Simplify

US

Equity

PLUS

QIS

ETF

Schedule

of

Investments

March

31,

2024

(Unaudited)

1

Shares

Value

Exchange-Traded

Funds

–

89.9%

Alternative

Funds

–

49.9%

Simplify

Multi-QIS

Alternative

ETF(a)(b)

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

71,600

$

1,817,208‌

Equity

Funds

–

40.0%

iShares

Core

S&P

500

ETF(c)

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

2,770

1,456,272‌

Total

Exchange-Traded

Funds

(Cost

$3,066,079)

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

3,273,480‌

Principal

U.S.

Treasury

Bills

–

5.4%

U.S.

Treasury

Bill,

5.35%,

6/20/2024(d)

(Cost

$197,690)

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

$

200,000‌

197,684‌

Total

Investments

–

95.3%

(Cost

$3,263,769)

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

$

3,471,164‌

Other

Assets

in

Excess

of

Liabilities

–

4.7%

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

169,572‌

Net

Assets

–

100.0%

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

$

3,640,736‌

(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)

A

copy

of

the

security's

annual

report

to

shareholders

may

be

obtained

without

charge

at

www.ishares.com.

(d)

Represents

a

zero

coupon

bond.

Rate

shown

reflects

the

effective

yield.

At

March

31,

2024,

open

futures

contracts

were

as

follows:

Number

of

Contracts

Notional

Value

Expiration

Date

Value/

Unrealized

Appreciation

(Depreciation)

Long

position

contracts:

S&P

500

E-Mini

Future

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

8

$

2,123,400‌

6/21/24

$

33,020‌

Affiliates

Fiscal

period

to

date

transactions

with

companies

which

are

or

were

affiliates

are

as

follows:

Affiliate

Value

at

beginning

of

the

period

Purchases

Cost

Sales

Proceeds

Net

Realized

Gain/(Loss)

Net

Change

in

Unrealized

Value

at

the

end

of

the

period

Number

of

Shares

at

the

end

of

the

period

Dividend

Income

Capital

Gain

Distributions

Simplify

Multi-QIS

Alternative

ETF

$

—

$

1,835,604

$

—

$

—

$

(18,396)

$

1,817,208

71,600

$

50,327

$

—

Simplify

US

Equity

PLUS

QIS

ETF

Schedule

of

Investments

(Continued)

March

31,

2024

(Unaudited)

2

††

The

percentage

shown

for

each

investment

category

is

the

total

value

of

investments

in

that

category

as

a

percentage

of

the

net

assets

of

the

Fund.

The

table

depicts

the

Fund's

investments

but

may

not

represent

the

Fund's

market

exposure

to

certain

derivatives,

if

any,

which

are

included

in

Other

Assets

in

Excess

of

Liabilities.

Summary

of

Investment

Type††

Industry

%

of

Net

Assets

Exchange-Traded

Funds

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

89.9‌%

U.S.

Treasury

Bills

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

5.4‌%

Total

Investments

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

95.3‌%

Other

Assets

in

Excess

of

Liabilities

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

4.7‌%

Net

Assets

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

100.0‌%