0001810747 2026-06-26 2026-06-26 0001810747 CIK0001810747:S000069154Member 2026-06-26 2026-06-26 0001810747 CIK0001810747:S000069154Member CIK0001810747:ActiveManagementRiskMember 2026-06-26 2026-06-26 0001810747 CIK0001810747:S000069154Member CIK0001810747:CashOrCashEquivalentsRiskMember 2026-06-26 2026-06-26 0001810747 CIK0001810747:S000069154Member CIK0001810747:DerivativesRiskMember 2026-06-26 2026-06-26 0001810747 CIK0001810747:S000069154Member CIK0001810747:EarlyClosetradingHaltRiskMember 2026-06-26 2026-06-26 0001810747 CIK0001810747:S000069154Member CIK0001810747:EquitySecuritiesRiskMember 2026-06-26 2026-06-26 0001810747 CIK0001810747:S000069154Member CIK0001810747:EtfStructureRisksMember 2026-06-26 2026-06-26 0001810747 CIK0001810747:S000069154Member CIK0001810747:FuturesRiskMember 2026-06-26 2026-06-26 0001810747 CIK0001810747:S000069154Member CIK0001810747:LargeCapitalizationRiskMember 2026-06-26 2026-06-26 0001810747 CIK0001810747:S000069154Member CIK0001810747:LeverageRiskMember 2026-06-26 2026-06-26 0001810747 CIK0001810747:S000069154Member CIK0001810747:MarketAndGeopoliticalRiskMember 2026-06-26 2026-06-26 0001810747 CIK0001810747:S000069154Member CIK0001810747:OptionRiskMember 2026-06-26 2026-06-26 0001810747 CIK0001810747:S000069154Member CIK0001810747:OverthecounterMarketRiskMember 2026-06-26 2026-06-26 0001810747 CIK0001810747:S000069154Member CIK0001810747:SmallAndMediumCapitalizationRiskMember 2026-06-26 2026-06-26 0001810747 CIK0001810747:S000069154Member CIK0001810747:UnderlyingFundRiskMember 2026-06-26 2026-06-26 0001810747 CIK0001810747:S000069154Member CIK0001810747:AffiliatedEtfConflictOfInterestRiskMember 2026-06-26 2026-06-26 0001810747 CIK0001810747:S000069154Member CIK0001810747:C000220988Member 2026-06-26 2026-06-26 0001810747 CIK0001810747:S000069154Member oef:RiskLoseMoneyMember 2026-06-26 2026-06-26 0001810747 CIK0001810747:S000069154Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-06-26 2026-06-26 0001810747 CIK0001810747:C000220988Member 2021-01-01 2021-12-31 0001810747 CIK0001810747:C000220988Member 2022-01-01 2022-12-31 0001810747 CIK0001810747:C000220988Member 2023-01-01 2023-12-31 0001810747 CIK0001810747:C000220988Member 2024-01-01 2024-12-31 0001810747 CIK0001810747:C000220988Member 2025-01-01 2025-12-31 0001810747 CIK0001810747:C000220988Member 2026-06-26 2026-06-26 0001810747 CIK0001810747:C000220988Member 2025-01-01 2025-12-31 0001810747 CIK0001810747:C000220988Member 2021-01-01 2025-12-31 0001810747 CIK0001810747:C000220988Member 2020-09-03 2025-12-31 0001810747 CIK0001810747:C000220988Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001810747 CIK0001810747:C000220988Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001810747 CIK0001810747:C000220988Member oef:AfterTaxesOnDistributionsMember 2020-09-03 2025-12-31 0001810747 CIK0001810747:C000220988Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001810747 CIK0001810747:C000220988Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001810747 CIK0001810747:C000220988Member oef:AfterTaxesOnDistributionsAndSalesMember 2020-09-03 2025-12-31 0001810747 CIK0001810747:C000220988Member CIK0001810747:SAndP500IndexMember 2025-01-01 2025-12-31 0001810747 CIK0001810747:C000220988Member CIK0001810747:SAndP500IndexMember 2021-01-01 2025-12-31 0001810747 CIK0001810747:C000220988Member CIK0001810747:SAndP500IndexMember 2020-09-03 2025-12-31 iso4217:USD pure false 485BPOS 2026-06-26 0001810747 N-1A Simplify Exchange Traded Funds 2026-06-29 FUND SUMMARY – SIMPLIFY US EQUITY INCOME ETF Investment Objective: The Simplify US Equity Income ETF (the “Fund” or “SPUC”) seeks to generate monthly income in a tax efficient manner with the potential for capital appreciation in rising equity markets. Fees and Expenses of the Fund: This table describes the fees and expenses that you may pay if you buy, sell and hold shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries on the purchase and sale of Fund shares, which are not reflected in the tables and examples below. <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zPSvSJnA7Q0g"></div> <table cellpadding="3" cellspacing="0" id="xdx_A58_dU_zX9huGB3u30f" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; vertical-align: top; font-weight: bold; text-align: left">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49B_20260626__20260626__dei--LegalEntityAxis__custom--S000069154Member__oef--ClassAxis__custom--C000220988Member_zgHKQlIsZ2u4" style="border: Black 1pt solid; background-color: Gainsboro; text-align: center"> </td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_z3sZdNlAq91e" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; width: 65%; text-align: left">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: center">0.50%</td></tr> <tr id="xdx_406_eoef--DistributionAndService12b1FeesOverAssets_dpn_z4x8wWPGoA62" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: left">Distribution and Service (12b-1) Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dpn_zSjnZLe2v8Tc" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: left">Other Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0.00%</td></tr> <tr id="xdx_407_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zPAhYtAhOo2g" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: left">Acquired Fund Fees and Expenses(1)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0.03%</td></tr> <tr id="xdx_400_eoef--ExpensesOverAssets_dpn_zvV04f3FMaDk" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: left">Total Annual Fund Operating Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0.53%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; width: 80%; margin-right: auto; border-collapse: collapse"> <tr style="vertical-align: top"> <td id="xdx_F00_zepRAQglLZ22" style="width: 0.25in; text-align: justify">(1)</td> <td id="xdx_F15_zYgC3I43hxDb" style="text-align: justify">Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table do not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund.</td> </tr> </table> 0.0050 0.0000 0.0000 0.0003 0.0053 Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table do not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund. Example: This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zQkP18z6w1a4"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zdQamchdPUh8" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 50%; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48C_eoef--ExpenseExampleYear01_znzKaWmzW0Tj" style="border-bottom: Black 1pt solid; background-color: Gainsboro; width: 13%; text-align: center">1 Year</td> <td id="xdx_483_eoef--ExpenseExampleYear03_z0ry7n7GwWg9" style="border-bottom: Black 1pt solid; background-color: Gainsboro; width: 12%; text-align: center">3 Years</td> <td id="xdx_481_eoef--ExpenseExampleYear05_zKe4cy8vncWi" style="border-bottom: Black 1pt solid; background-color: Gainsboro; width: 12%; text-align: center">5 Years</td> <td id="xdx_481_eoef--ExpenseExampleYear10_zbGe3H8SSBC8" style="border-bottom: Black 1pt solid; background-color: Gainsboro; text-align: center; width: 13%">10 Years</td> </tr> <tr id="xdx_415_20260626__20260626__dei--LegalEntityAxis__custom--S000069154Member__oef--ClassAxis__custom--C000220988Member_zfljA7wiY272" style="vertical-align: top"> <td style="text-align: center">$54</td> <td style="text-align: center">$170</td> <td style="text-align: center">$296</td> <td style="text-align: center">$665</td> </tr> </table> 54 170 296 665 Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 94% of the average value of its portfolio. 0.94 Principal Investment Strategies: The Adviser seeks to achieve the Fund’s investment objective by investing primarily in equity securities of U.S. companies and applying an option overlay strategy to the equity investments. U.S. Equity Strategy The Fund has adopted a non-fundamental policy that, under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of U.S. companies. The Fund defines equity securities as common stock, preferred stock, options on common or preferred stock, exchange-traded funds (“ETFs”) that have an 80% investment policy to invest among the preceding, options on these ETFs, and options on an equity index. The Fund defines U.S. companies as those organized in the U.S.; having a class of securities whose principal securities market is in the U.S.; or derives 50% or more of its total revenues or earnings from goods produced, sales made, or services provided in the U.S., or maintains 50% or more of its employees, assets, investments, operations, or other business activity in the U.S. The Fund invests in companies without restriction as to capitalization. The Adviser does not frequently trade U.S. equities but seeks to maintain consistent exposure to the U.S. equity market. Option Overlay Strategy The option overlay strategy includes purchasing and selling exchange-traded and over-the-counter (“OTC”) options on equity indices or one or more equity index ETFs. The options strategy may consist of a mix of written (sold) options and long (bought) options. A call option gives the owner the right, but not the obligation, to buy a stock or other reference asset at a specified price (strike price) within a specific time period. A put option gives the owner the right, but not the obligation, to sell a stock or other reference asset at a specified price (strike price) within a specific time period. The Adviser selects options based upon its evaluation of relative value based on cost, strike price (price that the option can be bought or sold by the option holder) and maturity (the last date the option contract is valid) and will exercise or close the options based on maturity or portfolio rebalancing requirements. The Fund anticipates purchasing and selling options on a monthly, quarterly, or annual basis, depending upon the Fund’s rebalancing requirements and the individual option expiration dates. However, the Fund may rebalance its option portfolio on a more frequent basis for a number of reasons such as market volatility renders the protection provided by the option strategy ineffective or an option position has appreciated to the point that it is prudent to decrease the Fund’s exposure and realize gains for the Fund’s shareholders. The Adviser may employ options spreads to manage risk. In these income-seeking option spreads, the Fund writes a call or put option while purchasing a call or put option that is further out of the money to partially offset the risk of the written option. In addition to the use of options described above, the Fund may use future contracts (derivative contracts that obligate the buyer or seller to transact at a set price and predetermined time), primarily on one or more U.S. equity indexes, to hedge a portion of the Fund’s equity risk as well as to lock in (monetize) options gains if it is more economically efficient than closing out an option position or if the Fund is unable to purchase or write the options necessary for its overlay strategy. The Fund seeks to generate monthly income from the dividends received from the Fund’s equity holdings and any premiums earned from writing options. The Fund’s strategy attempts to provide tax efficiency through a variety of techniques. Index options may receive favorable tax treatment under Internal Revenue Code rules as “Section 1256 Contracts”, whose gains are treated as 60% long term and 40% short term, regardless of how long the contracts were held. In addition, the Fund may seek to take advantage of tax-loss harvesting opportunities on the options strategy and/or the equity positions. This can be accomplished by taking investment losses from certain equity and/or options positions to offset realized taxable gains of equities and/or options. The Adviser may invest in affiliated money market ETFs to manage liquidity or to pledge as collateral for derivatives. Principal Investment Risks: As with all funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund’s net asset value and price of shares and performance. The following describes the principal risks the Fund bears with respect to its investments. As with any fund, there is no guarantee that the Fund will achieve its goal. As with all funds, there is the risk that you could lose money through your investment in the Fund As with any fund, there is no guarantee that the Fund will achieve its goal Active Management Risk. The Fund is subject to the risk that the investment management strategy may not produce the intended results and may negatively impact Fund performance. The Adviser’s overlay strategy will not fully protect the Fund from declines in the market. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashOrCashEquivalentsRiskMember_zsAtkByAM138" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Cash or Cash Equivalents Risk. At any time, the Fund may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time. Additionally, in rising markets, holding cash or cash equivalents may adversely affect the Fund’s performance and the Fund may not achieve its investment objective. Derivatives Risk. Options are a derivative investment. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EarlyClosetradingHaltRiskMember_zDWm8nrO8Ft" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Early Close/Trading Halt Risk. An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent the Fund from buying or selling certain securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses. Equity Securities Risk. The net asset value of the Fund will fluctuate based on changes in the value of the U.S. equity securities held by the Fund. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions. ETF Structure Risks. The Fund is structured as an ETF and will invest in underlying ETFs. As a result, the Fund is subject to special risks, including: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Not Individually Redeemable. The Fund’s shares (“Shares”) are not redeemable by retail investors and may be redeemed only by authorized participants (“Authorized Participants”) at net asset value (“NAV”) and only in Creation Units. A retail investor generally incurs brokerage costs when selling shares.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Trading Issues. Trading in Shares on the NYSE Arca, Inc. (the “Exchange”) may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange which may result in the Shares being delisted. An active trading market for the Shares may not be developed or maintained. If the Shares are traded outside a collateralized settlement system, the number of financial institutions that can act as Authorized Participants that can post collateral on an agency basis is limited, which may limit the market for the Shares.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Market Price Variance Risk. The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a “bid-ask spread” charged by the exchange specialists, market makers or other participants that trade the Shares. There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="width: 0.25in; text-align: left">○</td> <td style="text-align: justify">In times of market stress, market makers may step away from their role market making in the Shares and in executing trades, which can lead to differences between the market value of the Shares and the Fund’s NAV.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="width: 0.25in; text-align: left">○</td> <td style="text-align: justify">The market price of the Shares may deviate from the Fund’s NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less the Shares than the Fund’s NAV, which is reflected in the bid and ask price for the Shares or in the closing price.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="width: 0.25in; text-align: left">○</td> <td style="text-align: justify">In stressed market conditions, the market for the Shares may become less liquid in response to the deteriorating liquidity of the Fund’s portfolio. This adverse effect on the liquidity of the Shares may, in turn, lead to differences between the market value of the Shares and the Fund’s NAV.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Authorized Participant Risk. Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as an Authorized Participant on an agency basis (i.e., on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may be more likely to trade at a premium or discount to net asset value and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for securities or instruments that have lower trading volumes.</td> </tr> </table> Futures Risk. The Fund’s use of futures involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) leverage risk (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the futures contract may not correlate perfectly with the underlying index. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationRiskMember_zih2bjrfb8xe" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Large Capitalization Risk. Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies. During different market cycles, the performance of large capitalization companies has trailed the overall performance of the broader securities markets. Leverage Risk. The use of leverage by the Fund, such as the use of options, will cause the Fund to incur additional expenses and magnify the Fund’s gains or losses. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketAndGeopoliticalRiskMember_zzOpAkT6AVmc" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Market and Geopolitical Risk. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, climate change or climate related events, natural disasters, pandemics, epidemics, terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. Option Risk. As the buyer of a call option, the Fund risks losing the entire premium invested in the option if the Fund does not exercise the option. Call spreads will limit the Fund’s participation in significant market gains. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--OverthecounterMarketRiskMember_za7Qm6sKOlCd" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Over-the-Counter Market Risk. Securities and options traded in over-the-counter markets may trade less frequently and in limited volumes and thus exhibit more volatility and liquidity risk, and the prices paid by the Fund in over-the-counter transactions may include an undisclosed dealer markup. The Fund is also exposed to default by the over-the-counter option writer who may be unwilling or unable to perform its contractual obligations to the Fund. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMediumCapitalizationRiskMember_zTJV2sl625tc" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Small and Medium Capitalization Risk. The earnings and prospects of small and medium sized companies are more volatile than larger companies and may experience higher failure rates than larger companies. Small and medium sized companies normally have a lower trading volume than larger companies, which may tend to make their market price fall more disproportionately than larger companies in response to selling pressures and may have limited markets, product lines, or financial resources and lack management experience. Underlying Fund Risk. ETFs in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the ETFs and may be higher than other funds that invest directly in stocks and bonds. Each of the ETFs is subject to its own specific risks, but the adviser expects the principal investments risks of such ETFs will be similar to the risks of investing in the Fund. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedEtfConflictOfInterestRiskMember_znJzBbeOwVt8" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Affiliated ETF Conflict of Interest Risk. Because the Fund may invest in an affiliated ETF, the Adviser is subject to conflicts of interest in allocating the Fund’s assets to the affiliated ETF. The Adviser will receive more revenue to the extent it selects an affiliated ETF rather than an unaffiliated ETF for inclusion in the Fund’s portfolio. Performance: The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year. The table shows how the Fund’s average annual total returns compare to those of a broad-based securities market index. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost by visiting www.simplify.us/etfs or by calling 1 (855) 772-8488. The following performance information provides some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund’s performance from year to year. The table shows how the Fund’s average annual total returns compare to those of a broad-based securities market index. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.simplify.us/etfs 1 (855) 772-8488 <img alt="" src="pro_001.jpg" style="height: 367px; width: 550px"/> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5B_dU_zTE8ePYLb9jh" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2021</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000220988Member_zYfSiYSPTu1b" style="display: none; text-align: center; width: 50%">33.87%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_981_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000220988Member_z97dI4NHwCI7" style="display: none; text-align: center">-24.64%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_980_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000220988Member_z9nxDIBx39rc" style="display: none; text-align: center">27.46%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_988_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000220988Member_ziIwJsLZPKDd" style="display: none; text-align: center">25.34%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000220988Member_z57ob4yuz8l3" style="display: none; text-align: center">22.58%</td></tr> </table> 0.3387 -0.2464 0.2746 0.2534 0.2258 During the periods shown in the bar chart above, the Fund’s highest quarterly return was 18.68% (quarter ended March 31, 2024) and the Fund’s lowest quarterly return was -17.79% (quarter ended June 30, 2022). The calendar year-to-date total return of the Fund as of March 31, 2026 was -4.59%. highest quarterly return 0.1868 2024-03-31 lowest quarterly return -0.1779 2022-06-30 year-to-date total return 2026-03-31 -0.0459 Average Annual Total Returns for the Periods Ended December 31, 2025 <div id="xdx_A8F_eoef--PerformanceTableTextBlock_zjmUV2AF7Yfb"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zMTSjtVYtvha" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="vertical-align: top; text-indent: -0.125in; padding-left: 0.125in; text-align: left"> </td> <td> </td> <td colspan="2" id="xdx_493_20250101__20251231_zVtSN38Bngve" style="border-bottom: black 1pt solid; text-align: center">1 Year</td> <td> </td> <td> </td> <td colspan="2" id="xdx_494_20210101__20251231_z8ZbejGKcCC5" style="border-bottom: black 1pt solid; text-align: center">5 Year</td> <td> </td> <td> </td> <td colspan="2" id="xdx_495_20200903__20251231_zub4l3yEdrzg" style="border-bottom: black 1pt solid; text-align: center">Since Inception (9/3/20)</td> <td> </td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--C000220988Member_z3aQVPuPq5Hl" style="vertical-align: bottom; background-color: gainsboro"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; width: 64%; vertical-align: top">Return Before Taxes</td> <td style="width: 1%"> </td> <td style="border-bottom: black 1pt solid; width: 1%"> </td> <td style="border-bottom: black 1pt solid; width: 9%; text-align: right">22.58</td> <td style="width: 1%">%</td> <td style="width: 1%"> </td> <td style="border-bottom: black 1pt solid; width: 1%"> </td> <td style="border-bottom: black 1pt solid; width: 9%; text-align: right">14.58</td> <td style="width: 1%">%</td> <td style="width: 1%"> </td> <td style="border-bottom: black 1pt solid; width: 1%"> </td> <td style="border-bottom: black 1pt solid; width: 9%; text-align: right">15.44</td> <td style="width: 1%">%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--C000220988Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z7crMpyYPIE2" style="vertical-align: bottom; background-color: white"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Return After Taxes on Distributions</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">19.47</td> <td>%</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">13.57</td> <td>%</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">14.41</td> <td>%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--C000220988Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z3RwxiObDytd" style="vertical-align: bottom; background-color: gainsboro"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">Return After Taxes on Distributions and Sale of Fund Shares</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">14.00</td> <td>%</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">11.36</td> <td>%</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">12.10</td> <td>%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hdei--LegalEntityAxis__custom--C000220988Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zdojCT0yhua3" style="vertical-align: bottom; background-color: white"> <td style="text-align: left; text-indent: -0.125in; padding-left: 0.125in; vertical-align: top">S&P 500 Index (reflects no deduction for fees, expenses or taxes)</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">17.88</td> <td>%</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">14.42</td> <td>%</td> <td> </td> <td style="border-bottom: black 1pt solid"> </td> <td style="border-bottom: black 1pt solid; text-align: right">15.39</td> <td>%</td></tr> </table> 2020-09-03 0.2258 0.1458 0.1544 0.1947 0.1357 0.1441 0.1400 0.1136 0.1210 reflects no deduction for fees, expenses or taxes 0.1788 0.1442 0.1539 After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the period covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table do not correlate to the expense ratio in the Fund’s financial highlights because the financial statements include only the direct operating expenses incurred by the Fund.