Simplify

Stable

Income

ETF

Schedule

of

Investments

March

31,

2024

(Unaudited)

1

††

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.

Principal

Value

U.S.

Treasury

Bills

–

98.7%

U.S.

Treasury

Bill,

5.40%,

4/2/2024(a)

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

$

9,000,000‌

$

8,998,696‌

U.S.

Treasury

Bill,

5.35%,

4/11/2024(a)

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

36,000,000‌

35,947,660‌

U.S.

Treasury

Bill,

5.40%,

4/16/2024(a)

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

12,800,000‌

12,771,923‌

U.S.

Treasury

Bill,

5.39%,

5/21/2024(a)

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

58,000,000‌

57,576,277‌

U.S.

Treasury

Bill,

5.39%,

6/18/2024(a)

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

3,500,000‌

3,460,711‌

Total

U.S.

Treasury

Bills

(Cost

$118,754,970)

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

118,755,267‌

Number

of

Contracts

Notional

Amount

Purchased

Options

–

0.1%

Calls

–

Exchange-Traded

–

0.1%

U.S.

2

Year

Treasury

Note

Future,

April

Strike

Price

$105.75,

Expires

4/26/24

1,500

317,250,000‌

0‌

U.S.

2

Year

Treasury

Note

Future,

May

Strike

Price

$106,

Expires

5/24/24

..

7,500

1,590,000,000‌

117,195‌

117,195‌

Total

Purchased

Options

(Cost

$234,250)

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

117,195‌

Total

Investments

–

98.8%

(Cost

$118,989,220)

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

$

118,872,462‌

Other

Assets

in

Excess

of

Liabilities

–

1.2%

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

1,431,666‌

Net

Assets

–

100.0%

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

$

120,304,128‌

Number

of

Contracts

Notional

Amount

Written

Options

–

(0.9)%

Calls

–

Exchange-Traded

–

(0.5)%

U.S.

Treasury

Bond

Future,

May

Strike

Price

$127,

Expires

5/24/24

.......

(2,100)

$

(266,700,000‌)

$

(557,813‌)

Puts

–

Exchange-Traded

–

(0.4)%

U.S.

Treasury

Bond

Future,

May

Strike

Price

$114,

Expires

5/24/24

........

(2,100)

(239,400,000‌)

(525,000‌)

Total

Written

Options

(Premiums

Received

$1,371,428)

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

$

(1,082,813‌)

(a)

Represents

a

zero

coupon

bond.

Rate

shown

reflects

the

effective

yield.

Summary

of

Investment

Type††

Industry

%

of

Net

Assets

U.S.

Treasury

Bills

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

98.7‌%

Purchased

Options

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

0.1‌%

Total

Investments

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

98.8‌%

Other

Assets

in

Excess

of

Liabilities

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

1.2‌%

Net

Assets

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

100.0‌%