Simplify

Interest

Rate

Hedge

ETF

Schedule

of

Investments

March

31,

2024

(Unaudited)

1

Principal

Value

U.S.

Treasury

Bills

–

56.1%

U.S.

Treasury

Bill,

5.38%,

4/2/2024(a)

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

$

2,700,000‌

$

2,699,609‌

U.S.

Treasury

Bill,

5.37%,

4/11/2024(a)

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

4,800,000‌

4,793,021‌

U.S.

Treasury

Bill,

5.37%,

4/16/2024(a)

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

38,000,000‌

37,916,646‌

U.S.

Treasury

Bill,

5.34%,

6/25/2024(a)

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

28,300,000‌

27,954,766‌

Total

U.S.

Treasury

Bills

(Cost

$73,361,691)

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

73,364,042‌

U.S.

Government

Obligations

–

35.3%

U.S.

Treasury

Note,

0.25%,

9/30/2025(b)

(Cost

$46,085,153)

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

$

49,375,000‌

46,155,017‌

Notional

Amount

Purchased

Swaptions

–

7.8%

Puts

–

Over

the

Counter

–

7.8%

Interest

Rate

Swaption,

pay

semi

annually

a

fixed

rate

of

4.25%

and

received

quarterly

a

floating

rate

of

SOFR,

Expires

5/10/30

(counterparty:

Bank

of

America

NA)

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

180,000,000‌

2,522,013‌

Interest

Rate

Swaption,

pay

semi

annually

a

fixed

rate

of

4.50%

and

received

quarterly

a

floating

rate

of

SOFR,

Expires

5/10/30

(counterparty:

Barclays

Bank

PLC)(c)

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

230,000,000‌

1,611,770‌

Interest

Rate

Swaption,

pay

semi

annually

a

fixed

rate

of

4.25%

and

received

quarterly

a

floating

rate

of

SOFR,

Expires

5/10/30

(counterparty:

Goldman

Sachs

International)

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

150,000,000‌

2,053,464‌

Interest

Rate

Swaption,

pay

semi

annually

a

fixed

rate

of

4.50%

and

received

quarterly

a

floating

rate

of

SOFR,

Expires

5/10/30

(counterparty:

Goldman

Sachs

International)

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

360,000,000‌

524,846‌

Interest

Rate

Swaption,

pay

semi

annually

a

fixed

rate

of

4.50%

and

received

quarterly

a

floating

rate

of

SOFR,

Expires

5/10/30

(counterparty:

J&P

Morgan

Chase

&

Co.)

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

120,000,000‌

(986,534‌)

Interest

Rate

Swaption,

pay

semi

annually

a

fixed

rate

of

4.50%

and

received

quarterly

a

floating

rate

of

SOFR,

Expires

5/10/30

(counterparty:

Morgan

Stanley

Capital

Services

LLC)(c)

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

730,000,000‌

4,449,161‌

10,174,720‌

Total

Purchased

Swaptions

(Cost

$0)

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

10,174,720‌

Total

Investments

–

99.2%

(Cost

$119,446,844)

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

$

129,693,779‌

Other

Assets

in

Excess

of

Liabilities

–

0.8%

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

1,000,579‌

Net

Assets

–

100.0%

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

$

130,694,358‌

(a)

Represents

a

zero

coupon

bond.

Rate

shown

reflects

the

effective

yield.

(b)

Securities

with

an

aggregate

market

value

of

$5,139,277

have

been

pledged

as

collateral

for

purchased

swaptions

as

of

March

31,

2024.

(c)

U.S.

Treasury

Note

with

a

market

value

of

$6,632,117

has

been

pledged

as

collateral

by

the

broker

for

purchased

swaptions

as

of

March

31,

2024.

Simplify

Interest

Rate

Hedge

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.

At

March

31,

2024,

interest

rate

swap

contracts

outstanding

were

as

follows:

Rate

Paid

by

Fund

Rate

Received

by

the

Fund(1)

Payment

Frequency

Paid/

received

Counterparty

Maturity

Date

Notional

Amount

Fair

Value

Upfront

Premium

Paid/

(Received)

Unrealized

Appreciation/

(depreciation)

2.11%

1

Day

SOFR/5.09%

Annual/Annual

Morgan

Stanley

Capital

Services

LLC

May

15,

2048

10,000

$1,805

$0

$1,805

(1)

The

Fund

pays

the

fixed

rate

and

receives

the

floating

rate.

Summary

of

Investment

Type††

Industry

%

of

Net

Assets

U.S.

Treasury

Bills

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

56.1‌%

U.S.

Government

Obligations

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

35.3‌%

Purchased

Swaptions

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

7.8‌%

Total

Investments

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

99.2‌%

Other

Assets

in

Excess

of

Liabilities

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

0.8‌%

Net

Assets

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

100.0‌%

Abbreviations:

SOFR

:

Secured

Overnight

Financing

Rate