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        <isRestrictedSec>N</isRestrictedSec>
        
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      <invstOrSec>
        <name>UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>B 0 12/03/26</title>
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        <identifiers>
          <isin value="US912797VA22"/>
        </identifiers>
        <balance>8950000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>8804146.06000000</valUSD>
        <pctVal>13.49211625425</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-03</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
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        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HSBC BANK PLC</name>
        <lei>MP6I5ZYZBEU3UXPYFY54</lei>
        <title>S&amp;P 500 INDEX/RUSSELL 2000 INDEX/NASDAQ 100 INDEX</title>
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        <identifiers>
          <other otherDesc="INTERNAL" value="OTCHS0166"/>
        </identifiers>
        <balance>-1500000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-62100.00000000</valUSD>
        <pctVal>-0.09516657421</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>HSBC BANK PLC</counterpartyName>
              <counterpartyLei>MP6I5ZYZBEU3UXPYFY54</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>BARCLAYS CAPITAL INC.</issuerName>
                <issueTitle>S&amp;P 500 INDEX/RUSSELL 2000 INDEX/NASDAQ 100 INDEX</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <ticker value="SPX/RTY/NDX"/>
                  <other otherDesc="INTERNAL" value="SPX/RTY/NDX_INDEX_US"/>
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            <shareNo>1.00000000</shareNo>
            <exercisePrice>7580.06000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2027-05-21</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>5100.00000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>HSBC BANK PLC</name>
        <lei>MP6I5ZYZBEU3UXPYFY54</lei>
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        <identifiers>
          <other otherDesc="INTERNAL" value="OTCHS0144"/>
        </identifiers>
        <balance>-6000000.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-120000.00000000</valUSD>
        <pctVal>-0.18389676176</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>HSBC BANK PLC</counterpartyName>
              <counterpartyLei>MP6I5ZYZBEU3UXPYFY54</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>BARCLAYS CAPITAL INC.</issuerName>
                <issueTitle>S&amp;P 500 INDEX/RUSSELL 2000 INDEX/NASDAQ 100 INDEX</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <ticker value="SPX/RTY/NDX"/>
                  <other otherDesc="INTERNAL" value="SPX/RTY/NDX_INDEX_US"/>
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              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>1.00000000</shareNo>
            <exercisePrice>7337.11000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2027-04-30</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>153000.00000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-08-21</ncom:dateSigned>
      <ncom:nameOfApplicant>Simplify Exchange Traded Funds</ncom:nameOfApplicant>
      <ncom:signature>Paul Kim</ncom:signature>
      <ncom:signerName>Paul Kim</ncom:signerName>
      <ncom:title>Trustee &amp; President</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
