at its fair market value as determined in good faith by the Adviser in accordance with procedures approved by the Board. Without fair valuation, it is possible that short-term traders could take advantage of the arbitrage opportunity and dilute the NAV of long-term investors. Fair valuation of the Fund's portfolio securities can serve to reduce arbitrage opportunities available to short-term traders, but there is no assurance that it will prevent dilution of the Fund's NAV by short-term traders. In addition, because the Fund's may invest in underlying ETFs which hold portfolio securities primarily listed on foreign (non-U.S.) exchanges, and these exchanges may trade on weekends or other days when the underlying ETFs do not price their shares, the value of these portfolio securities may change on days when you may not be able to buy or sell Shares.

Investments initially valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services or other parties in accordance with the valuation procedures of the Adviser. As a result, the NAV of the Shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Exchange is closed and an investor is not able to purchase, redeem or exchange Shares.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

● Level 1 – Quoted prices in active markets for identical assets that the Fund has the ability to access.

● Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

● Level 3 – Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuations as of June 30, 2025 for the Fund based upon the three levels defined above:

**Simplify Kayne Anderson Energy and Infrastructure Credit ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Corporate Bonds | $— | $9246516 | $— | $9246516 |
| Preferred Stocks | 94180 |  |  | 94180 |
| Money Market Fund | 48338 |  |  | 48338 |
| TOTAL | $142518 | $9246516 | $— | $9389034 |

---

**Cash**

Cash consists of cash on deposit with a major financial institution which may exceed federally insured limits.

**Foreign Currency Translations**

The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

**Investment Transactions and Related Income**

For financial reporting purposes, investment transactions are reported on the trade date. However, for daily NAV determination, portfolio securities transactions are reflected no later than in the first calculation on the first business day following trade date. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount based on effective yield. Gains or losses realized on sales of securities are determined using the specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds. Dividend income on the Statement of Operations is shown net of any foreign

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

taxes withheld on income from foreign securities, which are provided for in accordance with the Fund's understanding of the applicable tax rules and regulations.

**Income Tax Information and Distributions to Shareholders**

It is the Fund's policy to comply with all requirements of the Internal Revenue Code of 1986, as amended ("the Code"). The Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company ("RIC") under Subchapter M of the Code. It is the Fund's policy is to pay out dividends from net investment income monthly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, will be declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, will be available to offset future net capital gains. The Fund may occasionally be required to make supplemental distributions at some other time during the year. The Fund reserves the right to declare special distributions if, in its reasonable discretion, such action is necessary or advisable to preserve the status of the Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, will be recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains will be determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, (e.g., return of capital and distribution reclassifications), such amounts are reclassified within the composition of net assets based on their federal tax basis treatment; temporary differences (e.g., wash sales and straddles) do not require a reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, will be reported as a tax return of capital.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund's tax positions expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund's financial statement.

The Fund will recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statement of Operations.

**3. Investment Advisory Agreement and Other Agreements**

The Adviser has overall responsibility for the general management and administration of the Fund, subject to the oversight of the Board. Under an investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser (the "Investment Advisory Agreement"), the Adviser is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Fund to operate.

Kayne Anderson Capital Advisors, L.P. (the "Sub-Adviser") serves as investment sub-adviser to the Fund. The Sub-Adviser is responsible for day-to-day management of the Fund's credit portfolio, subject to supervision of the Adviser. The Adviser, not the Fund, pays the Sub-Adviser.

For its investment advisory services to the Fund, the Adviser was entitled to receive a management fee computed and accrued daily and payable monthly, at an annual rate equal to 0.75% of Fund's average daily net assets.

Under the Investment Advisory Agreement, the Adviser has agreed to pay substantially all the operating expenses of the Fund, excluding interest expenses, taxes, brokerage expenses, Rule 12b-1 fees (if any), acquired fund fees and expenses, expenses incidental to a meeting of the Fund's shareholders and the management fee. In addition to the excluded operating expenses, the Fund also pays non-operating expenses such as litigation and indemnification expenses and other expenses determined to be extraordinary by the Trust.

The Board has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act. In accordance with its Rule 12b-1 plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to finance activities primarily intended to result in the sale of Creation Units of the Fund or the provision of investor services. No Rule 12b-1 fees are currently paid by the Fund and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, they will be paid out of the Fund's assets, and directly impact the NAV per share of the Fund.

The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent and Transfer Agent for the Fund.

Foreside Financial Services, LLC (the "Distributor") serves as the distributor of Creation Units for the Fund on an agency basis. The Distributor does not maintain a secondary market in Shares of the Fund. Adviser Compliance Associates, LLC d/b/a ACA Group, a related party to the Distributor, also provides a Chief Compliance Officer to the Trust.

A Trustee and certain Officers of the Trust are also employees of the Adviser and/or an affiliate of the Distributor.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

**4. Investment Transactions**

Purchases and sales of securities, other than short-term securities, U.S. Government Securities and in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Simplify Kayne Anderson Energy and Infrastructure Credit ETF | $9548691 | $387919 |

---

**5. Fund Share Transactions**

The Fund issues and redeems Shares at NAV only in large blocks of 25,000 Shares (each block of Shares is called a "Creation Unit"). Creation Units are issued and redeemed primarily in-kind for securities but may include cash. Individual Shares may only be purchased and sold in secondary market transactions through brokers. Except when aggregated in Creation Units in transactions with Authorized Participants, the Shares are not redeemable securities of the Fund.

Fund Shares are listed and traded on the Exchange on each day that the Exchange is open for business ("Business Day"). The Fund's Shares may only be purchased and sold on the Exchange through a broker-dealer. Because the Fund's Shares trade at market prices rather than at their NAV, Shares may trade at a price equal to the NAV, greater than NAV (premium) or less than NAV (discount).

Authorized participants pay a fixed transaction fee of $500 to the Fund's custodian when purchasing and redeeming Creation Units of the Fund. The transaction fee is used to defray the costs associated with the issuance and redemption of Creation Units. In addition to the fixed transaction fee, the Fund may charge an additional variable fee of up to a maximum of 3% of the amount invested for creations and redemptions in cash, to offset brokerage and impact expenses associated with a cash transaction.

**6. Federal Income Taxes**

For the period ended June 30, 2025, the effect of permanent "book/tax" reclassifications to the components of net assets are included below. These differences, if any, are primarily due to redemptions-in-kind, non-deductible excise tax paid, prior year true ups, distributions in excess, return of capital distributions, and if applicable, controlled foreign corporations income reversal.

---

| | | |
|:---|:---|:---|
| <br> **Fund** | **Distributable**<br> **earnings (loss)** | **Paid-in**<br> **Capital** |
| Simplify Kayne Anderson Energy and Infrastructure Credit ETF | $(1028) | $1028 |

---

The tax character of dividends and distributions declared for the period ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| <br> **Fund** | **Ordinary**<br> **Income\*** | **Long-Term**<br> **Capital Gains** | **Return of**<br> **Capital** |
| Simplify Kayne Anderson Energy and Infrastructure Credit ETF | $56250 | $– $|  |

---

\* For tax purposes short-term capital gain distributions are considered ordinary income distributions.

As of June 30, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed<br> Ordinary<br> Income** | **Net Unrealized<br> Appreciation<br> (Depreciation)** | **Accumulated<br> Capital and<br> Other Losses** | **Distributable<br> earnings (loss)** |
| Simplify Kayne Anderson Energy and Infrastructure Credit ETF | $– $– $– $| 173062 | $– $– $| 173062 |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

June 30, 2025

At June 30, 2025, gross unrealized appreciation and depreciation of investments owned by the Fund, based on cost for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross**<br> **Unrealized**<br> **Depreciation** | **Net<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| Simplify Kayne Anderson Energy and Infrastructure Credit ETF | $9215947 | $194021 | $(20959) | $173062 |

---

The differences between book-basis and tax-basis components of net assets, if applicable, are primarily attributable to the tax deferral of losses on wash sales, grantor trust adjustments, section 1256 mark-to-market treatment of derivatives and return of capital basis adjustments from underlying investments.

At June 30, 2025, for federal income tax purposes, the Fund had capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term** | **Total Amount** |
| Simplify Kayne Anderson Energy and Infrastructure Credit ETF | $– $– $|  |

---

If available, the Fund utilized the following amount of capital loss carryforwards to offset taxable gains realized during the period ended June 30, 2025:

---

| | |
|:---|:---|
| **Fund** | **Amount** |
| Simplify Kayne Anderson Energy and Infrastructure Credit ETF | $|

---

Certain capital and qualified late year ordinary losses incurred within the current taxable year after October 31 and December 31, respectively can be deferred. If elected these deferred losses are deemed to arise on the first business day of the Fund's next taxable year. As of tax year-end June 30, 2025, the Fund will elect to defer post-October capital losses and late year ordinary losses as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Capital Post-<br> October Losses** | **Late-year<br> ordinary Losses** |
| Simplify Kayne Anderson Energy and Infrastructure Credit ETF | $| $|

---

**7. Segment Reporting**

The Fund operates in one segment. The Chief Operating Decision Maker ("CODM") is the President and Chief Executive Officer of the Fund. The CODM reviews the operating results of the Fund on a consolidated basis as part of making decisions for allocating resources and evaluating performance.

**8. Subsequent Events**

Management has evaluated subsequent events through the date of issuance of these financial statements and has determined that there are no subsequent events that require adjustment to, or disclosure in, the financial statements.

**Simplify Exchange Traded Funds**

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Trustees of

Simplify Exchange Traded Funds

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Simplify Kayne Anderson Energy and Infrastructure Credit ETF (the "Fund), a series of Simplify Exchange Traded Funds, as of June 30, 2025, the related statements of operations and changes in net assets and the financial highlights for the period from May 27, 2025 (commencement of operations) to June 30, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations, the changes in net assets, and the financial highlights for the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian and brokers. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

We have served as the auditor of one or more funds advised by Simplify Asset Management, Inc. since 2020.

![](signature.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

August 29, 2025

**Simplify Exchange Traded Funds**

**Additional Information** (Unaudited)

***Proxy Voting Policies and Procedures***

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1-855-772-8488; by visiting www.simplify.us; and on the SEC's website at www.sec.gov.

***Discount & Premium Information***

Information regarding how often Shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.simplify.us.

***Tax Information***

Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors.

The Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its period ended June 30, 2025.

---

| | | |
|:---|:---|:---|
| **Fund** | **Qualified<br> Dividend<br> Income\*** | **Dividends<br> Received<br> Deduction** |
| Simplify Kayne Anderson Energy and Infrastructure Credit ETF | 0.00% | 0.00% |

---

\* The above percentage is based on ordinary income dividends paid to shareholders during the Fund's fiscal year.

(b) See (a) above.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

On November 20, 2024 a shareholder representing majority of GAEM shares approved by written consent to change the investment company from diversified to non-diversified.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

The aggregate remuneration paid by the investment adviser during the period covered by the report is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(1) All directors and all members of any advisory board for regular compensation; $302,500

&nbsp;&nbsp;&nbsp;&nbsp;(2) Each director and each member of an advisory board for special compensation; $0

&nbsp;&nbsp;&nbsp;&nbsp;(3) All officers; None

&nbsp;&nbsp;&nbsp;&nbsp;(4) Each person of whom any officer or director of the Fund is an affiliated person: Investment adviser compensation
 included under Item 7. N/A

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

**Board Considerations in Approval of Investment Advisory Agreement** (Unaudited)

**Simplify China A Shares PLUS Income ETF and Simplify Currency Strategy ETF** 

In connection with the meeting of the Board of Trustees (the "Board" or "Trustees") of Simplify Exchange Traded Funds (the "Trust") held on November 18, 2024 (the "Meeting"), the Trustees, including a majority of the Trustees who are not "interested persons" as that term is defined in the Investment Company Act of 1940, as amended, discussed the approval of an investment advisory agreement between Simplify Asset Management, Inc. (the "Adviser" or "Simplify") and the Trust, on behalf of the Simplify China A Shares PLUS Income ETF and Simplify Currency Strategy ETF (each a "New Fund" and collectively, the "New Funds").

The Trustees reviewed and discussed the materials that were provided in advance of the Meeting and deliberated on the approval of the agreements. The Trustees relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the agreements on behalf of the New Funds and the weight to be given to each factor considered. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the Advisory Agreement.

*Nature, Extent, and Quality of Service.* The Trustees noted that Simplify was founded in 2020, currently provides investment advice and investment management services to thirty-one exchange-traded funds, and managed approximately $5.94 billion in assets as of September 30, 2024. They acknowledged that the Adviser specialized in offering a variety of innovative, efficient and differentiated investment strategies that incorporated various derivative overlays. The Trustees then reviewed the background information of the key investment personnel that would be responsible for servicing each New Fund and noted their extensive industry experience. The Trustees discussed that the Adviser would manage the day-to-day portfolio selection, administration, trade execution and compliance monitoring for each New Fund, and serve as the valuation designee and derivatives risk manager. They noted the Adviser's belief that the New Funds would provide investors with diverse exposure to differentiated areas of the market, expanding the Trust's current offerings and allowing for risk mitigation, diversification and potential return enhancement using proprietary overlays. The Trustees noted that the financial condition of the Adviser was sufficient for the Adviser to provide the duties required under each New Fund's Advisory Agreement and to support the launch of each New Fund. The Trustees agreed that the Adviser had sufficient personnel resources to service each New Fund and concluded that, based on the Board's experience with the Adviser, the Adviser would provide high quality service to each New Fund and their respective shareholders.

*Performance.*

<u>Simplify China A Shares PLUS Income ETF</u>. The Trustees reviewed the investment objective of the Fund and considered the performance of other Funds in the Trust. They reviewed the hypothetical, back-tested annualized returns as of September 30, 2024, noting that the strategy underperformed the benchmark for the one-year period ended September 30, 2024, but outperformed the benchmark for the since-inception period ended September 30, 2024. The Trustees considered the Adviser's experience managing specialized ETFs.

<u>Simplify Currency Strategy ETF</u>. The Trustees reviewed the investment objective of the Fund and considered the performance of other Funds in the Trust. They reviewed the hypothetical, back-tested annualized returns as of September 30, 2024, noting that the strategy outperformed the benchmark for the one-, five- and ten-year and since inception periods ended September 30, 2024. The Trustees considered the Adviser's experience investing in foreign currency forward contracts.

Taking all factors into consideration and recognizing that the back-tested returns were not those of an actual account, the Trustees concluded that the Adviser was capable of delivering favorable returns to the shareholders of each New Fund.

*Fees and Expenses.*

The Trustees discussed the Adviser's criteria for selecting the constituents in each peer group (each a "Peer Group"), including the use of mutual funds as relevant comparisons. The Trustees further discussed the Morningstar category for each New Fund.

<u>Simplify China A Shares PLUS Income ETF</u>. Trustees discussed the proposed annual advisory fee of 0.88% and estimated net expense ratio of 0.88%. The Trustees noted that the proposed advisory fee was higher than the averages of the Peer Group and the Morningstar US Fund China Region category, but that the Fund's net expense ratio was lower than the averages of the Peer Group and the Morningstar category. The Trustees considered the Adviser's justifications for its advisory fee, noting that the Peer Group and Morningstar category included passively managed funds while the Fund will be actively managed and has a dedicated income-generating strategy unique relative to other funds in the marketplace. The Trustees concluded that the proposed fees to be charged by the Adviser were not unreasonable.

<u>Simplify Currency Strategy ETF</u>. The Trustees discussed the proposed annual advisory fee of 0.75% and estimated net expense ratio of 0.75%. The Trustees noted that the proposed advisory fee and net expense ratio were higher than the averages of the Peer Group the Morningstar US Fund Single Currency category. The Trustees considered the Adviser's belief that the Fund's advisory fee and expense ratio are reasonable given the uniqueness of the strategy and lack of comparable funds in the marketplace. The Trustees also acknowledged the Adviser's statement that the strategy would require extensive labor and resources, which further justified the advisory fee. The Trustees concluded that the proposed fees to be charged by the Adviser were not unreasonable.

The Trustees acknowledged that the fees to be charged by the Adviser were competitive with the fees charged by similar registered funds. They concluded that the proposed fees to be charged by the Adviser were well within reason for each strategy and were not unreasonable.

*Profitability.* The Trustees reviewed the profit analyses provided by Simplify. They noted that because the New Funds had not yet commenced operations, the profitability analysis provided was estimated based on projected asset growth over the first 24 months of operations. The Trustees acknowledged that each New Fund projected making a profit in the first and second year of operations, before marketing expenditures. The Trustees then concluded that based on the information provided by the Adviser, the estimated profitability was not excessive with respect to any of the New Funds.

*Economies of Scale.* The Trustees considered whether economies of scale would likely be realized by the Adviser during the initial term of the proposed Advisory Agreement. They discussed each New Fund's prospects for growth. They then discussed whether the Adviser would benefit from economies of scale related to each New Fund from lower variable costs and decreasing impact of fixed costs. Based on these and other considerations, the Trustees agreed that economies of scale were unlikely to be realized during the initial term of the Advisory Agreement and would be revisited at the first contract renewal in two years.

*Conclusion.* Having requested and received such information from the Adviser as the Trustees believed to be reasonably necessary to evaluate the terms of the Advisory Agreement, and as assisted by the advice of independent counsel, the Trustees determined that approval of the Advisory Agreement was in the best interests of each New Fund and its respective future shareholders.

**Board Considerations in Approval of Investment Advisory Agreement** (Unaudited)

**Simplify Downside Interest Rate Hedge ETF, Simplify Gold Strategy PLUS Income ETF and Simplify US Small Cap PLUS Income ETF** 

In connection with the meeting of the Board of Trustees (the "Board" or "Trustees") of Simplify Exchange Traded Funds (the "Trust") held on November 18, 2024 (the "Meeting"), the Trustees, including a majority of the Trustees who are not "interested persons" as that term is defined in the Investment Company Act of 1940, as amended, discussed the approval of an investment advisory agreement between Simplify Asset Management, Inc. (the "Adviser" or "Simplify") and the Trust, on behalf of the Simplify Downside Interest Rate Hedge ETF, the Simplify Gold Strategy PLUS Income ETF, and the Simplify US Small Cap PLUS Income ETF (each a "New Fund" and collectively, the "New Funds").

The Board reviewed the written materials provided in connection with the approval of the Advisory Agreement. The Trustees relied upon the advice of independent legal counsel and each Trustee's own business judgment in determining the material factors to be considered when evaluating the agreements and the weight to be given to each factor. The Board based its conclusions on a comprehensive evaluation of all the information provided and not on any one factor exclusively. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the Advisory Agreement.

*Nature, Extent, and Quality of Service.* The Trustees noted that Simplify was founded in 2020, currently provides investment advice and investment management services to thirty-one exchange-traded funds, and managed approximately $5.94 billion in assets as of September 30, 2024. They acknowledged that the Adviser specialized in offering a variety of innovative, efficient and differentiated investment strategies that incorporated various derivative overlays. The Trustees then reviewed the background information of the key investment personnel that would be responsible for servicing each New Fund and noted their extensive industry experience. The Trustees discussed that the Adviser would manage the day-to-day portfolio selection, administration, trade execution and compliance monitoring for each New Fund, and serve as the valuation designee and derivatives risk manager. They noted the Adviser's belief that the New Funds would provide investors with diverse exposure to differentiated areas of the market, expanding the Trust's current offerings and allowing for risk mitigation, diversification and potential return enhancement using proprietary overlays. The Trustees noted that the financial condition of the Adviser was sufficient for the Adviser to provide the duties required under each New Fund's Advisory Agreement and to support the launch of each New Fund. The Trustees agreed that the Adviser had sufficient personnel resources to service each New Fund and concluded that, based on the Board's experience with the Adviser, the Adviser would provide high quality service to each New Fund and their respective shareholders.

*Performance.*

<u>Simplify Downside Interest Rate Hedge Strategy ETF.</u> The Trustees reviewed the investment objective of the Fund and considered the performance of other Funds in the Trust. They reviewed the hypothetical, back-tested annualized returns as of September 30, 2024, noting that the strategy outperformed the benchmark for the one- and ten-year and since inception periods ended September 30, 2024, while underperforming the benchmark over the 5-year period. The Trustees considered the Adviser's experience managing ETFs designed to hedge against falling interest rates.

<u>Simplify Gold Strategy PLUS Income ETF.</u> The Trustees reviewed the investment objective of the Fund and considered the performance of other Funds in the Trust. They reviewed the hypothetical, back-tested annualized returns as of September 30, 2024, noting that the strategy outperformed the benchmark for the one-, five- and ten-year and since inception periods ended September 30, 2024. The Trustees considered the Adviser's experience managing other ETFs that invest in commodities and futures.

<u>Simplify US Small Cap PLUS Income ETF.</u> The Trustees reviewed the investment objective of the Fund and considered the performance of other Funds in the Trust. They reviewed the hypothetical, back-tested annualized returns as of September 30, 2024, noting that the strategy outperformed the benchmark for the one-, five- and ten-year and since inception periods ended September 30, 2024. The Trustees considered the Adviser's experience managing other ETFs with equity sleeves and option overlays.

*Fees and Expenses.* 

<u>Simplify Downside Interest Rate Hedge Strategy ETF.</u> Trustees discussed the proposed annual advisory fee of 0.50% and estimated net expense ratio of 0.50%. The Trustees noted that the proposed advisory fee and net expense ratio were higher than the averages of the Peer Group but lower than the averages of the Morningstar US Fund Trading-Inverse Debt category. The Trustees acknowledged the Adviser's assertion that both the Peer Group and Morningstar category included passive funds and the actively managed nature of the Fund justified the higher fee. The Trustees concluded that the proposed fees to be charged by the Adviser were not unreasonable.

<u>Simplify Gold Strategy PLUS Income ETF.</u> The Trustees discussed the proposed annual advisory fee of 0.50% and estimated net expense ratio of 0.50%. The Trustees noted that the proposed advisory fee and net expense ratio were below the averages of the Adviser's selected Peer Group and the Morningstar US Fund Commodities Focused category. The Trustees concluded that the proposed fees to be charged by the Adviser were not unreasonable.

<u>Simplify US Small Cap PLUS Income ETF.</u> The Trustees discussed the proposed annual advisory fee of 0.50% and estimated net expense ratio of 0.50%. The Trustees noted that the proposed advisory fee and estimated net expense ratio were lower than the averages of the Peer Group and Morningstar US Fund Small Blend category. The Trustees concluded that the proposed fees to be charged by the Adviser were not unreasonable.

*Profitability.* The Trustees reviewed the profit analyses provided by Simplify. They noted that because the New Funds had not yet commenced operations, the profitability analysis provided was estimated based on projected asset growth over the first 24 months of operations. The Trustees acknowledged that each New Fund projected making a profit in the first and second year of operations, before marketing expenditures. The Trustees then concluded that based on the information provided by the Adviser, the estimated profitability was not excessive with respect to any of the New Funds.

*Economies of Scale.* The Trustees considered whether economies of scale would likely be realized by the Adviser during the initial term of the proposed Advisory Agreement. They discussed each New Fund's prospects for growth. They then discussed whether the Adviser would benefit from economies of scale related to each New Fund from lower variable costs and decreasing impact of fixed costs. Based on these and other considerations, the Trustees agreed that economies of scale were unlikely to be realized during the initial term of the Advisory Agreement and would be revisited at the first contract renewal in two years.

*Conclusion.* Having requested and received such information from the Adviser as the Trustees believed to be reasonably necessary to evaluate the terms of the Advisory Agreement, and as assisted by the advice of independent counsel, the Trustees determined that approval of the Advisory Agreement was in the best interests of each New Fund and its respective future shareholders.

**Board Considerations in Approval of Investment Advisory Agreement** (Unaudited)

**Simplify Target 15 Distribution ETF, Simplify Barrier Income ETF, Simplify Piper Sandler US Small-Cap PLUS Income ETF and Simplify Kayne Anderson Energy & Infrastructure Credit ETF** 

In connection with the meeting of the Board of Trustees (the "Board" or "Trustees") of Simplify Exchange Traded Funds (the "Trust") held on February 20, 2025 (the "Meeting"), the Trustees, including a majority of the Trustees who are not "interested persons" as that term is defined in the Investment Company Act of 1940, as amended, discussed the approval of an investment advisory agreement between Simplify Asset Management, Inc. (the "Adviser" or "Simplify") and the Trust, on behalf of the Simplify Target 15 Distribution ETF, Simplify Barrier Income ETF, Simplify Piper Sandler US Small-Cap PLUS Income ETF ("LITL") and Simplify Kayne Anderson Energy and Infrastructure Credit ETF ("KNRG") (each a "New Fund" and collectively, the "New Funds"); the approval of the sub-advisory agreement between Simplify, Piper Sandler & Co. ("Piper Sandler"), and the Trust on behalf of LITL (the "Piper Sub-Advisory Agreement"); the approval of sub-advisory agreement between Simplify, Kayne Anderson Capital Advisors, L.P. ("Kayne Anderson"), and the Trust on behalf of KNRG (the "Kayne Sub-Advisory Agreement") collectively, the "Sub-Advisory Agreements").

The Trustees reviewed and discussed the materials that were provided in advance of the Meeting and deliberated on the approval of the agreements. The Trustees relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the agreements on behalf of the New Funds and the weight to be given to each factor considered. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the Advisory Agreement and Sub-Advisory Agreements.

*Nature, Extent, and Quality of Service.* The Trustees noted that Simplify was founded in 2020, currently provides investment advice and investment management services to thirty-one exchange-traded funds, three funds were added in the last quarter and managed approximately $6.09 billion in assets as of December 31, 2024. They acknowledged that the Adviser specialized in offering a variety of innovative, efficient and differentiated investment strategies and solutions to meet the evolving needs of investors. The Trustees then reviewed the background information of the key investment personnel that would be responsible for servicing each New Fund and noted their extensive industry experience. The Trustees discussed that the Adviser would manage the day-to-day portfolio selection, administration, trade execution and compliance monitoring for each New Fund, and serve as the valuation designee and derivatives risk manager. They noted the Adviser's belief that the New Funds would provide investors with diverse exposure to differentiated areas of the market, expanding the Trust's current offerings and allowing for risk mitigation, diversification and potential return enhancement using proprietary overlays. The Trustees noted that the financial condition of the Adviser was sufficient for the Adviser to provide the duties required under each New Fund's Advisory Agreement and to support the launch of each New Fund. The Trustees agreed that the Adviser had sufficient personnel resources to service each New Fund and concluded that, based on the Board's experience with the Adviser, the Adviser would provide high quality service to each New Fund and their respective shareholders.

*Performance.*

<u>Simplify Target 15 Distribution ETF</u>. The Trustees reviewed the investment objective of the Fund and considered the performance of other Funds in the Trust. They reviewed the hypothetical, back-tested annualized returns as of December 31, 2024, noting that the strategy underperformed the benchmark for the one-, five-year and since inception periods ended December 31, 2024. The Trustees considered the Adviser's experience in managing income generating option strategies.

<u>Simplify Barrier Income ETF</u>. The Trustees reviewed the investment objective of the Fund and considered the performance of other Funds in the Trust. They reviewed the hypothetical, back-tested annualized returns as of December 31, 2024, noting that the strategy outperformed the benchmark for the one-, five-year and since inception periods ended December 31, 2024. The Trustees considered the Adviser's experience in managing income generating option strategies.

<u>Simplify Piper Sandler US Small-Cap Income ETF</u>. The Trustees reviewed the investment objective of the Fund and considered the performance of other Funds in the Trust. They reviewed the hypothetical, back-tested annualized returns as of December 31, 2024, noting that the strategy outperformed the benchmark for the one-, five-year and since inception periods ended December 31, 2024. The Trustees considered the Adviser's experience in managing income generating option strategies.

<u>Kayne Anderson Energy and Infrastructure Credit ETF</u>. The Trustees reviewed the investment objective of the Fund and considered the performance of other Funds in the Trust. They reviewed the hypothetical, back-tested annualized returns as of December 31, 2024, noting that the strategy underperformed the benchmark for the one-year period ended December 31, 2024, but outperformed the benchmark for the five-, ten-year and since inception period ended December 31, 2024. The Trustees considered the Adviser's experience managing specialized ETFs.

Taking all factors into consideration and recognizing that the back-tested returns were not those of an actual account, the Trustees concluded that the Adviser was capable of delivering favorable returns to the shareholders of each New Fund.

*Fees and Expenses.*

The Trustees discussed the Adviser's criteria for selecting the constituents in each peer group (each a "Peer Group"), including the use of mutual funds as relevant comparisons. The Trustees further discussed the Morningstar category for each New Fund.

<u>Simplify Target 15 Distribution ETF</u>. The Trustees discussed the proposed annual advisory fee of 0.75% and estimated net expense ratio of 0.75%. The Trustees noted that the proposed advisory fee and net expense ratio were higher than averages of the Adviser's selected Peer Group and advisory fee of Morningstar US Fund Derivative Income Category, but lower than the net expense ratio of Morningstar US Fund Derivative Income Category. The Trustees concluded that the proposed fees to be charged by the Adviser were not unreasonable, given the Fund's unique structure and lack of direct comparable funds in the marketplace They noted the Adviser's belief that the fees are justified by the Fund's differentiated investment strategy, active risk controls and potential to deliver an attractive risk-adjusted return for investors.

<u>Simplify Barrier Income ETF</u>. The Trustees discussed the proposed annual advisory fee of 0.75% and estimated net expense ratio of 0.75%. The Trustees noted that the proposed advisory fee was higher than averages of the Adviser's selected Peer Group and advisory fee of Morningstar US Fund Defined Outcome Category, but lower than the net expense ratio average of the Adviser's selected Peer Group and Morningstar US Fund Defined Outcome Category, reinforcing the Fund's cost efficiency. The Trustees concluded that the proposed fees to be charged by the Adviser were not unreasonable.

<u>Piper Sandler US Small-Cap PLUS Income ETF</u>. The Trustees discussed the proposed annual advisory fee of 0.90% and estimated net expense ratio of 0.90%. The Trustees noted that the proposed advisory fee and net expense ratio were higher than averages of the Adviser's selected Peer Group and advisory fee of Morningstar US Fund Small Blend, but lower than net expense ratio of the Morningstar US Fund Small Blend Category. The Trustees concluded that the proposed fees to be charged by the Adviser were not unreasonable, given the Fund's actively managed approach, strategic factor-driven selection and integrated options overlay, noting the Adviser's belief that the Fund's fee structure is justified and provides significant value to investors.

<u>Simplify Kayne Anderson Energy and Infrastructure Credit ETF</u>. The Trustees discussed the proposed annual advisory fee of 0.75% and estimated net expense ratio of 0.75%. The Trustees noted that the proposed advisory fee is higher than the averages of the Adviser's selected Peer Group, but below the average of the Morningstar US Fund Energy Limited Partnership Category, and that the net expense ratio is below the average for the Adviser's selected Peer Group and Morningstar US Fund Energy Limited Partnership Category. The Trustees concluded that the proposed fees to be charged by the Adviser were not unreasonable, noting the Adviser's belief that the fee structure is justified given the Fund's unique investment strategy, which combines broad energy infrastructure credit exposure with an actively managed credit hedge strategy.

The Trustees acknowledged that the fees to be charged by the Adviser were competitive with the fees charged by similar registered funds. They concluded that the proposed fees to be charged by the Adviser were well within reason for each strategy and were not unreasonable.

*Profitability.* The Trustees reviewed the profit analyses provided by Simplify. They noted that because the New Funds had not yet commenced operations, the profitability analysis provided was estimated based on projected asset growth over the first 24 months of operations. The Trustees acknowledged that each of the Simplify Target 15 Distribution ETF, Simplify Piper Sandler US Small Cap Income projected making a profit in the first and second year of operations, before marketing expenditures, and that Kayne Anderson Energy & Infrastructure Credit ETF projected not making a profit in the first year of operations, but, making a profit in the second year of operations, before marketing expenditures. The Trustees then concluded that based on the information provided by the Adviser, the estimated profitability was not excessive with respect to any of the New Funds*.*

*Economies of Scale.* The Trustees considered whether economies of scale would likely be realized by the Adviser during the initial term of the proposed Advisory Agreement. They discussed each New Fund's prospects for growth. They then discussed whether the Adviser would benefit from economies of scale related to each New Fund from lower variable costs and decreasing impact of fixed costs. Based on these and other considerations, the Trustees agreed that economies of scale were unlikely to be realized during the initial term of the Advisory Agreement and would be revisited at the first contract renewal in two years.

*Conclusion.* Having requested and received such information from the Adviser as the Trustees believed to be reasonably necessary to evaluate the terms of the Advisory Agreement, and as assisted by the advice of independent counsel, the Trustees determined that approval of the Advisory Agreement was in the best interests of each New Fund and its respective future shareholders.

***Simplify Piper Sandler US Small-Cap PLUS Income ETF – Sub-Advisory Agreement (Piper Sandler & Co.)***

*Nature, Extent, and Quality of Service.* The Trustees noted that Piper Sandler is a dually registered broker dealer and investment adviser, whose investment advisory activities include providing institutional client with analytical reports, services (such as investment recommendations and a range of analysis of interest rate sensitivities, yields, asset quality and non-discretionary portfolio consulting and administrative services). They noted that, as of December 31, 2024, Piper Sandler has approximately $1.6 million in assets under management and specialized in providing personalized advisory and trading services that were tailored to meet the unique needs and goals of its corporate, wealth management and institutional clients. They considered the corporate structure of Piper Sandler and the resources of the organization. The Trustees acknowledged that Piper Sandler would work with the Adviser to develop investment strategies customized to the Fund's goals, risk tolerance and time horizon, and would construct and manage the Fund's investment portfolio. They reviewed the background information of the personnel that would be responsible for servicing the Fund taking into account the portfolio manager's strong background and experience, and the recent addition of investment personnel. The Trustees discussed Piper Sandler's investment approach, as discussed earlier in the Meeting by the Piper Sandler Representatives. The Trustees concluded that Piper Sandler was capable of providing quality service to the Fund and its future shareholders.

*Performance.* The Trustees reviewed the investment objective of the Fund and considered the performance of other Funds in the Trust. They reviewed the hypothetical, back-tested annualized returns as of December 31, 2024, noting that the strategy outperformed the benchmark for the one-, five-year and since inception periods ended December 31, 2024. Trustees considered that the Adviser had assessed and recommended Piper Sandler and believed it had the resources to deliver favorable returns to the future shareholders of the Fund.

*Fees and Expenses.* The Trustees acknowledged that Simplify, rather than LITL would pay Piper Sandler an annual sub-advisory fee equal to 0.45% of the Fund's average net assets. They noted that Piper Sandler did not currently manage any other accounts using the strategy proposed for LITL, and considered the fee charged by Piper Sandler under the terms of the Piper Sub-Advisory Agreement. They discussed with Piper Sandler, the fees charged, acknowledging the differences in product type and structure. The Trustees considered the allocation of advisory fees among the Adviser and Piper Sandler in light of their respective duties. The Trustees agreed that the proposed sub-advisory fee was not unreasonable.

*Profitability.* The Trustees reviewed the profit analysis provided by Piper Sandler. They noted that because the Fund had not yet commenced operations, the profitability analysis provided was an estimate based on projected asset growth over the first 24 months of operations. They further noted that Piper Sandler projected making a profit during each year of the initial two-year term, assuming a 50/50 split of the 0.90% advisory fee, and if estimated asset levels were achieved. They concluded that based on the information provided by Piper Sandler, the estimated profitability was not excessive.

*Economies of Scale.* The Trustees considered whether Piper Sandler would realize economies of scale with respect to the sub-advisory services provided to LITL. The Trustee agreed that this was primarily an adviser level issue and had been considered with respect to the overall advisory agreement, taking into consideration the impact of the sub-advisory expense and the estimated growth of the Fund.

*Conclusion.* Having requested and received such information from Piper Sandler as the Trustees believed to be reasonably necessary to evaluate the terms of the Piper Sub-Advisory Agreement, and as assisted by the advice of independent counsel, the Trustees determined that approval of the Piper Sub-Advisory Agreement was in the best interests of LITL and its future shareholders.

***Simplify Kayne Anderson Energy and Infrastructure Credit ETF – Sub-Advisory Agreement (Kayne Anderson Capital Advisors, L.P.)***

*Nature, Extent, and Quality of Service.* The Trustees noted that Kayne Anderson, an alternative investment management firm founded in 1984, is an independent, private, employee-owned company with approximately 350 employees, 150 investment professionals and approximately $37 billion in assets under management. He noted that Kayne Anderson has five offices in the U.S. and one in the U.K. The Trustees then noted that Kayne Anderson is a leader in the alternative asset management industry, and that Kayne Anderson's separately dedicated energy infrastructure team invests in energy, real estate and private credit, and that Kayne Anderson's energy infrastructure team is one of the largest dedicated investors in the sector. They considered Kayne Anderson's 20+ year track record of managing sector-focused funds. They considered the corporate structure of Kayne Anderson and the resources of the organization. The Trustees acknowledged that Kayne Anderson would work with the Adviser to develop investment strategies customized to the Fund's goals, risk tolerance and time horizon, and would construct and manage the Fund's investment portfolio. They reviewed the background information of the personnel that would be responsible for servicing the Fund taking into account the portfolio manager's strong background and experience, and the recent addition of investment personnel. The Trustees discussed Kayne Anderson's investment approach. The Trustees concluded that the Kayne Anderson was capable of providing quality service to the Fund and its future shareholders.

*Performance.* The Trustees reviewed the returns of Kayne Anderson Infrastructure Income Fund, LP managed by Kayne Anderson, noting that the portfolio underperformed its benchmark for the one-year period ended December 31, 2024 and outperformed its benchmark for the five-, ten-year and since inception periods ended December 31, 2024. They discussed the performance and volatility of the strategy. Trustees considered that the Adviser had assessed and recommended Kayne Anderson and believed it had the resources to deliver favorable returns to the future shareholders of the Fund.

*Fees and Expenses.* The Trustees acknowledged that Simplify, rather than KNRG, would pay Kayne Anderson an annual sub-advisory fee equal to 0.375% of the Fund's average net assets, noting that this fee was lower than the mean for Kayne Anderson high net worth clients. The Trustees considered the allocation of advisory fees among the Adviser and Kayne Anderson in light of their respective duties. The Trustees agreed that the proposed sub-advisory fee was not unreasonable.

*Profitability.* The Trustees reviewed the profit analysis provided by Kayne Anderson. They noted that because the Fund had not yet commenced operations, the profitability analysis provided was an estimate based on projected asset growth over the first 24 months of operations. They further noted that Kayne Anderson projected making a profit during each year of the initial two-year term, assuming a 50/50 split of the management fee between the Adviser and Kayne Anderson, and if estimated asset levels were achieved. They concluded that based on the information provided by Kayne Anderson, the estimated profitability was not excessive.

*Economies of Scale.* The Trustees considered whether Kayne Anderson would realize economies of scale with respect to the sub-advisory services provided to the KNRG. The Trustees agreed that this was primarily an adviser level issue and had been considered with respect to the overall advisory agreement, taking into consideration the impact of the sub-advisory expense and the estimated growth of the Fund.

*Conclusion.* Having requested and received such information from Kayne Anderson as the Trustees believed to be reasonably necessary to evaluate the terms of the Kayne Sub-Advisory Agreement, and as assisted by the advice of independent counsel, the Trustees determined that approval of the Kayne Sub-Advisory Agreement was in the best interests of the KNRG and its future shareholders.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees since last provided in response to this Item.

**Item 16. Controls and Procedures.**

(a) The registrant's principal executive and principal financial officers, or persons performing similar
 functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the
 filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures
 required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange
 Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d)
 under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably
 likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For each restatement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The date on which the registrant was required to prepare an accounting restatement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The aggregate dollar amount of erroneously awarded compensation attributable to such accounting restatement,
 including an analysis of how the amount was calculated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the financial reporting measure defined in 17 CFR 10D-1(d) related to a stock price or total shareholder
 return metric, the estimates that were used in determining the erroneously awarded compensation attributable to such accounting restatement
 and an explanation of the methodology used for such estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The aggregate dollar amount of erroneously awarded compensation that remains outstanding at the end of the
 last completed fiscal year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If the aggregate dollar amount of erroneously awarded compensation has not yet been determined, disclose this
 fact, explain the reason(s) and disclose the information required in (ii) through (iv) in the next annual report that the registrant files
 on this Form N-CSR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If recovery would be impracticable pursuant to 17 CFR 10D-1(b)(1)(iv), for each named executive officer and
 for all other executive officers as a group, disclose the amount of recovery forgone and a brief description of the reason the registrant
 decided in each case not to pursue recovery; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) For each named executive officer from whom, as of the end of the last completed fiscal year, erroneously awarded
 compensation had been outstanding for 180 days or longer since the date the registrant determined the amount the individual owed, disclose
 the dollar amount of outstanding erroneously awarded compensation due from each such individual.

(b) Not applicable.

**Item 19. Exhibits.**

---

| | |
|:---|:---|
| (a)(1) | [The registrant's Code of Ethics is attached hereto.](simplifyetf_ex99-codeeth.htm) |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](simplifyetf_ex99cert.htm) |
| (b) | [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](simplifyetf_ex99-906cert.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | Simplify Exchange Traded Funds |
| By\* | /s/ Paul Kim, President |
|  | Paul Kim, President<br> (principal executive officer) |
| Date: | September 5, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ Paul Kim, President |
|  | Paul Kim, President<br> (principal executive officer) |
| Date: | September 5, 2025 |

---

---

| | |
|:---|:---|
| By | /s/ Fiona Ho, Treasurer |
|  | Fiona Ho, Treasurer<br> (principal financial officer) |
| Date: | September 5, 2025 |

---

## Ex-99.Code

**Exhibit 99.CODE ETH**

**Financial Code of Ethics for Principal Executive and Financial Officers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. HONEST AND ETHICAL CONDUCT

The Principal Executive Officer, Principal Financial Officer, or other Trust officers performing similar functions (the "Principal Officers") of the Simplify Exchange Traded Funds (the "Trust") shall act with honesty and integrity, ethically handle actual or apparent conflicts of interest between personal and professional relationships, and shall report any material transaction or relationship that reasonably could be expected to give rise to a conflict of interest between their interests and those of the Trust to the Audit Committee, the full Board of Trustees of the Trust, and, in addition, to any other appropriate person or entity that may reasonably be expected to deal with any conflict of interest in timely and expeditious manner. A conflict of interest can arise when a person takes actions or has interests that may make it difficult to perform his or her work on behalf of the Trust objectively and effectively.

The Principal Officers shall act in good faith, responsibly, with due care, competence and diligence, without misrepresenting acts or allowing their independent judgment to be subordinated or compromised.

The names of the Principal Officers covered by this Code of Ethics are listed on Schedule A hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. FINANCIAL RECORDS AND REPORTING

The Principal Officers shall provide full, fair, accurate, timely and understandable disclosure in the reports and/or other documents to be filed with or submitted to the Securities and Exchange Commission or other applicable body by the Trust, or that is otherwise publicly disclosed or communicated. The Principal Officers shall comply with applicable rules and regulations of federal, state, and local governments, and other appropriate private and public regulatory agencies.

The Principal Officers shall respect the confidentiality of information acquired in the course of their work and shall not disclose such information except when authorized or legally obligated to disclose. The Principal Officers will not use for their personal benefit (directly or indirectly) any confidential information acquired in the course of their duties as Principal Officers.

The Principal Officers shall share knowledge with relevant parties to keep them informed of the business affairs of the Trust, as appropriate, and maintain skills important and relevant to the Trust's needs; shall proactively promote ethical behavior of the Trust's employees and as a partner with industry peers and associates; and shall maintain control over and responsibly manage assets and resources employed or entrusted to them by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. COMPLIANCE WITH LAWS, RULES AND REGULATIONS

The Principal Officers shall establish and maintain mechanisms to oversee the compliance of the Trust with applicable federal, state or local law, regulation or administrative rule, and to identify, report and correct in a swift and certain manner, any detected deviations from applicable federal, state or local law, regulation or rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. COMPLIANCE WITH THIS CODE OF ETHICS

The Principal Officers shall promptly report any violations of this Code of Ethics, including violations of securities laws or other laws, rules and regulations applicable to the Trusts, to the Audit Committee as well as the full Board of Trustees of the Trust and shall be held accountable for strict adherence to this Code of Ethics. A proven failure to uphold the standards stated herein shall be grounds for such sanctions as shall be reasonably imposed by the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AFFIRMATION OF THE CODE

Upon adoption of the Code, the Principal Officers must affirm in writing that they have received, read and understand the Code, and annually thereafter must affirm that they have complied with the requirements of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. AMENDMENT AND WAIVER

This Code of Ethics may only be amended or modified by approval of the Board of Trustees. Any substantive amendment that is not technical or administrative in nature or any material waiver, implicit or otherwise, of any provision of this Code of Ethics shall be communicated publicly in accordance with Item 2 of Form N-CSR under the 1940 Act.

**Adopted: June 26, 2020**

**Amended: November 1, 2023**

**SCHEDULE A**

Principal Executive Officer: Paul Kim <br>Principal Financial Officer Fiona Ho

## Ex-99.Cert

**Exhibit 99.CERT**

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, Paul Kim, certify that:

1. I
have reviewed this report on Form N-CSR of Simplify Exchange Traded Funds;

2. Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered
by this report;

3. Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects
the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The
registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure
that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on
such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
in this report any change in the registrant's internal control over financial reporting that occurred during the period covered
by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over
financial reporting; and

5. The
registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the
registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal
control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | September 5, 2025 | /s/ Paul Kim, President |
| | | Paul Kim, President |
| | | (principal executive officer) |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, Fiona Ho, certify that:

1. I
have reviewed this report on Form N-CSR of Simplify Exchange Traded Funds;

2. Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered
by this report;

3. Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects
the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include
a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The
registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure
that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control over
 financial reporting; and

5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: | September 5, 2025 | /s/ Fiona Ho, Treasurer |
| | | Fiona Ho, Treasurer |
| | | (principal financial officer) |

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## Exhibit 99.906

**Exhibit 99.906 CERT**

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, Paul Kim, Principal Executive Officer of Simplify Exchange Traded Funds (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Form N-CSR of the Registrant (the "Report") fully complies with the requirements
 of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | September 5, 2025 | /s/ Paul Kim, President |
| | | Paul Kim, President |
| | | (principal executive officer) |

---

I, Fiona Ho, Principal Financial Officer of Simplify Exchange Traded Funds (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | September 5, 2025 | /s/ Fiona Ho, Treasurer |
| | | Fiona Ho, Treasurer |
| | | (principal financial officer) |

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