# EDGAR Filing Document

**Accession Number:** 0001810747
**File Stem:** 0001829126-26-001923
**Filing Date:** 2026-3
**Character Count:** 1068893
**Document Hash:** 93c3dcd0ea7436f1830e1beab8d8d097
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-26-001923.hdr.sgml**: 20260304

**ACCESSION NUMBER**: 0001829126-26-001923

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260304

**DATE AS OF CHANGE**: 20260304

**EFFECTIVENESS DATE**: 20260304

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23570
- **FILM NUMBER:** 26720415

**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 Ancorato Target 25 Distribution ETF (Series ID: S000091620)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000259298 | Simplify Ancorato Target 25 Distribution ETF | XXV             |

### 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 |  |

### Simplify Government Money Market ETF (Series ID: S000093622)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000262018 | Simplify Government Money Market ETF |  |

### Simplify VettaFi Private Credit Strategy ETF (Series ID: S000094559)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000263092 | Simplify VettaFi Private Credit Strategy ETF |  |

### Simplify US Equity PLUS Managed Futures Strategy ETF (Series ID: S000096492)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000265327 | Simplify US Equity PLUS Managed Futures Strategy 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; December 31, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> 

**Item 1. Reports to Stockholders.**

(a) Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

![Image](id80aaaf066d1858324eec91e.jpg)

# Simplify Aggregate Bond ETF
AGGH

\| NYSE Arca, Inc.

Semi-Annual Shareholder Report \| December 31, 2025

This semi-annual shareholder report contains important information about Simplify Aggregate Bond ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $13 | 0.25%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Fund net assets | $304768794 |
| Total number of portfolio holdings | 7 |
| Period portfolio turnover rate | 21% |

---

## 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 | 91.8% |
| U.S. Treasury Bills | 7.5% |
| Money Market Funds | 0.2% |
| Other Assets in Excess of Liabilities | 0.5% |
| 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](id80aaaf066d1858324eec91e.jpg)

# Simplify Barrier Income ETF
SBAR

\| NYSE Arca, Inc.

Semi-Annual Shareholder Report \| December 31, 2025

This semi-annual shareholder report contains important information about Simplify Barrier Income ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $39 | 0.75%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Fund net assets | $180873279 |
| Total number of portfolio holdings | 10 |
| Period portfolio turnover rate | 7% |

---

## 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 | 76.3% |
| U.S. Treasury Bills | 24.3% |
| Money Market Funds | 1.5% |
| Purchased Options | 0.0%<sup>Footnote Reference†</sup> |
| Liabilities in Excess of Other Assets | (2.1)% |
| 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](id80aaaf066d1858324eec91e.jpg)

# Simplify Bond Bull ETF
RFIX

\| NYSE Arca, Inc.

Semi-Annual Shareholder Report \| December 31, 2025

This semi-annual shareholder report contains important information about Simplify Bond Bull ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $23 | 0.50%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Fund net assets | $91827088 |
| Total number of portfolio holdings | 12 |
| Period 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 | 119.6% |
| Purchased Swaptions | (39.4)% |
| Other Assets in Excess of Liabilities | 19.8% |
| 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](id80aaaf066d1858324eec91e.jpg)

# Simplify China A Shares PLUS Income ETF
CAS

\| NYSE Arca, Inc.

Semi-Annual Shareholder Report \| December 31, 2025

This semi-annual shareholder report contains important information about Simplify China A Shares PLUS Income ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $49 | 0.88%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Fund net assets | $9900016 |
| Total number of portfolio holdings | 14 |
| Period 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 |
| U.S. Treasury Bills | 58.2% |
| U.S. Exchange-Traded Funds | 35.9% |
| Purchased Options | 0.2% |
| Other Assets in Excess of Liabilities | 5.7% |
| 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](id80aaaf066d1858324eec91e.jpg)

# Simplify Currency Strategy ETF
FOXY

\| NYSE Arca, Inc.

Semi-Annual Shareholder Report \| December 31, 2025

This semi-annual shareholder report contains important information about Simplify Currency Strategy ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $40 | 0.76%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Fund net assets | $52818451 |
| Total number of portfolio holdings | 8 |
| Period 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. Exchange-Traded Funds | 53.4% |
| U.S. Treasury Bills | 49.9% |
| Money Market Funds | 0.1% |
| Liabilities in Excess of Other Assets | (3.4)% |
| 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](id80aaaf066d1858324eec91e.jpg)

# Simplify Enhanced Income ETF
HIGH

\| NYSE Arca, Inc.

Semi-Annual Shareholder Report \| December 31, 2025

This semi-annual shareholder report contains important information about Simplify Enhanced Income ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $26 | 0.50%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Fund net assets | $150819279 |
| Total number of portfolio holdings | 17 |
| Period portfolio turnover rate | 33% |

---

## 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 | 77.8% |
| U.S. Treasury Bills | 21.4% |
| Money Market Funds | 1.0% |
| Purchased Options | 0.2% |
| 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](id80aaaf066d1858324eec91e.jpg)

# Simplify Government Money Market ETF
SBIL

\| NYSE Arca, Inc.

Semi-Annual Shareholder Report \| December 31, 2025

This semi-annual shareholder report contains important information about Simplify Government Money Market ETF (the "Fund") for the period of July 14, 2025 (commencement of operations) to December 31, 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 six months?
(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 Government Money Market ETF | $7<sup>Footnote Reference(1)</sup> | 0.15%<sup>Footnote Reference(2)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Based on the period July 14, 2025 (commencement of operations) through December 31, 2025. Expenses would have been higher if based on the full reporting period. |
| &nbsp;&nbsp;Footnote(2) | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Fund net assets | $4403343274 |
| Total number of portfolio holdings | 93 |
| Period 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. Government Agency Mortgage Backed Securities | 44.2% |
| U.S. Treasury Bills | 25.8% |
| U.S. Government Obligations | 18.7% |
| Repurchase Agreements | 11.4% |
| Money Market Funds | 0.1% |
| Liabilities in Excess of Other Assets | (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](id80aaaf066d1858324eec91e.jpg)

# Simplify Health Care ETF
PINK

\| NYSE Arca, Inc.

Semi-Annual Shareholder Report \| December 31, 2025

This semi-annual shareholder report contains important information about Simplify Health Care ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $28 | 0.50%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Fund net assets | $347232346 |
| Total number of portfolio holdings | 61 |
| Period portfolio turnover rate | 111% |

---

## 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 | 96.2% |
| Money Market Funds | 3.3% |
| Other Assets in Excess of Liabilities | 0.5% |
| 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](id80aaaf066d1858324eec91e.jpg)

# Simplify Hedged Equity ETF
HEQT

\| NYSE Arca, Inc.

Semi-Annual Shareholder Report \| December 31, 2025

This semi-annual shareholder report contains important information about Simplify Hedged Equity ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $21 | 0.40%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Fund net assets | $330580901 |
| Total number of portfolio holdings | 5 |
| Period 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. Exchange-Traded Funds | 100.6% |
| Purchased Options | 0.5% |
| Money Market Funds | 0.0%<sup>Footnote Reference†</sup> |
| Liabilities in Excess of Other Assets | (1.1)% |
| 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](id80aaaf066d1858324eec91e.jpg)

# Simplify High Yield ETF
CDX

\| NYSE Arca, Inc.

Semi-Annual Shareholder Report \| December 31, 2025

This semi-annual shareholder report contains important information about Simplify High Yield ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $13 | 0.25%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Fund net assets | $460379501 |
| Total number of portfolio holdings | 8 |
| Period portfolio turnover rate | 2% |

---

## 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 | 73.2% |
| U.S. Treasury Bills | 26.8% |
| Money Market Funds | 0.8% |
| Liabilities in Excess of Other Assets | (0.8)% |
| 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](id80aaaf066d1858324eec91e.jpg)

# Simplify Interest Rate Hedge ETF
PFIX

\| NYSE Arca, Inc.

Semi-Annual Shareholder Report \| December 31, 2025

This semi-annual shareholder report contains important information about Simplify Interest Rate Hedge ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $25 | 0.50%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Fund net assets | $151623961 |
| Total number of portfolio holdings | 17 |
| Period portfolio turnover rate | 105% |

---

## 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 | 67.3% |
| U.S. Exchange-Traded Funds | 15.8% |
| Purchased Swaptions | 12.3% |
| Other Assets in Excess of Liabilities | 4.6% |
| 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](id80aaaf066d1858324eec91e.jpg)

# Simplify Intermediate Term Treasury Futures Strategy ETF
TYA

\| Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report \| December 31, 2025

This semi-annual shareholder report contains important information about Simplify Intermediate Term Treasury Futures Strategy ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $9 | 0.18%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Fund net assets | $85450759 |
| Total number of portfolio holdings | 2 |
| Period portfolio turnover rate | 89% |

---

## 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 | 99.2% |
| Money Market Funds | 0.7% |
| 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](id80aaaf066d1858324eec91e.jpg)

# Simplify MBS ETF
MTBA

\| NYSE Arca, Inc.

Semi-Annual Shareholder Report \| December 31, 2025

This semi-annual shareholder report contains important information about Simplify MBS ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $8 | 0.15%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Fund net assets | $1684717745 |
| Total number of portfolio holdings | 8 |
| Period portfolio turnover rate | 385% |

---

## 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 | 99.0% |
| U.S. Exchange-Traded Funds | 88.3% |
| U.S. Treasury Bills | 10.9% |
| Money Market Funds | 0.5% |
| Liabilities in Excess of Other Assets | (98.7)% |
| 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](id80aaaf066d1858324eec91e.jpg)

# Simplify Next Intangible Core Index ETF
NXTI

\| Cboe BZX Exchange, Inc.

Semi-Annual Shareholder Report \| December 31, 2025

This semi-annual shareholder report contains important information about Simplify Next Intangible Core Index ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $13 | 0.25%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Fund net assets | $35748586 |
| Total number of portfolio holdings | 201 |
| Period 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 |
| Common Stocks | 99.6% |
| Money Market Funds | 0.3% |
| 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](id80aaaf066d1858324eec91e.jpg)

# Simplify Short Term Treasury Futures Strategy ETF
TUA

\| NYSE Arca, Inc.

Semi-Annual Shareholder Report \| December 31, 2025

This semi-annual shareholder report contains important information about Simplify Short Term Treasury Futures Strategy ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $11 | 0.21%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Fund net assets | $653606107 |
| Total number of portfolio holdings | 4 |
| Period 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. Exchange-Traded Funds | 87.9% |
| U.S. Treasury Bills | 12.2% |
| Money Market Funds | 0.2% |
| 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](id80aaaf066d1858324eec91e.jpg)

# Simplify Target 15 Distribution ETF
XV

\| NYSE Arca, Inc.

Semi-Annual Shareholder Report \| December 31, 2025

This semi-annual shareholder report contains important information about Simplify Target 15 Distribution ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $39 | 0.75%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Fund net assets | $72594911 |
| Total number of portfolio holdings | 10 |
| Period 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. Exchange-Traded Funds | 73.6% |
| U.S. Treasury Bills | 28.2% |
| Money Market Funds | 0.5% |
| Purchased Options | 0.1% |
| Liabilities in Excess of Other Assets | (2.4)% |
| 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](id80aaaf066d1858324eec91e.jpg)

# Simplify Treasury Option Income ETF
BUCK

\| NYSE Arca, Inc.

Semi-Annual Shareholder Report \| December 31, 2025

This semi-annual shareholder report contains important information about Simplify Treasury Option Income ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $18 | 0.35%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Fund net assets | $351541975 |
| Total number of portfolio holdings | 3 |
| Period portfolio turnover rate | 3% |

---

## 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 | 100.0% |
| Money Market Funds | 0.0%<sup>Footnote Reference†</sup> |
| Purchased Options | 0.0%<sup>Footnote Reference†</sup> |
| 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](id80aaaf066d1858324eec91e.jpg)

# Simplify US Equity PLUS Bitcoin Strategy ETF
SPBC

\| Nasdaq Stock Market LLC

Semi-Annual Shareholder Report \| December 31, 2025

This semi-annual shareholder report contains important information about Simplify US Equity PLUS Bitcoin Strategy ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $26 | 0.50%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Fund net assets | $46975788 |
| Total number of portfolio holdings | 3 |
| Period portfolio turnover rate | 11% |

---

## 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 | 99.1% |
| Money Market Funds | 0.2% |
| Other Assets in Excess of Liabilities | 0.7% |
| 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](id80aaaf066d1858324eec91e.jpg)

# Simplify US Equity PLUS Convexity ETF
SPYC

\| NYSE Arca, Inc.

Semi-Annual Shareholder Report \| December 31, 2025

This semi-annual shareholder report contains important information about Simplify US Equity PLUS Convexity ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $26 | 0.50%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Fund net assets | $95031280 |
| Total number of portfolio holdings | 14 |
| Period portfolio turnover rate | 3% |

---

## 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 | 99.8% |
| Purchased Options | 0.5% |
| 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](id80aaaf066d1858324eec91e.jpg)

# Simplify US Equity PLUS Downside Convexity ETF
SPD

\| NYSE Arca, Inc.

Semi-Annual Shareholder Report \| December 31, 2025

This semi-annual shareholder report contains important information about Simplify US Equity PLUS Downside Convexity ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $26 | 0.50%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Fund net assets | $116698741 |
| Total number of portfolio holdings | 14 |
| Period 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 | 99.7% |
| Purchased Options | 0.7% |
| Money Market Funds | 0.1% |
| Liabilities in Excess of Other Assets | (0.5)% |
| 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](id80aaaf066d1858324eec91e.jpg)

# Simplify US Equity PLUS Managed Futures Strategy ETF
CTAP

\| NYSE Arca, Inc.

Semi-Annual Shareholder Report \| December 31, 2025

This semi-annual shareholder report contains important information about Simplify US Equity PLUS Managed Futures Strategy ETF (the "Fund") for the period of December 8, 2025 (commencement of operations) to December 31, 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 six months?
(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 Managed Futures Strategy ETF | $1<sup>Footnote Reference(1)</sup> | 0.10%<sup>Footnote Reference(2)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Based on the period December 8, 2025 (commencement of operations) through December 31, 2025. Expenses would have been higher if based on the full reporting period. |
| &nbsp;&nbsp;Footnote(2) | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Fund net assets | $4467907 |
| Total number of portfolio holdings | 4 |
| Period portfolio turnover rate | 35% |

---

## 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 | 70.0% |
| U.S. Treasury Bills | 18.9% |
| Money Market Funds | 7.3% |
| Other Assets in Excess of Liabilities | 3.8% |
| 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](id80aaaf066d1858324eec91e.jpg)

# Simplify US Equity PLUS Upside Convexity ETF
SPUC

\| NYSE Arca, Inc.

Semi-Annual Shareholder Report \| December 31, 2025

This semi-annual shareholder report contains important information about Simplify US Equity PLUS Upside Convexity ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $27 | 0.50%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Fund net assets | $104613162 |
| Total number of portfolio holdings | 5 |
| Period 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 | 98.5% |
| Purchased Options | 1.5% |
| Money Market Funds | 0.2% |
| Liabilities in Excess of Other Assets | (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](id80aaaf066d1858324eec91e.jpg)

# Simplify VettaFi Private Credit Strategy ETF
PCR

\| NYSE Arca, Inc.

Semi-Annual Shareholder Report \| December 31, 2025

This semi-annual shareholder report contains important information about Simplify VettaFi Private Credit Strategy ETF (the "Fund") for the period of September 22, 2025 (commencement of operations) to December 31, 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 six months?
(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 VettaFi Private Credit Strategy ETF | $20<sup>Footnote Reference(1)</sup> | 0.75%<sup>Footnote Reference(2)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Based on the period September 22, 2025 (commencement of operations) through December 31, 2025. Expenses would have been higher if based on the full reporting period. |
| &nbsp;&nbsp;Footnote(2) | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Fund net assets | $2287685 |
| Total number of portfolio holdings | 4 |
| Period 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 | 102.0% |
| Money Market Funds | 4.2% |
| Liabilities in Excess of Other Assets | (6.2)% |
| 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](id80aaaf066d1858324eec91e.jpg)

# Simplify Bitcoin Strategy PLUS Income ETF
MAXI

\| Nasdaq Stock Market LLC

Semi-Annual Shareholder Report \| December 31, 2025

This semi-annual shareholder report contains important information about Simplify Bitcoin Strategy PLUS Income ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $45 | 1.12%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Fund net assets | $44456174 |
| Total number of portfolio holdings | 14 |
| Period portfolio turnover rate | 26% |

---

## 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 | 411.4% |
| U.S. Exchange-Traded Funds | 88.8% |
| Purchased Options | 3.3% |
| Money Market Funds | 0.0%<sup>Footnote Reference†</sup> |
| Liabilities in Excess of Other Assets | (403.5)% |
| 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](id80aaaf066d1858324eec91e.jpg)

# Simplify Gold Strategy PLUS Income ETF
YGLD

\| NYSE Arca, Inc.

Semi-Annual Shareholder Report \| December 31, 2025

This semi-annual shareholder report contains important information about Simplify Gold Strategy PLUS Income ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $32 | 0.53%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Fund net assets | $49228349 |
| Total number of portfolio holdings | 15 |
| Period portfolio turnover rate | 189% |

---

## 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 | 77.4% |
| U.S. Treasury Bills | 17.5% |
| Purchased Options | 0.2% |
| Other Assets in Excess of Liabilities | 4.9% |
| 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](id80aaaf066d1858324eec91e.jpg)

# Simplify Multi-QIS Alternative ETF
QIS

\| NYSE Arca, Inc.

Semi-Annual Shareholder Report \| December 31, 2025

This semi-annual shareholder report contains important information about Simplify Multi-QIS Alternative ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $44 | 1.05%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Fund net assets | $59230764 |
| Total number of portfolio holdings | 18 |
| Period 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 | 91.4% |
| Money Market Funds | 14.6% |
| U.S. Exchange-Traded Funds | 9.7% |
| Purchased Options | 0.2% |
| Liabilities in Excess of Other Assets | (15.9)% |
| 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](id80aaaf066d1858324eec91e.jpg)

# Simplify Volatility Premium ETF
SVOL

\| NYSE Arca, Inc.

Semi-Annual Shareholder Report \| December 31, 2025

This semi-annual shareholder report contains important information about Simplify Volatility Premium ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $36 | 0.69%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Fund net assets | $630395724 |
| Total number of portfolio holdings | 29 |
| Period 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 | 180.6% |
| U.S. Exchange-Traded Funds | 40.4% |
| Money Market Funds | 2.2% |
| Purchased Options | 0.9% |
| Liabilities in Excess of Other Assets | (124.1)% |
| 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](id80aaaf066d1858324eec91e.jpg)

# Simplify Opportunistic Income ETF
CRDT

\| NYSE Arca, Inc.

Semi-Annual Shareholder Report \| December 31, 2025

This semi-annual shareholder report contains important information about Simplify Opportunistic Income ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $48 | 0.95%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Fund net assets | $57648835 |
| Total number of portfolio holdings | 72 |
| Period portfolio turnover rate | 52% |

---

## 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 | 32.7% |
| Preferred Stocks | 20.2% |
| Common Stocks | 18.1% |
| Mortgage Backed Securities | 11.3% |
| Corporate Bonds | 8.1% |
| U.S. Treasury Bills | 5.5% |
| Foreign Bonds | 3.1% |
| Money Market Funds | 1.6% |
| Term Loans | 0.1% |
| Purchased Options | 0.0%<sup>Footnote Reference†</sup> |
| Liabilities in Excess of Other Assets | (0.7)% |
| 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](id80aaaf066d1858324eec91e.jpg)

# Simplify Propel Opportunities ETF
SURI

\| NYSE Arca, Inc.

Semi-Annual Shareholder Report \| December 31, 2025

This semi-annual shareholder report contains important information about Simplify Propel Opportunities ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $142 | 2.55%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Fund net assets | $75247165 |
| Total number of portfolio holdings | 37 |
| Period 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 |
| Common Stocks | 52.5% |
| U.S. Treasury Bills | 39.4% |
| Limited Partnership | 32.4% |
| Money Market Funds | 10.8% |
| Warrants | 2.6% |
| Corporate Bonds | 1.0% |
| Liabilities in Excess of Other Assets | (38.7)% |
| 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](id80aaaf066d1858324eec91e.jpg)

# Simplify Volt TSLA Revolution ETF
TESL

\| NYSE Arca, Inc.

Semi-Annual Shareholder Report \| December 31, 2025

This semi-annual shareholder report contains important information about Simplify Volt TSLA Revolution ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $48 | 0.95%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Fund net assets | $24065933 |
| Total number of portfolio holdings | 18 |
| Period portfolio turnover rate | 221% |

---

## 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 | 47.5% |
| Money Market Funds | 30.4% |
| Common Stocks | 24.0% |
| Purchased Options | 1.0% |
| Liabilities in Excess of Other Assets | (2.9)% |
| 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](id80aaaf066d1858324eec91e.jpg)

# Simplify Commodities Strategy No K-1 ETF
HARD

\| NYSE Arca, Inc.

Semi-Annual Shareholder Report \| December 31, 2025

This semi-annual shareholder report contains important information about Simplify Commodities Strategy No K-1 ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $41 | 0.78%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Fund net assets | $58616145 |
| Total number of portfolio holdings | 6 |
| Period portfolio turnover rate | 23% |

---

## 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 | 76.0% |
| U.S. Treasury Bills | 29.7% |
| Money Market Funds | 0.3% |
| Liabilities in Excess of Other Assets | (6.0)% |
| 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](id80aaaf066d1858324eec91e.jpg)

# Simplify Managed Futures Strategy ETF
CTA

\| NYSE Arca, Inc.

Semi-Annual Shareholder Report \| December 31, 2025

This semi-annual shareholder report contains important information about Simplify Managed Futures Strategy ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $40 | 0.78%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Fund net assets | $1185616735 |
| Total number of portfolio holdings | 7 |
| Period portfolio turnover rate | 4% |

---

## 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 | 90.8% |
| U.S. Treasury Bills | 11.9% |
| Money Market Funds | 0.4% |
| Liabilities in Excess of Other Assets | (3.1)% |
| 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](id80aaaf066d1858324eec91e.jpg)

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

\| NYSE Arca, Inc.

Semi-Annual Shareholder Report \| December 31, 2025

This semi-annual shareholder report contains important information about Simplify Piper Sandler US Small-Cap PLUS Income ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $47 | 0.90%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Fund net assets | $5903627 |
| Total number of portfolio holdings | 160 |
| Period portfolio turnover rate | 118% |

---

## 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 | 98.7% |
| U.S. Exchange-Traded Funds | 1.3% |
| Purchased Options | 0.1% |
| Money Market Funds | 0.0%<sup>Footnote Reference†</sup> |
| Liabilities in Excess of Other Assets | (0.1)% |
| 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](id80aaaf066d1858324eec91e.jpg)

# Simplify Tara India Opportunities ETF
IOPP

\| NYSE Arca, Inc.

Semi-Annual Shareholder Report \| December 31, 2025

This semi-annual shareholder report contains important information about Simplify Tara India Opportunities ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $35 | 0.70%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Fund net assets | $8810053 |
| Total number of portfolio holdings | 27 |
| Period 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 |
| Common Stocks | 89.8% |
| Money Market Funds | 5.1% |
| Other Assets in Excess of Liabilities | 5.1% |
| 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](id80aaaf066d1858324eec91e.jpg)

# Simplify National Muni Bond ETF
NMB

\| NYSE Arca, Inc.

Semi-Annual Shareholder Report \| December 31, 2025

This semi-annual shareholder report contains important information about Simplify National Muni Bond ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $26 | 0.50%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Fund net assets | $46272612 |
| Total number of portfolio holdings | 36 |
| Period portfolio turnover rate | 185% |

---

## 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 | 89.9% |
| Money Market Funds | 12.1% |
| Purchased Options | 0.1% |
| Liabilities in Excess of Other Assets | (2.1)% |
| 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](id80aaaf066d1858324eec91e.jpg)

# Simplify Gamma Emerging Market Bond ETF
GAEM

\| NYSE Arca, Inc.

Semi-Annual Shareholder Report \| December 31, 2025

This semi-annual shareholder report contains important information about Simplify Gamma Emerging Market Bond ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $39 | 0.76%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Fund net assets | $36612695 |
| Total number of portfolio holdings | 76 |
| Period portfolio turnover rate | 58% |

---

## 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 | 94.6% |
| U.S. Treasury Bills | 3.9% |
| Money Market Funds | 0.0%<sup>Footnote Reference†</sup> |
| Other Assets in Excess of Liabilities | 1.5% |
| 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](id80aaaf066d1858324eec91e.jpg)

# Simplify Kayne Anderson Energy and Infrastructure Credit ETF
KNRG

\| NYSE Arca, Inc.

Semi-Annual Shareholder Report \| December 31, 2025

This semi-annual shareholder report contains important information about Simplify Kayne Anderson Energy and Infrastructure Credit ETF (the "Fund") for the period of July 1, 2025 to December 31, 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 six months?
(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 | $39 | 0.75%<sup>Footnote Reference(1)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Fund net assets | $16808559 |
| Total number of portfolio holdings | 37 |
| Period portfolio turnover rate | 48% |

---

## 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 | 94.7% |
| Preferred Stocks | 2.9% |
| Money Market Funds | 0.8% |
| Other Assets in Excess of Liabilities | 1.6% |
| 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](id80aaaf066d1858324eec91e.jpg)

# Simplify Ancorato Target 25 Distribution ETF
XXV

\| NYSE Arca, Inc.

Semi-Annual Shareholder Report \| December 31, 2025

This semi-annual shareholder report contains important information about Simplify Ancorato Target 25 Distribution ETF (the "Fund") for the period of November 17, 2025 (commencement of operations) to December 31, 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 six months?
(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 Ancorato Target 25 Distribution ETF | $9<sup>Footnote Reference(1)</sup> | 0.75%<sup>Footnote Reference(2)</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote(1) | &nbsp;&nbsp;Based on the period November 17, 2025 (commencement of operations) through December 31, 2025. Expenses would have been higher if based on the full reporting period. |
| &nbsp;&nbsp;Footnote(2) | &nbsp;&nbsp;Annualized |

---

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

---

| | |
|:---|:---|
| Fund net assets | $28378151 |
| Total number of portfolio holdings | 4 |
| Period 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 | 43.8% |
| U.S. Exchange-Traded Funds | 39.2% |
| Money Market Funds | 0.4% |
| 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.

(b) Not applicable

**Item 2. Code of Ethics.**

Not applicable for semi-annual reporting period.

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

Not applicable for semi-annual reporting period.

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

Not applicable for semi-annual reporting period.

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

Not applicable for semi-annual reporting period.

**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) The following are copies of the Funds' Semi-Annual Financial Statements and Financial Highlights.

December 31, 2025

Semi-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 (RFIX)

Simplify China A Shares PLUS Income ETF (CAS)

Simplify Currency Strategy ETF (FOXY)

Simplify Enhanced Income ETF (HIGH)

Simplify Government Money Market ETF (SBIL)

Simplify Health Care ETF (PINK)

Simplify Hedged Equity ETF (HEQT)

Simplify High Yield 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 (BUCK)

Simplify US Equity PLUS Bitcoin Strategy ETF (SPBC)

Simplify US Equity PLUS Convexity ETF (SPYC)

Simplify US Equity PLUS Downside Convexity ETF (SPD)

Simplify US Equity PLUS Managed Futures Strategy ETF (CTAP)

Simplify US Equity PLUS Upside Convexity ETF (SPUC)

Simplify VettaFi Private Credit Strategy ETF (PCR)

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)

![](logo_001.jpg)

(This page intentionally left blank)

**Simplify Exchange Traded Funds**

**Table of Contents**

---

| | |
|:---|:---|
| [Schedule of Investments:](#book1_001) |  |
| &nbsp;&nbsp;&nbsp;[Simplify Aggregate Bond ETF](#book1_002) | 4 |
| &nbsp;&nbsp;&nbsp;[Simplify Barrier Income Strategy ETF](#book1_003) | 6 |
| &nbsp;&nbsp;&nbsp;[Simplify Bond Bull ETF](#book1_004) | 9 |
| &nbsp;&nbsp;&nbsp;[Simplify China A Shares PLUS Income ETF](#book1_005) | 10 |
| &nbsp;&nbsp;&nbsp;[Simplify Currency Strategy ETF](#book1_006) | 13 |
| &nbsp;&nbsp;&nbsp;[Simplify Enhanced Income ETF](#book1_007) | 17 |
| &nbsp;&nbsp;&nbsp;[Simplify Government Money Market ETF](#book1_008) | 19 |
| &nbsp;&nbsp;&nbsp;[Simplify Health Care ETF](#book1_009) | 22 |
| &nbsp;&nbsp;&nbsp;[Simplify Hedged Equity ETF](#book1_010) | 24 |
| &nbsp;&nbsp;&nbsp;[Simplify High Yield ETF](#book1_011) | 25 |
| &nbsp;&nbsp;&nbsp;[Simplify Interest Rate Hedge ETF](#book1_012) | 30 |
| &nbsp;&nbsp;&nbsp;[Simplify Intermediate Term Treasury Futures Strategy ETF](#book1_013) | 33 |
| &nbsp;&nbsp;&nbsp;[Simplify MBS ETF](#book1_014) | 34 |
| &nbsp;&nbsp;&nbsp;[Simplify Next Intangible Core Index ETF](#book1_015) | 36 |
| &nbsp;&nbsp;&nbsp;[Simplify Short Term Treasury Futures Strategy ETF](#book1_016) | 41 |
| &nbsp;&nbsp;&nbsp;[Simplify Target 15 Distribution ETF](#book1_017) | 42 |
| &nbsp;&nbsp;&nbsp;[Simplify Treasury Option Income ETF](#book1_018) | 45 |
| &nbsp;&nbsp;&nbsp;[Simplify US Equity PLUS Bitcoin Strategy ETF](#book1_019) | 47 |
| &nbsp;&nbsp;&nbsp;[Simplify US Equity PLUS Convexity ETF](#book1_020) | 48 |
| &nbsp;&nbsp;&nbsp;[Simplify US Equity PLUS Downside Convexity ETF](#book1_021) | 50 |
| &nbsp;&nbsp;&nbsp;[Simplify US Equity PLUS Managed Futures Strategy ETF](#book1_022) | 52 |
| &nbsp;&nbsp;&nbsp;[Simplify US Equity PLUS Upside Convexity ETF](#book1_023) | 54 |
| &nbsp;&nbsp;&nbsp;[Simplify VettaFi Private Credit Strategy ETF](#book1_024) | 55 |
| [Consolidated Schedule of Investments:](#book1_025) |  |
| &nbsp;&nbsp;&nbsp;[Simplify Bitcoin Strategy PLUS Income ETF](#book1_026) | 61 |
| &nbsp;&nbsp;&nbsp;[Simplify Gold Strategy PLUS Income ETF](#book1_027) | 63 |
| &nbsp;&nbsp;&nbsp;[Simplify Multi-QIS Alternative ETF](#book1_028) | 65 |
| &nbsp;&nbsp;&nbsp;[Simplify Volatility Premium ETF](#book1_029) | 71 |
| [Statements of Assets and Liabilities](#book1_030) | 76 |
| [Consolidated Statements of Assets and Liabilities](#book1_031) | 82 |
| [Statements of Operations](#book1_032) | 83 |
| [Consolidated Statements of Operations](#book1_033) | 89 |
| [Statements of Changes in Net Assets](#book1_034) | 90 |
| [Consolidated Statements of Changes in Net Assets](#book1_035) | 102 |
| [Statements of Cash Flows](#book1_036) | 104 |
| [Financial Highlights](#book1_037) | 106 |
| [Consolidated Financial Highlights](#book1_038) | 118 |
| [Notes to Financial Statements](#book1_039) | 120 |
| [Additional Information](#book1_040) | 151 |

---

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**

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **Value** |
| **U.S. Exchange-Traded Funds – 91.8%** | **U.S. Exchange-Traded Funds – 91.8%** |  |  |
| **Fixed Income Funds – 91.8%** | **Fixed Income Funds – 91.8%** |  |  |
| iShares Core U.S. Aggregate Bond ETF (a)(b)<br> (Cost $272,173,227) | iShares Core U.S. Aggregate Bond ETF (a)(b)<br> (Cost $272,173,227) | 2800131 | $279677084 |
|  |  | **Principal** |  |
| **U.S. Treasury Bills – 7.5%** | **U.S. Treasury Bills – 7.5%** |  |  |
| U.S. Treasury Bill, 3.95%, 1/8/2026 (c) | U.S. Treasury Bill, 3.95%, 1/8/2026 (c) | $2500000 | 2498553 |
| U.S. Treasury Bill, 3.87%, 3/3/2026 (c) | U.S. Treasury Bill, 3.87%, 3/3/2026 (c) | 3000000 | 2982304 |
| U.S. Treasury Bill, 3.81%, 3/31/2026 (b)(c) | U.S. Treasury Bill, 3.81%, 3/31/2026 (b)(c) | 4300000 | 4263146 |
| U.S. Treasury Bill, 3.62%, 4/14/2026 (c) | U.S. Treasury Bill, 3.62%, 4/14/2026 (c) | 2800000 | 2772114 |
| U.S. Treasury Bill, 3.64%, 4/21/2026 (c) | U.S. Treasury Bill, 3.64%, 4/21/2026 (c) | 10500000 | 10388061 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $22,897,620) | &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $22,897,620) |  | 22904178 |
|  |  | **Shares** |  |
| **Money Market Fund – 0.2%** | **Money Market Fund – 0.2%** |  |  |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 3.65% (d) | Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 3.65% (d) |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $647,759) | &nbsp;&nbsp;&nbsp; (Cost $647,759) | 647759 | 647759 |
| Total Investments – 99.5% | Total Investments – 99.5% |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $295,718,606) | &nbsp;&nbsp;&nbsp; (Cost $295,718,606) |  | $303229021 |
| Other Assets in Excess of Liabilities – 0.5% | Other Assets in Excess of Liabilities – 0.5% |  | 1539773 |
| **Net Assets – 100.0%** | **Net Assets – 100.0%** |  | $**304768794** |
|  | **Number of<br> Contracts** | **Notional<br> Amount** |  |
| **Written Options – (0.3)%** |  |  |  |
| **Puts – Exchange-Traded – (0.2)%** |  |  |  |
| U.S. Long Bond, January Strike Price $113, Expires 1/23/26 | (300) | $(33900000) | $(51563) |
| U.S. Long Bond, January Strike Price $114, Expires 1/23/26 | (300) | (34200000) | (107813) |
| U.S. Long Bond, January Strike Price $115, Expires 1/23/26 | (300) | (34500000) | (201563) |
| U.S. Long Bond, February Strike Price $110, Expires 2/20/26 | (300) | (33000000) | (51562) |
| U.S. Long Bond, February Strike Price $111, Expires 2/20/26 | (300) | (33300000) | (79687) |
| U.S. Long Bond, February Strike Price $112, Expires 2/20/26 | (300) | (33600000) | (117187) |
|  |  |  | (609375) |
| **Calls – Exchange-Traded – (0.1)%** |  |  |  |
| U.S. Long Bond, January Strike Price $117, Expires 1/23/26 | (300) | $(35100000) | $(117187) |
| U.S. Long Bond, January Strike Price $118, Expires 1/23/26 | (300) | (35400000) | (60938) |
| U.S. Treasury Bond Future, January Strike Price $116, Expires 1/09/26 | (300) | (34800000) | (121875) |
|  |  |  | (300000) |
| Total Written Options (Premiums Received $1,353,481) |  |  | $(909375) |

---

See Notes to Financial Statements.

**Simplify Aggregate Bond ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

**At December 31, 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. 10-Year Treasury Note Futures | 1000 | $112437500 | 3/20/26 | $(613078) |
| **Short position contracts:** |  |  |  |  |
| U.S. Treasury Long Bond Futures | (89) | (10287844) | 3/20/26 | 146457 |
| **Total net unrealized depreciation** |  |  |  | $**(466621)** |

---

(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 $462,225 have been pledged as collateral for options and swaps as of December 31, 2025.

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

(d) Rate
 shown reflects the 7-day yield as of December 31, 2025.

At December 31, 2025, centrally cleared credit default swap contracts outstanding were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Maturity<br> Date** | **(Pay)/ Receive<br> Financing Rate<sup>(1)</sup>** | **Counterparty** | **Notional<br> Amount<sup>(2)</sup>** | **Fair Value** | **Premium<br> (Paid)/**<br> **Received** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| CDX IG CDSI 45 5Y | 12/20/2030 Buy<sup>(3)</sup> | 1.00% | MSCS | 80000000 | $(1831499) | $(1795506) | $(35993) |

---

(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.

**At December 31, 2025, centrally cleared interest rate swap contracts outstanding were as follows:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Rate Paid by 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)** |
| 3.82% (SOFR + 0.00%) | 3.896 | Annual/Annual | MSCS | 12/15/2037 | 41700000 | $531142 | $0 | $531142 |

---

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

Abbreviations:

MSCS : Morgan Stanley Capital Services LLC

SOFR : Secured overnight Financing Rate

See Notes to Financial Statements.

**Simplify Barrier Income ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **U.S. Exchange-Traded Funds – 76.3%** |  |  |
| **Money Market Funds – 76.3%** |  |  |
| Simplify Government Money Market ETF (a)(b) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $138,095,722) | 1379000 | $138024110 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | |
| **U.S. Treasury Bills – 24.3%** |  |  |
| U.S. Treasury Bill, 3.95%, 1/8/2026 (c) | $5130000 | 5127030 |
| U.S. Treasury Bill, 3.81%, 2/24/2026 (c)(d) | 500000 | 497402 |
| U.S. Treasury Bill, 3.85%, 3/3/2026 (c)(d) | 15500000 | 15408569 |
| U.S. Treasury Bill, 3.87%, 3/17/2026 (c)(d) | 13750000 | 13651599 |
| U.S. Treasury Bill, 3.81%, 3/31/2026 (c)(d) | 6860000 | 6801204 |
| U.S. Treasury Bill, 3.62%, 4/14/2026 (c)(d) | 2500000 | 2475102 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $43,938,719) |  | 43960906 |

---

---

| | |
|:---|:---|
|  | **Shares** |
| **Money Market Fund – 1.5%** |  |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 3.65% (e) |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,659,944) | 2659944 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Purchased Options – 0.0%†** |  |  |  |
| **Puts – Exchange-Traded – 0.0%†** |  |  |  |
| S&P 500 Index, January Strike Price $5,450, Expires 1/16/26 | 150 | 81750000 | 9375 |
| S&P 500 Index, February Strike Price $5,300, Expires 2/20/26 | 215 | 113950000 | 103200 |
|  |  |  | 112575 |
| Total Purchased Options (Cost $454,244) |  |  | 112575 |

---

---

| | |
|:---|:---|
| Total Investments – 102.1% |  |
| &nbsp;&nbsp;&nbsp;(Cost $185,148,629) | $184757535 |
| Liabilities in Excess of Other Assets – (2.1)% | (3884256) |
| **Net Assets – 100.0%** | $**180873279** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Written Options – (2.9)%** |  |  |  |
| **Puts - Over the Counter Barrier Options – (2.9)%** |  |  |  |
| SPX/RTY/NDX WOF, Expires 01/08/27, P100%/70% NC3 EKI (Counterparty: Nomura International) | (10000000) | $(7000000) | $(379950) |
| SPX/RTY/NDX WOF, Expires 01/08/27, P100%/70% NC3 EKI (Counterparty: HSBC Bank) | (6000000) | (4200000) | (234600) |
| SPX/RTY/NDX WOF, Expires 10/09/26, P100%/70% NC3 EKI (Counterparty: Nomura International) | (4000000) | (2800000) | (25270) |
| SPX/RTY/NDX WOF, Expires 10/09/26, P100%/70% NC3 EKI (Counterparty: HSBC Bank) | (650000) | (455000) | (4810) |

---

See Notes to Financial Statements.

**Simplify Barrier Income ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | **Value** |
| SPX/RTY/NDX WOF, Expires 10/16/26, P100%/70% NC3 EKI (Counterparty: HSBC Bank) | (2000000) | $(1400000) | $(44400) |
| SPX/RTY/NDX WOF, Expires 10/16/26, P100%/70% NC3 EKI (Counterparty: HSBC Bank) | (650000) | (455000) | (14235) |
| SPX/RTY/NDX WOF, Expires 10/16/26, P100%/70% NC3 EKI (Counterparty: HSBC Bank) | (1000000) | (700000) | (15600) |
| SPX/RTY/NDX WOF, Expires 10/16/26, P100%/70% NC3 EKI (Counterparty: Nomura International) | (2000000) | (1400000) | (23722) |
| SPX/RTY/NDX WOF, Expires 10/16/26, P100%/70% NC3 EKI (Counterparty: Nomura International) | (2000000) | (1400000) | (49066) |
| SPX/RTY/NDX WOF, Expires 10/23/26, P100%/70% NC3 EKI (Counterparty: HSBC Bank) | (2000000) | (1400000) | (40800) |
| SPX/RTY/NDX WOF, Expires 10/23/26, P100%/70% NC3 EKI (Counterparty: HSBC Bank) | (1000000) | (700000) | (32900) |
| SPX/RTY/NDX WOF, Expires 10/23/26, P100%/70% NC3 EKI (Counterparty: HSBC Bank) | (1500000) | (1050000) | (48750) |
| SPX/RTY/NDX WOF, Expires 10/23/26, P100%/70% NC3 EKI (Counterparty: HSBC Bank) | (5000000) | (3500000) | (139500) |
| SPX/RTY/NDX WOF, Expires 10/23/26, P100%/70% NC3 EKI (Counterparty: Nomura International) | (2000000) | (1400000) | (58160) |
| SPX/RTY/NDX WOF, Expires 10/30/26, P100%/70% NC3 EKI (Counterparty: HSBC Bank) | (8000000) | (5600000) | (261600) |
| SPX/RTY/NDX WOF, Expires 10/30/26, P100%/70% NC3 EKI (Counterparty: Nomura International) | (10000000) | (7000000) | (312669) |
| SPX/RTY/NDX WOF, Expires 11/06/26, P100%/70% NC3 EKI (Counterparty: Nomura International) | (10000000) | (7000000) | (270739) |
| SPX/RTY/NDX WOF, Expires 11/13/26, P100%/70% NC3 EKI (Counterparty: HSBC Bank) | (5000000) | (3500000) | (147500) |
| SPX/RTY/NDX WOF, Expires 11/13/26, P100%/70% NC3 EKI (Counterparty: HSBC Bank) | (5000000) | (3500000) | (174500) |
| SPX/RTY/NDX WOF, Expires 11/20/26, P100%/70% NC3 EKI (Counterparty: HSBC Bank) | (1500000) | (1050000) | (46800) |
| SPX/RTY/NDX WOF, Expires 11/20/26, P100%/70% NC3 EKI (Counterparty: Nomura International) | (8000000) | (5600000) | (218291) |
| SPX/RTY/NDX WOF, Expires 11/27/26, P100%/70% NC3 EKI (Counterparty: Nomura International) | (3000000) | (2100000) | (97243) |
| SPX/RTY/NDX WOF, Expires 11/27/26, P100%/70% NC3 EKI (Counterparty: BNP Paribas) | (2000000) | (1400000) | (44409) |
| SPX/RTY/NDX WOF, Expires 11/27/26, P100%/70% NC3 EKI (Counterparty: HSBC Bank) | (5000000) | (3500000) | (184000) |
| SPX/RTY/NDX WOF, Expires 11/27/26, P100%/70% NC3 EKI (Counterparty: HSBC Bank) | (2000000) | (1400000) | (70000) |
| SPX/RTY/NDX WOF, Expires 12/04/26, P100%/70% NC3 EKI (Counterparty: Nomura International) | (2000000) | (1400000) | (55747) |
| SPX/RTY/NDX WOF, Expires 12/04/26, P100%/70% NC3 EKI (Counterparty: Nomura International) | (2000000) | (1400000) | (48700) |
| SPX/RTY/NDX WOF, Expires 12/04/26, P100%/70% NC3 EKI (Counterparty: Nomura International) | (6000000) | (4200000) | (140688) |
| SPX/RTY/NDX WOF, Expires 12/04/26, P100%/70% NC3 EKI (Counterparty: Nomura International) | (1500000) | (1050000) | (40253) |
| SPX/RTY/NDX WOF, Expires 12/11/26, P100%/70% NC3 EKI (Counterparty: HSBC Bank) | (4000000) | (2800000) | (166800) |
| SPX/RTY/NDX WOF, Expires 12/11/26, P100%/70% NC3 EKI (Counterparty: HSBC Bank) | (3800000) | (2660000) | (144780) |
| SPX/RTY/NDX WOF, Expires 12/18/26, P100%/70% NC3 EKI (Counterparty: HSBC Bank) | (3500000) | (2450000) | (172200) |
| SPX/RTY/NDX WOF, Expires 12/18/26, P100%/70% NC3 EKI (Counterparty: Nomura International) | (5500000) | (3850000) | (221686) |
| SPX/RTY/NDX WOF, Expires 12/18/26, P100%/70% NC3 EKI (Counterparty: Nomura International) | (4000000) | (2800000) | (156503) |

---

See Notes to Financial Statements.

**Simplify Barrier Income ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | **Value** |
| SPX/RTY/NDX WOF, Expires 12/24/26, P100%/70% NC3 EKI (Counterparty: Nomura International) | (2300000) | $(1610000) | $(85802) |
| SPX/RTY/NDX WOF, Expires 12/24/26, P100%/70% NC3 EKI (Counterparty: HSBC Bank) | (7500000) | (5250000) | (310500) |
| SPX/RTY/NDX WOF, Expires 12/24/26, P100%/70% NC3 EKI (Counterparty: HSBC Bank) | (1300000) | (910000) | (49140) |
| SPX/RTY/NDX WOF, Expires 12/24/26, P100%/70% NC3 EKI (Counterparty: Nomura International) | (4500000) | (3150000) | (180859) |
| SPX/RTY/NDX WOF, Expires 12/31/26, P100%/70% NC3 EKI (Counterparty: HSBC Bank) | (2500000) | (1750000) | (110000) |
| SPX/RTY/NDX WOF, Expires 12/31/26, P100%/70% NC3 EKI (Counterparty: HSBC Bank) | (5000000) | (3500000) | (195500) |
| SPX/RTY/NDX WOF, Expires 12/31/26, P100%/70% NC3 EKI (Counterparty: HSBC Bank) | (7500000) | (5250000) | (262500) |
|  |  |  | (5281172) |
| Total Written Options (Premiums Received $6,394,500) |  |  | $(5281172) |

---

† Less than 0.05%

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

(b) A
 copy of the security's annual report to shareholders may be obtained without charge at www.simplify.us.

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

(d) Securities
 with an aggregate market value of $23,578,179 have been pledged as collateral for options as of December 31, 2025.

(e) Rate
 shown reflects the 7-day yield as of December 31, 2025.

**Affiliates**

Fiscal period 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<br> Realized<br> Gain/(Loss)** | **Net Change<br> in Unrealized<br> Appreciation/<br> Depreciation** | **Value at<br> the end of<br> the period** | **Number of<br> Shares at<br> the end of<br> the period** | **Dividend<br> Income** | **Capital<br> Gain<br> Distributions** |
| Simplify Government Money Market ETF | $— | $142617390 | $(4508442) | $(13226) | $(71612) | $138024110 | 1379000 | $1409528 | $— |
|  | $**—** | $**142617390** | $**(4508442)** | $**(13226)** | $**(71612)** | $**138024110** | **1379000** | $**1409528** | $**—** |

---

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 Bond Bull ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. Treasury Bills – 119.6%** |  |  |
| U.S. Treasury Bill, 3.95%, 1/8/2026 (a)(b) | $22400000 | $22387033 |
| U.S. Treasury Bill, 3.83%, 2/24/2026 (a)(b) | 12000000 | 11937637 |
| U.S. Treasury Bill, 3.85%, 3/3/2026 (a)(b) | 2700000 | 2684073 |
| U.S. Treasury Bill, 3.87%, 3/17/2026 (a)(b) | 21000000 | 20849715 |
| U.S. Treasury Bill, 3.76%, 3/31/2026 (a)(b) | 23550000 | 23348157 |
| U.S. Treasury Bill, 3.63%, 4/14/2026 (a)(b) | 23900000 | 23661976 |
| U.S. Treasury Bill, 3.64%, 4/28/2026 (a)(b) | 5000000 | 4943374 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $109,775,439) |  | 109811965 |

---

---

| | | |
|:---|:---|:---|
|  | **Notional<br> Amount** | |
| **Purchased Swaptions – (39.4)%** |  |  |
| **Calls – Over the Counter – (39.4)%** |  |  |
| Interest Rate Swaption, pay semi annually a fixed rate of 3.00% and received quarterly a floating rate of SOFR, Expires 3/16/32 (counterparty: Bank of America) | 325000000 | (3511806) |
| Interest Rate Swaption, pay semi annually a fixed rate of 2.75% and received quarterly a floating rate of SOFR, Expires 3/16/32 (counterparty: Goldman Sachs International) | 75000000 | (922602) |
| Interest Rate Swaption, pay semi annually a fixed rate of 3.00% and received quarterly a floating rate of SOFR, Expires 3/16/32 (counterparty: Goldman Sachs International) | 1200000000 | (19006434) |
| 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: Morgan Stanley Capital Services LLC) | 725000000 | (9759010) |
| Interest Rate Swaption, pay semi annually a fixed rate of 3.00% and received quarterly a floating rate of SOFR, Expires 3/16/32 (counterparty: Nomura International) | 175000000 | (2938525) |
|  |  | (36138377) |
| Total Purchased Swaptions (Cost $0) |  | (36138377) |
| Total Investments – 80.2% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $109,775,439) |  | $73673588 |
| Other Assets in Excess of Liabilities – 19.8% |  | 18153500 |
| **Net Assets – 100.0%** |  | $**91827088** |

---

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

(b) Securities
 with an aggregate market value of $109,810,257 have been pledged as collateral for options as of December 31, 2025.

See Notes to Financial Statements.

**Simplify China A Shares PLUS Income ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. Treasury Bills – 58.2%** |  |  |
| U.S. Treasury Bill, 3.84%, 2/24/2026 (a)(b) | $2000000 | $1989606 |
| U.S. Treasury Bill, 3.83%, 3/17/2026 (a)(b) | 1100000 | 1092128 |
| U.S. Treasury Bill, 3.81%, 3/31/2026 (a)(b) | 2700000 | 2676859 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $5,755,763) |  | 5758593 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **U.S. Exchange-Traded Funds – 35.9%** |  |  |
| **Money Market Funds – 35.9%** |  |  |
| Simplify Government Money Market ETF (b)(c)(d) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,553,979) | 35500 | 3553195 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Purchased Options – 0.2%** |  |  |  |
| **Calls – Exchange-Traded – 0.1%** |  |  |  |
| S&P 500 Index, January Strike Price $6,925, Expires 1/02/26 | 17 | 11772500 | 85 |
| S&P 500 Index, January Strike Price $6,955, Expires 1/02/26 | 14 | 9737000 | 56 |
| S&P 500 Index, January Strike Price $7,000, Expires 1/02/26 | 48 | 33600000 | 144 |
| S&P 500 Index, January Strike Price $6,885, Expires 1/05/26 | 5 | 3442500 | 2525 |
| S&P 500 Index, January Strike Price $6,955, Expires 1/05/26 | 13 | 9041500 | 97 |
| S&P 500 Index, January Strike Price $6,915, Expires 1/07/26 | 14 | 9681000 | 12880 |
|  |  |  | 15787 |
| **Puts – Exchange-Traded – 0.1%** |  |  |  |
| Nasdaq 100 Index, January Strike Price $23,100, Expires 1/14/26 (e) | 1 | 2310000 | 1600 |
| Russell 2000 Index, January Strike Price $2,275, Expires 1/14/26 (e) | 10 | 2275000 | 975 |
| S&P 500 Index, January Strike Price $6,660, Expires 1/07/26 | 14 | 9324000 | 3430 |
| S&P 500 Index, January Strike Price $6,300, Expires 1/14/26 (e) | 3 | 1890000 | 698 |
|  |  |  | 6703 |
| Total Purchased Options (Cost $88,483) |  |  | 22490 |

---

---

| | |
|:---|:---|
| Total Investments – 94.3% |  |
| &nbsp;&nbsp;&nbsp;(Cost $9,398,225) | $9334278 |
| Other Assets in Excess of Liabilities – 5.7% | 565738 |
| **Net Assets – 100.0%** | $**9900016** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Written Options – (0.1)%** |  |  |  |
| **Puts – Exchange-Traded – (0.1)%** |  |  |  |
| Nasdaq 100 Index, January Strike Price $24,100, Expires 1/14/26 | (1) | $(2410000) | $(5450) |
| Russell 2000 Index, January Strike Price $2,375, Expires 1/14/26 | (10) | (2375000) | (4600) |

---

See Notes to Financial Statements.

**Simplify China A Shares PLUS Income ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | **Value** |
| S&P 500 Index, January Strike Price $6,600, Expires 1/14/26 | (3) | $(1980000) | $(2910) |
|  |  |  | (12960) |
| Total Written Options (Premiums Received $11,964) |  |  | $(12960) |

---

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

(b) Securities
 with an aggregate market value of $7,113,185 have been pledged as collateral for options and swaps as of December 31, 2025.

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

(d) A
 copy of the security's annual report to shareholders may be obtained without charge at www.simplify.us.

(e) Held
 in connection with Written Options.

**Affiliates**

Fiscal period 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<br> Realized<br> Gain/(Loss)** | **Net Change<br> in Unrealized<br> Appreciation/<br> Depreciation** | **Value at<br> the end of<br> the period** | **Number of<br> Shares at<br> the end of<br> the period** | **Dividend<br> Income** | **Capital<br> Gain<br> Distributions** |
| Simplify Government Money Market ETF | $— | $8116258 | $(4556154) | $(6125) | $(784) | $3553195 | 35500 | $94374 | $— |
|  | $**—** | $**8116258** | $**(4556154)** | $**(6125)** | $**(784)** | $**3553195** | **35500** | $**94374** | $**—** |

---

At December 31, 2025, over the counter total return swap contracts outstanding were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/Index** | **Termination<br> Date(a)** | **Financing Rate<br> Paid (Received)<br> by the Fund** | **Counterparty** | **Notional<br> Amount** | **Unrealized<br> Appreciation/<br> (Depreciation)(b)** |
| CCSI 1000 Net Total Return Index | 4/15/2026 | (9.36)% (SOFR -13.00)(c) | BOFA | (1311259) | $69084 |
| CCSI 2000 Net Total Return Index | 4/15/2026 | (14.36)% (SOFR -18.00)(c) | BOFA | (1619951) | 82977 |
| CCSI 300 Net Return Index | 4/15/2026 | 1.14% (SOFR -2.50)(c) | BOFA | (2311296) | 62885 |
| CCSI 500 Net Total Return Index | 4/15/2026 | (6.36)% (SOFR -10.00)(c) | BOFA | (1371354) | 84375 |
| DCSI 1000 Net Total Return Index | 1/15/2026 | (11.86)% (SOFR -15.50)(c) | BOFA | (586357) | 25071 |
| DCSI 2000 Net Total Return Index | 1/15/2026 | (14.36)% (SOFR -18.00)(c) | BOFA | (757662) | 30564 |
| DCSI 300 Net Return Index | 1/15/2026 | (0.06)% (SOFR -3.70)(c) | BOFA | (1057481) | 21301 |
| DCSI 500 Net Total Return Index | 1/15/2026 | (7.36)% (SOFR -11.00)(c) | BOFA | (511762) | 24940 |
|  |  |  |  |  | $401197 |

---

(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)

December 31, 2025 (Unaudited)

Abbreviations:

SOFR : Secured Overnight Financing Rate

See Notes to Financial Statements.

**Simplify Currency Strategy ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **U.S. Exchange-Traded Funds – 53.4%** |  |  |
| **Money Market Funds – 53.4%** |  |  |
| Simplify Government Money Market ETF (a)(b) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $28,248,807) | 282000 | $28225380 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | |
| **U.S. Treasury Bills – 49.9%** |  |  |
| U.S. Treasury Bill, 3.94%, 1/8/2026 (c) | $2710000 | 2708431 |
| U.S. Treasury Bill, 3.84%, 2/24/2026 (c) | 2000000 | 1989606 |
| U.S. Treasury Bill, 3.85%, 3/3/2026 (c) | 9400000 | 9344552 |
| U.S. Treasury Bill, 3.83%, 3/17/2026 (c) | 2200000 | 2184256 |
| U.S. Treasury Bill, 3.81%, 3/31/2026 (c) | 8290000 | 8218948 |
| U.S. Treasury Bill, 3.63%, 4/14/2026 (c) | 1900000 | 1881077 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $26,314,097) |  | 26326870 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Money Market Fund – 0.1%** |  |  |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 3.65% (d) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $76,785) | 76785 | 76785 |
| Total Investments – 103.4% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $54,639,689) |  | $54629035 |
| Liabilities in Excess of Other Assets – (3.4)% |  | (1810584) |
| **Net Assets – 100.0%** |  | $**52818451** |

---

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

(b) A
 copy of the security's annual report to shareholders may be obtained without charge at www.simplify.us.

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

(d) Rate
 shown reflects the 7-day yield as of December 31, 2025.

**Affiliates**

Fiscal period 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<br> Realized<br> Gain/(Loss)** | **Net Change<br> in Unrealized<br> Appreciation/<br> Depreciation** | **Value at<br> the end of<br> the period** | **Number of<br> Shares at<br> the end of<br> the period** | **Dividend<br> Income** | **Capital<br> Gain<br> Distributions** |
| Simplify Government Money Market ETF | $— | $31558879 | $(3307427) | $(2645) | $(23427) | $28225380 | 282000 | $237180 | $— |
|  | $**—** | $**31558879** | $**(3307427)** | $**(2645)** | $**(23427)** | $**28225380** | **282000** | $**237180** | $**—** |

---

As of December 31, 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** |
| Merrill Lynch Pierce Fenner & Smith, Inc. | 3/18/2026 | AUD | 50000000 | USD | 33453225 | $83830 | $– |
| Morgan Stanley Capital Services | 3/18/2026 | AUD | 42910000 | USD | 28351761 |  | (285853) |
| Goldman Sachs & Co. | 3/18/2026 | BRL | 4016508 | USD | 726000 | 6233 |  |

---

See Notes to Financial Statements.

**Simplify Currency Strategy ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| Morgan Stanley Capital Services | 3/18/2026 | CAD | 1100000 | USD | 799964 | $– | $(4126) |
| Morgan Stanley Capital Services | 3/18/2026 | CAD | 38240000 | USD | 28063983 | 110890 |  |
| Morgan Stanley Capital Services | 3/18/2026 | CHF | 30420000 | USD | 38687657 |  | (33586) |
| Morgan Stanley Capital Services | 3/18/2026 | CLP | 20908995900 | USD | 22653300 |  | (591691) |
| Citigroup Global Markets | 3/18/2026 | CNH | 40452962 | USD | 5756200 |  | (69611) |
| Goldman Sachs & Co. | 3/18/2026 | CNH | 4817823 | USD | 691000 |  | (2836) |
| Goldman Sachs & Co. | 3/18/2026 | COP | 8382929590 | USD | 2161000 |  | (1771) |
| Goldman Sachs & Co. | 3/18/2026 | EUR | 1100000 | USD | 1293516 |  | (3899) |
| Nomura Securities & Co. | 3/18/2026 | EUR | 4690000 | USD | 5542552 | 10847 |  |
| Merrill Lynch Pierce Fenner & Smith, Inc. | 3/18/2026 | GBP | 24820000 | USD | 33494930 | 45742 |  |
| Nomura Securities & Co. | 3/18/2026 | GBP | 42600000 | USD | 56976855 |  | (433919) |
| Citigroup Global Markets | 3/18/2026 | JPY | 333920000 | USD | 2148114 | 2090 |  |
| Citigroup Global Markets | 3/18/2026 | JPY | 33040000 | USD | 211128 |  | (1212) |
| Merrill Lynch Pierce Fenner & Smith, Inc. | 3/18/2026 | JPY | 5913880000 | USD | 38490015 | 482916 |  |
| The Bank of New York Mellon | 3/18/2026 | JPY | 105470000 | USD | 681687 | 3857 |  |
| Citigroup Global Markets | 3/18/2026 | KRW | 28193349152 | USD | 19249600 |  | (381288) |
| The Bank of New York Mellon | 3/18/2026 | KRW | 6784801238 | USD | 4719000 |  | (5223) |
| The Bank of New York Mellon | 3/18/2026 | KRW | 332912735 | USD | 226000 |  | (5805) |
| Goldman Sachs & Co. | 3/18/2026 | MXN | 78245126 | USD | 4292000 |  | (20176) |
| Goldman Sachs & Co. | 3/18/2026 | MXN | 38533421 | USD | 2100000 |  | (23620) |
| Citigroup Global Markets | 3/18/2026 | NOK | 175000000 | USD | 17231267 |  | (124905) |
| Morgan Stanley Capital Services | 3/18/2026 | NOK | 211570000 | USD | 20764034 |  | (219081) |
| Citigroup Global Markets | 3/18/2026 | SEK | 353350000 | USD | 38186704 |  | (350505) |
| Goldman Sachs & Co. | 3/18/2026 | SGD | 1993656 | USD | 1562000 | 3159 |  |
| Goldman Sachs & Co. | 3/18/2026 | SGD | 231307 | USD | 180000 |  | (859) |
| Morgan Stanley Capital Services | 3/18/2026 | SGD | 18492690 | USD | 14366200 |  | (93248) |
| Nomura Securities & Co. | 3/18/2026 | TWD | 3007382 | USD | 96000 |  | (203) |
| Morgan Stanley Capital Services | 3/18/2026 | USD | 28527267 | AUD | 42910000 | 110347 |  |
| Citigroup Global Markets | 3/18/2026 | USD | 810000 | BRL | 4561369 | 7407 |  |
| Citigroup Global Markets | 3/18/2026 | USD | 5849700 | BRL | 32783766 | 25219 |  |
| Morgan Stanley Capital Services | 3/18/2026 | USD | 28668718 | CAD | 39340000 | 88465 |  |
| Morgan Stanley Capital Services | 3/18/2026 | USD | 3169669 | CHF | 2480000 |  | (12907) |
| Morgan Stanley Capital Services | 3/18/2026 | USD | 1217868 | CHF | 960000 | 4104 |  |
| The Bank of New York Mellon | 3/18/2026 | USD | 682666 | CHF | 534000 |  | (2944) |
| Citigroup Global Markets | 3/18/2026 | USD | 1025000 | CLP | 924765250 | 3082 |  |
| Goldman Sachs & Co. | 3/18/2026 | USD | 2100000 | CLP | 1935920910 | 52206 |  |
| Merrill Lynch Pierce Fenner & Smith, Inc. | 3/18/2026 | USD | 2200000 | CLP | 2009942000 | 34497 |  |
| Goldman Sachs & Co. | 3/18/2026 | USD | 574000 | CNH | 4027469 | 6014 |  |
| Citigroup Global Markets | 3/18/2026 | USD | 14786900 | COP | 57781586178 | 120576 |  |
| Citigroup Global Markets | 3/18/2026 | USD | 1379000 | COP | 5249797840 |  | (24568) |

---

See Notes to Financial Statements.

**Simplify Currency Strategy ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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. | 3/18/2026 | USD | 450000 | COP | 1726555500 | $– | $(4554) |
| Nomura Securities & Co. | 3/18/2026 | USD | 57088515 | EUR | 48500000 | 115684 |  |
| Nomura Securities & Co. | 3/18/2026 | USD | 57037634 | GBP | 42600000 | 373140 |  |
| Citigroup Global Markets | 3/18/2026 | USD | 2483000 | INR | 224713983 | 2573 |  |
| The Bank of New York Mellon | 3/18/2026 | USD | 18059000 | INR | 1649236369 | 183293 |  |
| Citigroup Global Markets | 3/18/2026 | USD | 58845581 | JPY | 9032780000 |  | (794054) |
| Citigroup Global Markets | 3/18/2026 | USD | 8386891 | JPY | 1289000000 |  | (102795) |
| Citigroup Global Markets | 3/18/2026 | USD | 3679000 | KRW | 5416849230 | 92725 |  |
| Goldman Sachs & Co. | 3/18/2026 | USD | 2204000 | MXN | 39707476 |  | (15677) |
| Morgan Stanley Capital Services | 3/18/2026 | USD | 21693300 | MXN | 398717366 | 280458 |  |
| Citigroup Global Markets | 3/18/2026 | USD | 17415227 | NOK | 175000000 |  | (59055) |
| Morgan Stanley Capital Services | 3/18/2026 | USD | 4060451 | NOK | 40650000 |  | (28861) |
| Morgan Stanley Capital Services | 3/18/2026 | USD | 15944120 | NOK | 160200000 |  | (55785) |
| Morgan Stanley Capital Services | 3/18/2026 | USD | 1057152 | NOK | 10720000 | 6037 |  |
| Citigroup Global Markets | 3/18/2026 | USD | 58338569 | SEK | 531483513 |  | (373687) |
| Citigroup Global Markets | 3/18/2026 | USD | 1036378 | SEK | 9560000 | 6259 |  |
| Merrill Lynch Pierce Fenner & Smith, Inc. | 3/18/2026 | USD | 4726569 | SEK | 43000000 |  | (36885) |
| Nomura Securities & Co. | 3/18/2026 | USD | 1432000 | SGD | 1838093 | 5206 |  |
| Nomura Securities & Co. | 3/18/2026 | USD | 96000 | TWD | 3031603 | 978 |  |
| Citigroup Global Markets | 3/18/2026 | USD | 19685000 | ZAR | 331319377 | 212665 |  |
| Morgan Stanley Capital Services | 3/18/2026 | USD | 19466900 | ZAR | 333293671 | 549332 |  |
| Citigroup Global Markets | 3/18/2026 | ZAR | 334825472 | USD | 19685000 |  | (423226) |
| Morgan Stanley Capital Services | 3/18/2026 | ZAR | 327754791 | USD | 19466900 | – | (216690) |
| Total unrealized appreciation (depreciation) |  |  |  |  |  | $3029831 | $(4805105) |

---

See Notes to Financial Statements.

**Simplify Currency Strategy ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

<u>**Currency Abbreviations**</u>

---

| | |
|:---|:---|
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLP | Chilean Peso |
| CNH | Chinese Yuan |
| COP | Colombian Peso |
| EUR | Euro |
| GBP | Pound Sterling |
| INR | Indian Rupee |
| 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 |

---

See Notes to Financial Statements.

**Simplify Enhanced Income ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **U.S. Exchange-Traded Funds – 77.8%** |  |  |
| **Money Market Funds – 77.8%** |  |  |
| Simplify Government Money Market ETF (a)(b) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $117,253,686) | 1171881 | $117293569 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | |
| **U.S. Treasury Bills – 21.4%** |  |  |
| U.S. Treasury Bill, 3.83%, 2/24/2026 (c)(d) | $3000000 | 2984409 |
| U.S. Treasury Bill, 3.83%, 3/17/2026 (c)(d) | 9300000 | 9233445 |
| U.S. Treasury Bill, 3.81%, 3/31/2026 (c)(d) | 1500000 | 1487144 |
| U.S. Treasury Bill, 3.62%, 4/14/2026 (c)(d) | 17850000 | 17672229 |
| U.S. Treasury Bill, 3.64%, 4/28/2026 (c)(d) | 900000 | 889807 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $32,256,248) |  | 32267034 |

---

---

| | |
|:---|:---|
|  | **Shares** |
| **Money Market Fund – 1.0%** |  |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 3.65% (e) |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,567,273) | 1567273 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Purchased Options – 0.2%** |  |  |  |
| **Calls – Exchange-Traded – 0.1%** |  |  |  |
| S&P 500 Index, January Strike Price $6,925, Expires 1/02/26 | 205 | 141962500 | 1025 |
| S&P 500 Index, January Strike Price $6,955, Expires 1/02/26 | 215 | 149532500 | 860 |
| S&P 500 Index, January Strike Price $7,000, Expires 1/02/26 | 615 | 430500000 | 1845 |
| S&P 500 Index, January Strike Price $6,885, Expires 1/05/26 | 59 | 40621500 | 29795 |
| S&P 500 Index, January Strike Price $6,955, Expires 1/05/26 | 202 | 140491000 | 1515 |
| S&P 500 Index, January Strike Price $6,915, Expires 1/07/26 | 215 | 148672500 | 197800 |
|  |  |  | 232840 |
| **Puts – Exchange-Traded – 0.1%** |  |  |  |
| Nasdaq 100 Index, January Strike Price $23,100, Expires 1/14/26 (f) | 15 | 34650000 | 24000 |
| Russell 2000 Index, January Strike Price $2,275, Expires 1/14/26 (f) | 157 | 35717500 | 15308 |
| S&P 500 Index, January Strike Price $6,660, Expires 1/07/26 | 221 | 147186000 | 54145 |
| S&P 500 Index, January Strike Price $6,300, Expires 1/14/26 (f) | 51 | 32130000 | 11857 |
|  |  |  | 105310 |
| Total Purchased Options (Cost $1,178,285) |  |  | 338150 |
| Total Investments – 100.4% |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $152,255,492) |  |  | $151466026 |
| Liabilities in Excess of Other Assets – (0.4)% |  |  | (646747) |
| **Net Assets – 100.0%** |  |  | $**150819279** |

---

See Notes to Financial Statements.

**Simplify Enhanced Income ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts** | **Notional<br> Amount** | **Value** |
| **Written Options – (0.1)%** |  |  |  |
| **Puts – Exchange-Traded – (0.1)%** |  |  |  |
| Nasdaq 100 Index, January Strike Price $24,100, Expires 1/14/26 | (15) | $(36150000) | $(81750) |
| Russell 2000 Index, January Strike Price $2,375, Expires 1/14/26 | (157) | (37287500) | (72220) |
| S&P 500 Index, January Strike Price $6,600, Expires 1/14/26 | (51) | (33660000) | (49470) |
|  |  |  | (203440) |
| Total Written Options (Premiums Received $187,664) |  |  | $(203440) |

---

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

(b) A
 copy of the security's annual report to shareholders may be obtained without charge at www.simplify.us.

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

(d) Securities
 with an aggregate market value of $14,541,404 have been pledged as collateral for options as of December 31, 2025.

(e) Rate
 shown reflects the 7-day yield as of December 31, 2025.

(f) Held
 in connection with Written Options.

**Affiliates**

Fiscal period 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<br> Realized<br> Gain/(Loss)** | **Net Change<br> in Unrealized<br> Appreciation/<br> Depreciation** | **Value at<br> the end of<br> the period** | **Number of<br> Shares at<br> the end of<br> the period** | **Dividend<br> Income** | **Capital<br> Gain<br> Distributions** |
| Simplify Government Money Market ETF | $— | $159651873 | $(42384703) | $(13484) | $39883 | $117293569 | 1171881 | $2518922 | $— |
|  | $**—** | $**159651873** | $**(42384703)** | $**(13484)** | $**39883** | $**117293569** | **1171881** | $**2518922** | $**—** |

---

See Notes to Financial Statements.

**Simplify Government Money Market ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. Government Agency Mortgage Backed Securities – 44.2%** | | |
| Federal Agricultural Mortgage Corp., 3.71%, 8/4/2026 | $20000000 | $20002441 |
| Federal Agricultural Mortgage Corp., 3.79%, 3/24/2027 | 15000000 | 15000000 |
| Federal Agricultural Mortgage Corp., 3.75%, 4/6/2027 | 15000000 | 15000000 |
| Federal Agricultural Mortgage Corp., 3.82%, 4/16/2027 | 15000000 | 15001361 |
| Federal Agricultural Mortgage Corp., 3.81%, 6/4/2027 | 10000000 | 10000999 |
| Federal Agricultural Mortgage Corp., 3.81%, 6/15/2027 | 10000000 | 10001392 |
| Federal Agricultural Mortgage Corp., 4.41%, 7/29/2027 | 205000 | 206042 |
| Federal Agricultural Mortgage Corp., 3.83%, 11/18/2027 | 10000000 | 10001900 |
| Federal Agricultural Mortgage Corp., 3.84%, 12/9/2027 | 10000000 | 10001348 |
| Federal Agricultural Mortgage Corp. Discount Notes, 2/24/2026 (a) | 50000000 | 49731493 |
| Federal Farm Credit Banks Funding Corp., 4.13%, 2/26/2026 | 137000 | 137085 |
| Federal Farm Credit Banks Funding Corp., 3.81%, 5/20/2026 | 10000000 | 9997648 |
| Federal Farm Credit Banks Funding Corp., 0.95%, 6/15/2026 | 2000000 | 1976198 |
| Federal Farm Credit Banks Funding Corp., 2.63%, 8/3/2026 | 445000 | 442304 |
| Federal Farm Credit Banks Funding Corp., 0.60%, 8/18/2026 | 1000000 | 981755 |
| Federal Farm Credit Banks Funding Corp., 3.10%, 8/24/2026 | 160000 | 159397 |
| Federal Farm Credit Banks Funding Corp., 4.88%, 8/28/2026 | 190000 | 191632 |
| Federal Farm Credit Banks Funding Corp., 0.74%, 9/2/2026 | 1500000 | 1471299 |
| Federal Farm Credit Banks Funding Corp., 5.13%, 9/9/2026 | 600000 | 606134 |
| Federal Farm Credit Discount Notes, 2/3/2026 (a) | 25000000 | 24917007 |
| Federal Farm Credit Discount Notes, 2/24/2026 (a) | 25000000 | 24865747 |
| Federal Farm Credit Discount Notes, 4/2/2026 (a) | 40000000 | 39639156 |
| Federal Home Loan Bank Discount Notes, 1/7/2026 (a) | 50000000 | 49965972 |
| Federal Home Loan Bank Discount Notes, 1/14/2026 (a) | 100000000 | 99863889 |
| Federal Home Loan Bank Discount Notes, 1/16/2026 (a) | 50000000 | 49922222 |
| Federal Home Loan Bank Discount Notes, 1/21/2026 (a) | 1700000 | 1696529 |
| Federal Home Loan Bank Discount Notes, 1/23/2026 (a) | 106000000 | 105762972 |
| Federal Home Loan Bank Discount Notes, 1/28/2026 (a) | 5800000 | 5784211 |
| Federal Home Loan Bank Discount Notes, 1/30/2026 (a) | 2700000 | 2692125 |
| Federal Home Loan Bank Discount Notes, 2/3/2026 (a) | 50000000 | 49834014 |
| Federal Home Loan Bank Discount Notes, 2/20/2026 (a) | 3982000 | 3962171 |
| Federal Home Loan Bank Discount Notes, 2/24/2026 (a) | 60000000 | 59677792 |
| Federal Home Loan Bank Discount Notes, 2/25/2026 (a) | 54175000 | 53878783 |
| Federal Home Loan Bank Discount Notes, 2/27/2026 (a) | 26350000 | 26200778 |
| Federal Home Loan Bank Discount Notes, 3/6/2026 (a) | 100000000 | 99366250 |
| Federal Home Loan Bank Discount Notes, 3/9/2026 (a) | 100000000 | 99337000 |
| Federal Home Loan Bank Discount Notes, 3/11/2026 (a) | 100000000 | 99317500 |
| Federal Home Loan Bank Discount Notes, 3/20/2026 (a) | 700000 | 694608 |
| Federal Home Loan Bank Discount Notes, 3/23/2026 (a) | 40000000 | 39680200 |
| Federal Home Loan Bank Discount Notes, 3/25/2026 (a) | 60000000 | 59508600 |
| Federal Home Loan Bank Discount Notes, 3/26/2026 (a) | 50000000 | 49585625 |
| Federal Home Loan Bank Discount Notes, 4/16/2026 (a) | 158000000 | 156357765 |
| Federal Home Loan Banks, 0.55%, 1/20/2026 | 15000000 | 14977165 |
| Federal Home Loan Banks, 0.63%, 1/22/2026 | 2500000 | 2495771 |
| Federal Home Loan Banks, 0.55%, 2/12/2026 | 2400000 | 2391664 |
| Federal Home Loan Banks, 0.60%, 2/18/2026 | 895000 | 891425 |
| Federal Home Loan Banks, 0.75%, 2/24/2026 | 940000 | 936001 |
| Federal Home Loan Banks, 0.65%, 2/26/2026 | 4500000 | 4479752 |
| Federal Home Loan Banks, 3.82%, 4/10/2026 | 12000000 | 12003877 |
| Federal Home Loan Banks, 0.88%, 5/20/2026 | 605000 | 598464 |

---

See Notes to Financial Statements.

**Simplify Government Money Market ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. Government Agency Mortgage Backed Securities (continued)** |  |  |
| Federal Home Loan Banks, 1.50%, 5/26/2026 | $100000 | $99138 |
| Federal Home Loan Banks, 4.38%, 6/12/2026 | 50000 | 50149 |
| Federal Home Loan Banks, 4.63%, 9/11/2026 | 2950000 | 2970556 |
| Federal Home Loan Banks, 1.75%, 11/24/2026 | 2500000 | 2459338 |
| Federal Home Loan Mortgage Corporation, 1/14/2026 (a) | 607000 | 606174 |
| Federal Home Loan Mortgage Corporation, 0.55%, 1/22/2026 | 2225000 | 2221237 |
| Federal Home Loan Mortgage Corporation, Series RB, 2/3/2026 (a) | 50000000 | 49834014 |
| Federal Home Loan Mortgage Corporation, 0.70%, 2/12/2026 | 2000000 | 1993380 |
| Federal Home Loan Mortgage Corporation, 2/18/2026 (a) | 40000000 | 39808628 |
| Federal Home Loan Mortgage Corporation, 3.85%, 9/22/2027 | 144000000 | 144283918 |
| Federal National Mortgage Association, 1/6/2026 (a) | 100000000 | 99941667 |
| Federal National Mortgage Association, 1/7/2026 (a) | 10000000 | 9993194 |
| Federal National Mortgage Association, 1/20/2026 (a) | 50000000 | 49902778 |
| Federal National Mortgage Association, Series BB, 1/22/2026 (a) | 100000000 | 99786111 |
| Federal National Mortgage Association, Series BB, 1/29/2026 (a) | 31000000 | 30912597 |
| Federal National Mortgage Association, 0.60%, 8/25/2026 | 1000000 | 980806 |
| &nbsp;&nbsp;&nbsp;Total U.S. Government Agency Mortgage Backed Securities (Cost $1,947,524,037) |  | 1948039148 |
| **U.S. Treasury Bills – 25.8%** |  |  |
| U.S. Treasury Bill, 3.64%, 1/29/2026 (a) | 3000000 | 2992078 |
| U.S. Treasury Bill, 3.67%, 2/10/2026 (a) | 100000000 | 99617258 |
| U.S. Treasury Bill, 3.87%, 2/12/2026 (a) | 150000000 | 149387476 |
| U.S. Treasury Bill, 3.86%, 2/19/2026 (a) | 100000000 | 99525983 |
| U.S. Treasury Bill, 3.64%, 3/3/2026 (a) | 100000000 | 99410125 |
| U.S. Treasury Bill, 3.84%, 3/24/2026 (a) | 100000000 | 99212387 |
| U.S. Treasury Bill, 3.64%, 3/26/2026 (a) | 100000000 | 99190366 |
| U.S. Treasury Bill, 3.82%, 3/31/2026 (a) | 101000000 | 100134347 |
| U.S. Treasury Bill, 3.71%, 4/7/2026 (a) | 120000000 | 118886442 |
| U.S. Treasury Bill, 3.63%, 4/14/2026 (a) | 70000000 | 69302858 |
| U.S. Treasury Bill, 3.63%, 4/21/2026 (a) | 100000000 | 98933919 |
| U.S. Treasury Bill, 3.64%, 4/28/2026 (a) | 100000000 | 98867469 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $1,135,168,684) |  | 1135460708 |
| **U.S. Government Obligations – 18.7%** |  |  |
| U.S. Treasury Floating Rate Note, 3.85%, 1/31/2026 | 186000000 | 185997089 |
| U.S. Treasury Floating Rate Note, 3.75%, 4/30/2026 | 100000000 | 99994693 |
| U.S. Treasury Floating Rate Note, 3.78%, 7/31/2026 | 125000000 | 125046524 |
| U.S. Treasury Floating Rate Note, 3.76%, 7/31/2027 | 50000000 | 50032645 |
| U.S. Treasury Floating Rate Note, 3.79%, 10/31/2027 | 60000000 | 60047256 |
| U.S. Treasury Floating Rate Note - When Issued, 3.70%, 1/31/2027 | 50000000 | 49988126 |
| U.S. Treasury Floating Rate Note - When Issued, 3.76%, 4/30/2027 | 103000000 | 103041346 |
| U.S. Treasury Note, 3.88%, 1/15/2026 | 22000000 | 22000896 |
| U.S. Treasury Note, 0.75%, 5/31/2026 | 130000000 | 128516700 |
| &nbsp;&nbsp;&nbsp;Total U.S. Government Obligations (Cost $824,240,099) |  | 824665275 |

---

See Notes to Financial Statements.

**Simplify Government Money Market ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **Repurchase Agreements – 11.4%** |  |  |
| Morgan Stanley Capital Services LLC, 3.75% | 100000000 | $100000000 |
| Morgan Stanley Capital Services LLC, 3.75% | 100000000 | 100000000 |
| Morgan Stanley Capital Services LLC, 3.69% | 100000000 | 100000000 |
| Morgan Stanley Capital Services LLC, 3.70% | 150000026 | 150000026 |
| Morgan Stanley Capital Services LLC, 3.66% | 50000041 | 50000041 |
| &nbsp;&nbsp;&nbsp; (Cost $500,000,067) |  | 500000067 |
|  | **Shares** |  |
| **Money Market Fund – 0.1%** |  |  |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 3.65% (b) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,195,682) | 4195682 | 4195682 |
| Total Investments – 100.2% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,411,128,569) |  | $4412360880 |
| Liabilities in Excess of Other Assets – (0.2)% |  | (9017606) |
| **Net Assets – 100.0%** |  | $**4403343274** |

---

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

(b) Rate shown
 reflects the 7-day yield as of December 31, 2025.

See Notes to Financial Statements.

**Simplify Health Care ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks – 96.2%** |  |  |
| **Consumer Discretionary – 2.6%** |  |  |
| Chewy, Inc., Class A\* | 14013 | $463130 |
| Warby Parker, Inc., Class A\* | 400343 | 8723474 |
|  |  | 9186604 |
| **Financials – 0.9%** |  |  |
| Oscar Health, Inc., Class A\* | 205131 | 2947732 |
| **Health Care – 87.6%** |  |  |
| 10X Genomics, Inc., Class A\* | 485977 | 7926285 |
| Abbott Laboratories | 21330 | 2672436 |
| AbbVie, Inc. | 23777 | 5432807 |
| Abivax SA, ADR\* | 16953 | 2286197 |
| agilon health, Inc.\* | 218810 | 150694 |
| Align Technology, Inc.\* | 107194 | 16738343 |
| Alignment Healthcare, Inc.\* | 262880 | 5191880 |
| Amgen, Inc. | 52350 | 17134678 |
| Apellis Pharmaceuticals, Inc.\* | 538008 | 13514761 |
| Argenx SE, ADR\* | 3115 | 2619559 |
| AstraZeneca PLC, ADR | 70980 | 6525191 |
| Benitec Biopharma, Inc.\* | 151163 | 2036166 |
| Biohaven Ltd.\* | 958202 | 10818101 |
| Boston Scientific Corp.\* | 15551 | 1482788 |
| Bristol-Myers Squibb Co. | 1142 | 61599 |
| Cidara Therapeutics, Inc.\* | 158 | 34901 |
| Cigna Group (The) | 3386 | 931929 |
| Cooper Cos., Inc. (The)\* | 13642 | 1118098 |
| CVS Health Corp. | 72179 | 5728125 |
| Cypherpunk Technologies, Inc.\* | 1872322 | 2171894 |
| Danaher Corp. | 44416 | 10167711 |
| Edwards Lifesciences Corp.\* | 19338 | 1648565 |
| Eli Lilly & Co. | 27979 | 30068472 |
| Embecta Corp. | 3033 | 36032 |
| Establishment Labs Holdings, Inc.\* | 72894 | 5312515 |
| EyePoint, Inc.\* | 375264 | 6856073 |
| Fulcrum Therapeutics, Inc.\* | 159674 | 1805913 |
| GE HealthCare Technologies, Inc. | 54028 | 4431377 |
| Gilead Sciences, Inc. | 37479 | 4600172 |
| Guardant Health, Inc.\* | 28621 | 2923349 |
| HealthEquity, Inc.\* | 27329 | 2503610 |
| ICON PLC\* | 1555 | 283352 |
| Insmed, Inc.\* | 35312 | 6145700 |
| Intuitive Surgical, Inc.\* | 14740 | 8348146 |
| IQVIA Holdings, Inc.\* | 17418 | 3926191 |
| Jazz Pharmaceuticals PLC\* | 71178 | 12100260 |
| Johnson & Johnson | 21960 | 4544622 |
| Mineralys Therapeutics, Inc.\* | 114182 | 4143665 |
| Neurocrine Biosciences, Inc.\* | 3404 | 482789 |
| Pacira BioSciences, Inc.\* | 86261 | 2232435 |
| Penumbra, Inc.\* | 15565 | 4839314 |
| Praxis Precision Medicines, Inc.\* | 386 | 113770 |
| Regeneron Pharmaceuticals, Inc. | 31153 | 24046066 |

---

See Notes to Financial Statements.

**Simplify Health Care ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** | | |
| **Health Care (continued)** | | |
| Sarepta Therapeutics, Inc.\* | 7943 | $170933 |
| Stryker Corp. | 2334 | 820331 |
| Syndax Pharmaceuticals, Inc.\* | 54715 | 1149562 |
| Teleflex, Inc. | 1481 | 180741 |
| TG Therapeutics, Inc.\* | 22081 | 658235 |
| Thermo Fisher Scientific, Inc. | 4619 | 2676480 |
| United Therapeutics Corp.\* | 23839 | 11615553 |
| UnitedHealth Group, Inc. | 98402 | 32483484 |
| Vertex Pharmaceuticals, Inc.\* | 17492 | 7930173 |
| Zimmer Biomet Holdings, Inc. | 4500 | 404640 |
|  |  | 304226663 |
| **Industrials – 0.3%** |  |  |
| 3M Co. | 3409 | 545781 |
| Fluor Corp.\* | 6388 | 253156 |
| Veralto Corp. | 796 | 79425 |
|  |  | 878362 |
| **Materials – 4.8%** |  |  |
| PureCycle Technologies, Inc.\* | 1933564 | 16609315 |
| &nbsp;&nbsp;&nbsp;Total Common Stocks (Cost $307,060,499) |  | 333848676 |
| **Money Market Fund – 3.3%** |  |  |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 3.65% (a) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $11,539,757) | 11539757 | 11539757 |
| Total Investments – 99.5% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $318,600,256) |  | $345388433 |
| Other Assets in Excess of Liabilities – 0.5% |  | 1843913 |
| **Net Assets – 100.0%** |  | $**347232346** |

---

\* Non Income Producing

(a) Rate shown
 reflects the 7-day yield as of December 31, 2025.

<u>**Abbreviations**</u>**:**

ADR : American Depositary Receipt

See Notes to Financial Statements.

**Simplify Hedged Equity ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **U.S. Exchange-Traded Funds – 100.6%** |  |  |
| **Equity Funds – 100.6%** |  |  |
| iShares Core S&P 500 ETF (a)(b) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $290,097,099) | 485560 | $332579467 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Purchased Options – 0.5%** |  |  |  |
| **Puts – Exchange-Traded – 0.5%** |  |  |  |
| S&P 500 Index, January Strike Price $6,290, Expires 1/16/26 (c) | 160 | $100640000 | 50400 |
| S&P 500 Index, February Strike Price $6,240, Expires 2/20/26 (c) | 161 | 100464000 | 359835 |
| S&P 500 Index, March Strike Price $6,435, Expires 3/20/26 (c) | 162 | 104247000 | 1062720 |
|  |  |  | 1472955 |
| Total Purchased Options (Cost $5,918,550) |  |  | 1472955 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Money Market Fund – 0.0%†** | | |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 3.65% (d) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $84,975) | 84975 | 84975 |
| Total Investments – 101.1% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $296,100,624) |  | $334137397 |
| Liabilities in Excess of Other Assets – (1.1)% |  | (3556496) |
| **Net Assets – 100.0%** |  | $**330580901** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Written Options – (1.0)%** |  | | |
| **Puts – Exchange-Traded – (0.1)%** |  | | |
| S&P 500 Index, January Strike Price $5,300, Expires 1/16/26 | (160) | $(84800000) | $(8000) |
| S&P 500 Index, February Strike Price $5,275, Expires 2/20/26 | (161) | (84927500) | (72450) |
| S&P 500 Index, March Strike Price $5,425, Expires 3/20/26 | (162) | (87885000) | (213030) |
|  |  |  | (293480) |
| **Calls – Exchange-Traded – (0.9)%** |  |  |  |
| S&P 500 Index, January Strike Price $6,960, Expires 1/16/26 | (160) | $(111360000) | $(319200) |
| S&P 500 Index, February Strike Price $6,925, Expires 2/20/26 | (161) | (111492500) | (1655080) |
| S&P 500 Index, March Strike Price $7,100, Expires 3/20/26 | (162) | (115020000) | (1177740) |
|  |  |  | (3152020) |
| Total Written Options (Premiums Received $5,801,182) |  |  | $(3445500) |

---

† 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 $168,508,939 have been pledged as collateral for options as of December 31, 2025.

(c) Held in connection
 with Written Options.

(d) Rate shown
 reflects the 7-day yield as of December 31, 2025.

See Notes to Financial Statements.

**Simplify High Yield ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **U.S. Exchange-Traded Funds – 73.2%** |  |  |
| **Money Market Funds – 73.2%** |  |  |
| Simplify Government Money Market ETF (a)(b) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $337,007,111) | 3365740 | $336876917 |
|  | **Principal** |  |
| **U.S. Treasury Bills – 26.8%** |  |  |
| U.S. Treasury Bill, 3.94%, 1/8/2026 (c) | $13800000 | 13792011 |
| U.S. Treasury Bill, 3.84%, 2/24/2026 (c)(d) | 26000000 | 25864880 |
| U.S. Treasury Bill, 3.85%, 3/3/2026 (c)(d) | 5650000 | 5616672 |
| U.S. Treasury Bill, 3.83%, 3/17/2026 (c)(d) | 7000000 | 6949905 |
| U.S. Treasury Bill, 3.81%, 3/31/2026 (c)(d) | 62060000 | 61528094 |
| U.S. Treasury Bill, 3.63%, 4/14/2026 (c)(d) | 10000000 | 9900408 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $123,599,767) |  | 123651970 |
|  | **Shares** |  |
| **Money Market Fund – 0.8%** |  |  |
| Fidelity Investments Money Market Treasury Only Portfolio - Class I, 3.66% (e) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,580,381) | 3580381 | 3580381 |
| Total Investments – 100.8% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $464,187,259) |  | $464109268 |
| Liabilities in Excess of Other Assets – (0.8)% |  | (3729767) |
| **Net Assets – 100.0%** |  | $**460379501** |

---

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

(b) A copy of
 the security's annual report to shareholders may be obtained without charge at www.simplify.us.

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

(d) Securities
 with an aggregate market value of $123,568,332 have been pledged as collateral for options and swaps as of December 31, 2025.

(e) Rate shown
 reflects the 7-day yield as of December 31, 2025.

**Affiliates**

Fiscal period 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 | $— | $1485030 | $(1420620) | $(64410) | $— | $— |  | $13100 | $— |
| Simplify Government Money Market ETF |  | 338912421 | (1900854) | (4457) | (130193) | 336876917 | 3365740 | 4765294 |  |
| Simplify Intermediate Term Treasury Futures Strategy ETF | 1416450 | 690109 | (2212626) | 123938 | (17871) |  |  | 19008 |  |
|  | $**1416450** | $**341087560** | $**(5534100)** | $**55071** | $**(148064)** | $**336876917** | **3365740** | $**4797402** | $— |

---

See Notes to Financial Statements.

**Simplify High Yield ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

At December 31, 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 IG CDSI 45 5Y | 12/20/2030 Buy<sup>(3)</sup> | 1.00% | MSCS | 200000000 | $(4578747) | $(4445146) | $(133601) |
| CDX HY CDSI S45 5Y | 12/20/2030 Buy<sup>(3)</sup> | 5.00% | MSCS | 34700000 | (2687602) | (2638935) | (48667) |
|  |  |  |  |  | $(7266349) | $(7084081) | $(182268) |

---

(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.

At December 31, 2025, over the counter total return swap contracts outstanding were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/Index** | **Termination**<br> **Date(a)** | **Financing Rate<br> Paid (Received)<br> by the Fund** | **Counterparty** | **Notional<br> Amount** | **Unrealized<br> Appreciation/<br> (Depreciation)(b)** |
| iShares iBoxx $ High Yield Corporate Bond ETF\* | 11/26/2026 | 3.49% (EFFR - 0.15%)(c) | MSCS | (225816662) | $(272348) |
| iShares iBoxx $ High Yield Corporate Bond ETF | 10/15/2026 | 3.49% (EFFR - 0.15%)(c) | NOM | (135690329) | (163531) |
| iShares iBoxx $ High Yield Corporate Bond ETF\* | 5/15/2026 | 3.34% (EFFR - 0.30%)(c) | CITI | (99616511) | (365428) |
| UJNKTUB02\* | 11/13/2026 | 3.59% (EFFR - 0.05%)(c) | UBS | 92145732 | 802925 |
| UQUATUB02\* | 11/13/2026 | 3.89% (EFFR + 0.25%)(c) | UBS | (101926708) | (1961428) |
|  |  |  |  |  | $(1959810) |

---

\* The aggregate market value 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.

U.S. Treasury Bills with a market value of $495,425 have been pledged as collateral by the broker for total return swaps as of December 31, 2025.

Abbreviations:

---

| | | |
|:---|:---|:---|
| CITI | : | Citibank, N.A. |
| EFFR | : | Effective Federal Funds Rate |
| MSCS | : | Morgan Stanley Capital Services LLC |
| NOM | : | Nomura International |
| UBS | : | UBS AG |

---

**\*** **The following table shows the top 50 positions and related Market Value of the securities within the UJNKTUB02 basket.**

See Notes to Financial Statements.

**Simplify High Yield ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Market<br>Value** | **% of basket** |
| **Common Stocks** |  |  |  |
| **Communication Services** |  |  |  |
| Comcast Corp., Class A | (39305) | $(1174822) | 1.28% |
| Millicom International Cellular SA | (24885) | (1379611) | 1.51% |
| Nexstar Media Group Inc, Class A | (6131) | (1244811) | 1.36% |
| Sirius XM Holdings Inc. | (54287) | (1085466) | 1.19% |
| ZoomInfo Technologies Inc. | (114149) | (1160896) | 1.27% |
|  |  | (6045606) |  |
| **Consumer Discretionary** |  |  |  |
| ADT, Inc. | (137881) | (1112701) | 1.22% |
| Caesars Entertainment Inc. | (51795) | (1211480) | 1.32% |
| Lithia Motors Inc. | (3883) | (1290343) | 1.41% |
| Macy's Inc. | (57440) | (1266546) | 1.39% |
| MGM Resorts International | (37163) | (1356087) | 1.48% |
| Norwegian Cruise Line Holdings Ltd. | (51242) | (1143725) | 1.25% |
| RH | (7016) | (1256877) | 1.37% |
| VF Corp. | (83324) | (1506504) | 1.65% |
| Wendy's Co/The | (133204) | (1109591) | 1.21% |
|  |  | (11253854) |  |
| **Consumer Staples** |  |  |  |
| Darling Ingredients, Inc. | (36164) | (1301891) | 1.42% |
| Dollar General Corp. | (8880) | (1179022) | 1.29% |
|  |  | (2480913) |  |
| **Energy** |  |  |  |
| Civitas Resources, Inc. | (41014) | (1111057) | 1.22% |
| Matador Resources Co. | (26937) | (1143226) | 1.25% |
| Permian Resources Corp. | (92076) | (1291822) | 1.41% |
| Weatherford International PLC | (17781) | (1391558) | 1.52% |
|  |  | (4937663) |  |
| **Health Care** |  |  |  |
| Bruker Corp. | (31477) | (1482881) | 1.62% |
| DENTSPLY SIRONA Inc. | (95050) | (1086422) | 1.19% |
| Jazz Pharmaceuticals PLC | (8650) | (1470492) | 1.61% |
| Sotera Health Co. | (72765) | (1283582) | 1.40% |
| Tenet Healthcare Corp. | (5965) | (1185421) | 1.30% |
|  |  | (6508798) |  |
| **Industrials** |  |  |  |
| Air Lease Corp. | (18407) | (1182258) | 1.29% |
| Alaska Air Group Inc. | (24322) | (1223380) | 1.34% |
| Amentum Holdings Inc. | (50913) | (1476472) | 1.61% |
| American Airlines Group Inc. | (96162) | (1474164) | 1.61% |
| Concentrix Corp. | (26981) | (1121876) | 1.23% |
| GXO Logistics Inc, Class A | (21865) | (1150971) | 1.26% |
| Ryder System Inc. | (6367) | (1218584) | 1.33% |
| Sensata Technologies Holding PLC | (34229) | (1139476) | 1.25% |
| Southwest Airlines Co. | (36147) | (1493966) | 1.63% |
| WESCO International Inc. | (5050) | (1235362) | 1.35% |
|  |  | (12716509) |  |
| **Information Technology** |  |  |  |
| BILL Holdings Inc. | (23209) | (1265802) | 1.38% |
| Coherent Corp. | (9561) | (1764635) | 1.93% |
| DXC Technology Co. | (92091) | (1349134) | 1.47% |

---

See Notes to Financial Statements.

**Simplify High Yield ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Market<br>Value** | **% of basket** |
| **Common Stocks (continued)** | | | |
| **Information Technology (continued)** | | | |
| Kyndryl Holdings Inc. | (42007) | $(1115715) | 1.22% |
| Lumentum Holdings Inc. | (6110) | (2252248) | 2.46% |
| MKS Inc. | (8650) | (1382218) | 1.51% |
| RingCentral Inc, Class A | (43551) | (1257753) | 1.38% |
|  |  | (10387505) |  |
| **Materials** |  |  |  |
| Alcoa Corp. | (32665) | (1735815) | 1.90% |
| Celanese Corp, Class A | (29879) | (1263268) | 1.38% |
| Cleveland-Cliffs, Inc. | (82054) | (1089682) | 1.19% |
| Eastman Chemical Co. | (20309) | (1296346) | 1.42% |
| Huntsman Corp. | (140258) | (1402585) | 1.53% |
| Scotts Miracle-Gro Co/The | (21809) | (1272527) | 1.39% |
| Sealed Air Corp. | (30328) | (1256507) | 1.37% |
| Sonoco Products Co. | (30103) | (1313691) | 1.44% |
|  |  | (10630421) |  |
| **Other Components** | (2193415) | (26520070) | 28.99% |
| &nbsp;&nbsp;&nbsp;**Total** |  | $(91481339) | 100.00% |

---

**\*** **The following table shows the top 50 positions and related Market Value of the securities within the UQUATUB02 basket.**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Market<br>Value** | **% of basket** |
| **Common Stocks** | | | |
| **Communication Services** | | | |
| Electronic Arts, Inc. | 5032 | $1028251 | 1.03% |
| New York Times Co. (The), Class A | 15887 | 1102876 | 1.10% |
| Omnicom Group Inc. | 13704 | 1106629 | 1.10% |
|  |  | 3237756 |  |
| **Consumer Discretionary** |  |  |  |
| Birkenstock Holding Plc | 24660 | 1008610 | 1.01% |
| Crocs Inc. | 13488 | 1153475 | 1.15% |
| Deckers Outdoor Corp. | 11952 | 1239068 | 1.24% |
| Domino's Pizza Inc. | 2413 | 1005941 | 1.01% |
| Lululemon Athletica, Inc. | 5800 | 1205205 | 1.20% |
| Yum! Brands Inc. | 6643 | 1004880 | 1.00% |
|  |  | 6617179 |  |
| **Consumer Staples** |  |  |  |
| Colgate-Palmolive Co. | 12682 | 1002170 | 1.00% |
| Hershey Co. (The) | 5524 | 1005224 | 1.01% |
| Keurig Dr Pepper Inc. | 36486 | 1021976 | 1.02% |
|  |  | 3029370 |  |
| **Energy** |  |  |  |
| DT Midstream Inc. | 8538 | 1021799 | 1.02% |
| **Financials** |  |  |  |
| Aon PLC, Class A | 2827 | 997643 | 1.00% |
| Intercontinental Exchange Inc. | 6509 | 1054245 | 1.05% |
| Marsh & McLennan Cos., Inc. | 5415 | 1004542 | 1.00% |
| Western Union Co. (The) | 112103 | 1043677 | 1.04% |
|  |  | 4100107 |  |

---

See Notes to Financial Statements.

**Simplify High Yield ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Market<br>Value** | **% of basket** |
| **Common Stocks (continued)** | | | |
| **Health Care** | | | |
| Avantor Inc. | 86983 | $996827 | 0.99% |
| Exelixis, Inc. | 23766 | 1041679 | 1.04% |
| Henry Schein Inc. | 13858 | 1047378 | 1.05% |
| Molina Healthcare Inc. | 7197 | 1248958 | 1.25% |
| Zoetis, Inc. | 8193 | 1030832 | 1.03% |
|  |  | 5365674 |  |
| **Industrials** |  |  |  |
| Allison Transmission Holdings, Inc. | 12111 | 1185710 | 1.18% |
| AMETEK Inc. | 5119 | 1051044 | 1.05% |
| Cintas Corp. | 5301 | 997025 | 1.00% |
| Comfort Systems USA Inc. | 1088 | 1015648 | 1.01% |
| Core & Main Inc, Class A | 20994 | 1091059 | 1.09% |
| Genpact Ltd. | 22051 | 1031544 | 1.03% |
| Karman Holdings Inc. | 16429 | 1202135 | 1.20% |
| Loar Holdings Inc. | 14825 | 1008103 | 1.01% |
| Masco Corp. | 16294 | 1034025 | 1.03% |
| SS&C Technologies Holdings Inc. | 11856 | 1036463 | 1.04% |
| TransUnion | 12206 | 1046624 | 1.05% |
| Verisk Analytics Inc, Class A | 4586 | 1025869 | 1.02% |
|  |  | 12725249 |  |
| **Information Technology** |  |  |  |
| Adobe Inc. | 2990 | 1046310 | 1.04% |
| Cognizant Technology Solutions Corp, Class A | 13631 | 1131356 | 1.13% |
| F5, Inc. | 4230 | 1079802 | 1.08% |
| Motorola Solutions Inc. | 2605 | 998569 | 1.00% |
| Vontier Corp. | 27573 | 1025161 | 1.02% |
|  |  | 5281198 |  |
| **Materials** |  |  |  |
| Avery Dennison Corp. | 5725 | 1041219 | 1.04% |
| CRH PLC | 9034 | 1127458 | 1.13% |
| Crown Holdings Inc. | 10190 | 1049276 | 1.05% |
| Ecolab Inc. | 3828 | 1004951 | 1.00% |
| James Hardie Industries PLC | 56639 | 1175268 | 1.17% |
|  |  | 5398172 |  |
| **Real Estate** |  |  |  |
| Lineage Inc. | 29628 | 1036976 | 1.03% |
| Medical Properties Trust Inc. | 199973 | 999867 | 1.00% |
| Omega Healthcare Investors Inc. | 22512 | 998198 | 1.00% |
| Weyerhaeuser Co. | 44730 | 1059646 | 1.06% |
|  |  | 4094687 |  |
| **Utilities** |  |  |  |
| Edison International | 16860 | 1011955 | 1.01% |
| Talen Energy Corp. | 2743 | 1028045 | 1.03% |
|  |  | 2040000 |  |
| **Other Components** | 659512 | 47220079 | 47.16% |
| &nbsp;&nbsp;&nbsp;**Total** |  | $100131270 | 100.00% |

---

See Notes to Financial Statements.

**Simplify Interest Rate Hedge ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. Treasury Bills – 67.3%** |  |  |
| U.S. Treasury Bill, 3.83%, 2/24/2026 (a)(b) | $18000000 | $17906455 |
| U.S. Treasury Bill, 3.85%, 3/3/2026 (a)(b) | 16100000 | 16005030 |
| U.S. Treasury Bill, 3.87%, 3/17/2026 (a)(b) | 24150000 | 23977172 |
| U.S. Treasury Bill, 3.80%, 3/31/2026 (a)(b) | 21900000 | 21712299 |
| U.S. Treasury Bill, 3.63%, 4/14/2026 (a)(b) | 22700000 | 22473927 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $102,027,176) |  | 102074883 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **U.S. Exchange-Traded Funds – 15.8%** |  |  |
| **Money Market Funds – 15.8%** |  |  |
| Simplify Government Money Market ETF (c) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $23,957,032) | 239500 | 23971555 |

---

---

| | | |
|:---|:---|:---|
|  | **Notional<br>Amount** | |
| **Purchased Swaptions – 12.3%** |  |  |
| **Puts – Over the Counter – 12.3%** |  |  |
| 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) (d) | 65000000 | (462492) |
| Interest Rate Swaption, pay semi annually a fixed rate of 4.80% and received quarterly a floating rate of SOFR, Expires 6/16/32 (counterparty: Citigroup Global Markets) | 200000000 | 1097853 |
| 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: Goldman Sachs International) | 465000000 | (703006) |
| 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: Goldman Sachs International) | 130000000 | (532467) |
| Interest Rate Swaption, pay semi annually a fixed rate of 4.75% and received quarterly a floating rate of SOFR, Expires 6/16/32 (counterparty: Goldman Sachs International) | 120000000 | (726384) |
| Interest Rate Swaption, pay semi annually a fixed rate of 4.80% and received quarterly a floating rate of SOFR, Expires 6/16/32 (counterparty: Goldman Sachs International) | 840000000 | 5580790 |
| Interest Rate Swaption, pay semi annually a fixed rate of 5.00% and received quarterly a floating rate of SOFR, Expires 6/16/32 (counterparty: Goldman Sachs International) | 26000000 | 103176 |
| 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 | (929627) |
| Interest Rate Swaption, pay semi annually a fixed rate of 4.75% and received quarterly a floating rate of SOFR, Expires 6/16/32 (counterparty: J&P Morgan Chase & Co.) | 362000000 | 2004327 |
| 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) (d) | 1045000000 | 15107853 |
| Interest Rate Swaption, pay semi annually a fixed rate of 4.75% and received quarterly a floating rate of SOFR, Expires 6/16/32 (counterparty: Morgan Stanley Capital Services LLC) | 66000000 | (1968280) |
|  |  | 18571743 |
| Total Purchased Swaptions (Cost $0) |  | 18571743 |

---

See Notes to Financial Statements.

**Simplify Interest Rate Hedge ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | | **Value** |
| Total Investments – 95.4% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $125,984,208) |  | $144618181 |
| Other Assets in Excess of Liabilities – 4.6% |  | 7005780 |
| **Net Assets – 100.0%** |  | $**151623961** |
|  | **Notional<br> Amount** |  |
| **Written Swaption – 4.3%** |  |  |
| **Puts – Over the Counter – 4.3%** |  |  |
| Interest Rate Swaption, pay semi annually a fixed rate of 4.50% and received quarterly a floating rate of SOFR, Expires 5/01/30 (counterparty: Citigroup Global Markets) | (130000000) | $613250 |
| Interest Rate Swaption, pay semi annually a fixed rate of 4.50% and received quarterly a floating rate of SOFR, Expires 5/01/30 (counterparty: Goldman Sachs International) | (695000000) | 2651585 |
| Interest Rate Swaption, pay semi annually a fixed rate of 4.50% and received quarterly a floating rate of SOFR, Expires 5/02/30 (counterparty: Goldman Sachs International) | (200000000) | 2468444 |
| Interest Rate Swaption, pay semi annually a fixed rate of 4.50% and received quarterly a floating rate of SOFR, Expires 5/01/30 (counterparty: J&P Morgan Chase & Co.) | (250000000) | (1743240) |
| Interest Rate Swaption, pay semi annually a fixed rate of 4.50% and received quarterly a floating rate of SOFR, Expires 5/01/30 (counterparty: Morgan Stanley Capital Services LLC) | (100000000) | 1471594 |
| Interest Rate Swaption, pay semi annually a fixed rate of 4.50% and received quarterly a floating rate of SOFR, Expires 5/02/30 (counterparty: Morgan Stanley Capital Services LLC) | (315000000) | 1059801 |
|  |  | 6521434 |
| Total Written Swaption (Cost $0) |  | 6521434 |

---

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

(b) Securities
 with an aggregate market value of $91,343,744 have been pledged as collateral for purchased swaptions as of December 31, 2025.

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

(d) U.S. Treasury
 Notes with a market value of $7,966,802 have been pledged as collateral by the broker for purchased swaptions as of December 31, 2025.

**Affiliates**

Fiscal period 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<br> Realized<br> Gain/(Loss)** | **Net Change<br> in Unrealized<br> Appreciation/<br> Depreciation** | **Value at<br> the end of<br> the period** | **Number of<br> Shares at<br> the end of<br> the period** | **Dividend<br> Income** | **Capital<br> Gain<br> Distributions** |
| Simplify Government Money Market ETF | $— | $45496556 | $(21550852) | $11328 | $14523 | $23971555 | 239500 | $517245 | $— |
|  | $**—** | $**45496556** | $**(21550852)** | $**11328** | $**14523** | $**23971555** | **239500** | $**517245** | $**—** |

---

See Notes to Financial Statements.

**Simplify Interest Rate Hedge ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

**At December 31, 2025, centrally cleared interest rate swap contracts outstanding were as follows:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Rate Paid by 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)** |
| 2.11 | 4.39% (1 Day SOFR + 0.00%) | Annual/Annual | MSCS | 05/15/2048 | 10000 | $2784 | $0 | $2784 |

---

(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

See Notes to Financial Statements.

**Simplify Intermediate Term Treasury Futures Strategy ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **U.S. Exchange-Traded Funds – 99.2%** |  |  |
| **Money Market Funds – 99.2%** |  |  |
| Simplify Government Money Market ETF (a)(b) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $84,717,741) | 846500 | $84726185 |
| **Money Market Fund – 0.7%** |  |  |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 3.65% (c) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $598,859) | 598859 | 598859 |
| Total Investments – 99.9% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $85,316,600) |  | $85325044 |
| Other Assets in Excess of Liabilities – 0.1% |  | 125715 |
| **Net Assets – 100.0%** |  | $**85450759** |

---

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

(b) A copy of
 the security's annual report to shareholders may be obtained without charge at www.simplify.us.

(c) Rate shown
 reflects the 7-day yield as of December 31, 2025.

**At December 31, 2025, open futures contracts were as follows:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Number of**<br>**Contracts** |<br>**Notional**<br>**Value** | <br>**Expiration**<br>**Date** | **Value/**<br>**Unrealized**<br>**Appreciation**<br>**(Depreciation)** |
| **Long position contracts:** |  |  |  |  |
| U.S. 10-Year Treasury Note Futures | 2208 | $248262000 | 3/20/26 | $(1376774) |

---

**Affiliates**

Fiscal period 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<br> Realized<br> Gain/(Loss)** | **Net Change<br> in Unrealized<br> Appreciation/<br> Depreciation** | **Value at<br> the end of<br> the period** | **Number of<br> Shares at<br> the end of<br> the period** | **Dividend<br> Income** | **Capital<br> Gain<br> Distributions** |
| Simplify Government Money Market ETF | $— | $140054718 | $(55396485) | $59508 | $8444 | $84726185 | 846500 | $1232260 | $— |
|  | $**—** | $**140054718** | $**(55396485)** | $**59508** | $**8444** | $**84726185** | **846500** | $**1232260** | $**—** |

---

See Notes to Financial Statements.

**Simplify MBS ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. Government Agency Mortgage Backed Securities – 99.0%** |  |  |
| Federal National Mortgage Association, 5.00%, 1/15/2056 (TBA) | $625000000 | $624099100 |
| Federal National Mortgage Association, 5.50%, 1/15/2056 (TBA) | 1000000000 | 1014762050 |
| Federal National Mortgage Association, 6.00%, 1/15/2056 (TBA) | 28750000 | 29531046 |
| &nbsp;&nbsp;&nbsp;Total U.S. Government Agency Mortgage Backed Securities (Cost $1,662,469,826) |  | 1668392196 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **U.S. Exchange-Traded Funds – 88.3%** |  |  |
| **Money Market Funds – 88.3%** |  |  |
| Simplify Government Money Market ETF (a)(b) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,486,812,546) | 14854000 | 1486736860 |
|  | **Principal** |  |
| **U.S. Treasury Bills – 10.9%** |  |  |
| U.S. Treasury Bill, 3.86%, 2/24/2026 (c) | 32000000 | 31833698 |
| U.S. Treasury Bill, 3.81%, 3/31/2026 (c) | 73500000 | 72870044 |
| U.S. Treasury Bill, 3.64%, 4/21/2026 (c) | 80000000 | 79147135 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $183,774,440) |  | 183850877 |
|  | **Shares** |  |
| **Money Market Fund – 0.5%** |  |  |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 3.65% (d) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $8,072,768) | 8072768 | 8072768 |
| Total Investments – 198.7% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,341,129,580) |  | $3347052701 |
| Liabilities in Excess of Other Assets – (98.7)% |  | (1662334956) |
| **Net Assets – 100.0%** |  | $**1684717745** |

---

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

(b) A copy of
 the security's annual report to shareholders may be obtained without charge at www.simplify.us.

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

(d) Rate shown
 reflects the 7-day yield as of December 31, 2025.

Portfolio Abbreviations:

TBA : To Be Announced

See Notes to Financial Statements.

**Simplify MBS ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

**Affiliates**

Fiscal period 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<br> Realized<br> Gain/(Loss)** | **Net Change<br> in Unrealized<br> Appreciation/<br> Depreciation** | **Value at<br> the end of<br> the period** | **Number of<br> Shares at<br> the end of<br> the period** | **Dividend<br> Income** | **Capital<br> Gain<br> Distributions** |
| Simplify Government Money Market ETF | $— | $1486812546 | $(657) | $657 | $(75686) | $1486736860 | 14854000 | $23553534 | $— |
|  | $**—** | $**1486812546** | $**(657)** | $**657** | $**(75686)** | $**1486736860** | **14854000** | $**23553534** | $**—** |

---

See Notes to Financial Statements.

**Simplify Next Intangible Core Index ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks – 99.6%** |  |  |
| **Communication Services – 5.0%** |  |  |
| Electronic Arts, Inc. | 1296 | $264812 |
| Live Nation Entertainment, Inc.\* | 411 | 58567 |
| Match Group, Inc. | 1273 | 41105 |
| New York Times Co. (The), Class A | 797 | 55328 |
| News Corp., Class B | 2889 | 85601 |
| Paramount Skydance Corp., Class B | 1285 | 17219 |
| Pinterest, Inc., Class A\* | 3681 | 95301 |
| Reddit, Inc., Class A | 982 | 225732 |
| Snap, Inc., Class A\* | 9440 | 76181 |
| Spotify Technology SA\* | 1042 | 605100 |
| Take-Two Interactive Software, Inc.\* | 969 | 248093 |
|  |  | 1773039 |
| **Consumer Discretionary – 6.7%** |  |  |
| Airbnb, Inc., Class A\* | 1072 | 145492 |
| AutoZone, Inc.\* | 35 | 118703 |
| Best Buy Co., Inc. | 574 | 38418 |
| Booking Holdings, Inc. | 57 | 305254 |
| Burlington Stores, Inc.\* | 162 | 46794 |
| Carvana Co., Class A\* | 240 | 101285 |
| Chewy, Inc., Class A\* | 1107 | 36586 |
| Deckers Outdoor Corp.\* | 251 | 26021 |
| DoorDash, Inc., Class A\* | 802 | 181637 |
| DraftKings, Inc., Class A\* | 883 | 30428 |
| Duolingo, Inc.\* | 240 | 42120 |
| Expedia Group, Inc. | 214 | 60628 |
| Flutter Entertainment PLC\* | 302 | 64942 |
| Home Depot, Inc. (The) | 1160 | 399156 |
| Lowe's Cos., Inc. | 658 | 158683 |
| Lululemon Athletica, Inc.\* | 196 | 40731 |
| NIKE, Inc., Class B | 2666 | 169851 |
| O'Reilly Automotive, Inc.\* | 1696 | 154692 |
| Ralph Lauren Corp. | 156 | 55163 |
| Rivian Automotive, Inc., Class A\* | 2221 | 43776 |
| Tapestry, Inc. | 513 | 65546 |
| Ulta Beauty, Inc.\* | 108 | 65341 |
| Williams-Sonoma, Inc. | 303 | 54113 |
|  |  | 2405360 |
| **Consumer Staples – 8.9%** |  |  |
| Coca-Cola Co. (The) | 4453 | 311309 |
| Colgate-Palmolive Co. | 1475 | 116554 |
| Estee Lauder Cos., Inc. (The), Class A | 694 | 72676 |
| Hershey Co. (The) | 206 | 37488 |
| Kimberly-Clark Corp. | 671 | 67697 |
| Kroger Co. (The) | 1801 | 112526 |
| Mondelez International, Inc., Class A | 1379 | 74232 |
| Monster Beverage Corp.\* | 998 | 76517 |
| PepsiCo, Inc. | 1384 | 198632 |
| Philip Morris International, Inc. | 1516 | 243166 |
| Sysco Corp. | 483 | 35592 |

---

See Notes to Financial Statements.

**Simplify Next Intangible Core Index ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** |  |  |
| **Consumer Staples (continued)** |  |  |
| Target Corp. | 1147 | $112119 |
| Walmart, Inc. | 15494 | 1726187 |
|  |  | 3184695 |
| **Energy – 4.3%** |  |  |
| Baker Hughes Co. | 1989 | 90579 |
| Exxon Mobil Corp. | 7858 | 945632 |
| Kinder Morgan, Inc. | 3956 | 108750 |
| Marathon Petroleum Corp. | 577 | 93838 |
| Phillips 66 | 745 | 96135 |
| Targa Resources Corp. | 359 | 66235 |
| Williams Cos., Inc. (The) | 2210 | 132843 |
|  |  | 1534012 |
| **Financials – 10.0%** |  |  |
| Affirm Holdings, Inc.\* | 545 | 40564 |
| Aflac, Inc. | 817 | 90091 |
| Allstate Corp. (The) | 407 | 84717 |
| American Express Co. | 1065 | 393997 |
| American International Group, Inc. | 770 | 65874 |
| Ameriprise Financial, Inc. | 142 | 69628 |
| Arch Capital Group Ltd.\* | 560 | 53715 |
| Arthur J Gallagher & Co. | 391 | 101187 |
| Blackstone, Inc. | 1938 | 298723 |
| Brown & Brown, Inc. | 526 | 41922 |
| Cboe Global Markets, Inc. | 171 | 42921 |
| Cincinnati Financial Corp. | 243 | 39687 |
| Coinbase Global, Inc., Class A\* | 468 | 105834 |
| Hartford Insurance Group, Inc. (The) | 426 | 58703 |
| LPL Financial Holdings, Inc. | 125 | 44646 |
| Markel Group, Inc.\* | 19 | 40843 |
| Marsh & McLennan Cos., Inc. | 764 | 141737 |
| Mastercard, Inc., Class A | 1695 | 967642 |
| Progressive Corp. (The) | 899 | 204720 |
| Prudential Financial, Inc. | 522 | 58923 |
| Robinhood Markets, Inc., Class A\* | 1687 | 190800 |
| Rocket Cos., Inc., Class A | 4784 | 92618 |
| SoFi Technologies, Inc.\* | 2160 | 56549 |
| Toast, Inc., Class A\* | 3097 | 109974 |
| Tradeweb Markets, Inc., Class A | 350 | 37639 |
| Travelers Cos., Inc. (The) | 347 | 100651 |
| W R Berkley Corp. | 622 | 43615 |
|  |  | 3577920 |
| **Health Care – 10.3%** |  |  |
| Agilent Technologies, Inc. | 594 | 80826 |
| Alnylam Pharmaceuticals, Inc.\* | 1109 | 440994 |
| Axsome Therapeutics, Inc.\* | 361 | 65933 |
| Bridgebio Pharma, Inc.\* | 1378 | 105403 |
| Cidara Therapeutics, Inc.\* | 225 | 49700 |
| Cigna Group (The) | 412 | 113395 |
| Cogent Biosciences, Inc.\* | 1059 | 37616 |

---

See Notes to Financial Statements.

**Simplify Next Intangible Core Index ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** |  |  |
| **Health Care (continued)** |  |  |
| Corcept Therapeutics, Inc.\* | 721 | $25091 |
| CVS Health Corp. | 1945 | 154355 |
| Elevance Health, Inc. | 325 | 113929 |
| Exelixis, Inc.\* | 2055 | 90071 |
| Glaukos Corp.\* | 397 | 44825 |
| Guardant Health, Inc.\* | 960 | 98054 |
| Henry Schein, Inc.\* | 795 | 60086 |
| Hims & Hers Health, Inc.\* | 1301 | 42243 |
| Humana, Inc. | 177 | 45335 |
| IDEXX Laboratories, Inc.\* | 584 | 395094 |
| Illumina, Inc.\* | 287 | 37643 |
| Incyte Corp.\* | 1434 | 141636 |
| Insmed, Inc.\* | 1578 | 274635 |
| Ionis Pharmaceuticals, Inc.\* | 1189 | 94062 |
| iRhythm Technologies, Inc.\* | 242 | 42940 |
| Madrigal Pharmaceuticals, Inc.\* | 169 | 98415 |
| Mettler-Toledo International, Inc.\* | 40 | 55768 |
| Natera, Inc.\* | 1041 | 238483 |
| Penumbra, Inc.\* | 262 | 81458 |
| PTC Therapeutics, Inc.\* | 584 | 44361 |
| Rhythm Pharmaceuticals, Inc.\* | 432 | 46241 |
| Tempus AI, Inc., Class A\* | 1015 | 59936 |
| UnitedHealth Group, Inc. | 1405 | 463805 |
| Waters Corp.\* | 121 | 45959 |
|  |  | 3688292 |
| **Industrials – 9.0%** |  |  |
| 3M Co. | 1076 | 172268 |
| CACI International, Inc., Class A\* | 122 | 65003 |
| Cintas Corp. | 778 | 146319 |
| Cummins, Inc. | 262 | 133738 |
| Expeditors International of Washington, Inc. | 255 | 37998 |
| Fastenal Co. | 1333 | 53493 |
| FedEx Corp. | 441 | 127387 |
| Ferguson Enterprises, Inc. | 256 | 56993 |
| GE Vernova, Inc. | 418 | 273192 |
| General Electric Co. | 1950 | 600659 |
| Illinois Tool Works, Inc. | 537 | 132263 |
| Johnson Controls International plc | 1189 | 142383 |
| Lyft, Inc., Class A\* | 2446 | 47379 |
| Otis Worldwide Corp. | 455 | 39744 |
| Parker-Hannifin Corp. | 155 | 136239 |
| Rocket Lab Corp.\* | 905 | 63133 |
| Rockwell Automation, Inc. | 588 | 228773 |
| Rollins, Inc. | 967 | 58039 |
| Uber Technologies, Inc.\* | 4427 | 361730 |
| United Parcel Service, Inc., Class B | 1538 | 152554 |
| Veralto Corp. | 507 | 50588 |
| WW Grainger, Inc. | 89 | 89805 |

---

See Notes to Financial Statements.

**Simplify Next Intangible Core Index ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** |  |  |
| **Industrials (continued)** |  |  |
| Xylem, Inc. | 310 | $42216 |
|  |  | 3211896 |
| **Information Technology – 43.5%** |  |  |
| Appfolio, Inc., Class A\* | 195 | 45367 |
| Applied Materials, Inc. | 1005 | 258275 |
| AppLovin Corp., Class A\* | 1753 | 1181206 |
| Atlassian Corp., Class A\* | 1351 | 219051 |
| Aurora Innovation, Inc., Class A\* | 10969 | 42121 |
| Autodesk, Inc.\* | 1148 | 339820 |
| Cadence Design Systems, Inc.\* | 1490 | 465744 |
| Cisco Systems, Inc. | 20360 | 1568331 |
| Cloudflare, Inc., Class A\* | 1873 | 369262 |
| Confluent, Inc., Class A\* | 1414 | 42759 |
| Dell Technologies, Inc., Class C | 3712 | 467267 |
| Docusign, Inc.\* | 1091 | 74624 |
| Dolby Laboratories, Inc., Class A | 170 | 10917 |
| Dropbox, Inc., Class A\* | 1393 | 38725 |
| D-Wave Quantum, Inc.\* | 2188 | 57216 |
| Dynatrace, Inc.\* | 1551 | 67220 |
| Elastic NV\* | 545 | 41115 |
| F5, Inc.\* | 279 | 71218 |
| Fair Isaac Corp.\* | 120 | 202874 |
| Figma, Inc., Class A\* | 2855 | 106691 |
| Fortinet, Inc.\* | 4059 | 322325 |
| GoDaddy, Inc., Class A\* | 738 | 91571 |
| Guidewire Software, Inc.\* | 485 | 97490 |
| HP, Inc. | 5132 | 114341 |
| HubSpot, Inc.\* | 284 | 113969 |
| International Business Machines Corp. | 4852 | 1437211 |
| Intuit, Inc. | 1468 | 972433 |
| JFrog Ltd.\* | 579 | 36164 |
| Keysight Technologies, Inc.\* | 343 | 69694 |
| Klaviyo, Inc., Class A\* | 1622 | 52666 |
| Lam Research Corp. | 1478 | 253004 |
| Lattice Semiconductor Corp.\* | 709 | 52168 |
| Manhattan Associates, Inc.\* | 331 | 57366 |
| MongoDB, Inc.\* | 404 | 169555 |
| Motorola Solutions, Inc. | 884 | 338855 |
| NetApp, Inc. | 1049 | 112337 |
| Nutanix, Inc., Class A\* | 1372 | 70919 |
| Palantir Technologies, Inc., Class A\* | 9741 | 1731463 |
| Pegasystems, Inc. | 862 | 51479 |
| Procore Technologies, Inc.\* | 854 | 62120 |
| PTC, Inc.\* | 637 | 110972 |
| Pure Storage, Inc., Class A\* | 1755 | 117603 |
| Qorvo, Inc.\* | 485 | 40987 |
| QUALCOMM, Inc. | 5403 | 924183 |
| Rubrik, Inc., Class A\* | 842 | 64396 |
| Samsara, Inc., Class A\* | 3020 | 107059 |

---

See Notes to Financial Statements.

**Simplify Next Intangible Core Index ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** |  |  |
| **Information Technology (continued)** |  |  |
| Seagate Technology Holdings PLC | 1026 | $282550 |
| Semtech Corp.\* | 510 | 37582 |
| ServiceNow, Inc.\* | 5929 | 908264 |
| Teradyne, Inc. | 307 | 59423 |
| Trimble, Inc.\* | 1272 | 99661 |
| UiPath, Inc., Class A\* | 3152 | 51661 |
| Unity Software, Inc.\* | 2149 | 94921 |
| Western Digital Corp. | 1639 | 282351 |
| Workday, Inc., Class A\* | 1375 | 295323 |
| Zscaler, Inc.\* | 865 | 194556 |
|  |  | 15548425 |
| **Materials – 0.9%** |  |  |
| CRH PLC | 758 | 94599 |
| Ecolab, Inc. | 359 | 94245 |
| Reliance, Inc. | 97 | 28020 |
| Sherwin-Williams Co. (The) | 301 | 97533 |
|  |  | 314397 |
| **Real Estate – 0.2%** |  |  |
| CBRE Group, Inc., Class A\* | 479 | 77018 |
| **Utilities – 0.8%** |  |  |
| Consolidated Edison, Inc. | 599 | 59493 |
| Dominion Energy, Inc. | 1461 | 85600 |
| NRG Energy, Inc. | 345 | 54938 |
| Vistra Corp. | 602 | 97120 |
|  |  | 297151 |
| &nbsp;&nbsp;&nbsp;Total Common Stocks (Cost $34,308,043) |  | 35612205 |
| **Money Market Fund – 0.3%** |  |  |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 3.65% (a)<br> (Cost $96,369) | 96369 | 96369 |
| Total Investments – 99.9%<br> (Cost $34,404,412) |  | $35708574 |
| Other Assets in Excess of Liabilities – 0.1% |  | 40012 |
| **Net Assets – 100.0%** |  | $**35748586** |

---

\* Non Income Producing

(a) Rate shown reflects the 7-day yield as of December 31, 2025.

See Notes to Financial Statements.

**Simplify Short Term Treasury Futures Strategy ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **U.S. Exchange-Traded Funds – 87.9%** |  |  |
| **Money Market Funds – 87.9%** |  |  |
| Simplify Government Money Market ETF (a)(b) (Cost $574,666,376) | 5743000 | $574816870 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | |
| **U.S. Treasury Bills – 12.2%** |  |  |
| U.S. Treasury Bill, 3.81%, 3/31/2026 (c) | $56300000 | 55817462 |
| U.S. Treasury Bill, 3.63%, 4/14/2026 (c) | 23900000 | 23661976 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $79,451,939) |  | 79479438 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Money Market Fund – 0.2%** |  |  |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 3.65% (d)<br> (Cost $1,427,624) | 1427624 | 1427624 |
| Total Investments – 100.3%<br> (Cost $655,545,939) |  | $655723932 |
| Liabilities in Excess of Other Assets – (0.3)% |  | (2117825) |
| **Net Assets – 100.0%** |  | $**653606107** |

---

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

(b) A copy
 of the security's annual report to shareholders may be obtained without charge at www.simplify.us.

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

(d) Rate shown
 reflects the 7-day yield as of December 31, 2025.

**At December 31, 2025, open futures contracts were as follows:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Value** | **Expiration<br> Date** | **Value/<br> Unrealized<br> Appreciation (Depreciation)** |
| **Long position contracts:** |  |  |  |  |
| U.S. 2 Years Note (CBT) | 16241 | $3390943156 | 3/31/26 | $244219 |

---

**Affiliates**

Fiscal period 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<br> Realized<br> Gain/(Loss)** | **Net Change<br> in Unrealized<br> Appreciation/<br> Depreciation** | **Value at<br> the end of<br> the period** | **Number of<br> Shares at<br> the end of<br> the period** | **Dividend<br> Income** | **Capital<br> Gain<br> Distributions** |
| Simplify Government Money Market ETF | $— | $576672739 | $(2001850) | $(4513) | $150494 | $574816870 | 5743000 | $8145310 | $— |
|  | $**—** | $**576672739** | $**(2001850)** | $**(4513)** | $**150494** | $**574816870** | **5743000** | $**8145310** | $**—** |

---

See Notes to Financial Statements.

**Simplify Target 15 Distribution ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **U.S. Exchange-Traded Funds – 73.6%** |  |  |
| **Money Market Funds – 73.6%** |  |  |
| Simplify Government Money Market ETF (a)(b)(c) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $53,417,678) | 533500 | $53398015 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | |
| **U.S. Treasury Bills – 28.2%** |  |  |
| U.S. Treasury Bill, 3.95%, 1/8/2026 (c)(d) | $3500000 | 3497974 |
| U.S. Treasury Bill, 3.85%, 3/3/2026 (c)(d) | 8000000 | 7952810 |
| U.S. Treasury Bill, 3.83%, 3/17/2026 (c)(d) | 2000000 | 1985687 |
| U.S. Treasury Bill, 3.71%, 3/31/2026 (c)(d) | 6100000 | 6047718 |
| U.S. Treasury Bill, 3.62%, 4/14/2026 (c)(d) | 1000000 | 990041 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $20,465,795) |  | 20474230 |

---

---

| | |
|:---|:---|
|  | **Shares** |
| **Money Market Fund – 0.5%** |  |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 3.65% (e) (Cost $346,996) | 346996 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** |  |
| **Purchased Options – 0.1%** |  |  |  |
| **Puts – Exchange-Traded – 0.1%** |  |  |  |
| Russell 2000 Index, January Strike Price $2,000, Expires 1/16/26 | 77 | 15400000 | 2887 |
| S&P 500 Index, January Strike Price $5,450, Expires 1/16/26 | 76 | 41420000 | 4750 |
| S&P 500 Index, February Strike Price $5,600, Expires 2/20/26 | 105 | 58800000 | 75075 |
|  |  |  | 82712 |
| Total Purchased Options (Cost $338,436) |  |  | 82712 |
| Total Investments – 102.4%<br> (Cost $74,568,905) |  |  | $74301953 |
| Liabilities in Excess of Other Assets – (2.4)% |  |  | (1707042) |
| **Net Assets – 100.0%** |  |  | $**72594911** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br>Amount** |  |
| **Written Options – (3.3)%** |  |  |  |
| **Puts - Over the Counter Barrier Options – (3.3)%** |  |  |  |
| SPX/RTY/NDX WOF, Expires 10/09/26 P100%/75% NC3 EKI (Counterparty: HSBC Bank) | (650000) | $(487500) | $(12740) |
| SPX/RTY/NDX WOF, Expires 10/09/26 P100/75 NC3 EKI (Counterparty: Nomura Securities) | (4500000) | (3375000) | (29806) |
| SPX/RTY/NDX WOF, Expires 10/16/26 P100/70 NC3 EKI (Counterparty: Nomura Securities) | (2000000) | (1400000) | (49067) |

---

See Notes to Financial Statements.

**Simplify Target 15 Distribution ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br>Amount** | **Value** |
| SPX/RTY/NDX WOF, Expires 10/23/26 P100/75 NC3 EKI (Counterparty: HSBC Bank) | (5000000) | $(3750000) | $(160000) |
| SPX/RTY/NDX WOF, Expires 10/30/26 P100/75 NC3 EKI (Counterparty: HSBC Bank) | (2000000) | (1500000) | (80400) |
| SPX/RTY/NDX WOF, Expires 10/30/26 P100/75 NC3 EKI (Counterparty: HSBC Bank) | (5000000) | (3750000) | (186000) |
| SPX/RTY/NDX WOF, Expires 10/30/26 P100/75 NC3 EKI (Counterparty: Nomura Securities) | (10000000) | (7500000) | (354839) |
| SPX/RTY/NDX WOF, Expires 11/06/26 P100/75 NC3 EKI (Counterparty: HSBC Bank) | (8000000) | (6000000) | (265600) |
| SPX/RTY/NDX WOF, Expires 11/06/26 P100/75 NC3 EKI (Counterparty: Nomura Securities) | (5000000) | (3750000) | (150619) |
| SPX/RTY/NDX WOF, Expires 11/13/26 P100%/75% NC3 EKI (Counterparty: HSBC Bank) | (5000000) | (3750000) | (155000) |
| SPX/RTY/NDX WOF, Expires 11/27/26 P100/75 NC3 EKI (Counterparty: HSBC Bank) | (3000000) | (2250000) | (99600) |
| SPX/RTY/NDX WOF, Expires 12/04/26 P100%/75% NC3 EKI (Counterparty: Nomura Securities) | (1500000) | (1125000) | (39142) |
| SPX/RTY/NDX WOF, Expires 12/11/26 P100%/75% NC3 EKI (Counterparty: HSBC Bank) | (2000000) | (1500000) | (95200) |
| SPX/RTY/NDX WOF, Expires 12/11/26 P100%/75% NC3 EKI (Counterparty: HSBC Bank) | (3600000) | (2700000) | (156240) |
| SPX/RTY/NDX WOF, Expires 12/18/26 P100%/75% NC3 EKI (Counterparty: Nomura Securities) | (3500000) | (2625000) | (161844) |
| SPX/RTY/NDX WOF, Expires 12/18/26 P100/75 NC3 EKI (Counterparty: HSBC Bank) | (1500000) | (1125000) | (86850) |
| SPX/RTY/NDX WOF, Expires 12/18/26 P100/75 NC3 EKI (Counterparty: Nomura Securities) | (1600000) | (1200000) | (71751) |
| SPX/RTY/NDX WOF, Expires 12/24/26 P100/70 NC3 EKI (Counterparty: Nomura Securities) | (650000) | (487500) | (27617) |
| SPX/RTY/NDX WOF, Expires 12/24/26 P100/75 NC3 EKI (Counterparty: HSBC Bank) | (1500000) | (1125000) | (70650) |
| SPX/RTY/NDX WOF, Expires 12/24/26 P100/75 NC3 EKI (Counterparty: Nomura Securities) | (2000000) | (1500000) | (92216) |
| SPX/RTY/NDX WOF, Expires 12/24/26 P100/75 NC3 EKI (Counterparty: Nomura Securities) | (1300000) | (975000) | (52197) |
|  |  |  | (2397378) |
| Total Written Options (Premiums Received $3,146,555) |  |  | $(2397378) |

---

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

(b) A copy
 of the security's annual report to shareholders may be obtained without charge at www.simplify.us.

(c) Securities
 with an aggregate market value of $23,604,910 have been pledged as collateral for options as of December 31, 2025.

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

(e) Rate shown
 reflects the 7-day yield as of December 31, 2025.

See Notes to Financial Statements.

**Simplify Target 15 Distribution ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

**Affiliates**

Fiscal period 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<br> Realized<br> Gain/(Loss)** | **Net Change<br> in Unrealized<br> Appreciation/<br> Depreciation** | **Value at<br> the end of<br> the period** | **Number of<br> Shares at<br> the end of<br> the period** | **Dividend<br> Income** | **Capital<br> Gain<br> Distributions** |
| Simplify Government Money Market ETF | $— | $61551817 | $(8119426) | $(14712) | $(19663) | $53398015 | 533500 | $807155 | $— |
|  | $**—** | $**61551817** | $**(8119426)** | $**(14712)** | $**(19663)** | $**53398015** | **533500** | $**807155** | $**—** |

---

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**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **U.S. Exchange-Traded Funds – 100.0%** |  |  |
| **Money Market Funds – 100.0%** |  |  |
| Simplify Government Money Market ETF (a)(b) <br>(Cost $351,292,574) | 3509000 | $351215810 |
| **Money Market Fund – 0.0%†** |  |  |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 3.65% (c)<br> (Cost $170,421) | 170421 | 170421 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Purchased Options – 0.0%†** |  |  |  |
| **Calls – Exchange-Traded – 0.0%†** |  |  |  |
| U.S. TRS Bond Friday Week 2, January Strike Price $123, Expires 1/09/26 | 300 | $36900000 | 0 |
| Total Purchased Options (Cost $5,204) |  |  | 0 |

---

---

| | |
|:---|:---|
| Total Investments – 100.0%<br> (Cost $351,468,199) | $351386231 |
| Other Assets in Excess of Liabilities – 0.0%† | 155744 |
| **Net Assets – 100.0%** | $**351541975** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Written Options – (0.2)%** |  |  |  |
| **Puts – Exchange-Traded – (0.2)%** |  |  |  |
| U.S. Long Bond, January Strike Price $113, Expires 1/23/26 | (300) | $(33900000) | $(51563) |
| U.S. Long Bond, January Strike Price $114, Expires 1/23/26 | (300) | (34200000) | (107813) |
| U.S. Long Bond, January Strike Price $115, Expires 1/23/26 | (300) | (34500000) | (201563) |
| U.S. Long Bond, February Strike Price $110, Expires 2/20/26 | (300) | (33000000) | (51562) |
| U.S. Long Bond, February Strike Price $111, Expires 2/20/26 | (300) | (33300000) | (79687) |
| U.S. Long Bond, February Strike Price $112, Expires 2/20/26 | (300) | (33600000) | (117187) |
|  |  |  | (609375) |
| **Calls – Exchange-Traded – (0.0)%†** |  |  |  |
| U.S. Long Bond, January Strike Price $117, Expires 1/23/26 | (300) | $(35100000) | $(117187) |
| U.S. Long Bond, January Strike Price $118, Expires 1/23/26 | (300) | (35400000) | (60938) |
|  |  |  | (178125) |
| Total Written Options (Premiums Received $1,247,435) |  |  | $(787500) |

---

† Less
 than 0.05%

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

(b) A copy
 of the security's annual report to shareholders may be obtained without charge at www.simplify.us.

(c) Rate shown
 reflects the 7-day yield as of December 31, 2025.

See Notes to Financial Statements.

**Simplify Treasury Option Income ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

**Affiliates**

Fiscal period 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<br> Realized<br> Gain/(Loss)** | **Net Change<br> in Unrealized<br> Appreciation/<br> Depreciation** | **Value at<br> the end of<br> the period** | **Number of<br> Shares at<br> the end of<br> the period** | **Dividend<br> Income** | **Capital<br> Gain<br> Distributions** |
| Simplify Government Money Market ETF | $— | $358315346 | $(7009340) | $(13432) | $— | $351215810 | 3509000 | $4841040 | $— |
|  | $**—** | $**358315346** | $**(7009340)** | $**(13432)** | $**—** | $**351215810** | **3509000** | $**4841040** | $**—** |

---

See Notes to Financial Statements.

**Simplify US Equity PLUS Bitcoin Strategy ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **U.S. Exchange-Traded Funds – 99.1%** |  |  |
| **Alternative Funds – 10.2%** |  |  |
| VanEck Bitcoin ETF\* | 192930 | $4771159 |
| **Equity Funds – 88.9%** |  |  |
| iShares Core S&P 500 ETF (a) | 60972 | 41762161 |
| &nbsp;&nbsp;&nbsp;Total U.S. Exchange-Traded Funds (Cost $42,636,270) |  | 46533320 |
| **Money Market Fund – 0.2%** |  |  |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 3.65% (b)<br> (Cost $106,813) | 106813 | 106813 |
| Total Investments – 99.3%<br> (Cost $42,743,083) |  | $46640133 |
| Other Assets in Excess of Liabilities – 0.7% |  | 335655 |
| **Net Assets – 100.0%** |  | $**46975788** |

---

\* Non Income Producing

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

(b) Rate shown reflects the 7-day yield as of December 31, 2025.

**At December 31, 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 | 15 | $5169375 | 3/20/26 | $(3327) |

---

See Notes to Financial Statements.

**Simplify US Equity PLUS Convexity ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **U.S. Exchange-Traded Funds – 99.8%** |  |  |
| **Equity Funds – 99.8%** |  |  |
| iShares Core S&P 500 ETF (a)(b)<br> (Cost $69,037,903) | 138558 | $94903917 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Purchased Options – 0.5%** |  |  |  |
| **Calls – Exchange-Traded – 0.1%** |  |  |  |
| S&P 500 Index, January Strike Price $6,925, Expires 1/02/26 | 95 | $65787500 | 475 |
| S&P 500 Index, January Strike Price $6,955, Expires 1/02/26 | 102 | 70941000 | 408 |
| S&P 500 Index, January Strike Price $7,000, Expires 1/02/26 | 285 | 199500000 | 855 |
| S&P 500 Index, January Strike Price $6,885, Expires 1/05/26 | 28 | 19278000 | 14140 |
| S&P 500 Index, January Strike Price $6,955, Expires 1/05/26 | 95 | 66072500 | 712 |
| S&P 500 Index, January Strike Price $6,915, Expires 1/07/26 | 102 | 70533000 | 93840 |
|  |  |  | 110430 |
| **Puts – Exchange-Traded – 0.4%** |  |  |  |
| Nasdaq 100 Index, January Strike Price $23,100, Expires 1/14/26 (c) | 7 | 16170000 | 11200 |
| Russell 2000 Index, January Strike Price $2,275, Expires 1/14/26 (c) | 74 | 16835000 | 7215 |
| S&P 500 Index, January Strike Price $6,660, Expires 1/07/26 | 139 | 92574000 | 34055 |
| S&P 500 Index, January Strike Price $6,300, Expires 1/14/26 (c) | 24 | 15120000 | 5580 |
| S&P 500 Index, January Strike Price $6,000, Expires 1/20/26 | 66 | 39600000 | 11220 |
| S&P 500 Index, March Strike Price $5,800, Expires 3/20/26 (c) | 124 | 71920000 | 272180 |
|  |  |  | 341450 |
| Total Purchased Options (Cost $1,265,835) |  |  | 451880 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Money Market Fund – 0.1%** |  |  |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 3.65% (d)<br> (Cost $68,531) | 68531 | 68531 |
| Total Investments – 100.4%<br> (Cost $70,372,269) |  | $95424328 |
| Liabilities in Excess of Other Assets – (0.4)% |  | (393048) |
| **Net Assets – 100.0%** |  | $**95031280** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Written Options – (0.3)%** |  |  |  |
| **Puts – Exchange-Traded – (0.3)%** |  |  |  |
| Nasdaq 100 Index, January Strike Price $24,100, Expires 1/14/26 | (7) | $(16870000) | $(38150) |
| Russell 2000 Index, January Strike Price $2,375, Expires 1/14/26 | (74) | (17575000) | (34040) |
| S&P 500 Index, January Strike Price $6,600, Expires 1/14/26 | (24) | (15840000) | (23280) |
| S&P 500 Index, January Strike Price $5,700, Expires 1/16/26 | (66) | (37620000) | (6600) |

---

See Notes to Financial Statements.

**Simplify US Equity PLUS Convexity ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | **Value** |
| S&P 500 Index, March Strike Price $5,500, Expires 3/20/26 | (124) | $(68200000) | $(181040) |
|  |  |  | (283110) |
| Total Written Options (Premiums Received $544,225) |  |  | $(283110) |

---

(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 $47,945,800 have been pledged as collateral for options as of December 31, 2025.

(c) Held in
 connection with Written Options.

(d) Rate shown
 reflects the 7-day yield as of December 31, 2025.

See Notes to Financial Statements.

**Simplify US Equity PLUS Downside Convexity ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **U.S. Exchange-Traded Funds – 99.7%** |  |  |
| **Equity Funds – 99.7%** |  |  |
| iShares Core S&P 500 ETF (a)(b)<br> (Cost $99,757,032) | 169927 | $116389800 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Purchased Options – 0.7%** |  |  |  |
| **Calls – Exchange-Traded – 0.1%** |  |  |  |
| S&P 500 Index, January Strike Price $6,925, Expires 1/02/26 | 74 | $51245000 | 370 |
| S&P 500 Index, January Strike Price $6,955, Expires 1/02/26 | 80 | 55640000 | 320 |
| S&P 500 Index, January Strike Price $7,000, Expires 1/02/26 | 222 | 155400000 | 666 |
| S&P 500 Index, January Strike Price $6,885, Expires 1/05/26 | 21 | 14458500 | 10605 |
| S&P 500 Index, January Strike Price $6,955, Expires 1/05/26 | 75 | 52162500 | 562 |
| S&P 500 Index, January Strike Price $6,915, Expires 1/07/26 | 80 | 55320000 | 73600 |
|  |  |  | 86123 |
| **Puts – Exchange-Traded – 0.6%** |  |  |  |
| Nasdaq 100 Index, January Strike Price $23,100, Expires 1/14/26 (c) | 5 | 11550000 | 8000 |
| Russell 2000 Index, January Strike Price $2,275, Expires 1/14/26 (c) | 58 | 13195000 | 5655 |
| S&P 500 Index, January Strike Price $6,660, Expires 1/07/26 | 164 | 109224000 | 40180 |
| S&P 500 Index, January Strike Price $6,300, Expires 1/14/26 (c) | 19 | 11970000 | 4418 |
| S&P 500 Index, January Strike Price $6,000, Expires 1/16/26 (c) | 151 | 90600000 | 25670 |
| S&P 500 Index, March Strike Price $5,800, Expires 3/20/26 (c) | 293 | 169940000 | 643135 |
|  |  |  | 727058 |
| Total Purchased Options (Cost $2,084,630) |  |  | 813181 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Money Market Fund – 0.1%** |  |  |
| Fidelity Investments Money Market Treasury Only Portfolio - Class I, 3.66% (d)<br> (Cost $109,026) | 109026 | 109026 |
| Total Investments – 100.5% <br>(Cost $101,950,688) |  | $117312007 |
| Liabilities in Excess of Other Assets – (0.5)% |  | (613266) |
| **Net Assets – 100.0%** |  | $**116698741** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Written Options – (0.4)%** |  |  |  |
| **Puts – Exchange-Traded – (0.4)%** |  |  |  |
| Nasdaq 100 Index, January Strike Price $24,100, Expires 1/14/26 | (5) | $(12050000) | $(27250) |
| Russell 2000 Index, January Strike Price $2,375, Expires 1/14/26 | (58) | (13775000) | (26680) |
| S&P 500 Index, January Strike Price $6,600, Expires 1/14/26 | (19) | (12540000) | (18430) |

---

See Notes to Financial Statements.

**Simplify US Equity PLUS Downside Convexity ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | **Value** |
| S&P 500 Index, January Strike Price $5,700, Expires 1/16/26 | (151) | $(86070000) | $(15100) |
| S&P 500 Index, March Strike Price $5,500, Expires 3/20/26 | (293) | (161150000) | (427780) |
|  |  |  | (515240) |
| Total Written Options (Premiums Received $1,128,902) |  |  | $(515240) |

---

(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 $61,644,600 have been pledged as collateral for options as of December 31, 2025.

(c) Held in
 connection with Written Options.

(d) Rate shown
 reflects the 7-day yield as of December 31, 2025.

See Notes to Financial Statements.

**Simplify US Equity PLUS Managed Futures Strategy ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **U.S. Exchange-Traded Funds – 70.0%** |  |  |
| **Equity Funds – 70.0%** |  |  |
| iShares Core S&P 500 ETF (a) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,127,042) | 4568 | $3128806 |
|  | **Principal** |  |
| **U.S. Treasury Bills – 18.9%** |  |  |
| U.S. Treasury Bill, 3.70%, 3/3/2026 (b) | $250000 | 248526 |
| U.S. Treasury Bill, 3.71%, 4/7/2026 (b)(c) | 600000 | 594432 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $842,658) |  | 842958 |
|  | **Shares** |  |
| **Money Market Fund – 7.3%** |  |  |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 3.65% (d) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $326,178) | 326178 | 326178 |
| Total Investments – 96.2% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,295,878) |  | $4297942 |
| Other Assets in Excess of Liabilities – 3.8% |  | 169965 |
| **Net Assets – 100.0%** |  | $**4467907** |

---

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

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

(c) Securities
 with an aggregate market value of $396,280 have been pledged as collateral for options as of December 31, 2025.

(d) Rate shown
 reflects the 7-day yield as of December 31, 2025.

**At December 31, 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 | 4 | $1378500 | 3/20/26 | $(11653) |

---

At December 31, 2025, over the counter total return swap contracts outstanding were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/Index** | **Termination**<br> **Date(a)** | **Financing Rate<br> Paid (Received)<br> by the Fund** | **Counterparty** | **Notional<br> Amount** | **Unrealized<br> Appreciation/<br> (Depreciation)(b)** |
| CTABA1(c) | 1/8/2027 | 5.35% (SOFR +1.48%)(d) | BOFA | 2505830 | $49532 |
| CTACI1(c) | 1/12/2027 | 4.62% (SOFR +0.75%)(d) | CITI | 615710 | 10057 |
| CTACI2(c) | 1/12/2027 | 4.62% (SOFR +0.75%)(d) | CITI | 640883 | (981) |
| CTACI3(c) | 1/12/2027 | 4.62% (SOFR +0.75%)(d) | CITI | 705120 | 3552 |
|  |  |  |  |  | $62160 |

---

See Notes to Financial Statements.

**Simplify US Equity PLUS Managed Futures Strategy ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

(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) Based on
 Simplify Managed Futures Strategy ETF.

(d) Payments
 made quarterly.

Abbreviations:

BOFA : Bank of America <br> CITI : Citigroup, NA <br> SOFR : Secured Overnight Financing Rate

See Notes to Financial Statements.

**Simplify US Equity PLUS Upside Convexity ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **U.S. Exchange-Traded Funds – 98.5%** |  |  |
| **Equity Funds – 98.5%** |  |  |
| iShares Core S&P 500 ETF (a)(b) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $91,666,448) | 150521 | $103097854 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br>Amount** | |
| **Purchased Options – 1.5%** |  |  |  |
| **Puts – Exchange-Traded – 1.5%** |  |  |  |
| S&P 500 Index, January Strike Price $6,960, Expires 1/02/26 | 154 | $107184000 | 770 |
| S&P 500 Index, January Strike Price $6,920, Expires 1/05/26 | 153 | 105876000 | 8032 |
| S&P 500 Index, January Strike Price $6,820, Expires 1/16/26 (c) | 170 | 115940000 | 1517250 |
|  |  |  | 1526052 |
| Total Purchased Options (Cost $1,872,719) |  |  | 1526052 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Money Market Fund – 0.2%** |  |  |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 3.65% (d) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $243,442) | 243442 | 243442 |
| Total Investments – 100.2% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $93,782,609) |  | $104867348 |
| Liabilities in Excess of Other Assets – (0.2)% |  | (254186) |
| **Net Assets – 100.0%** |  | $**104613162** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Written Option – (0.2)%** |  |  |  |
| **Puts – Exchange-Traded – (0.2)%** |  |  |  |
| S&P 500 Index, January Strike Price $7,000, Expires 1/16/26<br> (Premiums Received $594,794) | (170) | (119000000) | $(203150) |

---

(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 $60,617,190 have been pledged as collateral for options as of December 31, 2025.

(c) Held in
 connection with Written Options.

(d) Rate shown
 reflects the 7-day yield as of December 31, 2025.

See Notes to Financial Statements.

**Simplify VettaFi Private Credit Strategy ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. Treasury Bills – 102.0%** |  |  |
| U.S. Treasury Bill, 3.83%, 3/17/2026 (a) | $1750000 | $1737476 |
| U.S. Treasury Bill, 3.71%, 3/31/2026 (a) | 500000 | 495715 |
| U.S. Treasury Bill, 3.64%, 4/28/2026 (a) | 100000 | 98867 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $2,330,688) |  | 2332058 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Money Market Fund – 4.2%** |  |  |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 3.65% (b) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $97,068) | 97068 | 97068 |
| Total Investments – 106.2% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,427,756) |  | $2429126 |
| Liabilities in Excess of Other Assets – (6.2)% |  | (141441) |
| **Net Assets – 100.0%** |  | $**2287685** |

---

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

(b) Rate shown
 reflects the 7-day yield as of December 31, 2025.

At December 31, 2025, over the counter total return swap contracts outstanding were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/Index** | **Termination**<br> **Date(a)** | **Financing Rate<br> Paid (Received)<br> by the Fund** | **Counterparty** | **Notional<br> Amount** | **Unrealized<br> Appreciation/<br> (Depreciation)(b)** |
| UJNKTUB01\* | 9/15/2026 | 3.59% (EFFR -0.05%)(c) | UBS | (1041081) | $12186 |
| UQUATUB01\* | 9/15/2026 | 3.89% (EFFR +0.25%)(c) | UBS | 1734307 | (15922) |
| VFPCTBP02\* | 9/15/2026 | 4.14% (EFFR +0.50%)(c) | BNP | 2378793 | (82930) |
|  |  |  |  |  | $(86666) |

---

\* The aggregate market value 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.

Abbreviations:

BNP : BNP Paribas <br> EFFR : Effective Federal Funds Rate <br> UBS : UBS AG

**\*** **The following table shows the top 50 positions and related Market Value of the securities within the VFPCTBP02 basket.**

See Notes to Financial Statements.

**Simplify VettaFi Private Credit Strategy ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Market<br>Value** | **% of basket** |
| **Common Stocks** |  |  |  |
| **Financials** |  |  |  |
| Bain Capital Specialty Finance, Inc. | 3135 | $43612 | 1.90% |
| Barings Bdc, Inc. | 4955 | 45485 | 1.98% |
| Blue Owl Capital Corp. | 8910 | 110749 | 4.81% |
| Capital Southwest Corp. | 5148 | 114020 | 4.95% |
| Carlyle Secured Lending, Inc. | 3860 | 48209 | 2.09% |
| Cion Investment Corp. | 3812 | 36863 | 1.60% |
| Fidus Investment Corp. | 2162 | 41735 | 1.81% |
| Fs KKR Capital Corp. | 6278 | 92980 | 4.04% |
| Goldman Sachs Bdc, Inc. | 6900 | 64035 | 2.78% |
| Golub Capital Bdc, Inc. | 8935 | 121246 | 5.27% |
| Hercules Technology Growth Capital, Inc. | 7153 | 134618 | 5.85% |
| Horizon Technology Finance Corp. | 4773 | 30783 | 1.34% |
| Kayne Anderson BDC, Inc. | 1435 | 20550 | 0.89% |
| MidCap Financial Investment Co. | 4256 | 48692 | 2.12% |
| Morgan Stanley Direct Lending Fund | 4763 | 78493 | 3.41% |
| New Mountain Finance Corp. | 4886 | 45005 | 1.96% |
| Nuveen Churchill Direct Lending Corp. | 2342 | 31237 | 1.36% |
| Oaktree Specialty Lending Corp. | 7153 | 91128 | 3.96% |
| Ofs Credit Co., Inc. | 3802 | 18400 | 0.80% |
| Pennantpark Floating Rate Capital Ltd. | 11581 | 107359 | 4.67% |
| Pennantpark Investment Corp. | 4738 | 28237 | 1.23% |
| Prospect Capital Corp. | 35606 | 92219 | 4.01% |
| Runway Growth Finance Corp. | 3541 | 31617 | 1.37% |
| Saratoga Investment Corp. | 995 | 22964 | 1.00% |
| Sixth Street Specialty Lending, Inc. | 4340 | 94265 | 4.10% |
| SLR Investment Corp. | 1623 | 25089 | 1.09% |
| Stellus Capital Investment Corp. | 1530 | 19399 | 0.84% |
| Trinity Capital, Inc. | 5892 | 86314 | 3.75% |
| **Closed-End Funds** |  |  |  |
| **Equity Funds** |  |  |  |
| Aberdeen Income Credit Strategies Fund | 6286 | 34009 | 1.48% |
| Ares Dynamic Credit Allocation Fund, Inc. | 861 | 11457 | 0.50% |
| Barings Global Short Duration High Yield Fund | 880 | 13208 | 0.57% |
| BlackRock Debt Strategies Fund, Inc. | 2192 | 22312 | 0.97% |
| BlackRock Floating Rate Income | 1165 | 13200 | 0.57% |
| BlackRock Floating Rate Income Strategies Fund, Inc.\* | 1207 | 14214 | 0.62% |
| BlackRock Limited Duration Income Trust | 885 | 12162 | 0.53% |
| Carlyle Credit Income Fund | 2101 | 9852 | 0.43% |
| Eagle Point Credit Co., Inc. | 13895 | 80034 | 3.48% |
| Eagle Point Income Co., Inc. | 3142 | 35847 | 1.56% |
| Eaton Vance Floating-Rate Income Trust | 964 | 10887 | 0.47% |
| Eaton Vance Senior Floating-Rate Trust | 1005 | 11190 | 0.48% |
| First Trust Senior Floating Rate Income Fund II | 1020 | 10272 | 0.45% |
| Franklin Templeton Limited Duration Income Trust | 1576 | 9694 | 0.42% |
| KKR Income Opportunities Fund\* | 1864 | 21602 | 0.94% |
| Nuveen Credit Strategies Income Fund | 11006 | 55248 | 2.40% |
| Nuveen Floating Rate Income Fund | 6192 | 48482 | 2.11% |
| Oxford Lane Capital Corp. | 6350 | 92967 | 4.04% |
| PIMCO Income Strategy Fund | 1279 | 10784 | 0.47% |

---

See Notes to Financial Statements.

**Simplify VettaFi Private Credit Strategy ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Market<br>Value** | **% of basket** |
| **Equity Funds (continued)** |  |  |  |
| PIMCO Income Strategy Fund II | 2289 | $22414 | 0.97% |
| Western Asset Mortgage Defined Opportunity Fund, Inc. | 549 | 6070 | 0.26% |
| Xai Octagon Floating Rate Alternative Income Term Trust | 4357 | 20916 | 0.91% |
| **Other Components** | 1186 | 9034 | 0.39% |
| &nbsp;&nbsp;&nbsp;**Total** |  | $2301158 | 100.00% |

---

**\*** **The following table shows the top 50 positions and related Market Value of the securities within the UJNKTUB01 basket.**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Market<br>Value** | **% of basket** |
| **Common Stocks** |  |  |  |
| **Communication Services** |  |  |  |
| Iridium Communications Inc. | (562) | $(9763) | 0.95% |
| Warner Bros Discovery, Inc. | (521) | (15012) | 1.45% |
|  |  | (24775) |  |
| **Consumer Discretionary** |  |  |  |
| Capri Holdings Ltd. | (498) | (12146) | 1.18% |
| Leggett & Platt Inc. | (1093) | (12026) | 1.17% |
| VF Corp. | (672) | (12143) | 1.18% |
| Victoria's Secret & Co. | (387) | (20980) | 2.03% |
|  |  | (57295) |  |
| **Consumer Staples** |  |  |  |
| Albertsons Cos Inc, Class A | (564) | (9683) | 0.94% |
| Darling Ingredients, Inc. | (318) | (11457) | 1.11% |
|  |  | (21140) |  |
| **Financials** |  |  |  |
| Affiliated Managers Group Inc, Class A | (42) | (12019) | 1.16% |
| Brighthouse Financial Inc. | (181) | (11717) | 1.14% |
| Globant SA, Class A | (178) | (11609) | 1.13% |
| Invesco Ltd. | (447) | (11743) | 1.14% |
| State Street Corp. | (89) | (11533) | 1.12% |
| Virtu Financial Inc, Class A | (285) | (9483) | 0.92% |
| Western Union Co/The | (1236) | (11504) | 1.11% |
|  |  | (79608) |  |
| **Health Care** |  |  |  |
| Centene Corp. | (317) | (13056) | 1.26% |
| Fortrea Holdings Inc. | (1004) | (17324) | 1.68% |
| Maravai LifeSciences Holdings Inc, Class A | (3781) | (12289) | 1.19% |
| QuidelOrtho Corp. | (354) | (10101) | 0.98% |
| Sarepta Therapeutics, Inc. | (550) | (11828) | 1.15% |
|  |  | (64598) |  |
| **Industrials** |  |  |  |
| Air Lease Corp. | (158) | (10162) | 0.99% |
| Amentum Holdings Inc. | (456) | (13219) | 1.28% |
| American Airlines Group Inc. | (825) | (12644) | 1.23% |
| Delta Air Lines, Inc. | (172) | (11938) | 1.16% |
| GXO Logistics, Inc., Class A | (206) | (10847) | 1.05% |
| Southwest Airlines Co. | (315) | (13024) | 1.26% |
| Sunrun Inc. | (583) | (10735) | 1.04% |
| United Airlines Holdings, Inc. | (97) | (10856) | 1.05% |
| Vestis Corp, Class A | (2496) | (16647) | 1.61% |
|  |  | (110072) |  |

---

See Notes to Financial Statements.

**Simplify VettaFi Private Credit Strategy ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Market<br>Value** | **% of basket** |
| **Common Stocks (continued)** |  |  |  |
| **Information Technology** |  |  |  |
| Akamai Technologies, Inc. | (132) | $(11526) | 1.12% |
| Amkor Technology, Inc. | (347) | (13702) | 1.33% |
| BILL Holdings Inc. | (195) | (10619) | 1.03% |
| Coherent Corp. | (91) | (16721) | 1.62% |
| Confluent Inc, Class A | (519) | (15698) | 1.52% |
| DXC Technology Co. | (723) | (10597) | 1.03% |
| Gen Digital Inc. | (352) | (9562) | 0.93% |
| Ingram Micro Holding Corp. | (482) | (10277) | 1.00% |
| Intel Corp. | (336) | (12393) | 1.20% |
| Lumentum Holdings, Inc. | (60) | (22113) | 2.14% |
| MKS Instruments, Inc. | (77) | (12339) | 1.19% |
| ON Semiconductor Corp. | (196) | (10634) | 1.03% |
| Ringcentral, Inc., Class A | (324) | (9355) | 0.91% |
| Sandisk Corp/DE | (96) | (22813) | 2.21% |
| Teradata Corp. | (462) | (14073) | 1.36% |
| Unity Software, Inc. | (219) | (9662) | 0.94% |
|  |  | (212084) |  |
| **Materials** |  |  |  |
| Celanese Corp., Class A | (232) | (9792) | 0.95% |
| Cleveland-Cliffs Inc. | (866) | (11505) | 1.12% |
| O-I Glass Inc, Class I | (770) | (11358) | 1.10% |
|  |  | (32655) |  |
| **Real Estate** |  |  |  |
| Medical Properties Trust Inc. | (2028) | (10139) | 0.98% |
| **Utilities** |  |  |  |
| PG&E Corp. | (683) | (10969) | 1.06% |
| **Other Components** | (41092) | (408232) | 39.57% |
| &nbsp;&nbsp;&nbsp;**Total** |  | $(1031567) | 100.00% |

---

**\*** **The following table shows the top 50 positions and related Market Value of the securities within the UQUATUB01 basket.**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Market<br>Value** | **% of basket** |
| **Common Stocks** |  |  |  |
| **Communication Services** |  |  |  |
| Fox Corp, Class A | 300 | $21908 | 1.27% |
| Omnicom Group Inc. | 454 | 36650 | 2.13% |
| Take-Two Interactive Software Inc. | 71 | 18159 | 1.06% |
|  |  | 76717 |  |
| **Consumer Discretionary** |  |  |  |
| Lululemon Athletica Inc. | 109 | 22702 | 1.32% |
| Restaurant Brands International Inc. | 278 | 18938 | 1.10% |
| TopBuild Corp. | 42 | 17457 | 1.01% |
| Yum! Brands Inc. | 117 | 17673 | 1.03% |
|  |  | 76770 |  |
| **Energy** |  |  |  |
| Antero Midstream Corp. | 938 | 16686 | 0.97% |

---

See Notes to Financial Statements.

**Simplify VettaFi Private Credit Strategy ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Market<br>Value** | **% of basket** |
| **Common Stocks (continued)** |  |  |  |
| **Financials** |  |  |  |
| Aon PLC, Class A | 47 | $16572 | 0.96% |
| Assurant Inc. | 82 | 19749 | 1.15% |
| Cboe Global Markets, Inc. | 75 | 18718 | 1.09% |
| East West Bancorp Inc. | 160 | 17945 | 1.04% |
| Nasdaq Inc. | 186 | 18056 | 1.05% |
| Raymond James Financial Inc. | 103 | 16472 | 0.96% |
| SLM Corp. | 621 | 16800 | 0.97% |
|  |  | 124312 |  |
| **Health Care** |  |  |  |
| AbbVie Inc. | 80 | 18277 | 1.06% |
| Chemed Corp. | 39 | 16738 | 0.97% |
| Elevance Health Inc. | 56 | 19640 | 1.14% |
| IDEXX Laboratories, Inc. | 27 | 18432 | 1.07% |
| Jazz Pharmaceuticals PLC | 138 | 23533 | 1.37% |
| Mettler-Toledo International, Inc. | 14 | 19333 | 1.12% |
| Molina Healthcare Inc. | 97 | 16758 | 0.98% |
|  |  | 132711 |  |
| **Industrials** |  |  |  |
| Allison Transmission Holdings, Inc. | 198 | 19340 | 1.12% |
| CACI International, Inc., Class A | 35 | 18760 | 1.09% |
| Comfort Systems USA Inc. | 23 | 21630 | 1.26% |
| Core & Main Inc, Class A | 359 | 18649 | 1.08% |
| Genpact Ltd. | 411 | 19214 | 1.12% |
| Karman Holdings Inc. | 271 | 19865 | 1.15% |
| Nvent Electric PLC | 184 | 18790 | 1.09% |
| Rollins Inc. | 304 | 18272 | 1.06% |
| SS&C Technologies Holdings Inc. | 196 | 17115 | 1.00% |
|  |  | 171635 |  |
| **Information Technology** |  |  |  |
| Accenture PLC, Class A | 73 | 19643 | 1.14% |
| Adobe Inc. | 50 | 17494 | 1.02% |
| Amphenol Corp, Class A | 147 | 19887 | 1.15% |
| Apple Inc. | 75 | 20283 | 1.18% |
| Applied Materials Inc. | 104 | 26746 | 1.55% |
| Broadcom, Inc. | 49 | 16798 | 0.98% |
| Cisco Systems Inc. | 263 | 20221 | 1.17% |
| Cognizant Technology Solutions Corp, Class A | 252 | 20957 | 1.22% |
| International Business Machines Corp. | 69 | 20414 | 1.19% |
| Intuit Inc. | 27 | 17909 | 1.04% |
| KLA Corp. | 18 | 22006 | 1.28% |
| Lam Research Corp. | 149 | 25561 | 1.48% |
| Microsoft Corp. | 34 | 16563 | 0.96% |
| Ralliant Corp. | 423 | 21518 | 1.25% |
|  |  | 286000 |  |
| **Materials** |  |  |  |
| Avery Dennison Corp. | 105 | 19177 | 1.11% |
| Ecolab Inc. | 64 | 16817 | 0.98% |
| Sealed Air Corp. | 515 | 21344 | 1.24% |
|  |  | 57338 |  |

---

See Notes to Financial Statements.

**Simplify VettaFi Private Credit Strategy ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Market<br>Value** | **% of basket** |
| **Common Stocks (continued)** |  |  |  |
| **Real Estate** |  |  |  |
| Equinix, Inc. | 22 | $16967 | 0.99% |
| **Utilities** |  |  |  |
| Edison International | 311 | 18652 | 1.08% |
| **Other Components** | 10279 | 743622 | 43.20% |
| &nbsp;&nbsp;&nbsp;**Total** |  | $1721410 | 100.00% |

---

See Notes to Financial Statements.

**Simplify Bitcoin Strategy PLUS Income ETF**

**Consolidated Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. Treasury Bills – 411.4%** |  |  |
| U.S. Treasury Bill, 3.60%, 4/28/2026 (a)(b) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $182,889,407) | $185000000 | $182904818 |
|  | **Shares** |  |
| **U.S. Exchange-Traded Funds – 88.8%** |  |  |
| **Alternative Funds – 88.8%** |  |  |
| iShares Bitcoin Trust ETF\*(c)(d) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $50,070,259) | 795000 | 39471750 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Purchased Options – 3.3%** |  |  |  |
| **Calls – Exchange-Traded – 3.2%** |  |  |  |
| iShares Bitcoin Trust, January Strike Price $50, Expires 1/16/26 | 8000 | 40000000 | 1260000 |
| S&P 500 Index, January Strike Price $6,925, Expires 1/02/26 | 113 | 78252500 | 565 |
| S&P 500 Index, January Strike Price $6,955, Expires 1/02/26 | 128 | 89024000 | 512 |
| S&P 500 Index, January Strike Price $7,000, Expires 1/02/26 | 342 | 239400000 | 1026 |
| S&P 500 Index, January Strike Price $6,885, Expires 1/05/26 | 36 | 24786000 | 18180 |
| S&P 500 Index, January Strike Price $6,955, Expires 1/05/26 | 117 | 81373500 | 877 |
| S&P 500 Index, January Strike Price $6,915, Expires 1/07/26 | 127 | 87820500 | 116840 |
|  |  |  | 1398000 |
| **Puts – Exchange-Traded – 0.1%** |  |  |  |
| Nasdaq 100 Index, January Strike Price $23,100, Expires 1/14/26 (e) | 9 | 20790000 | 14400 |
| Russell 2000 Index, January Strike Price $2,275, Expires 1/14/26 (e) | 92 | 20930000 | 8970 |
| S&P 500 Index, January Strike Price $6,660, Expires 1/07/26 | 130 | 86580000 | 31850 |
| S&P 500 Index, January Strike Price $6,300, Expires 1/14/26 (e) | 30 | 18900000 | 6975 |
|  |  |  | 62195 |
| Total Purchased Options (Cost $2,353,438) |  |  | 1460195 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Money Market Fund – 0.0%†** |  |  |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 3.65% (f) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $14,455) | 14455 | 14455 |
| Total Investments – 503.5% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $235,327,559) |  | $223851218 |
| Liabilities in Excess of Other Assets – (403.5)% |  | (179395044) |
| **Net Assets – 100.0%** |  | $**44456174** |

---

See Notes to Financial Statements.

**Simplify Bitcoin Strategy PLUS Income ETF**

**Consolidated Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | **Value** |
| **Written Options – (0.3)%** |  |  |  |
| **Puts – Exchange-Traded – (0.3)%** |  |  |  |
| Nasdaq 100 Index, January Strike Price $24,100, Expires 1/14/26 | (9) | $(21690000) | $(49050) |
| Russell 2000 Index, January Strike Price $2,375, Expires 1/14/26 | (92) | (21850000) | (42320) |
| S&P 500 Index, January Strike Price $6,600, Expires 1/14/26 | (30) | (19800000) | (29100) |
|  |  |  | (120470) |
| Total Written Options (Premiums Received $111,111) |  |  | $(120470) |

---

---

| | |
|:---|:---|
| \* | Non Income Producing |
| † | Less than 0.05% |
| (a) | Represents a zero coupon bond. Rate shown reflects the effective yield. |
| (b) | Security, or a portion thereof, in the amount of $182,898,400 has been pledged as collateral for reverse repurchase agreements as of December 31, 2025. See note 5 for additional information |
| (c) | A copy of the security's annual report to shareholders may be obtained without charge at www.ishares.com. |
| (d) | Securities with an aggregate market value of $26,190,375 have been pledged as collateral for options as of December 31, 2025. |
| (e) | Held in connection with Written Options. |
| (f) | Rate shown reflects the 7-day yield as of December 31, 2025. |

---

**At December 31, 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 | 4.00% | 12/31/2025 | 1/5/2026 | $179200772 | $179200772 |
|  |  |  |  | $179200772 | $179200772 |

---

See Notes to Financial Statements.

**Simplify Gold Strategy PLUS Income ETF**

**Consolidated Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **U.S. Exchange-Traded Funds – 77.4%** |  |  |
| **Money Market Funds – 77.4%** |  |  |
| Simplify Government Money Market ETF (a)(b)(c) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $38,102,541) | 380574 | $38091652 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | |
| **U.S. Treasury Bills – 17.5%** |  |  |
| U.S. Treasury Bill, 3.81%, 2/24/2026 (c)(d) | $1200000 | 1193763 |
| U.S. Treasury Bill, 3.83%, 3/17/2026 (c)(d) | 1400000 | 1389981 |
| U.S. Treasury Bill, 3.81%, 3/31/2026 (c)(d) | 4000000 | 3965717 |
| U.S. Treasury Bill, 3.61%, 4/14/2026 (d) | 2100000 | 2079086 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $8,625,234) |  | 8628547 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Purchased Options – 0.2%** |  |  |  |
| **Calls – Exchange-Traded – 0.1%** |  |  |  |
| S&P 500 Index, January Strike Price $6,925, Expires 1/02/26 | 61 | 42242500 | 305 |
| S&P 500 Index, January Strike Price $6,955, Expires 1/02/26 | 72 | 50076000 | 288 |
| S&P 500 Index, January Strike Price $7,000, Expires 1/02/26 | 183 | 128100000 | 549 |
| S&P 500 Index, January Strike Price $6,885, Expires 1/05/26 | 17 | 11704500 | 8585 |
| S&P 500 Index, January Strike Price $6,955, Expires 1/05/26 | 65 | 45207500 | 487 |
| S&P 500 Index, January Strike Price $6,915, Expires 1/07/26 | 71 | 49096500 | 65320 |
|  |  |  | 75534 |
| **Puts – Exchange-Traded – 0.1%** |  |  |  |
| Nasdaq 100 Index, January Strike Price $23,100, Expires 1/14/26 (e) | 5 | 11550000 | 8000 |
| Russell 2000 Index, January Strike Price $2,275, Expires 1/14/26 (e) | 50 | 11375000 | 4875 |
| S&P 500 Index, January Strike Price $6,660, Expires 1/07/26 | 73 | 48618000 | 17885 |
| S&P 500 Index, January Strike Price $6,300, Expires 1/14/26 | 16 | 10080000 | 3720 |
|  |  |  | 34480 |
| Total Purchased Options (Cost $362,610) |  |  | 110014 |

---

---

| | |
|:---|:---|
| Total Investments – 95.1% |  |
| &nbsp;&nbsp;&nbsp;(Cost $47,090,385) | $46830213 |
| Other Assets in Excess of Liabilities – 4.9% | 2398136 |
| **Net Assets – 100.0%** | $**49228349** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Written Options – (0.1)%** |  |  |  |
| **Puts – Exchange-Traded – (0.1)%** |  |  |  |
| Nasdaq 100 Index, January Strike Price $24,100, Expires 1/14/26 | (5) | $(12050000) | $(27250) |
| Russell 2000 Index, January Strike Price $2,375, Expires 1/14/26 | (50) | (11875000) | (23000) |

---

See Notes to Financial Statements.

**Simplify Gold Strategy PLUS Income ETF**

**Consolidated Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | **Value** |
| S&P 500 Index, January Strike Price $6,600, Expires 1/14/26 | (16) | $(10560000) | $(15520) |
|  |  |  | (65770) |
| Total Written Options (Premiums Received $60,669) |  |  | $(65770) |

---

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

(b) A copy
 of the security's annual report to shareholders may be obtained without charge at www.simplify.us.

(c) Securities
 with an aggregate market value of $19,557,120 have been pledged as collateral for options as of December 31, 2025.

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

(e) Held in
 connection with Written Options.

**At December 31, 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 | 172 | $74666920 | 2/25/26 | $3240740 |

---

**Affiliates**

Fiscal period 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<br> 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 Government Money Market ETF | $— | $84252211 | $(46134215) | $(15455) | $(10889) | $38091652 | 380574 | $490190 | $— |
|  | $**—** | $**84252211** | $**(46134215)** | $**(15455)** | $**(10889)** | $**38091652** | **380574** | $**490190** | $**—** |

---

See Notes to Financial Statements.

**Simplify Multi-QIS Alternative ETF**

**Consolidated Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. Treasury Bills – 91.4%** |  |  |
| U.S. Treasury Bill, 3.95%, 1/8/2026 (a)(b) | $400000 | $399769 |
| U.S. Treasury Bill, 3.87%, 2/24/2026 (a)(b) | 6000000 | 5968818 |
| U.S. Treasury Bill, 3.73%, 3/3/2026 (a)(b) | 4900000 | 4871096 |
| U.S. Treasury Bill, 3.87%, 3/17/2026 (a)(b) | 16100000 | 15984782 |
| U.S. Treasury Bill, 3.81%, 3/31/2026 (a)(b) | 15900000 | 15763724 |
| U.S. Treasury Bill, 3.63%, 4/14/2026 (a)(b) | 11250000 | 11137959 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $54,102,322) |  | 54126148 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Money Market Fund – 14.6%** |  |  |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 3.65% (c) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $8,644,597) | 8644597 | 8644597 |
| **U.S. Exchange-Traded Funds – 9.7%** |  |  |
| **Alternative Funds – 4.3%** |  |  |
| Simplify US Equity Plus Managed Futures Strategy ETF\* (d) | 100000 | 2561550 |
| **Fixed Income Funds – 5.4%** |  |  |
| Simplify Ancorato Target 25 Distribution ETF (d) | 125000 | 3178750 |
| &nbsp;&nbsp;&nbsp;Total U.S. Exchange-Traded Funds (Cost $5,633,635) |  | 5740300 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Purchased Options – 0.2%** |  |  |  |
| **Calls – Exchange-Traded – 0.2%** |  |  |  |
| S&P 500 Index, January Strike Price $6,925, Expires 1/02/26 | 80 | 55400000 | 400 |
| S&P 500 Index, January Strike Price $6,955, Expires 1/02/26 | 85 | 59117500 | 340 |
| S&P 500 Index, January Strike Price $7,000, Expires 1/02/26 | 240 | 168000000 | 720 |
| S&P 500 Index, January Strike Price $6,885, Expires 1/05/26 | 22 | 15147000 | 11110 |
| S&P 500 Index, January Strike Price $6,955, Expires 1/05/26 | 80 | 55640000 | 600 |
| S&P 500 Index, January Strike Price $6,915, Expires 1/07/26 | 84 | 58086000 | 77280 |
|  |  |  | 90450 |
| **Puts – Exchange-Traded – 0.0%†** |  |  |  |
| S&P 500 Index, January Strike Price $6,660, Expires 1/07/26 | 86 | 57276000 | 21070 |
| **Puts - Over the Counter Barrier Options – 0.0%†** |  |  |  |
| RTY, Expires 1/26/26 90%, Put/70% KO (Counterparty: Goldman Sachs) | 12352 | 25199451 | 143 |
| Total Purchased Options (Cost $669,067) |  |  | 111663 |
| Total Investments – 115.9% |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $69,049,621) |  |  | $68622708 |
| Liabilities in Excess of Other Assets – (15.9)% |  |  | (9391944) |
| **Net Assets – 100.0%** |  |  | $**59230764** |

---

---

| | |
|:---|:---|
| \* | Non Income Producing |
| † | Less than 0.05% |
| (a) | Represents a zero coupon bond. Rate shown reflects the effective yield. |
| (b) | Securities with an aggregate market value of $46,885,497 have been pledged as collateral for options and swaps as of December 31, 2025. |
| (c) | Rate shown reflects the 7-day yield as of December 31, 2025. |

---

See Notes to Financial Statements.

**Simplify Multi-QIS Alternative ETF**

**Consolidated Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

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

**Affiliates**

Fiscal period 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<br> 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 Ancorato Target 25 Distribution ETF | $— | $5004680 | $(1933905) | $57150 | $50825 | $3178750 | 125000 | $75000 | $— |
| Simplify Currency Strategy ETF | 7566932 | 3712183 | (11810281) | 389280 | 141886 |  |  | 253082 |  |
| Simplify US Equity Plus Managed Futures Strategy ETF |  | 2505710 |  |  | 55840 | 2561550 | 100000 | 253082 |  |
|  | $**7566932** | $**11222573** | $**(13744186)** | $**446430** | $**248551** | $**5740300** | **225000** | $**581164** | $**—** |

---

<u>**Currency Abbreviations**</u>**:**

USD : U.S. Dollar

<u>**Abbreviations**</u>**:**

---

| | | |
|:---|:---|:---|
| 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. |
| 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. |

---

At December 31, 2025, over the counter total return swap contracts outstanding were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/Index** | **Termination** **<br> Date(a)** | **Financing Rate<br> Paid (Received)<br> by the Fund** | **Counterparty** | **Notional**<br> **Amount** | **Unrealized<br> Appreciation/<br> (Depreciation)(b)** |
| CTABOATRS(c) | 3/13/2026 | 5.02% (SOFR+1.15%)(d) | BOA | 24088708 | $273845 |
| FOXBOATRS(e) | 3/13/2026 | 5.02% (SOFR+1.15%)(d) | BOA | 2849210 | (106771) |
| FOXBP1TRS\*(e) | 11/13/2026 | 4.52% (SOFR+0.65%)(d) | BNP | 3526250 | (131406) |
| FOXBP2TRS\*(e) | 11/13/2026 | 4.82% (SOFR+0.95%)(d) | BNP | 3526250 | (131847) |
| FOXCI1TRS(e) | 3/13/2026 | 4.52% (SOFR+0.65%)(d) | CITI | 2753296 | (102601) |
| SBABOATRS\*(f) | 3/13/2026 | 5.02% (SOFR+1.15%)(d) | BOA | 24796805 | 1100195 |
| UJNKTUB02\* | 11/13/2026 | 3.59% (EFFR-0.05%)(d) | UBS | (136561564) | 1188863 |
| UQUATUB02\* | 11/13/2026 | 3.89% (EFFR+0.25%)(d) | UBS | 173846928 | (3344063) |
|  |  |  |  |  | $(1253785) |

---

\* The aggregate market value 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) Based on Simplify Managed Futures Strategy ETF.

(d) Payments made quarterly.

(e) Based on Simplify Currency Strategy ETF.

(f) Based on Simplify Barrier Income ETF.

See Notes to Financial Statements.

**Simplify Multi-QIS Alternative ETF**

**Consolidated Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

Abbreviations:

---

| | | |
|:---|:---|:---|
| BNP | : | BNP Paribas |
| BOA | : | Bank of America |
| CITI | : | Citibank, N.A. |
| EFFR | : | Effective Federal Funds Rate |
| SOFR | : | Secured Overnight Financing Rate |
| UBS | : | UBS AG |

---

**\*** **The following table shows the top 50 positions and related Market Value of the securities within the UQUATUB02 basket.**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Market<br> Value** | **% of basket** |
| **Common Stocks** |  |  |  |
| **Communication Services** |  |  |  |
| Electronic Arts, Inc. | 8583 | $1753792 | 1.03% |
| New York Times Co. (The), Class A | 27097 | 1881074 | 1.10% |
| Omnicom Group, Inc. | 23374 | 1887475 | 1.11% |
|  |  | 5522341 |  |
| **Consumer Discretionary** |  |  |  |
| Birkenstock Holding Plc | 42061 | 1720292 | 1.01% |
| Crocs Inc. | 23005 | 1967375 | 1.15% |
| Deckers Outdoor Corp. | 20385 | 2113363 | 1.24% |
| Domino's Pizza Inc. | 4116 | 1715740 | 1.00% |
| Lululemon Athletica, Inc. | 9892 | 2055607 | 1.20% |
| Yum! Brands, Inc. | 11330 | 1713931 | 1.00% |
|  |  | 11286308 |  |
| **Consumer Staples** |  |  |  |
| Colgate-Palmolive Co. | 21631 | 1709308 | 1.00% |
| Hershey Co. (The) | 9421 | 1714518 | 1.00% |
| Keurig Dr Pepper Inc. | 62231 | 1743089 | 1.02% |
|  |  | 5166915 |  |
| **Energy** |  |  |  |
| Dt Midstream, Inc. | 14562 | 1742788 | 1.02% |
| **Financials** |  |  |  |
| Aon PLC, Class A | 4822 | 1701586 | 1.00% |
| Intercontinental Exchange, Inc. | 11102 | 1798128 | 1.05% |
| Marsh & McLennan Cos., Inc. | 9235 | 1713354 | 1.00% |
| Western Union Co. (The) | 191203 | 1780104 | 1.04% |
|  |  | 6993172 |  |
| **Health Care** |  |  |  |
| Avantor, Inc. | 148359 | 1700195 | 1.00% |
| Exelixis, Inc. | 40536 | 1776695 | 1.04% |
| Henry Schein, Inc. | 23636 | 1786416 | 1.05% |
| Zoetis, Inc. | 13974 | 1758195 | 1.03% |
|  |  | 7021501 |  |
| **Industrials** |  |  |  |
| Allison Transmission Holdings, Inc. | 20657 | 2022355 | 1.18% |
| AMETEK Inc. | 8732 | 1792667 | 1.05% |
| Cintas Corp. | 9042 | 1700533 | 1.00% |
| Comfort Systems USA Inc. | 1856 | 1732297 | 1.01% |
| Core & Main, Inc., Class A | 35808 | 1860918 | 1.09% |
| Edison International | 28757 | 1725998 | 1.01% |
| Genpact Ltd. | 37610 | 1759409 | 1.03% |

---

See Notes to Financial Statements.

**Simplify Multi-QIS Alternative ETF**

**Consolidated Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Market<br> Value** | **% of basket** |
| **Common Stocks (continued)** |  |  |  |
| **Industrials (continued)** |  |  |  |
| Karman Holdings Inc. | 28022 | $2050370 | 1.20% |
| Loar Holdings, Inc. | 25286 | 1719427 | 1.01% |
| Masco Corp. | 27791 | 1763641 | 1.03% |
| SS&C Technologies Holdings, Inc. | 20222 | 1767798 | 1.03% |
| TransUnion | 20818 | 1785129 | 1.05% |
| Verisk Analytics Inc, Class A | 7822 | 1749730 | 1.02% |
|  |  | 23430272 |  |
| **Information Technology** |  |  |  |
| Adobe, Inc. | 5099 | 1784595 | 1.04% |
| Cognizant Technology Solutions Corp., Class A | 23249 | 1929648 | 1.13% |
| F5, Inc. | 7215 | 1841718 | 1.08% |
| Motorola Solutions, Inc. | 4443 | 1703166 | 1.00% |
| Vontier Corp. | 47029 | 1748523 | 1.02% |
|  |  | 9007650 |  |
| **Materials** |  |  |  |
| Avery Dennison Corp. | 9764 | 1775911 | 1.04% |
| CRH PLC | 15409 | 1923000 | 1.13% |
| Crown Holdings, Inc. | 17380 | 1789653 | 1.05% |
| Ecolab, Inc. | 6529 | 1714051 | 1.00% |
| James Hardie Industries PLC | 96605 | 2004546 | 1.17% |
|  |  | 9207161 |  |
| **Real Estate** |  |  |  |
| Lineage Inc. | 50534 | 1768674 | 1.04% |
| Medical Properties Trust Inc. | 341076 | 1705380 | 1.00% |
| OMEGA Healthcare Investors, Inc. | 38397 | 1702533 | 1.00% |
| Weyerhaeuser Co. | 76291 | 1807340 | 1.06% |
|  |  | 6983927 |  |
| **Utilities** |  |  |  |
| Talen Energy Corp. | 4678 | 1753441 | 1.03% |
| **Other Components** | 1124869 | 80538907 | 47.16% |
| &nbsp;&nbsp;&nbsp;**Total** |  | $170784615 | 100.00% |

---

**\*** **The following table shows the top 50 positions and related Market Value of the securities within the UJNKTUB02 basket.**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Market<br> Value** | **% of basket** |
| **Common Stocks** |  |  |  |
| **Communication Services** |  |  |  |
| Comcast Corp. | (58250) | $(1741106) | 1.28% |
| Millicom International Cellula | (36880) | (2044607) | 1.51% |
| Nexstar Media Group, Inc. | (9086) | (1844832) | 1.36% |
| Sirius XM Holdings, Inc. | (1608679) | (1608679) | 1.19% |
| ZoomInfo Technologies, Inc. | (169171) | (1720468) | 1.27% |
|  |  | (8959692) |  |
| **Consumer Discretionary** |  |  |  |
| ADT, Inc. | (204342) | (1649043) | 1.22% |
| Caesars Entertainment, Inc. | (76761) | (1795434) | 1.32% |
| Lithia Motors, Inc. | (5754) | (1912311) | 1.41% |
| Macy's, Inc. | (85127) | (1877043) | 1.38% |
| MGM Resorts International | (55077) | (2009744) | 1.48% |

---

See Notes to Financial Statements.

**Simplify Multi-QIS Alternative ETF**

**Consolidated Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Market<br> Value** | **% of basket** |
| **Common Stocks (continued)** |  |  |  |
| **Consumer Discretionary (continued)** |  |  |  |
| Norwegian Cruise Line Holdings | (75942) | $(1695020) | 1.25% |
| RH | (10398) | (1862713) | 1.37% |
| V.F. Corp. | (123488) | (2232665) | 1.65% |
| Wendy's Co/The | (197411) | (1644433) | 1.21% |
|  |  | (16678406) |  |
| **Consumer Staples** |  |  |  |
| Darling Ingredients, Inc. | (53595) | (1929425) | 1.42% |
| Dollar General Corp. | (13161) | (1747330) | 1.29% |
|  |  | (3676755) |  |
| **Energy** |  |  |  |
| Civitas Resources, Inc. | (60783) | (1646606) | 1.22% |
| Matador Resources Co. | (39922) | (1694281) | 1.25% |
| Permian Resources Corp. | (136458) | (1914503) | 1.41% |
| Weatherford International PLC | (26352) | (2062312) | 1.52% |
|  |  | (7317702) |  |
| **Health Care** |  |  |  |
| Bruker Corp. | (46649) | (2197656) | 1.62% |
| DENTSPLY Sirona, Inc. | (140866) | (1610096) | 1.19% |
| Jazz Pharmaceuticals PLC | (12819) | (2179294) | 1.61% |
| Sotera Health Co. | (107840) | (1902291) | 1.40% |
| Tenet Healthcare Corp. | (8841) | (1756814) | 1.30% |
|  |  | (9646151) |  |
| **Industrials** |  |  |  |
| Air Lease Corp. | (27279) | (1752127) | 1.29% |
| Alaska Air Group, Inc. | (36045) | (1813071) | 1.34% |
| Amentum Holdings, Inc. | (75454) | (2188156) | 1.61% |
| American Airlines Group, Inc. | (142514) | (2184737) | 1.61% |
| Concentrix Corp. | (39987) | (1662639) | 1.23% |
| GXO Logistics, Inc. | (32404) | (1705759) | 1.26% |
| Ryder System, Inc. | (9436) | (1805962) | 1.33% |
| Sensata Technologies Holding P | (50728) | (1688723) | 1.25% |
| Southwest Airlines Co. | (53571) | (2214084) | 1.63% |
| WESCO International, Inc. | (7484) | (1830828) | 1.35% |
|  |  | (18846086) |  |
| **Information Technology** |  |  |  |
| BILL Holdings, Inc. | (34396) | (1875941) | 1.38% |
| Coherent Corp. | (14169) | (2615220) | 1.93% |
| DXC Technology Co. | (136480) | (1999439) | 1.48% |
| Kyndryl Holdings, Inc. | (62256) | (1653509) | 1.22% |
| Lumentum Holdings Inc. | (9056) | (3337870) | 2.46% |
| MKS, Inc. | (12819) | (2048471) | 1.51% |
| RingCentral, Inc. | (64543) | (1864012) | 1.38% |
|  |  | (15394462) |  |
| **Materials** |  |  |  |
| Alcoa Corp. | (48410) | (2572508) | 1.90% |
| Celanese Corp. | (44281) | (1872185) | 1.38% |
| Cleveland-Cliffs, Inc. | (121606) | (1614928) | 1.19% |
| Eastman Chemical Co. | (30099) | (1921207) | 1.42% |
| Huntsman Corp. | (207865) | (2078655) | 1.53% |
| Scotts Miracle-Gro Co/The | (32321) | (1885906) | 1.39% |

---

See Notes to Financial Statements.

**Simplify Multi-QIS Alternative ETF**

**Consolidated Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Market<br> Value** | **% of basket** |
| **Common Stocks (continued)** |  |  |  |
| **Materials (continued)** |  |  |  |
| Sealed Air Corp. | (44947) | $(1862165) | 1.37% |
| Sonoco Products Co. | (44613) | (1946913) | 1.44% |
|  |  | (15754467) |  |
| **Other Components** | (3250679) | (39303202) | 28.99% |
| &nbsp;&nbsp;&nbsp;**Total** |  | $(135576923) | 100.00% |

---

See Notes to Financial Statements.

**Simplify Volatility Premium ETF**

**Consolidated Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. Treasury Bills – 180.6%** |  |  |
| U.S. Treasury Bill, 3.95%, 1/8/2026 (a) | $50000000 | $49971055 |
| U.S. Treasury Bill, 3.82%, 2/24/2026 (a) | 50000000 | 49740153 |
| U.S. Treasury Bill, 3.73%, 3/3/2026 (a) | 12500000 | 12426266 |
| U.S. Treasury Bill, 3.79%, 3/31/2026 (a) | 10000000 | 9914292 |
| U.S. Treasury Bill, 3.68%, 4/7/2026 (a) | 6000000 | 5944322 |
| U.S. Treasury Bill, 3.64%, 4/21/2026 (a) | 165000000 | 163240966 |
| U.S. Treasury Bill, 3.60%, 4/28/2026 (a)(b) | 857000000 | 847294210 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $1,138,386,050) |  | 1138531264 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **U.S. Exchange-Traded Funds – 40.4%** |  |  |
| **Alternative Funds – 8.9%** |  |  |
| Simplify Multi-QIS Alternative ETF (c) | 3777620 | 56064414 |
| **Equity Funds – 16.7%** |  |  |
| Simplify Next Intangible Core Index ETF (c) | 822303 | 26742445 |
| Simplify Piper Sandler US Small-Cap PLUS Income ETF (c) | 91464 | 2701453 |
| Simplify US Equity PLUS Upside Convexity ETF (c) | 1634812 | 76175863 |
|  |  | 105619761 |
| **Fixed Income Funds – 14.8%** |  |  |
| Simplify Aggregate Bond ETF (c) | 1859127 | 38483929 |
| Simplify National Muni Bond ETF (c) | 1553376 | 38849934 |
| Simplify Target 15 Distribution ETF (c) | 624406 | 15841180 |
|  |  | 93175043 |
| &nbsp;&nbsp;&nbsp;Total U.S. Exchange-Traded Funds (Cost $264,243,037) |  | 254859218 |
| **Money Market Fund – 2.2%** |  |  |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 3.65% (d) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $13,563,279) | 13563279 | 13563279 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Purchased Options – 0.9%** |  |  |  |
| **Calls – Exchange-Traded – 0.9%** |  |  |  |
| CBOE Volatility Index, January Strike Price $70, Expires 1/21/26 | 40000 | 280000000 | 200000 |
| CBOE Volatility Index, January Strike Price $80, Expires 1/21/26 | 10885 | 87080000 | 43540 |
| CBOE Volatility Index, February Strike Price $60, Expires 2/18/26 | 20000 | 120000000 | 660000 |
| CBOE Volatility Index, February Strike Price $70, Expires 2/18/26 | 9115 | 63805000 | 227875 |
| Nasdaq 100 Index, January Strike Price $25,950, Expires 1/02/26 | 125 | 648750000 | 1250 |
| Nasdaq 100 Index, January Strike Price $25,250, Expires 1/16/26 | 130 | 328250000 | 4737200 |
|  |  |  | 5869865 |
| **Puts – Exchange-Traded – 0.0%†** |  |  |  |
| S&P 500 Index, January Strike Price $6,400, Expires 1/02/26 | 200 | 128000000 | 1000 |
| S&P 500 Index, January Strike Price $6,805, Expires 1/02/26 | 922 | 627421000 | 2766 |
| S&P 500 Index, January Strike Price $6,400, Expires 1/05/26 | 200 | 128000000 | 2000 |
| S&P 500 Index, January Strike Price $6,745, Expires 1/05/26 | 912 | 615144000 | 57000 |
| S&P 500 Index, January Strike Price $6,300, Expires 1/06/26 | 200 | 126000000 | 5000 |
| S&P 500 Index, January Strike Price $6,400, Expires 1/06/26 | 200 | 128000000 | 4500 |
| S&P 500 Index, January Strike Price $6,300, Expires 1/07/26 | 200 | 126000000 | 7000 |

---

See Notes to Financial Statements.

**Simplify Volatility Premium ETF**

**Consolidated Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | **Value** |
| **Purchased Options – 0.9% (continued)** |  |  |  |
| **Puts – Exchange-Traded – 0.0%† (continued)** |  |  |  |
| S&P 500 Index, January Strike Price $6,300, Expires 1/08/26 | 200 | $126000000 | $11500 |
|  |  |  | 90766 |
| Total Purchased Options (Cost $14,086,081) |  |  | 5960631 |
| Total Investments – 224.1% |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,430,278,447) |  |  | $1412914392 |
| Liabilities in Excess of Other Assets – (124.1)% |  |  | (782518668) |
| **Net Assets – 100.0%** |  |  | $**630395724** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Written Options – (0.3)%** |  |  |  |
| **Calls – Exchange-Traded – (0.1)%** |  |  |  |
| U.S. Long Bond, January Strike Price $117, Expires 1/23/26 | (800) | $(93600000) | $(312500) |
| U.S. Long Bond, January Strike Price $118, Expires 1/23/26 | (800) | (94400000) | (162500) |
| U.S. Treasury Bond Future, January Strike Price $116, Expires 1/09/26 | (800) | (92800000) | (325000) |
|  |  |  | (800000) |
| **Puts – Exchange-Traded – (0.2)%** |  |  |  |
| U.S. Long Bond, January Strike Price $115, Expires 1/23/26 | (1500) | (172500000) | (1007813) |
| &nbsp;&nbsp;&nbsp;Total Written Options (Premiums Received $2,721,418) |  |  | $(1807813) |

---

† Less than 0.05%

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

(b) Security, or a portion thereof, in
 the amount of $810,684,800 has been pledged as collateral for reverse repurchase agreements as of December 31, 2025. See note 5 for additional
 information

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

(d) Rate shown reflects the 7-day yield
 as of December 31, 2025.

See Notes to Financial Statements.

**Simplify Volatility Premium ETF**

**Consolidated Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

**At December 31, 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 Long Bond Futures | 1756 | $202982625 | 3/20/26 | $(2243656) |
| **Short position contracts:** |  |  |  |  |
| CBOE VIX Future | (1054) | (17425255) | 1/21/26 | 3132413 |
| CBOE VIX Future | (8159) | (151218906) | 2/18/26 | 2714384 |
| S&P 500 E-Mini Future | (380) | (130957500) | 3/20/26 | (104762) |
| **Total unrealized appreciation/(depreciation)** |  |  |  | $**5742035** |
| **Total net unrealized appreciation** |  |  |  | $**3498379** |

---

**Affiliates**

Fiscal period 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 Aggregate Bond ETF | $107188763 | $— | $(69061994) | $(4138016) | $4495176 | $38483929 | 1859127 | $3160238 | $— |
| Simplify Barrier Income ETF | 28842000 |  | (28767644) | 1180914 | (1255270) |  |  | 524493 |  |
| Simplify Intermediate Term Treasury Futures Strategy ETF | 39352785 |  | (38850040) | (2629954) | 2127209 |  |  | 126809 |  |
| Simplify Multi-QIS Alternative ETF | 86368364 | 39752435 | (45162107) | (10021008) | (14873270) | 56064414 | 3777620 | 462762 |  |
| Simplify National Muni Bond ETF | 67824759 |  | (28033328) | (1270633) | 329136 | 38849934 | 1553376 | 932026 |  |
| Simplify Next Intangible Core Index ETF | 686375 | 24696533 |  |  | 1359537 | 26742445 | 822303 | 76367 |  |
| Simplify Piper Sandler US Small-Cap PLUS Income ETF | 2530809 |  |  |  | 170644 | 2701453 | 91464 | 26910 |  |
| Simplify Target 15 Distribution ETF | 26630000 |  | (9998962) | 606483 | (1396341) | 15841180 | 624406 | 2335379 |  |
| Simplify US Equity PLUS Upside Convexity ETF | 85560543 |  | (12646339) | 816397 | 2445262 | 76175863 | 1634812 | 3299476 |  |
|  | $**444984398** | $**64448968** | $**(232520414)** | $**(15455817)** | $**(6597917)** | $**254859218** | **10363108** | $**10944460** | $**—** |

---

See Notes to Financial Statements.

**Simplify Volatility Premium ETF**

**Consolidated Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

**At December 31, 2025, open reverse repurchase agreements were as follows:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Interest Rate** | **Trade Date** | **Maturity<br> Date** | **Face<br> Amount** | **Payable for<br> Reverse<br> Repurchase<br> Agreements** |
| Morgan Stanley Capital Services LLC | 4.00% | 12/31/2025 | 1/5/2026 | $794295317 | $794295317 |
|  |  |  |  | $794295317 | $794295317 |

---

See Notes to Financial Statements.

(This page intentionally left blank)

**Simplify Exchange Traded Funds**

**Statements of Assets and Liabilities**

December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Simplify<br> Aggregate<br> Bond ETF** | **Simplify<br> Barrier**<br> **Income ETF** | **Simplify<br> Bond**<br> **Bull ETF** | **Simplify<br> China A<br> Shares PLUS<br> Income ETF** |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at value | $303229021 | $46733425 | $73673588 | $5781083 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at value |  | 138024110 |  | 3553195 |
| &nbsp;&nbsp;&nbsp;Cash |  |  | 26557721 | 195063 |
| &nbsp;&nbsp;&nbsp;Deposit at Broker for Futures Contracts | 104557 |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash held as collateral for swaps | 3067333 |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on centrally cleared swaps | 531142 |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on over the counter swaps |  |  |  | 401197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital shares | 2073256 | 650623 | 127382 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from broker | 711247 |  |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser | 70892 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 3441 | 4002 | 6049 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold |  | 836500 |  | 11964 |
| &nbsp;&nbsp;&nbsp;Total assets | 309790889 | 186248660 | 100364740 | 9942508 |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on centrally cleared swaps | 35993 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities purchased | 2034437 |  |  | 20685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reset of swaps | 1795506 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 909375 | 5281172 |  | 12960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 141784 | 94209 | 45485 | 8847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 105000 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital shares |  |  | 8492167 |  |
| &nbsp;&nbsp;&nbsp;Total liabilities | 5022095 | 5375381 | 8537652 | 42492 |
| **Net Assets** | $304768794 | $180873279 | $91827088 | $9900016 |
| **Net Assets Consist of** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $297911407 | $179747095 | $134413143 | $10005049 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss) | 6857387 | 1126184 | (42586055) | (105033) |
| **Net Assets** | $304768794 | $180873279 | $91827088 | $9900016 |
| Number of Common Shares outstanding | 14700001 | 6950001 | 2450001 | 400001 |
| **Net Asset Value, offering and redemption price per share** | $20.73 | $26.02 | $37.48 | $24.75 |
| Investments, at cost | $295718606 | $47052907 | $109775439 | $5844246 |
| Investments in affiliated securities, at cost | $— | $138095722 | $— | $3553979 |
| Premiums received | $1353481 | $6394500 | $— | $11964 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statements of Assets and Liabilities** (Continued)

December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Simplify<br> Currency<br> Strategy ETF** | **Simplify<br> Enhanced**<br> **Income ETF** | **Simplify<br> Government Money<br> Market ETF** | **Simplify Health<br> Care ETF** |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at value | $26403655 | $34172457 | $4412360880 | $345388433 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at value | 28225380 | 117293569 |  |  |
| &nbsp;&nbsp;&nbsp;Cash |  |  | 100071945 |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on forward foreign currency contracts | 3029831 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 937 | 2667 | 6087671 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends |  |  |  | 37175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign tax reclaim |  |  |  | 41044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital shares |  |  |  | 2741292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from broker |  | 442 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold |  | 1056445 | 99410000 | 1805098 |
| &nbsp;&nbsp;&nbsp;Total assets | 57659803 | 152525580 | 4617930496 | 350013042 |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due to Custodian-Foreign Currency | 10 |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on forward foreign currency contracts | 4805105 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 36237 | 65632 | 549690 | 147373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital shares |  | 1117425 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities purchased |  | 319804 | 214037532 | 2633323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options |  | 203440 |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities | 4841352 | 1706301 | 214587222 | 2780696 |
| **Net Assets** | $52818451 | $150819279 | $4403343274 | $347232346 |
| **Net Assets Consist of** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $53636992 | $169352089 | $4403005591 | $326105995 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss) | (818541) | (18532810) | 337683 | 21126351 |
| **Net Assets** | $52818451 | $150819279 | $4403343274 | $347232346 |
| Number of Common Shares outstanding | 1950001 | 6750001 | 43990001 | 9500001 |
| **Net Asset Value, offering and redemption price per share** | $27.09 | $22.34 | $100.10 | $36.55 |
| Investments, at cost | $26390882 | $35001806 | $4411128569 | $318600256 |
| Investments in affiliated securities, at cost | $28248807 | $117253686 | $— | $— |
| Premiums received | $— | $187664 | $— | $— |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statements of Assets and Liabilities** (Continued)

December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Simplify Hedged<br> Equity ETF** | **Simplify High<br> Yield ETF** | **Simplify<br> Interest Rate<br> Hedge ETF** | **Simplify<br> Intermediate Term<br> Treasury Futures<br> Strategy ETF** |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at value | $334137397 | $127232351 | $120646626 | $598859 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at value |  | 336876917 | 23971555 | 84726185 |
| &nbsp;&nbsp;&nbsp;Cash |  | 591984 |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency at value |  |  |  | 139097 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on written options |  |  | 6521434 |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on over the counter swaps |  | 802924 | 2784 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 1204 | 6098 | 2180 | 3923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from broker | 131 | 7278216 | 42195 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold |  | 2498563 | 1091924 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser |  | 99343 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | 334138732 | 475386396 | 152278698 | 85468064 |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Due to custodian |  |  | 588411 |  |
| &nbsp;&nbsp;&nbsp;Due to Custodian-Foreign Currency |  | 3665755 |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on over the counter swaps |  | 2945002 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 3445500 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 112331 | 198686 | 66326 | 17305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital shares |  | 1113371 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reset of swaps |  | 7084081 |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities | 3557831 | 15006895 | 654737 | 17305 |
| **Net Assets** | $330580901 | $460379501 | $151623961 | $85450759 |
| **Net Assets Consist of** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $321021712 | $473733019 | $141446834 | $114438149 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss) | 9559189 | (13353518) | 10177127 | (28987390) |
| **Net Assets** | $330580901 | $460379501 | $151623961 | $85450759 |
| Number of Common Shares outstanding | 10325001 | 20675001 | 3150001 | 6300001 |
| **Net Asset Value, offering and redemption price per share** | $32.02 | $22.27 | $48.13 | $13.56 |
| Investments, at cost | $296100624 | $127180148 | $102027176 | $598859 |
| Investments in affiliated securities, at cost | $— | $337007111 | $23957032 | $84717741 |
| Foreign currency, at cost | $— | $(3665755) | $— | $139098 |
| Premiums received | $5801182 | $— | $— | $— |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statements of Assets and Liabilities** (Continued)

December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Simplify<br> MBS ETF** | **Simplify Next<br> Intangible Core<br> Index ETF** | **Simplify<br> Short Term<br> Treasury Futures<br> Strategy ETF** | **Simplify<br> Target 15<br> Distribution ETF** |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at value | $1860315841 | $35708574 | $80907062 | $20903938 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at value | 1486736860 |  | 574816870 | 53398015 |
| &nbsp;&nbsp;&nbsp;Cash |  |  |  | 47520 |
| &nbsp;&nbsp;&nbsp;Foreign currency at value |  |  | 25535 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold | 149505078 |  | 140 | 55900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 6502 | 19290 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest |  |  | 5314 | 2051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital shares |  | 812467 |  | 631260 |
| &nbsp;&nbsp;&nbsp;Total assets | 3496564281 | 36540331 | 655754921 | 75038684 |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities purchased | 1811634940 | 784204 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 211596 | 7541 | 141275 | 46395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to broker |  |  | 2007539 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options |  |  |  | 2397378 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 1811846536 | 791745 | 2148814 | 2443773 |
| **Net Assets** | $1684717745 | $35748586 | $653606107 | $72594911 |
| **Net Assets Consist of** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $1672563798 | $34151037 | $690377437 | $74173316 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss) | 12153947 | 1597549 | (36771330) | (1578405) |
| **Net Assets** | $1684717745 | $35748586 | $653606107 | $72594911 |
| Number of Common Shares outstanding | 33400001 | 1100001 | 29825001 | 2875001 |
| **Net Asset Value, offering and redemption price per share** | $50.44 | $32.50 | $21.91 | $25.25 |
| Investments, at cost | $1854317034 | $34404412 | $80879563 | $21151227 |
| Investments in affiliated securities, at cost | $1486812546 | $— | $574666376 | $53417678 |
| Foreign currency, at cost | $— | $— | $25535 | $— |
| Premiums received | $— | $— | $— | $3146555 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statements of Assets and Liabilities** (Continued)

December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Simplify<br> Treasury Option<br> Income ETF** | **Simplify<br> US Equity<br> PLUS Bitcoin<br> Strategy ETF** | **Simplify<br> US Equity PLUS<br> Convexity ETF** | **Simplify<br> US Equity<br> PLUS Downside<br> Convexity ETF** |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at value | $170421 | $46640133 | $95424328 | $117312007 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at value | 351215810 |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash | 915866 |  |  |  |
| &nbsp;&nbsp;&nbsp;Deposit at Broker for Futures Contracts |  |  | 111 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold | 2501941 |  | 88072 | 66771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 1787 | 741 | 752 | 464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from broker | 29 | 421528 |  | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital shares |  |  |  | 4903680 |
| &nbsp;&nbsp;&nbsp;Total assets | 354805854 | 47062402 | 95513263 | 122283274 |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital shares | 2371280 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 787500 |  | 283110 | 515240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 105099 | 21984 | 40295 | 47101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities purchased |  | 64630 | 158578 | 5022192 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 3263879 | 86614 | 481983 | 5584533 |
| **Net Assets** | $351541975 | $46975788 | $95031280 | $116698741 |
| **Net Assets Consist of** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $356766324 | $41529008 | $80568841 | $160047251 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss) | (5224349) | 5446780 | 14462439 | (43348510) |
| **Net Assets** | $351541975 | $46975788 | $95031280 | $116698741 |
| Number of Common Shares outstanding | 14825001 | 1050001 | 2225001 | 2975001 |
| **Net Asset Value, offering and redemption price per share** | $23.71 | $44.74 | $42.71 | $39.23 |
| Investments, at cost | $175625 | $42743083 | $70372269 | $101950688 |
| Investments in affiliated securities, at cost | $351292574 | $— | $— | $— |
| Premiums received | $1247435 | $— | $544225 | $1128902 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statements of Assets and Liabilities** (Continued)

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Simplify US<br> Equity PLUS<br> Managed Futures<br> Strategy ETF** | **Simplify**<br> **US Equity**<br> **PLUS Upside**<br> **Convexity ETF** | **Simplify<br> VettaFi**<br> **Private Credit**<br> **Strategy ETF** |
| **Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value | $4297942 | $104867348 | $2429126 |
| &nbsp;&nbsp;&nbsp;Cash |  |  | 98827 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on over the counter swaps | 63141 |  | 12186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from broker | 107822 | 206 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser | 301 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 185 | 6157 | 279 |
| &nbsp;&nbsp;&nbsp;Total assets | 4469391 | 104873711 | 2540418 |
| **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on over the counter swaps | 981 |  | 98852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 503 | 47268 | 1488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to broker |  |  | 53566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities purchased |  | 10131 | 98827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options |  | 203150 |  |
| &nbsp;&nbsp;&nbsp;Total liabilities | 1484 | 260549 | 252733 |
| **Net Assets** | $4467907 | $104613162 | $2287685 |
| **Net Assets Consist of** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $4399985 | $94870409 | $2500025 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss) | 67922 | 9742753 | (212340) |
| **Net Assets** | $4467907 | $104613162 | $2287685 |
| Number of Common Shares outstanding | 175001 | 2250001 | 100001 |
| **Net Asset Value, offering and redemption price per share** | $25.53 | $46.49 | $22.88 |
| Investments, at cost | $4295878 | $93782609 | $2427756 |
| Premiums received | $— | $594794 | $— |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Consolidated Statements of Assets and Liabilities**

December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Simplify<br> Bitcoin Strategy<br> PLUS Income ETF** | **Simplify<br> Gold Strategy<br> PLUS Income ETF** | **Simplify<br> Multi-QIS<br> Alternative ETF** | **Simplify<br> Volatility<br> Premium ETF** |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at value | $223851218 | $8738561 | $62882408 | $1158055174 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at value |  | 38091652 | 5740300 | 254859218 |
| &nbsp;&nbsp;&nbsp;Cash | 10861 | 2054173 | 3880 | 540518 |
| &nbsp;&nbsp;&nbsp;Foreign currency at value |  |  | 14642 |  |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on over the counter swaps |  |  | 2562903 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold | 111111 | 60668 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from broker | 21125 | 474233 |  | 16526537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 4439 |  |  | 8650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends |  |  | 9987 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts |  |  |  | 1948349 |
| &nbsp;&nbsp;&nbsp;Total assets | 223998754 | 49419287 | 71214120 | 1431938446 |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on over the counter swaps |  |  | 3816688 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reverse repurchase agreement | 179200772 |  |  | 794295317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities purchased | 188902 | 105323 | 106127 | 305293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 120470 | 65770 |  | 1807813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 32436 | 19280 | 51301 | 278740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to broker |  |  | 8009240 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital shares |  |  |  | 4852563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses |  | 565 |  | 2996 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 179542580 | 190938 | 11983356 | 801542722 |
| **Net Assets** | $44456174 | $49228349 | $59230764 | $630395724 |
| **Net Assets Consist of** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $68053809 | $35636285 | $85506038 | $668474310 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss) | (23597635) | 13592064 | (26275274) | (38078586) |
| **Net Assets** | $44456174 | $49228349 | $59230764 | $630395724 |
| Number of Common Shares outstanding | 3100001 | 1175001 | 3925001 | 35725001 |
| **Net Asset Value, offering and redemption price per share** | $14.34 | $41.90 | $15.09 | $17.65 |
| Investments, at cost | $235327559 | $8987844 | $63415986 | $1166035410 |
| Investments in affiliated securities, at cost | $— | $38102541 | $5633635 | $264243037 |
| Foreign currency, at cost | $— | $— | $13996 | $— |
| Premiums received | $111111 | $60669 | $— | $2721418 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statements of Operations**

For the Six Months Ended December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Simplify<br> Aggregate<br> Bond ETF** | **Simplify<br> Barrier<br> Income ETF** | **Simplify<br> Bond Bull ETF** | **Simplify<br> China A Shares<br> PLUS Income ETF** |
| **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated dividend income | $6735197 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;Affiliated dividend income |  | 1409528 |  | 94374 |
| &nbsp;&nbsp;&nbsp;Interest income | 394805 | 798692 | 3012091 | 158854 |
| &nbsp;&nbsp;&nbsp;Total income | 7130002 | 2208220 | 3012091 | 253228 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 792601 | 385554 | 316013 | 55230 |
| &nbsp;&nbsp;&nbsp;Interest expense | 569 | 579 |  | 4 |
| &nbsp;&nbsp;&nbsp;Total expenses | 793170 | 386133 | 316013 | 55234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less fees waived: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waiver | (396301) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 396869 | 386133 | 316013 | 55234 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 6733133 | 1822087 | 2696078 | 197994 |
| **Realized and Unrealized Gain (Loss)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (1810965) | (186588) | (6398136) | (1449226) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments |  | (13226) |  | (6125) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions | 911295 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 999384 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | 3919237 |  |  | 2935403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 8355705 | 4555545 |  | 938835 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 12374656 | 4355731 | (6398136) | 2418887 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 857964 | (317869) | (26612255) | (182731) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments |  | (71612) |  | (784) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (1716599) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | (1224300) |  |  | 20594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | (843792) | 1080283 |  | (10725) |
| &nbsp;&nbsp;&nbsp;Net unrealized gain (loss) | (2926727) | 690802 | (26612255) | (173646) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 9447929 | 5046533 | (33010391) | 2245241 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $16181062 | $6868620 | $(30314313) | $2443235 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statements of Operations** (Continued)

For the Six Months Ended December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Simplify** **<br> Currency<br> Strategy ETF** | **Simplify** **<br> Enhanced<br> Income ETF** | **Simplify** **<br> Government<br> Money Market<br> ETF<sup>(1)</sup>** | **Simplify Health** **<br> Care ETF** |
| **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated dividend income | $— | $— | $— | $1029931 |
| &nbsp;&nbsp;&nbsp;Affiliated dividend income | 237180 | 2518922 |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | 397310 | 1133403 | 63037308 |  |
| &nbsp;&nbsp;&nbsp;Total income | 634490 | 3652325 | 63037308 | 1029931 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 115583 | 453960 | 2304501 | 494854 |
| &nbsp;&nbsp;&nbsp;Interest expense | 1552 | 751 | 9462 |  |
| &nbsp;&nbsp;&nbsp;Total expenses | 117135 | 454711 | 2313963 | 494854 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 517355 | 3197614 | 60723345 | 535077 |
| **Realized and Unrealized Gain (Loss)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 3117 | (22058005) | 507829 | 16487905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments | (2645) | (19897) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions |  |  |  | 3974477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated in-kind redemptions |  | 6413 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options |  | 15185883 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | 2301729 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (4147) |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 2298054 | (6885606) | 507829 | 20462382 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 12557 | (2907461) | 1232311 | 20598394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments | (23427) | 39883 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts | (2022415) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | (131) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options |  | (191131) |  |  |
| &nbsp;&nbsp;&nbsp;Net unrealized gain (loss) | (2033416) | (3058709) | 1232311 | 20598394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 264638 | (9944315) | 1740140 | 41060776 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $781993 | $(6746701) | $62463485 | $41595853 |

---

(1) For
 the period July 14, 2025 (commencement of operations) through December 31, 2025.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statements of Operations** (Continued)

For the Six Months Ended December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Simplify<br> Hedged Equity<br> ETF** | **Simplify High<br> Yield ETF** | **Simplify<br> Interest Rate<br> Hedge ETF** | **Simplify<br> Intermediate<br> Term Treasury<br> Futures<br> Strategy ETF** |
| **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated dividend income | $2113898 | $— | $— | $13727 |
| &nbsp;&nbsp;&nbsp;Affiliated dividend income |  | 4797402 | 517245 | 1232260 |
| &nbsp;&nbsp;&nbsp;Interest income |  | 3103338 | 2420301 | 718387 |
| &nbsp;&nbsp;&nbsp;Total income | 2113898 | 7900740 | 2937546 | 1964374 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 796106 | 958240 | 402826 | 125947 |
| &nbsp;&nbsp;&nbsp;Interest expense |  | 1456 | 259 | 823 |
| &nbsp;&nbsp;&nbsp;Other expenses |  |  | 2168 |  |
| &nbsp;&nbsp;&nbsp;Total expenses | 796106 | 959696 | 405253 | 126770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less fees waived: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waiver | (159221) | (479120) |  | (36475) |
| &nbsp;&nbsp;&nbsp;Net expenses | 636885 | 480576 | 405253 | 90295 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1477013 | 7420164 | 2532293 | 1874079 |
| **Realized and Unrealized Gain (Loss)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 3256596 | (7158979) | (16788600) | (2203) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments |  | 55071 | 11328 | 59508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures |  |  |  | 9872139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps |  | 3639152 | (55) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | (14200585) | 1192323 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions |  |  |  | 6 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (10943989) | (2272433) | (16777327) | 9929450 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 18187944 | 356826 | 2767125 | 5408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments |  | (148065) | 14523 | 8444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures |  |  |  | (9713112) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps |  | (5044065) | 326 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 12814143 | (506201) | 5872788 |  |
| &nbsp;&nbsp;&nbsp;Net unrealized gain (loss) | 31002087 | (5341505) | 8654762 | (9699260) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 20058098 | (7613938) | (8122565) | 230190 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $21535111 | $(193774) | $(5590272) | $2104269 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statements of Operations** (Continued)

For the Six Months Ended December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Simplify MBS**<br> **ETF** | **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>** |
| **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated dividend income | $— | $122381 | $— | $— |
| &nbsp;&nbsp;&nbsp;Affiliated dividend income | 23553534 |  | 8145310 | 807155 |
| &nbsp;&nbsp;&nbsp;Interest income | 7446942 |  | 4915699 | 582531 |
| &nbsp;&nbsp;&nbsp;Total income | 31000476 | 122381 | 13061009 | 1389686 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 1909490 | 30760 | 812123 | 243786 |
| &nbsp;&nbsp;&nbsp;Interest expense |  | 16 | 79716 | 744 |
| &nbsp;&nbsp;&nbsp;Total expenses | 1909490 | 30776 | 891839 | 244530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less fees waived: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waiver | (763796) |  | (214989) |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 1145694 | 30776 | 676850 | 244530 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 29854782 | 91605 | 12384159 | 1145156 |
| **Realized and Unrealized Gain (Loss)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 41474122 | (293886) | 20495 | (280779) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments | 657 |  | (4513) | (14712) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions |  | 597316 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures |  |  | 7945878 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options |  |  |  | 3971409 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 41474779 | 303430 | 7961860 | 3675918 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (14032591) | 1113917 | 41838 | (243995) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments | (75686) |  | 150494 | (19663) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures |  |  | (11745514) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options |  |  |  | 459747 |
| &nbsp;&nbsp;&nbsp;Net unrealized gain (loss) | (14108277) | 1113917 | (11553182) | 196089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 27366502 | 1417347 | (3591322) | 3872007 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $57221284 | $1508952 | $8792837 | $5017163 |

---

(1) For
 the period April 14, 2025 (commencement of operations) through December 31, 2025.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statements of Operations** (Continued)

For the Six Months Ended December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Simplify**<br> **Treasury Option**<br> **Income ETF** | **Simplify US<br> Equity PLUS<br> Bitcoin Strategy<br> ETF** | <br>**Simplify US**<br> **Equity PLUS**<br> **Convexity ETF** | **Simplify US<br> Equity PLUS<br> Downside<br> Convexity ETF** |
| **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Unaffiliated dividend income** | $— | $381497 | $612883 | $676464 |
| &nbsp;&nbsp;&nbsp;Affiliated dividend income | 4841040 |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | 2436800 | 15506 | 5156 |  |
| &nbsp;&nbsp;&nbsp;Total income | 7277840 | 397003 | 618039 | 676464 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Investment advisory fees** | 617564 | 174627 | 231235 | 249257 |
| &nbsp;&nbsp;&nbsp;Interest expense |  |  | 20 | 28 |
| &nbsp;&nbsp;&nbsp;Total expenses | 617564 | 174627 | 231255 | 249285 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 6660276 | 222376 | 386784 | 427179 |
| **Realized and Unrealized Gain (Loss)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (2124631) | 154813 | (11526357) | (13001093) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments | (13432) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions |  | 4522877 | 408783 | 190445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 3463735 | 983566 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 10941734 |  | 7316906 | 7496058 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 12267406 | 5661256 | (3800668) | (5314590) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (524) | 772370 | 7381978 | 8494977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments | (76764) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (4601384) | (282492) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | (497086) |  | (143737) | (169813) |
| &nbsp;&nbsp;&nbsp;Net unrealized gain (loss) | (5175758) | 489878 | 7238241 | 8325164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 7091648 | 6151134 | 3437573 | 3010574 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $13751924 | $6373510 | $3824357 | $3437753 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statements of Operations** (Continued)

For the Six Months Ended December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Simplify US<br> Equity PLUS<br> Managed<br> Futures<br> Strategy ETF<sup>(1)</sup>** | **Simplify<br> US Equity<br> PLUS Upside<br> Convexity ETF** | **Simplify VettaFi<br> Private Credit<br> Strategy ETF<sup>(2)</sup>** |
| **Investment Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Dividend income** | $— | $695001 | $— |
| &nbsp;&nbsp;&nbsp;Interest income | 10013 |  | 25691 |
| &nbsp;&nbsp;&nbsp;Total income | 10013 | 695001 | 25691 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;**Investment advisory fees** | 503 | 271684 | 4856 |
| &nbsp;&nbsp;&nbsp;Interest expense | 7 | 11 |  |
| &nbsp;&nbsp;&nbsp;Total expenses | 510 | 271695 | 4856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less fees waived: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waiver | (302) |  |  |
| &nbsp;&nbsp;&nbsp;Net expenses | 208 | 271695 | 4856 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 9805 | 423306 | 20835 |
| **Realized and Unrealized Gain (Loss)** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 9064 | 4797639 | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions |  | 2835283 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (3518) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps |  |  | (94863) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options |  | 611151 |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 5546 | 8244073 | (94878) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 2064 | 3804746 | 1370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (11653) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | 62160 |  | (86666) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options |  | 391644 |  |
| &nbsp;&nbsp;&nbsp;Net unrealized gain (loss) | 52571 | 4196390 | (85296) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 58117 | 12440463 | (180174) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $67922 | $12863769 | $(159339) |

---

(1) For
 the period December 8, 2025 (commencement of operations) through December 31, 2025.

(2) For
 the period September 22, 2025 (commencement of operations) through December 31, 2025.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Consolidated Statements of Operations**

For the Six Months Ended December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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** |
| **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated dividend income | $— | $490190 | $581164 | $10944460 |
| &nbsp;&nbsp;&nbsp;Interest income | 285668 | 274650 | 1046915 | 7693425 |
| &nbsp;&nbsp;&nbsp;Total income | 285668 | 764840 | 1628079 | 18637885 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 218967 | 99167 | 364067 | 1863073 |
| &nbsp;&nbsp;&nbsp;Interest on reverse repurchase agreement | 69380 |  |  | 433164 |
| &nbsp;&nbsp;&nbsp;Interest expense | 1186 | 6136 | 16958 | 280962 |
| &nbsp;&nbsp;&nbsp;Total expenses | 289533 | 105303 | 381025 | 2577199 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | (3865) | 659537 | 1247054 | 16060686 |
| **Realized and Unrealized Gain (Loss)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (25287257) | (4251880) | (44074031) | (62305518) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments |  | (15455) | 446430 | (15455817) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 3452000 | 10205874 | (919792) | 104661981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps |  |  | 14656506 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 8560462 | 3054427 | 4311927 | 37910809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts |  |  | 75914 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions |  |  | (8936) |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (13274795) | 8992966 | (25511982) | 64811455 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (13223243) | (501590) | (2854916) | (27092835) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments |  | (10889) | 178646 | (6597917) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts |  |  | 84419 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations |  |  | (698) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (516577) | 3613210 |  | (8654581) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps |  |  | 852717 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | (101538) | (28918) | (235000) | (1976745) |
| &nbsp;&nbsp;&nbsp;Net unrealized gain (loss) | (13841358) | 3071813 | (1974832) | (44322078) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (27116153) | 12064779 | (27486814) | 20489377 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(27120018) | $12724316 | $(26239760) | $36550063 |

---

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 Income ETF** | **Simplify Barrier Income ETF** |
|  | **For the<br> Six Months Ended December 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> June 30,<br> 2025** | **For the<br> Six Months Ended December 31,<br> 2025<br> (Unaudited)** | **For the<br> period<br> April 14, 2025<sup>(1)</sup> to June 30,<br> 2025** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $6733133 | $9374812 | $1822087 | $229960 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 12374656 | (6754500) | 4355731 | 1703175 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | (2926727) | 10245002 | 690802 | 31432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 16181062 | 12865314 | 6868620 | 1964567 |
| **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (11761751) | (9356735) | (7000002) | (707001) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (10913767) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (11761751) | (20270502) | (7000002) | (707001) |
| **Fund Shares Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 93570193 | 157247218 | 176495009 | 33922731 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | (118151553) | (32248571) | (30670645) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | (24581360) | 124998647 | 145824364 | 33922731 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | (20162049) | 117593459 | 145692982 | 35180297 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 324930843 | 207337384 | 35180297 |  |
| &nbsp;&nbsp;&nbsp;End of period | $304768794 | $324930843 | $180873279 | $35180297 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 15900001 | 10000001 | 1350001 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 4525000 | 7475000 | 6775000 | 1350001<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (5725000) | (1575000) | (1175000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 14700001 | 15900001 | 6950001 | 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 Bull ETF** | **Simplify Bond Bull ETF** | **Simplify China A Shares PLUS Income ETF** | **Simplify China A Shares PLUS Income ETF** |
|  | **For the<br> Six Months Ended December 31,<br> 2025<br> (Unaudited)** | **For the<br> period<br> December 9, 2024<sup>(1)</sup> to June 30,<br> 2025** | **For the<br> Six Months Ended December 31,<br> 2025<br> (Unaudited)** | **For the<br> period<br> January 13, 2025<sup>(1)</sup> to June 30,<br> 2025** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $2696078 | $2495360 | $197994 | $152713 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (6398136) | (883) | 2418887 | 1378685 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | (26612255) | (9489595) | (173646) | 509900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (30314313) | (6995118) | 2443235 | 2041298 |
| **Distributions** | (3225373) | (2051251) | (4499566) | (90000) |
| **Fund Shares Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 2121398 | 183220251 | 623878 | 10714545 |
| &nbsp;&nbsp;&nbsp;Variable transaction fees (see Note 8) | 463717 | 1677081 | 2184 | 33568 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | (29853749) | (23215555) |  | (1369126) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | (27268634) | 161681777 | 626062 | 9378987 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | (60808320) | 152635408 | (1430269) | 11330285 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 152635408 |  | 11330285 |  |
| &nbsp;&nbsp;&nbsp;End of period | $91827088 | $152635408 | $9900016 | $11330285 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of period | 3125001 |  | 375001 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 50000 | 3550001<sup>(2)</sup> | 25000 | 425001<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (725000) | (425000) |  | (50000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 2450001 | 3125001 | 400001 | 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 Currency Strategy ETF** | **Simplify Currency Strategy ETF** | **Simplify Enhanced Income ETF** | **Simplify Enhanced Income ETF** |
|  | **For the<br> Six Months Ended December 31,<br> 2025<br> (Unaudited)** | **For the<br> period<br> February 3, 2025<sup>(1)</sup> to June 30,<br> 2025** | **For the<br> Six Months Ended December 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> June 30,<br> 2025** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $517355 | $166867 | $3197614 | $13007966 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 2298054 | (575317) | (6885606) | (7125750) |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | (2033416) | 247489 | (3058709) | 2054898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 781993 | (160961) | (6746701) | 7937114 |
| **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (1272501) | (167072) | (6942251) | (14816751) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (159179) |  | (6963751) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1272501) | (326251) | (6942251) | (21780502) |
| **Fund Shares Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 46085306 | 21661338 | 17434532 | 166862287 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | (7720320) | (6230153) | (45092745) | (396338890) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | 38364986 | 15431185 | (27658213) | (229476603) |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | 37874478 | 14943973 | (41347165) | (243319991) |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 14943973 |  | 192166444 | 435486435 |
| &nbsp;&nbsp;&nbsp;End of period | $52818451 | $14943973 | $150819279 | $192166444 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 575001 |  | 7950001 | 17925001 |
| &nbsp;&nbsp;&nbsp;Shares sold | 1650000 | 825001<sup>(2)</sup> | 750000 | 7000000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (275000) | (250000) | (1950000) | (16975000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 1950001 | 575001 | 6750001 | 7950001 |

---

(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> Government<br> Money Market<br> ETF** | **Simplify Health Care ETF** | **Simplify Health Care ETF** |
|  | **For the<br> period<br> July 14, 2025<sup>(1)</sup> to<br> December 31,<br> 2025<br> (Unaudited)** | **For the<br> Six Months Ended<br> December 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> June 30,<br> 2025** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $60723345 | $535077 | $869496 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 507829 | 20462382 | (4804530) |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | 1232311 | 20598394 | (2184220) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 62463485 | 41595853 | (6119254) |
| **Distributions** | (62125802) | (1197501) | (677797) |
| **Fund Shares Transactions** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 4727800165 | 197470668 | 126501083 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | (324794574) | (21204414) | (126305541) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | 4403005591 | 176266254 | 195542 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | 4403343274 | 216664606 | (6601509) |
| **Net Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year |  | 130567740 | 137169249 |
| &nbsp;&nbsp;&nbsp;End of period | $4403343274 | $347232346 | $130567740 |
| **Changes in Shares Outstanding** |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year |  | 4350001 | 4375001 |
| &nbsp;&nbsp;&nbsp;Shares sold | 47230001<sup>(2)</sup> | 5775000 | 4000000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (3240000) | (625000) | (4025000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 43990001 | 9500001 | 4350001 |

---

(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 Hedged Equity ETF** | **Simplify Hedged Equity ETF** | **Simplify High Yield ETF** | **Simplify High Yield ETF** |
|  | **For the<br> Six Months Ended<br> December 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> June 30,<br> 2025** | **For the<br> Six Months Ended<br> December 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> June 30,<br> 2025** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $1477013 | $2872236 | $7420164 | $6123503 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (10943989) | 19851688 | (2272433) | 9703891 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | 31002087 | (1046436) | (5341505) | 3935138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 21535111 | 21677488 | (193774) | 19762532 |
| **Distributions** | (2010000) | (3789501) | (15435001) | (16269523) |
| **Fund Shares Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 55314467 | 304053693 | 252081423 | 210661410 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | (75885134) | (158981128) | (21400936) | (124994410) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | (20570667) | 145072565 | 230680487 | 85667000 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | (1045556) | 162960552 | 215051712 | 89160009 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 331626457 | 168665905 | 245327789 | 156167780 |
| &nbsp;&nbsp;&nbsp;End of period | $330580901 | $331626457 | $460379501 | $245327789 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 11025001 | 6100001 | 10575001 | 6800001 |
| &nbsp;&nbsp;&nbsp;Shares sold | 1775000 | 10400000 | 11050000 | 9125000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (2475000) | (5475000) | (950000) | (5350000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 10325001 | 11025001 | 20675001 | 10575001 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statements of Changes in Net Assets** (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Simplify Interest Rate Hedge ETF** | **Simplify Interest Rate Hedge ETF** | **Simplify Intermediate Term<br> Treasury Futures Strategy ETF** | **Simplify Intermediate Term<br> Treasury Futures Strategy ETF** |
|  | **For the<br> Six Months Ended<br> December 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> June 30,<br> 2025** | **For the<br> Six Months Ended<br> December 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> June 30,<br> 2025** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $2532293 | $5380586 | $1874079 | $5296947 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (16777327) | 16088323 | 9929450 | (8736038) |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | 8654762 | (4513373) | (9699260) | 6999963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (5590272) | 16955536 | 2104269 | 3560872 |
| **Distributions** | (12715780) | (5568494) | (2028250) | (5351475) |
| **Fund Shares Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 29045858 | 73926807 | 36887576 | 164400307 |
| &nbsp;&nbsp;&nbsp;Variable transaction fees (see Note 8) | 378412 | 1514407 |  |  |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | (15545496) | (76218164) | (104199608) | (58601028) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | 13878774 | (776950) | (67312032) | 105799279 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | (4427278) | 10610092 | (67236013) | 104008677 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 156051239 | 145441147 | 152686772 | 48678096 |
| &nbsp;&nbsp;&nbsp;End of period | $151623961 | $156051239 | $85450759 | $152686772 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 2900001 | 3025001 | 11325001 | 3750001 |
| &nbsp;&nbsp;&nbsp;Shares sold | 575000 | 1400000 | 2700000 | 12075000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (325000) | (1525000) | (7725000) | (4500000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 3150001 | 2900001 | 6300001 | 11325001 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statements of Changes in Net Assets** (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Simplify MBS ETF** | **Simplify MBS ETF** | **Simplify Next Intangible Core Index ETF** | **Simplify Next Intangible Core Index ETF** |
|  | **For the<br> Six Months Ended<br> December 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> June 30,<br> 2025** | **For the<br> Six Months Ended<br> December 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> June 30,<br> 2025** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $29854782 | $63584846 | $91605 | $12206 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 41474779 | (14741027) | 303430 | 232409 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | (14108277) | 17945205 | 1113917 | 99254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 57221284 | 66789024 | 1508952 | 343869 |
| **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (46694501) | (64435827) | (91086) | (54898) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (22181637) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (46694501) | (86617464) | (91086) | (54898) |
| **Fund Shares Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 308817151 | 1212434602 | 36867774 | 2207995 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | (7531934) | (570007354) | (4075741) | (3579083) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | 301285217 | 642427248 | 32792033 | (1371088) |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | 311812000 | 622598808 | 34209899 | (1082117) |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 1372905745 | 750306937 | 1538687 | 2620804 |
| &nbsp;&nbsp;&nbsp;End of period | $1684717745 | $1372905745 | $35748586 | $1538687 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 27425001 | 14900001 | 50001 | 100001 |
| &nbsp;&nbsp;&nbsp;Shares sold | 6125000 | 23950000 | 1175000 | 75000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (150000) | (11425000) | (125000) | (125000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 33400001 | 27425001 | 1100001 | 50001 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statements of Changes in Net Assets** (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Simplify Short Term Treasury<br> Futures Strategy ETF** | **Simplify Short Term Treasury<br> Futures Strategy ETF** | **Simplify Target 15 Distribution ETF** | **Simplify Target 15 Distribution ETF** |
|  | **For the<br> Six Months Ended<br> December 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> June 30,<br> 2025** | **For the<br> Six Months Ended<br> December 31,<br> 2025<br> (Unaudited)** | **For the<br> period<br> April 14, 2025<sup>(1)</sup> to June 30,<br> 2025** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $12384159 | $27341016 | $1145156 | $280008 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 7961860 | 15815964 | 3675918 | 2238651 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | (11553182) | 4239241 | 196089 | 286136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 8792837 | 47396221 | 5017163 | 2804794 |
| **Distributions** | (12636500) | (27674131) | (8278362) | (1122001) |
| **Fund Shares Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 91964954 | 617004305 | 35075583 | 45719648 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | (100685917) | (509635263) | (6621915) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | (8720963) | 107369042 | 28453668 | 45719648 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | (12564626) | 127091132 | 25192469 | 47402442 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 666170733 | 539079601 | 47402442 |  |
| &nbsp;&nbsp;&nbsp;End of period | $653606107 | $666170733 | $72594911 | $47402442 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of period | 30250001 | 25275001 | 1800001 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 4175000 | 28050000 | 1325000 | 1800001<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (4600000) | (23075000) | (250000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 29825001 | 30250001 | 2875001 | 1800001 |

---

(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 Treasury Option Income ETF** | **Simplify Treasury Option Income ETF** | **Simplify US Equity PLUS Bitcoin <br> Strategy ETF** | **Simplify US Equity PLUS Bitcoin <br> Strategy ETF** |
|  | **For the<br> Six Months Ended<br> December 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> June 30,<br> 2025** | **For the<br> Six Months Ended<br> December 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> June 30,<br> 2025** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $6660276 | $10742177 | $222376 | $377174 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 12267406 | (10313326) | 5661256 | 5298764 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | (5175758) | 5436970 | 489878 | 1844429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 13751924 | 5865821 | 6373510 | 7520367 |
| **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (13248751) | (11594163) | (277500) | (440000) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (8307884) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (13248751) | (19902047) | (277500) | (440000) |
| **Fund Shares Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 45120306 | 390806604 | 16878465 | 89850062 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | (37358873) | (173020408) | (51565029) | (42890542) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | 7761433 | 217786196 | (34686564) | 46959520 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | 8264606 | 203749970 | (28590554) | 54039887 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 343277369 | 139527399 | 75566342 | 21526455 |
| &nbsp;&nbsp;&nbsp;End of period | $351541975 | $343277369 | $46975788 | $75566342 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 14500001 | 5675001 | 1825001 | 625001 |
| &nbsp;&nbsp;&nbsp;Shares sold | 1900000 | 15925000 | 400000 | 2325000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1575000) | (7100000) | (1175000) | (1125000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 14825001 | 14500001 | 1050001 | 1825001 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statements of Changes in Net Assets** (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Simplify US Equity PLUS<br> Convexity ETF** | **Simplify US Equity PLUS<br> Convexity ETF** | **Simplify US Equity PLUS<br> Downside Convexity ETF** | **Simplify US Equity PLUS<br> Downside Convexity ETF** |
|  | **For the<br> Six Months Ended<br> December 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> June 30,<br> 2025** | **For the<br> Six Months Ended<br> December 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> June 30,<br> 2025** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $386784 | $660704 | $427179 | $904473 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (3800668) | 4160924 | (5314590) | 15684174 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | 7238241 | 5596369 | 8325164 | (5990190) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 3824357 | 10417997 | 3437753 | 10598457 |
| **Distributions** | (442500) | (716500) | (530000) | (1088500) |
| **Fund Shares Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 9390785 | 24738970 | 27509191 | 73652053 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | (1087340) | (24451145) | (1931299) | (109134887) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | 8303445 | 287825 | 25577892 | (35482834) |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | 11685302 | 9989322 | 28485645 | (25972877) |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 83345978 | 73356656 | 88213096 | 114185973 |
| &nbsp;&nbsp;&nbsp;End of period | $95031280 | $83345978 | $116698741 | $88213096 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 2025001 | 2025001 | 2325001 | 3525001 |
| &nbsp;&nbsp;&nbsp;Shares sold | 225000 | 675000 | 700000 | 2150000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (25000) | (675000) | (50000) | (3350000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 2225001 | 2025001 | 2975001 | 2325001 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statements of Changes in Net Assets** (Continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **Simplify US Equity PLUS Managed Futures Strategy ETF** | **Simplify US Equity PLUS Upside<br> Convexity ETF** | **Simplify US Equity PLUS Upside<br> Convexity ETF** |
|  | **For the<br> period<br> December 8, 2025<sup>(1)</sup> to December 31,<br> 2025<br> (Unaudited)** | **For the<br> Six Months Ended<br> December 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> June 30,<br> 2025** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $9805 | $423306 | $579457 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 5546 | 8244073 | (923475) |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | 52571 | 4196390 | 6460083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 67922 | 12863769 | 6116065 |
| **Distributions** |  | (8002718) | (580268) |
| **Fund Shares Transactions** |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 4399985 | 18373728 | 138895540 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed |  | (35289450) | (35827455) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | 4399985 | (16915722) | 103068085 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | 4467907 | (12054671) | 108603882 |
| **Net Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year |  | 116667833 | 8063951 |
| &nbsp;&nbsp;&nbsp;End of period | $4467907 | $104613162 | $116667833 |
| **Changes in Shares Outstanding** |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year |  | 2625001 | 200001 |
| &nbsp;&nbsp;&nbsp;Shares sold | 175001<sup>(2)</sup> | 375000 | 3275000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  | (750000) | (850000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 175001 | 2250001 | 2625001 |

---

(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 VettaFi Private Credit Strategy ETF** |
|  | **For the<br> period<br> September 22, 2025<sup>(1)</sup> to<br> December 31,<br> 2025<br> (Unaudited)** |
| **Increase (Decrease) in Net Assets from Operations** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $20835 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (94878) |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | (85296) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (159339) |
| **Distributions** | (53001) |
| **Fund Shares Transactions** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 2500025 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | 2500025 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | 2287685 |
| **Net Assets** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period |  |
| &nbsp;&nbsp;&nbsp;End of period | $2287685 |
| **Changes in Shares Outstanding** |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of period |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 100001<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 100001 |

---

(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**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Simplify Bitcoin Strategy PLUS Income ETF** | **Simplify Bitcoin Strategy PLUS Income ETF** | **Simplify Gold Strategy PLUS Income ETF** | **Simplify Gold Strategy PLUS Income ETF** |
|  | **For the<br> Six Months Ended<br> December 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> June 30,<br> 2025** | **For the<br> Six Months Ended<br> December 31,<br> 2025<br> (Unaudited)** | **For the<br> period<br> December 2, 2024<sup>(1)</sup> to<br> June 30,<br> 2025** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(3865) | $1216845 | $659537 | $398252 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (13274795) | 12998170 | 8992966 | 6924438 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | (13841358) | 3409297 | 3071813 | (96346) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (27120018) | 17624312 | 12724316 | 7226344 |
| **Distributions** | (11676087) | (12937151) | (5468755) | (517501) |
| **Fund Shares Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 33393057 | 49258948 | 24416541 | 28885871 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | (2431602) | (20335341) | (10693365) | (7345102) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | 30961455 | 28923607 | 13723176 | 21540769 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | (7834650) | 33610768 | 20978737 | 28249612 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 52290824 | 18680056 | 28249612 |  |
| &nbsp;&nbsp;&nbsp;End of period | $44456174 | $52290824 | $49228349 | $28249612 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 1680001 | 740001 | 825001 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1490000 | 1760000 | 600000 | 1075001<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (70000) | (820000) | (250000) | (250000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 3100001 | 1680001 | 1175001 | 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 Alternative ETF** | **Simplify Multi-QIS Alternative ETF** | **Simplify Volatility Premium ETF** | **Simplify Volatility Premium ETF** |
|  | **For the<br> Six Months Ended<br> December 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> June 30,<br> 2025** | **For the<br> Six Months Ended<br> December 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> June 30,<br> 2025** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $1247054 | $3972836 | $16060686 | $40452869 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (25511982) | (15212010) | 64811455 | (108331565) |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | (1974832) | (88545) | (44322078) | 32692623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (26239760) | (11327719) | 36550063 | (35186073) |
| **Distributions to Shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (487500) | (2504782) | (74227502) | (84092942) |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  | (97126311) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (487500) | (2504782) | (74227502) | (181219253) |
| **Fund Shares Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 40791487 | 10302302 | 13674200 | 474837239 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | (50952071) | (15290493) | (262341362) | (341707812) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | (10160584) | (4988191) | (248667162) | 133129427 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | (36887844) | (18820692) | (286344601) | (83275899) |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 96118608 | 114939300 | 916740325 | 1000016224 |
| &nbsp;&nbsp;&nbsp;End of period | $59230764 | $96118608 | $630395724 | $916740325 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 4325001 | 4550001 | 49725001 | 44500001 |
| &nbsp;&nbsp;&nbsp;Shares sold | 2125000 | 425000 | 800000 | 22475000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (2525000) | (650000) | (14800000) | (17250000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 3925001 | 4325001 | 35725001 | 49725001 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Consolidated Statement of Cash Flows**

For the Six Months Ended December 31, 2025 (Unaudited)

---

| | |
|:---|:---|
|  | **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 | $(27120018) |
| **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 | (59430855) |
| &nbsp;&nbsp;&nbsp;Net purchases and sales in short term investments | (80759699) |
| &nbsp;&nbsp;&nbsp;Net proceeds from purchased and written options | (11673685) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) / depreciation on investments | 13223243 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) / depreciation on written options | 101538 |
| &nbsp;&nbsp;&nbsp;Net realized (gain) / loss from sales of investments | 25287257 |
| &nbsp;&nbsp;&nbsp;Net realized (gain) / loss from written options | (8560462) |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of securities | 8233763 |
| &nbsp;&nbsp;&nbsp;Net amortization of premium / (discount) | (271237) |
| &nbsp;&nbsp;&nbsp;(Increase) Decrease in dividends and interest receivable | (4439) |
| &nbsp;&nbsp;&nbsp;(Increase) Decrease in securities sold receivable | 125172 |
| &nbsp;&nbsp;&nbsp;(Increase) Decrease in due from broker | 329452 |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) in investment advisory fees payable | (2581) |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) securities purchased payable | 52350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Cash Provided by / (Used for) Operating Activities | (140470201) |
| **Cash Flows Provided by (Used for) from Financing Activities:** |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 33393057 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (2431602) |
| &nbsp;&nbsp;&nbsp;Proceeds from reverse repurchase agreement | 627579772 |
| &nbsp;&nbsp;&nbsp;Payments made on reverse repurchase agreement | (506921856) |
| &nbsp;&nbsp;&nbsp;Distributions paid | (11676087) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash provided by (used for) financing activities | 139943284 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in cash | (526917) |
| **Cash and Restricted Cash<sup>(1)</sup>:** |  |
| Cash and Restricted Cash, at beginning of period | 537778 |
| Cash and Restricted Cash, at end of period | $10861 |
| **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 | $69380 |
| **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 | $537778 |
| **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 | $10861 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Consolidated Statement of Cash Flows**

For the Six Months Ended December 31, 2025 (Unaudited)

---

| | |
|:---|:---|
|  | **Simplify<br> Volatility<br> Premium ETF** |
| **Cash Flows Provided by (Used for) Operating Activities:** |  |
| Net increase (decrease) in net assets resulting from operations | $36550063 |
| **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 | (64448968) |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of securities | 235442258 |
| &nbsp;&nbsp;&nbsp;Net purchases and sales in short term investments | (128989689) |
| &nbsp;&nbsp;&nbsp;Net proceeds from purchased and written options | 4252932 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) / depreciation on investments | 27092835 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) / depreciation on investments - Affiliated | 6597917 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) / depreciation on written options | 1976745 |
| &nbsp;&nbsp;&nbsp;Net realized (gain) / loss from sales of investments | 62305518 |
| &nbsp;&nbsp;&nbsp;Net realized (gain) / loss from sales of investments - Affiliated | 15455817 |
| &nbsp;&nbsp;&nbsp;Net realized (gain) / loss from written options | (37910809) |
| &nbsp;&nbsp;&nbsp;Net amortization of premium / (discount) | (7987064) |
| &nbsp;&nbsp;&nbsp;(Increase) Decrease in tax reclaims | (8219) |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) in variation margin on futures | (1948349) |
| &nbsp;&nbsp;&nbsp;(Increase) Decrease in securities sold receivable | 4848299 |
| &nbsp;&nbsp;&nbsp;(Increase) Decrease in due from broker | (10260430) |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) in investment advisory fees payable | (80361) |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) securities purchased payable | (940319) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Cash Provided by / (Used for) Operating Activities | 141948179 |
| **Cash Flows Provided by (Used for) from Financing Activities:** |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 13674200 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (261639345) |
| &nbsp;&nbsp;&nbsp;Proceeds from reverse repurchase agreement | 3096181800 |
| &nbsp;&nbsp;&nbsp;Payments made on reverse repurchase agreement | (2916586472) |
| &nbsp;&nbsp;&nbsp;Distributions paid | (74227502) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash provided by (used for) financing activities | (142597319) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in cash | (649140) |
| **Cash and Restricted Cash<sup>(1)</sup>:** |  |
| Cash and Restricted Cash, at beginning of year | 1189658 |
| Cash and Restricted Cash, at end of year | $540518 |

---

(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 | $433164 |
| **Reconciliation of Restricted and Unrestricted Cash at the beginning of period to the Statements of Assets and Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | $1189658 |
| **Reconciliation of Restricted and Unrestricted Cash at the end of period to the Statements of Assets and Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | $540518 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Financial Highlights**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Years Ended June 30,** | **Years Ended June 30,** | **Years Ended June 30,** | |
| **Simplify Aggregate Bond ETF**<br>**Selected Per Share Data** | **For the<br> Six Months Ended**<br> **December 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **Period Ended<br> June 30,**<br>**2022<sup>(a)</sup>** |
| Net Asset Value, beginning of period | $20.44 | $20.73 | $22.50 | $23.64 | $25.00 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.44 | 0.73 | 0.89 | 0.55 | 0.13 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.63 | 0.53 | (0.38)<sup>(c)</sup> | (0.45) | (1.35) |
| Total from investment operations | 1.07 | 1.26 | 0.51 | 0.10 | (1.22) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.78) | (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 | (0.78) | (1.55) | (2.28) | (1.24) | (0.14) |
| Net Asset Value, end of period | $20.73 | $20.44 | $20.73 | $22.50 | $23.64 |
| **Total Return (%)** | 5.34 <sup>(d)</sup> | 6.19 | 2.48 | 0.49(e) | (4.89)<sup>(d)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |
| Net Assets, end of period ($ millions) | $305 | $325 | $207 | $12 | $1 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses before fee waiver (%) | 0.50 <sup>(f)(g)</sup> | 0.50 <sup>(g)</sup> | 0.52 <sup>(g)(h)</sup> | 0.87 <sup>(g)(i)</sup> | 0.50 <sup>(f)(g)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses after fee waiver (%) | 0.25 <sup>(f)(g)</sup> | 0.25 <sup>(g)</sup> | 0.26 <sup>(g)(h)</sup> | 0.60 <sup>(g)(i)</sup> | 0.25 <sup>(f)(g)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 4.25 <sup>(f)</sup> | 3.51 | 4.19 | 2.44 | 1.43 <sup>(f)</sup> |
| Portfolio turnover rate (%)<sup>(j)</sup> | 21 <sup>(d)</sup> | 299 | 385 | 400 | 14 <sup>(d)</sup> |

---

---

| | | |
|:---|:---|:---|
| **Simplify Barrier Income ETF<br> Selected Per Share Data** | **For the<br> Six Months Ended<br> December 31,<br> 2025<br> (Unaudited)** | **Period Ended<br> June 30,<br> 2025<sup>(k)</sup>** |
| Net Asset Value, beginning of period | $26.06 | $25.00 |
| Income (loss) from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.46 | 0.20 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.18 | 1.42 |
| Total from investment operations | 1.64 | 1.62 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.68) | (0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.68) | (0.56) |
| Net Asset Value, end of period | $26.02 | $26.06 |
| **Total Return (%)** | 6.51 <sup>(d)</sup> | 6.52 <sup>(d)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |
| Net Assets, end of period ($ millions) | $181 | $35 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.75 <sup>(f)(g)</sup> | 0.75 <sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 3.54 <sup>(f)</sup> | 3.67 <sup>(f)</sup> |
| Portfolio turnover rate (%)<sup>(j)</sup> | 7 <sup>(d)</sup> | 0 <sup>(d)</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) Not
 annualized.

(e) Total
 Return would have been lower if certain expenses had not been waived/reimbursed by the Advisor.

(f) Annualized.

(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 0.02%.

(i) The
 ratios of expenses to average net assets includes interest expense fees of 0.36%.

(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)

---

| | | |
|:---|:---|:---|
| **Simplify Bond Bull ETF<br> Selected Per Share Data** | **For the**<br> **Six Months Ended**<br> **December 31,<br> 2025<br> (Unaudited)** | **Period Ended<br> June 30,<br> 2025<sup>(a)</sup>** |
| Net Asset Value, beginning of period | $48.84 | $60.00 |
| Income (loss) from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.93 | 1.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (11.32) | (11.56) |
| Total from investment operations | (10.39) | (10.45) |
| &nbsp;&nbsp;&nbsp;Variable transaction fees (see Note 8) | 0.16 | 0.75 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.13) | (0.71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.13) | (0.71) |
| Net Asset Value, end of period | $37.48 | $48.84 |
| **Total Return (%)** | (21.14)<sup>(c)</sup> | (17.43)<sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |
| Net Assets, end of period ($ millions) | $92 | $153 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.50 <sup>(d)</sup> | 0.50 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 4.27 <sup>(d)</sup> | 3.99 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(e)</sup> | 0 <sup>(c)</sup> | 0 <sup>(c)</sup> |

---

---

| | | |
|:---|:---|:---|
| **Simplify China A Shares PLUS Income ETF<br> Selected Per Share Data** | **For the<br> Six Months Ended<br> December 31,**<br> **2025<br> (Unaudited)** | **Period Ended<br> June 30,<br> 2025<sup>(f)</sup>** |
| Net Asset Value, beginning of period | $30.21 | $25.00 |
| Income (loss) from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.53 | 0.41 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 6.00 | 4.95 |
| Total from investment operations | 6.53 | 5.36 |
| &nbsp;&nbsp;&nbsp;Variable transaction fees (see Note 8) | 0.01 | 0.09 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (8.98) | (0.24) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (3.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (12.00) | (0.24) |
| Net Asset Value, end of period | $24.75 | $30.21 |
| **Total Return (%)** | 22.78 <sup>(c)</sup> | 21.86 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |
| Net Assets, end of period ($ millions) | $10 | $11 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.88 <sup>(d)(g)</sup> | 0.88 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 3.15 <sup>(d)</sup> | 3.33 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(e)</sup> | 108 <sup>(c)</sup> | 0 <sup>(c)</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) 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 January 13, 2025 (commencement of operations) through June 30, 2025.

(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.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Financial Highlights** (Continued)

---

| | | |
|:---|:---|:---|
| **Simplify Currency Strategy ETF<br> Selected Per Share Data** | **For the<br> Six Months Ended<br> December 31,<br> 2025<br> (Unaudited)** | **Period Ended<br> June 30,<br> 2025<sup>(a)</sup>** |
| Net Asset Value, beginning of period | $25.99 | $25.00 |
| Income (loss) from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.46 | 0.37 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.59 | 1.17 <sup>(c)</sup> |
| Total from investment operations | 2.05 | 1.54 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.95) | (0.28) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.95) | (0.55) |
| Net Asset Value, end of period | $27.09 | $25.99 |
| **Total Return (%)** | 7.86 <sup>(d)</sup> | 6.16 <sup>(d)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |
| Net Assets, end of period ($ millions) | $53 | $15 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.76 <sup>(e)(f)(g)</sup> | 0.81 <sup>(e)(h)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 3.36 <sup>(e)</sup> | 3.61 <sup>(e)</sup> |
| Portfolio turnover rate (%)<sup>(i)</sup> | 29 <sup>(d)</sup> | 0 <sup>(d)</sup> |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Years Ended June 30** | **Years Ended June 30** | |
| **Simplify Enhanced Income ETF**<br>**Selected Per Share Data** | **For the<br> Six Months Ended<br> December 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **Period Ended<br> June 30,**<br>**2023<sup>(j)</sup>** |
| Net Asset Value, beginning of period | $24.17 | $24.29 | $24.99 | $25.00 |
| Income (loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.41 | 1.01 | 1.18 | 0.65 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.34) | 0.57 <sup>(c)</sup> | 0.37 | 0.60 |
| Total from investment operations | (0.93) | 1.58 | 1.55 | 1.25 |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.90) | (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 | (0.90) | (1.70) | (2.25) | (1.26) |
| Net Asset Value, end of period | $22.34 | $24.17 | $24.29 | $24.99 |
| **Total Return (%)** | 3.92 <sup>(d)</sup> | 6.95 | 6.51 | 5.07 <sup>(d)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |
| Net Assets, end of period ($ millions) | $151 | $192 | $435 | $26 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.50 <sup>(e)(g)</sup> | 0.50 | 0.52 <sup>(k)</sup> | 0.87 <sup>(e)(l)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 3.52 <sup>(e)</sup> | 4.28 | 4.83 | 3.92 <sup>(e)</sup> |
| Portfolio turnover rate (%)<sup>(i)</sup> | 33 <sup>(d)</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 0.01%.

(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 0.06%.

(i) Excludes
 the impact of in-kind transactions related to the processing of capital share transactions in Creation Units.

(j) For
 the period October 28, 2022 (commencement of operations) through June 30, 2023.

(k) The
 ratios of expenses to average net assets includes interest expense fees of 0.02%.

(l) 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)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Simplify Government Money Market ETF** | **Simplify Government Money Market ETF** | **Simplify Government Money Market ETF** | **Simplify Government Money Market ETF** | **Simplify Government Money Market ETF** | |
| **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Selected Per Share Data** | **Period Ended<br> December 31,<br> 2025<sup>(a)</sup>**<br>**(Unaudited)** |
| Net Asset Value, beginning of period | Net Asset Value, beginning of period | Net Asset Value, beginning of period | Net Asset Value, beginning of period | Net Asset Value, beginning of period | $100.00 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 1.83 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.06 |
| Total from investment operations | Total from investment operations | Total from investment operations | Total from investment operations | Total from investment operations | 1.89 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;Net investment income | (1.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.79) |
| Net Asset Value, end of period | Net Asset Value, end of period | Net Asset Value, end of period | Net Asset Value, end of period | Net Asset Value, end of period | $100.10 |
| **Total Return (%)** | **Total Return (%)** | **Total Return (%)** | **Total Return (%)** | **Total Return (%)** | 1.90 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** | **Ratios to Average Net Assets and Supplemental Data** |  |
| **Net Assets, end of period ($ millions)** | **Net Assets, end of period ($ millions)** | **Net Assets, end of period ($ millions)** | **Net Assets, end of period ($ millions)** | **Net Assets, end of period ($ millions)** | $4403 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.15 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 3.93 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(e)</sup> | Portfolio turnover rate (%)<sup>(e)</sup> | Portfolio turnover rate (%)<sup>(e)</sup> | Portfolio turnover rate (%)<sup>(e)</sup> | Portfolio turnover rate (%)<sup>(e)</sup> | 0 <sup>(c)</sup> |
| **Simplify Health Care ETF** | **For the<br> Six Months Ended December 31,<br> 2025** | **Years Ended June 30** | **Years Ended June 30** | **Years Ended June 30** | **Period Ended<br> June 30,** |
| **Selected Per Share Data** | **(Unaudited)** | **2025** | **2024** | **2023** | **2022<sup>(f)</sup>** |
| Net Asset Value, beginning of period | $30.02 | $31.35 | $26.55 | $24.58 | $25.00 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.09 | 0.16 | 0.12 | 0.18 | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 6.59 | (1.36) | 4.85 | 1.99 | (0.42) |
| Total from investment operations | 6.68 | (1.20) | 4.97 | 2.17 | (0.34) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.15) | (0.13) | (0.17) | (0.20) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.15) | (0.13) | (0.17) | (0.20) | (0.08) |
| Net Asset Value, end of period | $36.55 | $30.02 | $31.35 | $26.55 | $24.58 |
| **Total Return (%)** | 22.30 <sup>(c)</sup> | (3.84) | 18.83 | 8.81 | (1.38)<sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |
| Net Assets, end of period ($ millions) | $347 | $131 | $137 | $59 | $34 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.50 <sup>(d)</sup> | 0.50 | 0.50 | 0.50 | 0.50 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 0.54 <sup>(d)</sup> | 0.52 | 0.44 | 0.72 | 0.45 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(e)</sup> | 111 <sup>(c)</sup> | 201 | 210 | 118 | 146 <sup>(c)</sup> |

---

(a) For
 the period July 14, 2025 (commencement of operations) through December 31, 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 8, 2021 (commencement of operations) through June 30, 2022.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Financial Highlights** (Continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Years Ended June 30** | **Years Ended June 30** | **Years Ended June 30** | |
| **Simplify Hedged Equity ETF**<br>**Selected Per Share Data** | **For the<br> Six Months Ended December 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **Period Ended<br> June 30,**<br>**2022<sup>(a)</sup>** |
| Net Asset Value, beginning of period | $30.08 | $27.65 | $24.84 | $22.99 | $25.00 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.15 | 0.28 | 0.30 | 0.24 | 0.18 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.99 | 2.51 | 3.59 | 2.58 | (2.04) |
| Total from investment operations | 2.14 | 2.79 | 3.89 | 2.82 | (1.86) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.20) | (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 | (0.20) | (0.36) | (1.08) | (0.97) | (0.15) |
| Net Asset Value, end of period | $32.02 | $30.08 | $27.65 | $24.84 | $22.99 |
| **Total Return (%)** | 7.12 <sup>(c)</sup> | 10.13 | 16.08 | 12.65 | (7.46)<sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |
| Net Assets, end of period ($ millions) | $331 | $332 | $169 | $107 | $37 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses before fee waiver (%) | 0.50 <sup>(d)(e)</sup> | 0.50 <sup>(e)</sup> | 0.51 <sup>(e)(f)</sup> | 0.73 <sup>(e)(g)</sup> | 0.50 <sup>(d)(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses after fee waiver (%) | 0.40 <sup>(d)(e)</sup> | 0.42 <sup>(e)</sup> | 0.51 <sup>(e)(f)</sup> | 0.73 <sup>(e)(g)</sup> | 0.50 <sup>(d)(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 0.93 <sup>(d)</sup> | 0.97 | 1.19 | 1.02 | 1.16 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(h)</sup> | 0 <sup>(c)</sup> | 5 | 1 | 10 | 2 <sup>(c)</sup> |
| **Simplify High Yield ETF** | **For the<br> Six Months Ended December 31,<br> 2025** | **Years Ended June 30** | **Years Ended June 30** | **Years Ended June 30** | **Period Ended<br> June 30,** |
| **Selected Per Share Data** | **(Unaudited)** | **2025** | **2024** | **2023** | **2022<sup>(i)</sup>** |
| Net Asset Value, beginning of period | $23.20 | $22.97 | $21.80 | $22.23 | $25.00 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.44 | 0.98 | 1.12 | 0.67 | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.47) | 1.95 | 1.40 | 0.76 | (2.44) |
| Total from investment operations | (0.03) | 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 | (0.90) | (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 | (0.90) | (2.70) | (1.35) | (1.86) | (0.35) |
| Net Asset Value, end of period | $22.27 | $23.20 | $22.97 | $21.80 | $22.23 |
| **Total Return (%)** | (0.14)<sup>(c)</sup> | 13.60 | 11.82 | 6.75 | (9.74)<sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |
| Net Assets, end of period ($ millions) | $460 | $245 | $156 | $45 | $30 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses before fee waiver (%) | 0.50 <sup>(d)(e)</sup> | 0.50 <sup>(e)</sup> | 0.50 | 0.51 <sup>(f)</sup> | 0.50 <sup>(d)(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses after fee waiver (%) | 0.25 <sup>(d)(e)</sup> | 0.25 <sup>(e)</sup> | 0.25 | 0.26 <sup>(f)</sup> | 0.25 <sup>(d)(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 3.87 <sup>(d)</sup> | 4.26 | 4.98 | 3.05 | 0.15 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(h)</sup> | 2 <sup>(c)</sup> | 622 | 0 | 0 | 77 <sup>(c)</sup> |

---

(a) For
 the period November 2, 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) 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 0.01%.

(g) The
 ratios of expenses to average net assets includes interest expense fees of 0.23%.

(h) Excludes
 the impact of in-kind transactions related to the processing of capital share transactions in Creation Units.

(i) For
 the period February 15, 2022 (commencement of operations) through June 30, 2022.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Financial Highlights** (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years Ended June 30** | **Years Ended June 30** | **Years Ended June 30** | **Years Ended June 30** | |
| **Simplify Interest Rate Hedge ETF**<br>**Selected Per Share Data** | **For the<br> Six Months Ended<br> December 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **Period Ended<br> June 30,**<br>**2021<sup>(a)</sup>** |
| Net Asset Value, beginning of period | $53.81 | $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> | 0.80 | 1.77 | 2.47 | 1.45 | 0.03 | (0.00) <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2.49) | 5.32 | 16.32 | 5.75 | 15.86 | (10.42) |
| Total from investment operations | (1.69) | 7.09 | 18.79 | 7.20 | 15.89 | (10.42) |
| &nbsp;&nbsp;&nbsp;Variable transaction fees (see Note 8) | 0.12 | 0.50 | 0.67 | 0.47 | 0.82 | 0.97 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.63) | (1.86) | (3.96) | (0.84) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (2.48) |  | (31.50) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (4.11) | (1.86) | (35.46) | (0.84) | (0.01) |  |
| Net Asset Value, end of period | $48.13 | $53.81 | $48.08 | $64.08 | $57.25 | $40.55 |
| **Total Return (%)** | (3.10)<sup>(d)</sup> | 16.28 | 42.78 | 13.35 | 41.18 | (18.89)<sup>(d)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |  |
| Net Assets, end of period ($ millions) | $152 | $156 | $145 | $218 | $302 | $63 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.50 <sup>(e)(f)</sup> | 0.50 | 0.50 | 0.50 | 0.50 | 0.50 <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 3.14 <sup>(e)</sup> | 3.56 | 3.80 | 2.26 | 0.05 | (0.05)<sup>(e)</sup> |
| Portfolio turnover rate (%)<sup>(g)</sup> | 105 <sup>(d)</sup> | 0 | 164 | 124 | 3 | 0 <sup>(d)</sup> |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Years Ended June 30** | **Years Ended June 30** | **Years Ended June 30** | |
| **Simplify Intermediate Term Treasury Futures Strategy ETF**<br>**Selected Per Share Data** | **For the<br> Six Months Ended<br> December 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **Period Ended<br> June 30,**<br>**2022<sup>(h)</sup>** |
| Net Asset Value, beginning of period | $13.48 | $12.98 | $14.71 | $18.28 | $25.00 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.25 | 0.58 | 0.68 | 0.51 | 0.14 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.12 | 0.48 <sup>(i)</sup> | (1.84) | (3.53) | (6.74) |
| Total from investment operations | 0.37 | 1.06 | (1.16) | (3.02) | (6.60) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.29) | (0.56) | (0.57) | (0.55) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.29) | (0.56) | (0.57) | (0.55) | (0.12) |
| Net Asset Value, end of period | $13.56 | $13.48 | $12.98 | $14.71 | $18.28 |
| **Total Return (%)** | 2.78 <sup>(d)</sup> | 8.42 | (7.93) | (16.61) | (26.47)<sup>(d)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |
| Net Assets, end of period ($ millions) | $85 | $153 | $49 | $53 | $40 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses before fee waiver (%) | 0.25 <sup>(e)(f)</sup> | 0.25 | 0.25 | 0.27 <sup>(j)</sup> | 0.25 <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses after fee waiver (%) | 0.18 <sup>(e)(f)</sup> | 0.15 | 0.15 | 0.17 <sup>(j)</sup> | 0.15 <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 3.72 <sup>(e)</sup> | 4.43 | 5.08 | 3.16 | 0.85 <sup>(e)</sup> |
| Portfolio turnover rate (%)<sup>(g)</sup> | 89 <sup>(d)</sup> | 0 | 0 | 0 | 153 <sup>(d)</sup> |

---

(a) For the period May 11, 2021 (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) 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) Excludes the impact of in-kind transactions
 related to the processing of capital share transactions in Creation Units.

(h) For the period September 28, 2021
 (commencement of operations) through June 30, 2022.

(i) 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.

(j) The ratios of expenses to average
 net assets includes interest expense fees of 0.02%.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Financial Highlights** (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Simplify MBS ETF**<br> **Selected Per Share Data** | **For the<br> Six Months Ended December 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> June 30,<br> 2025** | **Period Ended<br> June 30,<br> 2024<sup>(a)</sup>** |
| Net Asset Value, beginning of period | $50.06 | $50.36 | $50.00 |
| Income (loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.99 | 2.23 | 1.66 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.92 | 0.47 | 0.45 <sup>(c)</sup> |
| Total from investment operations | 1.91 | 2.70 | 2.11 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.26) | (2.22) | (1.44) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.27) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (0.77) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.53) | (3.00) | (1.75) |
| Net Asset Value, end of period | $50.44 | $50.06 | $50.36 |
| **Total Return (%)** | 3.87 <sup>(d)</sup> | 5.52 | 4.24 <sup>(d)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** | $1685 | $1373 | $750 |
| Net Assets, end of period ($ millions) |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses before fee waiver (%) | 0.25 <sup>(e)(f)</sup> | 0.25 | 0.27 <sup>(e)(g)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses after fee waiver (%) | 0.15 <sup>(e)(f)</sup> | 0.15 | 0.17 <sup>(e)(g)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 3.91 <sup>(e)</sup> | 4.43 | 5.13 <sup>(e)</sup> |
| Portfolio turnover rate (%)<sup>(h)</sup> | 385 <sup>(d)</sup> | 1376 | 769 <sup>(d)</sup> |

---

---

| | | | |
|:---|:---|:---|:---|
| **Simplify Next Intangible Core Index ETF**<br> **Selected Per Share Data** | **For the<br> Six Months Ended December 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> June 30,<br> 2025** | **Period Ended<br> June 30,<br> 2024<sup>(i)</sup>** |
| Net Asset Value, beginning of period | $30.77 | $26.21 | $25.00 |
| Income (loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.12 | 0.22 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.70 | 5.44 | 1.20 |
| Total from investment operations | 1.82 | 5.66 | 1.26 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.09) | (0.26) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.84) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.09) | (1.10) | (0.05) |
| Net Asset Value, end of period | $32.50 | $30.77 | $26.21 |
| **Total Return (%)** | 5.91 <sup>(d)</sup> | 21.95 | 5.03 <sup>(d)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** | $36 | $2 | $3 |
| Net Assets, end of period ($ millions) |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.25 <sup>(e)</sup> | 0.25 | 0.25 <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 0.74 <sup>(e)</sup> | 0.79 | 1.18 <sup>(e)</sup> |
| Portfolio turnover rate (%)<sup>(h)</sup> | 13 <sup>(d)</sup> | 34 | 28 <sup>(d)</sup> |

---

(a) For the period November 7, 2023 (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) 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) Excludes the impact of in-kind transactions
 related to the processing of capital share transactions in Creation Units.

(i) For the period April 16, 2024 (commencement
 of operations) through June 30, 2024.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Financial Highlights** (Continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Years Ended June 30** | **Years Ended June 30** | |
| **Simplify Short Term Treasury Futures Strategy ETF**<br>**Selected Per Share Data** | **For the<br> Six Months Ended December 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **Period Ended<br> June 30,**<br>**2023<sup>(a)</sup>** |
| Net Asset Value, beginning of period | $22.02 | $21.33 | $22.66 | $25.00 |
| Income (loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.42 | 0.98 | 1.14 | 0.68 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.10) | 0.70 | (1.43) | (2.38) |
| Total from investment operations | 0.32 | 1.68 | (0.29) | (1.70) |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.43) | (0.99) | (1.04) | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.43) | (0.99) | (1.04) | (0.64) |
| Net Asset Value, end of period | $21.91 | $22.02 | $21.33 | $22.66 |
| **Total Return (%)** | 1.49 <sup>(c)</sup> | 8.04 | (1.33) | (6.97)<sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |
| **Net Assets, end of period ($ millions)** | $654 | $666 | $539 | $534 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses before fee waiver (%) | 0.27 <sup>(d)(e)(f)</sup> | 0.25 | 0.25 | 0.26 <sup>(d)(g)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses after fee waiver (%) | 0.21 <sup>(d)(e)(f)</sup> | 0.15 | 0.15 | 0.15 <sup>(d)(g)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 3.81 <sup>(d)</sup> | 4.49 | 5.13 | 4.62 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(h)</sup> | 0 <sup>(c)</sup> | 0 | 0 | 0 <sup>(c)</sup> |

---

---

| | | |
|:---|:---|:---|
| **Simplify Target 15 Distribution ETF**<br>**Selected Per Share Data** | **For the<br> Six Months Ended December 31,<br> 2025**<br>**(Unaudited)** | **Period Ended<br> June 30,**<br>**2025<sup>(i)</sup>** |
| Net Asset Value, beginning of period | $26.33 | $25.00 |
| Income (loss) from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.47 | 0.20 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.61 | 1.78 |
| Total from investment operations | 2.08 | 1.98 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.65) | (0.65) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.51) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (3.16) | (0.65) |
| Net Asset Value, end of period | $25.25 | $26.33 |
| **Total Return (%)** | 8.11 <sup>(c)</sup> | 7.99 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |
| **Net Assets, end of period ($ millions)** | $73 | $47 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.75 <sup>(d)(f)</sup> | 0.75 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 3.52 <sup>(d)</sup> | 3.65 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(h)</sup> | 22 <sup>(c)</sup> | 0 <sup>(c)</sup> |

---

(a) For
 the period November 15, 2022 (commencement of operations) through June 30, 2023.

(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 0.02%.

(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 0.01%.

(h) Excludes
 the impact of in-kind transactions related to the processing of capital share transactions in Creation Units.

(i) 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)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Years Ended June 30** | **Years Ended June 30** | |
| **Simplify Treasury Option Income ETF**<br>**Selected Per Share Data** | **For the<br> Six Months Ended December 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **Period Ended<br> June 30,**<br>**2023<sup>(a)</sup>** |
| Net Asset Value, beginning of period | $23.68 | $24.59 | $25.06 | $25.00 |
| Income (loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.45 | 1.02 | 1.22 | 0.70 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.48 | (0.04) | 0.10 | 0.11 |
| Total from investment operations | 0.93 | 0.98 | 1.32 | 0.81 |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.90) | (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 | (0.90) | (1.89) | (1.79) | (0.75) |
| Net Asset Value, end of period | $23.71 | $23.68 | $24.59 | $25.06 |
| **Total Return (%)** | 4.02 <sup>(c)</sup> | 4.06 | 5.39 | 3.27 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |
| Net Assets, end of period ($ millions) | $352 | $343 | $140 | $14 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.35 <sup>(d)(e)</sup> | 0.35 | 0.36 <sup>(f)</sup> | 0.43 <sup>(d)(g)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 3.77 <sup>(d)</sup> | 4.23 | 4.93 | 4.21 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(h)</sup> | 3 <sup>(c)</sup> | 0 | 0 | 0 <sup>(c)</sup> |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years Ended June 30** | **Years Ended June 30** | **Years Ended June 30** | **Years Ended June 30** | |
| **Simplify US Equity PLUS Bitcoin Strategy ETF**<br>**Selected Per Share Data** | **For the<br> Six Months Ended December 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **Period Ended<br> June 30,**<br>**2021<sup>(i)</sup>** |
| Net Asset Value, beginning of period | $41.41 | $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> | 0.14 | 0.38 | 0.25 | 0.18 | 0.17 | 0.06 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 3.39 | 6.95 | 9.51 | 5.35 | (4.51) | 0.30 |
| Total from investment operations | 3.53 | 7.33 | 9.76 | 5.53 | (4.34) | 0.36 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.20) | (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 | (0.20) | (0.36) | (0.30) | (0.98) | (0.55) | (0.04) |
| Net Asset Value, end of period | $44.74 | $41.41 | $34.44 | $24.98 | $20.43 | $25.32 |
| **Total Return (%)** | 8.54 <sup>(c)</sup> | 21.35 | 39.29 | 27.69 | (17.66) | 1.46 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |  |
| Net Assets, end of period ($ millions) | $47 | $76 | $22 | $9 | $87 | $103 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.50 <sup>(d)(e)</sup> | 0.51 <sup>(e)(f)</sup> | 0.51 <sup>(e)(f)</sup> | 0.51 <sup>(e)(f)</sup> | 0.50 <sup>(e)</sup> | 0.51 <sup>(d)(e)(f)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 0.64 <sup>(d)</sup> | 1.00 | 0.83 | 0.84 | 0.66 | 2.65 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(h)</sup> | 11 <sup>(c)</sup> | 30 | 21 | 8 | 6 | 2 <sup>(c)</sup> |

---

(a) For
 the period October 28, 2022 (commencement of operations) through June 30, 2023.

(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) The
 ratios of expenses to average net assets includes interest expense fees of 0.01%.

(g) The
 ratios of expenses to average net assets includes interest expense fees of 0.08%.

(h) Excludes
 the impact of in-kind transactions related to the processing of capital share transactions in Creation Units.

(i) For
 the period May 25, 2021 (commencement of operations) through June 30, 2021.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Financial Highlights** (Continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years Ended June 30** | **Years Ended June 30** | **Years Ended June 30** | **Years Ended June 30** | |
| **Simplify US Equity PLUS Convexity ETF**<br>**Selected Per Share Data** | **For the<br> Six Months Ended<br> December 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **Period Ended<br> June 30,**<br>**2021<sup>(a)</sup>** |
| Net Asset Value, beginning of period | $41.16 | $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> | 0.18 | 0.34 | 0.34 | 0.36 | 0.33 | 0.31 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.57 | 4.95 | 7.22 | 2.46 | (3.85) | 5.59 |
| Total from investment operations | 1.75 | 5.29 | 7.56 | 2.82 | (3.52) | 5.90 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.20) | (0.36) | (0.41) | (0.33) | (0.52) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.20) | (0.36) | (0.41) | (0.33) | (0.52) | (0.27) |
| Net Asset Value, end of period | $42.71 | $41.16 | $36.23 | $29.08 | $26.59 | $30.63 |
| **Total Return (%)** | 4.26 <sup>(c)</sup> | 14.71 | 26.21 | 10.67 | (11.68) | 23.68 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |  |
| Net Assets, end of period ($ millions) | $95 | $83 | $73 | $73 | $61 | $89 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.50 <sup>(d)(e)</sup> | 0.50 <sup>(e)</sup> | 0.50 <sup>(e)</sup> | 0.53 <sup>(e)(f)</sup> | 0.50 <sup>(e)</sup> | 0.50 <sup>(d)(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses after fee waiver (%) | 0.50 <sup>(d)(e)</sup> | 0.50 <sup>(e)</sup> | 0.38 <sup>(e)</sup> | 0.28 <sup>(e)(f)</sup> | 0.25 <sup>(e)</sup> | 0.25 <sup>(d)(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 0.84 <sup>(d)</sup> | 0.89 | 1.10 | 1.35 | 1.04 | 1.35 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(g)</sup> | 3 <sup>(c)</sup> | 8 | 3 | 1 | 3 | 6 <sup>(c)</sup> |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years Ended June 30** | **Years Ended June 30** | **Years Ended June 30** | **Years Ended June 30** | |
| **Simplify US Equity PLUS Downside Convexity ETF**<br>**Selected Per Share Data** | **For the<br> Six Months Ended<br> December 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **Period Ended<br> June 30,**<br>**2021<sup>(a)</sup>** |
| Net Asset Value, beginning of period | $37.94 | $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> | 0.17 | 0.29 | 0.32 | 0.30 | 0.35 | 0.36 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.32 | 5.62 | 5.17 | 1.07 <sup>(h)</sup> | (3.76) | 5.14 |
| Total from investment operations | 1.49 | 5.91 | 5.49 | 1.37 | (3.41) | 5.50 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.20) | (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 | (0.20) | (0.36) | (0.46) | (0.49) | (0.37) | (0.24) |
| Net Asset Value, end of period | $39.23 | $37.94 | $32.39 | $27.36 | $26.48 | $30.26 |
| **Total Return (%)** | 3.92 <sup>(c)</sup> | 18.38 | 20.23 | 5.31 | (11.38) | 22.07 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |  |
| Net Assets, end of period ($ millions) | $117 | $88 | $114 | $116 | $445 | $225 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.50 <sup>(d)(e)</sup> | 0.50 <sup>(e)</sup> | 0.50 <sup>(e)</sup> | 0.62 <sup>(e)(i)</sup> | 0.50 <sup>(e)</sup> | 0.50 <sup>(d)(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses after fee waiver (%) | 0.50 <sup>(d)(e)</sup> | 0.50 <sup>(e)</sup> | 0.38 <sup>(e)</sup> | 0.37 <sup>(e)(i)</sup> | 0.25 <sup>(e)</sup> | 0.25 <sup>(d)(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 0.86 <sup>(d)</sup> | 0.85 | 1.11 | 1.15 | 1.14 | 1.53 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(g)</sup> | 5 <sup>(c)</sup> | 13 | 0 | 0 | 5 | 4 <sup>(c)</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) 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) The
 ratios of expenses to average net assets includes interest expense fees of 0.03%.

(g) Excludes
 the impact of in-kind transactions related to the processing of capital share transactions in Creation Units.

(h) 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.

(i) The
 ratios of expenses to average net assets includes interest expense fees of 0.12%.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Financial Highlights** (Continued)

---

| | |
|:---|:---|
| **Simplify US Equity PLUS Managed Futures Strategy ETF<br> Selected Per Share Data** | **Period Ended<br> December 31,<br> 2025<sup>(a)</sup><br> (Unaudited)** |
| Net Asset Value, beginning of period | $25.00 |
| Income (loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.45 |
| Total from investment operations | 0.53 |
| Net Asset Value, end of period | $25.53 |
| **Total Return (%)** | 2.12 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |
| Net Assets, end of period ($ millions) | $4 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses before fee waiver (%) | 0.25 <sup>(d)(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses after fee waiver (%) | 0.10 <sup>(d)(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 4.88 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(f)</sup> | 35 <sup>(c)</sup> |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years Ended June 30** | **Years Ended June 30** | **Years Ended June 30** | **Years Ended June 30** | |
| **Simplify US Equity PLUS Upside Convexity ETF**<br>**Selected Per Share Data** | **For the<br> Six Months Ended<br> December 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **Period Ended<br> June 30,**<br>**2021<sup>(g)</sup>** |
| Net Asset Value, beginning of period | $44.44 | $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> | 0.19 | 0.46 | 0.34 | 0.40 | 0.36 | 0.32 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 5.42 | 4.02 | 9.78 | 3.99 | (3.91) | 6.02 |
| Total from investment operations | 5.61 | 4.48 | 10.12 | 4.39 | (3.55) | 6.34 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.21) | (0.36) | (0.45) | (0.34) | (0.43) | (0.35) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (3.35) |  |  |  | (0.41) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (3.56) | (0.36) | (0.45) | (0.34) | (0.84) | (0.35) |
| Net Asset Value, end of period | $46.49 | $44.44 | $40.32 | $30.65 | $26.60 | $30.99 |
| **Total Return (%)** | 12.52 <sup>(c)</sup> | 11.20 | 33.28 | 16.65 | (11.99) | 25.52 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |  |
| Net Assets, end of period ($ millions) | $105 | $117 | $8 | $8 | $12 | $9 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.50 <sup>(d)(e)</sup> | 0.50 <sup>(e)</sup> | 0.50 <sup>(e)</sup> | 0.50 <sup>(e)</sup> | 0.50 <sup>(e)</sup> | 0.50 <sup>(d)(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses after fee waiver (%) | 0.50 <sup>(d)(e)</sup> | 0.50 <sup>(e)</sup> | 0.37 <sup>(e)</sup> | 0.25 <sup>(e)</sup> | 0.25 <sup>(e)</sup> | 0.25 <sup>(d)(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 0.78 <sup>(d)</sup> | 1.15 | 1.04 | 1.46 | 1.13 | 1.37 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(f)</sup> | 8 <sup>(c)</sup> | 94 | 4 | 0 | 4 | 5 <sup>(c)</sup> |

---

(a) For
 the period December 8, 2025 (commencement of operations) through December 31, 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.

(g) For
 the period September 4, 2020 (commencement of operations) through June 30, 2021.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Financial Highlights** (Continued)

---

| | |
|:---|:---|
| **Simplify VettaFi Private Credit Strategy ETF**<br>**Selected Per Share Data** | **Period Ended<br> December 31,<br> 2025<sup>(a)</sup>**<br>**(Unaudited)** |
| Net Asset Value, beginning of period | $25.00 |
| Income (loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.21 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (1.80) |
| Total from investment operations | (1.59) |
| Less distributions from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.53) |
| Net Asset Value, end of period | $22.88 |
| **Total Return (%)** | (6.43)<sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |
| Net Assets, end of period ($ millions) | $2 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.75 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 3.22 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(e)</sup> | 0<sub></sub> <sup>(c)</sup> |

---

(a) For
 the period September 22, 2025 (commencement of operations) through December 31, 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**

**Consolidated Financial Highlights**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Years Ended June 30** | **Years Ended June 30** | |
| **Simplify Bitcoin Strategy PLUS Income ETF**<br>**Selected Per Share Data** | **For the<br> Six Months Ended December 31, <br>2025**<br>**(Unaudited)** | **2025** | **2024** | **Period Ended<br> June 30,**<br>**2023<sup>(a)</sup>** |
| Net Asset Value, beginning of period | $31.13 | $25.24 | $18.08 | $12.50 |
| Income (loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | (0.00)<sup>(c)</sup> | 0.78 | 0.76 | 0.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (11.28) | 14.28 | 12.23 | 6.64 |
| Total from investment operations | (11.28) | 15.06 | 12.99 | 6.79 |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (5.51) | (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 | (5.51) | (9.17) | (5.83) | (1.21) |
| Net Asset Value, end of period | $14.34 | $31.13 | $25.24 | $18.08 |
| **Total Return (%)** | (41.51)<sup>(d)</sup> | 74.47 | 84.03 | 58.15 <sup>(d)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |
| Net Assets, end of period ($ millions) | $44 | $52 | $19 | $25 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 1.12 <sup>(e)(f)(g)</sup> | 1.31 <sup>(g)(h)</sup> | 6.09 <sup>(g)(i)</sup> | 11.18 <sup>(e)(g)(j)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | (0.02)<sup>(e)</sup> | 2.97 | 3.67 | 1.35 <sup>(e)</sup> |
| Portfolio turnover rate (%)<sup>(k)</sup> | 26 <sup>(d)</sup> | 0 | 0 | 0 <sup>(d)</sup> |

---

---

| | | |
|:---|:---|:---|
| **Simplify Gold Strategy PLUS Income ETF**<br>**Selected Per Share Data** | **For the<br> Six Months Ended<br> December 31,<br> 2025**<br>**(Unaudited)** | **Period Ended<br> June 30,**<br>**2025<sup>(l)</sup>** |
| Net Asset Value, beginning of period | $34.24 | $25.00 |
| Income (loss) from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.66 | 0.64 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 12.25 | 9.25 |
| Total from investment operations | 12.91 | 9.89 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (3.95) | (0.65) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (1.30) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (5.25) | (0.65) |
| Net Asset Value, end of period | $41.90 | $34.24 |
| **Total Return (%)** | 38.28 <sup>(d)</sup> | 39.74 <sup>(d)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |
| Net Assets, end of period ($ millions) | $49 | $28 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.53 <sup>(e)(g)(m)</sup> | 0.53 <sup>(e)(n)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 3.33 <sup>(e)</sup> | 3.67 <sup>(e)</sup> |
| Portfolio turnover rate (%)<sup>(k)</sup> | 189 <sup>(d)</sup> | 0 <sup>(d)</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) Less
 than $.005.

(d) Not
 annualized.

(e) Annualized.

(f) The
 ratios of expenses to average net assets includes interest expense fees of 0.27%.

(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 0.46%.

(i) The
 ratios of expenses to average net assets includes interest expense fees of 5.24%.

(j) The
 ratios of expenses to average net assets includes interest expense fees of 10.23%.

(k) Excludes
 the impact of in-kind transactions related to the processing of capital share transactions in Creation Units.

(l) For
 the period December 2, 2024 (commencement of operations) through June 30, 2025.

(m) The
 ratios of expenses to average net assets includes interest expense fees of 0.03%.

(n) The
 ratios of expenses to average net assets includes interest expense fees of 0.02%.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds Consolidated Financial Highlights** (Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Simplify Multi-QIS Alternative ETF**<br>**Selected Per Share Data** | **For the Six<br> Months Ended<br> December 31,<br> 2025**<br>**(Unaudited)** | **Year Ended<br> June 30,**<br>**2025** | **<br> Period Ended<br> June 30,**<br>**2024<sup>(a)</sup>** |
| Net Asset Value, beginning of period | $22.22 | $25.26 | $25.00 |
| Income (loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.33 | 0.88 | 1.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (7.36) | (3.36) | 0.10 |
| Total from investment operations | (7.03) | (2.48) | 1.17 |
| Less distributions from: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.10) | (0.56) | (0.91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.10) | (0.56) | (0.91) |
| Net Asset Value, end of period | $15.09 | $22.22 | $25.26 |
| **Total Return (%)** | (31.74)<sup>(c)</sup> | (9.89) | 4.78 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |
| Net Assets, end of period ($ millions) | $59 | $96 | $115 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 1.05 <sup>(d)(e)(f)</sup> | 1.00 <sup>(f)</sup> | 1.00 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 3.43 <sup>(d)</sup> | 3.66 | 4.36 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(g)</sup> | 0 <sup>(c)</sup> | 29 | 0 <sup>(c)</sup> |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Years Ended June 30** | **Years Ended June 30** | **Years Ended June 30** | **Years Ended June 30** | |
| **Simplify Volatility Premium ETF**<br>**Selected Per Share Data** | **For the<br> Six Months Ended<br> December 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **Period Ended<br> June 30,**<br>**2021<sup>(h)</sup>** |
| Net Asset Value, beginning of period | $18.44 | $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> | 0.38 | 0.75 | 1.13 | 0.63 | 0.03 | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.63 | (1.41) | 2.04 | 3.97 | (1.54) | 2.03 |
| Total from investment operations | 1.01 | (0.66) | 3.17 | 4.60 | (1.51) | 2.01 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.80) | (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 | (1.80) | (3.37) | (3.61) | (3.87) | (3.32) |  |
| Net Asset Value, end of period | $17.65 | $18.44 | $22.47 | $22.91 | $22.18 | $27.01 |
| **Total Return (%)** | 5.96 <sup>(c)</sup> | (3.00) | 15.05 | 23.14 | (6.23) | 8.05 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |  |
| Net Assets, end of period ($ millions) | $630 | $917 | $1000 | $324 | $99 | $15 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.69 <sup>(d)(f)(i)</sup> | 0.63 <sup>(f)(j)</sup> | 0.65 <sup>(f)(k)</sup> | 1.16 <sup>(f)(l)</sup> | 0.61 <sup>(f)(m)</sup> | 0.51 <sup>(d)(f)(n)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 4.31 <sup>(d)</sup> | 3.70 | 5.00 | 2.85 | 0.10 | (0.51)<sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(g)</sup> | 0 <sup>(c)</sup> | 154 | 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) Annualized.

(e) The
 ratios of expenses to average net assets includes interest expense fees of 0.05%.

(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) Excludes
 the impact of in-kind transactions related to the processing of capital share transactions in Creation Units.

(h) For
 the period May 13, 2021 (commencement of operations) through June 30, 2021.

(i) The
 ratios of expenses to average net assets includes interest expense fees of 0.19%.

(j) The
 ratios of expenses to average net assets includes interest expense fees of 0.09%.

(k) The
 ratios of expenses to average net assets includes interest expense fees of 0.15%.

(l) The
 ratios of expenses to average net assets includes interest expense fees of 0.66%.

(m) The
 ratios of expenses to average net assets includes interest expense fees of 0.11%.

(n) 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**

December 31, 2025 (Unaudited)

**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 December 31, 2025, the Trust consists of thirty eight 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 Government Money Market 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.

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 US Equity PLUS Managed Futures Strategy ETF, Simplify Bitcoin Strategy PLUS Income ETF, Simplify Gold Strategy PLUS Income ETF, and Simplify VettaFi Private Credit Strategy 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 Government Money Market ETF | The Fund seeks to provide current income. Long-term capital appreciation is a secondary objective. |
| 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 maximize return. |
| 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 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 Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Fund** | **Investment Objectives** |
| Simplify US Equity PLUS Bitcoin Strategy ETF | The Fund seeks long-term capital appreciation. |
| Simplify US Equity PLUS Convexity ETF | The Fund seeks long-term capital appreciation. |
| Simplify US Equity PLUS Downside Convexity ETF | The Fund seeks long-term capital appreciation. |
| Simplify US Equity PLUS Managed Futures Strategy ETF | The Fund seeks long-term capital appreciation. |
| Simplify US Equity PLUS Upside Convexity ETF | The Fund seeks to provide capital appreciation. |
| Simplify VettaFi Private Credit Strategy ETF | The Fund seeks income and capital appreciation. |
| Simplify Bitcoin Strategy PLUS Income ETF | The Fund seeks income and capital appreciation. |
| Simplify Gold Strategy PLUS Income ETF | The Fund seeks income and capital appreciation. |
| 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 Statements 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 Date of**<br> **Subsidiary** | **Subsidiary<br> Net Assets at**<br> **December 31,**<br> **2025** | **% of Fund's<br> Consolidated<br> Total Assets at<br> December 31,<br> 2025** |
| Simplify Bitcoin Strategy PLUS Income ETF | September 30, 2022 | $1272559 | 2.7% |
| Simplify Gold Strategy PLUS Income ETF | December 2, 2024 | $10883493 | 22.0% |
| Simplify Multi-QIS Alternative ETF | July 11, 2023 | $103822 | 0.1% |
| Simplify Volatility Premium ETF | May 13, 2021 | $333365883 | 23.3% |

---

**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 statements 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.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

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 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

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

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 December 31, 2025 for each Fund based upon the three levels defined above:

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

**Simplify Aggregate Bond ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Exchange-Traded Funds | $279677084 | $— | $— | $279677084 |
| U.S. Treasury Bills | 20132064 | 2772114 |  | 22904178 |
| Interest Rate Swaps |  | 531142 |  | 531142 |
| Money Market Fund | 647759 |  |  | 647759 |
| Futures | 146457 |  |  | 146457 |
| TOTAL | $300603364 | $3303256 | $— | $303906620 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | $(909375) | $— | $— | $(909375) |
| Credit Default Swaps |  | (35993) |  | (35993) |
| Futures | (613078) |  |  | (613078) |
| TOTAL | $(1522453) | $(35993) | $— | $(1558446) |

---

**Simplify Barrier Income ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Exchange-Traded Funds | $138024110 | $— | $— | $138024110 |
| U.S. Treasury Bills | 41485804 | 2475102 |  | 43960906 |
| Purchased Options | 112575 |  |  | 112575 |
| Money Market Fund | 2659944 |  |  | 2659944 |
| TOTAL | $182282433 | $2475102 | $— | $184757535 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | $— | $(5281172) | $— | $(5281172) |
| TOTAL | $— | $(5281172) | $— | $(5281172) |

---

**Simplify Bond Bull ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bills | $86149989 | $23661976 | $— | $109811965 |
| TOTAL | $86149989 | $23661976 | $— | $109811965 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Swaptions | $— | $(36138377) | $— | $(36138377) |
| TOTAL | $— | $(36138377) | $— | $(36138377) |

---

**Simplify China A Shares PLUS Income ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bills | $5758593 | $— | $— | $5758593 |
| U.S. Exchange-Traded Funds | 3553195 |  |  | 3553195 |
| Purchased Options | 22490 |  |  | 22490 |
| Total Return Swaps |  | 401197 |  | 401197 |
| TOTAL | $9334278 | $401197 | $— | $9735475 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | $(12960) | $— | $— | $(12960) |
| TOTAL | $(12960) | $— | $— | $(12960) |

---

**Simplify Currency Strategy ETF**

---

| | | | |
|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Total** |
| U.S. Exchange-Traded Funds | $28225380 | $– $– $| 28225380 |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| U.S. Treasury Bills | $24445793 | $1881077 | $26326870 |
| Money Market Fund | 76785 |  | 76785 |
| Forward Foreign Currency Contracts |  | 3029831 | 3029831 |
| TOTAL | $52747958 | $4910908 | $57658866 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Forward Foreign Currency Contracts | $— | $(4805105) | $— | $(4805105) |
| TOTAL | $— | $(4805105) | $— | $(4805105) |

---

**Simplify Enhanced Income ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Exchange-Traded Funds | $117293569 | $— | $— | $117293569 |
| U.S. Treasury Bills | 14594805 | 17672229 |  | 32267034 |
| Purchased Options | 338150 |  |  | 338150 |
| Money Market Fund | 1567273 |  |  | 1567273 |
| TOTAL | $133793797 | $17672229 | $— | $151466026 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | $(203440) | $— | $— | $(203440) |
| TOTAL | $(203440) | $— | $— | $(203440) |

---

**Simplify Government Money Market ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Government Agency Mortgage Backed Securities | $— | $1948039148 | $— | $1948039148 |
| U.S. Treasury Bills | 1066157850 | 69302858 |  | 1135460708 |
| U.S. Government Obligations |  | 824665275 |  | 824665275 |
| Money Market Fund | 4195682 |  |  | 4195682 |
| TOTAL | $1070353532 | $3342007348 | $— | $4412360880 |

---

**Simplify Health Care ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $333848676 | $— | $— | $333848676 |
| Money Market Fund | 11539757 |  |  | 11539757 |
| TOTAL | $345388433 | $— | $— | $345388433 |

---

**Simplify Hedged Equity ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Exchange-Traded Funds | $332579467 | $— | $— | $332579467 |
| Purchased Options | 1472955 |  |  | 1472955 |
| Money Market Fund | 84975 |  |  | 84975 |
| TOTAL | $334137397 | $— | $— | $334137397 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | $(3445500) | $— | $— | $(3445500) |
| TOTAL | $(3445500) | $— | $— | $(3445500) |

---

**Simplify High Yield ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Exchange-Traded Funds | $336876917 | $— | $– $| 336876917 |
| U.S. Treasury Bills | 113751562 | 9900408 | – | 123651970 |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| Total Return Swaps | $— | $802925 | $802925 |
| Money Market Fund | 3580381 |  | 3580381 |
| TOTAL | $454208860 | $10703333 | $464912193 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Credit Default Swaps | $— | $(182268) | $— | $(182268) |
| Total Return Swaps |  | (2762735) |  | (2762735) |
| TOTAL | $— | $(2945003) | $— | $(2945003) |

---

**Simplify Interest Rate Hedge ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bills | $79600956 | $22473927 | $— | $102074883 |
| U.S. Exchange-Traded Funds | 23971555 |  |  | 23971555 |
| Purchased Swaptions |  | 23893999 |  | 23893999 |
| Written Swaption |  | 8264674 |  | 8264674 |
| Interest Rate Swaps |  | 2784 |  | 2784 |
| TOTAL | $103572511 | $54635384 | $— | $158207895 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Purchased Swaptions | $— | $(5322256) | $— | $(5322256) |
| Written Swaption |  | (1743240) |  | (1743240) |
| TOTAL | $— | $(7065496) | $— | $(7065496) |

---

**Simplify Intermediate Term Treasury Futures Strategy ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Exchange-Traded Funds | $84726185 | $— | $— | $84726185 |
| Money Market Fund | 598859 |  |  | 598859 |
| TOTAL | $85325044 | $— | $— | $85325044 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Futures | $(1376774) | $— | $— | $(1376774) |
| TOTAL | $(1376774) | $— | $— | $(1376774) |

---

**Simplify MBS ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Government Agency Mortgage Backed Securities | $— | $1668392196 | $— | $1668392196 |
| U.S. Exchange-Traded Funds | 1486736860 |  |  | 1486736860 |
| U.S. Treasury Bills | 183850877 |  |  | 183850877 |
| Money Market Fund | 8072768 |  |  | 8072768 |
| TOTAL | $1678660505 | $1668392196 | $— | $3347052701 |

---

**Simplify Next Intangible Core Index ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $35612205 | $— | $— | $35612205 |
| Money Market Fund | 96369 |  |  | 96369 |
| TOTAL | $35708574 | $— | $— | $35708574 |

---

**Simplify Short Term Treasury Futures Strategy ETF**

---

| | | | |
|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Total** |
| U.S. Exchange-Traded Funds | $574816870 | $– $– $| 574816870 |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| U.S. Treasury Bills | $55817462 | $23661976 | $79479438 |
| Money Market Fund | 1427624 |  | 1427624 |
| Futures | 244219 |  | 244219 |
| TOTAL | $632306175 | $23661976 | $655968151 |

---

**Simplify Target 15 Distribution ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Exchange-Traded Funds | $53398015 | $— | $— | $53398015 |
| U.S. Treasury Bills | 19484189 | 990041 |  | 20474230 |
| Purchased Options | 82712 |  |  | 82712 |
| Money Market Fund | 346996 |  |  | 346996 |
| TOTAL | $73311912 | $990041 | $— | $74301953 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | $— | $(2397378) | $— | $(2397378) |
| TOTAL | $— | $(2397378) | $— | $(2397378) |

---

**Simplify Treasury Option Income ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Exchange-Traded Funds | $351215810 | $— | $— | $351215810 |
| Money Market Fund | 170421 |  |  | 170421 |
| TOTAL | $351386231 | $— | $— | $351386231 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | $(787500) | $— | $— | $(787500) |
| TOTAL | $(787500) | $— | $— | $(787500) |

---

**Simplify US Equity PLUS Bitcoin Strategy ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Exchange-Traded Funds | $46533320 | $— | $— | $46533320 |
| Money Market Fund | 106813 |  |  | 106813 |
| TOTAL | $46640133 | $— | $— | $46640133 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Futures | $(3327) | $— | $— | $(3327) |
| TOTAL | $(3327) | $— | $— | $(3327) |

---

**Simplify US Equity PLUS Convexity ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Exchange-Traded Funds | $94903917 | $— | $— | $94903917 |
| Purchased Options | 451880 |  |  | 451880 |
| Money Market Fund | 68531 |  |  | 68531 |
| TOTAL | $95424328 | $— | $— | $95424328 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | $(283110) | $— | $— | $(283110) |
| TOTAL | $(283110) | $— | $— | $(283110) |

---

**Simplify US Equity PLUS Downside Convexity ETF**

---

| | | | |
|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Total** |
| U.S. Exchange-Traded Funds | $116389800 | $– $– $| 116389800 |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

---

| | |
|:---|:---|
| Purchased Options | $813181 |
| Money Market Fund | 109026 |
| TOTAL | $117312007 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | $(515240) | $— | $— | $(515240) |
| TOTAL | $(515240) | $— | $— | $(515240) |

---

**Simplify US Equity PLUS Managed Futures Strategy ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Exchange-Traded Funds | $3128806 | $— | $— | $3128806 |
| U.S. Treasury Bills | 842958 |  |  | 842958 |
| Total Return Swaps |  | 63141 |  | 63141 |
| Money Market Fund | 326178 |  |  | 326178 |
| TOTAL | $4297942 | $63141 | $— | $4361083 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Return Swaps | $— | $(981) | $— | $(981) |
| Futures | (11653) |  |  | (11653) |
| TOTAL | $(11653) | $(981) | $— | $(12634) |

---

**Simplify US Equity PLUS Upside Convexity ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Exchange-Traded Funds | $103097854 | $— | $— | $103097854 |
| Purchased Options | 1526052 |  |  | 1526052 |
| Money Market Fund | 243442 |  |  | 243442 |
| TOTAL | $104867348 | $— | $— | $104867348 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | $(203150) | $— | $— | $(203150) |
| TOTAL | $(203150) | $— | $— | $(203150) |

---

**Simplify VettaFi Private Credit Strategy ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bills | $2332058 | $— | $— | $2332058 |
| Total Return Swaps |  | 12186 |  | 12186 |
| Money Market Fund | 97068 |  |  | 97068 |
| TOTAL | $2429126 | $12186 | $— | $2441312 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Return Swaps | $— | $(98852) | $— | $(98852) |
| TOTAL | $— | $(98852) | $— | $(98852) |

---

**Simplify Bitcoin Strategy PLUS Income ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bills | $182904818 | $— | $— | $182904818 |
| U.S. Exchange-Traded Funds | 39471750 |  |  | 39471750 |
| Purchased Options | 1460195 |  |  | 1460195 |
| Money Market Fund | 14455 |  |  | 14455 |
| TOTAL | $223851218 | $— | $— | $223851218 |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Reverse Repurchase Agreements | $— | $(179200772) | $— | $(179200772) |
| Written Options | (120470) |  |  | (120470) |
| TOTAL | $(120470) | $(179200772) | $— | $(179321242) |

---

**Simplify Gold Strategy PLUS Income ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Exchange-Traded Funds | $38091652 | $— | $— | $38091652 |
| U.S. Treasury Bills | 6549461 | 2079086 |  | 8628547 |
| Purchased Options | 110014 |  |  | 110014 |
| Futures | 3240740 |  |  | 3240740 |
| TOTAL | $47991867 | $2079086 | $— | $50070953 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | $(65770) | $— | $— | $(65770) |
| TOTAL | $(65770) | $— | $— | $(65770) |

---

**Simplify Multi-QIS Alternative ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bills | $42988189 | $11137959 | $— | $54126148 |
| U.S. Exchange-Traded Funds | 5740300 |  |  | 5740300 |
| Purchased Options | 111520 | 143 |  | 111663 |
| Total Return Swaps |  | 2562903 |  | 2562903 |
| Money Market Fund | 8644597 |  |  | 8644597 |
| TOTAL | $57484606 | $13701005 | $— | $71185611 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Return Swaps | $— | $(3816688) | $— | $(3816688) |
| TOTAL | $— | $(3816688) | $— | $(3816688) |

---

**Simplify Volatility Premium ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bills | $1138531264 | $— | $— | $1138531264 |
| U.S. Exchange-Traded Funds | 254859218 |  |  | 254859218 |
| Purchased Options | 5960631 |  |  | 5960631 |
| Money Market Fund | 13563279 |  |  | 13563279 |
| Futures | 5846797 |  |  | 5846797 |
| TOTAL | $1418761189 | $— | $— | $1418761189 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Reverse Repurchase Agreements | $— | $(794295317) | $— | $(794295317) |
| Written Options | (1807813) |  |  | (1807813) |
| Futures | (2348418) |  |  | (2348418) |
| TOTAL | $(4156231) | $(794295317) | $— | $(798451548) |

---

**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)

December 31, 2025 (Unaudited)

**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 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 statements.

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, 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.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

**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.

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.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Binary Option** | **Binary Option** | **Put/Call** | **Description of option** |
| SPX/RTY/NDX WOF, Expires 01/08/27, 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 10/09/26, 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 10/09/26 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 10/16/26, 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 10/23/26, 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 10/23/26 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 10/30/26, 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 10/30/26 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 11/06/26, 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)

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| SPX/RTY/NDX WOF, Expires 11/06/26 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 11/13/26, P100%/70% | 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 11/13/26 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 11/20/26, P100%/70% | 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 11/27/26, 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 11/27/26 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 12/04/26, 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 12/04/26 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 12/11/26, P100%/70% | 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)

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| SPX/RTY/NDX WOF, Expires 12/11/26 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 12/18/26, P100%/70% | 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 12/18/26 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 12/24/26, 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 12/24/26 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 12/31/26, 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. |
| 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 closes above the 90% initial price, then there is a knock-in event on maturity date. If the reference index is below 70% of the initial price, there is a knock-out event. |

---

*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 Statements 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

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

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 Statements 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 Statements 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.

**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 December 31, 2025 and the related location in the accompanying Statements of Assets and Liabilities or Consolidated Statements 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** |  |  |  |  |
| Credit Contracts | Unrealized appreciation on centrally cleared swaps | $35993 | Unrealized depreciation on centrally cleared swaps | $— |
| Equity Contracts | Written options | $— | Written options | $909375 |
| Interest Rate Contracts | Unrealized appreciation on futures contracts\* | $146457 | Unrealized depreciation on futures contracts\* | $613078 |
| Interest Rate Contracts | Unrealized appreciation on centrally cleared swaps | $531142 | Unrealized depreciation on centrally cleared swaps | $— |
| **Simplify Barrier Income ETF** |  |  |  |  |
| Equity Contracts | Investments, at value(1) | $112575 | Investments, at value(1) | $— |
| Equity Contracts | Written options | $— | Written options | $5281172 |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Simplify Bond Bull ETF** |  |  |  |  |
| Interest Rate Contracts | Investments, at value(2) | $— | Investments, at value(2) | $36138377 |
| **Simplify China A Shares PLUS Income ETF** |  |  |  |  |
| Equity Contracts | Investments, at value(1) | $22490 | Investments, at value(1) | $— |
| Equity Contracts | Unrealized appreciation on OTC swaps | $401197 | Unrealized depreciation on OTC swaps | $— |
| Equity Contracts | Written options | $— | Written options | $12960 |
| **Simplify Currency Strategy ETF** |  |  |  |  |
| Foreign Exchange Contracts | Unrealized appreciation on forward foreign currency contracts | $3029832 | Unrealized depreciation on forward foreign currency contracts | $4805106 |
| **Simplify Enhanced Income ETF** |  |  |  |  |
| Equity Contracts | Investments, at value(1) | $338150 | Investments, at value(1) | $— |
| Equity Contracts | Written options | $— | Written options | $203440 |
| **Simplify Hedged Equity ETF** |  |  |  |  |
| Equity Contracts | Investments, at value(1) | $1472955 | Investments, at value(1) | $— |
| Equity Contracts | Written options | $— | Written options | $3445500 |
| **Simplify High Yield ETF** |  |  |  |  |
| Credit Contracts | Unrealized appreciation on centrally cleared swaps | $— | Unrealized depreciation on centrally cleared swaps | $182268 |
| Equity Contracts | Unrealized appreciation on OTC swaps | $802925 | Unrealized depreciation on OTC swaps | $1961428 |
| Interest Rate Contracts | Unrealized appreciation on OTC swaps | $— | Unrealized depreciation on OTC swaps | $637776 |
| **Simplify Interest Rate Hedge ETF** |  |  |  |  |
| Interest Rate Contracts | Unrealized appreciation on OTC swaps | $2784 | Unrealized depreciation on OTC swaps | $— |
| Interest Rate Contracts | Investments, at value(2) | $23893999 | Investments, at value(2) | $5322256 |
| **Simplify Intermediate Term Treasury Futures Strategy ETF** |  |  |  |  |
| Interest Rate Contracts | Unrealized appreciation on futures contracts\* | $— | Unrealized depreciation on futures contracts\* | $1376774 |
| **Simplify MBS ETF** |  |  |  |  |
| **Simplify Short Term Treasury Futures Strategy ETF** |  |  |  |  |
| Interest Rate Contracts | Unrealized appreciation on futures contracts\* | $244219 | Unrealized depreciation on futures contracts\* | $— |
| **Simplify Target 15 Distribution ETF** |  |  |  |  |
| Equity Contracts | Investments, at value(1) | $82712 | Investments, at value(1) | $— |
| Equity Contracts | Written options | $— | Written options | $2397378 |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Simplify Treasury Option Income ETF** |  |  |  |  |
| Interest Rate Contracts | Written options | $— | Written options | $787500 |
| **Simplify US Equity PLUS Bitcoin Strategy ETF** |  |  |  |  |
| Equity Contracts | Unrealized appreciation on futures contracts\* | $— | Unrealized depreciation on futures contracts\* | $3327 |
| **Simplify US Equity PLUS Convexity ETF** |  |  |  |  |
| Equity Contracts | Investments, at value(1) | $451880 | Investments, at value(1) | $— |
| **Simplify US Equity PLUS Downside Convexity ETF** |  |  |  |  |
| Equity Contracts | Investments, at value(1) | $813181 | Investments, at value(1) | $— |
| Equity Contracts | Written options | $— | Written options | $515240 |
| **Simplify US Equity PLUS Managed Futures Strategy ETF** |  |  |  |  |
| Equity Contracts | Unrealized appreciation on futures contracts\* | $— | Unrealized depreciation on futures contracts\* | $11653 |
| Commodity Contracts | Unrealized appreciation on OTC swaps | $63141 | Unrealized depreciation on OTC swaps | $981 |
| **Simplify US Equity PLUS Upside Convexity ETF** |  |  |  |  |
| Equity Contracts | Investments, at value(1) | $1526052 | Investments, at value(1) | $— |
| Equity Contracts | Written options | $— | Written options | $203150 |
| **Simplify VettaFi Private Credit Strategy ETF** |  |  |  |  |
| Equity Contracts | Unrealized appreciation on OTC swaps | $12186 | Unrealized depreciation on OTC swaps | $98852 |
| **Simplify Bitcoin Strategy PLUS Income ETF** |  |  |  |  |
| Commodity Contracts | Investments, at value(1) | $1260000 | Investments, at value(1) | $— |
| Equity Contracts | Investments, at value(1) | $200195 | Investments, at value(1) | $— |
| Equity Contracts | Written options | $— | Written options | $120470 |
| **Simplify Gold Strategy PLUS Income ETF** |  |  |  |  |
| Commodity Contracts | Unrealized appreciation on futures contracts\* | $3240740 | Unrealized depreciation on futures contracts\* | $— |
| Equity Contracts | Investments, at value(1) | $110014 | Investments, at value(1) | $— |
| Equity Contracts | Written options | $— | Written options | $65770 |
| **Simplify Multi-QIS Alternative ETF** |  |  |  |  |
| Equity Contracts | Investments, at value(1) | $111663 | Investments, at value(1) | $— |
| Commodity Contracts | Unrealized appreciation on OTC swaps | $273845 | Unrealized depreciation on OTC swaps | $— |
| Equity Contracts | Unrealized appreciation on OTC swaps | $2289058 | Unrealized depreciation on OTC swaps | $3344063 |
| Foreign Exchange Contracts | Unrealized appreciation on OTC swaps | $— | Unrealized depreciation on OTC swaps | $472625 |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Simplify Volatility Premium ETF** |  |  |  |  |
| Equity Contracts | Unrealized appreciation on futures contracts\* | $5846797 | Unrealized depreciation on futures contracts\* | $104762 |
| Interest Rate Contracts | Unrealized appreciation on futures contracts\* | $— | Unrealized depreciation on futures contracts\* | $2243656 |
| Equity Contracts | Investments, at value(1) | $5960631 | Investments, at value(1) | $— |
| Interest Rate Contracts | Written options | $— | Written options | $1807813 |

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\* 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 Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.

(2) Purchased swaption contracts are included in Investments within the Statements of Assets and Liabilities.

For the period ended December 31, 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 Gain/(Loss)** | **Change in Unrealized Appreciation/ (Depreciation)** |
| Simplify Barrier Income ETF | Equity | $(190867) | $(341669) |
| Simplify China A Shares PLUS Income ETF | Equity | (1463888) | (185503) |
| Simplify Enhanced Income ETF | Equity | (22065886) | 2917188 |
| Simplify Hedged Equity ETF | Equity | (10458621) | 600706 |
| Simplify High Yield ETF | Equity | (1308166) | 550614 |
| Simplify High Yield ETF | Foreign Exchange | (45000) | (245483) |
| Simplify Target 15 Distribution ETF | Equity | (283448) | (255723) |
| Simplify Treasury Option Income ETF | Interest Rate |  | 5204 |
| Simplify US Equity PLUS Convexity ETF | Equity | (11383105) | (915837) |
| Simplify US Equity PLUS Convexity ETF | Commodity | (185950) | 4382 |
| Simplify US Equity PLUS Downside Convexity ETF | Equity | (12845474) | (519791) |
| Simplify US Equity PLUS Downside Convexity ETF | Commodity | (130270) | 3111 |
| Simplify US Equity PLUS Upside Convexity ETF | Equity | 4331552 | (3084816) |
| Simplify Bitcoin Strategy PLUS Income ETF | Equity | (12551727) | (1690303) |
| Simplify Bitcoin Strategy PLUS Income ETF | Commodity | (11586148) | (950680) |
| Simplify Gold Strategy PLUS Income ETF | Equity | (4145485) | (507525) |
| Simplify Gold Strategy PLUS Income ETF | Commodity | (106445) | 2002 |
| Simplify Multi-QIS Alternative ETF | Equity | (13784264) |  |
| Simplify Multi-QIS Alternative ETF | Commodity | (114720) |  |
| Simplify Volatility Premium ETF | Equity | (57615018) | (27293998) |
| Simplify Volatility Premium ETF | Interest Rate | (7529778) |  |

---

(a) Purchased
 option contracts are included in Net Realized Gain (Loss) on Investments within the Statements of Operations or Consolidated Statements
 of Operations.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

For the period ended December 31, 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:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Risk Type** | **Realized Gain/(Loss)** | **Change in Unrealized Appreciation/ (Depreciation)** |
| Simplify Aggregate Bond ETF | Interest Rate | $3784237 | $(1755442) |
| Simplify Aggregate Bond ETF | Credit | 135000 | 531142 |
| Simplify China A Shares PLUS Income ETF | Interest Rate | 2935403 | 20594 |
| Simplify High Yield ETF | Equity | (6765498) | (1338639) |
| Simplify High Yield ETF | Interest Rate | 3793958 | (3871356) |
| Simplify High Yield ETF | Credit | (667612) | 165930 |
| Simplify Interest Rate Hedge ETF | Interest Rate | (55) | 326 |
| Simplify US Equity PLUS Managed Futures Strategy ETF | Commodity |  | 62160 |
| Simplify VettaFi Private Credit Strategy ETF | Equity | (94863) | (86666) |
| Simplify Multi-QIS Alternative ETF | Equity | 13242401 | (1398112) |
| Simplify Multi-QIS Alternative ETF | Commodity | 1475732 | 3038296 |
| Simplify Multi-QIS Alternative ETF | Interest Rate | 1079973 | (156357) |
| Simplify Multi-QIS Alternative ETF | Credit | (1141600) | (631110) |

---

For the period ended December 31, 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 Gain/(Loss)** | **Change in Unrealized Appreciation/ (Depreciation)** |
| Simplify Interest Rate Hedge ETF | Interest Rate | $– $| (2791470) |

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(b) Purchased
 Swaptions are included in Net Realized Gain (Loss) on Investments within the Statements of Operations or Consolidated Statements of Operations.

For the period ended December 31, 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 Gain/(Loss)** | **Change in Unrealized Appreciation/ (Depreciation)** |
| Simplify Aggregate Bond ETF | Interest Rate | $999384 | $(1716599) |
| Simplify Intermediate Term Treasury Futures Strategy ETF | Interest Rate | 9872139 | (9713112) |
| Simplify Short Term Treasury Futures Strategy ETF | Interest Rate | 7945878 | (11745514) |
| Simplify Treasury Option Income ETF | Equity | 3463735 |  |
| Simplify Treasury Option Income ETF | Interest Rate |  | (4601384) |
| Simplify US Equity PLUS Bitcoin Strategy ETF | Equity | 983566 | (282492) |
| Simplify US Equity PLUS Managed Futures Strategy ETF | Equity | (3518) | (11653) |
| Simplify Bitcoin Strategy PLUS Income ETF | Commodity | 3452000 | (516577) |
| Simplify Gold Strategy PLUS Income ETF | Equity | 4910 |  |
| Simplify Gold Strategy PLUS Income ETF | Commodity | 10200964 | 3613210 |
| Simplify Multi-QIS Alternative ETF | Equity | (919792) |  |
| Simplify Volatility Premium ETF | Equity | 78506780 | 187977 |
| Simplify Volatility Premium ETF | Interest Rate | 26155201 | (8842558) |

---

For the period ended December 31, 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 Gain/(Loss)** | **Change in Unrealized Appreciation/ (Depreciation)** |
| Simplify Aggregate Bond ETF | Interest Rate | $8355705 | $(843792) |
| Simplify Barrier Income ETF | Equity | 4555545 | 1080283 |
| Simplify China A Shares PLUS Income ETF | Equity | 938835 | (10725) |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Risk Type** | **Realized Gain/(Loss)** | **Change in Unrealized Appreciation/ (Depreciation)** |
| Simplify Enhanced Income ETF | Equity | $15185883 | $(191131) |
| Simplify Hedged Equity ETF | Equity | (14200585) | 12814143 |
| Simplify High Yield ETF | Equity | 1192323 | (506201) |
| Simplify Interest Rate Hedge ETF | Interest Rate |  | 5872788 |
| Simplify Target 15 Distribution ETF | Equity | 3971409 | 459747 |
| Simplify Treasury Option Income ETF | Interest Rate | 10941734 | (497086) |
| Simplify US Equity PLUS Convexity ETF | Equity | 6867300 | (128815) |
| Simplify US Equity PLUS Convexity ETF | Commodity | 449606 | (14922) |
| Simplify US Equity PLUS Downside Convexity ETF | Equity | 7178680 | (159216) |
| Simplify US Equity PLUS Downside Convexity ETF | Commodity | 317378 | (10597) |
| Simplify US Equity PLUS Upside Convexity ETF | Equity | 611151 | 391644 |
| Simplify Bitcoin Strategy PLUS Income ETF | Equity | 7807012 | (77321) |
| Simplify Bitcoin Strategy PLUS Income ETF | Commodity | 753450 | (24217) |
| Simplify Gold Strategy PLUS Income ETF | Equity | 2841316 | (22176) |
| Simplify Gold Strategy PLUS Income ETF | Commodity | 213111 | (6742) |
| Simplify Multi-QIS Alternative ETF | Equity | 4224560 | (235000) |
| Simplify Multi-QIS Alternative ETF | Commodity | 87367 |  |
| Simplify Volatility Premium ETF | Equity | 6713517 |  |
| Simplify Volatility Premium ETF | Interest Rate | 31197292 | (1976745) |

---

For the period ended December 31, 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 or Consolidated Statements of Operations, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Risk Type** | **Realized Gain/(Loss)** | **Change in Unrealized Appreciation/ (Depreciation)** |
| Simplify Currency Strategy ETF | Foreign Exchange | $2301729 | $(2022415) |
| Simplify Multi-QIS Alternative ETF | Foreign Exchange | 75914 | 84419 |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

For the period ended December 31, 2025, the average fiscal quarter end balances of outstanding derivative financial instruments were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Purchased<br> Option Contracts<br> (Contract Value)** | **Purchased<br> Swaption 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 | $— | $— | $— | $102169271 | $(1124438) | $91833333 |
| Simplify Barrier Income ETF | 128775 |  |  |  | (2636712) |  |
| Simplify Bond Bull ETF |  | 2175000000 |  |  |  | 625000000 |
| Simplify China A Shares PLUS Income ETF | 185263 |  |  |  | (25212) | (11234013) |
| Simplify Currency Strategy ETF |  |  | (372210) |  |  |  |
| Simplify Enhanced Income ETF | 3059768 |  |  |  | (417196) |  |
| Simplify Government Money Market ETF |  |  |  |  |  |  |
| Simplify Health Care ETF |  |  |  |  |  |  |
| Simplify Hedged Equity ETF | 1480672 |  |  |  | (8644020) |  |
| Simplify High Yield ETF | 186958 |  |  |  | (86667) | 506135881 |
| Simplify Interest Rate Hedge ETF |  | 1812000000 |  |  |  | 10000 |
| Simplify Intermediate Term Treasury Futures Strategy ETF |  |  |  | 322994375 |  |  |
| Simplify MBS ETF |  |  |  |  |  |  |
| Simplify Next Intangible Core Index ETF |  |  |  |  |  |  |
| Simplify Short Term Treasury Futures Strategy ETF |  |  |  | 3356450609 |  |  |
| Simplify Target 15 Distribution ETF | 91953 |  |  |  | (1594156) |  |
| Simplify Treasury Option Income ETF |  |  |  | 62281771 | (1231490) |  |
| Simplify US Equity PLUS Bitcoin Strategy ETF |  |  |  | 7561667 |  |  |
| Simplify US Equity PLUS Convexity ETF | 1461861 |  |  |  | (390751) |  |
| Simplify US Equity PLUS Downside Convexity ETF | 1648916 |  |  |  | (620440) |  |
| Simplify US Equity PLUS Managed Futures Strategy ETF |  |  |  | 1378500 |  | 4467543 |
| Simplify US Equity PLUS Upside Convexity ETF | 2693911 |  |  |  | (67717) |  |
| Simplify VettaFi Private Credit Strategy ETF |  |  |  |  |  | 3161859 |
| Simplify Bitcoin Strategy PLUS Income ETF | 6197576 |  |  | 14792117 | (229733) |  |
| Simplify Gold Strategy PLUS Income ETF | 438561 |  |  | 59957650 | (84628) |  |
| Simplify Multi-QIS Alternative ETF | 3903514 |  | (55191) |  | (378286) | 284713835 |
| Simplify Volatility Premium ETF | 30680646 |  |  | (220161937) | (2794271) |  |

---

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, 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.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

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 December 31, 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** |  |  |  |  |  |
| BNP Paribas | $(44409) | $44409 | $— | $— | $— |
| Nomura International | (2320939) | 2320939 |  |  |  |
| HSBC Bank | (2915824) | 2915824 |  |  |  |
|  | $(5281172) | $5281172 | $— | $— | $— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |
| Bank of America | $(3511806) | $3511806 | $— | $— | $— |
| Goldman Sachs International | (19929036) | 19929036 |  |  |  |
| Nomura International | (2938525) | 2938525 |  |  |  |
| Morgan Stanley Capital Services LLC | (9759010) | 9759010 |  |  |  |
|  | $(36138377) | $36138377 | $— | $— | $— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Gross Amounts<br> of Assets<br> Presented in<br> the Statements<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 | $401197 | $— | $— | $(401197) | $— |
|  | $401197 | $— | $— | $(401197) | $— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Gross Amounts<br> of Assets<br> Presented in<br> the Statements<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** |  |  |  |  |  |
| UBS | $802925 | $(802925) | $— | $— | $— |
|  | $802925 | $(802925) | $— | $— | $— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |  |  |  |  |  |
| UBS | $1961428 | $(802925) | $— | $(1158503) | $— |
| Citibank | 365428 |  |  | (365428) |  |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
| Morgan Stanley Capital Services LLC | $272348 | $— | $— | $(272348) | $— |
| Nomura Securities | 163531 |  |  | (163531) |  |
|  | $2762735 | $(802925) | $— | $(1959810) | $— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Gross Amounts<br> of Assets<br> Presented in<br> the Statements<br> of Assets and<br> Liabilities<sup>(2)</sup>** | **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 Interest Rate Hedge ETF** |  |  |  |  |  |
| Goldman Sachs International | $5683966 | $(1961857) | $— | $(3722109) | $— |
| J&P Morgan Chase & Co. | 2004327 | (929627) |  | (1074700) |  |
| Macquarie Bank | 1097853 |  |  | (1097853) |  |
| Morgan Stanley Capital Services LLC | 15107853 | (1968280) |  | (3852641) | 9286932 |
|  | $23893999 | $(3930137) | $— | $(9747303) | $9286932 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Gross Amounts<br> of Liabilities<br> Presented in<br> the Statements<br> of Assets and<br> Liabilities<sup>(2)</sup>** | **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 Interest Rate Hedge ETF** |  |  |  |  |  |
| BNP Paribas | $462492 | $— | $— | $(462492) | $— |
| Goldman Sachs International | 1961857 | (1961857) |  |  |  |
| J&P Morgan Chase & Co. | 929627 | (929627) |  |  |  |
| Morgan Stanley Capital Services LLC | 1968280 | (1968280) |  |  |  |
|  | $5322256 | $(4859764) | $— | $(462492) | $— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Gross Amounts<br> of Assets<br> Presented in<br> the Statements<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 | $1374040 | $— | $— | $(1374040) | $— |
| UBS | 1188863 | (1188863) |  |  |  |
|  | $2562903 | $(1188863) | $— | $(1374040) | $— |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | $106771 | $(106771) | $— | $— | $— |
| BNP Paribas | 263253 |  |  | (263253) |  |
| Citibank | 102601 |  |  | (102601) |  |
| UBS | 3344063 |  |  | (3344063) |  |
|  | $3816688 | $(106771) | $— | $(3709917) | $— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 | $1368280 | $— | $— | $(1368280) | $— |
| Nomura Securities | 1029098 |  |  | (1029098) |  |
|  | $2397378 | $— | $— | $(2397378) | $— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Gross Amounts<br> of Assets<br> Presented in<br> the Statements<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 US Equity PLUS Managed Futures Strategy ETF** |  |  |  |  |  |
| Bank of America NA | $49532 | $— | $— | $(49532) | $— |
| Goldman Sachs International | 13609 |  |  |  | 13609 |
|  | $63141 | $— | $— | $(49532) | $13609 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 US Equity PLUS Managed Futures Strategy ETF** |  |  |  |  |  |
| Citibank | $981 | $(981) | $— | $— | $— |
|  | $981 | $(981) | $— | $— | $— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Gross Amounts<br> of Assets<br> Presented in<br> the Statements<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 VettaFi Private Credit Strategy ETF** |  |  |  |  |  |
| UBS | $12186 | $(12186) | $— | $— | $— |
|  | $12186 | $(12186) | $— | $— | $— |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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 VettaFi Private Credit Strategy ETF** |  |  |  |  |  |
| BNP Paribas | $82930 | $— | $— | $— | $82930 |
| UBS | 15922 | (12186) |  |  | 3736 |
|  | $98852 | $(12186) | $— | $— | $86666 |

---

(1) The
 actual collateral received and/or pledged may be more than amount shown.

(2) Purchased
 swaption contracts are included in Investments within the Statements of Assets and Liabilities.

**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.

**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** |
|  | **Gross Amounts**<br>**of Recognized<br> Liabilities** | **Gross Amounts<br> Offset in the<br> Consolidated<br> Statements**<br>**of Assets and<br> Liabilities** | **Net Amounts<br> Presented in the<br> Consolidated<br> Statements**<br>**of Assets and<br> Liabilities** | **Financial<br> Instruments(a)** | **Collateral<br> Pledged(a)** | **Net Amount<br> Payable** |
| Reverse Repurchase Agreements | $179200772 | $— | $179200772 | $179200772 | $179200772 | $— |

---

(a) These
 amounts are limited to the derivatives asset/liability balance and, accordingly, do not include excess collateral received/pledged.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

**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** |
|  | **Gross Amounts**<br>**of Recognized<br> Liabilities** | **Gross Amounts<br> Offset in the<br> Consolidated<br> Statements**<br>**of Assets and<br> Liabilities** | **Net Amounts<br> Presented in the<br> Consolidated<br> Statements**<br>**of Assets and<br> Liabilities** | **Financial<br> Instruments(a)** | **Collateral<br> Pledged(a)** | **Net Amount<br> Payable** |
| Reverse Repurchase Agreements | $794295317 | $— | $794295317 | $794295317 | $794295317 | $— |

---

(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 $101,147,389 and 4.30%, respectively and for Simplify Volatility Premium ETF $434,461,269 and 4.30%, respectively.

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 December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Less than<br> 30 days** | **30-90 days** | **Greater than<br> 90 days** | **Total** |
| U.S. Government Obligations | $– $| 179200772 | $– $| 179200772 |

---

The following table indicates the total amount of reverse repurchased agreements, including accrued interest, reconciled to the Simplify Volatility Premium ETF liability as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Less than<br> 30 days** | **30-90 days** | **Greater than<br> 90 days** | **Total** |
| U.S. Government Obligations | $– $| 794295317 | $– $| 794295317 |

---

**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 Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

---

| | |
|:---|:---|
| **Fund** | **Management<br> Fee** |
| 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 Government Money Market ETF | 0.15% |
| 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 Managed Futures Strategy ETF | 0.75% |
| Simplify US Equity PLUS Upside Convexity ETF | 0.50% |
| Simplify VettaFi Private Credit Strategy ETF | 0.75% |
| 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, 2026, 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 period ended December 31, 2025, the Adviser waived fees of the Funds as follows:

---

| | |
|:---|:---|
| **Fund** | **Fees<br> Waived** |
| Simplify Aggregate Bond ETF | $396301 |
| Simplify High Yield ETF | 479120 |

---

The Adviser for the Fund below has contractually agreed, until at least October 31, 2026, to waive its management fees to 0.15% 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 period ended December 31, 2025, the Adviser waived fees of the Fund as follows:

---

| | |
|:---|:---|
| **Fund** | **Fees<br> Waived** |
| Simplify MBS ETF | $763796 |

---

The Adviser for the Funds below had 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 period ended December 31, 2025, the Adviser waived fees of each Fund as follows:

---

| | |
|:---|:---|
| **Fund** | **Fees<br> Waived** |
| Simplify Intermediate Term Treasury Futures Strategy ETF | $36475 |
| Simplify Short Term Treasury Futures Strategy ETF | 214989 |

---

The Adviser for the Fund below has contractually agreed, until at least October 31, 2026, to waive its management fees to 0.40% of the Fund's average daily net assets. For the period ended December 31, 2025, the Adviser waived fees of the Fund as follows:

---

| | |
|:---|:---|
| **Fund** | **Fees<br> Waived** |
| Simplify Hedged Equity ETF | $159221 |

---

The Adviser for the Fund below has contractually agreed, until at least December 4, 2026, to waive its management fees to 0.07% of the Fund's average daily net assets. For the period ended December 31, 2025, the Adviser waived fees of the Fund as follows:

---

| | |
|:---|:---|
| **Fund** | **Fees<br> Waived** |
| Simplify US Equity PLUS Managed Futures Strategy ETF | $159221 |

---

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

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

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 | $60012367 | $82733902 |
| Simplify Barrier Income ETF | 142617391 | 4508443 |
| Simplify Bond Bull ETF |  |  |
| Simplify China A Shares PLUS Income ETF | 8116258 | 4556311 |
| Simplify Currency Strategy ETF | 31558879 | 3307458 |
| Simplify Enhanced Income ETF | 159651874 | 39316637 |
| Simplify Health Care ETF | 220565827 | 226085826 |
| Simplify Hedged Equity ETF | 1305192 | 27486139 |
| Simplify High Yield ETF | 341087561 | 5533721 |
| Simplify Interest Rate Hedge ETF | 45496556 | 21551146 |
| Simplify Intermediate Term Treasury Futures Strategy ETF | 140054718 | 55396673 |
| Simplify MBS ETF | 1486812547 | 2 |
| Simplify Government Money Market ETF |  |  |
| Simplify Next Intangible Core Index ETF | 22451444 | 3275509 |
| Simplify Short Term Treasury Futures Strategy ETF |  |  |
| Simplify Target 15 Distribution ETF | 61551817 | 8119367 |
| Simplify Treasury Option Income ETF |  |  |
| Simplify US Equity PLUS Bitcoin Strategy ETF | 7711992 | 7184127 |
| Simplify US Equity PLUS Convexity ETF | 3092207 | 4174201 |
| Simplify US Equity PLUS Downside Convexity ETF | 4986468 | 5100749 |
| Simplify US Equity PLUS Managed Futures Strategy ETF | 4520665 | 1402559 |
| Simplify US Equity PLUS Upside Convexity ETF | 8678809 | 22425078 |
| Simplify Bitcoin Strategy PLUS Income ETF | 59430855 | 8233763 |
| Simplify Gold Strategy PLUS Income ETF | 83183334 | 46135468 |
| Simplify Multi-QIS Alternative ETF | 12548573 | 14796386 |
| Simplify Volatility Premium ETF | 64448968 | 232520013 |

---

Securities received and delivered in-kind through subscriptions and redemptions were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Simplify Aggregate Bond ETF | $— | $29200375 |
| Simplify Barrier Income ETF |  |  |
| Simplify Bond Bull ETF |  |  |
| Simplify China A Shares PLUS Income ETF |  |  |
| Simplify Currency Strategy ETF |  |  |
| Simplify Enhanced Income ETF |  | 3069036 |
| Simplify Health Care ETF | 193814565 | 20821609 |
| Simplify Hedged Equity ETF | 56562336 | 76591467 |
| Simplify High Yield ETF |  |  |
| Simplify Interest Rate Hedge ETF |  |  |
| Simplify Intermediate Term Treasury Futures Strategy ETF |  |  |
| Simplify MBS ETF |  |  |
| Simplify Government Money Market ETF |  |  |
| Simplify Next Intangible Core Index ETF | 17069808 | 3583171 |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Simplify Target 15 Distribution ETF |  |  |
| Simplify Short Term Treasury Futures Strategy ETF |  |  |
| Simplify Treasury Option Income ETF | 358315346 | 7009241 |
| Simplify US Equity PLUS Bitcoin Strategy ETF | 10400207 | 44374709 |
| Simplify US Equity PLUS Convexity ETF | 8227005 | 1077944 |
| Simplify US Equity PLUS Downside Convexity ETF | 22422230 | 954695 |
| Simplify US Equity PLUS Managed Futures Strategy ETF |  |  |
| Simplify US Equity PLUS Upside Convexity ETF | 17913904 | 22187585 |
| Simplify Bitcoin Strategy PLUS Income ETF |  |  |
| Simplify Gold Strategy PLUS Income ETF | 1068878 |  |
| 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 | $— | $1505 |
| Simplify Interest Rate Hedge ETF |  | 44172930 |
| Simplify MBS ETF | 10466189024 | 10193538706 |

---

**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.

**9. Federal Income Taxes**

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 Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost** | **Gross<br> Unrealized<br> Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| 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) |

---

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.

**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.

**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**

**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.

December 31, 2025

Semi-Annual Financial Statements

and Other Important Information

Simplify Exchange Traded Funds

Simplify Opportunistic Income ETF (CRDT)

![](logo_001.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) | 12 |
| [Statement of Operations](#book2_003) | 13 |
| [Statements of Changes in Net Assets](#book2_004) | 14 |
| [Financial Highlights](#book2_005) | 15 |
| [Notes to Financial Statements](#book2_006) | 16 |
| [Additional Information](#book2_007) | 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**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **Asset Backed Securities – 32.7%** |  |  |
| Ally Bank Auto Credit-Linked Notes, Class F, Series 2024-B, 144A, 8.04%, 9/15/2032 (a) | $464807 | $472709 |
| AMSR Trust, Class E1, Series 2024-SFR2, 144A, 4.15%, 11/17/2041 (a) | 1000000 | 959313 |
| Apidos CLO Lii, Class F, Series 2025-52A, 144A, 10.38%, (1-Month CME Term SOFR + 6.50%), 4/20/2038 (a)(b) | 500000 | 473297 |
| Apidos CLO XLIII Ltd., Class FR, Series 2023-43A, 144A, 10.53%, (1-Month CME Term SOFR + 6.67%), 7/25/2038 (a)(b) | 1000000 | 955005 |
| Carlyle US CLO 2021-8 Ltd., Class ER, Series 2021-8A, 144A, 8.92%, (1-Month CME Term SOFR + 5.25%), 10/15/2038 (a)(b) | 1000000 | 994175 |
| Chase Auto Credit Linked Notes Series 2025-1, Class G, Series 2025-1, 144A, 10.42%, 2/25/2033 (a) | 666930 | 681065 |
| Dryden 97 CLO Ltd., Class ER, Series 2022-97A, 144A, 9.82%, (1-Month CME Term SOFR + 6.15%), 10/20/2038 (a)(b) | 1000000 | 1000653 |
| Elmwood CLO XII Ltd., Class FR, Series 2021-5A, 144A, 12.42%, (1-Month CME Term SOFR + 8.75%), 10/15/2037 (a)(b) | 1677000 | 1615065 |
| GoldenTree Loan Management US CLO 16 Ltd., Class FRR, Series 2025-16A, 144A, 11.63%, (1-Month CME Term SOFR + 7.75%), 1/20/2038 (a)(b) | 1000000 | 968569 |
| Goodgreen 2024-1 Ltd., Class C, Series 2024-1A, 144A, 8.50%, 7/15/2056 (a) | 327396 | 326525 |
| Green Lakes Park CLO LLC, Class ERR, Series 2025-1A, 144A, 8.61%, (1-Month CME Term SOFR + 4.75%), 1/25/2038 (a)(b) | 1000000 | 994620 |
| HPS Loan Management 2021-16 Ltd., Class ER, Series 2021-16A, 144A, 10.36%, (1-Month CME Term SOFR + 6.50%), 1/23/2035 (a)(b) | 1000000 | 987026 |
| Huntington Bank Auto Credit-Linked Notes Series 2024-2, Class E, Series 2024-2, 144A, 11.42%, (SOFR + 7.50%), 10/20/2032 (a)(b) | 468084 | 473089 |
| Huntington Bank Auto Credit-Linked Notes Series 2025-1, Class D, Series 2025-1, 144A, 7.42%, (SOFR + 3.50%), 3/21/2033 (a)(b) | 363278 | 366001 |
| Invitation Homes 2024-SFR1 Trust, Class F, Series 2024-SFR1, 144A, 4.50%, 9/17/2041 (a) | 1000000 | 948075 |
| Magnetite 50 Ltd., Class F, Series 2025-50A, 144A, 10.99%, (1-Month CME Term SOFR + 6.68%), 7/25/2038 (a)(b) | 250000 | 241573 |
| Milford Park CLO Ltd., Class ER, Series 2022-1A, 144A, 8.52%, (1-Month CME Term SOFR + 4.85%), 1/20/2038 (a)(b) | 1000000 | 995260 |
| Navient Private Education Refi Loan Trust 2021-B, Class R, Series 2021-BA, 144A, 7/15/2069 (a)(c) | 4722 | 1208832 |
| New Economy Assets Phase 1 Sponsor LLC, Class B1, Series 2021-1, 144A, 2.41%, 10/20/2061 (a) | 750000 | 471407 |
| Parallel 2020-1 Ltd., Class DR, Series 2021-1A, 144A, 10.65%, (1-Month CME Term SOFR + 6.76%), 7/20/2034 (a)(b) | 800000 | 790705 |
| Point Securitization Trust 2025-1, Class B1, Series 2025-1, 144A, 5.50%, 6/25/2055 (a)(c) | 1500000 | 1205550 |
| Point Securitization Trust 2025-2, Class A2, Series 2025-2, 144A, 7.00%, 9/25/2055 (a)(c) | 1000000 | 1002612 |
| Saluda Grade Alternative Mortgage Trust 2024-FIG5, Class E, Series 2024-FIG5, 144A, 8.49%, 4/25/2054 (a) | 701761 | 727831 |
| &nbsp;&nbsp;&nbsp;Total Asset Backed Securities (Cost $19,381,740) |  | 18858957 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Preferred Stocks – 20.2%** |  |  |
| **Consumer Discretionary – 0.5%** |  |  |
| QVC Group, Inc., 8.00% | 87789 | 319552 |
| **Energy – 1.6%** |  |  |
| NGL Energy Partners LP, 11.14%, (1-Month CME Term SOFR + 7.47%), Series B (b) | 38100 | 913638 |
| **Financial – 18.1%** |  |  |
| AGNC Investment Corp., 7.75%, (US 5 Year CMT T-Note + 4.39%), Series G (b) | 22060 | 545985 |
| Annaly Capital Management, Inc., 8.88%, Series J | 33000 | 857670 |
| BRC Group Holdings, Inc., 5.25% | 41155 | 506207 |
| Chimera Investment Corp., 9.74%, (1-Month CME Term SOFR + 6.05%), Series B (b) | 74800 | 1739100 |
| Chimera Investment Corp., 8.69%, (1-Month CME Term SOFR + 5.00%), Series C (b) | 53000 | 1130490 |
| Dynex Capital, Inc., 9.39%, (1-Month CME Term SOFR + 5.72%), Series C (b) | 14000 | 358120 |

---

See Notes to Financial Statements.

**Simplify Opportunistic Income ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Preferred Stocks (continued)** |  |  |
| **Financial (continued)** |  |  |
| MFA Financial, Inc., 8.88% | 29100 | $733320 |
| Rithm Capital Corp., 9.08%, (1-Month CME Term SOFR + 5.23%), Series C (b) | 79228 | 1970400 |
| Rithm Capital Corp., 7.00%, (US 5 Year CMT T-Note + 6.22%), Series D (b) | 60564 | 1491691 |
| Rithm Capital Corp., 8.75%, Series E\* | 42900 | 1095666 |
|  |  | 10428649 |
| &nbsp;&nbsp;&nbsp;Total Preferred Stocks (Cost $13,221,131) |  | 11661839 |
| **Common Stocks – 18.1%** |  |  |
| **Consumer Discretionary – 0.3%** |  |  |
| QVC Group, Inc.\* | 16696 | 174640 |
| **Consumer, Cyclical – 0.8%** |  |  |
| Full House Resorts, Inc.\* | 165355 | 431577 |
| **Financial – 17.0%** |  |  |
| AGNC Investment Corp. | 127037 | 1361836 |
| Annaly Capital Management, Inc. | 79655 | 1781086 |
| ARMOUR Residential REIT, Inc., Class REIT | 78000 | 1379820 |
| Chimera Investment Corp. | 51025 | 634241 |
| Dynex Capital, Inc. | 107000 | 1499070 |
| MFA Financial, Inc., Class REIT | 202500 | 1885275 |
| Rithm Capital Corp. | 116593 | 1270864 |
|  |  | 9812192 |
| **Information Technology – 0.0%†** |  |  |
| DSG TopCo Private Equity\* (c) | 2754 | 19278 |
| &nbsp;&nbsp;&nbsp;Total Common Stocks (Cost $10,008,566) |  | 10437687 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | |
| **Mortgage Backed Securities – 11.3%** |  |  |
| **Collateralized Mortgage Backed Securities – 9.2%** |  |  |
| BBCMS Mortgage Trust 2025-C32, 4.50%, 2/15/2062 | $1000000 | 738267 |
| Benchmark 2019-B9 Mortgage Trust, 3.00%, 3/15/2052 | 1000000 | 498866 |
| Benchmark 2021-B25 Mortgage Trust, 3.20%, 4/15/2054 | 591160 | 442038 |
| Freddie Mac MSCR Trust MN11, 8.27%, 7/25/2045 | 1000000 | 1028351 |
| Lmrk Issuer Co. 2 LLC, 8.12%, 9/15/2055 | 500000 | 504896 |
| Multifamily Connecticut Avenue Securities Trust 2025-01, 9.07%, 5/25/2055 | 1300000 | 1355321 |
| PRET 2025-NPL6 LLC, 5.74%, 6/25/2055 | 231087 | 232156 |
| Wells Fargo Commercial Mortgage Trust 2024-5C2, 4.25%, 11/15/2057 | 560000 | 508641 |
| &nbsp;&nbsp;&nbsp;(Cost $5,203,304) |  | 5308536 |
| **Collateralized Mortgage Obligations – 2.1%** |  |  |
| Radnor Re 2024-1 Ltd., 7.87%, 9/25/2034 <br> (Cost $1,159,484) | 1150000 | 1184098 |
| **Corporate Bonds – 8.1%** |  |  |
| **Basic Materials – 2.8%** |  |  |
| Centrus Energy Corp., 5.03%, 8/15/2032, 144A (a)(d) | $500000 | 644625 |
| Magnera Corp., 7.25%, 11/15/2031, 144A (a) | 1000000 | 982705 |
|  |  | 1627330 |
| **Communications – 0.1%** |  |  |
| GoTo Group, Inc., 5.50%, 5/1/2028, 144A (a) | 223300 | 84296 |
| **Consumer, Cyclical – 0.8%** |  |  |
| Full House Resorts, Inc., 8.25%, 2/15/2028, 144A (a) | 500000 | 436250 |

---

See Notes to Financial Statements.

**Simplify Opportunistic Income ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **Corporate Bonds (continued)** |  |  |
| **Consumer, Non-cyclical – 1.4%** |  |  |
| Semler Scientific, Inc., 4.25%, 8/1/2030, 144A (a) | $1000000 | $794500 |
| **Financial – 1.8%** |  |  |
| First Republic Bank, 4.63%, 2/13/2047 (e) | 1500000 | 3900 |
| Flagstar Bancorp, Inc., 7.80%, (1-Month CME Term SOFR + 3.91%), 11/1/2030 (b) | 1109000 | 1059749 |
|  |  | 1063649 |
| **Industrial – 1.2%** |  |  |
| BWX Technologies, Inc., 0.70%, 11/1/2030, 144A (a)(d) | 700000 | 668850 |
| &nbsp;&nbsp;&nbsp;Total Corporate Bonds (Cost $4,799,245) |  | 4674875 |
| **U.S. Treasury Bills – 5.5%** |  |  |
| U.S. Treasury Bill, 3.81%, 3/31/2026 (d),(f) | 700000 | 694001 |
| U.S. Treasury Bill, 3.61%, 4/14/2026 (d),(f) | 2500000 | 2475102 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $3,168,344) |  | 3169103 |
| **Foreign Bonds – 3.1%** |  |  |
| **Airlines – 0.2%** |  |  |
| Azul Investments LLP, 7.25%, 6/15/2026 (c) | 4105000 | 82100 |
| Azul Investments LLP, 7.25%, 6/15/2026, 144A (a)(c) | 149000 | 2980 |
|  |  | 85080 |
| **Energy – 1.6%** |  |  |
| CE Oaxaca II S de RL de CV, 7.25%, 12/31/2031 | 545200 | 527481 |
| Petroleos de Venezuela SA, 6.00%, 5/16/2024 | 1800000 | 422100 |
|  |  | 949581 |
| **Government – 1.3%** |  |  |
| Mexican Bonos, 5.50%, 3/4/2027 | 14000000 | 760004 |
| &nbsp;&nbsp;&nbsp;Total Foreign Bonds (Cost $4,823,864) |  | 1794665 |

---

---

| | |
|:---|:---|
|  | **Shares** |
| **Money Market Fund – 1.6%** |  |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 3.65% (g)<br> (Cost $913,988) | 913988 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | |
| **Term Loans – 0.1%** |  |  |
| **Communications – 0.1%** |  |  |
| Diamond Sports Group LLC, 15.00%, 1/3/2028 <br> (Cost $70,724) | 70724 | 27700 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Purchased Options – 0.0%†** |  |  |  |
| **Puts – Exchange-Traded – 0.0%†** |  |  |  |
| Invesco QQQ Trust, January Strike Price $550, Expires 1/30/26 | 80 | 4400000 | 10080 |
| &nbsp;&nbsp;&nbsp;Total Purchased Options (Cost $71,202) |  |  | 10080 |

---

See Notes to Financial Statements.

**Simplify Opportunistic Income ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | |
|:---|:---|
|  | **Value** |
| Total Investments – 100.7% <br> (Cost $62,821,592) | $58041528 |
| Liabilities in Excess of Other Assets – (0.7)% | (392693) |
| **Net Assets – 100.0%** | $**57648835** |

---

---

| | |
|:---|:---|
| \* | Non Income Producing |
| † | Less than 0.05% |
| (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.<br> Total fair value of Rule 144A securities amounts to $28,523,759, which represents 49.5% of net assets as of December 31, 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 December 31, 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) | Represents a zero coupon bond. Rate shown reflects the effective yield. |
| (e) | Defaulted security. |
| (f) | Securities with an aggregate market value of $2,970,780 have been pledged as collateral for swaps as of December 31, 2025. |
| (g) | Rate shown reflects the 7-day yield as of December 31, 2025. |

---

**<u>Portfolio Abbreviations</u>:**

CME : Chicago Mercantile Exchange <br> CMT : Treasury Constant Maturity Rate <br> SOFR : Secured Overnight Financing Rate

At December 31, 2025, over the counter total return swap contracts outstanding were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/Index** | **Termination<br> Date(a)** | **Financing Rate<br> Paid (Received) <br> by the Fund** | **Counterparty** | **Notional <br> Amount** | **Unrealized<br> Appreciation/<br> (Depreciation)(b)** |
| UJNKTUB02\* | 11/13/2026 | 3.59% (EFFR -0.05%)(c) | UBS | (8517387) | $74150 |
| UQUATUB02\* | 11/13/2026 | 3.89% (EFFR +0.25%)(c) | UBS | 9851861 | (189507) |
|  |  |  |  |  | $(115357) |

---

\* The aggregate market value 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.

Abbreviations:

EFFR : Effective Federal Funds Rate <br> UBS : UBS AG

See Notes to Financial Statements.

**Simplify Opportunistic Income ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

**\*** **The following table shows the top 50 positions and related Market Value of the securities within the UQUATUB02 basket.**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Market Value** | **% of basket** |
| **Common Stocks** |  |  |  |
| **Communication Services** |  |  |  |
| Electronic Arts, Inc. | 486 | $99387 | 1.03% |
| New York Times Co. | 1536 | 106600 | 1.10% |
| Omnicom Group Inc. | 1325 | 106963 | 1.10% |
|  |  | 312950 |  |
| **Consumer Discretionary** |  |  |  |
| Birkenstock Holding Plc | 2384 | 97488 | 1.01% |
| Crocs Inc. | 1304 | 111491 | 1.15% |
| Deckers Outdoor Corp. | 1155 | 119764 | 1.24% |
| Domino's Pizza Inc. | 233 | 97230 | 1.01% |
| Lululemon Athletica Inc. | 561 | 116491 | 1.20% |
| Yum! Brands Inc. | 642 | 97128 | 1.00% |
|  |  | 639592 |  |
| **Consumer Staples** |  |  |  |
| Colgate-Palmolive Co. | 1226 | 96866 | 1.00% |
| Hershey Co. (The) | 534 | 97161 | 1.01% |
| Keurig Dr Pepper Inc. | 3527 | 98781 | 1.02% |
|  |  | 292808 |  |
| **Energy** |  |  |  |
| DT Midstream Inc. | 825 | 98763 | 1.02% |
| **Financials** |  |  |  |
| Aon PLC, Class Class A | 273 | 96429 | 1.00% |
| Intercontinental Exchange Inc. | 629 | 101899 | 1.05% |
| Marsh & McLennan Cos. Inc. | 523 | 97095 | 1.00% |
| Western Union Co. (The) | 10835 | 100878 | 1.04% |
|  |  | 396301 |  |
| **Health Care** |  |  |  |
| Avantor Inc. | 8407 | 96349 | 0.99% |
| Exelixis, Inc. | 2297 | 100685 | 1.04% |
| Henry Schein Inc. | 1339 | 101236 | 1.05% |
| Molina Healthcare, Inc. | 696 | 120720 | 1.25% |
| Zoetis Inc. | 792 | 99636 | 1.03% |
|  |  | 518626 |  |
| **Industrials** |  |  |  |
| Allison Transmission Holdings Inc. | 1171 | 114606 | 1.18% |
| AMETEK INC. | 495 | 101590 | 1.05% |
| Cintas Corporation | 512 | 96369 | 1.00% |
| Comfort Systems USA Inc. | 105 | 98169 | 1.01% |
| Core & Main Inc. | 2029 | 105458 | 1.09% |
| Genpact Ltd. | 2131 | 99705 | 1.03% |
| Karman Holdings Inc. | 1588 | 116194 | 1.20% |
| Loar Holdings, Inc. | 1433 | 97439 | 1.01% |
| Masco Corporation | 1575 | 99945 | 1.03% |
| SS&C Tecnologies Holdings Inc. | 1146 | 100181 | 1.04% |
| TransUnion | 1180 | 101163 | 1.05% |
| Verisk Analytics Inc. | 443 | 99157 | 1.02% |
|  |  | 1229976 |  |

---

See Notes to Financial Statements.

**Simplify Opportunistic Income ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Market Value** | **% of basket** |
| **Common Stocks (continued)** |  |  |  |
| **Information Technology** |  |  |  |
| Adobe, Inc. | 289 | $101132 | 1.04% |
| Cognizant Technology Solutions Corp., Class A | 1318 | 109353 | 1.13% |
| F5 Networks Inc. | 409 | 104370 | 1.08% |
| Motorola Solutions Inc. | 252 | 96518 | 1.00% |
| Vontier Corp. | 2665 | 99088 | 1.02% |
|  |  | 510461 |  |
| **Materials** |  |  |  |
| Avery Dennison Corp. | 553 | 100641 | 1.04% |
| CRH PLC | 873 | 108976 | 1.13% |
| Crown Holdings Inc. | 985 | 101419 | 1.05% |
| Ecolab Inc. | 370 | 97135 | 1.00% |
| James Hardie Industries PLC | 5475 | 113597 | 1.17% |
|  |  | 521768 |  |
| **Real Estate** |  |  |  |
| Lineage Inc. | 2864 | 100230 | 1.03% |
| Medical Properties Trust Usd 0.001 | 19329 | 96643 | 1.00% |
| OMEGA Healthcare Investors, Inc. | 2176 | 96482 | 1.00% |
| Weyerhaeuser Company | 4323 | 102422 | 1.06% |
|  |  | 395777 |  |
| **Utilities** |  |  |  |
| Edison International | 1630 | 97812 | 1.01% |
| Talen Energy Corp. | 265 | 99367 | 1.03% |
|  |  | 197179 |  |
| **Other Component** | 63746 | 4564119 | 47.16% |
| &nbsp;&nbsp;&nbsp;**Total** |  | $9678320 | 100.00% |

---

**\*** **The following table shows the top 50 positions and related Market Value of the securities within the UJNKTUB02 basket.**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Market Value** | **% of basket** |
| **Common Stocks** |  |  |  |
| **Basic Materials** |  |  |  |
| Mosaic Co. (The) | (2802) | $(67509) | 0.80% |
| **Communication Services** |  |  |  |
| Charter Communications, Inc., Class A | (430) | (89765) | 1.06% |
| Comcast Corp., Class A | (3633) | (108594) | 1.29% |
| Iridium Communications Inc. | (5669) | (98520) | 1.17% |
| Liberty Global Ltd., Class A | (5491) | (61170) | 0.72% |
| Liberty Global Ltd., Class C | (4311) | (47589) | 0.56% |
| Zoominfo Technologies, Inc. | (10551) | (107306) | 1.27% |
|  |  | (512944) |  |

---

See Notes to Financial Statements.

**Simplify Opportunistic Income ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Market Value** | **% of basket** |
| **Common Stocks (continued)** |  |  |  |
| **Consumer Discretionary** |  |  |  |
| ADT Inc. | (12745) | $(102851) | 1.22% |
| Bath & Body Works, Inc. | (2677) | (53762) | 0.64% |
| Caesars Entertainment Inc. | (4788) | (111982) | 1.32% |
| Ford Motor Co. | (4406) | (57811) | 0.68% |
| Lithia Motors Inc. | (359) | (119271) | 1.41% |
| Macy's Inc. | (5309) | (117072) | 1.39% |
| MGM Mirage | (3435) | (125348) | 1.48% |
|  |  | (688097) |  |
| **Consumer Staples** |  |  |  |
| Albertsons Cos., Inc., Class A | (5592) | (96011) | 1.14% |
| Coty Inc. | (26430) | (81405) | 0.96% |
| Darling Ingredients Inc. | (3343) | (120339) | 1.42% |
| Dollar General Corp. | (821) | (108981) | 1.29% |
|  |  | (406736) |  |
| **Energy** |  |  |  |
| Civitas Resources, Inc. | (3791) | (102699) | 1.21% |
| **Health Care** |  |  |  |
| Acadia Healthcare Co., Inc. | (4396) | (62373) | 0.74% |
| Bruker Corp. | (2910) | (137069) | 1.62% |
| DaVita, Inc., Class B | (875) | (99421) | 1.17% |
| Jazz Pharmaceuticals PLC | (800) | (135923) | 1.61% |
|  |  | (434786) |  |
| **Industrials** |  |  |  |
| Air Lease Corp. | (1701) | (109281) | 1.29% |
| Alaska Air Group, Inc. | (2248) | (113082) | 1.34% |
| Amentum Holdings Inc. | (4706) | (136476) | 1.61% |
| American Airlines Group Inc. | (8889) | (136263) | 1.61% |
| Avis Budget Group, Inc. | (705) | (90456) | 1.07% |
| Clarivate PLC | (29860) | (99731) | 1.18% |
| Concentrix Corp. | (2494) | (103699) | 1.22% |
| GXO Logistics, Inc., Class A | (2021) | (106389) | 1.26% |
| JetBlue Airways Corp. | (11646) | (52991) | 0.63% |
| ManpowerGroup Inc. | (2863) | (85131) | 1.01% |
| Southwest Airlines Co. | (3341) | (138093) | 1.63% |
|  |  | (1171592) |  |
| **Information Technology** |  |  |  |
| BILL Holdings, Inc. | (2145) | (117003) | 1.38% |
| Coherent Corp. | (884) | (163112) | 1.93% |
| DXC Technology Co. | (8512) | (124705) | 1.48% |
| Enphase Energy, Inc. | (2900) | (92959) | 1.10% |
| Five9, Inc. | (3663) | (73449) | 0.87% |
| Kyndryl Holdings, Inc. | (3883) | (103130) | 1.22% |
| Lumentum Holdings, Inc. | (565) | (208184) | 2.46% |
|  |  | (882542) |  |
| **Materials** |  |  |  |
| Alcoa Corp. | (3019) | (160448) | 1.90% |
| Ashland Inc. | (669) | (39255) | 0.46% |
| Celanese Corp. | (2762) | (116769) | 1.38% |
| Cleveland-Cliffs Inc. | (7585) | (100724) | 1.19% |

---

See Notes to Financial Statements.

**Simplify Opportunistic Income ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Market Value** | **% of basket** |
| **Common Stocks (continued)** |  |  |  |
| **Materials (continued)** |  |  |  |
| Eastman Chemical Co. | (1877) | $(119826) | 1.42% |
| FMC Corp. | (3522) | (48849) | 0.58% |
| Graphic Packaging Holding Co. | (6272) | (94458) | 1.12% |
| Huntsman Corp. | (12965) | (129646) | 1.53% |
|  |  | (809975) |  |
| **Technology** |  |  |  |
| MKS Instruments Inc. | (800) | (127764) | 1.51% |
| **Other Component** | (155404) | (3251330) | 38.45% |
| &nbsp;&nbsp;&nbsp;**Total** |  | $(8455974) | 100.00% |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statement of Assets and Liabilities**

December 31, 2025 (Unaudited)

---

| | |
|:---|:---|
|  | **Simplify<br> Opportunistic<br> Income ETF** |
| **Assets** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value | $58041528 |
| &nbsp;&nbsp;&nbsp;Unrealized appreciation on over the counter swaps | 74150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 356909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 211217 |
| &nbsp;&nbsp;&nbsp;Total assets | 58683804 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;Due to Custodian-Foreign Currency | 495 |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on over the counter swaps | 189507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to broker | 792451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 52516 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 1034969 |
| **Net Assets** | $57648835 |
| **Net Assets Consist of** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $64746042 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss) | (7097207) |
| **Net Assets** | $57648835 |
| Number of Common Shares outstanding | 2475001 |
| **Net Asset Value, offering and redemption price per share** | $23.29 |
| Investments, at cost | $62821592 |
| Foreign currency, at cost | $(471) |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statement of Operations**

For the Six Months Ended December 31, 2025 (Unaudited)

---

| | |
|:---|:---|
|  | **Simplify <br> Opportunistic <br> Income ETF** |
| **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;Dividend income\* | $1144359 |
| &nbsp;&nbsp;&nbsp;Interest income | 2292319 |
| &nbsp;&nbsp;&nbsp;Total income | 3436678 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 371958 |
| &nbsp;&nbsp;&nbsp;Total expenses | 371958 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3064720 |
| **Realized and Unrealized Gain (Loss)** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 2589064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (837335) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | (2135369) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (21665) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (405305) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (1627998) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | (130592) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | (115357) |
| &nbsp;&nbsp;&nbsp;Net unrealized gain (loss) | (1873739) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (2279044) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $785676 |
| \* Withholding tax | $640 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Simplify Opportunistic <br> Income ETF** | **Simplify Opportunistic <br> Income ETF** |
|  | **For the<br> Six Months Ended<br> December 31,<br> 2025**<br> **(Unaudited)** | **Year Ended<br> June 30,<br> 2025** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $3064720 | $6829408 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (405305) | (625816) |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | (1873739) | (4992024) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 785676 | 1211568 |
| **Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (2584501) | (5139704) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (587298) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (2584501) | (5727002) |
| **Fund Shares Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 11982453 | 60653361 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | (30578384) | (52794986) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | (18595931) | 7858375 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | (20394756) | 3342941 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 78043591 | 74700650 |
| &nbsp;&nbsp;&nbsp;End of period | $57648835 | $78043591 |
| **Changes in Shares Outstanding** |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 3275001 | 3025001 |
| &nbsp;&nbsp;&nbsp;Shares sold | 500000 | 2400000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1300000) | (2150000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 2475001 | 3275001 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Financial Highlights**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Years Ended June 30** | **Years Ended June 30** | |
| **Simplify Opportunistic Income ETF**<br>**Selected Per Share Data** | **For the<br> Six Months Ended December 31,**<br> **2025**<br>**(Unaudited)** | **2025** | **2024** | **Period Ended<br> June 30,**<br>**2023<sup>(a)</sup>** |
| Net Asset Value, beginning of period | $23.83 | $24.69 | $25.01 | $25.00 |
| Income (loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.94 | 2.11 | 1.97 | 0.01 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.68) | (1.20) | (0.73) |  |
| Total from investment operations | 0.26 | 0.91 | 1.24 | 0.01 |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.80) | (1.59) | (1.56) |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (0.18) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.80) | (1.77) | (1.56) |  |
| Net Asset Value, end of period | $23.29 | $23.83 | $24.69 | $25.01 |
| **Total Return (%)** | 1.11 <sup>(c)</sup> | 3.54 | 5.05 | 0.04 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |
| Net Assets, end of period ($ millions) | $58 | $78 | $75 | $38 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.95 <sup>(d)</sup> | 0.98 <sup>(e)</sup> | 0.96 <sup>(f)(g)</sup> | 0.95 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses after fee waiver (%) | 0.95 <sup>(d)</sup> | 0.84 <sup>(e)(h)</sup> | 0.51 <sup>(f)(g)</sup> | 0.50 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 7.83 <sup>(d)</sup> | 8.41 | 7.83 | 4.52 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(i)</sup> | 52 <sup>(c)</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) Annualized.

(e) The ratios of expenses to
 average net assets includes interest expense fees of 0.03%.

(f) The ratios of expenses to
 average net assets includes interest expense fees of 0.01%.

(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 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**

December 31, 2025 (Unaudited)

**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 December 31, 2025, the Trust consists of thirty eight 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.

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| | |
|:---|:---|
| **Fund** | **Investment Objectives** |
| Simplify Opportunistic Income ETF | The Fund seeks to maximize total return. |

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**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 statements 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)

December 31, 2025 (Unaudited)

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.

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 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 December 31, 2025 for the Fund based upon the three levels defined above:

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

**Simplify Opportunistic Income ETF**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Asset Backed Securities | $— | $15441963 | $3416994 | $18858957 |
| Preferred Stocks | 11661839 |  |  | 11661839 |
| Common Stocks | 10418409 |  | 19278 | 10437687 |
| Corporate Bonds | 1063649 | 3611226 |  | 4674875 |
| U.S. Treasury Bills | 694001 | 2475102 |  | 3169103 |
| Foreign Bonds | 949581 | 760004 | 85080 | 1794665 |
| Term Loans |  | 27700 |  | 27700 |
| Purchased Options | 10080 |  |  | 10080 |
| Total Return Swaps |  | 74150 |  | 74150 |
| Money Market Fund | 913988 |  |  | 913988 |
| TOTAL | $25711547 | $28882779 | $3521352 | $58115678 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Total Return Swaps | $— | $(189507) | $— | $(189507) |
| TOTAL | $— | $(189507) | $— | $(189507) |

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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 period. At December 31, 2025, the reconciliation of assets is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Simplify Opportunistic Income ETF** | **Asset Backed<br> Securities** | **Common<br> Stocks** | **Foreign<br> Bonds** | **Total** |
| Balance at June 30, 2025 | $1605480 | $41310 | $— | $1646790 |
| Purchases | 1000836 |  |  | 1000836 |
| Sales |  |  |  |  |
| Transfer into Level 3 | 1171041 |  | 425400 | 1596441 |
| Transfer out of Level 3 |  |  |  |  |
| Net Realized Gain (Loss) |  |  |  |  |
| Net Change in Unrealized Appreciation (Depreciation) | (360363) | (22032) | (340320) | (722715) |
| Balance at December 31, 2025 | $3416994 | $19278 | $85080 | $3521352 |

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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 December 31, 2025:

**Simplify Opportunistic Income ETF**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at<br> December 31,<br> 2025** | **Market<br> Approach** | **Unobservable<br> Input** | **Range (Weighted<br> Average)(a)** | **Impact to<br> Valuation from<br> an Increase<br> in Input(b)** |
| Common Stock | $19278 | Broker Quote | Market Approach |  | Increase |
|  | $**19278** |  |  |  |  |
| Asset Backed Security | $2211444 | Broker Quote | Market Approach |  | Increase |
| Asset Backed Security | $1205550 | Market Approach | Broker Quote |  | Increase |
|  | $**3416994** |  |  |  |  |
| Foreign Bond | $85080 | Broker Quote | Market Approach |  | Increase |
|  | $**85080** |  |  |  |  |

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(a) Unobservable inputs were weighted by the notional value of the instruments.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

(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 Fund may engage in when-issued or delayed-delivery transactions. The Fund records 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 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

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

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.

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.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

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 December 31, 2025 and the related location in the accompanying Statement of Assets and Liabilities presented by underlying risk exposure:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| Equity Contracts | Investments, at value(1) | $10080 | Investments, at value(1) | $— |
| Equity Contracts | Unrealized appreciation on OTC swaps | $74150 | Unrealized depreciation on OTC swaps | $189507 |

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\* Includes cumulative unrealized appreciation or unrealized cumulative depreciation on futures contracts as disclosed in the Schedule of Investments. <br> (1) Purchased option contracts are included in Investments within the Statement of Assets and Liabilities.

For the period ended December 31, 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:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Risk Type** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Simplify Opportunistic Income ETF | Equity | $16037 | $(61122) |
| Simplify Opportunistic Income ETF | Foreign Exchange | (115768) | (65103) |

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(a) Purchased option contracts are included
 in Net Realized Gain (Loss) on Investments within the Statement of Operations.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

For the period ended December 31, 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:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Risk Type** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Appreciation/** **(Depreciation)** |
| Simplify Opportunistic Income ETF | Equity | $(2093283) | $115357 |
| Simplify Opportunistic Income ETF | Credit | (42086) |  |

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For the period ended December 31, 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:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Risk Type** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** |
| Simplify Opportunistic Income ETF | Interest Rate | $(837335) | $(130592) |

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For the period ended December 31, 2025, the average fiscal quarter end balances of outstanding derivative financial instruments were as follows:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchased<br> Option Contracts<br> (Contract Value)** | **Futures Contracts<br> (Notional Value)** | **Swaps<br> (Notional Value)** |
| Simplify Opportunistic Income ETF | $29678 | $38043149 | $19171243 |

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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 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 December 31, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Gross Amounts<br> of Assets <br> Presented in the<br> Statement of Assets<br> and 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 Opportunistic Income ETF |  |  |  |  |  |
| UBS | $74150 | $(74150) | $— | $— | $— |
|  | $74150 | $(74150) | $— | $— | $— |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Gross Amounts <br> of Liabilities <br> Presented in the<br> Statements of Assets <br> and Liabilities** | **Financial<br> Instruments<br> and Derivatives<br> Available for Offset** | **Cash Collateral<br> Pledged<sup>(1)</sup>** | **Non-Cash<br> Collateral<br> Pledged<sup>(1)</sup>** | **Net Amount <br> of Derivatives<br> Liabilities** |
| Simplify Opportunistic Income ETF |  |  |  |  |  |
| UBS | $189507 | $(74150) | $— | $— | $115357 |
|  | $189507 | $(74150) | $— | $— | $115357 |

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(1) The actual collateral
 received and/or pledged may be more than amount shown.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

**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.

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 | $30064766 | $39594619 |

---

**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**

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:

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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.

**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**

**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.

December 31, 2025

Semi-Annual Financial Statements

and Other Important Information

Simplify Exchange Traded Funds

Simplify Propel Opportunities ETF (SURI)

![](logo_001.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 |
| [Additional Information](#book3_008) | 17 |

---

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**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks – 52.5%** |  |  |
| **Health Care – 52.5%** |  |  |
| Aardvark Therapeutics, Inc.\* | 2808 | $36855 |
| Abeona Therapeutics, Inc.\* | 500342 | 2636802 |
| Achieve Life Sciences, Inc.\* | 1184512 | 5887025 |
| Athira Pharma, Inc.\* | 149279 | 1130042 |
| Celldex Therapeutics, Inc.\* | 85000 | 2308600 |
| Chinook Therapeutics, Inc.\* (a) | 25000 | 2500 |
| Compass Pathways PLC, ADR\* | 290000 | 2001000 |
| Delcath Systems, Inc.\* | 261126 | 2637373 |
| Eiger BioPharmaceuticals, Inc.\* (a) | 90000 | 900 |
| Inventiva SACA, ADR\* | 337662 | 1570128 |
| Kalaris Therapeutics, Inc.\* | 20074 | 169424 |
| Kyverna Therapeutics, Inc.\* | 192339 | 1807987 |
| LENZ Therapeutics, Inc.\* | 17481 | 279696 |
| Milestone Pharmaceuticals, Inc.\* | 1506405 | 3042938 |
| Nektar Therapeutics\* | 28000 | 1183840 |
| Novo Nordisk A/S | 145609 | 426634 |
| Oculis Holding AG\* | 98765 | 1972337 |
| Phathom Pharmaceuticals, Inc.\* | 321935 | 5340902 |
| Quoin Pharmaceuticals Ltd., ADR\* | 17448 | 251775 |
| REGENXBIO, Inc.\* | 38000 | 547200 |
| SAB Biotherapeutics, Inc.\* | 208227 | 778769 |
| Viridian Therapeutics, Inc.\* | 103531 | 3221885 |
| WTS - Achieve Life Science, Inc.\* (a) | 966667 | 1904334 |
| Zevra Therapeutics, Inc.\* | 37821 | 338876 |
| &nbsp;&nbsp;&nbsp;Total Common Stocks (Cost $45,663,736) |  | 39477822 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | |
| **U.S. Treasury Bills – 39.4%** |  |  |
| U.S. Treasury Bill, 3.60%, 4/28/2026 (b) <br> (Cost $29,657,742) | $30000000 | 29660241 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Limited Partnership – 32.4%** |  |  |
| **Energy – 32.4%** |  |  |
| Plains GP Holdings LP, Class A\* <br> (Cost $4,616,206) | 1272360 | 24352970 |
| **Money Market Fund – 10.8%** |  |  |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 3.65% (c) <br> (Cost $8,146,920) | 8146920 | 8146920 |
| **Warrants – 2.6%** |  |  |
| **Health Care – 2.6%** |  |  |
| Jasper Therapeutics, Inc., Expires 12/31/49\* | 609053 | 1 |
| Milestone Pharmaeuticals, Inc., Expires 7/14/30\* | 1842974 | 958347 |
| Milestone Pharmaeuticals, Inc., Expires 7/14/30\* | 1842974 | 267231 |
| Quoin Pharmaceuticals Ltd., ADR, Expires 7/14/30\* | 17447 | 251758 |
| Quoin Pharmaceuticals Ltd., ADR, Expires 7/14/30\* | 34895 | 186863 |
| Quoin Pharmaceuticals Ltd., ADR, Expires 7/14/30\* | 34895 | 143680 |
| Quoin Pharmaceuticals Ltd., ADR, Expires 7/14/30\* | 34895 | 71709 |

---

See Notes to Financial Statements.

**Simplify Propel Opportunities ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Warrants (continued)** |  |  |
| **Health Care (continued)** |  |  |
| Quoin Pharmaceuticals Ltd., ADR, Expires 7/14/30\* | 34895 | $71709 |
| Tenaya Therapeutics, Inc, Expires 7/14/30\* | 560000 | 1 |
| &nbsp;&nbsp;&nbsp;Total Warrants (Cost $143,936) |  | 1951299 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | |
| **Corporate Bonds – 1.0%** |  |  |
| **Communications – 1.0%** |  |  |
| Telesat Canada / Telesat LLC, 5.63%, 12/6/2026, 144A (d) <br> (Cost $859,678) | $1000000 | 799300 |
| Total Investments – 138.7% <br> (Cost $89,088,218) |  | $104388552 |
| Liabilities in Excess of Other Assets – (38.7)% |  | (29141387) |
| **Net Assets – 100.0%** |  | $**75247165** |

---

\* Non Income Producing

(a) Investment was valued using significant unobservable inputs.

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

(c) Rate shown reflects the 7-day yield as of December 31, 2025.

(d) 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 $799,300, which represents 1.1% of net assets as of December 31, 2025.

**<u>Abbreviations</u>:**

ADR : American Depositary Receipt

**At December 31, 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 | 4.00% | 12/31/2025 | 1/5/2026 | $29059585 | $29059585 |
|  |  |  |  | $29059585 | $29059585 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statement of Assets and Liabilities**

December 31, 2025 (Unaudited)

---

| | |
|:---|:---|
|  | **Simplify Propel<br> Opportunities<br> ETF** |
| **Assets** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value | $104388552 |
| &nbsp;&nbsp;&nbsp;Foreign currency at value | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold | 48215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 33988 |
| &nbsp;&nbsp;&nbsp;Total assets | 104470772 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reverse repurchase agreement | 29059585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 164020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities purchased | 2 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 29223607 |
| **Net Assets** | $75247165 |
| **Net Assets Consist of** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $82549217 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss) | (7302052) |
| **Net Assets** | $75247165 |
| Number of Common Shares outstanding | 4480001 |
| **Net Asset Value, offering and redemption price per share** | $16.80 |
| Investments, at cost | $89088218 |
| Foreign currency, at cost | $17 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statement of Operations**

For the Six Months Ended December 31, 2025 (Unaudited)

---

| | |
|:---|:---|
|  | **Simplify Propel<br> Opportunities<br> ETF** |
| **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $1062375 |
| &nbsp;&nbsp;&nbsp;Interest income | 472260 |
| &nbsp;&nbsp;&nbsp;Total income | 1534635 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 994220 |
| &nbsp;&nbsp;&nbsp;Interest on reverse repurchase agreement | 16458 |
| &nbsp;&nbsp;&nbsp;Total expenses | 1010678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less fees waived: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waiver | (90391) |
| &nbsp;&nbsp;&nbsp;Net expenses | 920287 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 614348 |
| **Realized and Unrealized Gain (Loss)** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (92543) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (2609) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (95152) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 13373980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | (45) |
| &nbsp;&nbsp;&nbsp;Net unrealized gain (loss) | 13373935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 13278783 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $13893131 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Simplify Propel <br> Opportunities<br> ETF** | **Simplify Propel <br> Opportunities<br> ETF** |
|  | **For the<br> Six Months Ended<br> December 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> June 30,<br> 2025** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $614348 | $(435792) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (95152) | (489569) |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | 13373935 | (19253942) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 13893131 | (20179303) |
| **Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Distributions | (6072401) |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (12083603) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (6072401) | (12083603) |
| **Fund Shares Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 1452651 | 4458058 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed |  | (3164938) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | 1452651 | 1293120 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | 9273381 | (30969786) |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 65973784 | 96943570 |
| &nbsp;&nbsp;&nbsp;End of period | $75247165 | $65973784 |
| **Changes in Shares Outstanding** |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 4390001 | 4380001 |
| &nbsp;&nbsp;&nbsp;Shares sold | 90000 | 200000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  | (190000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 4480001 | 4390001 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statement of Cash Flows**

For the Six Months Ended December 31, 2025 (Unaudited)

---

| | |
|:---|:---|
|  | **Simplify Propel<br> Opportunities ETF** |
| **Cash Flows Provided by (Used for) Operating Activities:** |  |
| Net increase (decrease) in net assets resulting from operations | $13893131 |
| **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 | (20038768) |
| &nbsp;&nbsp;&nbsp;Net purchases and sales in short term investments | 9508576 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized (appreciation) / depreciation on investments | (13373980) |
| &nbsp;&nbsp;&nbsp;Net realized (gain) / loss from sales of investments | 92543 |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of securities | 23729895 |
| &nbsp;&nbsp;&nbsp;Net amortization of premium / (discount) | (330653) |
| &nbsp;&nbsp;&nbsp;(Increase) Decrease in dividends and interest receivable | 107773 |
| &nbsp;&nbsp;&nbsp;(Increase) Decrease in securities sold receivable | (31263) |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) in investment advisory fees payable | 23163 |
| &nbsp;&nbsp;&nbsp;Increase (Decrease) securities purchased payable | (2899999) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Cash Provided by / (Used for) Operating Activities | 10680418 |
| **Cash Flows Provided by (Used for) from Financing Activities:** |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 1452651 |
| &nbsp;&nbsp;&nbsp;Proceeds from reverse repurchase agreement | 91442750 |
| &nbsp;&nbsp;&nbsp;Payments made on reverse repurchase agreement | (97503405) |
| &nbsp;&nbsp;&nbsp;Distributions paid | (6072401) |
| &nbsp;&nbsp;&nbsp;Cash provided by (used for) financing activities | (10680405) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in cash | 13 |
| **Cash and Restricted Cash:** |  |
| Cash and Restricted Cash, at beginning of period | 4 |
| Cash and Restricted Cash, at end of period | $17 |
| **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 | $16458 |

---

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** | **For the <br> Six Months Ended<br> December 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **Period Ended<br> June 30,**<br>**2023<sup>(a)</sup>** |
| Net Asset Value, beginning of period | $15.03 | $22.13 | $21.92 | $25.00 |
| Income (loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.14 | (0.10) | (0.13) | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.99 | (4.28) | 3.63 | (1.36) |
| Total from investment operations | 3.13 | (4.38) | 3.50 | (1.40) |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (1.36) |  |  | (0.87) |
| &nbsp;&nbsp;&nbsp;Return of capital |  | (2.72) | (3.29) | (0.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.36) | (2.72) | (3.29) | (1.68) |
| Net Asset Value, end of period | $16.80 | $15.03 | $22.13 | $21.92 |
| **Total Return (%)** | 21.57 <sup>(c)</sup> | (20.69) | 17.27 | (4.97)<sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |
| Net Assets, end of period ($ millions) | $75 | $66 | $97 | $100 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses before fee waiver (%) | 2.80 <sup>(d)(e)</sup> | 2.81 <sup>(f)</sup> | 2.75 <sup>(g)</sup> | 2.75 <sup>(d)(g)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses after fee waiver (%) | 2.55 <sup>(d)(e)</sup> | 2.56 <sup>(f)</sup> | 2.50 <sup>(g)</sup> | 2.50 <sup>(d)(g)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 1.70 <sup>(d)</sup> | (0.52) | (0.60) | (0.50)<sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(h)</sup> | 29 <sup>(c)</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) Annualized.

(e) The ratios of expenses to average net assets
 includes interest expense fees of 0.05%.

(f) The ratios of expenses to average net assets
 includes interest expense fees of 0.06%.

(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) 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**

December 31, 2025 (Unaudited)

**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 December 31, 2025, the Trust consists of thirty eight 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 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 statements 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)

December 31, 2025 (Unaudited)

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 December 31, 2025 for the Fund based upon the three levels defined above:

**Simplify Propel Opportunities ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $37570088 | $— | $1907734 | $39477822 |
| U.S. Treasury Bills | 29660241 |  |  | 29660241 |
| Limited Partnership | 24352970 |  |  | 24352970 |
| Warrants |  |  | 1951299 | 1951299 |
| Corporate Bonds |  | 799300 |  | 799300 |
| Money Market Fund | 8146920 |  |  | 8146920 |
| TOTAL | $99730219 | $799300 | $3859033 | $104388552 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Reverse Repurchase Agreements | $— | $(29059585) | $— | $(29059585) |
| TOTAL | $— | $(29059585) | $— | $(29059585) |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

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 period. At December 31, 2025, the reconciliation of assets is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Simplify Propel Opportunities ETF** | **Common Stocks** | **Warrants** | **Total** |
| Balance at June 30, 2025 | $3269825 | $— | $3269825 |
| Purchases |  | 287880 | 287880 |
| Sales | (357660) |  | (357660) |
| Transfer into Level 3 |  |  |  |
| Transfer out of Level 3 | (2844325) |  | (2844325) |
| Net Realized Gain (Loss) | 357660 | (143944) | 213716 |
| Net Change in Unrealized Appreciation (Depreciation) | 1482234 | 1807363 | 3289597 |
| Balance at December 31, 2025 | $1907734 | $1951299 | $3859033 |

---

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 December 31, 2025:

**Simplify Propel Opportunities ETF**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fair Value at<br> December 31,<br> 2025** | **Market<br> Approach** | **Unobservable<br> Input** | **Range (Weighted<br> Average)(a)** | **Impact to<br> Valuation from<br> an Increase<br> in Input(b)** |
| Common Stock | $1904334 | Intrinsic Value | Market Approach |  | Increase |
| Common Stock | $3400 | Market Approach |  |  | Increase |
|  | $**1907734** |  |  |  |  |
| Warrant | $1951299 | Intrinsic Value | Market Approach |  | Increase |
|  | $**1951299** |  |  |  |  |

---

(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. Dividend income

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

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 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 financial statements.

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.

**Offsetting of Reverse Repurchase Agreements Liabilities**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Simplify Propel Opportunities ETF** | **Simplify Propel Opportunities ETF** | **Simplify Propel Opportunities ETF** | **Simplify Propel Opportunities ETF** | **Simplify Propel Opportunities ETF** | **Simplify Propel Opportunities ETF** | **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** |
|  | **Gross<br> Amounts of**<br>**Recognized<br> Liabilities** | **Gross Amounts<br> Offset in the<br> Consolidated<br> Statements of**<br>**Assets and<br> Liabilities** | **Net Amounts<br> Presented 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 | $29059585 | $— | $29059585 | $29059585 | $29059585 | $— |

---

(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

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

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 Statement of Assets and Liabilities. Interest payments made by the Fund to counterparties are recorded as a component of interest expense on the Statement 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 December 31, 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 Fund liability as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Less than<br> 30 days** | **30-90 days** | **Greater than<br> 90 days** | **Total** |
| U.S. Government Obligations | $– $| 29059585 | $– $|  |

---

**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 1940 Act 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.

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 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, 2026. This waiver may be terminated by the Board on 60 days' notice and terminates automatically if the Investment Advisory Agreement or sub-advisory agreement is terminated. For the period ended December 31, 2025, the Adviser waived fees of $90,391.

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.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

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 | $20038768 | $23372245 |

---

**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**

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 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.

**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**

**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.

December 31, 2025

Semi-Annual Financial Statements

and Other Important Information

Simplify Exchange Traded Funds

Simplify Volt TSLA Revolution ETF (TESL)

![](logo_001.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) | 6 |
| [Statement of Operations](#book4_003) | 7 |
| [Statements of Changes in Net Assets](#book4_004) | 8 |
| [Financial Highlights](#book4_005) | 9 |
| [Notes to Financial Statements](#book4_006) | 10 |
| [Additional Information](#book4_007) | 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 Volt TSLA Revolution ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. Treasury Bills – 47.5%** |  |  |
| U.S. Treasury Bill, 3.86%, 2/24/2026 (a)(b) | $5800000 | $5769858 |
| U.S. Treasury Bill, 3.70%, 3/3/2026 (a)(b) | 700000 | 695871 |
| U.S. Treasury Bill, 3.83%, 3/17/2026 (a)(b) | 1300000 | 1290696 |
| U.S. Treasury Bill, 3.81%, 3/31/2026 (a)(b) | 1300000 | 1288858 |
| U.S. Treasury Bill, 3.61%, 4/14/2026 (a)(b) | 2400000 | 2376098 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $11,416,499) |  | 11421381 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Money Market Fund – 30.4%** |  |  |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 3.65%(c)<br> (Cost $7,318,684) | 7318684 | 7318684 |
| **Common Stocks – 24.0%** |  |  |
| **Consumer Discretionary – 24.0%** |  |  |
| Tesla, Inc.\* <br> (Cost $3,213,295) | 12843 | 5775754 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Purchased Options – 1.0%** |  |  |  |
| **Puts – Exchange-Traded – 0.9%** |  |  |  |
| Russell 2000 Index, January Strike Price $2,275, Expires 1/14/26(d) | 18 | 4095000 | 1755 |
| S&P 500 Index, January Strike Price $6,660, Expires 1/07/26 | 35 | 23310000 | 8575 |
| S&P 500 Index, January Strike Price $6,300, Expires 1/14/26(d) | 6 | 3780000 | 1395 |
| S&P 500 Index, January Strike Price $6,000, Expires 1/20/26(d) | 46 | 27600000 | 7820 |
| S&P 500 Index, March Strike Price $5,800, Expires 3/20/26(d) | 87 | 50460000 | 190965 |
|  |  |  | 210510 |
| **Calls – Exchange-Traded – 0.1%** |  |  |  |
| S&P 500 Index, January Strike Price $6,925, Expires 1/02/26 | 45 | 31162500 | 225 |
| S&P 500 Index, January Strike Price $6,955, Expires 1/02/26 | 35 | 24342500 | 140 |
| S&P 500 Index, January Strike Price $7,000, Expires 1/02/26 | 135 | 94500000 | 405 |
| S&P 500 Index, January Strike Price $6,885, Expires 1/05/26 | 12 | 8262000 | 6060 |
| S&P 500 Index, January Strike Price $6,955, Expires 1/05/26 | 33 | 22951500 | 248 |
| S&P 500 Index, January Strike Price $6,915, Expires 1/07/26 | 35 | 24202500 | 32200 |
|  |  |  | 39278 |
| Total Purchased Options (Cost $714,725) |  |  | 249788 |
| Total Investments – 102.9%<br> (Cost $22,663,203) |  |  | $24765607 |
| Liabilities in Excess of Other Assets – (2.9)% |  |  | (699674) |
| **Net Assets – 100.0%** |  |  | $**24065933** |

---

See Notes to Financial Statements.

**Simplify Volt TSLA Revolution ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional <br> Amount** | **Value** |
| **Written Options – (0.6)%** |  |  |  |
| **Puts – Exchange-Traded – (0.6)%** |  |  |  |
| Russell 2000 Index, January Strike Price $2,375, Expires 1/14/26 | (18) | $(4275000) | $(8280) |
| S&P 500 Index, January Strike Price $6,600, Expires 1/14/26 | (6) | (3960000) | (5820) |
| S&P 500 Index, January Strike Price $5,700, Expires 1/16/26 | (46) | (26220000) | (4600) |
| S&P 500 Index, March Strike Price $5,500, Expires 3/20/26 | (87) | (47850000) | (127020) |
|  |  |  | (145720) |
| Total Written Options (Premiums Received $332,163) |  |  | $(145720) |

---

\* Non Income Producing

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

(b) Securities with an aggregate market value of $13,840,588 have been pledged as collateral for options and swaps as of December 31, 2025.

(c) Rate shown reflects the 7-day yield as of December 31, 2025.

(d) Held in connection with Written Options.

At December 31, 2025, over the counter total return swap contracts outstanding were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/Index** | **Termination**<br> **Date(a)** | **Financing Rate<br> Paid (Received) <br> by the Fund** | **Counterparty** | **Notional <br> Amount** | **Unrealized<br> Appreciation/<br> (Depreciation)(b)** |
| Tesla, Inc. | 3/13/2026 | 4.62% (SOFR + 0.75%)(c) | BOFA | 18659343 | $(730206) |
|  |  |  |  |  | $(730206) |

---

(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.

**Simplify Exchange Traded Funds**

**Statement of Assets and Liabilities**

December 31, 2025 (Unaudited)

---

| | |
|:---|:---|
|  | **Simplify <br> Volt TSLA <br> Revolution ETF** |
| **Assets** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value | $24765607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold | 240116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 7521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from broker | 24 |
| &nbsp;&nbsp;&nbsp;Total assets | 25013268 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on over the counter swaps | 730206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 145720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities purchased | 47057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 24352 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 947335 |
| **Net Assets** | $24065933 |
| **Net Assets Consist of** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $29739394 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss) | (5673461) |
| **Net Assets** | $24065933 |
| Number of Common Shares outstanding | 1400001 |
| **Net Asset Value, offering and redemption price per share** | $17.19 |
| Investments, at cost | $22663203 |
| Premiums received | $332163 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statement of Operations**

For the Six Months Ended December 31, 2025 (Unaudited)

---

| | |
|:---|:---|
|  | **Simplify <br> Volt TSLA <br> Revolution ETF** |
| **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $21482 |
| &nbsp;&nbsp;&nbsp;Interest income | 326117 |
| &nbsp;&nbsp;&nbsp;Total income | 347599 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 170222 |
| &nbsp;&nbsp;&nbsp;Interest expense | 398 |
| &nbsp;&nbsp;&nbsp;Total expenses | 170620 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 176979 |
| **Realized and Unrealized Gain (Loss)** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: | &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (4478304) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions | 1856752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | 410965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 2848552 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 637965 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 301805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | (164391) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | (111508) |
| &nbsp;&nbsp;&nbsp;Net unrealized gain (loss) | 25906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 663871 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $840850 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Simplify Volt TSLA<br> Revolution ETF** | **Simplify Volt TSLA<br> Revolution ETF** |
|  | **For the<br> Six Months Ended<br> December 31, <br> 2025<br> (Unaudited)** | **Year Ended<br> June 30, <br> 2025** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $176979 | $225502 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 637965 | 6965079 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | 25906 | (403401) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 840850 | 6787180 |
| **Distributions** | (10571900) | (485916) |
| **Fund Shares Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 10514455 | 33694409 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | (9207284) | (13019313) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | 1307171 | 20675096 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | (8423879) | 26976360 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 32489812 | 5513452 |
| &nbsp;&nbsp;&nbsp;End of period | $24065933 | $32489812 |
| **Changes in Shares Outstanding** |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 1350001 | 500001 |
| &nbsp;&nbsp;&nbsp;Shares sold | 425000 | 1550000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (375000) | (700000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 1400001 | 1350001 |

---

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** | **For the <br> Six Months Ended<br> December 31, <br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **2022** | **Period Ended<br> June 30,**<br>**2021<sup>(a)</sup>** |
| Net Asset Value, beginning of period | $24.07 | $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> | 0.12 | 0.27 | (0.03) | (0.00)<sup>(c)</sup> | 0.06 | (0.04) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.72 | 13.22 | 2.02 | (0.05) | (2.75) | (0.63) |
| Total from investment operations | 0.84 | 13.49 | 1.99 | (0.05) | (2.69) | (0.67) |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (4.90) | (0.45) |  |  | (0.03) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (2.82) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (7.72) | (0.45) |  |  | (0.05) |  |
| Net Asset Value, end of period | $17.19 | $24.07 | $11.03 | $9.04 | $9.09 | $11.83 |
| **Total Return (%)** | 0.47 <sup>(d)</sup> | 122.93 | 21.96 | (0.54) | (22.91) | (5.34)<sup>(d)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |  |
| Net Assets, end of period ($ millions) | $24 | $32 | $6 | $4 | $5 | $2 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.95 <sup>(e)</sup> | 0.96 <sup>(f)</sup> | 0.95 | 0.99 <sup>(g)</sup> | 0.95 | 0.95 <sup>(e)(h)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 0.99 <sup>(e)</sup> | 1.47 | (0.28) | (0.01) | 0.46 | (0.71)<sup>(e)</sup> |
| Portfolio turnover rate (%)<sup>(i)</sup> | 221 <sup>(d)</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) Annualized.

(f) The ratios
 of expenses to average net assets includes interest expense fees of 0.01%.

(g) The ratios
 of expenses to average net assets includes interest expense fees of 0.03%.

(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**

December 31, 2025 (Unaudited)

**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 December 31, 2025, the Trust consists of thirty eight 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 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 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 statements 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.

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.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

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 December 31, 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 | $9045283 | $2376098 | $— | $11421381 |
| Common Stocks | 5775754 |  |  | 5775754 |
| Purchased Options | 249788 |  |  | 249788 |
| Money Market Fund | 7318684 |  |  | 7318684 |
| TOTAL | $22389509 | $2376098 | $— | $24765607 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | $(145720) | $— | $— | $(145720) |
| Total Return Swaps |  | (730206) |  | (730206) |
| TOTAL | $(145720) | $(730206) | $— | $(875926) |

---

**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 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.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

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 statements.

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 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.

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

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

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 December 31, 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** | | | | |
| Equity Contracts | Investments, at value(1) | $249788 | Investments, at value(1) | $— |
| Equity Contracts | Unrealized appreciation on OTC swaps | $— | Unrealized depreciation on OTC swaps | $730206 |
| Equity Contracts | Written options | $— | Written options | $145720 |

---

\* Unrealized appreciation or unrealized cumulative depreciation on futures contracts as disclosed in the Schedule of Investments. <br> (1) Purchased option contracts are included in investments within the Statement of Assets and Liabilities.

For the period ended December 31, 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 Volt TSLA Revolution ETF | Equity | $(9147761) | $(316098) |
| Simplify Volt TSLA Revolution ETF | Commodity | (50824) | 1163 |

---

(a) Purchased option contracts are included in Net Realized Gain (Loss) on Investments within the Statement of
 Operations.

For the period ended December 31, 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 Volt TSLA Revolution ETF | Equity | $412663 | $164391 |
| Simplify Volt TSLA Revolution ETF | Commodity | (1698) |  |

---

For the period ended December 31, 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 Volt TSLA Revolution ETF | Equity | $2732096 | $107557 |
| Simplify Volt TSLA Revolution ETF | Commodity | 116456 | 3951 |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

For the period ended December 31, 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 | $854757 | $(234985) | $(26808931) |

---

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 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 the 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:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<br>Fund** | **Gross Amounts<br> of Liabilities<br> Presented in the<br> Statements of Assets<br> and Liabilities** | **<br>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 Volt TSLA Revolution ETF** |  |  |  |  |  |
| Bank of America NA | $730206 | $— | $— | $(730206) | $— |
|  | $730206 | $— | $— | $(730206) | $— |

---

(1) The actual collateral received and/or
 pledged may be more than amount shown.

**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.

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.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

**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 | $32288512 | $41301019 |

---

Securities received and delivered in-kind through subscriptions and redemptions were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Simplify Volt TSLA Revolution ETF | $4697765 | $4773417 |

---

**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 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**

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.

**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**

**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.

December 31, 2025

Semi-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_001.jpg)

(This page intentionally left blank)

**Simplify Exchange Traded Funds**

**Table of Contents**

---

| | |
|:---|:---|
| [Consolidated Schedule of Investments:](#book5_001) |  |
| &nbsp;&nbsp;&nbsp;[Simplify Commodities Strategy No K-1 ETF](#book5_002) | 4 |
| &nbsp;&nbsp;&nbsp;[Simplify Managed Futures Strategy ETF](#book5_003) | 7 |
| [Consolidated Statements of Assets and Liabilities](#book5_004) | 12 |
| [Consolidated Statements of Operations](#book5_005) | 13 |
| [Consolidated Statements of Changes in Net Assets](#book5_006) | 14 |
| [Consolidated Financial Highlights](#book5_007) | 15 |
| [Notes to Financial Statements](#book5_008) | 16 |
| [Additional Information](#book5_009) | 23 |

---

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**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **U.S. Exchange-Traded Funds – 76.0%** |  |  |
| **Money Market Funds – 76.0%** |  |  |
| Simplify Government Money Market ETF(a)(b)<br> (Cost $44,602,635) | 445500 | $44590095 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** | |
| **U.S. Treasury Bills – 29.7%** | | |
| U.S. Treasury Bill, 3.94%, 1/2/2026 | $4500000 | 4500000 |
| U.S. Treasury Bill, 3.88%, 3/3/2026 (c) | 5000000 | 4970506 |
| U.S. Treasury Bill, 3.50%, 3/31/2026 (c) | 5000000 | 4957146 |
| U.S. Treasury Bill, 3.64%, 4/21/2026 (c) | 3000000 | 2968018 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $17,391,922) |  | 17395670 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Money Market Fund – 0.3%** | | |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 3.65%(d)<br> (Cost $173,896) | 173896 | 173896 |
| Total Investments – 106.0%<br> (Cost $62,168,453) |  | $62159661 |
| Liabilities in Excess of Other Assets – (6.0)% |  | (3543516) |
| **Net Assets – 100.0%** |  | $**58616145** |

---

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

(b) A
 copy of the security's annual report to shareholders may be obtained without charge at www.simplify.us.

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

(d) Rate
 shown reflects the 7-day yield as of December 31, 2025.

**Affiliates**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliate** | **Value at beginning of the period** | **Purchases<br> Cost** | **Sales<br> Proceeds** | **Net Realized Gain/(Loss)** | **Net Change in Unrealized Appreciation/ Depreciation** | **Value at the end of the period** | **Number of Shares at the end of the period** | **Dividend Income** | **Capital Gain Distributions** |
| Simplify Government Money Market ETF | $— | $51523571 | $(6914437) | $(6499) | $(12540) | $44590095 | 445500 | $610875 | $— |
|  | $**—** | $**51523571** | $**(6914437)** | $**(6499)** | $**(12540)** | $**44590095** | **445500** | $**610875** | $**—** |

---

**At December 31, 2025, open futures contracts were as follows:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts** | **Notional Value** | **Expiration Date** | **Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Long position contracts:** |  |  |  |  |
| Brent Crude Futures | 1 | $60850 | 1/30/26 | $(340) |
| Lean Hogs Futures | 34 | 1157360 | 2/13/26 | 8700 |
| White Sugar Futures | 48 | 1026000 | 2/13/26 | (6570) |
| WTI Crude Future | 32 | 1831040 | 2/20/26 | (14580) |
| Gold 100 OZ Future | 14 | 6077540 | 2/25/26 | (10700) |
| Live Cattle Future | 41 | 3798240 | 2/27/26 | 113242 |
| Sugar #11 (World) Future | 175 | 2941960 | 2/27/26 | 5051 |

---

See Notes to Financial Statements.

**Simplify Commodities Strategy No K-1 ETF**

**Consolidated Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional Value** | **Expiration Date** | **Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Long position contracts: (continued)** |  |  |  |  |
| Brent Crude Futures | 10 | $604900 | 2/27/26 | $(5220) |
| Gasoline RBOB Futures | 5 | 365715 | 2/27/26 | (26557) |
| Cotton No. 2 Futures | 17 | 546295 | 3/9/26 | (210) |
| Canola (WCE) Future | 3 | 26333 | 3/13/26 | (1591) |
| Kansas City Hard Red Winter Wheat Future | 19 | 489013 | 3/13/26 | (12408) |
| Corn Future | 85 | 1871063 | 3/13/26 | (30765) |
| Cocoa Future | 18 | 1091700 | 3/16/26 | 8970 |
| Cocoa Future | 5 | 294998 | 3/16/26 | 3124 |
| WTI Crude Future | 15 | 856050 | 3/20/26 | (12500) |
| Cattle Feeder Future | 20 | 3453250 | 3/26/26 | 142337 |
| Copper Future | 27 | 3835350 | 3/27/26 | 370913 |
| Silver Futures | 6 | 2118090 | 3/27/26 | 33965 |
| Palladium Future | 4 | 660560 | 3/27/26 | 28260 |
| Brent Crude Futures | 5 | 301600 | 3/31/26 | (3270) |
| Gasoline RBOB Futures | 2 | 164774 | 3/31/26 | (6800) |
| Lean Hogs Futures | 22 | 791120 | 4/15/26 | 5720 |
| White Sugar Futures | 22 | 467720 | 4/15/26 | (1640) |
| WTI Crude Future | 11 | 627000 | 4/21/26 | (13700) |
| Gold 100 OZ Future | 2 | 874780 | 4/28/26 | 1510 |
| Platinum Future | 18 | 1839780 | 4/28/26 | (286024) |
| Live Cattle Future | 29 | 2693520 | 4/30/26 | 69820 |
| Cattle Feeder Future | 6 | 1032675 | 4/30/26 | 49063 |
| Sugar #11 (World) Future | 91 | 1494147 | 4/30/26 | 3705 |
| Brent Crude Futures | 10 | 602500 | 4/30/26 | (10070) |
| Cotton No. 2 Future | 2 | 65600 | 5/6/26 | (60) |
| Cocoa Future | 8 | 488160 | 5/13/26 | 6640 |
| Cocoa Future | 3 | 176756 | 5/13/26 | 1336 |
| Canola (WCE) Future | 3 | 26810 | 5/14/26 | (2182) |
| Kansas City Hard Red Winter Wheat Future | 8 | 211200 | 5/14/26 | (4763) |
| Corn Future | 37 | 829263 | 5/14/26 | (12652) |
| WTI Crude Future | 21 | 1197210 | 5/19/26 | (26460) |
| Copper Future | 7 | 1004150 | 5/27/26 | 100950 |
| Brent Crude Futures | 4 | 240880 | 5/29/26 | (4410) |
| Lean Hogs Futures | 14 | 576100 | 6/12/26 | 14250 |
| WTI Crude Future | 7 | 399280 | 6/22/26 | (8130) |
| Live Cattle Future | 13 | 1179230 | 6/30/26 | 27207 |
| Sugar #11 (World) Future | 50 | 823760 | 6/30/26 | 2817 |
| Cotton No.2 Future | 2 | 66830 | 7/9/26 | (50) |
| Wheat Future (CBT) | 3 | 79688 | 7/14/26 | (1438) |
| Kansas City Hard Red Winter Wheat Future | 8 | 216800 | 7/14/26 | (4838) |
| Corn Futures | 31 | 704475 | 7/14/26 | (8798) |
| White Sugar Futures | 9 | 190125 | 7/16/26 | (175) |
| Cocoa Future | 2 | 122640 | 7/16/26 | (450) |
| Cocoa Future | 2 | 117810 | 7/16/26 | (562) |
| WTI Crude Future | 4 | 228160 | 7/21/26 | (7060) |
| WTI Crude Future | 4 | 228040 | 8/20/26 | (1360) |
| Corn Futures | 6 | 134550 | 9/14/26 | (2338) |

---

See Notes to Financial Statements.

**Simplify Commodities Strategy No K-1 ETF**

**Consolidated Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional Value** | **Expiration Date** | **Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Long position contracts: (continued)** |  |  |  |  |
| **Total unrealized appreciation/(depreciation)** |  |  |  | $**468909** |
| **Short position contracts:** |  |  |  |  |
| Low Sulphur Gasoil "G" Futures | (3) | $(186825) | 1/12/26 | $13494 |
| NY Harbor ULSD Futures | (18) | (1603854) | 1/30/26 | 43121 |
| Low Sulphur Gasoil "G" Futures | (39) | (2418000) | 2/12/26 | 46750 |
| Natural Gas Future | (15) | (469500) | 2/25/26 | 21433 |
| NY Harbor ULSD Futures | (17) | (1501828) | 2/27/26 | 32927 |
| Milling Wheat Euro Futures | (54) | (602084) | 3/10/26 | 2752 |
| Low Sulphur Gasoil "G" Futures | (20) | (1231500) | 3/12/26 | 11600 |
| Soybean Oil Futures | (202) | (5885472) | 3/13/26 | 59663 |
| Soybean Future | (74) | (3875750) | 3/13/26 | 57595 |
| Soybean Meal Futures | (17) | (508980) | 3/13/26 | 8810 |
| Wheat Future (CBT) | (1) | (25350) | 3/13/26 | 125 |
| Coffee "C" Future | (14) | (1830938) | 3/19/26 | (19144) |
| Robusta Coffee futures | (6) | (236940) | 3/25/26 | (13210) |
| Natural Gas Future | (13) | (409890) | 3/27/26 | 11087 |
| NY Harbor ULSD Futures | (7) | (609021) | 3/31/26 | 2558 |
| Low Sulphur Gasoil "G" Futures | (5) | (304625) | 4/10/26 | (2350) |
| Natural Gas Future | (11) | (355300) | 4/28/26 | 9020 |
| NY Harbor ULSD Futures | (3) | (258174) | 4/30/26 | 1579 |
| Rapeseed Euro Futures | (25) | (661049) | 4/30/26 | (3742) |
| Milling Wheat Euro Futures | (14) | (157330) | 5/11/26 | 1443 |
| Soybean Oil Futures | (59) | (1737786) | 5/14/26 | 17629 |
| Soybean Future | (18) | (954900) | 5/14/26 | 13191 |
| Soybean Meal Futures | (5) | (152000) | 5/14/26 | 3520 |
| Coffee "C" Future | (5) | (625031) | 5/18/26 | (6844) |
| Robusta Coffee futures | (3) | (116160) | 5/22/26 | (6450) |
| Natural Gas Future | (7) | (240170) | 5/27/26 | 5280 |
| Natural Gas Future | (7) | (256970) | 6/26/26 | 1490 |
| Soybean Oil Futures | (25) | (741900) | 7/14/26 | 7686 |
| Soybean Future | (9) | (483413) | 7/14/26 | 7163 |
| Canola (WCE) Future | (3) | (27164) | 7/14/26 | 166 |
| Coffee "C" Future | (2) | (244500) | 7/21/26 | (4481) |
| Natural Gas Future | (2) | (74820) | 7/29/26 | 860 |
| Rapeseed Euro Futures | (6) | (154421) | 7/31/26 | (322) |
| Natural Gas Future | (2) | (74300) | 8/27/26 | 810 |
| Milling Wheat Euro Futures | (2) | (22916) | 9/10/26 | 115 |
| Natural Gas Future | (10) | (376100) | 9/28/26 | 1810 |
| **Total unrealized appreciation/(depreciation)** |  |  |  | $**327134** |
| **Total net unrealized appreciation** |  |  |  | $**796043** |

---

See Notes to Financial Statements.

**Simplify Managed Futures Strategy ETF**

**Consolidated Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **U.S. Exchange-Traded Funds – 90.8%** |  |  |
| **Money Market Funds – 90.8%** |  |  |
| Simplify Government Money Market ETF(a)(b) | 10752345 | $1076202211 |
| &nbsp;&nbsp;&nbsp;Total U.S. Exchange-Traded Funds (Cost $1,076,213,686) |  | 1076202211 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal** |  |
| **U.S. Treasury Bills – 11.9%** |  |  |
| U.S. Treasury Bill, 3.95%, 1/8/2026 (c) | $4800000 | 4797221 |
| U.S. Treasury Bill, 3.86%, 2/24/2026 (c) | 2000000 | 1989606 |
| U.S. Treasury Bill, 3.81%, 3/31/2026 (c) | 15200000 | 15069723 |
| U.S. Treasury Bill, 3.63%, 4/14/2026 (c) | 60000000 | 59402450 |
| U.S. Treasury Bill, 3.60%, 4/28/2026 (c) | 60000000 | 59320482 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $140,553,813) |  | 140579482 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Money Market Fund – 0.4%** |  |  |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 3.65%(d)<br> (Cost $5,137,111) | 5137111 | 5137111 |
| Total Investments – 103.1% <br> (Cost $1,221,904,610) |  | $1221918804 |
| Liabilities in Excess of Other Assets – (3.1)% |  | (36302069) |
| **Net Assets – 100.0%** |  | $**1185616735** |

---

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

(b) A
 copy of the security's annual report to shareholders may be obtained without charge at www.simplify.us.

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

(d) Rate
 shown reflects the 7-day yield as of December 31, 2025.

**Affiliates**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affiliate** | **Value at beginning of the period** | **Purchases<br> Cost** | **Sales<br> Proceeds** | **Net Realized Gain/(Loss)** | **Net Change in Unrealized Appreciation/ Depreciation** | **Value at the end of the period** | **Number of Shares at the end of the period** | **Dividend Income** | **Capital Gain Distributions** |
| Simplify Government Money Market ETF | $— | $1363858993 | $(287642233) | $(3074) | $(11475) | $1076202211 | 10752345 | $12362028 | $— |
|  | $**—** | $**1363858993** | $**(287642233)** | $**(3074)** | $**(11475)** | $**1076202211** | **10752345** | $**12362028** | $**—** |

---

See Notes to Financial Statements.

**Simplify Managed Futures Strategy ETF**

**Consolidated Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

**At December 31, 2025, open futures contracts were as follows:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of**<br> **Contracts** | **Notional Value** | **Expiration Date** | **Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Long position contracts:** |  |  |  |  |
| WTI Crude Future | 17 | $976140 | 1/20/26 | $(11332) |
| Cattle Feeder Future | 1 | 175125 | 1/29/26 | 3419 |
| Gasoline RBOB Futures | 7 | 504210 | 1/30/26 | (22453) |
| White Sugar Futures | 227 | 4852125 | 2/13/26 | (36717) |
| WTI Crude Future | 384 | 21972480 | 2/20/26 | (145668) |
| Gold 100 OZ Future | 186 | 80744460 | 2/25/26 | 286512 |
| Live Cattle Future | 415 | 38445600 | 2/27/26 | 915792 |
| Brent Crude Futures | 58 | 3508420 | 2/27/26 | (16446) |
| Sugar #11 (World) Future | 335 | 5631752 | 2/27/26 | (51668) |
| Gasoline RBOB Futures | 33 | 2413719 | 2/27/26 | (89636) |
| Euro-BTP Futures | 4965 | 701233606 | 3/6/26 | (1076109) |
| Euro-Bund Future | 1468 | 220082687 | 3/6/26 | (1414864) |
| Euro-OAT Futures | 1412 | 200104687 | 3/6/26 | (1725268) |
| Euro-BUXL 30-Year Bond Future | 813 | 105212664 | 3/6/26 | (1732054) |
| Corn Future | 30 | 660375 | 3/13/26 | (5744) |
| Cocoa Future | 25 | 1516250 | 3/16/26 | 3415 |
| U.S. Treasury Long Bond Futures | 184 | 21269250 | 3/20/26 | 31844 |
| Ultra U.S. Treasury Bond Futures | 405 | 47790000 | 3/20/26 | 25188 |
| U.S. 10-Year Ultra Futures | 465 | 53482266 | 3/20/26 | 10952 |
| Canada 2-Year Bond Futures | 94 | 7232429 | 3/20/26 | (17562) |
| WTI Crude Future | 178 | 10158460 | 3/20/26 | (103695) |
| U.S. 10-Year Treasury Note Futures | 741 | 83316187 | 3/20/26 | (103749) |
| Canada 5-Year Bond Futures | 422 | 34831795 | 3/20/26 | (259619) |
| Canada 10-Year Bond Futures | 4260 | 375269826 | 3/20/26 | (2833891) |
| Cattle Feeder Future | 249 | 42992963 | 3/26/26 | 1461917 |
| Copper Future | 342 | 48581100 | 3/27/26 | 4831345 |
| Palladium Future | 30 | 4954200 | 3/27/26 | 347738 |
| Long Gilt Futures | 688 | 84735277 | 3/27/26 | 317352 |
| Silver Futures | 50 | 17650750 | 3/27/26 | (101800) |
| Gasoline RBOB Futures | 8 | 659098 | 3/31/26 | (7039) |
| Brent Crude Futures | 29 | 1749280 | 3/31/26 | (11090) |
| White Sugar Futures | 100 | 2126000 | 4/15/26 | (14564) |
| WTI Crude Future | 120 | 6840000 | 4/21/26 | (117824) |
| Gold 100 OZ Future | 39 | 17058210 | 4/28/26 | 538990 |
| Platinum Future | 267 | 27290070 | 4/28/26 | (4145408) |
| Cattle Feeder Future | 102 | 17555475 | 4/30/26 | 638813 |
| Live Cattle Future | 349 | 32415120 | 4/30/26 | 610550 |
| Gasoline RBOB Futures | 3 | 247930 | 4/30/26 | (2457) |
| Sugar #11 (World) Future | 76 | 1247859 | 4/30/26 | (8319) |
| Brent Crude Futures | 38 | 2289500 | 4/30/26 | (16185) |
| Cocoa Future | 6 | 366120 | 5/13/26 | 620 |
| Corn Future | 33 | 739613 | 5/14/26 | (7354) |
| WTI Crude Future | 235 | 13397350 | 5/19/26 | (326710) |
| Copper Future | 75 | 10758750 | 5/27/26 | 1134030 |
| Silver Futures | 10 | 3559500 | 5/27/26 | 807647 |

---

See Notes to Financial Statements.

**Simplify Managed Futures Strategy ETF**

**Consolidated Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional Value** | **Expiration Date** | **Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Long position contracts: (continued)** |  |  |  |  |
| Brent Crude Futures | 9 | $541980 | 5/29/26 | $(4400) |
| Lean Hogs Futures | 1 | 41150 | 6/12/26 | 730 |
| 3-Month CORRA Futures | 542 | 96465575 | 6/16/26 | (20289) |
| WTI Crude Future | 72 | 4106880 | 6/22/26 | (100286) |
| Gold 100 OZ Future | 8 | 3525520 | 6/26/26 | 8090 |
| Live Cattle Future | 168 | 15239280 | 6/30/26 | 345299 |
| Sugar #11 (World) Future | 6 | 98851 | 6/30/26 | (504) |
| Brent Crude Futures | 4 | 240760 | 6/30/26 | (1330) |
| Corn Futures | 27 | 613575 | 7/14/26 | (6135) |
| Cocoa Future | 9 | 530147 | 7/16/26 | 3867 |
| Cocoa Future | 2 | 122640 | 7/16/26 | 230 |
| White Sugar Futures | 27 | 570375 | 7/16/26 | (4075) |
| WTI Crude Future | 48 | 2737920 | 7/21/26 | (68390) |
| Copper Future | 1 | 144775 | 7/29/26 | 8469 |
| Silver Futures | 2 | 717730 | 7/29/26 | 5580 |
| WTI Crude Future | 19 | 1083190 | 8/20/26 | (6080) |
| Three Month Euribor Futures | 32 | 9184412 | 9/13/27 | 3354 |
| Three Month Euribor Futures | 52 | 14914739 | 12/13/27 | 4851 |
| **Total unrealized appreciation/(depreciation)** |  |  |  | $**(2270120)** |
| **Short position contracts:** |  |  |  |  |
| Low Sulphur Gasoil "G" Futures | (153) | (9528075) | 1/12/26 | 664191 |
| Natural Gas Future | (231) | (8514660) | 1/28/26 | (57456) |
| NY Harbor ULSD Futures | (370) | (32968110) | 1/30/26 | 820734 |
| Low Sulphur Gasoil "G" Futures | (790) | (48980000) | 2/12/26 | 948650 |
| Lean Hogs Futures | (157) | (5344280) | 2/13/26 | (175725) |
| Natural Gas Future | (497) | (15556100) | 2/25/26 | 1419232 |
| NY Harbor ULSD Futures | (284) | (25089355) | 2/27/26 | 497396 |
| Cotton No. 2 Futures | (1299) | (41743365) | 3/9/26 | 1059230 |
| Milling Wheat Euro Futures | (11) | (122647) | 3/10/26 | 3069 |
| Low Sulphur Gasoil "G" Futures | (502) | (30910650) | 3/12/26 | 300600 |
| Soybean Future | (2090) | (109463750) | 3/13/26 | 1716645 |
| Wheat Future (CBT) | (1144) | (29000400) | 3/13/26 | 1008460 |
| Soybean Oil Futures | (3482) | (101451552) | 3/13/26 | 728998 |
| Soybean Meal Futures | (620) | (18562800) | 3/13/26 | 391600 |
| Canola (WCE) Future | (37) | (324779) | 3/13/26 | 126 |
| Kansas City Hard Red Winter Wheat Future | (155) | (3989313) | 3/13/26 | (41091) |
| Cocoa Future | (38) | (2241983) | 3/16/26 | (224075) |
| Coffee "C" Future | (487) | (63690469) | 3/19/26 | 1292405 |
| Robusta Coffee futures | (172) | (6792280) | 3/25/26 | (363233) |
| Natural Gas Future | (486) | (15323580) | 3/27/26 | 1222433 |
| NY Harbor ULSD Futures | (150) | (13050450) | 3/31/26 | 175682 |
| U.S. 2 Years Note (CBT) | (833) | (173921289) | 3/31/26 | 107962 |
| Low Sulphur Gasoil "G" Futures | (187) | (11392975) | 4/10/26 | (125) |
| Lean Hogs Futures | (119) | (4279240) | 4/15/26 | (237999) |
| Natural Gas Future | (360) | (11628000) | 4/28/26 | 806434 |
| NY Harbor ULSD Futures | (54) | (4647132) | 4/30/26 | 7804 |

---

See Notes to Financial Statements.

**Simplify Managed Futures Strategy ETF**

**Consolidated Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional Value** | **Expiration Date** | **Value/<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| **Short position contracts: (continued)** |  |  |  |  |
| Rapeseed Euro Futures | (231) | $(6108095) | 4/30/26 | $(14606) |
| Cotton No. 2 Future | (690) | (22632000) | 5/6/26 | 240690 |
| Milling Wheat Euro Futures | (1) | (11238) | 5/11/26 | 434 |
| Cocoa Future | (15) | (883780) | 5/13/26 | (93551) |
| Soybean Future | (697) | (36975850) | 5/14/26 | 492317 |
| Soybean Oil Futures | (1104) | (32517216) | 5/14/26 | 212083 |
| Wheat Future (CBT) | (299) | (7751575) | 5/14/26 | 203250 |
| Soybean Meal Futures | (158) | (4803200) | 5/14/26 | 132420 |
| Canola (WCE) Future | (13) | (116176) | 5/14/26 | 962 |
| Kansas City Hard Red Winter Wheat Future | (51) | (1346400) | 5/14/26 | (15438) |
| Coffee "C" Future | (174) | (21751088) | 5/18/26 | 261137 |
| Robusta Coffee futures | (52) | (2013440) | 5/22/26 | (94560) |
| Natural Gas Future | (205) | (7033550) | 5/27/26 | 354916 |
| Natural Gas Future | (196) | (7195160) | 6/26/26 | 185434 |
| Cotton No.2 Future | (109) | (3642235) | 7/9/26 | (27830) |
| Soybean Future | (429) | (23042663) | 7/14/26 | 258760 |
| Soybean Oil Futures | (374) | (11098824) | 7/14/26 | 112614 |
| Wheat Future (CBT) | (162) | (4303125) | 7/14/26 | 52495 |
| Soybean Meal Futures | (3) | (92850) | 7/14/26 | 810 |
| Canola (WCE) Future | (5) | (45273) | 7/14/26 | 171 |
| Kansas City Hard Red Winter Wheat Future | (34) | (921400) | 7/14/26 | (11713) |
| Coffee "C" Future | (88) | (10758000) | 7/21/26 | 40969 |
| Robusta Coffee futures | (14) | (534240) | 7/27/26 | (25730) |
| Natural Gas Future | (99) | (3703590) | 7/29/26 | 47799 |
| Rapeseed Euro Futures | (40) | (1029474) | 7/31/26 | 840 |
| Soybean Future | (15) | (804375) | 8/14/26 | 10788 |
| Natural Gas Future | (120) | (4458000) | 8/27/26 | 133276 |
| 3 Month SOFR Future | (1664) | (402230400) | 9/15/26 | 286994 |
| Natural Gas Future | (354) | (13313940) | 9/28/26 | 85919 |
| 3 Month SOFR Future | (20) | (4842250) | 12/15/26 | 4199 |
| **Total unrealized appreciation/(depreciation)** |  |  |  | $**14907796** |
| **Total net unrealized appreciation** |  |  |  | $**12637676** |

---

**At December 31, 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 | 4.00% | 12/31/2025 | 1/5/2026 | $58119171 | $58119171 |
|  |  |  |  | $58119171 | $58119171 |

---

See Notes to Financial Statements.

(This page intentionally left blank)

**Simplify Exchange Traded Funds**

**Consolidated Statements of Assets and Liabilities**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Simplify<br> Commodities<br> Strategy No K-1<br> ETF** | **Simplify<br> Managed<br> Futures<br> Strategy ETF** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at value | $17569566 | $145716593 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at value | 44590095 | 1076202211 |
| &nbsp;&nbsp;&nbsp;Cash | 900069 | 2879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 1023 | 13310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 281 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from broker |  | 22541685 |
| &nbsp;&nbsp;&nbsp;Total assets | 63061034 | 1244476678 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to broker | 4408169 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 35334 | 738265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reverse repurchase agreement |  | 58119171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin on futures contracts |  | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | 1386 | 2363 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 4444889 | 58859943 |
| **Net Assets** | $58616145 | $1185616735 |
| **Net Assets Consist of** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $57851278 | $1214648042 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss) | 764867 | (29031307) |
| **Net Assets** | $58616145 | $1185616735 |
| Number of Common Shares outstanding | 1975001 | 43450001 |
| **Net Asset Value, offering and redemption price per share** | $29.68 | $27.29 |
| Investments, at cost | $17565818 | $145690924 |
| Investments in affiliated securities, at cost | $44602635 | $1076213686 |
| Foreign currency, at cost | $(361) | $— |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Consolidated Statements of Operations**

For the Six Months Ended December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Simplify<br> Commodities<br> Strategy No K-1<br> ETF** | **Simplify<br> Managed<br> Futures<br> Strategy ETF** |
| **Investment Income** |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated dividend income | $610875 | $12362028 |
| &nbsp;&nbsp;&nbsp;Interest income | 289150 | 10248885 |
| &nbsp;&nbsp;&nbsp;Total income | 900025 | 22610913 |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 166641 | 4325154 |
| &nbsp;&nbsp;&nbsp;Interest on reverse repurchase agreement | 1968 | 21 |
| &nbsp;&nbsp;&nbsp;Interest expense | 4861 | 182936 |
| &nbsp;&nbsp;&nbsp;Total expenses | 173470 | 4508111 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 726555 | 18102802 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (1882) | 110140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments | (6499) | (3074) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 280574 | (9837553) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 7312 | 162624 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 279505 | (9567863) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 3112 | 9853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments | (12540) | (11475) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 1067 | (141539) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | 1099318 | 34604086 |
| &nbsp;&nbsp;&nbsp;Net unrealized gain (loss) | 1090957 | 34460925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1370462 | 24893062 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $2097017 | $42995864 |
| \* Withholding tax | $— | $472565 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Consolidated Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Simplify Commodities <br> Strategy No K-1 ETF** | **Simplify Commodities <br> Strategy No K-1 ETF** | **Simplify Managed Futures<br> Strategy ETF** | **Simplify Managed Futures<br> Strategy ETF** |
|  | **For the<br> Six Months Ended<br> December 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> June 30,<br> 2025** | **For the<br> Six Months Ended<br> December 31,<br> 2025 <br>(Unaudited)** | **Year Ended<br> June 30,<br> 2025** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $726555 | $687532 | $18102802 | $21436110 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 279505 | (1016201) | (9567863) | (24123780) |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | 1090957 | (191468) | 34460925 | (24698188) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 2097017 | (520137) | 42995864 | (27385857) |
| **Distributions** | (1005000) | (574561) | (21152501) | (28257099) |
| **Fund Shares Transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 35546027 | 68736599 | 202661494 | 1002745461 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | (9576890) | (46360032) | (94010696) | (96849532) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | 25969137 | 22376567 | 108650798 | 905895929 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | 27061154 | 21281869 | 130494161 | 850252972 |
| **Net Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 31554991 | 10273122 | 1055122574 | 204869602 |
| &nbsp;&nbsp;&nbsp;End of period | $58616145 | $31554991 | $1185616735 | $1055122574 |
| **Changes in Shares Outstanding** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of period | 1125001 | 425001 | 39525001 | 7600001 |
| &nbsp;&nbsp;&nbsp;Shares sold | 1175000 | 2350000 | 7375000 | 35425000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (325000) | (1650000) | (3450000) | (3500000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 1975001 | 1125001 | 43450001 | 39525001 |

---

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** | **For the<br> Six Months Ended December 31, <br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **Period Ended <br> June 30,**<br>**2023<sup>(a)</sup>** |
| Net Asset Value, beginning of period | $28.05 | $24.17 | $24.69 | $25.00 |
| Income (loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.49 | 1.00 | 0.99 | 0.20 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 1.74 | 3.90 <sup>(c)</sup> | (0.85) | (0.41) |
| Total from investment operations | 2.23 | 4.90 | 0.14 | (0.21) |
| Less distributions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.57) | (0.93) | (0.66) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized gains | (0.03) | (0.09) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.60) | (1.02) | (0.66) | (0.10) |
| Net Asset Value, end of period | $29.68 | $28.05 | $24.17 | $24.69 |
| **Total Return (%)** | 7.92 <sup>(d)</sup> | 20.52 | 0.63 | (0.86)<sup>(d)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |
| Net Assets, end of period ($ millions) | $59 | $32 | $10 | $6 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.78 <sup>(e)(f)(g)</sup> | 0.78 <sup>(f)(g)</sup> | 0.75 <sup>(g)</sup> | 0.75 <sup>(e)(g)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 3.27 <sup>(e)</sup> | 3.57 | 4.09 | 3.06 <sup>(e)</sup> |
| Portfolio turnover rate (%)<sup>(h)</sup> | 23 <sup>(d)</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** | **For the <br> Six Months Ended December 31,<br> 2025**<br>**(Unaudited)** | **2025** | **2024** | **2023** | **Period Ended<br> June 30,**<br>**2022<sup>(i)</sup>** |
| Net Asset Value, beginning of period | $26.70 | $26.96 | $25.55 | $27.27 | $25.00 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.44 | 1.02 | 1.05 | 0.67 | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.65 | 0.13 <sup>(c)</sup> | 2.40 | (0.58) | 2.29 |
| Total from investment operations | 1.09 | 1.15 | 3.45 | 0.09 | 2.27 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.50) | (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 | (0.50) | (1.41) | (2.04) | (1.81) |  |
| Net Asset Value, end of period | $27.29 | $26.70 | $26.96 | $25.55 | $27.27 |
| **Total Return (%)** | 4.11 <sup>(d)</sup> | 4.23 | 14.52 | 0.13 | 9.07 <sup>(d)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |  |  |
| Net Assets, end of period ($ millions) | $1186 | $1055 | $205 | $128 | $29 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.78 <sup>(e)(f)(g)</sup> | 0.75 <sup>(g)</sup> | 0.76 <sup>(g)(j)</sup> | 0.78 <sup>(f)(g)</sup> | 0.75 <sup>(e)(g)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 3.14 <sup>(e)</sup> | 3.68 | 4.06 | 2.49 | (0.27)<sup>(e)</sup> |
| Portfolio turnover rate (%)<sup>(h)</sup> | 4 <sup>(d)</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.

(d) Not
 annualized.

(e) Annualized.

(f) The
 ratios of expenses to average net assets includes interest expense fees of 0.03%.

(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) 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**

December 31, 2025 (Unaudited)

**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 December 31, 2025, the Trust consists of thirty eight 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 Statements 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> December 31,<br> 2025** | **% of Fund's<br> Consolidated<br> Total Assets at<br> December 31,<br> 2025** |
| Simplify Commodities Strategy No K-1 ETF | March 28, 2023 | $13886185 | 23.6% |
| Simplify Managed Futures Strategy ETF | March 8, 2022 | $298900949 | 24.0% |

---

**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 statements 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)

December 31, 2025 (Unaudited)

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.

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.

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 December 31, 2025 for each Fund based upon the three levels defined above:

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

**Simplify Commodities Strategy No K-1 ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Exchange-Traded Funds | $44590095 | $— | $— | $44590095 |
| U.S. Treasury Bills | 12895670 | 4500000 |  | 17395670 |
| Money Market Fund | 173896 |  |  | 173896 |
| Futures | 1381257 |  |  | 1381257 |
| TOTAL | $72927103 | $4500000 | $— | $77427103 |
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Futures | $(585214) | $— | $— | $(585214) |
| TOTAL | $(585214) | $— | $— | $(585214) |

---

**Simplify Managed Futures Strategy ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Exchange-Traded Funds | $1076202211 | $— | $— | $1076202211 |
| U.S. Treasury Bills | 81177032 | 59402450 |  | 140579482 |
| Money Market Fund | 5137111 |  |  | 5137111 |
| Futures | 28637522 |  |  | 28637522 |
| TOTAL | $1490054825 | $59402450 | $— | $1549457275 |
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Reverse Repurchase Agreements | $— | $(58119171) | $— | $(58119171) |
| Futures | (15999846) |  |  | (15999846) |
| TOTAL | $(15999846) | $(58119171) | $— | $(74119017) |

---

**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 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

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

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 each Fund's financial statements.

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.

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.

**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.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

The following table summarizes the value of the Funds' derivative instruments held as of December 31, 2025 and the related location in the accompanying Consolidated Statements of Assets and Liabilities, presented by underlying risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Simplify Commodities Strategy No K-1 ETF** |  |  |  |  |
| Commodity Contracts | Unrealized appreciation on futures contracts\* | $1381257 | Unrealized depreciation on futures contracts\* | $585214 |
| **Simplify Managed Futures Strategy ETF** |  |  |  |  |
| Commodity Contracts | Unrealized appreciation on futures contracts\* | $27844826 | Unrealized depreciation on futures contracts\* | $6816441 |
| Interest Rate Contracts | Unrealized appreciation on futures contracts\* | $792696 | Unrealized depreciation on futures contracts\* | $9183405 |

---

\* Includes cumulative unrealized appreciation or unrealized cumulative depreciation on futures contracts as disclosed in the Consolidated Schedule of Investments.

For the period ended December 31, 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**<br> **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Simplify Commodities Strategy No K-1 ETF | Commodity | $280574 | $1099318 |
| Simplify Managed Futures Strategy ETF | Commodity | 31632689 | 25556353 |
| Simplify Managed Futures Strategy ETF | Interest Rate | (41470242) | 9047733 |

---

For the period ended December 31, 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 | $48845222 |
| Simplify Managed Futures Strategy ETF | (2175873823) |

---

The 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, the 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 December 31, 2025.

**5. Reverse Repurchase Agreements**

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

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

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 Managed Futures Strategy 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** |
|  | **Gross<br> Amounts of**<br>**Recognized<br> Liabilities** | **Gross Amounts<br> Offset in the<br> Consolidated<br> Statements of**<br>**Assets and<br> Liabilities** | **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 | $58119171 | $— | $58119171 | $58119171 | $58119171 | $— |

---

(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 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 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. For the period ended December 31, 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 $2,601,905 and 4.53%, respectively. For the period ended December 31, 2025, the average amount of reverse repurchase agreements outstanding and the daily weighted average interest rate for the Simplify Managed Futures Strategy ETF was $19,405,347 at 4.00%, respectively.

Simplify Commodities Strategy No K-1 ETF had no outstanding reverse repurchase agreements at period ended December 31, 2025.

The following table indicates the total amount of reverse repurchased agreements, including accrued interest, reconciled to the Simplify Managed Futures Strategy ETF liability as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Less than<br> 30 days** | **30-90 days** | **Greater than<br> 90 days** | **Total** |
| U.S. Government Obligations | $– $| 58119171 | $– $| 58119171 |

---

**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 each of the 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

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

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 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:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Simplify Commodities Strategy No K-1 ETF | $51523571 | $6914755 |
| Simplify Managed Futures Strategy ETF | 1363858993 | 287642233 |

---

**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**

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 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.

**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**

**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 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.

December 31, 2025

Semi-Annual Financial Statements

and Other Important Information

Simplify Exchange Traded Funds

Simplify Piper Sandler US Small-Cap PLUS Income ETF (LITL)

![](logo_001.jpg)

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**Simplify Exchange Traded Funds**

**Table of Contents**

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| | |
|:---|:---|
| [Schedule of Investments](#book6_001) | 4 |
| [Statement of Assets and Liabilities](#book6_002) | 10 |
| [Statement of Operations](#book6_003) | 11 |
| [Statements of Changes in Net Assets](#book6_004) | 12 |
| [Financial Highlights](#book6_005) | 13 |
| [Notes to Financial Statements](#book6_006) | 14 |
| [Additional Information](#book6_007) | 20 |

---

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**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks – 98.7%** |  |  |
| **Communication Services – 5.1%** |  |  |
| Anterix, Inc.\* | 1863 | $40669 |
| Cargurus, Inc.\* | 1086 | 41648 |
| EverQuote, Inc., Class A\* | 1452 | 39204 |
| fuboTV, Inc., Class A\* | 12602 | 31757 |
| Gray Media, Inc. | 7786 | 37684 |
| Ibotta, Inc., Class A\* | 1606 | 36505 |
| John Wiley & Sons, Inc., Class A | 1054 | 32284 |
| MediaAlpha, Inc., Class A\* | 3002 | 38876 |
|  |  | 298627 |
| **Consumer Discretionary – 9.3%** |  |  |
| Abercrombie & Fitch Co., Class A\*(a) | 391 | 49215 |
| American Eagle Outfitters, Inc.(a) | 1878 | 49523 |
| Build-A-Bear Workshop, Inc. | 721 | 44176 |
| Garrett Motion, Inc. | 2318 | 40403 |
| GigaCloud Technology, Inc., Class A\* | 1033 | 40576 |
| G-III Apparel Group Ltd.(a) | 1314 | 38053 |
| Goodyear Tire & Rubber Co. (The)\* | 4424 | 38754 |
| Green Brick Partners, Inc.\* | 564 | 35340 |
| LCI Industries(a) | 337 | 40892 |
| Revolve Group, Inc.\* | 1585 | 47851 |
| Sally Beauty Holdings, Inc.\* | 2415 | 34438 |
| Super Group SGHC Ltd. | 3537 | 42267 |
| Victoria's Secret & Co.\*(a) | 927 | 50216 |
|  |  | 551704 |
| **Consumer Staples – 3.2%** |  |  |
| Central Garden & Pet Co.\* | 1121 | 36040 |
| Herbalife Ltd.\* | 3009 | 38786 |
| John B Sanfilippo & Son, Inc. | 527 | 37206 |
| Oil-Dri Corp. of America | 704 | 34454 |
| Turning Point Brands, Inc. | 382 | 41409 |
|  |  | 187895 |
| **Energy – 4.9%** |  |  |
| Bristow Group, Inc.\*(a) | 1021 | 37389 |
| Centrus Energy Corp., Class A\* | 148 | 35929 |
| DHT Holdings, Inc. | 2940 | 35897 |
| Northern Oil & Gas, Inc. | 1711 | 36735 |
| PrimeEnergy Resources Corp.\*(a) | 209 | 35739 |
| SandRidge Energy, Inc. | 2709 | 39091 |
| Teekay Corp. Ltd. | 3945 | 35623 |
| Valaris Ltd.\* | 679 | 34222 |
|  |  | 290625 |
| **Financials – 19.7%** |  |  |
| American Coastal Insurance Corp.(a) | 3206 | 40492 |
| Bank of NT Butterfield & Son Ltd. (The) | 825 | 41101 |
| Bread Financial Holdings, Inc.(a) | 566 | 41901 |
| Burke & Herbert Financial Services Corp. | 587 | 36576 |
| Byline Bancorp, Inc.(a) | 1372 | 39994 |
| Diamond Hill Investment Group, Inc. | 325 | 55087 |
| Finance Of America Cos., Inc., Class A\* | 1599 | 38712 |

---

See Notes to Financial Statements.

**Simplify Piper Sandler US Small-Cap PLUS Income ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** |  |  |
| **Financials (continued)** |  |  |
| First United Corp. | 1003 | $37552 |
| Hamilton Insurance Group Ltd., Class B\* | 1404 | 39172 |
| HBT Financial, Inc. | 1583 | 40920 |
| HCI Group, Inc. | 216 | 41405 |
| Heritage Insurance Holdings, Inc.\* | 1319 | 38594 |
| Home Bancorp, Inc.(a) | 691 | 39940 |
| International Bancshares Corp. | 576 | 38269 |
| Jefferson Capital, Inc. | 1827 | 40815 |
| Mercury General Corp. | 411 | 38659 |
| Northeast Community Bancorp, Inc.(a) | 1810 | 40924 |
| Northrim BanCorp, Inc. | 1560 | 41512 |
| Pathward Financial, Inc. | 533 | 37843 |
| Preferred Bank/Los Angeles CA | 406 | 38339 |
| QCR Holdings, Inc. | 469 | 39068 |
| Radian Group, Inc. | 1078 | 38797 |
| Slide Insurance Holdings, Inc.\* | 2268 | 44181 |
| Southside Bancshares, Inc. | 1306 | 39689 |
| Third Coast Bancshares, Inc.\* | 1005 | 38200 |
| United Fire Group, Inc. | 1048 | 38095 |
| Universal Insurance Holdings, Inc. | 1156 | 39073 |
| Velocity Financial, Inc.\* | 1982 | 41146 |
| West BanCorp, Inc. | 1724 | 38256 |
|  |  | 1164312 |
| **Health Care – 23.0%** |  |  |
| ACADIA Pharmaceuticals, Inc.\*(a) | 1530 | 40867 |
| ADMA Biologics, Inc.\* | 1997 | 36425 |
| Alkermes PLC\* | 1295 | 36234 |
| AtriCure, Inc.\* | 1061 | 41973 |
| Aurinia Pharmaceuticals, Inc.\* | 2377 | 37913 |
| Aveanna Healthcare Holdings, Inc.\* | 4102 | 33514 |
| BrightSpring Health Services, Inc.\* | 1059 | 39660 |
| CareDx, Inc.\* | 2144 | 40393 |
| Castle Biosciences, Inc.\* | 959 | 37305 |
| Catalyst Pharmaceuticals, Inc.\* | 1636 | 38184 |
| Collegium Pharmaceutical, Inc.\*(a) | 821 | 38012 |
| CorMedix, Inc.\*(a) | 3905 | 45415 |
| CorVel Corp.\*(a) | 523 | 35392 |
| Dynavax Technologies Corp.\* | 3369 | 51815 |
| Emergent BioSolutions, Inc.\* | 3430 | 42395 |
| Indivior PLC\* | 1140 | 40903 |
| iRadimed Corp. | 411 | 39982 |
| Ironwood Pharmaceuticals, Inc.\* | 10946 | 36888 |
| Keros Therapeutics, Inc.\*(a) | 2192 | 44629 |
| Krystal Biotech, Inc.\* | 176 | 43391 |
| LeMaitre Vascular, Inc. | 462 | 37468 |
| MiMedx Group, Inc.\* | 5568 | 37696 |
| National HealthCare Corp. | 281 | 38522 |
| Niagen Bioscience, Inc.\* | 5659 | 35991 |
| Omnicell, Inc.\*(a) | 1049 | 47520 |

---

See Notes to Financial Statements.

**Simplify Piper Sandler US Small-Cap PLUS Income ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** |  |  |
| **Health Care (continued)** |  |  |
| Pediatrix Medical Group, Inc.\* | 1590 | $34010 |
| Progyny, Inc.\* | 1453 | 37313 |
| PTC Therapeutics, Inc.\* | 446 | 33878 |
| Rigel Pharmaceuticals, Inc.\* | 759 | 32508 |
| Select Medical Holdings Corp. | 2473 | 36724 |
| Tactile Systems Technology, Inc.\* | 1490 | 43210 |
| TG Therapeutics, Inc.\* | 1152 | 34341 |
| TransMedics Group, Inc.\* | 262 | 31872 |
| Veracyte, Inc.\* | 809 | 34059 |
| Zevra Therapeutics, Inc.\* | 4544 | 40714 |
|  |  | 1357116 |
| **Industrials – 13.3%** |  |  |
| Blue Bird Corp.\*(a) | 734 | 34498 |
| Byrna Technologies, Inc.\* | 2099 | 35242 |
| Costamare, Inc. | 2509 | 39617 |
| EnerSys | 268 | 39329 |
| Ennis, Inc.(a) | 2197 | 39568 |
| Fluor Corp.\* | 892 | 35350 |
| Great Lakes Dredge & Dock Corp.\*(a) | 3000 | 39360 |
| IES Holdings, Inc.\* | 92 | 35790 |
| Interface, Inc., Class A | 1373 | 38334 |
| Kennametal, Inc. | 1384 | 39319 |
| Kforce, Inc. | 1303 | 40289 |
| Matson, Inc. | 352 | 43490 |
| Powell Industries, Inc. | 119 | 37935 |
| Power Solutions International, Inc.\* | 708 | 40455 |
| Resolute Holdings Management, Inc.\* | 216 | 44589 |
| REV Group, Inc. | 719 | 43722 |
| Thermon Group Holdings, Inc.\* | 1091 | 40541 |
| TriNet Group, Inc. | 654 | 38671 |
| Upwork, Inc.\*(a) | 1941 | 38471 |
| Willis Lease Finance Corp. | 312 | 42320 |
|  |  | 786890 |
| **Information Technology – 9.4%** |  |  |
| Alarm.com Holdings, Inc.\* | 737 | 37602 |
| Axcelis Technologies, Inc.\* | 463 | 37197 |
| Bel Fuse, Inc., Class B | 249 | 42238 |
| Clearwater Analytics Holdings, Inc., Class A\* | 1737 | 41896 |
| CommScope Holding Co., Inc.\* | 1941 | 35190 |
| Daily Journal Corp.\*(a) | 84 | 40935 |
| ePlus, Inc. | 428 | 37536 |
| Harmonic, Inc.\*(a) | 4007 | 39629 |
| MARA Holdings, Inc.\* | 3244 | 29131 |
| Napco Security Technologies, Inc. | 948 | 39532 |
| NETGEAR, Inc.\* | 1448 | 35519 |
| Qualys, Inc.\* | 272 | 36149 |
| Sprinklr, Inc., Class A\* | 5299 | 41226 |
| TSS, Inc.\* | 3978 | 28125 |

---

See Notes to Financial Statements.

**Simplify Piper Sandler US Small-Cap PLUS Income ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks (continued)** |  |  |
| **Information Technology (continued)** |  |  |
| VTEX, Class A\* | 9231 | $34709 |
|  |  | 556614 |
| **Materials – 2.8%** |  |  |
| Flotek Industries, Inc.\* | 2681 | 46194 |
| Kaiser Aluminum Corp. (a) | 399 | 45829 |
| Perimeter Solutions, Inc.\* | 1374 | 37826 |
| Sensient Technologies Corp. | 393 | 36922 |
|  |  | 166771 |
| **Real Estate – 6.7%** |  |  |
| Alexander & Baldwin, Inc. | 2451 | 50589 |
| Alexander's, Inc. | 181 | 39447 |
| CBL & Associates Properties, Inc. | 1146 | 42402 |
| Forestar Group, Inc.\* (a) | 1501 | 36970 |
| Getty Realty Corp. | 1346 | 36840 |
| Innovative Industrial Properties, Inc. | 775 | 36704 |
| Outfront Media, Inc. | 1628 | 39235 |
| Plymouth Industrial REIT, Inc. | 1746 | 38202 |
| SITE Centers Corp. | 5205 | 33416 |
| Whitestone REIT, Class B | 2883 | 40045 |
|  |  | 393850 |
| **Utilities – 1.3%** |  |  |
| Otter Tail Corp. | 466 | 37657 |
| Unitil Corp. | 763 | 36960 |
|  |  | 74617 |
| &nbsp;&nbsp;&nbsp;Total Common Stocks (Cost $5,529,115) |  | 5829021 |
| **U.S. Exchange-Traded Funds – 1.3%** |  |  |
| **Equity Funds – 1.3%** |  |  |
| iShares Russell 2000 ETF <br> (Cost $63,011) | 297 | 73109 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Purchased Options – 0.1%** |  |  |  |
| **Calls – Exchange-Traded – 0.1%** |  |  |  |
| S&P 500 Index, January Strike Price $6,925, Expires 1/02/26 | 4 | $2770000 | 20 |
| S&P 500 Index, January Strike Price $6,955, Expires 1/02/26 | 4 | 2782000 | 16 |
| S&P 500 Index, January Strike Price $7,000, Expires 1/02/26 | 12 | 8400000 | 36 |
| S&P 500 Index, January Strike Price $6,885, Expires 1/05/26 | 1 | 688500 | 505 |
| S&P 500 Index, January Strike Price $6,955, Expires 1/05/26 | 4 | 2782000 | 30 |
| S&P 500 Index, January Strike Price $6,915, Expires 1/07/26 | 4 | 2766000 | 3680 |
|  |  |  | 4287 |

---

See Notes to Financial Statements.

**Simplify Piper Sandler US Small-Cap PLUS Income ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | **Value** |
| **Purchased Options – 0.1% (continued)** |  |  |  |
| **Puts – Exchange-Traded – 0.0%†** |  |  |  |
| Russell 2000 Index, January Strike Price $2,275, Expires 1/14/26 (b) | 4 | $910000 | $390 |
| S&P 500 Index, January Strike Price $6,660, Expires 1/07/26 | 4 | 2664000 | 980 |
| S&P 500 Index, January Strike Price $6,300, Expires 1/14/26 (b) | 1 | 630000 | 232 |
|  |  |  | 1602 |
| Total Purchased Options (Cost $21,549) |  |  | 5889 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Money Market Fund – 0.0%†** |  |  |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 3.65% (c)<br> (Cost $1,312) | 1312 | 1312 |
| Total Investments – 100.1% <br> (Cost $5,614,987) |  | $5909331 |
| Liabilities in Excess of Other Assets – (0.1)% |  | (5704) |
| **Net Assets – 100.0%** |  | $**5903627** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Written Options – (0.0)%†** |  |  |  |
| **Puts – Exchange-Traded – (0.0)%†** |  |  |  |
| Russell 2000 Index, January Strike Price $2,375, Expires 1/14/26 | (4) | $(950000) | $(1840) |
| S&P 500 Index, January Strike Price $6,600, Expires 1/14/26 | (1) | (660000) | (970) |
|  |  |  | (2810) |
| Total Written Options (Premiums Received $2,626) |  |  | $(2810) |

---

---

| | |
|:---|:---|
| \* | Non Income Producing |
| † | Less than 0.05% |
| (a) | Securities with an aggregate market value of $1,017,625 have been pledged as collateral for options as of December 31, 2025. |
| (b) | Held in connection with Written Options. |
| (c) | Rate shown reflects the 7-day yield as of December 31, 2025. |

---

See Notes to Financial Statements.

(This page intentionally left blank)

**Simplify Exchange Traded Funds**

**Statement of Assets and Liabilities**

December 31, 2025 (Unaudited)

---

| | |
|:---|:---|
|  | **Simplify Piper<br> Sandler US<br> Small-Cap<br> PLUS Income ETF** |
| **Assets** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value | $5909331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | 4748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold | 2627 |
| &nbsp;&nbsp;&nbsp;Total assets | 5916706 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities purchased | 5629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 4640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 2810 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 13079 |
| **Net Assets** | $5903627 |
| **Net Assets Consist of** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $5284173 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss) | 619454 |
| **Net Assets** | $5903627 |
| Number of Common Shares outstanding | 200001 |
| **Net Asset Value, offering and redemption price per share** | $29.52 |
| Investments, at cost | $5614987 |
| Premiums received | $2626 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statement of Operations**

For the Six Months Ended December 31, 2025 (Unaudited)

---

| | |
|:---|:---|
|  | **Simplify Piper<br> Sandler US<br> Small-Cap<br> PLUS Income ETF** |
| **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;Dividend income\* | $49424 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 25727 |
| &nbsp;&nbsp;&nbsp;Interest expense | 1 |
| &nbsp;&nbsp;&nbsp;Total expenses | 25728 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 23696 |
| **Realized and Unrealized Gain (Loss)** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (936695) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions | 1094981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 190830 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 349116 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 29585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | (1396) |
| &nbsp;&nbsp;&nbsp;Net unrealized gain (loss) | 28189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 377305 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $401001 |
| \* Withholding tax | $18 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Simplify Piper<br> Sandler US<br> Small- Cap PLUS<br> Income ETF** | **Simplify Piper<br> Sandler US<br> Small- Cap PLUS<br> Income ETF** |
|  | **For the<br> Six Months Ended<br> December 31,<br> 2025<br> (Unaudited)** | **For the<br> period<br> April 28,<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) | $23696 | $3215 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 349116 | 8109 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | 28189 | 265971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 401001 | 277295 |
| **Distributions** | (58842) |  |
| **Fund Shares Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 12057488 | 3857224 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | (10630539) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | 1426949 | 3857224 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | 1769108 | 4134519 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 4134519 |  |
| &nbsp;&nbsp;&nbsp;End of period | $5903627 | $4134519 |
| **Changes in Shares Outstanding** |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of period | 150001 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 425000 | 150001<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (375000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 200001 | 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** | **For the<br> Six Months Ended December 31,<br> 2025<br> (Unaudited)** | **Period Ended<br> June 30,<br> 2025<sup>(a)</sup>** |
| Net Asset Value, beginning of period | $27.56 | $25.00 |
| Income (loss) from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.12 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 2.13 | 2.53 |
| Total from investment operations | 2.25 | 2.56 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.29) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.29) |  |
| Net Asset Value, end of period | $29.52 | $27.56 |
| **Total Return (%)** | 8.16 <sup>(c)</sup> | 10.25 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |
| Net Assets, end of period ($ millions) | $6 | $4 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.90 <sup>(d)(e)</sup> | 0.90 <sup>(d)(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 0.83 <sup>(d)</sup> | 0.60 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(f)</sup> | 118 <sup>(c)</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**

December 31, 2025 (Unaudited)

**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 December 31, 2025, the Trust consists of thirty eight 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 net asset value ("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 statements 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, 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)

December 31, 2025 (Unaudited)

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 December 31, 2025 for the Fund based upon the three levels defined above:

**Simplify Piper Sandler US Small-Cap PLUS Income ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $5829021 | $— | $— | $5829021 |
| U.S. Exchange-Traded Funds | 73109 |  |  | 73109 |
| Purchased Options | 5889 |  |  | 5889 |
| Money Market Fund | 1312 |  |  | 1312 |
| TOTAL | $5909331 | $— | $— | $5909331 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | $(2810) | $— | $— | $(2810) |
| TOTAL | $(2810) | $— | $— | $(2810) |

---

**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)

December 31, 2025 (Unaudited)

**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 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 statements.

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)

December 31, 2025 (Unaudited)

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 December 31, 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** |  |  |  |  |
| Equity Contracts | Investments, at value(1) | $5889 | Investments, at value(1) | $— |
| Equity Contracts | Written options | $— | Written options | $2810 |

---

\* Includes cumulative unrealized appreciation or unrealized cumulative depreciation on futures contracts as disclosed in the Schedule of Investments. <br> (1) Purchased option contracts are included in Investments within the Statement of Assets and Liabilities.

For the period ended December 31, 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 | $(296358) | $(35149) |
| Simplify Piper Sandler US Small-Cap PLUS Income ETF | Commodity | (7467) | 118 |

---

(a) Purchased
 option contracts are included in Net Realized Gain (Loss) on Investments within the Statement of Operations.

For the period ended December 31, 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 | $17492 | $995 |
| Simplify Piper Sandler US Small-Cap PLUS Income ETF | Commodity | (296358) | 400 |

---

For the period ended December 31, 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)** |
| Simplify Piper Sandler US Small-Cap PLUS Income ETF | $31293 | $(4635) |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

**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 | $17090573 | $6306863 |

---

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 | $– $| 8790740 |

---

**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.

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)

December 31, 2025 (Unaudited)

**7. Federal Income Taxes**

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.

**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**

**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.

December 31, 2025

Semi-Annual Financial Statements

and Other Important Information

Simplify Exchange Traded Funds

Simplify Tara India Opportunities ETF (IOPP)

![](logo_001.jpg)

(This page intentionally left blank)

**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 |
| [Additional Information](#book7_007) | 14 |

---

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 Investment**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks – 89.8%** |  |  |
| **Communication Services – 11.2%** |  |  |
| Bharti Airtel Ltd. | 26909 | $630396 |
| Info Edge India Ltd. | 23955 | 355436 |
|  |  | 985832 |
| **Consumer Discretionary – 27.2%** |  |  |
| Bajaj Auto Ltd. | 4267 | 443556 |
| Eternal Ltd.\* | 184617 | 571129 |
| Indian Hotels Co. Ltd. (The), Class A | 32000 | 263055 |
| LG Electronics India Ltd.\* | 156 | 2641 |
| Tata Motors Passenger Vehicles Ltd. | 50898 | 208027 |
| Titan Co. Ltd. | 11201 | 504908 |
| UNO Minda Ltd. | 28295 | 404784 |
|  |  | 2398100 |
| **Consumer Staples – 17.0%** |  |  |
| Avenue Supermarts Ltd., 144A\*(a) | 8081 | 340055 |
| Bikaji Foods International Ltd. | 12884 | 107482 |
| Britannia Industries Ltd. | 3000 | 201303 |
| ITC Ltd. | 95893 | 429964 |
| Marico Ltd. | 50000 | 417559 |
|  |  | 1496363 |
| **Financials – 9.6%** |  |  |
| ICICI Bank Ltd. | 25101 | 375037 |
| ICICI Prudential Asset Management Co. Ltd.\* | 88 | 2606 |
| Kotak Mahindra Bank Ltd. | 19108 | 467945 |
|  |  | 845588 |
| **Health Care – 7.4%** |  |  |
| Apollo Hospitals Enterprise Ltd. | 4449 | 348602 |
| JB Chemicals & Pharmaceuticals Ltd. | 14919 | 302050 |
|  |  | 650652 |
| **Industrials – 15.0%** |  |  |
| Craftsman Automation Ltd. | 5000 | 427768 |
| Havells India Ltd. | 11126 | 176386 |
| Indian Railway Catering & Tourism Corp. Ltd. | 21908 | 166870 |
| Tata Motors Ltd. /New\* | 50898 | 235294 |
| Titagarh Rail System Ltd. | 17036 | 169063 |
| Triveni Turbine Ltd. | 25135 | 150523 |
|  |  | 1325904 |
| **Materials – 2.4%** |  |  |
| Gravita India Ltd. | 10223 | 211308 |
| &nbsp;&nbsp;&nbsp;Total Common Stocks (Cost $8,596,901) |  | 7913747 |
| **Money Market Fund – 5.1%** |  |  |
| Fidelity Investments Money Market Treasury Only Portfolio - Class I, 3.66%(b) <br> (Cost $448,349) | 448349 | 448349 |
| Total Investments – 94.9% <br> (Cost $9,045,250) |  | $8362096 |
| Other Assets in Excess of Liabilities – 5.1% |  | 447957 |
| **Net Assets – 100.0%** |  | $**8810053** |

---

See Notes to Financial Statements.

**Simplify Tara India Opportunities ETF**

**Schedule of Investment** (Continued)

December 31, 2025 (Unaudited)

\* 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 $340,055, which represents 3.9% of net assets as of December 31, 2025.

(b) Rate shown reflects the 7-day yield as of December 31, 2025.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statement of Assets and Liabilities**

December 31, 2025 (Unaudited)

---

| | |
|:---|:---|
|  | **Simplify <br> Tara India**<br> **Opportunities<br> ETF** |
| **Assets** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value | $8362096 |
| &nbsp;&nbsp;&nbsp;Foreign currency at value | 474359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 11340 |
| &nbsp;&nbsp;&nbsp;Total assets | 8847795 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred foreign capital gains tax | 29480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 5169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accrued expenses | 3093 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 37742 |
| **Net Assets** | $8810053 |
| **Net Assets Consist of** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $9425749 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss) | (615696) |
| **Net Assets** | $8810053 |
| Number of Common Shares outstanding | 325001 |
| **Net Asset Value, offering and redemption price per share** | $27.11 |
| Investments, at cost | $9045250 |
| Foreign currency, at cost | $474931 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statement of Operations**

For the Six Months Ended December 31, 2025 (Unaudited)

---

| | |
|:---|:---|
|  | **Simplify <br> Tara India <br> Opportunities <br> ETF** |
| **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;Dividend income\* | $179048 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 44844 |
| &nbsp;&nbsp;&nbsp;Total expenses | 44844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less fees waived: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waiver | (13453) |
| &nbsp;&nbsp;&nbsp;Net expenses | 31391 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 147657 |
| **Realized and Unrealized Gain (Loss)** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 55541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | (9058) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 46483 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (313417) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | (242) |
| &nbsp;&nbsp;&nbsp;Net unrealized gain (loss) | (313659) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (267176) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(119519) |
| \* Withholding tax | $4928 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Simplify Tara India<br> Opportunities ETF** | **Simplify Tara India<br> Opportunities ETF** |
|  | **For the<br> Six Months Ended<br> December 31,<br> 2025<br> (Unaudited)** | **Year Ended<br> June 30,<br> 2025** |
| **Increase (Decrease) in Net Assets from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $147657 | $34918 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 46483 | 675489 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | (313659) | (1021219) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | (119519) | (310812) |
| **Distributions** |  | (1006686) |
| **Fund Shares Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold |  | 6959317 |
| &nbsp;&nbsp;&nbsp;Variable transaction fees (see Note 5) |  | 41922 |
| &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 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | (119519) | 507912 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 8929572 | 8421660 |
| &nbsp;&nbsp;&nbsp;End of year | $8810053 | $8929572 |
| **Changes in Shares Outstanding** |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of year | 325001 | 300001 |
| &nbsp;&nbsp;&nbsp;Shares sold |  | 225000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  | (200000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 325001 | 325001 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Financial Highlights**

---

| | | | |
|:---|:---|:---|:---|
| **Simplify Tara India Opportunities ETF**<br> **Selected Per Share Data** | **For the<br> Six Months Ended<br> December 31, 2025<br> (Unaudited)** | **Year Ended <br> June 30,<br> 2025** | **Period Ended <br> June 30, <br> 2024<sup>(a)</sup>** |
| Net Asset Value, beginning of period | $27.48 | $28.07 | $25.00 |
| Income (loss) from investment operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.45 | 0.09 | (0.02) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (0.82) | 1.15 <sup>(c)</sup> | 3.01 |
| Total from investment operations | (0.37) | 1.24 | 2.99 |
| &nbsp;&nbsp;&nbsp;Variable transaction fees (see Note 8) |  | 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 | $27.11 | $27.48 | $28.07 |
| **Total Return (%)** | (1.28)<sup>(d)</sup> | 4.93 | 12.29 <sup>(d)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |  |
| Net Assets, end of period ($ millions) | $9 | $9 | $8 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses before fee waiver (%) | 1.00 <sup>(e)</sup> | 1.03 <sup>(f)</sup> | 1.51 <sup>(e)(g)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses after fee waiver (%) | 0.70 <sup>(e)</sup> | 0.73 <sup>(f)</sup> | 1.21 <sup>(e)(g)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 3.29 <sup>(e)</sup> | 0.32 | (0.27)<sup>(e)</sup> |
| Portfolio turnover rate (%)<sup>(h)</sup> | 8 <sup>(d)</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) Annualized.

(f) The
 ratios of expenses to average net assets includes interest expense fees of 0.03%.

(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**

December 31, 2025 (Unaudited)

**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 December 31, 2025, the Trust consists of thirty eight 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 statements 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

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

Board as discussed below. 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 December 31, 2025 for the Fund based upon the three levels defined above:

**Simplify Tara India Opportunities ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $7913747 | $— | $— | $7913747 |
| Money Market Fund | 448349 |  |  | 448349 |
| TOTAL | $8362096 | $— | $— | $8362096 |

---

**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)

December 31, 2025 (Unaudited)

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 statements.

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, 2026. This agreement may be terminated only by the Board on 60 days' written notice to the Adviser. For the period ended December 31, 2025, the Adviser waived fees of $13,453.

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)

December 31, 2025 (Unaudited)

**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 | $657083 | $1028015 |

---

**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**

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 Tara India Opportunities ETF | $9232443 | $474384 | $(970561) | $(496177) |
| <br> 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. | <br> 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. | <br> 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. | <br> 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. | <br> 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. |

---

**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**

**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.

December 31, 2025

Semi-Annual Financial Statements

and Other Important Information

Simplify Exchange Traded Funds

Simplify National Muni Bond ETF (NMB)

![](logo_001.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 |
| [Additional Information](#book8_007) | 17 |

---

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**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **Municipal Bonds – 89.9%** |  |  |
| **Arizona – 4.6%** |  |  |
| Salt River Project Agricultural Improvement and Power District Arizona Salt River Project Electric System RB, 2024 Series A, 5.25%, 1/1/2054 | $2000000 | $2125693 |
| **California – 6.9%** |  |  |
| 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), 5.50%, 5/15/2055 | 1000000 | 1066503 |
| Long Beach Unified School District California Election of 2016 GO Bonds, Series C, 4.00%, 8/1/2053 | 2250000 | 2128724 |
|  |  | 3195227 |
| **Colorado – 3.5%** |  |  |
| City of Colorado Springs Colorado Utilities System Improvement RB, Series 2025A, 5.25%, 11/15/2050 | 1500000 | 1615386 |
| **District of Columbia – 2.1%** |  |  |
| Washington Metropolitan Area Transit Authority Second Lien Dedicated RB, Series 2024A, 4.38%, 7/15/2059 | 1000000 | 947520 |
| **Florida – 4.1%** |  |  |
| State of Florida Department of Transportation Turnpike RB, Series 2024C, 4.00%, 7/1/2051 | 2000000 | 1872018 |
| **Illinois – 3.4%** |  |  |
| City of Chicago Chicago O'Hare International Airport General Airport Senior Lien RB, Series 2025E (AMT), 5.50%, 1/1/2055 | 1500000 | 1564094 |
| **Massachusetts – 6.2%** |  |  |
| Massachusetts School Building Authority Subordinated Dedicated Sales Tax Bonds 2025, Series A, 5.50%, 2/15/2055 | 1700000 | 1839559 |
| The Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2025, Series G, 5.00%, 12/1/2055 | 1000000 | 1042293 |
|  |  | 2881852 |
| **Nevada – 4.6%** |  |  |
| Las Vegas Valley Water District Nevada GO Limited Tax Additionally Secured by Snwa Pledged Revenues Water Improvement Bonds, Series 2025A, 5.25%, 6/1/2055 | 2000000 | 2130304 |
| **New Jersey – 3.3%** |  |  |
| New Jersey Transportation Trust Fund Authority Transportation Program Bonds, 2025 Series AA, 5.00%, 6/15/2055 | 1500000 | 1539390 |
| **New York – 14.7%** |  |  |
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds, Fiscal 2022 Series B, 3.00%, 8/1/2048 | 3000000 | 2273963 |
| New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds Fiscal 2026 Series B, 5.25%, 5/1/2055(a) | 1500000 | 1576697 |
| New York State Thruway Authority State Personal Income Tax Revenue Green Bonds, Series 2025B, 5.00%, 3/15/2055 | 2000000 | 2067162 |
| Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Sales Tax RB, Series 2022A, 4.00%, 5/15/2057 | 1000000 | 898267 |
|  |  | 6816089 |
| **North Carolina – 4.4%** |  |  |
| North Carolina Turnpike Authority Triangle Expressway System Senior Lien Turnpike Revenue Bonds, Series 2024A, 5.00%, 1/1/2058(a) | 2000000 | 2044049 |
| **Pennsylvania – 4.7%** |  |  |
| Pennsylvania Higher Educational Facilities Authority University of Pennsylvania Health System Health System RB, Series 2025, 5.50%, 8/15/2055 | 2000000 | 2171448 |

---

See Notes to Financial Statements.

**Simplify National Muni Bond ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **Municipal Bonds (continued)** |  |  |
| **Texas – 24.1%** |  |  |
| Carrollton-Farmers Branch Independent School District Dallas and Denton Counties Texas Unlimited Tax School Building Bonds, Series 2023, 4.00%, 2/15/2053 | $1000000 | $922387 |
| Cities of Dallas and Fort Worth Texas Dallas Fort Worth International Airport Joint Revenue Refunding and Improvement Bonds, Series 2025B (NON-AMT), 5.25%, 11/1/2056 | 2000000 | 2110152 |
| Georgetown Independent School District a Political Subdivision of the State of Texas Located in Williamson County Unlimited Tax School Building and Refunding Bonds Series 2025, 5.25%, 2/15/2055 | 2000000 | 2133153 |
| Lamar Consolidated Independent School District Texas Unlimited Tax Schoolhouse and Refunding Bonds, Series 2024, 4.00%, 2/15/2054 | 2000000 | 1853901 |
| Northwest Independent School District Denton Tarrant and Wise Counties Texas Unlimited Tax School Building Bonds, Series 2025, 5.00%, 2/15/2055(a) | 1500000 | 1555881 |
| Prosper Independent School District A Political Subdivision of The State of Texas Located In Collin and Denton Counties Texas Unlimited Tax School Building and Refunding Bonds, Series 2026, 4.50%, 2/15/2055 | 1500000 | 1474812 |
| Texas Transportation Finance Corporation Subordinate Tier Toll Revenue and Refunding Bonds, Series 2025A, 5.50%, 10/1/2055 | 1000000 | 1082495 |
|  |  | 11132781 |
| **Washington – 3.3%** |  |  |
| King County Washington Sewer Revenue and Refunding Bonds, 2025 Series A, 5.00%, 1/1/2056 | 1460000 | 1528925 |
| &nbsp;&nbsp;&nbsp;Total Municipal Bonds (Cost $40,967,874) |  | 41564776 |

---

---

| | |
|:---|:---|
|  | **Shares** |
| **Money Market Fund – 12.1%** |  |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 3.65%(b)<br> (Cost $5,618,255) | 5618255 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Purchased Options – 0.1%** |  |  |  |
| **Calls – Exchange-Traded – 0.1%** |  |  |  |
| S&P 500 Index, January Strike Price $6,925, Expires 1/02/26 | 31 | 21467500 | 155 |
| S&P 500 Index, January Strike Price $6,955, Expires 1/02/26 | 33 | 22951500 | 132 |
| S&P 500 Index, January Strike Price $7,000, Expires 1/02/26 | 93 | 65100000 | 279 |
| S&P 500 Index, January Strike Price $6,885, Expires 1/05/26 | 9 | 6196500 | 4545 |
| S&P 500 Index, January Strike Price $6,955, Expires 1/05/26 | 31 | 21560500 | 233 |
| S&P 500 Index, January Strike Price $6,915, Expires 1/08/26 | 33 | 22819500 | 30360 |
|  |  |  | 35704 |
| **Puts – Exchange-Traded – 0.0%†** |  |  |  |
| Nasdaq 100 Index, December Strike Price $23,100, Expires 12/31/25(c) | 2 | 4620000 | 3200 |
| Russell 2000 Index, January Strike Price $2,275, Expires 1/14/26(c) | 24 | 5460000 | 2340 |
| S&P 500 Index, January Strike Price $6,660, Expires 1/08/26 | 34 | 22644000 | 8330 |
| S&P 500 Index, January Strike Price $6,300, Expires 1/15/26(c) | 7 | 4410000 | 1627 |
|  |  |  | 15497 |
| Total Purchased Options (Cost $179,037) |  |  | 51201 |

---

See Notes to Financial Statements.

**Simplify National Muni Bond ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | |
|:---|:---|
|  | **Value** |
| Total Investments – 102.1% <br> (Cost $46,765,166) | $47234232 |
| Liabilities in Excess of Other Assets – (2.1)% | (961620) |
| **Net Assets – 100.0%** | $**46272612** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Written Options – (0.1)%** |  |  |  |
| **Puts – Exchange-Traded – (0.1)%** |  |  |  |
| Nasdaq 100 Index, December Strike Price $24,100, Expires 12/31/25 | (2) | $(4820000) | $(10900) |
| Russell 2000 Index, January Strike Price $2,375, Expires 1/15/26 | (24) | (5700000) | (11040) |
| S&P 500 Index, January Strike Price $6,600, Expires 1/14/26 | (7) | (4620000) | (6790) |
|  |  |  | (28730) |
| Total Written Options (Premiums Received $26,554) |  |  | $(28730) |

---

† Less than
 0.05%

(a) Securities
 with an aggregate market value of $4,129,200 have been pledged as collateral for options as of December 31, 2025.

(b) Rate shown
 reflects the 7-day yield as of December 31, 2025.

(c) Held in
 connection with Written Options.

**<u>Portfolio Abbreviations</u>:**

AMT : Alternative Minimum Tax (subject to) <br> RB : Revenue Bond

See Notes to Financial Statements.

(This page intentionally left blank)

**Simplify Exchange Traded Funds**

**Statement of Assets and Liabilities**

December 31, 2025 (Unaudited)

---

| | |
|:---|:---|
|  | **Simplify<br> National Muni<br> Bond ETF** |
| **Assets** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value | $47234232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 564292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold | 26554 |
| &nbsp;&nbsp;&nbsp;Total assets | 47825078 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities purchased | 1503407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 28730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 20329 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 1552466 |
| **Net Assets** | $46272612 |
| **Net Assets Consist of** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $47915930 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss) | (1643318) |
| **Net Assets** | $46272612 |
| Number of Common Shares outstanding | 1850001 |
| **Net Asset Value, offering and redemption price per share** | $25.01 |
| Investments, at cost | $46765166 |
| Premiums received | $26554 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statement of Operations**

For the Six Months Ended December 31, 2025 (Unaudited)

---

| | |
|:---|:---|
|  | **Simplify<br> National Muni<br> Bond ETF** |
| **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $140781 |
| &nbsp;&nbsp;&nbsp;Interest income | 1252297 |
| &nbsp;&nbsp;&nbsp;Total income | 1393078 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 132684 |
| &nbsp;&nbsp;&nbsp;Interest expense | 9 |
| &nbsp;&nbsp;&nbsp;Total expenses | 132693 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 1260385 |
| **Realized and Unrealized Gain (Loss)** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (3093161) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 2111268 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (981893) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 419505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | (34402) |
| &nbsp;&nbsp;&nbsp;Net unrealized gain (loss) | 385103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | (596790) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $663595 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statement of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Simplify National Muni Bond ETF** | **Simplify National Muni Bond ETF** |
|  | **For the<br> Six Months Ended<br> December 31,<br> 2025<br> (Unaudited)** | **For the<br> 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) | $1260385 | $2975476 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (981893) | (1429891) |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | 385103 | 81787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 663595 | 1627372 |
| **Distributions** | (1147501) | (2786784) |
| **Fund Shares Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 4330375 | 98589382 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | (31532209) | (23471618) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | (27201834) | 75117764 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | (27685740) | 73958352 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 73958352 |  |
| &nbsp;&nbsp;&nbsp;End of period | $46272612 | $73958352 |
| **Changes in Shares Outstanding** |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of period | 2975001 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 175000 | 3925001<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1300000) | (950000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 1850001 | 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** | **For the<br> Six Months Ended<br> December 31,<br> 2025<br> (Unaudited)** | **Period Ended<br> June 30,<br> 2025<sup>(a)</sup>** |
| Net Asset Value, beginning of period | $24.86 | $25.00 |
| Income (loss) from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.60 | 0.84 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.15 <sup>(c)</sup> | (0.19) |
| Total from investment operations | 0.75 | 0.65 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.60) | (0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.60) | (0.79) |
| Net Asset Value, end of period | $25.01 | $24.86 |
| **Total Return (%)** | 3.02 <sup>(d)</sup> | 2.80 <sup>(d)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |
| Net Assets, end of period ($ millions) | $46 | $74 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.50 <sup>(e)</sup> | 0.50 <sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 4.75 <sup>(e)</sup> | 4.26 <sup>(e)</sup> |
| Portfolio turnover rate (%)<sup>(f)</sup> | 185 <sup>(d)</sup> | 678 <sup>(d)</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) 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.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements**

December 31, 2025 (Unaudited)

**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 December 31, 2025, the Trust consists of thirty eight 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 seeks to maximize total return. |

---

**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 statements 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 price higher or lower than actual market quotations or the value determined by other funds using their own fair valuation procedures.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

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 December 31, 2025 for the Fund based upon the three levels defined above:

**Simplify National Muni Bond ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Municipal Bonds | $— | $41564776 | $— | $41564776 |
| Purchased Options | 51201 |  |  | 51201 |
| Money Market Fund | 5618255 |  |  | 5618255 |
| TOTAL | $5669456 | $41564776 | $— | $47234232 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | $(28730) | $— | $— | $(28730) |
| TOTAL | $(28730) | $— | $— | $(28730) |

---

**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 capital loss carryforwards, if any, will be declared and distributed to shareholders at least annually. The capital loss carryforward amount,

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

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 statements.

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 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.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

The following table summarizes the value of the Fund's derivative instruments held as of December 31, 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** |  |  |  |  |
| Equity Contracts | Investments, at value(1) | $51201 | Investments, at value(1) | $— |
| Equity Contracts | Written options | $— | Written options | $28730 |

---

(1) Purchased
 option contracts are included in Investments within the Statement of Assets and Liabilities.

For the period ended December 31, 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 National Muni Bond ETF | Equity | $(3547524) | $(588832) |
| Simplify National Muni Bond ETF | Commodity | (81814) | 2621 |

---

(a) Purchased
 option contracts are included in Net Realized Gain (Loss) on Investments within the Statement of Operations.

For the period ended December 31, 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 National Muni Bond ETF | Equity | $1895596 | $(25510) |
| Simplify National Muni Bond ETF | Commodity | 215673 | (8892) |

---

For the period ended December 31, 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)** |
| Simplify National Muni Bond ETF | $617278 | $(63370) |

---

**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.

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.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

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 | $88102162 | $111225584 |

---

**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**

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.

**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**

**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.

December 31, 2025

Semi-Annual Financial Statements

and Other Important Information

Simplify Exchange Traded Funds

Simplify Gamma Emerging Market Bond ETF (GAEM)

![](logo_001.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 |
| [Additional Information](#book9_007) | 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 Gamma Emerging Market Bond ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **Foreign Bonds – 94.6%** |  |  |
| **Argentina – 8.4%** |  |  |
| Pampa Energia SA, 7.75%, 11/14/2037, 144A(a) | $500000 | $495995 |
| Pluspetrol SA, 8.13%, 5/18/2031, 144A(a) | 500000 | 496949 |
| Pluspetrol SA, 8.50%, 5/30/2032, 144A(a) | 200000 | 203514 |
| Tecpetrol SA, 7.63%, 11/3/2030, 144A(a) | 476000 | 473206 |
| Telecom Argentina SA, 9.25%, 5/28/2033 | 250000 | 261590 |
| Telecom Argentina SA, 9.25%, 5/28/2033, 144A(a) | 200000 | 209272 |
| Vista Energy Argentina SAU, 8.50%, 6/10/2033, 144A(a) | 500000 | 514375 |
| YPF SA, 8.25%, 1/17/2034 | 400000 | 409785 |
|  |  | 3064686 |
| **Bahamas – 3.6%** |  |  |
| Bahamas Government International Bond, 8.25%, 6/24/2036 | 890000 | 995305 |
| Bahamas Government International Bond, 8.25%, 6/24/2036, 144A(a) | 300000 | 335496 |
|  |  | 1330801 |
| **Brazil – 13.8%** |  |  |
| Aegea Finance Sarl, 7.63%, 1/20/2036, 144A(a) | 500000 | 477815 |
| Brazilian Government International Bond, 5.50%, 2/4/2033 | 900000 | 888435 |
| Brazilian Government International Bond, 6.63%, 3/15/2035 | 850000 | 877625 |
| Brazilian Government International Bond, 7.25%, 1/12/2056 | 960000 | 953520 |
| CSN Resources SA, 8.88%, 12/5/2030 | 150000 | 139469 |
| CSN Resources SA, 4.63%, 6/10/2031 | 400000 | 308301 |
| Eldorado International Finance GMBH, 8.50%, 12/1/2032, 144A(a) | 400000 | 412880 |
| LD Celulose International GmbH, 7.95%, 1/26/2032 | 250000 | 261278 |
| LD Celulose International GmbH, 7.95%, 1/26/2032, 144A(a) | 200000 | 209022 |
| Raizen Fuels Finance SA, 6.70%, 2/25/2037 | 650000 | 526631 |
|  |  | 5054976 |
| **Chile – 1.3%** |  |  |
| Latam Airlines Group SA, 7.88%, 4/15/2030 | 250000 | 263255 |
| Latam Airlines Group SA, 7.88%, 4/15/2030, 144A(a) | 200000 | 210604 |
|  |  | 473859 |
| **Colombia – 18.7%** |  |  |
| Aris Mining Corp., 8.00%, 10/31/2029 | 250000 | 261117 |
| Aris Mining Corp., 8.00%, 10/31/2029, 144A(a) | 200000 | 208894 |
| Banco Davivienda SA, 8.13%, (US 5 Year CMT T-Note + 4.59%), 7/2/2035, 144A(a)(b) | 550000 | 577434 |
| Bancolombia SA, 8.63%, (US 5 Year CMT T-Note + 4.32%), 12/24/2034(b) | 450000 | 482863 |
| Colombia Government International Bond, 7.50%, 2/2/2034 | 300000 | 313500 |
| Colombia Government International Bond, 8.75%, 11/14/2053 | 710000 | 783840 |
| Colombia Government International Bond, 8.38%, 11/7/2054 | 960000 | 1020960 |
| Colombia Telecomunicaciones SA ESP, 4.95%, 7/17/2030 | 808000 | 735248 |
| Ecopetrol SA, 7.75%, 2/1/2032 | 580000 | 597678 |
| Ecopetrol SA, 8.38%, 1/19/2036 | 700000 | 720739 |
| Empresas Publicas de Medellin ESP, 4.25%, 7/18/2029 | 450000 | 423891 |
| EnfraGen Energia Sur SAU/ EnfraGen Chile SpA/ EnfraGen Spain SAU, 8.50%, 6/30/2032, 144A(a) | 500000 | 519148 |
| Sierracol Energy Andina LLC/Sierracol Energy Arauca/Colombia Energy Development, 9.00%, 11/14/2030, 144A(a) | 200000 | 190300 |
|  |  | 6835612 |
| **Costa Rica – 1.5%** |  |  |
| Costa Rica Government International Bond, 7.16%, 3/12/2045 | 500000 | 554750 |

---

See Notes to Financial Statements.

**Simplify Gamma Emerging Market Bond ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **Foreign Bonds (continued)** |  |  |
| **Dominican Republic – 8.1%** |  |  |
| AES Espana BV, 5.70%, 5/4/2028 | $580000 | $574345 |
| Dominican Republic International Bond, 6.95%, 3/15/2037 | 900000 | 967365 |
| Dominican Republic International Bond, 7.15%, 2/24/2055 | 250000 | 268075 |
| Dominican Republic International Bond, 7.15%, 2/24/2055, 144A(a) | 200000 | 214460 |
| Dominican Republic International Bond, 5.88%, 1/30/2060 | 793000 | 709140 |
| Empresa Generadora de Electricidad Haina SA, 5.63%, 11/8/2028 | 250000 | 245706 |
|  |  | 2979091 |
| **El Salvador – 6.4%** |  |  |
| El Salvador Government International Bond, 9.25%, 4/17/2030 | 300000 | 327456 |
| El Salvador Government International Bond, 7.65%, 6/15/2035 | 580000 | 607103 |
| El Salvador Government International Bond, 7.63%, 2/1/2041 | 650000 | 651950 |
| El Salvador Government International Bond, 9.65%, 11/21/2054 | 400000 | 459620 |
| El Salvador Government International Bond, 9.65%, 11/21/2054, 144A(a) | 250000 | 287263 |
|  |  | 2333392 |
| **Guatemala – 3.5%** |  |  |
| Energuate Trust 2 0, 6.35%, 9/15/2035, 144A(a) | 500000 | 500270 |
| Investment Energy Resources Ltd., 6.25%, 4/26/2029 | 450000 | 453604 |
| Millicom International Cellular SA, 7.38%, 4/2/2032 | 300000 | 312029 |
|  |  | 1265903 |
| **Honduras – 1.4%** |  |  |
| Honduras Government International Bond, 8.63%, 11/27/2034, 144A(a) | 350000 | 394292 |
| Honduras Government International Bond, 8.63%, 11/27/2034 | 100000 | 112655 |
|  |  | 506947 |
| **Jamaica – 1.3%** |  |  |
| Kingston Airport Revenue Finance Ltd., 6.75%, 12/15/2036 | 260000 | 268125 |
| Kingston Airport Revenue Finance Ltd., 6.75%, 12/15/2036, 144A(a) | 200000 | 206250 |
|  |  | 474375 |
| **Mexico – 9.2%** |  |  |
| Comision Federal de Electricidad, 6.45%, 1/24/2035, 144A(a) | 400000 | 412170 |
| Comision Federal de Electricidad, 6.45%, 1/24/2035 | 400000 | 412170 |
| Petroleos Mexicanos, 6.84%, 1/23/2030 | 600000 | 609676 |
| Petroleos Mexicanos, 5.95%, 1/28/2031 | 800000 | 774774 |
| Petroleos Mexicanos, 6.63%, 6/15/2035 | 780000 | 740659 |
| Saavi Energia Sarl, 8.88%, 2/10/2035 | 400000 | 434320 |
|  |  | 3383769 |
| **Panama – 12.4%** |  |  |
| Panama Government International Bond, 3.16%, 1/23/2030 | 1100000 | 1033010 |
| Panama Government International Bond, 2.25%, 9/29/2032 | 1780000 | 1474908 |
| Panama Government International Bond, 6.70%, 1/26/2036 | 950000 | 1024432 |
| Panama Government International Bond, 6.85%, 3/28/2054 | 450000 | 470330 |
| Panama Government International Bond, 7.88%, 3/1/2057 | 300000 | 350546 |
| UEP Penonome II SA, 6.50%, 10/1/2038 | 194556 | 173738 |
|  |  | 4526964 |
| **Peru – 4.2%** |  |  |
| Auna SA, 8.75%, 11/6/2032, 144A(a) | 350000 | 353729 |
| Boroo Investments Pte Ltd., 9.50%, 8/7/2032, 144A(a) | 200000 | 198500 |
| Orazul Energy Peru SA, 6.25%, 9/17/2032, 144A(a) | 450000 | 457881 |
| Volcan Cia Minera SAA, 8.50%, 10/28/2032, 144A(a) | 500000 | 515315 |
|  |  | 1525425 |

---

See Notes to Financial Statements.

**Simplify Gamma Emerging Market Bond ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **Foreign Bonds (continued)** |  |  |
| **Trinidad and Tobago – 0.8%** |  |  |
| National Gas Co of Trinidad & Tobago Ltd., 6.05%, 1/15/2036 | $100000 | $92656 |
| Telecommunications Services of Trinidad & Tobago Ltd., 8.88%, 10/18/2029 | 200000 | 203935 |
|  |  | 296591 |
| &nbsp;&nbsp;&nbsp;Total Foreign Bonds (Cost $33,971,697) |  | 34607141 |
| **U.S. Treasury Bills – 3.9%** |  |  |
| U.S. Treasury Bill, 3.89%, 1/6/2026 (c) | 295000 | 294887 |
| U.S. Treasury Bill, 3.70%, 1/22/2026 (c) | 565000 | 563884 |
| U.S. Treasury Bill, 3.68%, 1/29/2026 (c) | 570000 | 568495 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $1,427,062) |  | 1427266 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Money Market Fund – 0.0%†** |  |  |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 3.65%(d) <br> (Cost $13,155) | 13155 | 13155 |
| Total Investments – 98.5% <br> (Cost $35,411,914) |  | $36047562 |
| Other Assets in Excess of Liabilities – 1.5% |  | 565133 |
| **Net Assets – 100.0%** |  | $**36612695** |

---

† Less than 0.05%

(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 $9,075,034,
 which represents 25.0% of net assets as of December 31, 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 December 31, 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 December 31, 2025.

**<u>Currency Abbreviations</u>:**

DOP : Dominican Peso

**<u>Portfolio Abbreviations</u>:**

CMT : Treasury Constant Maturity Rate

---

| | |
|:---|:---|
| **INDUSTRY ALLOCATION\*** | **INDUSTRY ALLOCATION\*** |
| Government | 49.9% |
| Energy | 18.7% |
| Utilities | 14.5% |
| Basic Materials | 6.9% |
| Communications | 4.8% |
| Financial | 2.6% |
| Industrial | 1.3% |
| Consumer, Cyclical | 1.3% |
| Money Market Funds | 0.0% |

---

\* Percentage of total investments as of December 31, 2025.

See Notes to Financial Statements.

(This page intentionally left blank)

**Simplify Exchange Traded Funds**

**Statement of Assets and Liabilities**

December 31, 2025 (Unaudited)

---

| | |
|:---|:---|
|  | **Simplify<br> Gamma<br> Emerging<br> Market Bond <br> ETF** |
| **Assets** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value | $36047562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 588011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold | 19988 |
| &nbsp;&nbsp;&nbsp;Total assets | 36655561 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;Due to custodian | 19989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 22877 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 42866 |
| **Net Assets** | $36612695 |
| **Net Assets Consist of** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $35994224 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss) | 618471 |
| **Net Assets** | $36612695 |
| Number of Common Shares outstanding | 1375001 |
| **Net Asset Value, offering and redemption price per share** | $26.63 |
| Investments, at cost | $35411914 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statement of Operations**

For the Six Months Ended December 31, 2025 (Unaudited)

---

| | |
|:---|:---|
|  | **Simplify<br> Gamma<br> Emerging<br> Market Bond <br> ETF** |
| **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;Interest income | $817115 |
| &nbsp;&nbsp;&nbsp;Total income | 817115 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 109579 |
| &nbsp;&nbsp;&nbsp;Interest expense | 710 |
| &nbsp;&nbsp;&nbsp;Total expenses | 110289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less fees waived: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waiver | (23069) |
| &nbsp;&nbsp;&nbsp;Net expenses | 87220 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 729895 |
| **Realized and Unrealized Gain (Loss)** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 56480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions | 3081 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 59561 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 456182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translations | 9970 |
| &nbsp;&nbsp;&nbsp;Net unrealized gain (loss) | 466152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 525713 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $1255608 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statement of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Simplify Gamma<br> Emerging Market Bond ETF** | **Simplify Gamma<br> Emerging Market Bond ETF** |
|  | **For the<br> Six Months Ended<br> December 31,<br> 2025**<br> **(Unaudited)** | **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) | $729895 | $709630 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 59561 | 122682 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | 466152 | 169496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 1255608 | 1001808 |
| **Distributions** | (852501) | (786444) |
| **Fund Shares Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 26694783 | 11279586 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed | (1980145) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | 24714638 | 11279586 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | 25117745 | 11494950 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 11494950 |  |
| &nbsp;&nbsp;&nbsp;End of period | $36612695 | $11494950 |
| **Changes in Shares Outstanding** |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of period | 450001 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1000000 | 450001<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (75000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 1375001 | 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** | **For the<br> Six Months Ended<br> December 31,<br> 2025**<br> **(Unaudited)** | **Period Ended<br> June 30,<br> 2025<sup>(a)</sup>** |
| Net Asset Value, beginning of period | $25.54 | $25.00 |
| Income (loss) from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.84 | 1.62 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.98 | 0.67 |
| Total from investment operations | 1.82 | 2.29 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.73) | (1.49) |
| &nbsp;&nbsp;&nbsp;Net realized gains |  | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.73) | (1.75) |
| Net Asset Value, end of period | $26.63 | $25.54 |
| **Total Return (%)** | 7.15 <sup>(c)</sup> | 9.42 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |
| Net Assets, end of period ($ millions) | $37 | $11 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses before fee waiver (%) | 0.96 <sup>(d)(e)</sup> | 0.96 <sup>(d)(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses after fee waiver (%) | 0.76 <sup>(d)(e)</sup> | 0.76 <sup>(d)(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 6.33 <sup>(d)</sup> | 7.22 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(f)</sup> | 58 <sup>(c)</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**

December 31, 2025 (Unaudited)

**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 December 31, 2025, the Trust consists of thirty eight 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 to maximize total return. |

---

**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 statements 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)

December 31, 2025 (Unaudited)

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 December 31, 2025 for the Fund based upon the three levels defined above:

**Simplify Gamma Emerging Market Bond ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Foreign Bonds | $25532107 | $9075034 | $— | $34607141 |
| U.S. Treasury Bills | 1427266 |  |  | 1427266 |
| Money Market Fund | 13155 |  |  | 13155 |
| TOTAL | $26972528 | $9075034 | $— | $36047562 |

---

**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)

December 31, 2025 (Unaudited)

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 statements.

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, 2026. This agreement may be terminated only by the Board on 60 days' written notice to the Adviser. For the period ended December 31, 2025, the Adviser waived fees of $23,069.

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 | $30205682 | $6772913 |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

**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**

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.

**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**

**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.

December 31, 2025

Semi-Annual Financial Statements

and Other Important Information

Simplify Exchange Traded Funds

Simplify Kayne Anderson Energy and Infrastructure Credit ETF (KNRG)

![](logo_001.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 |
| [Additional Information](#book10_007) | 14 |

---

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**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **Corporate Bonds – 94.7%** |  |  |
| **Energy – 66.6%** |  |  |
| Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.75%, 7/1/2034, 144A(a) | $334000 | $336863 |
| Buckeye Partners LP, 6.88%, 7/1/2029, 144A(a) | 150000 | 156577 |
| Buckeye Partners LP, 5.85%, 11/15/2043 | 200000 | 187689 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC, 7.50%, 12/15/2033, 144A(a) | 550000 | 591713 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp., 7.38%, 6/30/2033, 144A(a) | 675000 | 689266 |
| Enbridge, Inc., 8.50%, (US 5 Year CMT T-Note + 4.43%), 1/15/2084(b) | 450000 | 516253 |
| Energy Transfer LP, 6.75%, (US 5 Year CMT T-Note + 2.48%), 2/15/2056(b) | 250000 | 251089 |
| Energy Transfer LP, 7.13%, (US 5 Year CMT T-Note + 5.31%), 5/15/2174, Series G(b) | 725000 | 745391 |
| Hess Midstream Operations LP, 6.50%, 6/1/2029, 144A(a) | 150000 | 155696 |
| Kinder Morgan Energy Partners LP, 6.95%, 1/15/2038 | 600000 | 676475 |
| ONEOK Partners LP, 6.13%, 2/1/2041 | 400000 | 412245 |
| Phillips 66 Co., 5.88%, (US 5 Year CMT T-Note + 2.28%), 3/15/2056, Series A(b) | 200000 | 197959 |
| Phillips 66 Co., 6.20%, (US 5 Year CMT T-Note + 2.17%), 3/15/2056, Series B(b) | 200000 | 199288 |
| Plains All American Pipeline LP, 8.22%, (3-Month CME Term SOFR + 4.37%), 11/15/2174, Series B(b) | 1025000 | 1028697 |
| Prairie Acquiror LP, 9.00%, 8/1/2029, 144A(a) | 950000 | 991647 |
| Rockies Express Pipeline LLC, 6.88%, 4/15/2040, 144A(a) | 240000 | 248253 |
| South Bow Canadian Infrastructure Holdings Ltd., 7.50%, (US 5 Year CMT T-Note + 3.67%), 3/1/2055(b) | 550000 | 588211 |
| South Bow Canadian Infrastructure Holdings Ltd., 7.63%, (US 5 Year CMT T-Note + 3.95%), 3/1/2055(b) | 175000 | 183072 |
| Sunoco LP, 7.88%, (US 5 Year CMT T-Note + 4.23%), 3/18/2174, 144A(a)(b) | 975000 | 1002339 |
| Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 6.75%, 3/15/2034, 144A(a) | 85000 | 85017 |
| Targa Resources Corp., 6.50%, 2/15/2053 | 300000 | 315242 |
| TransCanada PipeLines Ltd., 7.00%, (US 5 Year CMT T-Note + 2.61%), 6/1/2065(b) | 700000 | 722023 |
| Western Midstream Operating LP, 7.25%, 4/1/2030, 144A(a) | 200000 | 213372 |
| Williams Cos., Inc. (The), 8.75%, 3/15/2032 | 575000 | 699301 |
|  |  | 11193678 |
| **Utilities – 28.1%** |  |  |
| AES Corp. (The), 7.60%, (US 5 Year CMT T-Note + 3.20%), 1/15/2055(b) | 500000 | 509552 |
| AES Corp. (The), 6.95%, (US 5 Year CMT T-Note + 2.89%), 7/15/2055(b) | 325000 | 322270 |
| AltaGas Ltd., 7.20%, (US 5 Year CMT T-Note + 3.57%), 10/15/2054, 144A(a)(b) | 825000 | 855999 |
| Entergy Corp., 7.13%, (US 5 Year CMT T-Note + 2.67%), 12/1/2054(b) | 400000 | 420265 |
| Entergy Corp., 6.10%, (US 5 Year CMT T-Note + 2.01%), 6/15/2056 | 275000 | 275209 |
| NRG Energy, Inc., 6.00%, 1/15/2036, 144A(a) | 150000 | 152065 |
| PG&E Corp., 7.38%, (US 5 Year CMT T-Note + 3.88%), 3/15/2055(b) | 900000 | 937887 |
| Sempra, 6.40%, (US 5 Year CMT T-Note + 2.63%), 10/1/2054(b) | 300000 | 305305 |
| Sempra, 6.88%, (US 5 Year CMT T-Note + 2.79%), 10/1/2054(b) | 505000 | 520931 |
| Vistra Corp., 8.00%, (US 5 Year CMT T-Note + 6.93%), 4/15/2174, 144A(a)(b) | 300000 | 308704 |
| Vistra Corp., 8.88%, (US 5 Year CMT T-Note + 5.05%), 7/15/2174, Series C, 144A(a)(b) | 100000 | 110598 |
|  |  | 4718785 |
| &nbsp;&nbsp;&nbsp;Total Corporate Bonds (Cost $15,576,743) |  | 15912463 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **Preferred Stocks – 2.9%** |  |  |
| **Utilities – 2.9%** |  |  |
| NextEra Energy, Inc.<br> (Cost $486,210) | 10000 | 487500 |

---

See Notes to Financial Statements.

**Simplify Kayne Anderson Energy and Infrastructure Credit ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Money Market Fund – 0.8%** |  |  |
| **Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 3.65%(c) <br> (Cost $131,634)** | 131634 | $131634 |
| Total Investments – 98.4% <br> (Cost $16,194,587) |  | $16531597 |
| Other Assets in Excess of Liabilities – 1.6% |  | 276962 |
| **Net Assets – 100.0%** |  | $**16808559** |

---

(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 $5,898,109, which represents 35.1% of net assets as of December 31, 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 December 31, 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 December 31, 2025.

**<u>Portfolio Abbreviations</u>:**

CME : Chicago Mercantile Exchange <br> CMT : Treasury Constant Maturity Rate <br> SOFR : Secured Overnight Financing Rate

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statement of Assets and Liabilities**

December 31, 2025 (Unaudited)

---

| | |
|:---|:---|
|  | **Simplify Kayne <br> Anderson <br> Energy and <br> Infrastructure <br> Credit ETF** |
| **Assets** |  |
| &nbsp;&nbsp;&nbsp;Investments, at value | $16531597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 287341 |
| &nbsp;&nbsp;&nbsp;Total assets | 16818938 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 10379 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 10379 |
| **Net Assets** | $16808559 |
| **Net Assets Consist of** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $16486174 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss) | 322385 |
| **Net Assets** | $16808559 |
| Number of Common Shares outstanding | 650001 |
| **Net Asset Value, offering and redemption price per share** | $25.86 |
| Investments, at cost | $16194587 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statement of Operations**

For the Six Months Ended December 31, 2025 (Unaudited)

---

| | |
|:---|:---|
|  | **Simplify Kayne <br> Anderson <br> Energy and <br> Infrastructure <br> Credit ETF** |
| **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $1825 |
| &nbsp;&nbsp;&nbsp;Interest income | 446607 |
| &nbsp;&nbsp;&nbsp;Total income | 448432 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 48906 |
| &nbsp;&nbsp;&nbsp;Total expenses | 48906 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 399526 |
| **Realized and Unrealized Gain (Loss)** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 78666 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 78666 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 162382 |
| &nbsp;&nbsp;&nbsp;Net unrealized gain (loss) | 162382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 241048 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $640574 |

---

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **Simplify Kayne Anderson Energy<br> and Infrastructure Credit ETF** | **Simplify Kayne Anderson Energy<br> and Infrastructure Credit ETF** |
|  | **For the<br> Six Months Ended December 31,<br> 2025**<br> **(Unaudited)** | **For the<br> 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) | $399526 | $49365 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 78666 | 6346 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | 162382 | 174628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 640574 | 230339 |
| **Distributions**  | (491251) | (56250) |
| **Fund Shares Transactions** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 7100445 | 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 | 7100445 | 9384702 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | 7249768 | 9558791 |
| **Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 9558791 |  |
| &nbsp;&nbsp;&nbsp;End of period | $16808559 | $9558791 |
| **Changes in Shares Outstanding** |  |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of period | 375001 |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 275000 | 375001<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 650001 | 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** | **For the<br> Six Months Ended**<br> **December 31,<br> 2025<br> (Unaudited)** | **Period Ended<br> June 30,<br> 2025<sup>(a)</sup>**  |
| Net Asset Value, beginning of period | $25.49 | $25.00 |
| Income (loss) from investment operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.79 | 0.15 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.52 | 0.49 |
| Total from investment operations | 1.31 | 0.64 |
| Less distributions from: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.94) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.94) | (0.15) |
| Net Asset Value, end of period | $25.86 | $25.49 |
| **Total Return (%)** | 5.23 <sup>(c)</sup> | 2.56 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |  |
| Net Assets, end of period ($ millions) | $17 | $10 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.75 <sup>(d)</sup> | 0.75 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 6.13 <sup>(d)</sup> | 6.42 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(e)</sup> | 48 <sup>(c)</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**

December 31, 2025 (Unaudited)

**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 December 31, 2025, the Trust consists of thirty eight 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 statements 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)

December 31, 2025 (Unaudited)

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 December 31, 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 | $10014354 | $5898109 | $— | $15912463 |
| Preferred Stocks | 487500 |  |  | 487500 |
| Money Market Fund | 131634 |  |  | 131634 |
| TOTAL | $10633488 | $5898109 | $— | $16531597 |

---

**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)

December 31, 2025 (Unaudited)

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 statements.

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)

December 31, 2025 (Unaudited)

**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 | $12962047 | $6134359 |

---

**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**

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.

**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**

**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.

December 31, 2025

Semi-Annual Financial Statements

and Other Important Information

Simplify Exchange Traded Funds

Simplify Ancorato Target 25 Distribution ETF (XXV)

![](logo_001.jpg)

(This page intentionally left blank)

**Simplify Exchange Traded Funds**

**Table of Contents**

---

| | |
|:---|:---|
| [Schedule of Investments](#book11_001) | 4 |
| [Statement of Assets and Liabilities](#book11_002) | 6 |
| [Statement of Operations](#book11_003) | 7 |
| [Statement of Changes in Net Assets](#book11_004) | 8 |
| [Financial Highlights](#book11_005) | 9 |
| [Notes to Financial Statements](#book11_006) | 10 |
| [Additional Information](#book11_007) | 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 Ancorato Target 25 Distribution ETF**

**Schedule of Investments**

December 31, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal** | **Value** |
| **U.S. Treasury Bills – 43.8%** |  |  |
| U.S. Treasury Bill, 3.85%, 2/19/2026 (a) | $6500000 | $6469189 |
| U.S. Treasury Bill, 3.87%, 3/17/2026 (a)(b) | 6000000 | 5957061 |
| &nbsp;&nbsp;&nbsp;Total U.S. Treasury Bills (Cost $12,419,279) |  | 12426250 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **U.S. Exchange-Traded Funds – 39.2%** |  |  |
| **Money Market Funds – 39.2%** |  |  |
| Simplify Government Money Market ETF(c)(d) <br> (Cost $11,119,849) | 111000 | 11109990 |
| **Money Market Fund – 0.4%** |  |  |
| Dreyfus Treasury Obligations Cash Management Fund, Institutional Shares, 3.65%(e)<br> (Cost $121,306) | 121306 | 121306 |
| Total Investments – 83.4%<br> (Cost $23,660,434) |  | $23657546 |
| Other Assets in Excess of Liabilities – 16.6% |  | 4720605 |
| **Net Assets – 100.0%** |  | $**28378151** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | |
| **Written Options – (4.5)%** |  |  |  |
| **Puts - Over the Counter Barrier Options – (4.5)%** |  |  |  |
| AMD, Expires 11/20/26, P100%/60% EKI NC1 (Counterparty: Goldman Sachs International) | (750000) | $(450000) | $(49800) |
| AMD, Expires 12/11/26, P100%/60% EKI NC1 (Counterparty: Nomura Securities) | (150000) | (90000) | (6781) |
| AMD, Expires 12/4/26, P100%/60% EKI NC1 (Counterparty: Goldman Sachs International) | (280000) | (168000) | (9884) |
| AMD, Expires 12/4/26, P100%/60% EKI NC1 (Counterparty: Nomura Securities) | (225000) | (135000) | (6317) |
| AMD/INTC/NVDA WOF, Expires 11/20/26, P100%/60% EKI NC1 (Counterparty: HSBC Bank) | (1000000) | (600000) | (107100) |
| AMD/INTC/NVDA WOF, Expires 11/27/26, P100%/60% EKI NC1 (Counterparty: HSBC Bank) | (700000) | (420000) | (63770) |
| AMD/INTC/NVDA WOF, Expires 12/11/26, P100%/60% EKI NC1 (Counterparty: Nomura Securities) | (200000) | (120000) | (30608) |
| AMD/INTC/NVDA WOF, Expires 12/4/26, P100%/60% EKI NC1 (Counterparty: Nomura Securities) | (300000) | (180000) | (42338) |
| AMD/INTC/NVDA WOF, Expires 12/4/26, P100%/60% EKI NC1 (Counterparty: Nomura Securities) | (375000) | (225000) | (63409) |
| COIN/MSTR WOF, Expires 11/20/20/26, P100%/50% EKI NC1 (Counterparty: HSBC Bank) | (1250000) | (625000) | (173500) |
| COST/W/WMT WOF, Expires 11/20/26, P100%/50% EKI NC1 (Counterparty: HSBC Bank) | (1000000) | (500000) | (69100) |
| COST/W/WMT WOF, Expires 11/27/26, P100%/50% EKI NC1 (Counterparty: HSBC Bank) | (600000) | (300000) | (67500) |
| COST/W/WMT WOF, Expires 12/11/26, P100%/50% EKI NC1 (Counterparty: HSBC Bank) | (200000) | (100000) | (14500) |

---

See Notes to Financial Statements.

**Simplify Ancorato Target 25 Distribution ETF**

**Schedule of Investments** (Continued)

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | **Value** |
| COST/W/WMT WOF, Expires 12/4/26, P100%/50% EKI NC1 (Counterparty: HSBC Bank) | (190000) | $(95000) | $(17993) |
| COST/W/WMT WOF, Expires 12/4/26, P100%/50% EKI NC1 (Counterparty: HSBC Bank) | (300000) | (150000) | (22080) |
| NFLX, Expires 12/24/26, P100%/60% EKI NC1 (Counterparty: Nomura Securities) | (1000000) | (600000) | (26428) |
| PLTR, Expires 12/11/26, P100%/60% EKI NC1 (Counterparty: Nomura Securities) | (150000) | (90000) | (7998) |
| PLTR, Expires 12/18/26, P100%/60% EKI NC1 (Counterparty: Nomura Securities) | (1000000) | (600000) | (89346) |
| PLTR, Expires 12/24/26, P100%/60% EKI NC1 (Counterparty: Morgan Stanley Capital Services LLC) | (750000) | (450000) | (52275) |
| PLTR, Expires 12/24/26, P100%/60% EKI NC1 (Counterparty: Nomura Securities) | (1000000) | (600000) | (81265) |
| PLTR, Expires 12/4/26, P100%/60% EKI NC1 (Counterparty: Nomura Securities) | (225000) | (135000) | (4984) |
| PLTR, Expires 12/4/26, P100%/60% EKI NC1 (Counterparty: Nomura Securities) | (280000) | (168000) | (598) |
| TSLA, Expires 12/24/26, P100%/60% EKI NC1 (Counterparty: Nomura Securities) | (1250000) | (750000) | (90566) |
| TSLA, Expires 12/11/26, P100%/60% EKI NC1 (Counterparty: Nomura Securities) | (200000) | (120000) | (8373) |
| TSLA, Expires 12/18/26, P100%/60% EKI NC1 (Counterparty: Nomura Securities) | (1250000) | (750000) | (93078) |
| TSLA, Expires 12/24/26, P100%/60% EKI NC1 (Counterparty: Morgan Stanley Capital Services LLC) | (1000000) | (600000) | (57300) |
| TSLA, Expires 12/4/26, P100%/60% EKI NC1 (Counterparty: Nomura Securities) | (300000) | (180000) | (9975) |
| TSLA, Expires 12/4/26, P100%/60% EKI NC1 (Counterparty: Goldman Sachs International) | (375000) | (225000) | (1838) |
|  |  |  | (1268704) |
| Total Written Options (Premiums Received $1,114,750) |  |  | $(1268704) |

---

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

(b) Securities
 with an aggregate market value of $5,510,096 have been pledged as collateral for options as of December 31, 2025.

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

(d) A
 copy of the security's annual report to shareholders may be obtained without charge at www.simplify.us.

(e) Rate
 shown reflects the 7-day yield as of December 31, 2025.

**Affiliates**

Fiscal period 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 Government Money Market ETF | $— | $11119849 | $(31) | $31 | $(9859) | $11109990 | 111000 | $38880 | $— |
|  | $**—** | $**11119849** | $**(31)** | $**31** | $**(9859)** | $**11109990** | **111000** | $**38880** | $**—** |

---

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 Exchange Traded Funds**

**Statement of Assets and Liabilities**

December 31, 2025 (Unaudited)

---

| | |
|:---|:---|
|  | **Simplify<br> Ancorato Target<br> 25 Distribution<br> ETF** |
| **Assets** |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at value | $12547556 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at value | 11109990 |
| &nbsp;&nbsp;&nbsp;Cash | 27400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital shares | 5675625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold | 297983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 1636 |
| &nbsp;&nbsp;&nbsp;Total assets | 29660190 |
| **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 1268704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 13335 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 1282039 |
| **Net Assets** | $28378151 |
| **Net Assets Consist of** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $28362124 |
| &nbsp;&nbsp;&nbsp;Distributable earnings (loss) | 16027 |
| **Net Assets** | $28378151 |
| Number of Common Shares outstanding | 1125001 |
| **Net Asset Value, offering and redemption price per share** | $25.23 |
| Investments, at cost | $12540585 |
| Investments in affiliated securities, at cost | $11119849 |
| Premiums received | $1114750 |

---

**See Notes to Financial Statements.**

**Simplify Exchange Traded Funds**

**Statement of Operations**

For the Six Months Ended December 31, 2025 (Unaudited)

---

| | |
|:---|:---|
|  | **Simplify<br> Ancorato Target<br> 25 Distribution<br> ETF<sup>(1)</sup>** |
| **Investment Income** |  |
| &nbsp;&nbsp;&nbsp;Affiliated dividend income | $38880 |
| &nbsp;&nbsp;&nbsp;Interest income | 57830 |
| &nbsp;&nbsp;&nbsp;Total income | 96710 |
| **Expenses** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 15641 |
| &nbsp;&nbsp;&nbsp;Total expenses | 15641 |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 81069 |
| **Realized and Unrealized Gain (Loss)** |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | 616795 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 616801 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 6971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments | (9859) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written options | (153954) |
| &nbsp;&nbsp;&nbsp;Net unrealized gain (loss) | (156842) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 459959 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $541028 |

---

(1) For
 the period November 17, 2025 (commencement of operations) through December 31, 2025.

See Notes to Financial Statements.

**Simplify Exchange Traded Funds**

**Statement of Changes in Net Assets**

---

| | |
|:---|:---|
|  | **Simplify<br> Ancorato Target<br> 25 Distribution<br> ETF** |
|  | **For the<br> period<br> November 17,**<br> **2025<sup>(1)</sup> to**<br> **December 31,<br> 2025**<br> **(Unaudited)** |
| **Increase (Decrease) in Net Assets from Operations** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $81069 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 616801 |
| &nbsp;&nbsp;&nbsp;Net change in net unrealized appreciation (depreciation) | (156842) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from operations | 541028 |
| **Distributions** | (525001) |
| **Fund Shares Transactions** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold | 28362124 |
| &nbsp;&nbsp;&nbsp;Value of shares redeemed |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets resulting from fund share transactions | 28362124 |
| &nbsp;&nbsp;&nbsp;Total net increase (decrease) in Net Assets | 28378151 |
| **Net Assets** |  |
| &nbsp;&nbsp;&nbsp;Beginning of period |  |
| &nbsp;&nbsp;&nbsp;End of period | $28378151 |
| **Changes in Shares Outstanding** |  |
| &nbsp;&nbsp;&nbsp;Shares outstanding, beginning of period |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1125001<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding, end of period | 1125001 |

---

(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 Ancorato Target 25 Distribution ETF**<br> **Selected Per Share Data** | **Period Ended<br> December 31,<br> 2025<sup>(a)</sup> (Unaudited)** |
| Net Asset Value, beginning of period | $25.00 |
| Income (loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(b)</sup> | 0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) | 0.72 |
| Total from investment operations | 0.83 |
| Less distributions from: |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.60) |
| Net Asset Value, end of period | $25.23 |
| **Total Return (%)** | 3.30 <sup>(c)</sup> |
| **Ratios to Average Net Assets and Supplemental Data** |  |
| Net Assets, end of period ($ millions) | $28 |
| &nbsp;&nbsp;&nbsp;Ratio of expenses (%) | 0.75 <sup>(d)(e)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income (loss) (%) | 3.88 <sup>(d)</sup> |
| Portfolio turnover rate (%)<sup>(f)</sup> | 0 <sup>(c)</sup> |

---

(a) For
 the period November 17, 2025 (commencement of operations) through December 31, 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**

December 31, 2025 (Unaudited)

**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 December 31, 2025, the Trust consists of thirty eight investment series of exchange-traded funds ("ETFs") in operation and trading. These financial statements report on the Simplify Ancorato Target 25 Distribution 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 Ancorato Target 25 Distribution ETF | The Fund seeks to provide high monthly 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 statements 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, ETFs, 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 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.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

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 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 December 31, 2025 for the Fund based upon the three levels defined above:

**Simplify Ancorato Target 25 Distribution ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Assets** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| U.S. Treasury Bills | $12426250 | $— | $— | $12426250 |
| U.S. Exchange-Traded Funds | 11109990 |  |  | 11109990 |
| Money Market Fund | 121306 |  |  | 121306 |
| TOTAL | $23657546 | $— | $— | $23657546 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Written Options | $— | $(1268704) | $— | $(1268704) |
| TOTAL | $— | $(1268704) | $— | $(1268704) |

---

**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

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

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 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 statements.

The Fund will recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statement of Operations.

**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

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

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 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.

**Binary 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** |
| AMD, Expires 11/20/26, P100%/60% EKI NC1 | Autocallable | Put | AMD option is an European barrier knock-out option, whereby there is an initial price and if the reference index falls below the 60% barrier, then there is a knock-in event on maturity date. If the reference index is above initial price, there is a knock-out event at the observation dates. |
| AMD, Expires 12/11/26, P100%/60% EKI NC1 | Autocallable | Put | AMD option is an European barrier knock-out option, whereby there is an initial price and if the reference index falls below the 60% barrier, then there is a knock-in event on maturity date. If the reference index is above initial price, there is a knock-out event at the observation dates. |
| AMD, Expires 12/4/26, P100%/60% EKI NC1 | Autocallable | Put | AMD option is an European barrier knock-out option, whereby there is an initial price and if the reference index falls below the 60% barrier, then there is a knock-in event on maturity date. If the reference index is above initial price, there is a knock-out event at the observation dates. |
| AMD/INTC/NVDA WOF, Expires 11/20/26, P100%/60% EKI NC1 | Autocallable | Put | AMD/INTC/NVDA options are Worst of Put, whereby there are initial prices and if any one of the reference index falls below the 60% 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. |
| AMD/INTC/NVDA WOF, Expires 11/27/26, P100%/60% EKI NC1 | Autocallable | Put | AMD/INTC/NVDA options are Worst of Put, whereby there are initial prices and if any one of the reference index falls below the 60% 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)

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| AMD/INTC/NVDA WOF, Expires 12/11/26, P100%/60% EKI NC1 | Autocallable | Put | AMD/INTC/NVDA options are Worst of Put, whereby there are initial prices and if any one of the reference index falls below the 60% 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. |
| AMD/INTC/NVDA WOF, Expires 12/4/26, P100%/60% EKI NC1 | Autocallable | Put | AMD/INTC/NVDA options are Worst of Put, whereby there are initial prices and if any one of the reference index falls below the 60% 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. |
| COIN/MSTR WOF, Expires 11/20/20/26, P100%/50% EKI NC1 | Autocallable | Put | COIN/MSTR options are Worst of Put, whereby there are initial prices and if any one of the reference index falls below the 50% 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. |
| COST/W/WMT WOF, Expires 11/20/26, P100%/50% EKI NC1 | Autocallable | Put | COST/W/WMT options are Worst of Put, whereby there are initial prices and if any one of the reference index falls below the 50% 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. |
| COST/W/WMT WOF, Expires 11/27/26, P100%/50% EKI NC1 | Autocallable | Put | COST/W/WMT options are Worst of Put, whereby there are initial prices and if any one of the reference index falls below the 50% 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. |
| COST/W/WMT WOF, Expires 12/11/26, P100%/50% EKI NC1 | Autocallable | Put | COST/W/WMT options are Worst of Put, whereby there are initial prices and if any one of the reference index falls below the 50% 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. |
| COST/W/WMT WOF, Expires 12/4/26, P100%/50% | Autocallable | Put | COST/W/WMT options are Worst of Put, whereby there are initial prices and if any one of the reference index falls below the 50% 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)

December 31, 2025 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| NFLX, Expires 12/24/26, P100%/60% EKI NC1 | Autocallable | Put | NFLX option is an European barrier knock-out option, whereby there is an initial price and if the reference index falls below the 60% barrier, then the option is terminated. On maturity date, if the reference index is below the 100% strike price, then the option is exercised. |
| PLTR, Expires 12/11/26, P100%/60% EKI NC1 | Autocallable | Put | PLTR option is an European barrier knock-out option, whereby there is an initial price and if the reference index falls below the 60% barrier, then the option is terminated. On maturity date, if the reference index is below the 100% strike price, then the option is exercised. |
| PLTR, Expires 12/18/26, P100%/60% EKI NC1 | Autocallable | Put | PLTR option is an European barrier knock-out option, whereby there is an initial price and if the reference index falls below the 60% barrier, then the option is terminated. On maturity date, if the reference index is below the 100% strike price, then the option is exercised. |
| PLTR, Expires 12/24/26, P100%/60% EKI NC1 | Autocallable | Put | PLTR option is an European barrier knock-out option, whereby there is an initial price and if the reference index falls below the 60% barrier, then the option is terminated. On maturity date, if the reference index is below the 100% strike price, then the option is exercised. |
| PLTR, Expires 12/4/26, P100%/60% EKI NC1 | Autocallable | Put | PLTR option is an European barrier knock-out option, whereby there is an initial price and if the reference index falls below the 60% barrier, then the option is terminated. On maturity date, if the reference index is below the 100% strike price, then the option is exercised. |
| TSLA, Expires 12/24/26, P100%/60% EKI NC1 | Autocallable | Put | TSLA option is an European barrier knock-out option, whereby there is an initial price and if the reference index falls below the 60% barrier, then the option is terminated. On maturity date, if the reference index is below the 100% strike price, then the option is exercised. |
| TSLA, Expires 12/11/26, P100%/60% EKI NC1 | Autocallable | Put | TSLA option is an European barrier knock-out option, whereby there is an initial price and if the reference index falls below the 60% barrier, then the option is terminated. On maturity date, if the reference index is below the 100% strike price, then the option is exercised. |
| TSLA, Expires 12/18/26, P100%/60% | Autocallable | Put | TSLA option is an European barrier knock-out option, whereby there is an initial price and if the reference index falls below the 60% barrier, then the option is terminated. On maturity date, if the reference index is below the 100% strike price, then the option is exercised. |
| TSLA, Expires 12/4/26, P100%/60% EKI NC1 | Autocallable | Put | TSLA option is an European barrier knock-out option, whereby there is an initial price and if the reference index falls below the 60% barrier, then the option is terminated. On maturity date, if the reference index is below the 100% strike price, then the option is exercised. |

---

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

The following table summarizes the value of the Fund's derivative instruments held as of December 31, 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 Ancorato Target 25 Distribution ETF** |  |  |  |  |
| Equity Contracts | Written options | $— | Written options | $1268704 |

---

For the period ended December 31, 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 Ancorato Target 25 Distribution ETF | Equity | $616795 | $(153954) |

---

For the period ended December 31, 2025, the average fiscal quarter end balances of outstanding derivative financial instruments were as follows:

---

| | |
|:---|:---|
| **Fund** | **Written <br> Option Contracts<br> (Contract Value)** |
| Simplify Ancorato Target 25 Distribution ETF | $(1268704) |

---

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 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 December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Gross Amounts<br> of Liabilities<br> Presented in the**<br> **Statement of Assets<br> and 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 Ancorato Target 25 Distribution ETF** | **Simplify Ancorato Target 25 Distribution ETF** |  |  |  |  |
| Goldman Sachs International | $61522 | $— | $— | $(61522) | $— |
| HSBC Bank | 535543 |  |  | (535543) |  |
| Morgan Stanley Capital Services LLC | 109575 |  |  | (109575) |  |
| Nomura Securites | 562064 |  |  | (562064) |  |
|  | $1268704 | $— | $— | $(1268704) | $— |

---

(1) The actual collateral received and/or
 pledged may be more than amount shown.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

**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.

Ancorato (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.

**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 Ancorato Target 25 Distribution ETF | $11119849 | $— |

---

**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**

The Fund commenced operations on November 17, 2025, therefore no federal income tax is available until the next Annual reporting period.

**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.

**Simplify Exchange Traded Funds**

**Notes to Financial Statements** (Continued)

December 31, 2025 (Unaudited)

**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**

**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.

(b) See (a) above.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

None.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Unless the following information is disclosed as part of the financial statements included in Item 7, an open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must disclose the aggregate remuneration paid by the company during the period covered by the report to:

&nbsp;&nbsp;&nbsp;&nbsp;(1) All trustees for regular compensation: $100,000, which is paid by the investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Each trustee for in-person special board meeting compensation $1,250

&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.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

**Board Considerations in Approval of Investment Advisory Agreement**(Unaudited)

**Simplify Aggregate Bond ("AGGH"), Simplify Bitcoin Strategy PLUS Income ("MAXI"), Simplify Commodities Strategy No K-1 ("HARD"), Simplify Enhanced Income ("HIGH"), Simplify Health Care ("PINK"), Simplify Hedged Equity ("HEQT"), Simplify High Yield ("CDX"), Simplify Interest Rate Hedge ("PFIX"), Simplify Intermediate Term Treasury Futures Strategy ("TYA"), Simplify Managed Futures Strategy ("CTA"), Simplify MBS ETF ("MTBA"), Simplify Multi-QIS Alternative ("QIS"), Simplify NEXT Intangible Core Index ETF ("NXTI"), Simplify Opportunistic Income ("CRDT"), Simplify Propel Opportunities ("SURI"), Simplify Short Term Treasury Futures Strategy ("TUA"), Simplify Treasury Option Income ETF ("BUCK"), Simplify Tara India Opportunities ETF ("IOPP"), Simplify US Equity PLUS Bitcoin Strategy ("SPBC"), Simplify US Equity PLUS Convexity ("SPYC"), Simplify US Equity PLUS Downside Convexity ("SPD"), Simplify US Equity PLUS Upside Convexity ("SPUC"), Simplify Volatility Premium ("SVOL"), and Simplify Volt Tesla Revolution ("TESL")** 

In connection with the meeting of the Board of Trustees (the "Board" or "Trustees") of Simplify Exchange Traded Funds (the "Trust") held on August 22, 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 renewal of an investment advisory agreement between Simplify Asset Management, Inc. (the "Adviser" or "Simplify") and the Trust, on behalf of the Simplify Aggregate Bond ("AGGH"), Simplify Bitcoin Strategy PLUS Income ("MAXI"), Simplify Commodities Strategy No K-1 ("HARD"), Simplify Enhanced Income ("HIGH"), Simplify Health Care ("PINK"), Simplify Hedged Equity ("HEQT"), Simplify High Yield ("CDX"), Simplify Interest Rate Hedge ("PFIX"), Simplify Intermediate Term Treasury Futures Strategy ("TYA"), Simplify Managed Futures Strategy ("CTA"), Simplify MBS ETF ("MTBA"), Simplify Multi-QIS Alternative ("QIS"), Simplify NEXT Intangible Core Index ETF ("NXTI"), Simplify Opportunistic Income ("CRDT"), Simplify Propel Opportunities ("SURI"), Simplify Short Term Treasury Futures Strategy ("TUA"), Simplify Treasury Option Income ETF ("BUCK"), Simplify Tara India Opportunities ETF ("IOPP"), Simplify US Equity PLUS Bitcoin Strategy ("SPBC"), Simplify US Equity PLUS Convexity ("SPYC"), Simplify US Equity PLUS Downside Convexity ("SPD"), Simplify US Equity PLUS Upside Convexity ("SPUC"), Simplify Volatility Premium ("SVOL"), and Simplify Volt Tesla Revolution ("TESL") (each a "Renewing Fund" and collectively, the "Renewing Funds"); the continuation of the sub-advisory agreement between SAMI, Volt, and the Trust on behalf of VCAR (the "Volt Sub-Advisory Agreement"); the continuation of the trading advisory agreement between SAMI, Altis, and the Trust on behalf of CTA and HARD (the "Altis Trading Advisory Agreement"); the continuation of the sub-advisory agreement between SAMI, Propel, and the Trust on behalf of SURI (the "Propel Sub-Advisory Agreement"); the continuation of the sub-advisory agreement between SAMI, Asterozoa, and the Trust on behalf of CRDT (the "Asterozoa Sub-Advisory Agreement") collectively, the "Sub-Advisory Agreements").

Appendix A-1

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 Renewing 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 the Sub-Advisory Agreements.

*Nature, Extent, and Quality of Service.* The Trustees discussed the personnel who perform services for the Renewing Funds, including their qualifications and experience, noting that since the Management Agreement was initially approved for the Renewing Funds, the Adviser had added additional resources and expertise, including personnel performing functions related to operations, financial reporting, risk management, portfolio management and trading. The Board considered the quality of the Adviser's operational and compliance infrastructure supporting the Renewing Funds. They considered that the Adviser's investment strategies, including its proprietary option overlay strategies that were applied to many of the Renewing Funds, noting that Adviser had built an experienced team of investment professionals with diverse expertise to provide high quality services to the Renewing Funds. The Trustees considered that the Adviser conducted competitor fund research and analysis to benchmark fees and performance, worked with brokers, counterparties and custodians to effectively implement each Renewing Fund's strategy and provided services including trade execution, post-trade settlement and reporting and compliance monitoring to ensure the execution of each Renewing Fund's investment objectives. They discussed that the Adviser oversaw the activities of the Renewing Funds' other service providers, including the sub-adviser where applicable, and monitored adherence to the Renewing Funds' investment restrictions, compliance with various policies and procedures, and with applicable securities regulations. After discussing and considering the full scope of services provided by the Adviser to the Renewing Funds, the Trustees agreed that the Adviser had delivered high quality services consistent with its responsibilities to the Renewing Funds and their respective shareholders.

*Performance.* The Trustees reviewed the Adviser's management capabilities as demonstrated by the Renewing Funds' performance and ability to meet their respective investment objectives. The Trustees discussed the Renewing Funds' returns versus the returns of each Renewing Fund's index, Morningstar category, peer group, and broad-based index over various time periods ended June 30, 2025. They discussed that the Renewing Funds' peer groups were chosen by the Adviser both for their core exposure and having similar strategies for risk mitigation.

The Trustees noted that AGGH underperformed its peer group, but outperformed Morningstar category and index for the one-year period ended June 30, 2025, and outperformed its peer group, Morningstar category and index for the three-year and since inception periods ended June 30, 2025.

Appendix A-2

The Trustees discussed MAXI's performance, noting the Fund outperformed its Morningstar category, but underperformed its peer group and index, the Nasdaq Bitcoin Reference Price Index, for the one-year period ended June 30, 2025. The Fund underperformed its index but outperformed its peer group and Morningstar Category for the since inception period ended June 30, 2025. The Board considered the Adviser's explanation that MAXI trailed its index due to the cost of rolling futures.

The Trustees noted that each of HARD, HIGH, and IOPP outperformed their peer groups, Morningstar category, and indexes, for the one-year and since inception periods ended June, 30, 2025, and that each of PINK, CDX, CTA, PFIX and TESL outperformed their peer groups, Morningstar category and indexes for the one-, three-year and since inception periods ended June 30, 2025.

The Trustees noted that each of QIS, CRDT, BUCK and SURI underperformed their peer groups, Morningstar category, and indexes, for the one-year and since inception periods ended June 30, 2025, and that SVOL underperformed its peer group, Morningstar category and index for the one, three-year and since inception periods ended June 30, 2025.

The Trustees noted that TUA outperformed its peer group, Morningstar category, and index for the one-year period ended June, 30, 2025, but underperformed its peer group, Morningstar category and index for the since-inception period ended June 30, 2025. They noted further that TYA outperformed its peer group, Morningstar category and index for the one-year period, but, underperformed its peer group, Morningstar category and index for the three-year and since inception periods ended June 30, 2025.

The Trustees discussed HEQT's performance, noting the Fund outperformed its peer group and Morningstar Category for the one-, three-year and since inception periods, but underperformed its index for the one-, three-year and since inception periods ended June 30, 2025.

The Trustees noted that MTBA underperformed its peer group, Morningstar category, and index for the one-year period, but outperformed its peer group, Morningstar category and index for the since inception period ended June 30, 2025.

The Trustees discussed NXTI's performance, noting the Fund outperformed its peer and Morningstar Category for the one-year and since inception periods ended June 30, 2025, but underperformed its index during the one-year and since inception periods ended June 30, 2025.

The Trustees then discussed SPBC's performance, noting that the Fund outperformed its index for the one-, three-year and since inception periods ended June 30, 2025, underperformed its peer group and Morningstar category for the one- and three-year periods ended June 30, 2025, and outperformed its peer and Morningstar category for the since-inception period ended June 30, 2025.

The Trustees then discussed SPUC's performance, noting that the Fund underperformed its peer group, Morningstar category and index for the one-year period ended June 30, 2025, outperformed its peer group, Morningstar category and index for the three-year period ended June 30, 2025, underperformed its index for the since inception period, and outperformed its Morningstar category for the since inception period ended June 30, 2025.

Appendix A-3

The Trustees then discussed SPD's performance, noting that the Fund outperformed its peer group, Morningstar category and index for the one-year period ended June 30, 2025, underperformed its peer group, Morningstar category and index for the three-year period ended June 30, 2025 and underperformed its Morningstar category and index for the since-inception period.

The Trustees then discussed SPYC's performance, noting that the Fund outperformed its peer group and Morningstar category, but underperformed its index for the one-year period ended June 30, 2025, underperformed its peer group, Morningstar category and index for the three-year period ended June 30, 2025, and underperformed its index and Morningstar category for the since inception period ended June 30, 2025.

The Trustees then discussed SVOL's performance, noting that the Fund underperformed its peer group, Morningstar category and index for the one-, three-year period and since inception periods ended June 30, 2025.

The Trustees recalled that they regularly received from the Adviser performance data, analyses, and reports regarding each Renewing Fund's index tracking, premium/discount, and intraday trading spreads, among other things, which was considered in the renewal deliberations. The Board also considered the Adviser's commentary regarding broader market trends and macroeconomic developments and interrelationship between market conditions and each Fund's performance. Taking all factors into consideration, the Trustees concluded that SAMI had the tools to continue to deliver favorable returns to the shareholders of the Renewing Funds and the returns of each Fund were acceptable.

*Fees and Expenses.* The Trustees considered the advisory fees and expenses for the Renewing Funds, including the Adviser's rationale therefor, as well as comparative fee data for a universe of unaffiliated ETFs and mutual funds with similar strategies to those of the Renewing Funds (collectively, the "Peer Groups"), the details of which were included in Meeting Materials. The Trustees considered and considered the Adviser's observations and analysis of the variation among the funds in the Peer Groups, the relevant Morningstar category, and the Renewing Funds, noting any relevant differences between the Renewing Funds and Peer Groups that may explain variations in the advisory fees. They discussed the Adviser's belief that the current advisory fees reflect the uniqueness of a Fund's strategies and depth of expertise offered in managing the Funds.

They noted that the contractual annual management fee for each Renewing Fund was 0.50%, with the exceptions of MAXI at 0.85%, HARD and CTA at 0.75%, MTBA, TYA, NXTI and TUA at 0.25%, IOPP and QIS at 1.00%, CRDT and TESL at 0.95%, SURI at 2.75% and BUCK at 0.35%. They considered that each was a unitary fee and noted that the adviser had waived a portion of its management fee for several of the Renewing Funds during the period.

They noted that for AGGH, HIGH, SURI, IOPP, TESL, CRDT and NXTI, CRDT, IOPP, SPYC, SPD, SPUC, SVOL and TESL, the advisory fee was higher than both the peer group average and the Morningstar category average, but that for each of AGGH, HARD, HIGH, SURI, TYA, TUA, CRDT and IOPP select constituents within each Peer Group included passive funds, which effectively lowers the average management fee, and that relative to the Morningstar category, the Adviser believes it to be reasonable due to the active management of the Funds as the broader Morningstar category includes passively-managed funds. The Trustees also indicated that with respect to TESL, due the Fund's unique approach relative to its peer group and Morningstar category, the Adviser believes it to be reasonable due to the active management of the Fund and the implementation of the option overlay to create convexity in the portfolio.

Appendix A-4

The Trustees then observed that for SPBC, MTBA, CDX, PINK and CTA, the advisory fee was lower than both the peer group and Morningstar category averages. The Trustees then noted that for MAXI, HEQT and NXTI, , the advisory fee was higher than the peer group, and lower than the Morningstar category averages, and that for BUCK, PFIX, SPYC, SPD, SPUC, SVOL and QIS, the advisory fee was lower than the peer group and higher than the Morningstar category averages. The Trustees noted that for CDX, the advisory fee was equal to the peer group average, and lower than the Morningstar Category.

The Trustees considered that no payments were made by the Renewing Funds to the Adviser other than the management fees. The Trustees discussed the fee waivers provided by the Adviser for certain Funds. The Trustees agreed that the management fees were not unreasonable.

*Profitability.* The Trustees reviewed the profit analysis provided by the Adviser and observed that, at current asset levels, the Adviser was modestly profitable with respect to three of the Renewing Funds, but realized a loss with respect to the other Renewing Funds. They concluded excess profitability was not a concern with respect to any of the Renewing Funds.

*Economies of Scale.* The Trustees considered the potential for the Adviser to experience economies of scale in the provision of services to each of the Renewing Funds and the extent to which such benefits were shared with shareholders. They considered the Adviser' position that the current advisory fees already reflected the potential economies of scale that would be realized by the Adviser when the assets of the Renewing Funds grew in size. The Trustees determined that the Board would continue to evaluate breakpoints for each Renewing Fund as assets increased.

The Independent Trustees met in executive session with the Trust CCO and Counsel to discuss the proposed renewal of the Management Agreement, then met separately with Counsel to the exclusion of the Trust COO.

*Conclusion.* Upon reconvening, the Board unanimously determined that it had received all information reasonably necessary to reach its conclusion that it was in the best interests of the Renewing Funds and their shareholders to renew the Management Agreement. The Board's determination was based on the totality of the information reviewed and not any single factor.

Appendix A-5

***Simplify Volt TSLA Revolution ETF—Sub-Advisory Agreement (Volt Equity LLC)***

*Nature, Extent, and Quality of Service.* The Trustees acknowledged that Volt Equity LLC ("Volt") provided research, analysis and recommendations to the Adviser. They reviewed the background information on the key investment personnel responsible for servicing TESL, considering their qualifications and education, and noted the investment team's experience with research and technology. The Trustees discussed Volt's practices for monitoring compliance with TESL's investment limitations, noting that Volt utilized spreadsheet software to help monitor compliance with TESL's investment limitations. The Trustees observed that Volt reported no material compliance issues. The Trustees agreed that Volt had provided quality services to the Adviser and TESL.

*Fees and Expenses.* The Trustees reviewed the sub-advisory fees for TESL, including Volt's rationale therefore, as well as certain comparative fee data. The Board considered the portion of the advisory fee paid by the Adviser to Volt for serving as sub-adviser to TESL and the fee paid to Volt for providing investment management services to another fund. The Trustees agreed that the sub-advisory fee was not unreasonable in light of Volt's role in determining the composition of TESL's portfolio.

*Profitability.* The Trustees reviewed the profit analysis provided by Volt, noting that Volt was sub-advising TESL at a loss. The Board noted that Volt projected making a profit in connection with TESL if the certain asset levels were achieved. The Trustees agreed that excess profits were not a concern at this time.

*Economies of Scale.* The Trustees considered whether Volt would realize economies of scale with respect to the sub-advisory services provided to TESL. The Trustees agreed to revisit the issue if TESL achieved meaningful growth.

*Conclusion.* The Adviser confirmed its satisfaction with the services provided by Volt and recommended renewal of the Volt Sub-Advisory Agreement. Having requested and received such information from Volt as the Trustees believed to be reasonably necessary to evaluate the terms of the Volt Sub-Advisory Agreement, and as assisted by the advice of independent counsel, the Trustees determined that approval of the continuation of the Volt Sub-Advisory Agreement for an additional year was in the best interests of TESL and its shareholders.

Appendix A-6

***Simplify Managed Futures Strategy ETF and Simplify Commodities Strategy No K-1 ETF—Trading Advisory Agreement (Altis Partners (Jersey) Limited)***

*Nature, Extent, and Quality of Service.* The Trustees reviewed the background information on the key investment personnel responsible for servicing CTA and HARD, considering their qualifications and education, and noting the investment team's experience as a trading adviser. The Board observed a few changes in Altis Partners Jersey Limited ("Altis") personnel since the last approval of the Altis Trading Advisory Agreement. The Trustees discussed the firms practices for monitoring compliance with CTA's and HARD's investment limitations, noting that Altis had a strong internal oversight function, and internally monitors trading, NAV, performance, exchange traded minimum margin limits and broker statement checks. The Trustees discussed the various controls utilized by Altis to monitor compliance with the rules and regulations of both the Jersey Financial Services Commission and U.S. regulation under the CFTC and NFA. The Trustees observed that Altis reported no material compliance issues since the most recent renewal of the Altis Trading Advisory Agreement. The Trustees agreed that Altis had provided quality services to CTA and HARD.

*Performance*. The Trustees reviewed CTA's annualized returns for the one-year and since-inception periods ended June 30, 2025, noting that CTA outperformed the SG CTA Index during this time. They then noted that over the past year, the short-term interest rate sector had contributed the most to performance. The Trustees observed that CTA suffered a major setback in March 2023, when the insolvency of Silicon Valley Bank triggered an extreme move higher in money market instrument pricing, leading to a fast drawdown in CTA's performance. The Trustees then reviewed the performance of CTA against a peer fund, noting that CTA achieved relative outperformance. The Trustees agreed the performance of CTA was acceptable.

The Trustees reviewed HARD's annualized returns for the one-year and since-inception periods ended June 30, 2025, noting that during the one-year and since inception periods ended June 30, 2025, HARD underperformed the SG CTA Index and SG Trend index. They then noted that HARD's performance has been relatively flat since inception but appears to be a little more volatile in the past year and is down mildly on a trailing one-year basis due to broadly range trading price action in commodities with no persistent uptrend in metals, choppy bearish action in energy and a persistent downtrend in agricultural commodities. The Trustees then observed that grains have been the largest contributor to performance since inception, and that energy and metals have been the largest detractor from performance since inception. The Trustees noted that the Adviser remains optimistic that commodities enter a broad uptrend later this year, as the Fed cuts rates. The Trustees agreed the performance of HARD was acceptable.

*Fees and Expenses.* The Trustees reviewed the fees paid by SAMI to Altis for serving as futures adviser to CTA and HARD, as well as certain comparative fee information, including the fees paid by other accounts managed by Altis. The Board observed that Altis' fees for CTA and HARD are less than the average for other accounts managed by Altis and are the lowest fees across Altis' existing products. The Trustees considered the allocation of advisory fees among the Adviser and Altis in light of their respective duties. The Trustees agreed that Altis' fees were not unreasonable.

Appendix A-7

*Profitability.* A representative of the Adviser provided to the Trustees the total fees paid by the Adviser to Altis in the past year. The Trustees noted that the amount of fees paid to Altis by the Adviser were very modest. The Trustees noted that there were no profits for HARD for the period ended June 30, 2025, but that CTA experienced modest profitability over the same period. They agreed that the profits were not unreasonable.

*Economies of Scale.* The Trustees considered whether Altis had realized economies of scale with respect to the sub-advisory services provided to CTA and HARD and agreed this was unlikely given the CTA's and HARD's asset levels. The Trustees agreed to revisit the issue if CTA or HARD achieved meaningful growth.

*Conclusion.* The Adviser confirmed its satisfaction with the services provided by Altis and recommended renewal. Having requested and received such information from Altis as the Trustees believed to be reasonably necessary to evaluate the terms of the Altis Trading Advisory Agreement, and as assisted by the advice of independent counsel, the Trustees determined that approval of the continuation of the Altis Trading Advisory Agreement for an additional year was in the best interests of CTA and HARD and their shareholders.

***Simplify Propel Opportunities ETF – Sub-Advisory Agreement (Propel Bio Management, LLC)***

*Nature, Extent, and Quality of Service.* The Trustees reviewed the background information on the key investment personnel responsible for servicing SURI, considering their qualifications and education, and noting the investment team's experience as a trading adviser. The Trustees discussed Propel Bio Management, LLC's ("Propel") practices for monitoring compliance with SURI's investment limitations, noting that Propel had a strong internal program for oversight of various Fund related matters. The Trustees noted that Propel utilized a number of controls to monitor compliance with the rules and regulations of both the Jersey Financial Services Commission, the SEC, CFTC and NFA. The Trustees observed that Propel reported no material compliance issues. The Trustees agreed that Propel had provided quality services to SURI.

*Performance.* The Trustees reviewed SURI's annualized returns for the one-year and since inception periods ended June 30, 2025, noting that SURI outperformed similarly managed accounts – Propel Bio Partners L.P. for the one-year and since inception periods ended June 30, 2025. The Trustees then reviewed the performance of SURI against the Propel Bio Partners L.P., Propel's private fund (the "Private Fund"), noting that the Private Fund contains a heavier weighting of small/mid-cap companies compared to other biotech and healthcare focused funds and indexes. The Trustees noted Propel's belief that small and mid-cap companies provide unique opportunities for investment and above market returns. The Trustees agreed the performance of SURI was acceptable.

*Fees and Expenses.* The Trustees reviewed the sub-advisory fees for SURI paid by the Adviser, noting that Propel's sub-advisory fee, before any performance fee, is slightly higher than the management fee Propel charges to the Private Fund but acknowledged that the Private Fund is subject to a performance fee. The Trustees noted the Sub-Adviser's belief that the fee is reasonable due to the additional compliance expenses that are required to offer its investment strategy as an ETF. The Trustees also acknowledged that the Sub-Adviser notes that the amount of research and due diligence required to implement the Fund's strategy is typically only offered in private funds that charge both management and performance fees, and that Propel does not receive a performance fee for serving as sub-adviser to SURI. The Trustees considered the allocation of advisory fee among the Adviser and Propel in light of their respective duties. The Trustees agreed that the sub-advisory fee was not unreasonable.

Appendix A-8

*Profitability.* The Trustees observed that Propel did not experience a profit in connection with managing SURI for the period ended June 30, 2025, which assumed that 64% of Propel's effort was dedicated to SURI, based on average assets under management over the last twelve months. The Trustees agreed that the profits were not unreasonable.

*Economies of Scale.* The Trustees considered whether Propel had realized economies of scale with respect to the sub-advisory services provided to SURI and noted that the Adviser's management fee contained breakpoints as certain asset levels were achieved. The Trustees noted that as net assets of the Fund are currently near $100 million, SURI is still significantly short of the first breakpoint.

*Conclusion.* The Adviser confirmed its satisfaction with the services provided by Propel and recommended renewal. Having requested and received such information from Propel as the Trustees believed to be reasonably necessary to evaluate the terms of the Propel Sub-Advisory Agreement, and as assisted by the advice of independent counsel, the Trustees determined that approval of the continuation of the Propel Sub-Advisory Agreement for an additional year was in the best interests of SURI and its shareholders.

***Simplify Opportunistic Income ETF – Sub-Advisory Agreement (Asterozoa Capital, LLC)***

*Nature, Extent, and Quality of Service.* The Trustees reviewed the background information on the key investment personnel responsible for servicing CRDT, considering their qualifications and education, and experience. The Board noted that there were no changes in Asterozoa Capital, LLC ("Asterozoa") personnel since the last approval of the Asterozoa Advisory Agreement. The Trustees discussed Asterozoa's practices for monitoring compliance with CRDT's investment limitations, noting that Asterozoa had a strong internal oversight function. The Trustees observed that Asterozoa reported no material compliance issues. The Trustees agreed that Asterozoa had provided quality services to CRDT.

*Performance.* The Trustees reviewed CRDT's returns for the one-year and since-inception periods ended June 30, 2025, noting that during the one-year and since inception periods ended June 30, 2025, CRDT outperformed the Bloomberg U.S. Universal Total Return Index due to, among others, positions in High Yield corporate bonds, US Treasury yield curve steepeners and mortgage REITs and detractors from performance included emerging market bonds and distressed corporate preferred stocks. The Trustees then reviewed the performance of CRDT against its Morningstar Category, noting CRDT modestly underperformed the Multisector Bond category while acknowledging Asterozoa's positions that many of the funds in the category have much different positionings, weightings, and/or allocations. The Trustees agreed the performance of CRDT was acceptable.

Appendix A-9

*Fees and Expenses.* The Trustees reviewed the sub-advisory fees for CRDT paid by the Adviser to Asterozoa, as well as certain comparative fee, including fees paid by other accounts managed by Asterozoa. The Trustees considered the allocation of advisory fees among the Adviser and Asterozoa in light of their respective duties. The Trustees agreed that the sub-advisory fee was not unreasonable.

*Profitability.* A representative of the Adviser provided to the Trustees the total fees paid by the Adviser to Asterozoa in the past year, noting these were very modest. They noted that the Fund was profitable for the period ended June 30, 2025, and they agreed that the profits from the fees could not be considered unreasonable. The Trustees noted that profits are used to compensate owner personnel, as the profits flow into Asterozoa's revenue, part of which is used to pay employees' salaries. The Trustees then noted that Asterozoa is waiving a portion of its sub-advisory fee.

*Economies of Scale.* The Trustees considered whether Asterozoa had realized economies of scale with respect to the sub-advisory services provided to CRDT and agreed this was unlikely given the CRDT's asset levels. The Trustees agreed to revisit the issue if CRDT achieved meaningful growth.

*Conclusion.* The Adviser confirmed its satisfaction with the services provided by Asterozoa and recommended renewal. Having requested and received such information from Asterozoa as the Trustees believed to be reasonably necessary to evaluate the terms of the Asterozoa Sub-Advisory Agreement, and as assisted by the advice of independent counsel, the Trustees determined that approval of the continuation of the Asterozoa Sub-Advisory Agreement for an additional year was in the best interests of CRDT and its shareholders.

***Simplify Tara India Opportunities ETF – Sub-Advisory Agreement (System 2 Advisors, L.P.)***

*Nature, Extent, and Quality of Service.* The Trustees considered that System 2 Advisors, L.P *("*S2") serves as the investment adviser to a group of private investment funds focused on investments in India. The Trustees further noted that S2 also serves as sub-adviser to one large cap equity mutual fund. The Trustees discussed the qualifications of the personnel who provide services to IOPP on a day-to-day basis, noting there have been no changes. The Trustees also discussed that S2 is responsible for managing the Fund's investment portfolio within the guidelines and objectives defined in the Fund's prospectus, and makes buy and sell decisions, conducts research and implements investment strategies to achieve the Fund's objective. The Trustees noted that S2 assesses and manages risks associated with the Fund's investments, including monitoring portfolio concentrations, sector exposure and other risk factors, and that S2 is responsible for determining the appropriate asset allocation within the portfolio. The Trustees concluded that, in conjunction with the Adviser, S2 provides high quality service to IOPP and its shareholders.

*Performance.* The Trustees reviewed the returns IOPP against similarly managed accounts, noting that the Fund underperformed the similarly managed accounts for the one-year period ended June 30, 2025. The Trustees noted further that the Fund's custodian charged the Fund substantially higher FX fees as compared with the private fund, and that there are no material factors with respect to the investment program that impacted performance. The Trustees considered S2's experience managing India-focused funds as well as a registered investment company and concluded that S2 had the ability to deliver favorable returns to the shareholders of the Fund.

Appendix A-10

*Fees and Expenses.* The Trustees reviewed the sub-advisory fees for IOPP paid by the Adviser to S2, as well as certain comparative fee, including fees paid by other accounts managed by S2. The Trustees considered the allocation of advisory fees among the Adviser and S2 in light of their respective duties. The Trustees discussed the fees charged by S2 to other funds that it managed. The Trustees agreed that the proposed sub-advisory fee was not unreasonable.

*Profitability.* A representative of the Adviser provided to the Trustees the total fees paid by the Adviser to S2 in the past year, noting these were very modest. They noted that the Fund was profitable to S2 for the period ended June 30, 2025, and they agreed that the profits from the fees could not be considered unreasonable. The Trustees noted that S2 allocated the first expenses by assets under management split, noting that the IOPP process does not increase S2 costs as S2 continues to manage a similar portfolio in private fund format.

*Economies of Scale.* The Trustees considered whether S2 had realized economies of scale with respect to the sub-advisory services provided to IOPP and agreed this was unlikely given IOPP's current asset levels. The Trustees agreed to revisit the issue if IOPP achieved meaningful growth.

*Conclusion.* The Adviser confirmed its satisfaction with the services provided by S2 and recommended renewal. Having requested and received such information from S2 as the Trustees believed to be reasonably necessary to evaluate the terms of the S2 Sub-Advisory Agreement, and as assisted by the advice of independent counsel, the Trustees determined that approval of the continuation of the S2 Sub-Advisory Agreement for an additional year was in the best interests of IOPP and its shareholders.

Appendix A-11

**Board Considerations in Approval of Investment Advisory Agreement**(Unaudited)

**Simplify Ancorato Target 25 Distribution 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 the advisory agreement between Trust and Simplify Asset Management, Inc. (the "Adviser" or "Simplify") on behalf of Simplify Target 25 Distribution ETF ("XXV") (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, 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 XXV 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 XXV 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 the Advisory Agreement and to support the launch of XXV. The Trustees agreed that the Adviser had sufficient personnel resources to service XXV and concluded that, based on the Board's experience with the Adviser, the Adviser would provide high quality service to XXV and their respective shareholders

*Performance.* The Trustees reviewed the investment objective of XXV 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 since-inception period July 21, 2017 through December 31, 2024, but outperformed the benchmark for the one- and five- year period ended December 31, 2024. The Trustees considered the Adviser's experience in managing income generating option strategies.

*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 XXV.

Appendix B-1

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, as it reflects the specialized nature of the XXV's barrier put spread sub-strategy. They noted the Adviser's belief that the fees are justified by XXV's differentiated investment strategy, active risk controls and potential to deliver an attractive risk-adjusted return for investors.

*Profitability.* The Trustees reviewed the profit analyses provided by Simplify. They noted that because the XXV 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 XXV 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 XXV.

*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 XXV's prospects for growth. They then discussed whether the Adviser would benefit from economies of scale related to XXV 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 XXV and its respective future shareholders.

***Simplify Anocorato Target 25 Distribution ETF – Sub-Advisory Agreement (Legacy Investment Solutions, dba Ancorato)***

In connection with the meeting of the Board of Trustees (the "Board" or "Trustees") of Simplify Exchange Traded Funds (the "Trust") held on August 22, 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 the sub-advisory agreement between Simplify Asset Management, Inc. (the "Adviser" or "Simplify") and Legacy Investment Solutions, dba Ancorato ("Legacy Wealth"), and the Trust on behalf of Simplify Ancorato Target 25 Distribution ETF ("XXV") (the "Sub-Advisory Agreement").

The Trustees reviewed and discussed the materials that were provided in advance of the Meeting and deliberated on the approval of the Sub-Advisory Agreement. 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 agreement on behalf of XXV 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 Sub-Advisory Agreement.

Appendix B-2

*Nature, Extent, and Quality of Service.* The Trustees noted that Legacy Wealth, founded in 2022, is an SEC-registered investment adviser based in Boise, Idaho which provides sub-advisory investment management services to independent wealth managers and their client portfolios. They noted that, as of June 30, 2025, Legacy Wealth had approximately $265 million in assets under management. The Trustees then noted that Legacy Wealth specializes in structured product-based strategies, particularly actively managed portfolios of structured notes. They considered the corporate structure of Legacy Wealth and the resources of the organization. The Trustees acknowledged that Legacy Wealth would work with the Adviser to provide investment recommendations customized to the Fund's goals, risk tolerance and time horizon. 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 Legacy Wealth's investment approach, as discussed earlier in the Meeting by the Legacy Representatives. The Trustees concluded that Legacy Wealth was capable of providing quality service to XXV and its future shareholders.

*Performance.* The Trustees reviewed the investment objective of XXV and considered the performance of other Funds in the Trust. They reviewed the hypothetical, back-tested annualized returns as of June 30, 2025, noting that the strategy underperformed the benchmark for the one- and three-year periods ended June 30, 2025, but outperformed the benchmark for the since inception period ended June 30, 2025. The Trustees noted that the performance reflects the actual performance history of Legacy Wealth's High Income Structured Note Strategy, which has similar core elements as the XXV, but differs in important ways, which they acknowledged. The Trustees considered that the Adviser had assessed and recommended Legacy Wealth and believed it had the resources to deliver favorable returns to the future shareholders of XXV.

*Fees and Expenses.* The Trustees acknowledged that Simplify, rather than the XXV, would pay Legacy Wealth an annual sub-advisory fee equal to 0.375% of XXV's average net assets. They noted that Legacy Wealth currently manages another account using the strategy proposed for XXV, and considered the fee charged by Legacy Wealth under the terms of the Sub-Advisory Agreement. They discussed with Legacy Wealth, the fees charged, acknowledging the differences in product type and structure. The Trustees considered the allocation of advisory fees among the Adviser and Legacy Wealth 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 Legacy Wealth. They noted that because XXV 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 Legacy Wealth 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 Legacy Wealth, and if estimated asset levels were achieved. The Trustees acknowledged that the estimated profits are not unreasonable for an active manager generating 25% income levels with little principal loss. The Trustees then concluded that based on the information provided by Legacy Wealth, the estimated profitability was not excessive.

Appendix B-3

*Economies of Scale.* The Trustees considered whether Legacy Wealth would realize economies of scale with respect to the sub-advisory services provided to XXV. 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 XXV.

*Conclusion.* Having requested and received such information from Legacy Wealth as the Trustees believed to be reasonably necessary to evaluate the terms of the Sub-Advisory Agreement, and as assisted by the advice of independent counsel, the Trustees determined that approval of the Legacy Sub-Advisory Agreement was in the best interests of XXV and its future shareholders.

Appendix B-4

**Board Considerations in Approval of Investment Advisory Agreement**(Unaudited)

**Simplify Government Money Market ETF and Simplify VettaFi Private Credit 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 May 19, 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 Government Money Market ETF ("SBIL") and Simplify Private Credit Strategy ETF ("PCR") (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-six exchange-traded funds and managed approximately $7.16 billion in assets as of March 31, 2025. 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.

Appendix C-1

*Performance.*

<u>Government Money Market 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 March 31, 2025, noting that the strategy slightly outperformed the benchmark for the one- and five-year periods ended March 31, 2025, but slightly underperformed the benchmark for the ten-year and since inception periods ended March 31, 2025. The Trustees noted that the Fund will follow Rule 2a-7 requirements for government money market funds, maintaining high liquidity standards and short portfolio maturities.

<u>VettaFi Private Credit 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 March 31, 2025, noting that the strategy outperformed the Index for the one-year and since-inception periods ended March 31, 2025, but that it underperformed the Index for the five-year period ended March 31, 2025. The Trustees noted that the Fund may invest up to 20% of its assets in derivatives to manage credit and interest rate risks, and that the Fund would employ a sampling strategy to track the Index. The Trustees considered the Adviser's experience in managing income generating option strategies.

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 the New Fund.

<u>Government Money Market ETF</u>. The Trustees discussed the proposed annual advisory fee of 0.15% and estimated net expense ratio of 0.15%. The Trustees noted that the proposed advisory fee and net expense ratio were lower than averages of the Adviser's selected Peer Group and Morningstar US Funds Money Market-Taxable Category. The Trustees concluded that the proposed fees to be charged by the Adviser were not unreasonable.

<u>VettaFi Private Credit Strategy ETF</u>. The Trustees discussed the proposed annual advisory fee of 0.75% and estimated net expense ratio of 0.76%. The Trustees noted that the proposed advisory fee is higher than the Adviser's selected Peer Group average and modestly higher than the Morningstar US Fund Nontraditional Bond category, and that the Fund's proposed net expense ratio is lower than the average of the Adviser's selected Peer Group and Morningstar US Fund Nontraditional Bond category. The Trustees considered the Fund's bespoke investment strategy, which combines private credit sector exposure with an actively managed credit hedge strategy, noting the Adviser believed the advisory fee to be justified given there were no other funds in the marketplace that offer a similar strategy with a credit hedge component. The Trustees also considered that the Adviser would actively select a subset of securities in the Index, rather than passively tracking the Index, which would require additional resources, and that the Adviser believed this further justified the slightly higher fee.

Appendix C-2

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 the Adviser anticipated making a profit in the first and second year of SBIL's operations. The Trustees noted further that the Adviser anticipated earning a modest profit in year one for PCR and a higher profit in year two. The Trustees then concluded that based on the information provided by the Adviser, the estimated profitability was not excessive with respect to either 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.

Appendix C-3

**Board Considerations in Approval of Investment Advisory Agreement**(Unaudited)

**Simplify US Equity PLUS Managed Futures 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 10, 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 the advisory agreement between Trust and Simplify Asset Management, Inc. (the "Adviser" or "Simplify") on behalf of Simplify US Equity PLUS Managed Futures Strategy ETF (the "Fund") (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-five exchange-traded funds and managed approximately $10.6 billion in assets as of September 30, 2025. 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 the 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 the Fund, and serve as the valuation designee and derivatives risk manager. They noted the Adviser's belief that the Fund would provide investors with exposure to unique and differentiated areas of the market, expanding the Trust's current offerings. The Trustees noted that the financial condition of the Adviser was sufficient for the Adviser to fulfill the duties required under the Advisory Agreement and to support the launch of the Fund. The Trustees agreed that the Adviser had sufficient personnel resources to service the Fund and concluded that, based on the Board's experience with the Adviser, the Adviser would provide high quality service to the Fund and its respective 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 September 30, 2025, noting that the strategy outperformed its benchmark for the one-, five-, ten-year and since inception periods ended September 30, 2025. The Trustees noted that the Fund will seek to provide long-term capital appreciation by combining exposure to U.S. large-cap equities with a managed futures strategy. The Trustees also noted that the equity allocation will be implemented through liquid ETFs or derivatives linked to U.S. equity indexes, while the managed futures sleeve will utilize a systematic, rules-based approach that dynamically adjusts exposures across equity, fixed income, currency, and commodity futures. The Trustees acknowledged that the dual sleeve construction is designed to provide equity market participation while diversifying risk through a model-driven futures overlay. The Trustees considered the Adviser's experience in managing other ETFs with dual sleeves.

Appendix D-1

*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 the Fund. The Trustees discussed the proposed annual advisory fee of 0.25% and estimated net expense ratio of 0.10%. The Trustees noted that the proposed advisory fee and net expense ratio were lower than averages of the Adviser's selected Peer Group and Morningstar US Fund Systematic Trend category. The Trustees acknowledged that the Adviser intends to execute the managed futures strategy by investing in swaps on an affiliated ETF, Simplify Managed Futures Strategy ETF ("CTA"), and that the Adviser anticipates that, as a result of the swap counterparty investing in CTA, additional revenue will accrue to the Adviser through the additional management fees generated by CTA. The Trustees also noted that the Adviser intends to reduce its management fee to 0.07% of the Fund's average daily net assets through at least one year from the date of the prospectus. 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 Fund 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 noted further that the Adviser anticipated not making a profit in the first or second year for the Fund's operations, however, that the Adviser anticipates that the early losses related to the Fund will be offset by the additional management fees that are paid to the Adviser as a result of the swaps on CTA, and that with the Adviser/sub-adviser 50/50 split of the 0.75% management fee for CTA, the Adviser anticipates receiving additional revenue in year one and year two from corresponding CTA management fees, thus mitigating the losses in early years. The Trustees then concluded that based on the information provided by the Adviser, the estimated profitability was not excessive with respect to the Fund.

*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 the Fund's prospects for growth. They then discussed whether the Adviser would benefit from economies of scale related to the 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 the Fund and its respective future shareholders.

Appendix D-2

**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 the 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 [Applies to listed companies only].**

(a) Not Applicable.

(b) Not Applicable.

**Item 19. Exhibits.**

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| | |
|:---|:---|
| (a)(1) | Not applicable for semi-annual reporting period. |
| (a)(2) | Not applicable for semi-annual reporting period. |
| (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) |
| (a)(3)(1) | There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons. |
| (a)(3)(2) | There was no change in the Registrant's independent public accountant during the period covered by the report. |
| (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) |

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**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.

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| | |
|:---|:---|
|  | Simplify Exchange Traded Funds |
| By | /s/ Paul Kim, President |
|  | Paul Kim, President<br> (principal executive officer) |
| Date: | March 4, 2026 |

---

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.

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| | |
|:---|:---|
| By | /s/ Paul Kim, President |
|  | Paul Kim, President<br> (principal executive officer) |
| Date: | March 4, 2026 |

---

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| | |
|:---|:---|
| By | /s/ Fiona Ho, Treasurer |
|  | Fiona Ho, Treasurer<br> (principal financial officer) |
| Date: | March 4, 2026 |

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## 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.

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| | | |
|:---|:---|:---|
| Date: | March 4, 2026 | /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: | March 4, 2026 | /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: | March 4, 2026 | /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: | March 4, 2026 | /s/ Fiona Ho, Treasurer |
| | | Fiona Ho, Treasurer |
| | | (principal financial officer) |

---